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Journal of Accounting and Economics
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#1Yongtae KimH-Index: 18
#2Lixin Nancy Su (Lingnan University)
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Abstract This study examines how PCAOB international inspections of non-U.S. auditors affect international Merger and Acquisition (M&A) outcomes. We find that clients of inspected auditors are more likely to become acquisition targets after the public disclosure of auditor's inspection report. We also find that deal completion is more likely and deal announcement returns are higher if deals involve targets with auditors for which inspection reports are available. Engagement deficiencies and unre...
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#1Matthew Boland (Saint Mary's University)
#2David Godsell (UIUC: University of Illinois at Urbana–Champaign)H-Index: 2
Abstract We test the political cost hypothesis using local soldier fatalities as a source of as-if-random variation in the threat of political costs for local defense firms. Soldier fatalities vary the threat of political costs for defense firms because the U.S. tradition of shared sacrifice during war vulgarizes war profits amid dead soldiers. Local defense firms record more income-decreasing accruals, equal to 1.17 percent of total assets, in response to a one standard deviation increase in lo...
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This study investigates whether investors are willing to trade-off wealth for societal benefits. We take advantage of unique institutional features of the municipal securities market to provide insight into this question. Since 2013, over $23 billion Green Bonds have been issued to fund eco-friendly projects. Comparing Green securities to nearly identical securities issued for non-Green purposes by the same issuers on the same day, we observe economically identical pricing for Green and non-Gree...
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This paper reconciles conflicting evidence in prior literature on the relative ability of earnings and cash flows in predicting future cash flows. Further, we investigate the implications of temporal shifts in accrual properties and operating environment for cash flow predictability. Three key insights emerge. First, cash flows consistently outperform earnings in predicting future cash flows. Second, accruals and its components, including those capturing non-articulating events, have incremental...
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#1Roger Silvers (U.S. Securities and Exchange Commission)
#1Roger Silvers (UofU: University of Utah)H-Index: 2
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The events of Sept. 11, 2001, prompted sweeping cross-border coordination efforts for securities regulators around the globe. After 9/11, the International Organization of Securities Commissions (IOSCO) forged a nonbinding arrangement — the Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (MMoU) — that standardized the protocol for information sharing among participating securities regulators. Because regulators from different count...
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#1Robert F. Göx (UZH: University of Zurich)H-Index: 11
#2Thomas Hemmer (Rice University)H-Index: 7
Abstract We study how friendly boards design the structure of optimal compensation contracts in favor of powerful CEOs. Our study yields unexpected results. First, powerful managers receive higher pay and a contract with a higher pay-performance sensitivity (PPS) if firm performance is low and vice versa. Moreover, we identify conditions where expected pay and expected PPS are both increasing in the friendliness of the board. Second, we show that friendly boards provide managers with higher sala...
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#1Samuel B. Bonsall (PSU: Pennsylvania State University)H-Index: 7
#2Jeremiah Ross Green (A&M: Texas A&M University)H-Index: 5
Last. Karl A. Muller (PSU: Pennsylvania State University)H-Index: 10
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Abstract We investigate whether increased investor demand for financial information arising from higher market uncertainty leads to greater media coverage of earnings announcements. We also investigate whether greater coverage during times of higher uncertainty further destabilizes financial markets because of greater attention-based trading or, alternatively, improves trading and pricing by lowering investor acquisition and interpretation costs. When uncertainty is higher, we find evidence of g...
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#1Brian J. Bushee (UPenn: University of Pennsylvania)H-Index: 23
#2Matthew C. Cedergren (UPenn: University of Pennsylvania)H-Index: 2
Last. Jeremy Michels (UPenn: University of Pennsylvania)H-Index: 3
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Abstract We examine how the media influences retail trade and market returns during the “quiet period” that follows a firm’s IPO. We find that more media coverage during this period is associated with more purchases by retail investors and that such purchases are attention-driven, rather than information-based. Further, these retail trades are negatively associated with stock returns at the firm’s first earnings announcement post-IPO. Our results suggest that media coverage, combined with market...
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#1Tien-Shih Hsieh (UMassD: University of Massachusetts Dartmouth)H-Index: 3
#2Jeong-Bon Kim (CityU: City University of Hong Kong)H-Index: 37
Last. Zhihong Wang (SPbU: Saint Petersburg State University)H-Index: 5
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Abstract Psychology and neuroscience studies document that facial trustworthiness perceptions may affect observers' decision-making process. Our study examines whether auditors' perceptions of client executives' facial trustworthiness are associated with their audit fee decisions. We employ a machine-learning-based face-detection algorithm to measure executives' facial trustworthiness. We find that auditors charge 5.6% less audit fee to firms with trustworthy-looking CFOs than to those with untr...
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