Contemporary Accounting Research最新文献_第4页

Is professional exam performance associated with career success for Big 4 auditors? Evidence on gender differences 专业考试成绩与四大审计师的职业成功有关吗？性别差异的证据

IF 3.2 3区管理学

Contemporary Accounting Research Pub Date : 2025-03-31 DOI: 10.1111/1911-3846.13035

Antti Fredriksson, David Hay, Jukka Karjalainen, Arpine Maghakyan, Lasse Niemi

{"title":"Is professional exam performance associated with career success for Big 4 auditors? Evidence on gender differences","authors":"Antti Fredriksson, David Hay, Jukka Karjalainen, Arpine Maghakyan, Lasse Niemi","doi":"10.1111/1911-3846.13035","DOIUrl":"https://doi.org/10.1111/1911-3846.13035","url":null,"abstract":"This study examines whether better performance on the Certified Public Accountant (CPA) exam is associated with an auditor's career success and whether any relation differs based on gender. Our study adds to prior studies on the career development of auditors by showing that the auditor's performance on the exam predicts success during the auditor's career. Although there is little difference in the average CPA exam scores of male versus female auditors, we document gender differences in the relation between performance on the CPA exam and career success. Male auditors who pass the exam with superior results receive higher annual compensation than those with weaker results. They are also more likely to become partners in Big 4 accounting firms and have larger client portfolios. For female auditors, we find weaker or no association between CPA exam scores and compensation or other indicators of career success. Our path analysis shows that the mechanisms underlying career success work differently for men and women. CPA exam scores of male auditors have a direct effect on compensation and an indirect (mediating) effect through promotion to partner and client portfolio size. However, for female auditors, exam scores have no effect on promotion to partner or client portfolio size, and exam scores have a much smaller effect on compensation. Our findings suggest that CPA exam scores translate into career success for male auditors but not for female auditors.","PeriodicalId":10595,"journal":{"name":"Contemporary Accounting Research","volume":"42 2","pages":"1243-1270"},"PeriodicalIF":3.2,"publicationDate":"2025-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1911-3846.13035","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144207084","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

How do analysts affect corporate innovation? Evidence from site visits 分析师如何影响企业创新？实地考察的证据

IF 3.8 3区管理学

Contemporary Accounting Research Pub Date : 2025-03-28 DOI: 10.1111/1911-3846.13032

Qiang Cheng, Brian Yutao Wang, Holly Yang, Zheyuan Zhang

引用次数: 0

Winning is not enough: Changing landscapes of earnings surprises and the market reaction 赢还不够：不断变化的盈利意外和市场反应

IF 3.2 3区管理学

Contemporary Accounting Research Pub Date : 2025-03-25 DOI: 10.1111/1911-3846.13034

John C. Heater, Ye Liu, Qin Tan, Frank Zhang

{"title":"Winning is not enough: Changing landscapes of earnings surprises and the market reaction","authors":"John C. Heater, Ye Liu, Qin Tan, Frank Zhang","doi":"10.1111/1911-3846.13034","DOIUrl":"https://doi.org/10.1111/1911-3846.13034","url":null,"abstract":"We document strikingly opposite time-series patterns of analyst forecast errors (FEs) and associated market reactions, illustrating that analyst forecasts have become a less useful benchmark of the market's earnings expectations in recent years. The mean FE has increased from negative one to two cents in the 1990s to positive one to two cents in the 2010s, whereas average earnings announcement returns have declined from 0.30% in the 1990s to −0.30% in the 2010s, turning negative in the past 17 years. Underlying the time-series pattern of increasing FEs is a secular trend where firms move away from just meeting or beating, to which the market reaction has become increasingly negative, toward a large beat, while the frequency of meeting or beating the consensus analyst forecast remains stable during the same period. We develop a parsimonious predictive model of earnings surprises based on peer and past analysts' FEs and find that our predicted FE closely mirrors reported FE, with the average value hovering around one to two cents in most years of the past two decades. The market reaction to “around zero” unexpected FE (FE minus predicted FE) is indistinguishable from zero over time, suggesting that our model serves as a good benchmark of the market's expectation. Our evidence has broad implications for appropriate earnings benchmarking, for the disappearing discontinuity of the earnings surprise distribution around zero, for earnings management to beat analysts' forecasts, for empirical designs when examining the earnings-return relation, and for the disappearing earnings announcement premium.","PeriodicalId":10595,"journal":{"name":"Contemporary Accounting Research","volume":"42 2","pages":"1212-1242"},"PeriodicalIF":3.2,"publicationDate":"2025-03-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144206979","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

