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作者：Amiram, Dan; Kalay, Alon; Sadka, Gil
作者单位：Columbia University; University of Texas System; University of Texas Dallas
摘要：Despite theoretical and anecdotal evidence highlighting the importance of industry-level analyses to lenders, the empirical literature on debt pricing has focused almost exclusively on firm-level forces that affect expected loss. This paper provides empirical evidence that industry-level characteristics relate to debt pricing through risk premiums. We address the empirical challenges that arise when testing these theories by using a proprietary dataset of time-varying and forward-looking measu...
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作者：Costello, Anna M.; Petacchi, Reining; Weber, Joseph P.
作者单位：University of Michigan System; University of Michigan; Georgetown University; Massachusetts Institute of Technology (MIT)
摘要：Although balanced budget rules are widely used throughout the world, there is considerable debate on whether and how they impact fiscal outcomes. Existing research shows that states with strict balanced budget rules address deficits by raising taxes and curbing expenditures. However, little is known about whether politicians can meet budget rules by shifting resources inter-temporally or by transferring revenues from funds not subject to balanced budget rules into funds that are required to me...
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作者：Krishnan, Jagan; Krishnan, Jayanthi; Song, Hakjoon
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; California State University System; California State University Dominguez Hills
摘要：We investigate the impact of the Public Company Accounting Oversight Board's (PCAOB) first-time inspections of foreign accounting firms by examining abnormal accruals around the inspection year, and the value relevance of accounting numbers around the inspection report date, for their U.S. cross-listed clients. We document lower abnormal accruals in the post-inspection period, and greater value relevance of accounting numbers in the post-report period for clients of the inspected auditors, com...
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作者：Perols, Johan L.; Bowen, Robert M.; Zimmermann, Carsten; Samba, Basamba
作者单位：University of San Diego; RWTH Aachen University
摘要：Developing models to detect financial statement fraud involves challenges related to (1) the rarity of fraud observations, (2) the relative abundance of explanatory variables identified in the prior literature, and (3) the broad underlying definition of fraud. Following the emerging data analytics literature, we introduce and systematically evaluate three data analytics preprocessing methods to address these challenges. Results from evaluating actual cases of financial statement fraud suggest ...
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作者：Li, Liuchuang; Qi, Baolei; Tian, Gaoliang; Zhang, Guochang
作者单位：Xi'an Jiaotong University; University of Hong Kong
摘要：This study examines the relation between the audit failures of individual auditors and the quality of other audits performed by these same auditors. Employing a Chinese setting where audit reports reveal the identities of engagement auditors, we find that auditors who have performed failed audits also deliver lower-quality audits on other audit engagements, with this contagion'' effect spreading both over time and to other audits performed by these same auditors in the same year. However, we f...
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作者：Casas-Arce, Pablo; Martinez-Jerez, F. Asis; Narayanan, V. G.
作者单位：Arizona State University; Arizona State University-Tempe; University of Notre Dame; Harvard University
摘要：This paper analyzes the effects of forward-looking metrics on employee decision-making. We use data from a bank that started providing branch managers with the customer lifetime value (CLV)-an estimate of the future value of the customer relationship-of mortgage applicants. The data allow us to gauge the effects of enriching the employees' information set in an environment where explicit incentives and decision rights remained unchanged. On average, customer value increased 5 percent after the...
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作者：Khan, Mozaffar; Srinivasan, Suraj; Tan, Liang
作者单位：Harvard University; University of Minnesota System; University of Minnesota Twin Cities; George Washington University
摘要：We provide new evidence on the agency theory of corporate tax avoidance (Slemrod 2004; Crocker and Slemrod 2005; Chen and Chu 2005) by showing that increases in institutional ownership are associated with increases in tax avoidance. Using the Russell index reconstitution setting to isolate exogenous shocks to institutional ownership, and a regression discontinuity design that facilitates sharper identification of treatment effects, we find a significant and discontinuous increase in tax avoida...
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作者：Jennings, Jared; Lee, Joshua; Matsumoto, Dawn A.
作者单位：Washington University (WUSTL); University System of Georgia; University of Georgia; University of Washington; University of Washington Seattle
摘要：We examine how the co-location of firms in the same industry affects analysts' cost of gathering and processing information. We find that when the firms in an analyst's portfolio are located farther away from other firms in the same industry, the analyst's portfolio size is smaller and average forecast accuracy is lower. We further find that the additional costs that analysts incur to follow distant firms are amplified when earnings are more difficult to forecast. Last, we provide some evidenc...
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作者：Ernstberger, Jurgen; Link, Benedikt; Stich, Michael; Vogler, Oliver
作者单位：Technical University of Munich; University of Cologne; LEDVANCE GmbH
摘要：This paper examines how mandatory quarterly reporting affects managers' business decisions in terms of real activities manipulations. For our analyses, we use the setting of the European Union, where the reporting frequency was increased with the introduction of a mandate to issue Interim Management Statements (IMSs) on a quarterly basis. Controlling for accrual-based earnings management, we find an increase in real activities manipulations for firms mandated to switch from semiannual to quart...
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作者：Cannon, Nathan H.; Bedard, Jean C.
作者单位：Texas State University System; Texas State University San Marcos; Bentley University
摘要：Concern about effective auditing of fair value measurements (FVMs) has risen in recent decades. Building on prior interview-based and experimental research, we provide an engagement-level analysis of challenging FVMs, using quantitative and qualitative data on audit phases from risk assessment to booking adjustments. Challenging FVMs have high estimation uncertainty, high subjectivity, significant/complex assumptions, and multiple valuation techniques. Estimation uncertainty is associated with...
