Kelley: Accounting (Topic)最新文献

Influencing Profits: The Differential Impact of Lobbying on Corporate Stock Returns 影响利润:游说对公司股票收益的差异影响

Kelley: Accounting (Topic) Pub Date : 2016-04-29 DOI: 10.2139/ssrn.2779697

Michelle Hutchens, S. Rego, Amy Sheneman

{"title":"Influencing Profits: The Differential Impact of Lobbying on Corporate Stock Returns","authors":"Michelle Hutchens, S. Rego, Amy Sheneman","doi":"10.2139/ssrn.2779697","DOIUrl":"https://doi.org/10.2139/ssrn.2779697","url":null,"abstract":"Prior research provides mixed evidence on whether corporate lobbying activities increase or decrease shareholder value. In this study we use detailed data on corporate lobbying expenditures to investigate which factors influence the returns to corporate lobbying activities. Specifically, we examine whether the returns vary by lobbying issue (e.g., tax-, defense-, or healthcare-related), by the severity of agency problems, by the lobbying approach employed, and by the potential benefits to be gained lobbying. Our results suggest that although the association between abnormal stock returns and total lobbying expenditures is generally positive and significant, the returns to lobbying vary substantially depending on the issue being lobbied. While investors expect lobbying on tax-, defense-, trade-, and federal budget-related issues to generate significant economic benefits for firms, they expect the returns to environment-related lobbying to actually decrease shareholder value. We also provide evidence that the returns to lobbying are more positive for firms with low free cash flows, for firms that adopt a relational approach to lobbying, and for firms with the largest potential benefits to be gained from lobbying. Overall, our research suggests that corporate lobbying activities represent strategic political investments that generate future economic benefits, not agency problems as asserted by some prior studies.","PeriodicalId":409231,"journal":{"name":"Kelley: Accounting (Topic)","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115755506","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: 5

Do Property Taxes Affect Real Operating Decisions and Market Prices for Crude Oil? 财产税会影响原油的实际经营决策和市场价格吗?

Kelley: Accounting (Topic) Pub Date : 2013-10-04 DOI: 10.2139/ssrn.2097935

Kristian D. Allee, Dan Lynch, K. Petroni, Joseph H. Schroeder

引用次数: 7

Audit Committee Member Contextual Experiences and Financial Reporting Outcomes 审计委员会成员背景经验和财务报告结果

Kelley: Accounting (Topic) Pub Date : 2013-02-01 DOI: 10.2139/ssrn.2221366

Marcy L. Shepardson

引用次数: 7

Market Reaction to Events Surrounding the Sarbanes-Oxley Act of 2002 and Earnings Management 市场对2002年《萨班斯-奥克斯利法案》和盈余管理的反应

Kelley: Accounting (Topic) Pub Date : 2006-09-24 DOI: 10.2139/ssrn.475163

Haidan Li, Morton Pincus, S. Rego

引用次数: 386

Risk-Relevance of Fair Value Income Measures for Commercial Banks 商业银行公允价值收益计量的风险相关性

Kelley: Accounting (Topic) Pub Date : 2006-03-01 DOI: 10.2308/ACCR.2006.81.2.337

Leslie D. Hodder, P. Hopkins, James M. Wahlen

引用次数: 253

Publicly-Traded Versus Privately-Held: Implications for Bank Profitability, Growth, Risk, and Accounting Conservatism* 上市与私有:对银行盈利能力、增长、风险和会计稳健性的影响*

Kelley: Accounting (Topic) Pub Date : 2005-02-04 DOI: 10.2139/ssrn.591663

Craig Nichols, James M. Wahlen, Matthew M. Wieland

{"title":"Publicly-Traded Versus Privately-Held: Implications for Bank Profitability, Growth, Risk, and Accounting Conservatism*","authors":"Craig Nichols, James M. Wahlen, Matthew M. Wieland","doi":"10.2139/ssrn.591663","DOIUrl":"https://doi.org/10.2139/ssrn.591663","url":null,"abstract":"Public and private banks differ along dimensions of control structure and capital market access. We develop and test predictions about the effects that these differences have on banks' profitability, growth, risk, and financial reporting. Our empirical results are generally consistent with our predictions. We predict and find that public banks have lower profitability but faster growth in assets and equity than private banks, after controlling for size. We find no reliable differences in accounting-based risk metrics across public and private banks. We predict and find results that suggest that stakeholders in public banks demand greater degrees of accounting conservatism relative to private banks. For example, we find that public banks recognize more timely earnings declines but less timely earnings increases than private banks. We also find that public banks exhibit more conservative accounting for loan losses. Loan loss provisions are larger and more timely, relative to exogenous indicators of probable credit losses, for public banks than for private banks. Our results inform accounting and finance academics, as well as bank managers, auditors, and regulators, about the effects of ownership structure on bank profitability, growth, risk, and accounting conservatism. The results highlight the implications of public and private banks' tradeoffs of potential agency costs associated with greater separation of ownership and control against the benefits of capital market access.","PeriodicalId":409231,"journal":{"name":"Kelley: Accounting (Topic)","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2005-02-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132723368","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: 34

The Role of Auditing in Investor Protection 审计在投资者保护中的作用

Kelley: Accounting (Topic) Pub Date : 2003-07-01 DOI: 10.2139/ssrn.421660

P. Newman, Evelyn R. Patterson, Reed Smith

引用次数: 167

The Effect of 10k Restatements on Firm Value, Information Asymmetries, and Investors' Reliance on Earnings 1万份会计重述对公司价值、信息不对称和投资者对盈余依赖的影响

Kelley: Accounting (Topic) Pub Date : 2002-09-01 DOI: 10.2139/ssrn.332380

Kirsten L. Anderson, T. Yohn

{"title":"The Effect of 10k Restatements on Firm Value, Information Asymmetries, and Investors' Reliance on Earnings","authors":"Kirsten L. Anderson, T. Yohn","doi":"10.2139/ssrn.332380","DOIUrl":"https://doi.org/10.2139/ssrn.332380","url":null,"abstract":"Restating 10-Ks has become an increasingly common phenomenon in financial reporting. Restatements clearly signal that the firm's prior financial statements were not credible and were of relatively lower \"quality\". In this study, we examine the effect of restatements on investors' and dealers' perceptions of the firm. First, we examine the market returns and the bid-ask spread effects at the announcement of the accounting problem that leads to restatement. We find negative market returns for accounting problem announcements, and we find that the negative reaction is most pronounced for firms with revenue recognition issues. We also find an increase in spreads surrounding the announcement of revenue recognition problems. Second we examine returns and spreads from the announcement of the restatement to the filing of the restated financial statements. We find a significant negative market reaction and a larger negative reaction for firms with revenue recognition problems. We find no change in spreads from before the announcement of the accounting problem to after the restatement is filed. Finally, we examine the effect of the restatement on earnings response coefficients, and find that the market reacts less to earnings after a restatement than to earnings prior to a restatement. In general, these results indicate that investors and dealers react negatively to restatements and are more concerned with revenue recognition problems than with other financial reporting errors.","PeriodicalId":409231,"journal":{"name":"Kelley: Accounting (Topic)","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2002-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122197083","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: 239

Whisper Forecasts of Quarterly Earnings Per Share 低声预测季度每股收益

Kelley: Accounting (Topic) Pub Date : 1999-03-01 DOI: 10.2139/ssrn.74369

M. Bagnoli, M. Beneish, Susan G. Watts

引用次数: 160