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Articles 1 - 30 of 36
Full-Text Articles in Business
Contracting And Reporting Conservatism Around A Change In Fiduciary Duties, Daniel Bens, Sterling Huang, Liang Tan, Wan Wongsumwai
Contracting And Reporting Conservatism Around A Change In Fiduciary Duties, Daniel Bens, Sterling Huang, Liang Tan, Wan Wongsumwai
Research Collection School Of Accountancy
We exploit an influential 1991 Delaware court ruling to examine the impact of changes in managerial fiduciary duties on firms’ accounting and contracting choices. The ruling expanded directors’ fiduciary duties in favor of creditors and away from shareholders for a specific group of firms. Using a hand-collected sample of debt contracts around the ruling date, we find that, following the ruling, debt contracts of affected firms rely less on the use of income escalators (provisions in loan contracts which require changes in net worth to reflect losses in full, but only partially for gains and profits) and other conservative adjustments …
International Tax Competition And Foreign Direct Investment In The Asia-Pacific Region: A Panel Data Analysis, Chengwei Xu, Alfred M. Wu
International Tax Competition And Foreign Direct Investment In The Asia-Pacific Region: A Panel Data Analysis, Chengwei Xu, Alfred M. Wu
Research Collection School Of Accountancy
Purpose: The purpose of this study is to investigate how a country's competitive tax policy influences its inward foreign direct investments (FDI) in the Asia–Pacific region, even when given particular constraints (e.g., population, public governance, skilled labor, and so on) exist. Design/methodology/approach: The paper uses the system GMM estimation approach to test the hypothesis. Data on FDI, corporate income tax, and various confounding factors were drawn from Ernst and Young's worldwide corporate tax guide, the World Bank, and other sources to create a panel of 28 economies over the period 2000–2016. Findings: The present research confirms the negative association between …
Assessment And Student Motivations Through The Lens Of Agency Theory, Prasart Jongjaroenkamol
Assessment And Student Motivations Through The Lens Of Agency Theory, Prasart Jongjaroenkamol
Research Collection School Of Accountancy
Assessment is used to evaluate student learning and to motivate students to learn. Instructors generally have the option of using individual assessment, team assessment, or a combination of both. Using a principal-agent model, this study analytically examines how individual assessment and team assessment affect students' incentives to learn when their abilities vary. Relative to individual assessment, team assessment imposes more uncertainties on students, but it also encourages strong students to cooperate with weak students to help them learn. Depending on the strengths of these two forces, it can be optimal for the instructor to use individual assessment only or a …
How To Prepare Young Finance & Accounting Professionals For Digital Revolution, Clarence Goh, Gary Pan, Chi Kwan Yuen
How To Prepare Young Finance & Accounting Professionals For Digital Revolution, Clarence Goh, Gary Pan, Chi Kwan Yuen
Research Collection School Of Accountancy
Automation will alter the work of accountants in the coming years. However, accountants will always have a central role to play in business. In order to continue to thrive, the profession will need to position itself to capitalise on the opportunities that automation will bring. This involves identifying areas of work which computers cannot automate, and to focus on deepening contributions in these areas. This calls for a radical transformation of accounting education in order to equip accounting graduates with relevant work skills that will allow students to navigate a future workplace where computers and technology are the norm.
Feedback On The International Accounting Standards Board Discussion Paper On Business Combinations—Disclosures, Goodwill And Impairment, Pearl Hock-Neo Tan
Feedback On The International Accounting Standards Board Discussion Paper On Business Combinations—Disclosures, Goodwill And Impairment, Pearl Hock-Neo Tan
Research Collection School Of Accountancy
No abstract provided.
Applying Visual Analytics To Fraud Detection Using Benford's Law, Clarence Goh
Applying Visual Analytics To Fraud Detection Using Benford's Law, Clarence Goh
Research Collection School Of Accountancy
Benford's law has been examined as a useful tool for detecting potential accounting fraud. In this article, I provide an introduction to Benford's law and examine how the first digit, second digit, and first-two digits tests in Benford's law can be employed to detect potential accounting fraud. In addition, I also highlight, through a worked example, how Tableau, a visual analytics tool, can be used to perform Benford's law's first-digit test to detect potential fraud.
