Audit Committee Accounting Expertise Analyst Following And Market Liquidity
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Audit Committee Accounting Expertise Analyst Following And Market Liquidity
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Author : David B. Farber
language : en
Publisher:
Release Date : 2019
Audit Committee Accounting Expertise Analyst Following And Market Liquidity written by David B. Farber and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
We study the relation between audit committee accounting expertise, analyst following, and market liquidity. Our main results indicate that analyst following increases subsequent to the appointment of an accounting expert to the audit committee. We also provide evidence that accrual quality, as opposed to audit quality or management earnings forecasts, is the channel through which accounting expertise increases analyst following and improves analyst forecast properties. We also show that audit committee accounting expertise is related to higher trading volume and lower liquidity risk, supporting incentives for greater analyst following. Our study extends prior literature by providing evidence that audit committee accounting expertise enhances firms' information environment beyond the effects it has on financial reporting quality or analysts' forecast properties. Our study also complements the literature on determinants of analyst following and market liquidity, both of which are related to cost of capital. Results from our study should be useful to firms seeking to enhance analyst following and market liquidity.
Audit Committee Financial Expertise Corporate Governance And Accruals Quality
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Author : Dan S. Dhaliwal
language : en
Publisher:
Release Date : 2006
Audit Committee Financial Expertise Corporate Governance And Accruals Quality written by Dan S. Dhaliwal and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
Following the enactment of the Sarbanes Oxley Act 2002, US stock exchanges strongly advocate the presence of financial experts on audit committees. However, the ideal definition of financial expertise proves to be a controversial issue culminating with the stock exchanges adopting a wide scoped definition of financial expertise. Using this definition, prior studies have not provided consistent evidence of financial expertise positively influencing audit committee effectiveness. We investigate the association between three types of audit committee financial expertise (accounting, finance and supervisory expertise) and accruals quality. We find significant positive relation between accounting expertise and accruals quality, which is more pronounced in the presence of strong audit committee governance. The findings indicate that the current definition of financial expertise is too broad and any future refinements must focus on accounting expertise of the audit committee members.
Does The Market Value Financial Expertise On Audit Committees Of Boards Of Directors
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Author : Mark L. DeFond
language : en
Publisher:
Release Date : 2004
Does The Market Value Financial Expertise On Audit Committees Of Boards Of Directors written by Mark L. DeFond and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with categories.
We examine 3-day cumulative abnormal returns (CARs) around the announcement of 850 newly appointed outside board members assigned to audit committees during 1993-2002, a period prior to the implementation of the Sarbanes-Oxley Act (SOX). Motivated by the SOX requirement that public companies disclose whether they have a financial expert on their audit committee, we test whether the market reacts favorably to the appointment of directors with financial expertise to the audit committee. In addition, because it is controversial whether SOX should define financial experts narrowly to include primarily accounting financial experts (as initially proposed), or more broadly to include non-accounting financial experts (as ultimately passed), we separately examine appointments of each type of expert.We find significantly positive CARs around the appointment of accounting financial experts to the audit committee, but not around the appointment of non-accounting financial experts or directors without financial expertise. In addition, CARs are only positive when the newly appointed outside directors are independent (as opposed to affiliated), and when the appointing firms have relatively strong corporate governance prior to appointing the new directors. All of our findings hold in a multivariate test that includes several control variables, and are robust to several sensitivity tests. Our findings are consistent with accounting financial expertise on audit committees improving corporate governance, but only when both the expert and appointing firm possess characteristics that facilitate the effective use of the accounting expertise. Thus, our findings suggest that while appointing financial experts to the audit committee may improve corporate governance, their ability to do so is contextual.
Transparency In Information And Governance
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Author : J. Jay Choi
language : en
Publisher: Emerald Group Publishing
Release Date : 2012-10-17
Transparency In Information And Governance written by J. Jay Choi and has been published by Emerald Group Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-10-17 with Business & Economics categories.
