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Articles 481 - 510 of 756
Full-Text Articles in Accounting
Managers' Pay Duration And Voluntary Disclosures, Qiang Cheng, Young Jun Cho, Jae Bum Kim
Managers' Pay Duration And Voluntary Disclosures, Qiang Cheng, Young Jun Cho, Jae Bum Kim
Research Collection School Of Accountancy
In this paper, we examine the effect of managers’ pay duration on firms’ voluntary disclosures. Pay duration refers to the average period that it takes for managers’ annual compensation to vest. We hypothesize and find that pay duration can incentivize managers to provide more bad news earnings forecasts. This result holds after controlling for the level of stock-based compensation and the endogeneity of pay duration. In addition, we find that the effect of pay duration is more pronounced for firms with weaker governance and for firms with a more opaque information environment, where the marginal benefits of additional disclosures are …
The Triangular Relationship Between Audit Committee Characteristics, Audit Inputs, And Financial Reporting Quality, Jae Bum Kim, Benjamin Segal, Dan Segal, Yoonseok Zang
The Triangular Relationship Between Audit Committee Characteristics, Audit Inputs, And Financial Reporting Quality, Jae Bum Kim, Benjamin Segal, Dan Segal, Yoonseok Zang
Research Collection School Of Accountancy
Using the exogenous reforms to audit committees mandated by the Sarbanes-Oxley Act of 2002 and a difference-in-difference approach, we examine the impact of changes in audit committee attributes (financial expertise, size, and independence) on firms’ audit inputs and financial reporting quality. Firms directly affected by the reforms experienced a larger improvement in audit inputs (measured by audit fees and the appointment of an industry specialist auditor) and a larger increase in financial reporting quality (measured by restatements of financial reports) relative to firms that were already compliant. Importantly, we find that the decline in restatements is not related to the …
Influence Of National Culture On Accounting Conservatism And Risk-Taking In The Banking Industry, Kanagaretn Kiridaran, Chee Yeow Lim, Gerald J. Lobo
Influence Of National Culture On Accounting Conservatism And Risk-Taking In The Banking Industry, Kanagaretn Kiridaran, Chee Yeow Lim, Gerald J. Lobo
Research Collection School Of Accountancy
Using an international sample of banks and country-level indices for individualism and uncertainty avoidance as proxies for national culture, we study how differences in culture across countries affect accounting conservatism and bank risk-taking. Consistent with expectations, our cross-country analysis indicates that individualism is negatively (positively) related to conservatism (risk-taking) and uncertainty avoidance is positively (negatively) related to conservatism (risk-taking). We also find that cultures that encourage higher risk-taking experienced more bank failures and bank troubles during the recent financial crisis.
2nd Isca Productivity Scorecard And Benchmarking Survey Report For The Accountancy Sector In Singapore, Sze Yee Chan, Clarence Goh, Kay Zin
2nd Isca Productivity Scorecard And Benchmarking Survey Report For The Accountancy Sector In Singapore, Sze Yee Chan, Clarence Goh, Kay Zin
Research Collection School Of Accountancy
As the national accountancy body, the Institute of Singapore Chartered Accountants (ISCA) is pleased to publish this secondProductivity Scorecard and Benchmarking Survey Report. This builds upon our inaugural scorecard and benchmarking reportlast year and, more importantly, is in line with our efforts to play a role in the national drive to restructure our economy byraising the productivity of companies in Singapore and helping them move up the value chain.
