Contemporary Accounting Research最新文献_第9页

The deterrent effect of the SEC Whistleblower Program on financial reporting securities violations 美国证券交易委员会举报计划对财务报告证券违法行为的威慑作用

IF 3.6 3区管理学

Contemporary Accounting Research Pub Date : 2023-06-26 DOI: 10.1111/1911-3846.12884

Christine Wiedman, Chunmei Zhu

{"title":"The deterrent effect of the SEC Whistleblower Program on financial reporting securities violations","authors":"Christine Wiedman, Chunmei Zhu","doi":"10.1111/1911-3846.12884","DOIUrl":"10.1111/1911-3846.12884","url":null,"abstract":"The stated goal of the SEC Whistleblower Program introduced as part of the Dodd-Frank Act was to deter securities violations and thereby to strengthen investor protection. We document significant reductions in the likelihood of financial reporting fraud by US firms following the introduction of this program. The reductions are robust to controlling for other regulatory changes in the Dodd-Frank Act and economic trends. Given that employees of firms with weaker internal compliance and reporting programs are more likely to report irregularities directly to the SEC rather than internally, we predict and find that these firms are more likely to change their reporting behavior. We also show that the observed reductions are attributable to an improvement in internal whistleblower programs and the hiring of more capable audit committee members after the program's inception. Collectively, these findings provide important large-sample evidence of significant benefits of the SEC Whistleblower Program for deterring financial reporting fraud and of the efficacy of bounty-type whistleblower programs.","PeriodicalId":10595,"journal":{"name":"Contemporary Accounting Research","volume":"40 4","pages":"2711-2744"},"PeriodicalIF":3.6,"publicationDate":"2023-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1911-3846.12884","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41396451","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

The implications of firms' derivative usage on the frequency and usefulness of management earnings forecasts 公司使用衍生工具对管理层盈余预测频率和有用性的影响

IF 3.6 3区管理学

Contemporary Accounting Research Pub Date : 2023-06-19 DOI: 10.1111/1911-3846.12883

John L. Campbell, Sean Shun Cao, Hye Sun Chang, Raluca Chiorean

{"title":"The implications of firms' derivative usage on the frequency and usefulness of management earnings forecasts","authors":"John L. Campbell, Sean Shun Cao, Hye Sun Chang, Raluca Chiorean","doi":"10.1111/1911-3846.12883","DOIUrl":"10.1111/1911-3846.12883","url":null,"abstract":"We investigate how firms' use of derivatives impacts voluntary disclosure and offer four main findings. First, we find that when firms begin using derivative instruments, they increase the frequency of management earnings forecasts. Second, using path analysis, we find a direct link between derivative usage and forecast frequency, as well as an indirect link through reduced earnings volatility. Third, we find that CEOs with more pronounced career concerns increase forecast frequency only when derivatives make earnings easier to forecast and find no evidence that investor demand drives the decision to provide a forecast. These results suggest that the primary mechanism for the association between derivative usage and forecast frequency is a reduction in the manager's costs of providing the forecasts. Finally, we find that the majority of derivative-induced forecasts are uninformative to capital market participants, especially after FAS 161 provided the necessary underlying data to understand how firms use derivatives. Overall, we provide the first empirical evidence that firms that use derivatives issue more management forecasts, but we also find that these incremental forecasts are largely uninformative and appear driven by managerial career concerns.","PeriodicalId":10595,"journal":{"name":"Contemporary Accounting Research","volume":"40 4","pages":"2409-2445"},"PeriodicalIF":3.6,"publicationDate":"2023-06-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1911-3846.12883","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46189289","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: 2

Economic consequences of announcing strategic alternatives: A voluntary disclosure's benefits and costs 宣布战略替代方案的经济后果：自愿披露的收益和成本

IF 3.6 3区管理学

Contemporary Accounting Research Pub Date : 2023-06-10 DOI: 10.1111/1911-3846.12880

Jenny Zha Giedt

引用次数: 0

Does gender and ethnic diversity among audit partners influence office-level audit personnel retention and audit quality? 审计伙伴之间的性别和种族多样性是否会影响办公室一级审计人员的留任和审计质量？

IF 3.6 3区管理学

Contemporary Accounting Research Pub Date : 2023-06-10 DOI: 10.1111/1911-3846.12882

Eric R. Condie, Ling Lei Lisic, Timothy A. Seidel, Jonathan Michael Truelson, Aleksandra B. Zimmerman

