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Research Methods & Methodology in Accounting eJournal最新文献

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Asset Measurement in Imperfect Credit Markets 不完全信贷市场中的资产计量
Research Methods & Methodology in Accounting eJournal Pub Date : 2015-06-05 DOI: 10.2139/ssrn.2546041
J. Bertomeu, E. Cheynel
{"title":"Asset Measurement in Imperfect Credit Markets","authors":"J. Bertomeu, E. Cheynel","doi":"10.2139/ssrn.2546041","DOIUrl":"https://doi.org/10.2139/ssrn.2546041","url":null,"abstract":"type=\"main\"> How should a firm measure a productive asset used as collateral? To answer this question, we develop a model in which firms borrow funds subject to collateral constraints. We characterize the qualities of optimal asset measurements and analyze their interactions with financing needs, collateral constraints, and interest rates. Because of real effects, complete transparency would reduce contracting efficiency and, hence, the measurement must be suitably adapted to credit conditions. The optimal measurement is asymmetric and reports precise information about high collateral values if credit frictions are low, but the reverse if credit frictions are high. Tighter credit market conditions may lead to more opaque measurements and increased investment, in the form of inefficient continuations.","PeriodicalId":202880,"journal":{"name":"Research Methods & Methodology in Accounting eJournal","volume":"549 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-06-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132779320","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 24
Mitigating the Dilution Effect in Auditors’ Judgments Using a Frequency Response Mode 利用频响模式减轻审计判断的稀释效应
Research Methods & Methodology in Accounting eJournal Pub Date : 2015-04-01 DOI: 10.2139/ssrn.2609392
A. Eilifsen, Natalia V. Kochetova, William F. Messier, Jr.
{"title":"Mitigating the Dilution Effect in Auditors’ Judgments Using a Frequency Response Mode","authors":"A. Eilifsen, Natalia V. Kochetova, William F. Messier, Jr.","doi":"10.2139/ssrn.2609392","DOIUrl":"https://doi.org/10.2139/ssrn.2609392","url":null,"abstract":"This paper investigates the potential of using a frequency response mode to reduce the dilution effect of non-diagnostic evidence on auditors’ fraud risk assessments. We test one hypothesis and examine a research question related to the dilution effect where response mode (frequency vs. probability) and type of non-diagnostic information (neutral vs. favorable vs. unfavorable) are manipulated in a between-subjects experiment with professional auditors as participants. Results of the hypothesis test show that auditors’ fraud risk judgments demonstrate a significantly lower dilution effect when they evaluate diagnostic and non-diagnostic evidence using a frequency response mode, as compared to the probability response mode. This effect is most pronounced when auditors are provided with favorable non-diagnostic evidence.","PeriodicalId":202880,"journal":{"name":"Research Methods & Methodology in Accounting eJournal","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134012842","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Doing Good Field Research: Assessing the Quality of Audit Field Research 做好实地调研:评估审计实地调研的质量
Research Methods & Methodology in Accounting eJournal Pub Date : 2015-03-01 DOI: 10.2139/ssrn.2574420
B. Malsch, Steven E. Salterio
{"title":"Doing Good Field Research: Assessing the Quality of Audit Field Research","authors":"B. Malsch, Steven E. Salterio","doi":"10.2139/ssrn.2574420","DOIUrl":"https://doi.org/10.2139/ssrn.2574420","url":null,"abstract":"SUMMARY: Field research is increasingly being employed by audit researchers around the world. However, given that many doctoral programs, especially in North America, devote little or no time to this method, understanding what constitutes good auditing field research is problematic for many editors and reviewers. Hence, the goal of this article is simple: to provide editors and reviewers with a set of suggestions/guidelines that can be employed to assess the quality of auditing field research as field research. In addition, this article might be helpful to those audit researchers who are teaching themselves field research methods to calibrate their understanding of rigorous and trustworthy field-based research methods, as well as for doctoral students and accounting departments interested in expanding their scope of course offerings. To achieve this goal we pose and answer ten questions about field research quality illustrating our responses with best practices observed in currently published or forthcomi...","PeriodicalId":202880,"journal":{"name":"Research Methods & Methodology in Accounting eJournal","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125028496","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 173