Is Sin Always A Sin? The Interaction Effect Of Social Norms And Financial Incentives On Market Participants’ Behavior, Yanju Liu, Hai Lu, Kevin Veenstra
Is Sin Always A Sin? The Interaction Effect Of Social Norms And Financial Incentives On Market Participants’ Behavior, Yanju Liu, Hai Lu, Kevin Veenstra
Research Collection School Of Accountancy
Using alcohol, tobacco, and gaming consumption data and people’s attitudes toward these sin products to proxy for social norm acceptance levels, we show a strong interaction effect between social norms and financial incentives, which significantly influence the behavior of market participants. Specifically, institutional investors’ shareholdings and analyst coverage of sin companies increase with the degree of social norm acceptance. The association between shareholdings/coverage and social norm acceptance is less pronounced for firms with higher future expected performance. Our results show that social norms and financial incentives have a powerful interaction effect in determining the behavior of market participants, suggesting that …
Bank Accounting Conservatism And Bank Loan Pricing, Chu Yeong Lim, Edward Lee, Asad Kausar, Martin Walker
Bank Accounting Conservatism And Bank Loan Pricing, Chu Yeong Lim, Edward Lee, Asad Kausar, Martin Walker
Research Collection School Of Accountancy
This paper studies the effects of bank accounting conservatism on the pricing of syndicated bank loans. We provide evidence that banks timelier in loss recognition charge higher spreads. We go onto consider what happens to the relationship between spreads and timeliness in loss recognition during the financial crisis. During the crisis, banks timelier in loss recognition increase their spreads to a lesser extent than banks less timely in loss recognition. These findings are broadly consistent with the argument that conditional accounting conservatism serves a governance role. The policy implication is that banks timelier in loss recognition exhibit more prudent and …
Short Sellers And Corporate Disclosures, Qiang Cheng, Xia Chen, Ting Luo, Heng Yue
Short Sellers And Corporate Disclosures, Qiang Cheng, Xia Chen, Ting Luo, Heng Yue
Research Collection School Of Accountancy
We examine how short sellers affect corporate disclosures using a natural experiment. From May 2005 to July 2007, the SEC implemented a pilot program by randomly selecting one third of Russell 3000 stocks and removing the short sale price tests for these stocks (referred to as pilot firms), leading to lower short-selling constraint, without changing the requirement for other firms (referred to as control firms). We compare the change in corporate disclosures between the pilot firms and the control firms during this period. We find that compared to the control firms, the pilot firms are more likely to issue good …
Causes And Consequences Of Corporate Asset Exchanges By Listed Companies In China, Fang Lou, Jiwei Wang, Hongqi Yuan
Causes And Consequences Of Corporate Asset Exchanges By Listed Companies In China, Fang Lou, Jiwei Wang, Hongqi Yuan
Research Collection School Of Accountancy
China's listed companies often exchange corporate assets with their parent companies. We find that listed companies that have been incompletely restructured from former state-owned enterprises and in sound financial condition tend to exchange higher quality assets for lower quality assets (i.e., tunneling). However, when there is a need to avoid reporting a loss and to raise additional capital, listed companies tend to exchange lower quality assets for higher quality assets (i.e., propping). We also find that the market reacts indifferently to asset exchange announcements. Finally, we find asset exchanges motivated by a tunneling (propping) incentive to be associated with poorer …
An Examination Of Earnings Surprises For Urban And Rural Firms, Bok Baik, Jong-Hag Choi, Yoonseok Zang
An Examination Of Earnings Surprises For Urban And Rural Firms, Bok Baik, Jong-Hag Choi, Yoonseok Zang
Research Collection School Of Accountancy
In this paper, we examine the association between firm location and management’s opportunistic financial reporting at earnings announcements. Because of investors’ preference for local stocks and the existence of large investment communities in urban areas, firms located in urban areas (i.e., urban firms) tend to have a higher level of visibility and attention. We predict that this tendency in turn motivates urban firms to opportunistically behave in an earnings surprises game. Consistent with our prediction, we find that (1) urban firms are more likely to report non-negative earnings surprises than rural firms; (2) urban firms are more likely to report …
Corporatisation Or Sole Proprietorship? Business Vehicles For New Businesses, Teng Aun Khoo, Clement Kai Guan Tan
Corporatisation Or Sole Proprietorship? Business Vehicles For New Businesses, Teng Aun Khoo, Clement Kai Guan Tan
Research Collection School Of Accountancy
How to choose a business vehicle for a startup business.
Active Cds Trading And Managers’ Voluntary Disclosure, Jae Bum Kim, Pervin K. Shroff, Dushyantk Umar Vyas, Regina Wittenber
Active Cds Trading And Managers’ Voluntary Disclosure, Jae Bum Kim, Pervin K. Shroff, Dushyantk Umar Vyas, Regina Wittenber
Research Collection School Of Accountancy
No abstract provided.
