Three Essays On Audit Market Regulation And Voluntary Disclosure Decision
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Three Essays On Audit Market Regulation And Voluntary Disclosure Decision
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Author : Aurelio Perucca
language : en
Publisher:
Release Date : 2019
Three Essays On Audit Market Regulation And Voluntary Disclosure Decision written by Aurelio Perucca 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.
Essays In Audit Market Enforcement Actions And Voluntary Disclosures
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Author : Seong Jin Ahn (Accounting professor)
language : en
Publisher:
Release Date : 2018
Essays In Audit Market Enforcement Actions And Voluntary Disclosures written by Seong Jin Ahn (Accounting professor) and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with Electronic dissertations categories.
This dissertation is comprised of three empirical essays relating to audit market, SEC enforcement actions, and voluntary disclosure. The first essay investigates the effects of auditor office location on client and auditor surplus. Using a two-sided matching market model, I find that, while both clients and auditors bear the costs of geographic distance, auditors disproportionately bear costs. Although distance exerts costs on clients, clients incur distance costs to gain auditor expertise. Next, I examine how the stickiness of audit office locations affects equilibrium audit market matches. The immobility of audit office locations results in a market-wide surplus loss of 1.6%, and leaves 8% of clients worse off. In addition, by aggregating individual client-auditor surplus at the MSA and state level, I find that in underserved regions, clients are more likely to choose their second-best auditors, and auditors are more likely to extract rents from clients. Finally, relocating audit offices in overserved regions, such as Detroit and Cincinnati, to underserved regions, such as Austin and Houston, improves market-wide surplus, and therefore, leaves clients and auditors in both regions better off. Overall, this paper contributes to the literature by highlighting how an audit market friction (stickiness in audit office location) affects surplus and auditor matches. The second essay examines whether SEC insider trading charges deter illegal insider trading activity among non-targeted insider employed by firms in the same industry. The second essay is co-authored with Jared Jennings. Using a hand-collected sample of SEC insider trading charges, we find that non-targeted insiders at peer firms execute less profitable non-routine purchases following the disclosure of the SEC insider trading charges. We find that the insider non-routine purchase results are concentrated among non-targeted insiders at peer firms that are geographically closer to the targeted firm. We find no consistent evidence that non-targeted insiders at peer firms execute less profitable non-routine sales after SEC insider trading charges are filed. These results provide evidence on the effectiveness of SEC enforcement actions on deterring questionable insider trading activities. Lastly, the third essay examines the implications of unbundled management forecast news for future earnings and returns. This third essay is co-authored with Zachary Kaplan and Salman Arif. We find that positive (negative) management forecast news predicts higher (lower) unexpected earnings over the upcoming year, but this positive predictive relation flips to negative over the following year. Further, while stock returns initially drift in the same direction as the news in the management forecast, returns begin to reverse beginning six months after the forecast and this reversal continues over the following two years. We conduct several analyses which suggest that return reversals occur because investors over-extrapolate the news from management forecasts. First, we find that positive (negative) management forecast news leads to analyst earnings forecasts that are excessively optimistic (pessimistic). Second, we find that management forecasts which are less persistent (e.g. forecasts by firms with higher earnings volatility and forecasts that convey negative news) are associated with larger return reversals. Third, we find that increasing the frequency or providing forecasts for a number of horizons mitigates the return reversals. Overall, our findings contribute to our understanding of the information conveyed by management forecasts and suggest that market participants overreact to unbundled management forecasts.
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?
Accounting And Accountability
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Author : Rob Gray
language : en
Publisher: Financial Times/Prentice Hall
Release Date : 1996
Accounting And Accountability written by Rob Gray and has been published by Financial Times/Prentice Hall this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Industries categories.
The underlying theme of Accounting and Accountability remains the role of corporate social and environmental reporting in meeting the demands for greater corporate social responsibility and accountability. However, transformations in the social climate coupled with developments in critical accounting theory have necessitated a substantial change in content. In advocating corporate social reporting as a practical and ethical alternative to conventional accounting practice, the text presents a stimulating and candid perspective on the changes and challenges within. Accounting and Accountability is written for practitioners, academics, researchers and students of financial accounting and reporting, accounting theory and accounting ethics.