{"title":"Does gender and ethnic diversity among audit partners influence office-level audit personnel retention and audit quality?","authors":"Eric R. Condie, Ling Lei Lisic, Timothy A. Seidel, Jonathan Michael Truelson, Aleksandra B. Zimmerman","doi":"10.1111/1911-3846.12882","DOIUrl":"10.1111/1911-3846.12882","url":null,"abstract":"Motivated by prior literature on organizational identification and 23 semistructured interviews with a variety of US audit partners and directors, we examine whether the gender and ethnic diversity of an office's audit partners influences the retention of the office's audit professionals and the quality of the audits conducted by the office. Using hand-collected data on US audit partners, we find that greater levels of (or changes in) diversity in office audit partners' gender and ethnicity are associated with lower (reduced) turnover among office audit professionals and higher (increased) office-level audit quality. We conduct a path analysis based on the most common mechanisms highlighted in our interviews to provide further insight into the audit quality results. The results indicate partial mediation through increased retention, greater gender and ethnic diversity among office audit personnel, client continuity, and increased efficiency. Further tests reveal that the association with audit quality is incremental to, and distinct from, the effect of individual engagement partner characteristics and does not reflect client screening. The findings underscore the importance of gender and ethnic diversity among office audit partners to organizational outcomes and provide important practical implications for audit firms.","PeriodicalId":10595,"journal":{"name":"Contemporary Accounting Research","volume":"40 4","pages":"2477-2511"},"PeriodicalIF":3.6,"publicationDate":"2023-06-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43969812","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: 1

Private information and bank-loan pricing: The effect of upcoming corporate spinoffs 私人信息与银行贷款定价:即将到来的公司分拆的影响

IF 3.6 3区管理学

Contemporary Accounting Research Pub Date : 2023-06-10 DOI: 10.1111/1911-3846.12881

Ole-Kristian Hope, Vlad-Andrei Porumb, Simona Rusanescu, Dushyantkumar Vyas

{"title":"Private information and bank-loan pricing: The effect of upcoming corporate spinoffs","authors":"Ole-Kristian Hope, Vlad-Andrei Porumb, Simona Rusanescu, Dushyantkumar Vyas","doi":"10.1111/1911-3846.12881","DOIUrl":"10.1111/1911-3846.12881","url":null,"abstract":"Corporate spinoffs are important events that are accompanied by valuation and credit-risk implications for the parent firm. Among other benefits, spinoffs can improve corporate focus and enhance valuation transparency. In the debt-contracting context, however, spinoffs can also be associated with negative outcomes for the divesting firms. We examine whether banks, due to their timely access to material private information, are able to ascertain the likelihood and the implications of impending spinoffs for the parent firm before a formal public announcement of the spinoff. Our empirical analyses indicate that, in the 365-day pre-spinoff announcement period, banks charge incrementally higher (lower) spreads to borrowers with increased (decreased) post-spinoff riskiness relative to nondivesting firms. This suggests that, while lenders recognize the value- and transparency-enhancing effects of spinoffs, they are also able to foresee potentially negative implications of these divestitures. Cross-sectional analyses indicate that banks charge incrementally lower loan spreads if spinoffs result in high-risk borrowers having either higher reporting quality or lower reporting or operational complexity. These results suggest that the post-spinoff increase in riskiness is compensated by the divestiture benefits typically associated with spinoffs. Similarly, high-risk borrowers incur larger spreads if they do not undergo “focus-increasing” spinoffs. Overall, our findings suggest that banks are able to ex ante determine the implications of important corporate events such as spinoffs.","PeriodicalId":10595,"journal":{"name":"Contemporary Accounting Research","volume":"40 4","pages":"2373-2408"},"PeriodicalIF":3.6,"publicationDate":"2023-06-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135396766","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

Audit partner identification, matching, and the labor market for audit talent 审计合作伙伴的识别、匹配和审计人才的劳动力市场

IF 3.6 3区管理学

Contemporary Accounting Research Pub Date : 2023-05-31 DOI: 10.1111/1911-3846.12878

Mingcherng Deng, Eunhee Kim, Minlei Ye

引用次数: 0

Reporting misstatements as revisions: An evaluation of managers' use of materiality discretion 作为修订报告错报:对管理人员使用重大裁量权的评价

IF 3.6 3区管理学

Contemporary Accounting Research Pub Date : 2023-05-22 DOI: 10.1111/1911-3846.12877