Gdp Growth Incentives And Earnings Management: Evidence From China, Xia Chen, Qiang Cheng, Ying Hao, Qiang Liu
Gdp Growth Incentives And Earnings Management: Evidence From China, Xia Chen, Qiang Cheng, Ying Hao, Qiang Liu
Research Collection School Of Accountancy
Using data from China, we examine whether and how the incentive to boost GDP growth at the government level affects earnings management at the firm level. We find that firms in provinces with GDP growth lower than the national level or the average of the adjacent provinces are more likely to engage in earnings management than firms in other provinces. Specifically, they are more likely to inflate revenues, overproduce, and delay asset impairment losses. The aggregate earnings management induced by GDP growth incentives accounts for about 0.5% of GDP. The results are stronger for local state-owned enterprises, in provinces with …
Politically Connected Governments, Christine Cuny, Jungbae Kim, Mihir N. Mehta
Politically Connected Governments, Christine Cuny, Jungbae Kim, Mihir N. Mehta
Research Collection School Of Accountancy
This paper examines the consequences of powerful political connections for local governments. We find that governments located within the constituencies of, and thus connected to, powerful congressional members reduce their stewardship over public resources. Using plausibly exogenous declines in the power of congressional representation, we show that the effect is causal. To better understand why connected local governments can reduce stewardship, we study electoral characteristics. Our findings suggest that the increased resources that come with powerful congressional representation allow local‐government officials to reduce stewardship without material adverse effects on their reelection prospects. In sum, we provide evidence of a cost …
Should Non-Audit Service Prohibitions Be Further Strengthened In Singapore?, Clarence Goh, Gary Pan, Chi Kwan Yuen
Should Non-Audit Service Prohibitions Be Further Strengthened In Singapore?, Clarence Goh, Gary Pan, Chi Kwan Yuen
Research Collection School Of Accountancy
The Enron scandal, one of the largest accounting frauds seen over the last three decades, led the company to file for bankruptcy in 2001. The bankruptcy filing was the largest in American history at the time, with total losses estimated at US$74 billion.
Discretionary Dissemination On Twitter, Richard M. Crowley, Wenli Huang, Hai Lu
Discretionary Dissemination On Twitter, Richard M. Crowley, Wenli Huang, Hai Lu
Research Collection School Of Accountancy
Using an unsupervised machine learning approach to analyze 12.8 million tweets posted by S&P 1500 firms from 2012 to 2016, we find that firms tweet more financial information around significantly negative or positive earnings announcements or accounting filings. Specifically, we observe a symmetric U-shaped relation between the number of financial tweets and the materiality of accounting information events. This relation is consistent with the theoretical prediction in Hummel et al. (2018) which assumes that managers are sensitive to their firm’s fundamental value. We document that this relation also holds for hyperlink usage in tweets about financial information around important events, …
Cross-Country Differences In The Effect Of Political Connections On Stock Price Informativeness, Yuanto Kusnadi, Bin Srinidhi
Cross-Country Differences In The Effect Of Political Connections On Stock Price Informativeness, Yuanto Kusnadi, Bin Srinidhi
Research Collection School Of Accountancy
Using an international sample of firms from 28 countries, we document that there exists a negative relationship between political connections and the informativeness of stock price, as measured by idiosyncratic volatility (IV). This finding is robust to alternative regression specifications, sub-samples analyses, and concerns related to endogeneity. A more detailed analysis shows that out of the different types of possible connections, the connectedness of the owners is the primary driver of this result. Further, the negative association is only significant for firms in countries characterized by low institutional quality (corrupted countries, countries with low access to external equity markets, and …
Differences In The Reliability Of Fair Value Hierarchy Measurements: A Cross-Country Study, Chu Yeong Lim, Gary Pan, Kevin Ow Yong
Differences In The Reliability Of Fair Value Hierarchy Measurements: A Cross-Country Study, Chu Yeong Lim, Gary Pan, Kevin Ow Yong
Research Collection School Of Accountancy
Prior research suggests there are significant differences in how investors perceive the reliability of fair values. An unaddressed question in this stream of research is whether cross-country differences in institutional factors can mediate differences in reliability for the fair value hierarchy measurements. We contribute to the research on fair value accounting by examining the impact of institutional factors toward the perceived reliability of fair value measurements in an international context. Based on an international sample of banks across twenty different countries, we find that the probability of crash risk is lower among countries with better financial development infrastructure, greater level …
企业如何与大学合作开发网上业务？[How Companies Cooperate With Universities To Develop Online Business?], Yuanto Kusnadi
企业如何与大学合作开发网上业务？[How Companies Cooperate With Universities To Develop Online Business?], Yuanto Kusnadi
Research Collection School Of Accountancy
No abstract provided.
