Impact Of Attention And Yield Curve On Term Structure Of Equity,
2026
Claremont McKenna College
Impact Of Attention And Yield Curve On Term Structure Of Equity, Matthew C. Aved
CMC Senior Theses
This paper examines the term structure of equity and specifically focuses on the impact of term spread and market attention. The paper builds on prior work that developed the concept by adding behavioral explanations for differences between the short-term and long-term returns while also attempting to link the term structure of equity and the bond yield curve. The study examines these influences by running t-tests and regressions on dividend strip and S&P 500 return data (1996-2017) and attention data collected by Bloomberg (2010-2017). The results provide some insight into how these variables influence short-term and long-term returns; however, limited instances …
Auditor Independence And Its Impact On Debt Financing Outcomes,
2026
Claremont Colleges
Auditor Independence And Its Impact On Debt Financing Outcomes, Harry Zhou
CMC Senior Theses
This study investigates whether perceived auditor independence, proxied through proportions of non-audit service fees and client dependence of the auditor, is associated with the outcome of debt contracts. While prior research examines how these proxies relate to auditor independence itself, and other strands of literature assess how audit quality influences debt contracting, few studies evaluate whether lenders interpret auditor independence signals in ways consistent with auditors. This study aims to contribute to the broader literature by examining the auditor independence proxies and its direct relationship to debt contract structure holistically. Two OLS models were employed to investigate the relationship between …
Audit Fee Spillovers Following Sec Scrutiny: Evidence From Auditor Portfolio Effects,
2026
Claremont McKenna College
Audit Fee Spillovers Following Sec Scrutiny: Evidence From Auditor Portfolio Effects, Rakhshaan R. Adamjee
CMC Senior Theses
This paper examines whether audit firms reprice clients that are not under Securities and Exchange Commission (SEC) review when a greater share of the auditor’s other clients face SEC scrutiny. Results indicate economically meaningful pricing spillovers. In the full sample, a ten-percentage-point increase in auditor-level exposure is associated with approximately 2% higher fees for non-scrutinized clients. The effect is stronger for Big Four networks: the Big Four slope is about 3.6% per ten points, and a Big Four only replication yields roughly 8.9%. Among Big Four, measuring exposure at the signing-office level also produces a positive but smaller association (~0.4% …
Does A More Functionally Diverse Top Management Team Make The Financial Statements More Comparable?,
2026
Old Dominion University
Does A More Functionally Diverse Top Management Team Make The Financial Statements More Comparable?, Md Mahmudul Hasan, Audrey Wen-Hsin Hsu, Sayan Sarkar, Tsung-Hsuan Joey Yang
Accounting Faculty Publications
We examine whether top management team (TMT) functional diversity affects financial statement comparability. Drawing upon upper echelons theory and the information sharing perspective in diversity research, we argue that TMT functional diversity produces more comparable financial statements due to better information sharing and integration. Using a sample of US firms, we find that financial statement comparability is positively associated with TMT functional diversity. We also find that the positive relationship between TMT functional diversity and comparability is more pronounced in firms with a poor information environment. Our findings remain robust after addressing endogeneity concerns. This study contributes to the existing …
Does Working From Home Impact Audit Quality? Evidence From Non-Pharmaceutical Interventions During Covid-19,
2026
University of Kentucky
Does Working From Home Impact Audit Quality? Evidence From Non-Pharmaceutical Interventions During Covid-19, Monika Causholli, Sung-Yuan Mark Cheng, Nargess Golshan
Economics Faculty Publications
Catalyzed by the COVID-19 pandemic, many audit firms announced large-scale plans to adopt work-from-home (WFH) policies. It is unclear how this arrangement would affect audit quality. We exploit county-level non-pharmaceutical interventions, such as shelter-in-place orders and lockdowns, that exogenously increased local auditors’ WFH practices. We use a difference-in-differences research design to compare audit engagements that were affected by these policies to those that were not, including those within the same office. We find that WFH is associated with higher audit quality measured by discretionary accruals and going-concern opinions. We also find some evidence that these results are stronger for clients …
