Accounting Papers

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.

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Submissions from 2016

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Abnormal Accruals in Newly Public Companies: Opportunistic Misreporting or Economic Activity?, Christopher S. Armstrong

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Disclosure Standards and the Sensitivity of Returns to Mood, Brian J. Bushee and Henry L. Friedman

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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

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Lobbying and Uniform Disclosure Regulation, Henry L. Friedman and Mirko S. Heinle

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Taste, Information, and Asset Prices: Implications for the Valuation of CSR, Henry L. Friedman and Mirko S. Heinle

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Bias and the Commitment to Disclosure, Mirko S. Heinle and Robert E. Verrecchia

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Institutional Investments in Pure Play Stocks and Implications for Hedging Decisions, Bernadette A. Minton and Catherine M. Schrand

Submissions from 2015

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Corporate Governance, Incentives, and Tax Avoidance, Christopher S. Armstrong, Jennifer L. Blouin, Alan D. Jagolinzer, and David F. Larcker

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Strategic Silence, Insider Selling and Litigation Risk, Mary Brooke Billings and Matthew C. Cedergren

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Alternative Information Sources and Information Asymmetry Reduction: Evidence From Small Business Debt, Gavin Cassar, Christopher D. Ittner, and Ken S. Cavalluzzo

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Voluntary Disclosure and the Cost of Capital, Greg Clinch and Robert E. Verrecchia

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Dividend Tax Capitalization and Liquidity, Stephanie A. Sikes and Robert E. Verrecchia

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Delegated Trade and the Pricing of Public and Private Information, Daniel J. Taylor and Robert E. Verrecchia

Submissions from 2014

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Operating Leases and Credit Assessments, Jennifer M. Altamuro, Rick Johnston, Shailendra Pandit, and Haiwen Zhang

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Do Independent Directors Cause Improvements in Firm Transparency?, Christopher S. Armstrong, John E. Core, and Wayne R. Guay

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Dividend Payouts and Information Shocks, Luzi Hail, Ahmed Tahoun, and Clare Wang

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Accounting Standards Harmonization and Financial Statement Comparability: Evidence From Transnational Information Transfer, Clare Wang

Submissions from 2013

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The Financial Reporting of Fair Value Based on Managerial Inputs Versus Market Inputs: Evidence From Mortgage Servicing Rights, Jennifer M. Altamuro and Haiwen Zhang

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Factor-Loading Uncertainty and Expected Returns, Christopher S. Armstrong, Snehal Banerjee, and Carlos Corona

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The Efficacy of Shareholder Voting: Evidence From Equity Compensation Plans, Christopher S. Armstrong, Ian D. Gow, and David F. Larcker

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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

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Multistage Capital Budgeting With Delayed Consumption of Slack, Stanley Baiman, Mirko S. Heinle, and Richard Saouma

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What Do Management Earnings Forecasts Convey About the Macroeconomy?, Samuel B. Bonsall IV, Zahn Bozanic, and Paul E. Fischer

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Mandatory IFRS Reporting and Changes in Enforcement, Hans B. Christensen, Luzi Hail, and Christian Leuz

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Adopting a Label: Heterogeneity in the Economic Consequences Around IAS/IFRS Adoptions, Holger Daske, Luzi Hail, Christian Leuz, and Rodrigo S. Verdi

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Financial Reporting and Firm Valuation: Relevance Lost or Relevance Regained?, Luzi Hail

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The Ombudsman: Are Top Executives Paid Enough? An Evidence-Based Review, Philippe Jacquart and J. Scott Armstrong

Submissions from 2012

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Corporate Governance and the Information Environment: Evidence From State Antitakeover Laws, Christopher S. Armstrong and Karthik Balakrishnan

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The Incentives for Tax Planning, Christopher S. Armstrong, Jennifer L. Blouin, and David F. Larcker

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Corporate Governance, Compensation Consultants, and CEO Pay Levels, Christopher S. Armstrong, Christopher D. Ittner, and David F. Larcker

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Executive Stock Options, Differential Risk-Taking Incentives, and Firm Value, Christopher S. Armstrong and Rahul Vashishtha

