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作者：Basu, Sudipta; Kaviani, Mahsa S.; Maleki, Hosein
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; University of Delaware; Rutgers University System; Rutgers University Newark; Rutgers University New Brunswick
摘要：We study how nonfinancial firms' operating risks change after bank competition increases. By exploiting the 1990s staggered regulatory reforms across U.S. states that allowed interstate banking and branching, we show that out-of-state bank entry was associated with lower borrower risk-taking on average. Large, profitable, safe, and geographically diversified firms signed up as new clients of large entrant banks, which offered larger and cheaper loans that reflected their higher efficiency and ...
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作者：Hope, Ole-Kristian; Lu, Haihao (Ross); Peng, Songlan (Stella)
作者单位：University of Toronto; BI Norwegian Business School; University of Waterloo; York University - Canada
摘要：In 2014, the PCAOB adopted a new auditing standard, AS 18 Related Parties, with the intention of enhancing auditors' performance in auditing related-party transactions (RPTs). Using hand-collected data, we find significant reductions in both firms' restatement risk and their engagement in RPTs following the AS 18 adoption. Such reductions are especially pronounced for smaller firms and firms having RPTs with principals, in which related persons in the counterparty of RPTs are the primary benef...
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作者：Noh, Suzie
作者单位：Stanford University
摘要：I examine whether mandating the disclosure of investments influences firms' strategic interactions. I exploit an SEC regulation requiring firms to report off-balance sheet purchase obligations, such as commitments to inventory purchases, CAPEX, R&D, and advertising. Motivated by theory on strategic investments, I predict and find that firms increase investments if they have substitutive product market strategies with competitors and decrease investments if they have complementary strategies. T...
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作者：Dyreng, Scott D.; Ferracuti, Elia; Morris, Arthur K.
作者单位：Duke University; Hong Kong University of Science & Technology
摘要：We examine the relation between debt contract renegotiation costs and contract design. We use plausibly exogenous shock to expected renegotiation costs arising from a change in the taxation of debt renegotiations to show that, as renegotiation costs decline, the maturity of debt contracts lengthens, the initial likelihood of covenant violation increases, and the use of performance pricing provisions becomes less frequent. The evidence indicates that ex ante allocation of cash flow rights and e...
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作者：Geerts, Guido L.; O'Leary, Daniel E.
作者单位：University of Delaware; University of Southern California
摘要：Organizational structure information is deeply embedded in the different functional activities of accounting. This paper presents ORSO (ORganizational Structure Ontology), an ontology for describing organizational structures that can be reasoned with as part of accounting applications, developed following the principles and guidelines of design science research. ORSO allows the representation of key organizational constructs to meet internal and external accounting needs, including financial r...
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作者：Warren, James D.
作者单位：Texas A&M University System; Texas A&M University College Station; Mays Business School
摘要：Prior work documents that managers increase the quantity of earnings guidance provided after exogenously losing coverage from an equity analyst. I examine how analysts influence guidance quality. I find that following an exogenous reduction in analyst coverage, managers issue earnings guidance that is lower quality (i.e., it is less accurate). This result varies predictably based on managers' incentives, features of the firm's analyst coverage, and the presence of other intermediaries. Overall...
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作者：Files, Rebecca L.; Martin, Gerald S.; Sun, Yan
作者单位：Baylor University; American University; Central Michigan University
摘要：Following securities law violations, regulators can require firms to hire a corporate monitor to implement reforms that limit future misconduct and protect investors. We examine the determinants of including a corporate monitor as equitable relief in an enforcement action, as well as their effectiveness in promoting positive change at a firm. Using a structural equation model that jointly determines monetary and nonmonetary sanctions, we find that monitor assignments are related to the nature ...
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作者：Lyle, Matthew R.
作者单位：Emory University
摘要：This paper provides an accounting-based valuation model that predicts that cross-sectional variation in firm-level returns to investments in both stock and stock return volatility are related to cross-sectional variation in firm-level fundamentals. The model predicts that expected stock returns have a positive quadratic relation with stock return variance and a negative quadratic relation with gains to trading in stock return variance. Consistent with these predictions, firms with high model-i...
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作者：Smith, Kevin C.
作者单位：Stanford University
摘要：The impact of earnings announcements (EAs) on investor uncertainty depends not only on how much new information they contain but also on how long it would take comparable information to arrive in the future through alternative sources, which I term earnings horizon. Using a structural model of periodic EAs, I show that earnings horizon is not captured by standard empirical measures of earnings informativeness or timeliness based on the event- study approach. However, earnings horizon can be es...
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作者：Chen, Jing; Dou, Yiwei; Ryan, Stephen G.; Zou, Youli
作者单位：Stevens Institute of Technology; New York University; University of Connecticut
摘要：In the wake of the financial crisis, policymakers expressed the concern that the incurred loss model delays loan loss recognition to economic stress periods and thereby exacerbates banks' lending contraction during these periods. Addressing this concern, the FASB issued Accounting Standards Update 2016-13, which requires large public banks to accrue for loan losses using the current expected credit loss (CECL) approach starting in January 2020. We hypothesize and find that banks that adopted C...