Managerial Agency Costs Of Socialistic Internal Capital Markets: Empirical Evidence From China, Jiwei Wang, Kangtao Ye
Managerial Agency Costs Of Socialistic Internal Capital Markets: Empirical Evidence From China, Jiwei Wang, Kangtao Ye
Research Collection School Of Accountancy
This study provides empirical evidence of managerial agency costs in socialistic internal capital markets. Listed Chinese companies are required to disclose the amount of resources that are reallocated to other firms of the parent company, which provides us with a direct measure of the socialistic subsidization of weak member firms by strong member firms within a business group. We hypothesize that in strong member firms, managerial compensation is less sensitive to firm performance because cross-subsidization makes it difficult for group CEOs to hold the managers in strong firms accountable for their own firms' performance, and also increases the noise in …
Revisiting The Determinants Of Students' Performance In An Undergraduate Accountancy Degree Programme In Singapore, Poh Sun Seow, Gary Pan, Joanne Siok Wan Tay
Revisiting The Determinants Of Students' Performance In An Undergraduate Accountancy Degree Programme In Singapore, Poh Sun Seow, Gary Pan, Joanne Siok Wan Tay
Research Collection School Of Accountancy
The current study investigates the association of prior academic achievement, admission interview, critical thinking, mathematical aptitude and gender with successful academic performance in an undergraduate accountancy degree programme at a Singapore university. The purpose of revisiting the determinants of academic performance in the Singapore context is twofold. First, university accounting education in Singapore has changed greatly since Koh and Koh’s earlier study (1999); the current study examines if determinants previously identified as significant continue to be so in the new setting. Second, the study tests the usefulness of admission interview in identifying applicants who achieve subsequent academic success. Data on …
Is The Decline In The Information Content Of Earnings Following Restatements Short-Lived?, Xia Chen, Qiang Cheng, Alvis K. Lo
Is The Decline In The Information Content Of Earnings Following Restatements Short-Lived?, Xia Chen, Qiang Cheng, Alvis K. Lo
Research Collection School Of Accountancy
Prior research finds that the decline in the information content of earnings after restatement announcements is short-lived and the earnings response coefficient (ERC) bounces back after three quarters. We re-examine this issue using a more recent and comprehensive sample of restatements. We find that material restatement firms experience a significant decrease in the ERC over a prolonged period—close to three years after restatement announcements. In contrast, other restatement firms experience a decline in the ERC for only one quarter. We further find that among material restatement firms, those that are subject to more credibility concerns and those that do not …
Media Coverage And Firm Valuation: Evidence From China, Jiwei Wang, Kangtao Ye
Media Coverage And Firm Valuation: Evidence From China, Jiwei Wang, Kangtao Ye
Research Collection School Of Accountancy
Drawing on both a managerial discipline perspective and an information intermediary perspective, we explore how media coverage of a firm’s controlling shareholder influences firm valuation in corporate China. Using 366 listed family firms in China from 2003 to 2006, we find that firms in which controlling shareholders receive more neutral media reports enjoy higher valuation, whereas negative media reports on controlling shareholders impose adverse effects on firm valuation. Interestingly, favorable media coverage of the controlling shareholders does not enhance firm value. Further analyses reveal that ownership structure and audit quality moderate the relationship between media coverage and firm valuation. Our …
Do Managers Use Meeting Analyst Forecasts To Signal Private Information? Evidence From Patent Citations, Katherine Gunny, Tracey Chunqi Zhang
Do Managers Use Meeting Analyst Forecasts To Signal Private Information? Evidence From Patent Citations, Katherine Gunny, Tracey Chunqi Zhang
Research Collection School Of Accountancy
This study examines whether firms manage earnings to meet analyst forecasts to signal superior future performance. Prior research finds that firms use earnings management to just meet analyst forecasts and that these firms have a positive association with future performance (Bartov et al., 2002). There are two potential explanations for the positive association – signaling and attaining benefits that allow for better future performance (i.e., the real benefits explanation). Prior studies cannot provide evidence of signaling because they do not control for the real benefits explanation. Our research design enables us to control for the real benefits explanation because we …
Loan Loss Reserves, Regulatory Capital, And Bank Failures: Evidence From The Recent Economic Crisis, Tee Yong Jeffrey Ng, Sugata Roychowdhury
Loan Loss Reserves, Regulatory Capital, And Bank Failures: Evidence From The Recent Economic Crisis, Tee Yong Jeffrey Ng, Sugata Roychowdhury
Research Collection School Of Accountancy
Regulatory capital guidelines allow for loan loss reserves to be added back as capital. The evidence in this paper suggests that the influence of loan loss reserves added back as regulatory capital (hereafter referred to as “add-backs”) on bank risk cannot be explained by either economic principles underlying the notion of capital, or accounting principles underlying the recording of reserves. Specifically, we observe that in sharp contrast to the economic notion of capital as a buffer against bank failure risk, add-backs are positively associated with the risk of bank failure during the recent economic crisis. Further the positive association of …
Seeing Is Believing: Do Analysts Benefit From Site Visits, Qiang Cheng, Fei Du, Xin Wang, Yutao Wang
Seeing Is Believing: Do Analysts Benefit From Site Visits, Qiang Cheng, Fei Du, Xin Wang, Yutao Wang
Research Collection School Of Accountancy
Using the unique data of analysts’ site visits to Chinese listed companies, we examine whether and how analysts’ site visits help improve their forecast performance. We find that the forecast accuracy of analysts improves after they visit the target firms and this improvement still holds after controlling for the concurrent change in the forecast accuracy of analysts who do not conduct site visits. Such an improvement is more pronounced for firms with better corporate governance; for more experienced analysts; and for firms with higher earnings volatility. Moreover, the improvement of forecast accuracy is less pronounced when current site visits are …
Does More Corporate Governance Enhance Managerial Performance: Cfo Perceptions And The Role Of Mindfulness, John Joseph Williams, Alfred E. Seaman
Does More Corporate Governance Enhance Managerial Performance: Cfo Perceptions And The Role Of Mindfulness, John Joseph Williams, Alfred E. Seaman
Research Collection School Of Accountancy
No abstract provided.
