Accounting Papers
Accounting methods have a significant impact not only on decisions made by management teams but also on the behavior of investors, creditors, regulatory agencies, consumers, and employees. Through their teaching, research, and professional activities, faculty members in Wharton’s Accounting Department strive to develop the best ways to measure and communicate an organization’s economic activities.
To meet the needs of today’s complex markets, Wharton’s Accounting Department takes a multidisciplinary approach to the field, integrating finance and economics with broader perspectives on organizational issues and the business environment.
Submissions from 2016
Abnormal Accruals in Newly Public Companies: Opportunistic Misreporting or Economic Activity?, Christopher S. Armstrong
Disclosure Standards and the Sensitivity of Returns to Mood, Brian J. Bushee and Henry L. Friedman
Beliefs-Driven Price Association, Paul E. Fischer, Mirko S. Heinle, and Robert E. Verrecchia
Determinants and Trading Performance of Equity Deferrals by Corporate Outside Directors, Francesca Franco, Christopher D. Ittner, and Oktay Urcan
Lobbying and Uniform Disclosure Regulation, Henry L. Friedman and Mirko S. Heinle
Taste, Information, and Asset Prices: Implications for the Valuation of CSR, Henry L. Friedman and Mirko S. Heinle
Bias and the Commitment to Disclosure, Mirko S. Heinle and Robert E. Verrecchia
Institutional Investments in Pure Play Stocks and Implications for Hedging Decisions, Bernadette A. Minton and Catherine M. Schrand
Submissions from 2015
Corporate Governance, Incentives, and Tax Avoidance, Christopher S. Armstrong, Jennifer L. Blouin, Alan D. Jagolinzer, and David F. Larcker
Strategic Silence, Insider Selling and Litigation Risk, Mary Brooke Billings and Matthew C. Cedergren
Alternative Information Sources and Information Asymmetry Reduction: Evidence From Small Business Debt, Gavin Cassar, Christopher D. Ittner, and Ken S. Cavalluzzo
Voluntary Disclosure and the Cost of Capital, Greg Clinch and Robert E. Verrecchia
Dividend Tax Capitalization and Liquidity, Stephanie A. Sikes and Robert E. Verrecchia
Delegated Trade and the Pricing of Public and Private Information, Daniel J. Taylor and Robert E. Verrecchia
Submissions from 2014
Operating Leases and Credit Assessments, Jennifer M. Altamuro, Rick Johnston, Shailendra Pandit, and Haiwen Zhang
Do Independent Directors Cause Improvements in Firm Transparency?, Christopher S. Armstrong, John E. Core, and Wayne R. Guay
Dividend Payouts and Information Shocks, Luzi Hail, Ahmed Tahoun, and Clare Wang
Submissions from 2013
The Financial Reporting of Fair Value Based on Managerial Inputs Versus Market Inputs: Evidence From Mortgage Servicing Rights, Jennifer M. Altamuro and Haiwen Zhang
Factor-Loading Uncertainty and Expected Returns, Christopher S. Armstrong, Snehal Banerjee, and Carlos Corona
The Efficacy of Shareholder Voting: Evidence From Equity Compensation Plans, Christopher S. Armstrong, Ian D. Gow, and David F. Larcker
The Relation Between Equity Incentives and Misreporting: The Role of Risk-Taking Incentives, Christopher S. Armstrong, David F. Larcker, Gaizka Ormazabal, and Daniel J. Taylor
Multistage Capital Budgeting With Delayed Consumption of Slack, Stanley Baiman, Mirko S. Heinle, and Richard Saouma
What Do Management Earnings Forecasts Convey About the Macroeconomy?, Samuel B. Bonsall IV, Zahn Bozanic, and Paul E. Fischer
Mandatory IFRS Reporting and Changes in Enforcement, Hans B. Christensen, Luzi Hail, and Christian Leuz
Adopting a Label: Heterogeneity in the Economic Consequences Around IAS/IFRS Adoptions, Holger Daske, Luzi Hail, Christian Leuz, and Rodrigo S. Verdi
Financial Reporting and Firm Valuation: Relevance Lost or Relevance Regained?, Luzi Hail
The Ombudsman: Are Top Executives Paid Enough? An Evidence-Based Review, Philippe Jacquart and J. Scott Armstrong
Submissions from 2012
Corporate Governance and the Information Environment: Evidence From State Antitakeover Laws, Christopher S. Armstrong and Karthik Balakrishnan
The Incentives for Tax Planning, Christopher S. Armstrong, Jennifer L. Blouin, and David F. Larcker
Corporate Governance, Compensation Consultants, and CEO Pay Levels, Christopher S. Armstrong, Christopher D. Ittner, and David F. Larcker
