Concurrent Sessions最新文献

{"title":"An Examination of the Impact of Audit Market Concentration on Audit Fees through the Prism of Auditors’ Efficiency","authors":"Ping Zhang, Minlei Ye, D. Simunic, Ling Chu","doi":"10.2139/ssrn.3103266","DOIUrl":"https://doi.org/10.2139/ssrn.3103266","url":null,"abstract":"The extant auditing literature documents an inconsistent relationship between audit fees and market concentration. In this paper, we argue that the impact of market concentration on audit fees is auditor and auditee specific. Based on the fact that the audit services to an auditee are generally provided in their entirety by one auditor, we conjecture that the competition for an engagement is essentially based on costs (i.e., Bertrand competition) and that larger auditors are more efficient. Accordingly, we develop an audit fee determination framework that predicts that the disparity in sizes of the largest and the second-largest auditors result in differential audit fees charged by the largest auditor and other auditors. Since the concentration of an audit market is inherently associated with the size disparity in the market, our fee determination framework suggests that market concentration does not affect audit fees uniformly. Indeed, we document that market concentration increases the audit fees to auditees (in particular the large auditees) serviced by the largest auditor in a market and decreases the audit fees to all auditees serviced by other auditors. The results are consistent with our theory and explain the inconsistent empirical relationship between concentration and audit fees documented in the literature.","PeriodicalId":382675,"journal":{"name":"Concurrent Sessions","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123111024","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}

{"title":"The Effects of Time Pressure on the Belief Revisions of Nonprofessional Investors","authors":"Christian Pietsch, William F. Messier, Jr., Robyn L. Raschke","doi":"10.2139/ssrn.2893870","DOIUrl":"https://doi.org/10.2139/ssrn.2893870","url":null,"abstract":"This is the first study to experimentally investigate the interactive effects of time pressure and the order of information by integrating a time pressure variable into the predictions of the belief-adjustment (BA) model. Substantial research documents the continuing importance of both order effects and time pressure in a variety of accounting contexts. Prior accounting research (Kahle, Pinsker, & Pennington, 2005; Trotman & Wright, 2000) as well as Hogarth and Einhorn (1992) in their original article on the BA model have called for an investigation of the potential moderating effect of time pressure on order effects; however, no such research exists. We utilize psychology theories of arousal to propose and examine a path model of the effects of time pressure on nonprofessional investors’ belief revisions. Individual investors make a stock price judgment and a short-term investment decision following the receipt of a news announcement that contained mixed (i.e., positive and negative) information about the company’s stock. We manipulated the order in which the information is presented to participants and the time available to make the stock price judgment and investment decision. Our findings support the proposed model. First, investors trying to make a short-term profit under a time limit perceived significant time pressure, even when the time available to make the decision is equal to the time usually required under no time pressure to make such a decision. Second, perceived time pressure had a significant, positive effect on individual investors’ motivation but also on their stress and on perceived task difficulty. Perceived task difficulty had a significant interactive effect with the order of information on individual investors’ investment decisions and there is an optimal level of perceived time pressure and consequent perceived task difficulty at which order effects are eliminated. Third, greater motivation and stress caused increased stock price estimations and greater investments into the stock, which may explain individual investors’ excessive trading observed in prior research. This effect was reversed at very high levels of perceived task difficulty resulting in a disconfirmation bias, presumably to ease cognitive strain and to avoid a loss when the time is too short to make an informed decision.","PeriodicalId":382675,"journal":{"name":"Concurrent Sessions","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125070666","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}

{"title":"Mental Accounting and Taxpayer Compliance: Insights into the Referent Point that Separates Honest from Dishonest Behavior","authors":"I. Burt, L. Thorne, Jay K. Walker","doi":"10.2139/ssrn.3098194","DOIUrl":"https://doi.org/10.2139/ssrn.3098194","url":null,"abstract":"Empirical results grounded in prospect theory shows that taxpayers’ compliance is a function of whether they are in a tax gain or loss position, being more likely to “cheat” when they perceive that they are in a tax loss as compared to tax gain. Nevertheless, what remains to be determined is how taxpayers mentally determine what is a tax loss or a tax gain. We conduct a field experiment when taxpayers are filing actual returns to better determine the actual referent point that separates tax gains from tax losses. We find that mental categorization of taxes paid and owed is critical to taxpayer determination of their referent point, which takes into account what they anticipate they will owe or receive upon filing their tax return. From a theoretical perspective, our research shows that current perceptions of their expected asset position shapes the referent point. From a practical perspective, our findings suggest that taxpayer honesty depends primarily on how they separate tax withholdings from their current net worth.","PeriodicalId":382675,"journal":{"name":"Concurrent Sessions","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-12-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122966728","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}