The Impact of Sentiment on Price Discovery 情绪对价格发现的影响
Research Methods & Methodology in Accounting eJournal Pub Date : 2014-12-26 DOI: 10.2139/ssrn.2146320
J. Coulton, Tami Dinh, Andrew B. Jackson
{"title":"The Impact of Sentiment on Price Discovery","authors":"J. Coulton, Tami Dinh, Andrew B. Jackson","doi":"10.2139/ssrn.2146320","DOIUrl":"https://doi.org/10.2139/ssrn.2146320","url":null,"abstract":"We study how investor sentiment affects the speed with which prices reflect information. Price discovery is more timely for firms with greater sensitivity to sentiment, as measured by a sentiment beta. Our research improves our understanding of the price formation process when sentiment is not assumed to be constant. Our research design is novel as it considers a sentiment beta as well as economy-wide sentiment. This provides more comprehensive evidence on the impact of differing types of sentiment on the price formation process.","PeriodicalId":202880,"journal":{"name":"Research Methods & Methodology in Accounting eJournal","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-12-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122168688","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 18
Qualitative Management Disclosures and Market Sentiment 定性管理披露与市场情绪
Research Methods & Methodology in Accounting eJournal Pub Date : 2014-12-15 DOI: 10.2139/ssrn.2538812
Khrystyna Bochkay, V. Dimitrov
{"title":"Qualitative Management Disclosures and Market Sentiment","authors":"Khrystyna Bochkay, V. Dimitrov","doi":"10.2139/ssrn.2538812","DOIUrl":"https://doi.org/10.2139/ssrn.2538812","url":null,"abstract":"We construct an index of aggregate management optimism from managers' qualitative disclosures in annual and quarterly financial reports and show that this index varies with market-wide sentiment. First, we find that the correlation between the management optimism index and Baker and Wurgler's investment sentiment index is 0.617, and investor sentiment explains 37.7% of the time-series variation in management optimism. Second, we find that when managers are more optimistic as a group, future earnings and stock returns are lower (at both the aggregate and the firm level). We show that these results are not driven by management opportunism. Instead, the results indicate that managers, like investors, are subject to market-wide sentiment. The resulting bias reduces the usefulness of management's qualitative disclosures.","PeriodicalId":202880,"journal":{"name":"Research Methods & Methodology in Accounting eJournal","volume":"118 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114380569","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 11
The Big-4 Premium in the German Audit Market for Listed and Private Firms 德国上市公司和私营公司审计市场的“四大”溢价
Research Methods & Methodology in Accounting eJournal Pub Date : 2014-11-30 DOI: 10.2139/ssrn.2540109
Philipp Joha, Johannes Günther
{"title":"The Big-4 Premium in the German Audit Market for Listed and Private Firms","authors":"Philipp Joha, Johannes Günther","doi":"10.2139/ssrn.2540109","DOIUrl":"https://doi.org/10.2139/ssrn.2540109","url":null,"abstract":"The majority of audit fee research has identified that BIG-N audit firms charge higher fees than other auditors. To detect the reasons for such a fee premium in a concentrated audit market it is necessary to compare audit pricing in the concentrated market to pricing behavior in a competitive market. We follow this approach proposed by SIMUNIC (1980) but unlike most researchers we separate the German audit market in a segment for listed and non-listed auditees. This allows us to capture the difference in the amplitude of an audit mandate in a more universal way as well as to separate the audit market in a competitive and a concentrated segment more accurately. Thereby, to our knowledge we are also the first to examine audit fees of non-listed companies in Germany. We observe a fee premium for BIG-4 auditors in both market segments when applying an aggregated BIG-4 variable as well as looking at these audit firms separately. This suggests product differentiation as the root for higher prices and competitive audit pricing refuting regulators' concerns of monopolistic pricing behavior due to a high market concentration. This is supported by a Fee Cutting effect. Furthermore, our results demonstrate that similar to listed firms audit pricing for private firms is influenced by client's size, complexity and risk factors.","PeriodicalId":202880,"journal":{"name":"Research Methods & Methodology in Accounting eJournal","volume":"78 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123153370","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
How Have Auditors Managed Their Chinese ADR Engagements? 审计师如何管理其中国ADR业务?