How do institutional investors facilitate reporting comparability? Evidence from common institutional ownership in the United States 机构投资者如何促进报告的可比性？来自美国共同机构所有权的证据

IF 3.2 3区管理学

Contemporary Accounting Research Pub Date : 2025-03-23 DOI: 10.1111/1911-3846.13028

Xuanbo Li, Yun Lou, Rencheng Wang, Kaitang Zhou

引用次数: 0

Investor overreactions to transnational peer firm earnings: The role of accounting standards 投资者对跨国同行公司收益的过度反应：会计准则的作用

IF 3.2 3区管理学

Contemporary Accounting Research Pub Date : 2025-03-21 DOI: 10.1111/1911-3846.13038

Manuel Herkenhoff, Martin Nienhaus

引用次数: 0

Federal judge ideology and the going-concern reporting incentives of Big 4 and non–Big 4 auditors 联邦法官意识形态与四大和非四大审计师的持续经营报告激励

IF 3.2 3区管理学

Contemporary Accounting Research Pub Date : 2025-03-21 DOI: 10.1111/1911-3846.13025

Tracy Gu, Kai Wai Hui, Yingzhen Jiang, Dan A. Simunic

{"title":"Federal judge ideology and the going-concern reporting incentives of Big 4 and non–Big 4 auditors","authors":"Tracy Gu, Kai Wai Hui, Yingzhen Jiang, Dan A. Simunic","doi":"10.1111/1911-3846.13025","DOIUrl":"https://doi.org/10.1111/1911-3846.13025","url":null,"abstract":"We analyze whether and how the perceived federal-level legal liability linked to federal judge ideology is associated with the likelihood of firms receiving going-concern modified audit opinions and analyze the differential effects on Big 4 and non–Big 4 auditors. We find that Big 4 and non–Big 4 auditors converge in their going-concern reporting decisions in circuits with more liberal judges. This convergence is caused by the greater effect of judge ideology on non–Big 4 auditors. Furthermore, we empirically examine the association between federal judge ideology and actual lawsuits against auditors and find that judge ideology has a greater impact on lawsuit likelihood for non–Big 4 auditors for the restating companies. When auditors are sued, both the payout likelihood and amount are greater in circuits with more liberal judges, with the effect being more pronounced for non–Big 4 auditors. This study provides evidence on how the perceived exposure to a gross negligence legal standard shapes auditors' going-concern reporting incentives for the two tiers of auditors in the market. It also adds to the literature on auditor litigation.","PeriodicalId":10595,"journal":{"name":"Contemporary Accounting Research","volume":"42 2","pages":"1106-1144"},"PeriodicalIF":3.2,"publicationDate":"2025-03-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144207014","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

CAR Ad Hoc Reviewers 2024 / RCC Réviseurs ad hoc 2024 CAR临时审查员2024 / RCC临时审查员2024

IF 3.2 3区管理学

Contemporary Accounting Research Pub Date : 2025-03-18 DOI: 10.1111/1911-3846.13029

引用次数: 0

Can we explain managerial non-answers during conference call Q&As? 我们能在电话会议问答中解释管理层没有回答的问题吗？

IF 3.2 3区管理学

Contemporary Accounting Research Pub Date : 2025-03-10 DOI: 10.1111/1911-3846.13030