Carbon Emissions And Greenwashing: Do High Esg Scores Reflect Real Decarbonization?,
2026
Central Washington University
Carbon Emissions And Greenwashing: Do High Esg Scores Reflect Real Decarbonization?, Alison Steenerson
All Master's Theses
This study examines the relationship between environmental scores, environmental performance, disclosure quality, and firm characteristics using a sample of publicly traded firms observed in 2020 and 2021. A two-stage regression framework was used to separate environmental scores into components explained by observable environmental performance, firm characteristics, disclosure practices, and environmental commitments. Results indicate that emissions intensity has a statistically significant but economically small relationship with environmental scores. In contrast, disclosure quality measures exhibited strong positive associations with environmental scores. Firms reporting emissions, participating in CDP, disclosing emissions targets, and adopting science-based targets received higher environmental scores independent of environmental performance. …
Out Of The Office: Market Impacts Of Institutional Investor Distraction,
2026
Baylor University
Out Of The Office: Market Impacts Of Institutional Investor Distraction, S. Owen Davidson, Michael S. Drake, James R. Moon Jr., James D. Warren
Faculty Publications
Research has long recognized that institutional investors possess significant information processing advantages. Yet even these investors face limited attention constraints, implying that periods of distraction may attenuate their advantage. We examine the effects of a plausibly exogenous shock to institutional attention arising from the annual buy-side focused Equity Research and Valuation (ERV) conference for Chartered Financial Analysts on institutions’ information processing. Validation tests using conference call data indicate that fewer buy-side analysts are present on calls during ERV conferences and that questions are shorter, consistent with the presence of substitute or backup analysts. In our main analyses, we find that …
Do Audit Partner And Audit Committee Member Ideologies Influence Engagement Partner Selection And Financial Reporting Oversight Effectiveness?,
2026
The Catholic University of America
Do Audit Partner And Audit Committee Member Ideologies Influence Engagement Partner Selection And Financial Reporting Oversight Effectiveness?, Robert Felix, Sattar Mansi, Mikhail Pevzner, Timothy Seidel
Faculty Publications
This study examines whether the ideological orientation of the audit partner and audit committee members— defined as their personal belief systems and inclinations, including their attitude toward risk, ambiguity, and novelty—has an impact on engagement partner selection and the effectiveness of oversight in the financial reporting process. Drawing on prior evidence that the two main US political parties reflect different ideologies, we hand-collect political donation data to construct ideological scores for audit partners and audit committee members. Our findings highlight several intriguing relationships. First, audit committees are more likely to select an ideologically dissimilar partner. Second, greater ideological dissimilarity between …
Psychological Distance And Auditor Assessment Of The Severity Of An Internal Control Deficiency,
2026
University of Nevada, Las Vegas
Psychological Distance And Auditor Assessment Of The Severity Of An Internal Control Deficiency, Scott C. Jackson, John D. Keyser, Douglas F. Prawitt
Faculty Publications
Auditors often underestimate the severity of internal control deficiencies, particularly when associated misstatements are immaterial. We find that auditors are more likely to correctly classify a material weakness when no misstatement information is provided than when misstatement information is available, and that this finding may unconsciously arise from auditors’ construal level in judging control deficiency severity. Through a series of experiments, we manipulate misstatement information related to an internal control deficiency designed to represent a material weakness. We hold the size of potential misstatement constant and find that auditors and graduate auditing students are less likely to correctly assess the …
Government Financial Statements: The Influence Of Audit Opinion Type On Attitudes Toward Taxation,
2026
West Virginia University
