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2022

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Relevance Of Accounting Research (Roar): Ratings Of Abstracts By Accounting Professionals, F. Greg Burton, Scott L. Summers, T. Jeffrey Wilks, David A. Wood Jan 2022

Relevance Of Accounting Research (Roar): Ratings Of Abstracts By Accounting Professionals, F. Greg Burton, Scott L. Summers, T. Jeffrey Wilks, David A. Wood

Faculty Publications

The relevance of academic accounting research to practice has been frequently discussed in the accounting academy, yet very little data has been put forth in these discussions. We create relevance of accounting research (ROAR) scores by asking accounting professionals to read and evaluate the titles and abstracts of every article published in 12 leading accounting journals for the years 2016 to 2018, inclusive. These scores allow for an evidence-based evaluation and discussion of how academic accounting research is perceived by accounting professionals. The scores also allow us to identify the articles, authors, journals, and accounting topic areas that are perceived …

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Evidence On Internal Audit Quality From Transitioning To Remote Audits Because Of Covid-19, Marc Eulerich, Martin Wagener, David A. Wood Jan 2022

Evidence On Internal Audit Quality From Transitioning To Remote Audits Because Of Covid-19, Marc Eulerich, Martin Wagener, David A. Wood

Faculty Publications

As in-person audits were banned by governments and by company policies due to the COVID-19 pandemic, internal auditors had to transition to remote audits to perform their work. Based on survey responses of internal auditors who have conducted both remote and in-person audits, we find that internal auditors perceive no difference in the efficiency and effectiveness of and stakeholders’ reliance on results from remote and in-person audits when considering all responses. However, we also find that perceived efficiency and effectiveness increase the more experience internal auditors have with remote audits. Supplemental analyses show that support from the auditee, but not …

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Earnings Virality*, Brett Campbell, Michael S. Drake, Jacob Thornock, Brady Twedt Jan 2022

Earnings Virality*, Brett Campbell, Michael S. Drake, Jacob Thornock, Brady Twedt

Faculty Publications

We examine the determinants and market consequences associated with earnings announcements going viral on social media, a phenomenon we label “earnings virality.” Using a comprehensive panel of historical Twitter data, we find that the typical earnings announcement receives relatively little social media coverage, but others go viral on social media, quickly reaching the feeds of millions of people. We find that viral earnings announcements generally have Twitter content that is more extreme in tone and contains less unique content. Further, earnings virality is positively associated with revenue surprises, investor recognition, retail investor ownership, and retail investor trading around the announcement. …

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The Relevance Of Non-Income Tax Relief*, Michael S. Drake, Ryan V. Hess, Jaron H. Wilde, Braden M. Williams Jan 2022

The Relevance Of Non-Income Tax Relief*, Michael S. Drake, Ryan V. Hess, Jaron H. Wilde, Braden M. Williams

Faculty Publications

Governments regularly offer non-income tax relief to attract business investment. However, it is unclear whether or how markets impound information about the relief into security prices. We use novel data from retrospective public records to examine the information content of non-income tax relief. We predict and find that the receipt and magnitude of this relief are both strongly associated with recipients’ future accounting performance and future abnormal returns. We further find that abnormal returns associated with the relief cluster around future earnings information events. In combination, this evidence suggests that non-income tax relief is value-relevant but is incorporated into prices …

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Brokerage House Ipos And Analyst Forecast Quality, Mark Bradshaw, Michael S. Drake, Joseph Pacelli, Brady Twedt Jan 2022

Brokerage House Ipos And Analyst Forecast Quality, Mark Bradshaw, Michael S. Drake, Joseph Pacelli, Brady Twedt