Economic Effects Of Transparency In International Equity Markets
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Author : Mark Lang
language : en
Publisher: Now Publishers Inc
Release Date : 2011
Economic Effects Of Transparency In International Equity Markets written by Mark Lang and has been published by Now Publishers Inc this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Business & Economics categories.
This monograph reviews the existing accounting, finance and economics literature on the economic effects of transparency in international equity markets, considers aspects of an international setting that make it an interesting environment for investigating these effects, and suggests directions for future research
Determinants Of Board Members Financial Expertise Empirical Evidence From France
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Author : Thomas Jeanjean
language : en
Publisher:
Release Date : 2013
Determinants Of Board Members Financial Expertise Empirical Evidence From France written by Thomas Jeanjean and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
Very few countries require directors to be financially literate. This article investigates the determinants of boards' financial expertise using a sample of 95 non-financial French listed firms. We construct a measure of financial expertise based on educational and career background data for 943 individuals occupying 1,140 posts in our sample and explore the determinants of average per-firm financial expertise using a Tobit analysis. We find that average financial expertise is negatively associated with board type (two-tier versus one-tier) and growth opportunities and positively associated with board independence, ownership concentration, and institutional ownership. These findings are robust to sensitivity analyses.
Audits Of Public Companies
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Author : United States. General Accounting Office
language : en
Publisher: Nova Publishers
Release Date : 2008
Audits Of Public Companies written by United States. General Accounting Office and has been published by Nova Publishers this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Business & Economics categories.
This book examines (1) concentration in the market for public company audits, (2) the potential for smaller accounting firms' growth to ease market concentration, and (3) proposals that have been offered by others for easing concentration and the barriers facing smaller firms in expanding their market shares.
The Economics And Politics Of Accounting
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Author : Christian Leuz
language : en
Publisher: OUP Oxford
Release Date : 2005-09-15
The Economics And Politics Of Accounting written by Christian Leuz and has been published by OUP Oxford this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-09-15 with Business & Economics categories.
Accounting and the role of accountants has permeated the modern societies. For the most part we have accepted the impartiality and objectivity of accounting and not recognized how accounting systems are embedded in a country's economic and legal framework, much of which is in turn shaped by political processes. This web of interactions results in complex economic and political questions which require accounting researchers to focus on several related trends: information economics, regulatory economics, sociology, and political science. Although considerable progress has been made in the field of accounting, many fundamental questions are still subject to debate. In this book leading international scholars address a number of important questions: · What is the role of accounting in security valuation, decision making and contracting? · What can we learn from economics-based research in accounting? · What is the role of auditing and how can accounting standards be enforced? · What are the cost and benefits of accounting and disclosure regulation? · What is the role of accounting in society? · How does lobbying affect the political process of standard setting? · What are the consequences of the internationalization of standard setting? This seminal book will be of interest to academics, researchers, and graduate students of Accounting, Finance, Business Studies, Sociology, and Political Economy.
Model Rules Of Professional Conduct
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Author : American Bar Association. House of Delegates
language : en
Publisher: American Bar Association
Release Date : 2007
Model Rules Of Professional Conduct written by American Bar Association. House of Delegates and has been published by American Bar Association this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Law categories.
The Model Rules of Professional Conduct provides an up-to-date resource for information on legal ethics. Federal, state and local courts in all jurisdictions look to the Rules for guidance in solving lawyer malpractice cases, disciplinary actions, disqualification issues, sanctions questions and much more. In this volume, black-letter Rules of Professional Conduct are followed by numbered Comments that explain each Rule's purpose and provide suggestions for its practical application. The Rules will help you identify proper conduct in a variety of given situations, review those instances where discretionary action is possible, and define the nature of the relationship between you and your clients, colleagues and the courts.
Dissertation Abstracts International
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Author :
language : en
Publisher:
Release Date : 2008
Dissertation Abstracts International written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Dissertations, Academic categories.