Rachel A. Thompson

引用次数: 0

Peer effects in subjective performance evaluation 主观绩效评价中的同伴效应

IF 3.6 3区管理学

Contemporary Accounting Research Pub Date : 2023-05-21 DOI: 10.1111/1911-3846.12876

Gavin Cassar, Taeho Ko

引用次数: 0

Throwing in the towel: What happens when analysts' recommendations go wrong? 认输：当分析师的建议出错时会发生什么？

IF 3.6 3区管理学

Contemporary Accounting Research Pub Date : 2023-05-12 DOI: 10.1111/1911-3846.12875

Kenneth Lee, Mark Aleksanyan, Elaine Harris, Melina Manochin

{"title":"Throwing in the towel: What happens when analysts' recommendations go wrong?","authors":"Kenneth Lee, Mark Aleksanyan, Elaine Harris, Melina Manochin","doi":"10.1111/1911-3846.12875","DOIUrl":"10.1111/1911-3846.12875","url":null,"abstract":"Every analyst will experience stock recommendation failures during their career. Unlike many other professions, these pivotal moments occur in the full glare of clients, colleagues, equity-sales teams, and the media. This research explores the practices of analysts up to and beyond the point where, faced with a failing recommendation, they contemplate “throwing in the towel” on their recommendation. Based on empirical evidence gathered from interviews with sell-side analysts and their key interlocutors—equity-sales specialists, investors, and investor relations officers—this paper uncovers several new empirical insights into the recommendation practices of analysts. The main argument made in the paper is that capitulation practices emerge from the specific contextual framework of individual recommendations and the analyst's conduct as a knowledgeable, emotional human agent. We identify several contextual contingencies of stock recommendations that underpin how a capitulation episode unfolds, including the temporal proximity of the capitulation to the original recommendation; the importance and profile of the stock to the analyst's reputation (“franchise intensity”); the level of interest/reaction from clients, equity-sales teams and corporates; the nature/cause of recommendation failure; and recommendation boldness. Our study provides evidence that what an analyst does when faced with a failing recommendation cannot be reduced to a predictable, rational process and informs our understanding of observed practices such as the reluctance of analysts to capitulate and why “recommendation paralysis” often follows a recommendation capitulation.","PeriodicalId":10595,"journal":{"name":"Contemporary Accounting Research","volume":"40 3","pages":"1576-1604"},"PeriodicalIF":3.6,"publicationDate":"2023-05-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1911-3846.12875","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49552812","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

The impact of intrafirm incentive conflicts on the interplay between tax incidence and economic efficiency 企业内部激励冲突对税收与经济效率相互作用的影响

IF 3.6 3区管理学

Contemporary Accounting Research Pub Date : 2023-05-02 DOI: 10.1111/1911-3846.12871

Qintao Fan, Nicole Bastian Johnson, Thomas Pfeiffer

{"title":"The impact of intrafirm incentive conflicts on the interplay between tax incidence and economic efficiency","authors":"Qintao Fan, Nicole Bastian Johnson, Thomas Pfeiffer","doi":"10.1111/1911-3846.12871","DOIUrl":"10.1111/1911-3846.12871","url":null,"abstract":"We study how corporate taxation interacts with intrafirm incentive conflicts between shareholders and managers and how this interaction impacts the firm's economic decisions and outcomes. In our model, investment under asymmetric information facilitates entrenchment and rent extraction by the privately informed manager. We show that when the future investment payoff is exogenous, a corporate tax cut increases managerial rents, reduces pre-tax investment profitability, increases the firm's optimal investment hurdle rate, and reduces investment. When the manager can exert upfront project development effort to increase the expected investment payoff, a tax rate reduction not only encourages more effort but also leads the firm to increase the investment hurdle rate to curtail rents. In equilibrium, a lower tax rate always benefits the manager, but the sensitivity of the project's return to the manager's effort determines whether the firm will increase or decrease investment in response to a tax cut, and whether the firm's resulting pre-tax profit will increase or decrease. Overall, our study shows that intrafirm incentive conflicts can be an important factor in the interplay between tax incidence and economic efficiency, two central themes in corporate tax policy debates.","PeriodicalId":10595,"journal":{"name":"Contemporary Accounting Research","volume":"40 4","pages":"2173-2202"},"PeriodicalIF":3.6,"publicationDate":"2023-05-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1911-3846.12871","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135492962","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