Coordinating The Processes Of Resource Enrichment And Capability Deployment: Lessons From It Implementation At A Medium-Sized Accounting Firm, Gary Pan, Sayyen Teoh, Poh Sun Seow
Coordinating The Processes Of Resource Enrichment And Capability Deployment: Lessons From It Implementation At A Medium-Sized Accounting Firm, Gary Pan, Sayyen Teoh, Poh Sun Seow
Research Collection School Of Accountancy
The purpose of this paper has been to address the research question of how are the processes of resource enrichment and capability deployment coordinated during information technology (IT) implementation at a small- and medium-sized accounting firm (SMAF)? Increasingly, organizations need to respond to a wide range of IT-based opportunities and pressures. The situation is no different in an accounting firm. Many accounting practitioners have advocated investment in IT to improve accounting firms’ productivity. To date, there are many instances of how IT has radically transformed the nature of accounting practice. Nevertheless, little is known about how IT capability is developed …
Financial Reporting Opacity And Expected Crash Risk: Evidence From Implied Volatility Smirks, Jeong-Bon Kim, Liandong Zhang
Financial Reporting Opacity And Expected Crash Risk: Evidence From Implied Volatility Smirks, Jeong-Bon Kim, Liandong Zhang
Research Collection School Of Accountancy
The recent financial crisis has stimulated a renewed interest in understanding the determinants of stock price crash risk (i.e., left tail risk). Recent research shows that opaque financial reports enable managers to hide and accumulate bad news for extended periods. When the accumulated bad news reaches certain tipping point, it will be suddenly released to the market at once, resulting in an abrupt decline in stock price (i.e., a crash). This study extends this line of research by examining the impact of financial reporting opacity on perceived or expected crash risk. Prominent economists, such as Olivier Blanchard, argue that removing …
Beauty And Academic Career, Hai Lu, Yanju Liu, Kevin Veenstra
Beauty And Academic Career, Hai Lu, Yanju Liu, Kevin Veenstra
Research Collection School Of Accountancy
We examine the impact of beauty on the academic career success of tenure-track accounting professors at top business schools in America, and show that beauty plays a significant role. Specifically, after controlling for gender, ethnicity, publication history, work experience, and quality of alma mater, more attractive professors obtain better first school placements post-PhD and are granted tenure in a shorter period of time. Interestingly, there is no incremental benefit of attractiveness for the career progression from associate to full professor. These findings are consistent with our conjecture that when the signal of an individual’s potential is noisy, beauty becomes a …
Stock Liquidity And The Pricing Of Earnings: A Comparison Of China’S Floating And Non-Floating Shares, Jiwei Wang, Kevin Chen, Hongqi Yuan
Stock Liquidity And The Pricing Of Earnings: A Comparison Of China’S Floating And Non-Floating Shares, Jiwei Wang, Kevin Chen, Hongqi Yuan
Research Collection School Of Accountancy
The reform to convert non-floating shares to floating in China provides a setting in which shares are subject to different liquidity constraint. We show that the severity of this constraint is inversely related to the extent to which earnings information is reflected in the share prices. Specifically, before the reform, the transfer prices of non-floating shares reflect much less earnings information than the market prices of floating shares. After the reform, however, both types of transfer reflect more earnings information, although the weights are still less than that found in the market prices. Thus, China's unique setting shows that share …
Governing A Digital Business Ecosystem: Lessons From One.Motoring Portal, Gary Pan, See Liang Foo, Shongye Tan
Governing A Digital Business Ecosystem: Lessons From One.Motoring Portal, Gary Pan, See Liang Foo, Shongye Tan
Research Collection School Of Accountancy
While the IT innovation topic has gathered significant research interests, the existing discourse on IT innovation is centered on internal organizational processes such as IT capability development and organizational learning rather than IT innovation networks as the primary means for achieving superior enterprise performance. This is an important topic because a networked perspective of IT-enabled innovation is a critical dimension for the dynamics of collaborative innovation in today’s networked economy. In particular, the development and implementation of a digital business ecosystem (DBE); a specific type of business ecosystem defined as an IT-enabled business network of entities with differing interests bound …
Mandatory Financial Reporting Environment And Voluntary Disclosure: Evidence From Mandatory Ifrs Adoption, I-Hwa Yang, Balakrishnan K., Li X.