Matthew Bamber, Pier-Luc Nappert

{"title":"Can we explain managerial non-answers during conference call Q&As?","authors":"Matthew Bamber, Pier-Luc Nappert","doi":"10.1111/1911-3846.13030","DOIUrl":"https://doi.org/10.1111/1911-3846.13030","url":null,"abstract":"Management teams often avoid answering questions during conference call question and answer sessions (Q&As). Viewing this as an information asymmetry issue, accounting scholars have suggested that this behavior is ill-advised and that non-answers signal to investors the suppression of bad news. In this article, we demonstrate that this argument lacks nuance. Instead, we argue that answers and non-answers necessarily coexist and are codependent. Our contribution stems from our social interactionist lens, whereby we draw on interdisciplinary perspectives of workplace silence to make sense of our data. We propose three explanations for managerial non-answers, namely that they are used (1) defensively, (2) reflectively, and (3) negotiatively. Despite the seeming complexity, analysts claim they can make sense of what managers are able to say in this forum, and by extension, what they do (or perhaps, can) not. From here, we argue that analysts are socialized to managerial non-answers. Despite this, there is general concern that investors allow an innate fear of “silence” to prejudice their judgment of non-answers. Thus, we highlight a communication gap between management, intermediary, and investor. On the one hand, this implies a source of market inefficiency, but on the other it points toward a source of potential value in sell-side analyst work, specifically, their experience and expertise in social interaction.","PeriodicalId":10595,"journal":{"name":"Contemporary Accounting Research","volume":"42 2","pages":"1079-1105"},"PeriodicalIF":3.2,"publicationDate":"2025-03-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1911-3846.13030","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144206625","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Bogging down investors: An unintended consequence of litigation risk 陷入困境的投资者：诉讼风险的意外后果

IF 3.2 3区管理学

Contemporary Accounting Research Pub Date : 2025-03-07 DOI: 10.1111/1911-3846.13027

Siwen Fu, Ke Wang, Liandong Zhang, Liu Zheng

{"title":"Bogging down investors: An unintended consequence of litigation risk","authors":"Siwen Fu, Ke Wang, Liandong Zhang, Liu Zheng","doi":"10.1111/1911-3846.13027","DOIUrl":"https://doi.org/10.1111/1911-3846.13027","url":null,"abstract":"Securities litigation risk is a well-recognized yet underexplored source of financial reporting complexity or unreadability. This study examines the effect of litigation risk on the readability of corporate financial reports. The 1999 Silicon Graphics Inc. (SGI) court ruling unexpectedly reduced litigation risk for firms within the Ninth Circuit Court's jurisdiction. Using a difference-in-differences design centered on the SGI court ruling, we find that, while the readability of financial reports generally declines over the sample period, treated firms in the Ninth Circuit experience a comparatively smaller decline in readability than control firms in other states after the ruling. Put differently, treated firms experience a relative improvement in reporting readability following the ruling. This effect is concentrated among firms prone to securities litigation and those with greater external financing needs, but it is muted for firms engaging in earnings management. Furthermore, improved reporting readability among treated firms can be partially attributed to alleviated concerns about the adequacy of cautionary language, as evidenced by a significant decrease in negative forward-looking statements, particularly risk-related ones. Collectively, our findings suggest that securities litigation risk contributes to reduced readability in financial reporting.","PeriodicalId":10595,"journal":{"name":"Contemporary Accounting Research","volume":"42 2","pages":"1045-1078"},"PeriodicalIF":3.2,"publicationDate":"2025-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1911-3846.13027","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144206952","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

How do hedge fund activists use and affect financial reporting of income taxes? Evidence from the valuation allowance for deferred tax assets 对冲基金积极分子如何使用和影响所得税财务报告？递延税项资产估值备抵的证据

IF 3.2 3区管理学

Contemporary Accounting Research Pub Date : 2025-03-06 DOI: 10.1111/1911-3846.13031

Mary Cowx, Jennifer L. Glenn, Patrick Kielty, Sean T. McGuire

引用次数: 0