For this volume we have collected 12 original research papers dealing with various issues relating to transparency. This topic spans many disciplines beyond accounting and finance, intersecting economics, law and management, embracing sociology and political science, and offering opportunities for creative interdisciplinary research. We hope this v
Does Adding Accounting Expertise Matter A Study Of Audit Committees In Mergers And Acquisitions
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Author : Tom Adams
language : en
Publisher:
Release Date : 2016
Does Adding Accounting Expertise Matter A Study Of Audit Committees In Mergers And Acquisitions written by Tom Adams and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
This study examines changes in a company's audit committee accounting expertise following an M&A transaction. M&A accounting (ASC 805) is complex, nuanced, and error-prone. An M&A also involves significant operational and financial changes for the acquirer, including changes in internal control over financial reporting. Thus, an acquirer's demand for accounting expertise is likely heightened at the time of an M&A. This study provides the first insights (to my knowledge) regarding the role of accounting experts in the dynamic M&A setting. In a sample of relatively large (on average) M&As, I document that there are financial reporting benefits (reduced likelihood of restatements, higher likelihood of timely goodwill impairments, and smaller allocations of purchase price to in-process research and development) associated with changes/increases in audit committee accounting expertise. Further, my results suggest that changes/increases in audit committee accounting expertise matter more than changes/increases in other types of audit committee expertise (supervisory, industry, and M&A contextual). I document that changes/increases in audit committee accounting expertise are positively associated with accounting and business complexities. Collectively, the evidence suggests that accounting expertise is valuable in the M&A setting. This provides support for the SEC's definition (in its 2002 proposal, although not in its final 2003 rule) of audit committee financial experts as those with accounting-specific backgrounds (SEC 2002, 2003).
Earnings Management
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Author : Joshua Ronen
language : en
Publisher: Springer Science & Business Media
Release Date : 2008-08-06
Earnings Management written by Joshua Ronen and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-08-06 with Business & Economics categories.
This book is a study of earnings management, aimed at scholars and professionals in accounting, finance, economics, and law. The authors address research questions including: Why are earnings so important that firms feel compelled to manipulate them? What set of circumstances will induce earnings management? How will the interaction among management, boards of directors, investors, employees, suppliers, customers and regulators affect earnings management? How to design empirical research addressing earnings management? What are the limitations and strengths of current empirical models?
Auditing
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Author : W. Robert Knechel
language : en
Publisher: Taylor & Francis
Release Date : 2016-10-04
Auditing written by W. Robert Knechel and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-10-04 with Business & Economics categories.
Focusing on auditing as a judgment process, this unique textbook helps readers strike the balance between understanding auditing theory and how an audit plays out in reality. The only textbook to provide complete coverage of both the International Auditing and Assurance Standards Board and the Public Company Accounting Oversight Board, Auditing reflects the contemporary evolution of the audit process. New additions to the book include expert updates on key topics, such as the audit of accounting estimates, group audit, and the Integrated Audit. Supplemented by extra on-line resources, students using this established text will be well-equipped to be effective auditors and to understand the role of auditing in the business world.
International Convergence Of Capital Measurement And Capital Standards
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Author :
language : en
Publisher: Lulu.com
Release Date : 2004
International Convergence Of Capital Measurement And Capital Standards written by and has been published by Lulu.com this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Bank capital categories.
Liquidity Markets And Trading In Action
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Author : Deniz Ozenbas
language : en
Publisher: Springer Nature
Release Date : 2022
Liquidity Markets And Trading In Action written by Deniz Ozenbas and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with Business enterprises categories.
This open access book addresses four standard business school subjects: microeconomics, macroeconomics, finance and information systems as they relate to trading, liquidity, and market structure. It provides a detailed examination of the impact of trading costs and other impediments of trading that the authors call rictions It also presents an interactive simulation model of equity market trading, TraderEx, that enables students to implement trading decisions in different market scenarios and structures. Addressing these topics shines a bright light on how a real-world financial market operates, and the simulation provides students with an experiential learning opportunity that is informative and fun. Each of the chapters is designed so that it can be used as a stand-alone module in an existing economics, finance, or information science course. Instructor resources such as discussion questions, Powerpoint slides and TraderEx exercises are available online.
Financial Oversight Of Enron
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Author : United States. Congress. Senate. Committee on Governmental Affairs
language : en
Publisher:
Release Date : 2002
Financial Oversight Of Enron written by United States. Congress. Senate. Committee on Governmental Affairs and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Credit ratings categories.