Government Financial Statements: The Influence Of Audit Opinion Type On Attitudes Toward Taxation, Stephanie Ann Vonfintel
Graduate Theses, Dissertations, and Problem Reports (ETD)
The United States government has a responsibility to American citizens to be a good financial steward of their tax dollars. The inability to fulfill this responsibility is evidenced by 28 consecutive years of audit failures, whereby the Government Accountability Office has been unable to issue an opinion on the United States government’s annual financial statements. An experiment varying audit opinion type is used to evaluate whether the United States government failing (or passing) its annual financial statement audits influences attitudes toward federal taxation. Findings show support for federal taxation is strongest when citizens are told that the United States government …
Well, If You Put It That Way Three Studies On Contract Framing In Incomplete Contract Environments,
2026
University of Central Florida
Well, If You Put It That Way Three Studies On Contract Framing In Incomplete Contract Environments, Garrison L. Nuttall
Graduate Studies Theses and Dissertations 2026
This dissertation contains three studies examining contract framing, with implications for how organizations structure and frame performance-based compensation systems. Across all studies, I compare penalty contracts to bonus contracts with gain framing and bonus contracts with loss framing. My first study examines how managers prefer to frame performance-based compensation systems on average and identifies how the traits trust propensity, empathy, personal norm of reciprocity, loss aversion, Machiavellianism, and critical thinking disposition are associated with certain preferences. I find that mangers prefer bonus contracts to penalty contracts on average and that empathy is positively associated with this preference. My second study …
Heartbeats: Sustainable Practices In Business,
2026
The University of Akron
Heartbeats: Sustainable Practices In Business, Natalie Pham, Shareef Awadallah, Lily Lisco, Logan Blissenbach, Nikolaos Verginis
Williams Honors College, Honors Research Projects
HeartBeats Co. LLC is a premier audio and software technology brand that brings renewed character and performance to a stagnant space, revolutionizing the listening experience by engineering a digital music platform and headphones that possess distinct style and exceptional performance. While our team identifies and tracks trends in the market, we strive to establish market trends rather than to follow them. We are a company founded on innovation, redefining the music streaming market by combining the importance of wellness with the latest audio and software technologies and innovative functionalities. This document outlines a ten-year plan for efficient and impactful scaling, …
The Influence Of Family Ownership, Family Involvement, And Founder Generation On Dividend Policy: Evidence From Non-Cyclical Consumer Family Firms In Indonesia (2019–2023),
2026
Universitas Padjadjaran
The Influence Of Family Ownership, Family Involvement, And Founder Generation On Dividend Policy: Evidence From Non-Cyclical Consumer Family Firms In Indonesia (2019–2023), Matteo Firdaus, Dini Rosdini, Runita Arum Kanti
Journal of Accounting Auditing and Business
Family firms play a pivotal role in shaping Indonesia’s economic landscape, with their unique governance structures influencing key financial decisions such as dividend distribution. This study provides an in-depth examination of how family ownership, family involvement, and the generational status of the founder shape dividend policy among 24 non-cyclical consumer family firms listed on the Indonesia Stock Exchange (IDX) over the period 2019–2023. Firm size and profitability are incorporated as control variables to ensure the robustness of the analysis. Employing panel data regression techniques, the study uncovers several notable findings. First, family ownership exerts a positive and statistically significant influence …
A Strategic Analysis Of Project Learn Of Summit County,
2026
The University of Akron
A Strategic Analysis Of Project Learn Of Summit County, Alex Kennedy, Tyler Hutchinson, Haley Guest, Zach D. Thomas, Lizzie Sisler
Williams Honors College, Honors Research Projects
Our group is working with Project Learn of Summit County, a GED and ESL assistance program located in the Akron Public Library. Our group will be performing a strategic analysis and providing them with a strategic plan, to be presented to them at the end of the term. We aim to increase awareness for the program, point out areas of growth, and increase functionality.
