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作者：Bird, Andrew; Edwards, Alexander; Ruchti, Thomas G.
作者单位：Carnegie Mellon University; University of Toronto
摘要：A growing literature examines how a firm's behavior impacts the behavior of its peers. In this paper, we examine how changes in tax paying, and the associated financial reporting, impact a firm's peers. Changes to tax paying and reporting behavior at other firms within a peer group can be affected by many of the same factors, such as industry-level tax policy changes or audit risk, so we make use of exogenous-to the peer firms-shocks to tax behavior. Following the methodology of Dyreng, Hanlon...
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作者：Rouxelin, Florent; Wongsunwai, Wan; Yehuda, Nir
作者单位：University of New South Wales Sydney; Chinese University of Hong Kong; University of Texas System; University of Texas Dallas
摘要：We examine whether aggregate cost stickiness predicts future macro-level unemployment rate. We incorporate aggregate cost stickiness into three different classes of forecasting models studied in prior literature, and demonstrate an improvement in forecasting performance for all three models. For example, when adding cost stickiness to an OLS regression that includes a battery of macroeconomic indicators and control variables, we find that a one-standard-deviation-higher cost stickiness in rece...
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作者：Bhattacharjee, Sudip; Brown, J. Owen
作者单位：Virginia Polytechnic Institute & State University; Baylor University
摘要：Concerns over ''revolving door'' practices of companies hiring directly from their external auditor led to a Sarbanes-Oxley Act provision mandating a one-year cooling-off period before such hires can occur. Yet little is known as to whether these alumni affiliations, still prevalent today, actually impair audit quality. Drawing on Social Identity Theory, we conduct an experiment to examine whether auditors experience heightened identification with an alumni-affiliated client manager and, if so...
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作者：Cassar, Gavin J.; Gerakos, Joseph J.; Green, Jeremiah R.; Hand, John R. M.; Neal, Matthew
作者单位：INSEAD Business School; Dartmouth College; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of North Carolina; University of North Carolina Chapel Hill
摘要：Using a dataset of 3,234 letters sent by 434 hedge funds to their investors during 1995-2011, we study what motivates hedge fund managers to make voluntary disclosures. Contrary to the hedge fund industry's reputation for opacity, we observe that managers provide their investors with an array of quantitative and qualitative information about fund returns, risk exposures, holdings, benchmarks, performance attribution, and future prospects. We find that the tensions between the agency costs face...
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作者：Hoitash, Rani; Hoitash, Udi
作者单位：Bentley University; Northeastern University
摘要：We propose a new measure of accounting reporting complexity (ARC) based on the count of accounting items (XBRL tags) disclosed in 10-K filings. The preparation and disclosure of more accounting items is complicated because it requires greater knowledge of authoritative accounting standards. This aspect of complexity can increase the likelihood of mistakes, incorrect application of GAAP, and can ultimately lead to less credible financial reports. Consistently, we find that ARC is associated wit...
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作者：Cardinaels, Eddy; Chen, Clara Xiaoling; Yin, Huaxiang
作者单位：KU Leuven; Tilburg University; University of Illinois System; University of Illinois Urbana-Champaign; Nanyang Technological University
摘要：Many companies administer wage policies based on tournaments or have different salaries attached to various promotion-based ranks within the company. Employees, however, do not always receive information about pay-level differences at higher ranks prior to joining the company. While some companies openly disclose prize spread information across these ranks, others keep such information secret. In this paper, we experimentally investigate whether the availability of tournament prize spread info...
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作者：Bauer, Andrew M.; Henderson, Darren; Lynch, Daniel P.
作者单位：University of Waterloo; Wilfrid Laurier University; University of Wisconsin System; University of Wisconsin Madison
摘要：Internal controls influence information quality, thus affecting the ability of supply chain partners, who rely on collaborative systems of information sharing, to reliably contract. Using SOX-related internal control assessments as a proxy for internal control quality and U.S. GAAP-mandated major customer disclosures, we find that supplier internal control quality influences supply chain relationship duration. Specifically, our evidence demonstrates that: (1) poor internal control quality incr...
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作者：Baginski, Stephen P.; Campbell, John L.; Hinson, Lisa A.; Koo, David S.
作者单位：University System of Georgia; University of Georgia; State University System of Florida; University of Florida; University of Illinois System; University of Illinois Urbana-Champaign
摘要：Theory argues that career concerns (i.e., concerns about the impact of current performance on contemporaneous and future compensation) encourage managers to withhold bad news disclosure. However, empirical evidence regarding the extent to which a manager's career concerns are associated with a delay in bad news disclosure is limited. Across multiple proxies for career concerns, we find that the extent to which managers delay bad news is positively associated with their level of career concerns...
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作者：Heinle, Mirko S.; Smith, Kevin C.; Verrecchia, Robert E.
作者单位：University of Pennsylvania
摘要：While researchers and practitioners alike estimate firms' exposures to systematic risk factors, the disclosure literature typically assumes that exposures are common knowledge. We develop a model where the firm's exposure to a factor is unknown, and analyze the effects of factor-exposure uncertainty on share price and the effects of disclosure about the exposure. We find that: (1) factor-exposure uncertainty introduces skewness and excess kurtosis in the cash flow distribution relative to the ...
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作者：Chen, Chen; Martin, Xiumin; Roychowdhury, Sugata; Wang, Xin; Billett, Matthew T.
作者单位：Monash University; Washington University (WUSTL); Boston College; University of Hong Kong; Indiana University System; Indiana University Bloomington
摘要：This paper investigates the effect of internal information asymmetry (IIA) within conglomerate firms on the quality of management forecasts and financial statements. We develop a novel measure to capture IIA between divisional managers and top corporate managers, computed as the difference in their respective trading profits on their own company's stock (DIFRET). Numerous validation tests indicate that DIFRET indeed captures the information asymmetry between divisional managers and top manager...
