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作者：Wang, Kemin; Wang, Rencheng; Wei, K. C. John; Zhang, Bohui; Zhou, Yi
作者单位：Fudan University; Singapore Management University; Hong Kong Polytechnic University; The Chinese University of Hong Kong, Shenzhen
摘要：Using the Regulation SHO program as a quasi-experiment, we document that the threat of short selling has a negative effect on the volume of opportunistic insider selling and a positive effect on its profitability for each transaction. These effects are stronger among firms with higher litigation risk, greater media coverage, and executives who have more of their firms' stock-related holdings. We further find robust evidence when we extend the analyses to short selling deregulations in the Chin...
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作者：Hendricks, Bradley E.; Landsman, Wayne R.; Pena-Romera, F. Dimas
作者单位：University of North Carolina; University of North Carolina Chapel Hill; Arizona State University; Arizona State University-Tempe
摘要：This study examines whether audit firms hire former PCAOB employees in response to negative PCAOB inspection reports, and whether such hiring leads to reductions in future inspection deficiencies and an increase in audit quality. We find that the number of PCAOB employees hired by large audit firms is positively related to the number of deficiencies reported in their prior inspection reports, and that the number of deficiencies reported in firms' future inspection reports is negatively associa...
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作者：Guest, Nicholas M.; Kothari, S. P.; Pozen, Robert C.
作者单位：Cornell University; Massachusetts Institute of Technology (MIT)
摘要：CEOs of S&P 500 firms that report high non-GAAP earnings relative to GAAP earnings receive substantial unexplained pay. Crucially, this result remains even after controlling for the level of non-GAAP and GAAP earnings. These firms are relatively poor performers (i.e., low GAAP earnings and stock returns) and have less powerful CEOs, consistent with non-GAAP earnings being used as justification when high executive pay is more likely to cause outrage. Additionally, despite the lower GAAP and ret...
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作者：Cao, Tongrui; Duh, Rong-Ruey; Tan, Hun-Tong; Xu, Tu
作者单位：Nankai University; Tunghai University; Nanyang Technological University; Renmin University of China
摘要：Audit firms have invested significantly in data analytics (DA). However, evidence shows that auditors are often reluctant to rely on DA. A major auditor concern is that inspectors will second-guess the audit evidence gathered using DA. Drawing on psychology research, we examine how the effect of inspection risk on auditors??? reliance on DA is moderated by a fixed mindset (a belief that one???s ability is fixed) versus a growth mindset (a belief that one???s ability is malleable). In an experi...
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作者：Casas-Arce, Pablo; Martinez-Jerez, F. Asis
作者单位：Arizona State University; Arizona State University-Tempe; Cornell University
摘要：This paper investigates whether leadership style moderates the effect of leader incentives on the performance of teams. In collaboration with a Latin-American bank, we engineered a field experiment by designing a series of contests among the bank branches with varying prize structures. We find evidence that providing explicit incentives to team leaders has a positive effect on team performance. However, the effect of incentives differs based on the manager's leadership style and team character...
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作者：Chychyla, Roman; Falsetta, Diana; Ramnath, Sundaresh
作者单位：University of Miami
摘要：To minimize costs related to unfavorable perceptions of their tax-related activities, firms with low effective tax rates (ETR) could avoid, where possible, explicit mentions of their effective tax rates. Using this reputational cost perspective, we study an item of required disclosure in the income tax footnote of the 10-K, the ETR reconciliation table, where firms can choose a presentation format that reveals the tax rate (the percentage format) or one that avoids explicit mention of the effe...
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作者：Whited, Robert L.; Swanquist, Quinn T.; Shipman, Jonathan E.; Moon, James R., Jr.
作者单位：North Carolina State University; University of Alabama System; University of Alabama Tuscaloosa; University of Arkansas System; University of Arkansas Fayetteville; University System of Georgia; Georgia Institute of Technology
摘要：In the absence of random treatment assignment, the selection of appropriate control variables is essential to designing well-specified empirical tests of causal effects. However, the importance of control variables seems under-appreciated in accounting research relative to other methodological issues. Despite the frequent reliance on control variables, the accounting literature has limited guidance on how to select them. We evaluate the evolution in the use of control variables in accounting r...
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作者：Lu, Yao; Nikolaev, Valeri V.
作者单位：Cornell University; University of Chicago; University of Chicago
摘要：The new accounting standard requires that financial institutions estimate expected credit losses on their loan portfolios. The predictability of long-term losses, however, remains an open question. We develop a model that predicts long-term loan losses and incorporates adjustments for macroeconomic forecasts. The model combines cross-sectional predictions with a high-dimensional dynamic factor model that tracks aggregate losses over the business cycle. The model predicts long-term losses out-o...
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作者：Ben-Rephael, Azi; Da, Zhi; Easton, Peter D.; Israelsen, Ryan D.
作者单位：Rutgers University System; Rutgers University New Brunswick; Rutgers University Newark; University of Notre Dame; Michigan State University; Michigan State University's Broad College of Business
摘要：The SEC requires public companies to disclose material information on Form 8-K within four days of a triggering event. We show that on 8-K event and filing dates, there is significant abnormal attention on Bloomberg terminals, which are a source of information for institutional investors, while traditional media attention tends to be higher on filing days. Significant price discovery occurs on the event date and on the days between that day and the filing date. The traditional media coverage o...
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作者：Huo, Kun; Kelly, Khim; Webb, Alan
作者单位：Western University (University of Western Ontario); State University System of Florida; University of Central Florida; University of Waterloo
摘要：Firms often use causal models to align decision-making with strategic objectives. However, firms often operate in changing environments such that an accurate causal model can become inaccurate. Prior research has not examined the consequences that a change in the accuracy of causal models may have for managerial learning. Using an experiment, we predict and find that providing an accurate causal model positively affects managerial learning, and this positive effect is not reduced by encouragin...