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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

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Taxation of Multinational Corporations, Jennifer L. Blouin

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Information Asymmetry, Information Precision, and the Cost of Capital, Richard A. Lambert, Christian Leuz, and Robert E. Verrecchia

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Frictions in the CEO Labor Market: The Role of Talent Agents in CEO Compensation, Shivaram Rajgopal, Daniel J. Taylor, and Mohan Venkatachalam

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Executive Overconfidence and the Slippery Slope to Financial Misreporting, Catherine M. Schrand and Sarah L. C. Zechman

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The Party's Over: The Role of Earnings Guidance in Resolving Sentiment-Driven Overvaluation, Nicholas Seybert and Holly I. Yang

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Capital Market Consequences of Managers' Voluntary Disclosure Styles, Holly I. Yang

Submissions from 2011

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When Does Information Asymmetry Affect the Cost of Capital?, Christopher S. Armstrong, John E. Core, Daniel J. Taylor, and Robert E. Verrecchia

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Market-to-Revenue Multiples in Public and Private Capital Markets, Christopher S. Armstrong, Antonio Davila, George Foster, and John R. M. Hand

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Conference Presentations and the Disclosure Milieu, Brian J. Bushee, Michael J. Jung, and Gregory S. Miller

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Discussion of The Value of Financial Statement Verification in Debt Financing: Evidence from Private U.S. Firms, Gavin Cassar

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Hedge Funds: Pricing Controls and the Smoothing of Self-Reported Returns, Gavin Cassar and Joseph Gerakos

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Properties of Implied Cost of Capital Using Analysts’ Forecasts, Wayne R. Guay, S. P. Kothari, and Susan Shu

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Soft Information and the Stewardship Value of Accounting Disclosure, Mirko S. Heinle and Christian Hofmann

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Corporate Governance and the Information Content of Insider Trades, Alan D. Jagolinzer, David F. Larcker, and Daniel J. Taylor

Submissions from 2010

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How Does Internal Control Regulation Affect Financial Reporting?, Jennifer M. Altamuro and Anne Beatty

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The Role of Information and Financial Reporting in Corporate Governance and Debt Contracting, Christopher S. Armstrong, Wayne R. Guay, and Joseph P. Weber

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Chief Executive Officer Equity Incentives and Accounting Irregularities, Christopher S. Armstrong, Alan D. Jagolinzer, and David F. Larcker

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Endogenous Selection and Moral Hazard in Compensation Contracts, Christopher S. Armstrong, David F. Larcker, and Che-Lin Su

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Post Loss/:Profit Announcement Drift, Karthik Balakrishnan, Eli Bartov, and Lucile Faurel

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In Defense of Fair Value: Weighing the Evidence on Earnings Management and Asset Securitizations, Mary Barth and Daniel J. Taylor

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Have the Tax Benefits of Debt Been Overestimated?, Jennifer L. Blouin, John E Core, and Wayne R. Guay

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The Role of the Business Press as an Information Intermediary, Brian J. Bushee, John E. Core, Wayne R. Guay, and Sophia J. W. Hamm

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Are Individuals Entering Self-Employment Overly Optimistic? An Empirical Test of Plans and Projections on Nascent Entrepreneur Expectations, Gavin Cassar

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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

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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

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Explicit Relative Performance Evaluation in Performance-Vested Equity Grants, Mary Ellen Carter, Christopher D. Ittner, and Sarah L. C. Zechman

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An Investigation of Hindsight Bias in Nascent Venture Activity, Gavin Cassar and Justin Craig

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Does Self-Efficacy Affect Entrepreneurial Investment?, Gavin Cassar and Henry Friedman

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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

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Commentary—The Stock Market's Pricing of Customer Satisfaction, Christopher D. Ittner, David F. Larcker, and Daniel J. Taylor

Submissions from 2008

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Budgets, Internal Reports, and Manager Forecast Accuracy, Gavin Cassar and Brian Gibson

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The Power of the Pen and Executive Compensation, John E. Core, Wayne R. Guay, and David F. Larcker