Design Thinking For Corporate Social Responsibility Program Proposal Creation,
2026
University of the Pacific
Design Thinking For Corporate Social Responsibility Program Proposal Creation, Michelle "Mindy" D. Danovaro
University of the Pacific Theses and Dissertations
This qualitative study used action research to explore how the use of design thinking engaged employees in the creation of a corporate social responsibility (CSR) program proposal in a small- to medium-enterprises (SME) in the Sacramento region of California. The purpose of the study was to assess whether employee participation in a design thinking exercise could improve employee perception of engagement, inclusion, and reciprocity during the CSR program proposal creation. The study was grounded in social exchange theory, stakeholder theory, and design thinking methodologies. The iterative research process followed action research cycles (i.e., plan, act, observe, and reflect) integrated with …
Information Discovery, Interpretation, And Analysis By Institutional Investors Around Earnings Announcements,
2026
University of Richmond
Information Discovery, Interpretation, And Analysis By Institutional Investors Around Earnings Announcements, Sami Keskek, Abdullah Kumas
Accounting Faculty Publications
This study examines how institutional investors allocate trading across the earnings an- nouncement cycle and whether industry trading concentration strengthens that activity. The analysis is motivated by two complementary ideas: public disclosures can increase the value of investors’ prior information, and even sophisticated investors face costly information processing. These perspectives imply that institutional trading need not be concentrated only before disclosure and may be strongest after earnings announcements, when investors combine newly released public information with prior firm- and industry-specific signals. Using daily institutional trading data from Ancerno, we find that institutional net trading is positively related to earnings surprises …
Partisan Local Media And Corporate Voluntary Disclosures: Evidence From Sinclair Acquisitions,
2026
Virginia Commonwealth University
Partisan Local Media And Corporate Voluntary Disclosures: Evidence From Sinclair Acquisitions, Ming Li
Theses and Dissertations
I investigate the impact of local media’s political orientation on firms’ voluntary disclosure, exploiting the acquisitions of local TV stations by Sinclair Broadcast Group, a conservative media conglomerate. Drawing on the media bias theory and implementing a staggered difference‐in‐differences design, I find that the local partisan media affects management earnings forecasts. Specifically, Conservative-leaning CEOs in designated market areas (DMAs) affected by Sinclair’s acquisitions forecast more optimistically, increasing forecast frequency and inflating forecasted earnings. The impact is stronger if the DMAs are more Liberal-leaning before the acquisitions and when firms have weaker corporate governance. I also find that the stock market …
Lease Capitalization And Financial Flexibility: An Empirical Investigation Of Asc 842’S Impact On Liquidity In The Us Telecommunications Industry,
2026
Gardner-Webb University
Lease Capitalization And Financial Flexibility: An Empirical Investigation Of Asc 842’S Impact On Liquidity In The Us Telecommunications Industry, Caleb J. Martin
Doctor of Business Administration Dissertations
Measures of liquidity are some of the most important financial ratios to analyze when measuring a firm’s overall financial health and its ability to pay both creditors and dividends. The US telecommunications industry is an industry that has become synonymous with dividends, mergers, and acquisitions, all of which are possible due to industry wide and firm specific liquidity. With the implementation of ASC 842 and the new standard of placing operational leases on the balance sheet, additional research may be warranted to determine the effect ASC 842 may have on firm liquidity. This study investigated whether there was evidence to …
The Investor Perspective Of Materiality,
2026
University of Central Florida
The Investor Perspective Of Materiality, Sam Lessinger
Honors Undergraduate Theses
Often auditors are asked to adopt the reasonable investor perspective in their materiality evaluations however, there is no consensus regarding what investors deem to be material. This can lead to confusion in the markets. In fact, past studies have shown how taking an investor perspective can backfire and may result in more leniency and fewer misstatements being deemed material by auditors. This leniency can, potentially, result in financial statements that mislead investors. The aim of this paper is to address the reasonable investor perspective to achieve a more complete understanding of an investor’s viewpoint. This study also incorporates the effect …
External Impacts On Internal Accounting,
2026
University of Mississippi
External Impacts On Internal Accounting, Maggie E. Boswell
Honors Theses
This thesis examines how external economic, legal, political, and consumer pressures can affect internal operations, accounting, and audit risk, using PepsiCo, Inc. as a case study. The analysis draws on PepsiCo’s annual reports and Form 10-K, company disclosures, government materials, and business and news sources. Attention is given to the Make America Healthy Again initiative, changing health expectations, food regulation, tariffs, and sustainability concerns. The analysis finds that these pressures could increase research and development, production, inventory, legal, and supply-chain costs while also creating opportunities for PepsiCo to expand healthier products and sustainable practices. These operational changes may also increase …