The Effects Of Mifid Ii On Sell-Side Analysts, Buy-Side Analysts, And Firms, Bingxu Fang, Ole-Kristian Hope, Zhongwei Huang, Rucsandra Moldovan
The Effects Of Mifid Ii On Sell-Side Analysts, Buy-Side Analysts, And Firms, Bingxu Fang, Ole-Kristian Hope, Zhongwei Huang, Rucsandra Moldovan
Research Collection School Of Accountancy
This paper provides early but broad empirical evidence on MiFID II, which requires investment firms to unbundle investment research from other costs they charge to clients. Employing difference-in-differences matched-sample research designs with firm fixed effects, we find a decrease in the number of sell-side analysts covering European firms after MiFID II implementation, particularly for firms that are less important to the sell-side. However, research quality improves; specifically, individual analyst forecasts are more accurate and stock recommendations garner greater market reactions. In addition, sell-side analysts seem to cater more to the buy-side after MiFID II by providing industry recommendations along with …
Does Media Exposure Affect Financial Reporting Quality Through Auditors?, Steven F. Cahan, Chen Chen, Rencheng Wang
Does Media Exposure Affect Financial Reporting Quality Through Auditors?, Steven F. Cahan, Chen Chen, Rencheng Wang
Research Collection School Of Accountancy
We examine whether the media has an indirect corporate governance effect on financial reporting quality (FRQ) that operates through auditors. This occurs because greater media coverage can magnify an auditor's business risk by exposing the auditor to more potential litigation and reputation damage if an audit failure occurs. We use a path analysis to examine the direct and indirect channels of media corporate governance. We find a positive association between media coverage and FRQ that is mediated by audit fees, and the results are stronger for firms with greater incentives to engage in earnings manipulation. In contrast, we find no …
Short Sellers And Long‐Run Management Forecasts, Xia Chen, Qiang Cheng, Ting Luo, Heng Yue
Short Sellers And Long‐Run Management Forecasts, Xia Chen, Qiang Cheng, Ting Luo, Heng Yue
Research Collection School Of Accountancy
We examine how short sellers affect long‐run management forecasts using a natural experiment (Regulation SHO) that relaxes short‐selling constraints on a group of randomly selected firms (referred to as pilot firms). We find that compared to other firms, the pilot firms issue more long‐run good news forecasts but do not change the frequency of long‐run bad news forecasts. The increase in good news forecasts is greater when the pilot firms have higher quality forecasts, greater uncertainty about firm value, or higher manager equity incentives. Overall, these results and the results of additional analyses indicate that the reduction in short‐selling constraints …
Gender And Beauty In The Financial Analyst Profession: Evidence From The United States And China, Congcong Li, An-Ping Lin, Hai Lu, Kevin Veenstra
Gender And Beauty In The Financial Analyst Profession: Evidence From The United States And China, Congcong Li, An-Ping Lin, Hai Lu, Kevin Veenstra
Research Collection School Of Accountancy
We examine how gender and beauty affect the likelihood of being voted as an All-Star in the financial analyst profession in both the United States and China. We find that female analysts are more likely to be voted as All-Star analysts in the United States, but good-looking female U.S. analysts are less likely to be voted as All-Stars. The conclusion is the opposite for Chinese analysts. We find that female analysts in China are less likely to be voted as All-Stars, but the likelihood increases with their facial attractiveness. These findings implicate a beauty penalty for female analysts in the …
Cfos Play Crucial Role In Surviving Covid-19 Crisis, Themin Suwardy
Cfos Play Crucial Role In Surviving Covid-19 Crisis, Themin Suwardy
Research Collection School Of Accountancy
In recent years, chief financial officers (CFOs) have been called upon to do many things. They have stepped beyond their traditional technical finance functions, embracing technology and innovations to partner chief executive officers (CEOs) and boards on strategic issues. But if asked at the end of 2019, probably no CFO would place "managing through a global pandemic and economic crisis at the same time" among their top five things to do in 2020. Like many others, CFOs are being asked to do even more in a very short timeframe.