Research Methods & Methodology in Accounting eJournal Pub Date : 2014-11-01 DOI: 10.2139/ssrn.2445065
A. Ghosh, Elisabeth Peltier
{"title":"How Have Auditors Managed Their Chinese ADR Engagements?","authors":"A. Ghosh, Elisabeth Peltier","doi":"10.2139/ssrn.2445065","DOIUrl":"https://doi.org/10.2139/ssrn.2445065","url":null,"abstract":"The controversy over Chinese reverse mergers, which are directly listed on U.S. stock exchanges, has led to concerns about the audit quality of all U.S. listed Chinese companies. Because a sizeable number of foreign firms cross list their shares as American Depositary Receipts (ADRs) issued by U.S. depositary banks (as opposed to directly listed), we study how auditors have managed Chinese ADRs. Our motivation for examining Chinese ADRs is based on the findings that cross-listing via the ADR process is beneficial for U.S. shareholders, generally results in higher valuations, and is less likely to be associated with misreporting. We find that relative to other ADRs, Chinese ADRs are: (1) more likely to be associated with a Big 4 auditor, (2) expected to pay more for their external audits, (3) are likely to have longer audit report lag (proxy for audit investments), and (4) less likely to restate prior period financial statements. When we include Chinese reverse mergers, which are non-ADR companies, we find that the audit quality problems are only confined to Chinese reverse mergers. Our results do not suggest that Chinese ADRs have lower audit quality than other ADRs or Chinese reverse mergers. A key conclusion is that the audit quality concerns of Chinese reverse mergers, or other directly U.S. listed Chinese companies, may not extend to Chinese ADRs.","PeriodicalId":202880,"journal":{"name":"Research Methods & Methodology in Accounting eJournal","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124950648","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
Transfer Pricing and Generalized Implicit Support Networks 转移定价与广义隐式支持网络
Research Methods & Methodology in Accounting eJournal Pub Date : 2014-09-20 DOI: 10.2139/ssrn.2405925
Rupert Macey-Dare
{"title":"Transfer Pricing and Generalized Implicit Support Networks","authors":"Rupert Macey-Dare","doi":"10.2139/ssrn.2405925","DOIUrl":"https://doi.org/10.2139/ssrn.2405925","url":null,"abstract":"This paper generalizes the standard transfer pricing concept of implicit support flowing from a parent company to its subsidiary. The first extension is to assume that implicit support might be ve or -ve for the recipient. The second is to consider the possibility of implicit support flowing back from the subsidiary to its parent. The third extension is to consider the possibility of implicit support from one subsidiary to another in a corporate group. Under this view (based on aspects of portfolio, game and network theory) a subsidiary is not just at the end of a single implicit support link from the parent, but rather at the centre of a generalized implicit support network extending across the whole corporate group. Often this network will be able to be simplified. However more generally the quantification of implicit support, in terms of basis point effect on a subsidiary's arm's length borrowing rate and any intra-group premia that need to be paid, will require significantly more complex calculations and analysis than previously used.","PeriodicalId":202880,"journal":{"name":"Research Methods & Methodology in Accounting eJournal","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134059895","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
IPO Survival and Institutional Investment IPO生存与机构投资
Research Methods & Methodology in Accounting eJournal Pub Date : 2014-08-17 DOI: 10.2139/ssrn.2481855
Susanne Espenlaub, A. Khurshed, A. Mohamed, B. Saadouni
{"title":"IPO Survival and Institutional Investment","authors":"Susanne Espenlaub, A. Khurshed, A. Mohamed, B. Saadouni","doi":"10.2139/ssrn.2481855","DOIUrl":"https://doi.org/10.2139/ssrn.2481855","url":null,"abstract":"This study examines the survival rates of initial public offerings (IPOs) listed on the Hong Kong stock exchange between 1990 and 2010 and tracked until the end of 2013. The results show that the average survival rates on the Hong Kong market are high compared to other developed markets and the lowest is 78 percent over five years post listing. Furthermore, we find that the IPO firms are exposed to low failure risks even during and after financial crises. Investigating the determinants of survival rates, we find that the proportions of shares allocated to institutional investors and investor demand at the time of listing, along with initial investors’ retained ownership, significantly increase survival rates. In addition, the survival rates are high when the IPO is family controlled and investors have long term investment horizon.","PeriodicalId":202880,"journal":{"name":"Research Methods & Methodology in Accounting eJournal","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-08-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126595662","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Robust Measurement of (Heavy-Tailed) Risks: Theory and Implementation (重尾)风险的稳健度量:理论与实现
Research Methods & Methodology in Accounting eJournal Pub Date : 2014-08-12 DOI: 10.2139/ssrn.2339724
Judith C. Schneider, Nikolaus Schweizer
{"title":"Robust Measurement of (Heavy-Tailed) Risks: Theory and Implementation","authors":"Judith C. Schneider, Nikolaus Schweizer","doi":"10.2139/ssrn.2339724","DOIUrl":"https://doi.org/10.2139/ssrn.2339724","url":null,"abstract":"Every model presents an approximation of reality and thus modeling inevitably implies model risk. We quantify model risk in a non-parametric way, i.e., in terms of the divergence from a so-called nominal model. Worst-case risk is defined as the maximal risk among all models within a given divergence ball. We derive several new results on how different divergence measures affect the worst case. Moreover, we present a novel, empirical way built on model confidence sets (MCS) for choosing the radius of the divergence ball around the nominal model, i.e., for calibrating the amount of model risk. We demonstrate the implications of heavy-tailed risks for the choice of the divergence measure and the empirical divergence estimation. For heavy-tailed risks, the simulation of the worst-case distribution is numerically intricate. We present a Sequential Monte Carlo algorithm which is suitable for this task. An extended practical example, assessing the robustness of a hedging strategy, illustrates our approach.","PeriodicalId":202880,"journal":{"name":"Research Methods & Methodology in Accounting eJournal","volume":"57 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-08-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115865896","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 13
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