{"title":"How to Be a Good Coauthor","authors":"D. Collins, Derek K. Oler, Christopher J. Skousen","doi":"10.2139/ssrn.3101539","DOIUrl":"https://doi.org/10.2139/ssrn.3101539","url":null,"abstract":"Success in publishing accounting research often requires success in multiple coauthoring relationships. Further, the number of coauthored papers in accounting (as well as most other fields of research) has steadily increased. Given the importance and popularity of coauthoring, our paper provides comprehensive advice to accounting researchers on how to manage a coauthoring relationship. A good coauthor establishes clear roles and expectations before a project begins and keeps commitments. Communication throughout the project is essential as coauthors confront difficulties and setbacks. We conclude by discussing several situations that coauthors may confront, and provide recommendations.","PeriodicalId":382675,"journal":{"name":"Concurrent Sessions","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-08-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133625985","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}

{"title":"Directly Managing Earnings by Deviating from Clear-Cut Property, Plant and Equipment (PPE) Impairment Rules","authors":"A. Mensah","doi":"10.2139/ssrn.2891662","DOIUrl":"https://doi.org/10.2139/ssrn.2891662","url":null,"abstract":"Mapping reported PPE impairment amounts (i.e. write-downs and reversals) to only valid directions in legitimate triggers specified under benchmark impairment rules (IAS 36 and SFAS #144), I investigate whether managers’ impairment decisions are justified. Finding evidence of nonconformity to rules, I quantify this as ORAI (i.e. opportunistic reporting of asset impairment) and document that target beating, smoothing, small profits, and other managerial intents drive ORAI while governance mechanisms mitigate it. I find evidence of ‘earnings management (EM) planning’ in jurisdictions allowing both write-downs and reversals such that the write-down tool achieves downward EM in period t but is followed in future periods by upward EM achieved via the reversal tool. I consider this as incremental contribution to literature, but a more novel contribution which this study brings is the linking of managers’ reversals decisions to impairment rules to detect impairment rules deviators.","PeriodicalId":382675,"journal":{"name":"Concurrent Sessions","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127036554","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}

{"title":"How Readable are SOX 404 Reports? An Application of Textual Analysis","authors":"J. Boritz, B. Louise Hayes, Lev M. Timoshenko","doi":"10.2139/ssrn.2715400","DOIUrl":"https://doi.org/10.2139/ssrn.2715400","url":null,"abstract":"This study examines all SOX 404 reports issued between 2004 and 2014 to determine their readability as measured by the FOG index after controlling for report size. We find that managements' reports are more readable than auditors' reports. Big 6 reports are less readable than non-Big 6 reports. Among the Big 4 firms, two firms issued significantly more readable reports than the others. The readability of managements' reports decreased after Auditing Standard (AS) No. 5 (PCAOB 2007) was issued whereas the readability of auditors' reports did not change. Reports containing three or more weaknesses (implying entity level control weaknesses) are significantly more readable than other reports.","PeriodicalId":382675,"journal":{"name":"Concurrent Sessions","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-01-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131873563","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}

{"title":"Corporate Responses to the Repatriation Incentive and Domestic Production Activities Deduction of the American Jobs Creation Act of 2004","authors":"Michael R. Kinney, Harrison Liu","doi":"10.2139/ssrn.2714565","DOIUrl":"https://doi.org/10.2139/ssrn.2714565","url":null,"abstract":"The 2004 American Jobs Creation Act (AJCA or the Act) was intended to encourage U.S. companies to repatriate foreign earnings and invest them domestically to increase capital spending and employment. We investigate combined effects of two tax provisions, i.e., the repatriation tax holiday and the domestic production activities deduction (DPAD) on domestic investment and payout behaviors. In doing so, we sort repatriating firms based on tightness of capital constraints. We find that the two tax incentives fail to induce non-constrained, repatriating firms benefiting from DPAD to reinvest the capital domestically. Only capital-constrained, repatriating firms benefiting from DPAD increase domestic investment and reduce share repurchases; however, these firms increase cash dividends. Our findings should be useful to policy makers in their considerations to modify the corporate tax structure to increase domestic investment by encouraging U.S. firms to repatriate foreign earnings and reinvest them domestically.","PeriodicalId":382675,"journal":{"name":"Concurrent Sessions","volume":"98 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-01-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131807019","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}