China's Anti‐Corruption Campaign And Financial Reporting Quality, Ole-Kristian Hope, Heng Yue, Qinlin Zhong
China's Anti‐Corruption Campaign And Financial Reporting Quality, Ole-Kristian Hope, Heng Yue, Qinlin Zhong
Research Collection School Of Accountancy
We examine the impact of China’s anti-corruption campaign on firm-level financial reporting quality (FRQ). As an important component of the anti-corruption campaign, in October 2013, “Rule 18” was issued to prohibit party and government officials from serving as directors for publicly listed firms. The regulation led to a large number of official directors resigning from their roles as directors involuntarily. As such, Rule 18 has effectively weakened, if not fullydiscontinued, the political connections of the firms that previously hired officials as directors. Our empirical analyses employ a difference-in-differences research design with firm fixed effects and PSM to examine the pre- …
Leveraging Digital Technology To Transform Accounting Function: Case Study Of A Sme, Gary Pan, Benjamin Lee
Leveraging Digital Technology To Transform Accounting Function: Case Study Of A Sme, Gary Pan, Benjamin Lee
Research Collection School Of Accountancy
Digital transformation is taking hold of the processes and systems in accounting at a rapid pace and in a drastic way. With its emphasis on data and analysis, accounting entity is well suited to reap the benefits digital technologies have to offer. With the rapid infusion of digital technologies in accounting entity, the accounting literature has been calling for more empirical studies to examine the way accounting function leverages digital technology to enhance its analytical capabilities so as to obtain deeper business insights. This paper conducts an empirical study to examine the process of a SME's accounting function leveraging data …
Does Litigation Deter Or Encourage Real Earnings Management, Sterling Huang, Sugata Roychowdhury, Ewa Sletten
Does Litigation Deter Or Encourage Real Earnings Management, Sterling Huang, Sugata Roychowdhury, Ewa Sletten
Research Collection School Of Accountancy
In this paper, we rely on an exogenous shock to examine the impact of litigation risk on real earnings management (REM). We conduct differences-in-differences tests centered on an unanticipated court ruling that reduced litigation risk for firms headquartered in the Ninth Circuit. REM increases significantly following the ruling for Ninth-Circuit firms relative to other firms, consistent with litigation risk deterring REM. Additional analyses reveal that REM rises more following the ruling when firms issue more optimistic disclosures. The evidence is consistent with litigation deterring REM by constraining managers' ability to issue optimistic and misleading disclosures that can conceal the myopic …
Digitalisation Of Smes In Singapore: An Institute Of Higher Learning-Enterprise Partnership Model, Benjamin Huan Zhou Lee, Gary Pan
Digitalisation Of Smes In Singapore: An Institute Of Higher Learning-Enterprise Partnership Model, Benjamin Huan Zhou Lee, Gary Pan
Research Collection School Of Accountancy
An SME had commissioned a team of five accounting students to develop a forecasting model using analytics. The student team was from the Accounting Analytics Capstone (SMU-X) course offered by the School of Accountancy, Singapore Management University (SMU), in January 2018. For this project, the student-consultants applied their knowledge of accounting data and analytics, combining it with a multidisciplinary approach to solve real-world complex financial analytical problems that have real-time consequences.
Developing Online Business Strategy With Millennials Through Partnership With University, Yuanto Kusnadi, Gary Pan
Developing Online Business Strategy With Millennials Through Partnership With University, Yuanto Kusnadi, Gary Pan
Research Collection School Of Accountancy
The COVID-19 pandemic has brought about a significant shift in shopping behaviour from offline to online among Singaporean consumers. According to data from data analytics firm Nielsen, 37 per cent of Singaporean consumers have increased online shopping activities since the COVID-19 outbreak. This shift towards online shopping, food delivery and e-groceries may persist beyond the COVID-19 period. While the increase in online shopping has benefited online stores, many businesses who do not yet have an online presence or have not been paying much attention to conducting sales online were caught off-guard during the circuit breaker period which has resulted in …
Text Analytics, Nlp, And Accounting Research, Richard M. Crowley
Text Analytics, Nlp, And Accounting Research, Richard M. Crowley
Research Collection School Of Accountancy
The presentation covered: What is text analytics and NLP?; How text analytics has evolved in the accounting literature since the 1980s; What current (as of 2020) methods are used in the literature; What methods are on the horizon.