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Is Accruals Quality a Priced Risk Factor?, John E. Core, Wayne R. Guay, and Rodrigo S. Verdi

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Mandatory IFRS Reporting Around the World: Early Evidence on the Economic Consequences, Holger Daske, Luzi Hail, Christian Leuz, and Rodrigo S. Verdi

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Optimal Contracting With Endogenous Social Norms, Paul E. Fischer and Steven Huddart

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Financial Reporting and Conflicting Managerial Incentives: The Case of Management Buyouts, Paul E. Fischer and Henock Louis

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Conservative Financial Reporting, Debt Covenants, and the Agency Costs of Debt, Wayne R. Guay

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Discussion of Accounting Discretion, Corporate Governance, and Firm Performance, Wayne R. Guay

Submissions from 2007

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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

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Resource Allocation Auctions Within Firms, Stanley Baiman, Paul E. Fischer, Madhav V. Rajan, and Richard Saouma

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Which Institutional Investors Trade Based on Private Information About Earnings and Returns?, Brian J. Bushee and Theodore H. Goodman

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Taking a View: Corporate Speculation, Governance, and Compensation, Christopher C. Geczy, Bernadette A. Minton, and Catherine M. Schrand

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Discussion of Investor Protection and Analysts’ Cash Flow Forecasts Around the World, Luzi Hail

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Performance-Based Compensation in Member-Owned Firms: An Examination of Medical Group Practices, Christopher D. Ittner, David F. Larcker, and Mina Pizzini

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Accounting Information, Disclosure, and the Cost of Capital, Richard A. Lambert, Christian Leuz, and Robert E. Verrecchia

Submissions from 2006

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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

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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

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Agency Problems of Excess Endowment Holdings in Not-for-Profit Firms, John E. Core, Wayne R. Guay, and Rodrigo S. Verdi

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Discussion of The Role of Accruals in Asymmetrically Timely Gain and Loss Recognition, Wayne R. Guay

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Discussion of an Economic Framework for Conservative Accounting and Bushman and Piotroski (2006), Wayne R. Guay and Robert E. Verrecchia

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International Differences in the Cost of Equity Capital: Do Legal Institutions and Securities Regulation Matter?, Luzi Hail and Christian Leuz

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Redacted Disclosure, Robert E. Verrecchia and Joseph Weber

Submissions from 2005

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Economic Consequences of SEC Disclosure Regulation: Evidence From the OTC Bulletin Board, Brian J. Bushee and Christian Leuz

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Is U.S. CEO Compensation Broken?, John E. Core, Wayne R. Guay, and Randall S. Randall

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Longitudinal Analysis of Relationships Between Planning and Performance in Small Firms, Brian Gibson and Gavin Cassar

Submissions from 2004

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Accounting Choice, Home Bias, and U.S. Investment in Non-U.S. Firms, Mark T. Bradshaw, Brian J. Bushee, and Gregory S. Miller

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Implementing Performance Measurement Innovations: Evidence From Government, Ken S. Cavalluzzo and Christopher D. Ittner

Submissions from 2003

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Institutional Investor Preferences and Price Pressure: The Case of Corporate Spin-Offs, Jeffery S. Abarbanell, Brian J. Bushee, and Jana Smith Raedy

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Open Versus Closed Conference Calls: The Determinants and Effects of Broadening Access to Disclosure, Brian J. Bushee, Dawn A. Matsumoto, and Gregory S. Miller

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Market Valuations in the New Economy: An Investigation of What Has Changed, John E. Core, Wayne R. Guay, and Andrew Van Buskirk

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How Much Do Firms Hedge With Derivatives?, Wayne R. Guay and S. P. Kothari

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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

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The Structure and Performance Consequences of Equity Grants to Employees of New Economy Firms, Christopher D. Ittner, Richard A. Lambert, and David F. Larcker

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Performance Implications of Strategic Performance Measurement in Financial Services Firms, Christopher D. Ittner, David F. Larcker, and Taylor Randall

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Earnings Management Using the Valuation Allowance for Deferred Tax Assets Under SFAS No. 109, Catherine M. Schrand and M. H. Franco Wong