{"title":"Fair Value Accounting and Investment Efficiency","authors":"Mohamed Zaher Bouaziz, Gaétan Breton","doi":"10.2139/ssrn.2379753","DOIUrl":"https://doi.org/10.2139/ssrn.2379753","url":null,"abstract":"The fair value accounting maintains a strong theoretical link with resource allocation since it allows a vision closer to the economic reality than the historical cost, particularly for financial instruments. The optimal allocation of resources being the ultimate goal of any economic system, our study examines the link between fair value accounting and the efficient allocation of resources especially investment efficiency. While the performance of financial instruments was not easily identifiable with former accounting models, the advent of the fair value as an evaluation mode of financial instruments made prospective future profits more visible, liable to incite companies to invest strongly in financial investments. The danger on an efficient allocation of resources in non-financial corporations is therefore the redeployment of the assets of the company following a financial strategy and not in an industrial logic. On a sample of Canadian firms belonging to the TSX Composite Index for the period between 2007 and 2011, our results indicate that the profitability of financial instruments measured in fair value does not stimulate the establishment of a financial strategy turned towards the substitution of financial to productive investment. Primarily, our work contributes to the debate on the legitimacy of the employment of fair value accounting as an evaluation mode for assets and liabilities since its alleged role in the last financial crisis and, secondly, the results of our research are significant in the context of the adoption, by Canada, of international financial reporting standards, for which fair value constitutes one of the cornerstones.","PeriodicalId":382675,"journal":{"name":"Concurrent Sessions","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-01-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121648103","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}

{"title":"Managerial Risk-Taking and CEO Excess Compensation","authors":"Rahat Jafri, Samir Trabelsi","doi":"10.2139/ssrn.2379166","DOIUrl":"https://doi.org/10.2139/ssrn.2379166","url":null,"abstract":"This paper examines risk taking and CEO excess compensation problems in U.S firms to determine their impact on shareholders wealth. Literature suggests a positive effect of CEO incentive risk and strong corporate governance on CEO risk taking. Furthermore, the strong governance mitigates excess compensation problem. Controlling for governance quality and incentive risk, we provide empirical evidence of a significant association between risk taking and CEO excess compensation. When we also control for pay-performance sensitivity (delta) and feedback effects of incentive compensation on CEO risk taking, we find that higher use of incentive pay encourages risk taking, and due to a high exposure to risk CEOs draws excess compensation. Furthermore, we find that the excess compensation problem is more serious with CEOs taking high risk than with those taking low risk. Finally, we find that CEO risk taking also has structural impacts on CEO compensation.","PeriodicalId":382675,"journal":{"name":"Concurrent Sessions","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-01-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125633255","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}

{"title":"Corporate Social Responsibility, Earnings Management, and Firm Performance: Evidence from Panel VAR Estimation","authors":"Mark C. Anderson, Soonchul Hyun, Hussein A. Warsame","doi":"10.2139/ssrn.2379826","DOIUrl":"https://doi.org/10.2139/ssrn.2379826","url":null,"abstract":"Previous literature investigates links between corporate social responsibility (CSR), earnings management (EM), and firm performance (FP) but has looked at pair-wise relations (CSR-EM, CSR-FP, and EM-FP) for one-way effects without considering endogeneity among the variables. We examine these relations recognizing endogeneity and possible two-way effects and also consider two additional factors, corporate governance (CG) and management compensation (MC) that may influence the interrelations between firms’ FP, EM and CSR. To examine the complex relationships among these endogenous variables (CSR, EM, PF, CG, and MC) under different eras in management oversight, we divide our complete sample period from 1992 to 2009 into a pre-SOX (Sarbanes-Oxley) period (from 1992 to 2001) and a post-SOX period (from 2002 to 2009), and innovatively employ a rigorous panel vector autoregressive (PVAR) approach. We find three main results: (1) CSR had a positive influence on EM in the pre-SOX period but CSR had no impact on EM post-Sox. (2) There is no relation between CSR and FP pre-SOX, but there are bi-directional relations between them during the post-SOX period: a positive influence of CSR on FP and a negative influence of FP on CSR. (3) FP positively affects EM in both pre- and post-SOX periods.","PeriodicalId":382675,"journal":{"name":"Concurrent Sessions","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-11-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124431373","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}