Mandatory Financial Reporting Environment And Voluntary Disclosure: Evidence From Mandatory Ifrs Adoption, I-Hwa Yang, Balakrishnan K., Li X.
Research Collection School Of Accountancy
No abstract provided.
Does Corporate Governance Make Financial Reports Better, Or Just Better For Equity Investors?, Dan Segal, Benjamin Segal, Shai Levi
Does Corporate Governance Make Financial Reports Better, Or Just Better For Equity Investors?, Dan Segal, Benjamin Segal, Shai Levi
Research Collection School Of Accountancy
Financial reports should provide useful information to both shareholders and creditors, according to U.S. accounting principles. However, directors of corporations have fiduciary duties only toward equity holders, and those fiduciary duties normally do not extend to the interests of creditors. We examine whether this slant in corporate governance biases financial reports in favor of equity investors, and in particular leads to a downward bias in reported debt that can hurt creditors. We focus on firms’ decision to issue structured debt securities that are classified as equity in financial reports and can circumvent debt covenants. We find that when the local …
The Singapore Directorship Report 2014, Clarence Goh
The Singapore Directorship Report 2014, Clarence Goh
Research Collection School Of Accountancy
Directors play an important role in the governance of firms. This reportprovides a comprehensive study of 3,670 directors on the boards of 717companies, business trusts and REITs listed on the Singapore Exchange(SGX) as at the end of 2013. This report specifically examines the structureof boards and their composition, director tenure, remuneration, meetingattendance, gender diversity and multiple directorships. It also documentscompliance with key aspects of the Singapore Code of CorporateGovernance 2012 (the Code) relating to some of these matters.
Survey On The Role Of Investor Relations In The Modern Day Corporation, Andrew Lee, Jiwei Wang
Survey On The Role Of Investor Relations In The Modern Day Corporation, Andrew Lee, Jiwei Wang
Research Collection School Of Accountancy
In March 2013, the Investors Relations Professionals Association (Singapore) (IRPAS), in collaboration with the School of Accountancy at Singapore Management University (SMU) and the Singapore Exchange (SGX), embarked on this study with the objective of achieving a better understanding of the role of investor relations. (IR) in today’s modern corporation as well as the role of IRPAS in further developing the investor relations profession in Singapore. The study aims to provide insights into the structure and organisation of the IR function in Singapore listed companies as well as the roles and responsibilities of Investor Relations Officers (IROs) in these organisations. …
Price Shocks, News Disclosures, And Asymmetric Drifts, Hai Lu, Kevin Wang, Xiaolu Wang
Price Shocks, News Disclosures, And Asymmetric Drifts, Hai Lu, Kevin Wang, Xiaolu Wang
Research Collection School Of Accountancy
Motivated by investor disagreement and corporate disclosure literatures, we examinehow stock price shocks affect future stock returns. We find that both large short-termprice drops and hikes are followed by negative abnormal returns over the subsequent year,consistent with the conjecture that price shocks are useful indicators of inter-temporalspikes in investor disagreement and investor opinion converges gradually. The asymmetricdrifts, return continuation for negative price shocks versus return reversal for positive ones,are in sharp contrast to the general findings of symmetric drifts in corporate event studies.Moreover, price shocks associated with public news events are followed by significantlyweaker downward drifts, suggesting that news disclosures …
Accounting Challenge App: An Interview With Ceeman Champions 2013, Poh Sun Seow, Suay Peng Wong
Accounting Challenge App: An Interview With Ceeman Champions 2013, Poh Sun Seow, Suay Peng Wong
Research Collection School Of Accountancy
No abstract provided.