Executive Stock Options, Differential Risk-Taking Incentives, and Firm Value, Christopher S. Armstrong and Rahul Vashishtha
Why Do Pro Forma and Street Earnings not Reflect Changes in GAAP? Evidence From SFAS 123R, Mary E. Barth, Ian D. Gow, and Daniel J. Taylor
Taxation of Multinational Corporations, Jennifer L. Blouin
Information Asymmetry, Information Precision, and the Cost of Capital, Richard A. Lambert, Christian Leuz, and Robert E. Verrecchia
Frictions in the CEO Labor Market: The Role of Talent Agents in CEO Compensation, Shivaram Rajgopal, Daniel J. Taylor, and Mohan Venkatachalam
Executive Overconfidence and the Slippery Slope to Financial Misreporting, Catherine M. Schrand and Sarah L. C. Zechman
The Party's Over: The Role of Earnings Guidance in Resolving Sentiment-Driven Overvaluation, Nicholas Seybert and Holly I. Yang
Capital Market Consequences of Managers' Voluntary Disclosure Styles, Holly I. Yang
Submissions from 2011
When Does Information Asymmetry Affect the Cost of Capital?, Christopher S. Armstrong, John E. Core, Daniel J. Taylor, and Robert E. Verrecchia
Market-to-Revenue Multiples in Public and Private Capital Markets, Christopher S. Armstrong, Antonio Davila, George Foster, and John R. M. Hand
Conference Presentations and the Disclosure Milieu, Brian J. Bushee, Michael J. Jung, and Gregory S. Miller
Discussion of The Value of Financial Statement Verification in Debt Financing: Evidence from Private U.S. Firms, Gavin Cassar
Hedge Funds: Pricing Controls and the Smoothing of Self-Reported Returns, Gavin Cassar and Joseph Gerakos
Properties of Implied Cost of Capital Using Analysts’ Forecasts, Wayne R. Guay, S. P. Kothari, and Susan Shu
Soft Information and the Stewardship Value of Accounting Disclosure, Mirko S. Heinle and Christian Hofmann
Corporate Governance and the Information Content of Insider Trades, Alan D. Jagolinzer, David F. Larcker, and Daniel J. Taylor
Submissions from 2010
How Does Internal Control Regulation Affect Financial Reporting?, Jennifer M. Altamuro and Anne Beatty
The Role of Information and Financial Reporting in Corporate Governance and Debt Contracting, Christopher S. Armstrong, Wayne R. Guay, and Joseph P. Weber
Chief Executive Officer Equity Incentives and Accounting Irregularities, Christopher S. Armstrong, Alan D. Jagolinzer, and David F. Larcker
Endogenous Selection and Moral Hazard in Compensation Contracts, Christopher S. Armstrong, David F. Larcker, and Che-Lin Su
Post Loss/:Profit Announcement Drift, Karthik Balakrishnan, Eli Bartov, and Lucile Faurel
In Defense of Fair Value: Weighing the Evidence on Earnings Management and Asset Securitizations, Mary Barth and Daniel J. Taylor
Have the Tax Benefits of Debt Been Overestimated?, Jennifer L. Blouin, John E Core, and Wayne R. Guay
The Role of the Business Press as an Information Intermediary, Brian J. Bushee, John E. Core, Wayne R. Guay, and Sophia J. W. Hamm
Understanding Earnings Quality: A Review of the Proxies, Their Determinants and Their Consequences, Patricia M. Dechow, Weili Ge, and Catherine M. Schrand
Submissions from 2009
Bringing It Home: A Study of the Incentives Surrounding the Repatriation of Foreign Earnings Under the American Jobs Creation Act of 2004, Jennifer L. Blouin and Linda Krull
Explicit Relative Performance Evaluation in Performance-Vested Equity Grants, Mary Ellen Carter, Christopher D. Ittner, and Sarah L. C. Zechman
An Investigation of Hindsight Bias in Nascent Venture Activity, Gavin Cassar and Justin Craig
Does Self-Efficacy Affect Entrepreneurial Investment?, Gavin Cassar and Henry Friedman
Investor Perceptions of Board Performance: Evidence From Uncontested Director Elections, Paul E. Fischer, Jeffery D. Gramlich, Brian P. Miller, and Hal D. White
Cost of Capital Effects and Changes in Growth Expectations Around U.S. Cross-Listings, Luzi Hail and Christian Leuz
Commentary—The Stock Market's Pricing of Customer Satisfaction, Christopher D. Ittner, David F. Larcker, and Daniel J. Taylor
Submissions from 2008
Budgets, Internal Reports, and Manager Forecast Accuracy, Gavin Cassar and Brian Gibson
The Power of the Pen and Executive Compensation, John E. Core, Wayne R. Guay, and David F. Larcker
Is Accruals Quality a Priced Risk Factor?, John E. Core, Wayne R. Guay, and Rodrigo S. Verdi