Faculty Publications

We examine how brokerage firm IPOs influence the research quality of sell-side analysts employed by the brokerage. Our main results focus on earnings forecast bias and absolute forecast errors as proxies for research quality. Using a staggered difference-in-differences analysis, we document significant decreases in forecast bias and absolute forecast error during the two-year period centered on the analysts’ brokerage house IPO. In additional analyses, we explore several potential explanations for the short-term benefits of brokerage house IPOs. We find some evidence that IPOs delay the departure of more talented analysts and that the effects are more concentrated among analysts and …

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Brokerage Relationships And Analyst Forecasts: Evidence From The Protocol For Broker Recruiting, Braiden Coleman, Michael S. Drake, Joseph Pacelli, Brady Twedt Jan 2022

Brokerage Relationships And Analyst Forecasts: Evidence From The Protocol For Broker Recruiting, Braiden Coleman, Michael S. Drake, Joseph Pacelli, Brady Twedt

Faculty Publications

We offer novel evidence on how the nature of brokerage-client relationships can influence the quality of equity research. We exploit a unique setting provided by the Protocol for Broker Recruiting to examine whether relaxed broker noncompete agreement enforcement generates spillover effects on sell-side analysts. Entry into this agreement reassigns ownership of the client relationship from the brokerage to individual brokers, potentially generating a greater standard of care. Using a generalized difference-in-differences research design, we provide evidence consistent with brokers reducing pressure on analysts to produce optimistic research following protocol entry. This effect is concentrated among less experienced and non-All Star …

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Social Media Analysts And Sell‑Side Analyst Research, Michael S. Drake, James R. Moon Jr., Brady J. Twedt, James D. Warren Jan 2022

Social Media Analysts And Sell‑Side Analyst Research, Michael S. Drake, James R. Moon Jr., Brady J. Twedt, James D. Warren

Faculty Publications

We examine how research posted by “social media analysts” (SMAs)—individuals posting equity research online via social media investment platforms—is related to research subsequently produced by professional sell-side equity analysts. Using data from Seeking Alpha, we find that the market reaction to sell-side analyst research is substantially reduced when the analyst research is preceded by the report of an SMA, and that this is particularly true of sell-side analysts’ earnings forecasts. We further find that this effect is more pronounced when SMA reports contain more decision-useful language, are produced by SMAs with greater expertise, and relate to firms with greater retail …

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A Review Of Sensory Imagery For Consumer Psychology, Ryan S. Elder, Aradhna Krishna Jan 2022

A Review Of Sensory Imagery For Consumer Psychology, Ryan S. Elder, Aradhna Krishna

Faculty Publications

his review of mental imagery research has the core objective of fostering more research on the topic of sensory imagery. The review is organized around a conceptual framework highlighting (a) how mental imagery is formed, (b) the elicitation and elaboration of mental imagery, (c) the multi-modal nature of sensory imagery, and (d) the consumer behavior consequences of mental imagery. This conceptual framework provides many new lenses through which researchers can view prior findings, and thereby motivates innovative new research ideas. Future research directions are provided in each section of the review, with additional unexplored opportunities presented in a final section

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Peec-Based On-Chip Pdn Impedance Modeling Using Layered Green's Function, Chaofeng Li, Biyao Zhao, Bo Pu, Xu Wang, Donghyun Kim, Jun Fan Jan 2022

Peec-Based On-Chip Pdn Impedance Modeling Using Layered Green's Function, Chaofeng Li, Biyao Zhao, Bo Pu, Xu Wang, Donghyun Kim, Jun Fan

Electrical and Computer Engineering Faculty Research & Creative Works

This paper presents an impedance model of on-chip power distribution network (PDN), which is an efficient criterion for estimating simultaneous switching noises (SSNs) on 3-D integrated circuit (IC). The impedance of on-chip PDN, including the effect of silicon substrate, is accurately modeled based on partial element equivalent circuit (PEEC) and layered Green's function (LGF). The equivalent circuit model of PDN is extracted based on the physical dimensions and electrical material characteristic of PDN at first. And then the LGF is used to consider the effect of silicon substrate for improving the accuracy of on-chip PDN impedance model. The effectiveness of …

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