Audit Profession Must Rid ‘Overworked, Underpaid’ Image To Attract Best Talent, Chi Kwan Yuen, Gary Pan, Clarence Goh
Audit Profession Must Rid ‘Overworked, Underpaid’ Image To Attract Best Talent, Chi Kwan Yuen, Gary Pan, Clarence Goh
Research Collection School Of Accountancy
Many accounting graduates are deterred from joining the audit profession because of the perception that auditors are lowly-paid and made to work long hours.
Dynamic Auditor Competition And Audit Quality In The United States, Arum Choi, Jeong-Bon Kim, Yoonseok Zang
Dynamic Auditor Competition And Audit Quality In The United States, Arum Choi, Jeong-Bon Kim, Yoonseok Zang
Research Collection School Of Accountancy
Regulators and audit market participants have concerned that less competitive audit market makes auditors to reduce the incentives to conduct high-quality audits. While a few studies examine the effect of competition in the U.S. local audit markets, they report conflicting evidence using the static Herfindahl index which is arguably noisy in capturing the intensity of competition. The purpose of this paper is to provide evidence on the effect of dynamic auditor competition in local audit markets on audit quality. For this purpose, we employ a measure to capture the dynamic nature of audit market competition: the proportion of clients switching …
What Are You Saying? Using Topic To Detect Financial Misreporting, Nerissa C. Brown, Richard M. Crowley, W. Brooke Elliott
What Are You Saying? Using Topic To Detect Financial Misreporting, Nerissa C. Brown, Richard M. Crowley, W. Brooke Elliott
Research Collection School Of Accountancy
We use a machine learning technique to assess whether the thematic content of financial statement disclosures (labeled topic) is incrementally informative in predicting intentional misreporting. Using a Bayesian topic modeling algorithm, we determine and empirically quantify the topic content of a large collection of 10‐K narratives spanning 1994 to 2012. We find that the algorithm produces a valid set of semantically meaningful topics that predict financial misreporting, based on samples of Securities and Exchange Commission (SEC) enforcement actions (Accounting and Auditing Enforcement Releases [AAERs]) and irregularities identified from financial restatements and 10‐K filing amendments. Our out‐of‐sample tests indicate that topic …
Family Entrenchment And Internal Control: Evidence From S&P 1500 Firms, Xia Chen, Mei Feng, Chan Li
Family Entrenchment And Internal Control: Evidence From S&P 1500 Firms, Xia Chen, Mei Feng, Chan Li
Research Collection School Of Accountancy
We examine whether family owners exploit internal control weaknesses for entrenchment purposes and whether the public disclosure requirement under SOX 404 helps alleviate this entrenchment. We find supportive evidence for both questions. In the initial years of SOX 404 implementation (2004 and 2005), ineffective internal control in family CEO firms is more conducive to entrenchment - measured by the occurrence of misstatements, frauds, and related party transactions - than ineffective internal control in nonfamily firms is. With the public disclosure requirement of SOX 404 in place, family CEO firms are more likely to remediate internal control weaknesses, and the resulting …
An Illustrative Explanation Of Changes In Ownership Interests, Pearl Hock-Neo Tan
An Illustrative Explanation Of Changes In Ownership Interests, Pearl Hock-Neo Tan
Research Collection School Of Accountancy
The ISCA Breakfast Talk on January 15 brought together 94 members to hear from Dr Pearl Tan, Associate Professor (Education), Singapore Management University. Dr Tan explained and illustrated the principles behind the accounting for changes in ownership interests with and without change in control, in Financial Reporting Standard (FRS) 103 Business Combinations and FRS 110 Consolidated Financial Statements. Although the standards are not new, she emphasised that clarity in their principles is essential in group reporting.
Consequences Of Disclosing Clinical Trial Results: Evidence From The Food And Drug Administration Amendments Act, Thomas Borveau, Vedran Capkun, Yin Wang
Consequences Of Disclosing Clinical Trial Results: Evidence From The Food And Drug Administration Amendments Act, Thomas Borveau, Vedran Capkun, Yin Wang
Research Collection School Of Accountancy
We examine how the U.S. Food and Drug Administration Amendments Act (FDAAA) of 2007, which requires additional disclosures regarding clinical trial results, impacts information asymmetry between the disclosing pharmaceutical firm and capital market participants, the general public, academics, and practitioners. We document a reduction in information asymmetry in capital markets. We also document an increase in adverse event and product problem complaint reports filed against the pharmaceutical firms to the FDA and a higher number of drug and medical device recalls for affected firms after the FDAAA enactment. Finally, cross-sectional analyses suggest that the increase in FDA complaint reports and …