Mandatory IFRS Reporting Around the World: Early Evidence on the Economic Consequences, Holger Daske, Luzi Hail, Christian Leuz, and Rodrigo S. Verdi
Optimal Contracting With Endogenous Social Norms, Paul E. Fischer and Steven Huddart
Financial Reporting and Conflicting Managerial Incentives: The Case of Management Buyouts, Paul E. Fischer and Henock Louis
Conservative Financial Reporting, Debt Covenants, and the Agency Costs of Debt, Wayne R. Guay
Discussion of Accounting Discretion, Corporate Governance, and Firm Performance, Wayne R. Guay
Submissions from 2007
Biases in Multi-Year Management Financial Forecasts: Evidence From Private Venture-Backed U.S. Companies, Christopher S. Armstrong, Antonio Dávila, George Foster, and John R. M. Hand
Resource Allocation Auctions Within Firms, Stanley Baiman, Paul E. Fischer, Madhav V. Rajan, and Richard Saouma
Which Institutional Investors Trade Based on Private Information About Earnings and Returns?, Brian J. Bushee and Theodore H. Goodman
Taking a View: Corporate Speculation, Governance, and Compensation, Christopher C. Geczy, Bernadette A. Minton, and Catherine M. Schrand
Discussion of Investor Protection and Analysts’ Cash Flow Forecasts Around the World, Luzi Hail
Performance-Based Compensation in Member-Owned Firms: An Examination of Medical Group Practices, Christopher D. Ittner, David F. Larcker, and Mina Pizzini
Accounting Information, Disclosure, and the Cost of Capital, Richard A. Lambert, Christian Leuz, and Robert E. Verrecchia
Submissions from 2006
The Economic Consequences of Increased Disclosure: Evidence From International Cross-Listings, Warren B. Bailey, G. Andrew Karolyi, and Carolina Salva
Stock Market Anomalies: What Can We Learn From Repurchases and Insider Trading?, John E. Core, Wayne R. Guay, Scott A. Richardson, and Rodrigo S Verdi
Does Weak Governance Cause Weak Stock Returns? An Examination of Firm Operating Performance and Investors' Expectations, John E. Core, Wayne R. Guay, and Tjomme O. Rusticus
Agency Problems of Excess Endowment Holdings in Not-for-Profit Firms, John E. Core, Wayne R. Guay, and Rodrigo S. Verdi
Discussion of The Role of Accruals in Asymmetrically Timely Gain and Loss Recognition, Wayne R. Guay
Discussion of an Economic Framework for Conservative Accounting and Bushman and Piotroski (2006), Wayne R. Guay and Robert E. Verrecchia
International Differences in the Cost of Equity Capital: Do Legal Institutions and Securities Regulation Matter?, Luzi Hail and Christian Leuz
Redacted Disclosure, Robert E. Verrecchia and Joseph Weber
Submissions from 2005
Economic Consequences of SEC Disclosure Regulation: Evidence From the OTC Bulletin Board, Brian J. Bushee and Christian Leuz
Is U.S. CEO Compensation Broken?, John E. Core, Wayne R. Guay, and Randall S. Randall
Longitudinal Analysis of Relationships Between Planning and Performance in Small Firms, Brian Gibson and Gavin Cassar
Submissions from 2004
Accounting Choice, Home Bias, and U.S. Investment in Non-U.S. Firms, Mark T. Bradshaw, Brian J. Bushee, and Gregory S. Miller
Implementing Performance Measurement Innovations: Evidence From Government, Ken S. Cavalluzzo and Christopher D. Ittner
Submissions from 2003
Institutional Investor Preferences and Price Pressure: The Case of Corporate Spin-Offs, Jeffery S. Abarbanell, Brian J. Bushee, and Jana Smith Raedy
Open Versus Closed Conference Calls: The Determinants and Effects of Broadening Access to Disclosure, Brian J. Bushee, Dawn A. Matsumoto, and Gregory S. Miller
Market Valuations in the New Economy: An Investigation of What Has Changed, John E. Core, Wayne R. Guay, and Andrew Van Buskirk
How Much Do Firms Hedge With Derivatives?, Wayne R. Guay and S. P. Kothari
Testing the Relative Power of Accounting Standards Versus Incentives and Other Institutional Features to Influence the Outcome of Financial Reporting in an International Setting, Robert W. Holthausen
The Structure and Performance Consequences of Equity Grants to Employees of New Economy Firms, Christopher D. Ittner, Richard A. Lambert, and David F. Larcker
Performance Implications of Strategic Performance Measurement in Financial Services Firms, Christopher D. Ittner, David F. Larcker, and Taylor Randall
Earnings Management Using the Valuation Allowance for Deferred Tax Assets Under SFAS No. 109, Catherine M. Schrand and M. H. Franco Wong