American Accounting Association

AUGUST 6-10, 2011  •  DENVER, COLORADO

2011 Annual Meeting Sessions
Financial Accounting and Reporting Section

Return to Annual Meeting Program

Monday August 8, 2011 — 10:15 am-11:45 am

1.14 Earnings Surprises and Earnings Management
(NASBA Field of Study: Accounting)
Moderator: David Folsom, Lehigh University

Small Negative Earnings Surprises and Transient Institutions’ Trading Behavior
Gang Hu, Babson College; Bin Ke, Nanyang Technological University; Yong Yu, University of Texas at Austin;
Discussant: David Folsom, Lehigh University

Founding Family Ownership and Earnings Management
Joanna L. Y. Ho, University of California, Irvine; Fei Kang, University of California, Irvine; Anne Wu, National Chengchi University;
Discussant: David Folsom, Lehigh University


1.16 Consequences of IFRS
(NASBA Field of Study: Accounting)
Moderator: Troy J. Pollard, University of Colorado

The Economic Consequences of Eliminating the Reconciliation of IFRS to U.S. GAAP: An Information Transfer Analysis
Donal Byard, Baruch College-CUNY; Shamin Mashruwala, Baruch College-CUNY; Jangwon Suh, Baruch College-CUNY;
Discussant: Steve W. Lin, Florida International University

The Impact of a Group’s Accounting Environment on Earnings Management in IFRS Consolidated Statements
Nadine Ebert, University of Muenster; Christiane Pott, University of Muenster; Christoph Watrin, University of Muenster;
Discussant: Steve W. Lin, Florida International University


1.17 Conservatism & Risk
(NASBA Field of Study: Accounting)
Moderator: Liandong Zhang, City University of Hong Kong

Conservatism Flow and the Pricing of Credit Risk
Sumantra Chakravarty, Purdue University-Krannert School of Management;
Discussant: Xiumin Martin, Washington University at St Louis

Complex Ownership Structures and Accounting Conservatism
In-Mu Haw, Texas Christian University; Simon Shun-Man Ho, University of Macau; Jamie Y. Tong, Sun Yat-Sen University; Feida Zhang, Sun Yat-Sen University;
Discussant: Xiumin Martin, Washington University at St Louis

The Risk Management Role of Accounting Conservatism for Operating Cash Flows
Gary C. Biddle, The University of Hong Kong; Mary L. Z. Ma, The University of Hong Kong; Frank M. Song, The University of Hong Kong;
Discussant: Xiumin Martin, Washington University at St Louis


1.18 Changes in Regulatory and Market Environments
(NASBA Field of Study: Accounting)
Moderator: Nicole Throne Jenkins, Vanderbilt University

The Dark Side of Trading
Ilia D. Dichev, Emory University; Kelly Huang, Georgia State University; Dexin Zhou, Emory University;
Discussant: Garen Bedros Markarian, IE Business School

The Impact of Changes in Competition in the Syndicated Loan Market on Financial Covenant Use
Jingjing Zhang, Northwestern University;
Discussant: Garen Bedros Markarian, IE Business School


1.19 Strong Shareholders
(NASBA Field of Study: Accounting)
Moderator: J. K. Aier, George Mason University

Internal Control in Family Firms: Characteristics and Consequences
Xia Chen, Singapore Management University; Mei Feng, University of Pittsburgh; Chan Li, University of Pittsburgh;
Discussant: Han Yi, University of Oklahoma

Shareholder Rights and Manager Choices: When Performance Supersedes Fidelity
Bradley Lail, North Carolina State University; Gregory W. Martin, University of Colorado at Colorado Springs;
Discussant: Volkan Muslu, University of Texas at Dallas

Governance and corporate pension policy
Divya Anantharaman, Rutgers University; Yong Gyu Lee, CUNY - Baruch College;
Discussant: Han Yi, University of Oklahoma


1.20 Corporate Governance
(NASBA Field of Study: Accounting)
Moderator: Wei Jiang, California State University, Fullerton

Do independent directors restrain overconfident CEOs?
Adam Kolasinski, University of Washington; Xu Li, Lehigh University;
Discussant: Emma Y. Peng, Fordham University

Do Firms Contract Efficiently on Past Performance When Hiring External CEO’s?
Richard A. Cazier, Texas Christian University; John M. McInnis, University of Texas at Austin;
Discussant: Emma Y. Peng, Fordham University

The Determinants of Change-in-Control Agreements
Charoula Charalambous, University of Cyprus; Andreas Charitou, University of Cyprus; Christodoulos Louca, Duhram Univ and Cyprus Technical Univ;
Discussant: Christo Karuna, University of Houston


Monday August 8, 2011 — 2:00 pm-3:30 pm

2.15 Financial and Non-Financial Disclosure
(NASBA Field of Study: Accounting)
Moderator: To Be Announced

Changes in Voluntary Disclosure around the Securities Offering Reform of 2005
Sarah Clinton, University of Tennessee; Joshua Tyler White, University of Tennessee; Tracie Woidtke, University of Tennessee;
Discussant: Alex Nekrasov, University of California Irvine

Nonfinancial Disclosure and Analyst Forecast Accuracy: International Evidence on Corporate Social Responsibility (CSR) Disclosure
Dan S. Dhaliwal, University of Arizona; Suresh Radhakrishnan, The University of Texas at Dallas; Albert Tsang, The Chinese University of Hong Kong; Yong George Yang, The Chinese University of Hong Kong;
Discussant: Alex Nekrasov, University of California Irvine

The Relevance to Investors of Greenhouse Gas Emission Disclosures
Paul A. Griffin, University of California, Davis;
Discussant: Nina T. Dorata, St. John's University


2.16 Conservatism & Equity Market
(NASBA Field of Study: Accounting)
Moderator: Xu Jiang, University of Minnesota

Timely accounting recognition of economic losses and the pricing of seasoned equity offers
Yongtae Kim, Santa Clara University; Siqi Li, Santa Clara University; Carrie Pan, Santa Clara University;
Discussant: Yuri Loktionov, University of Southern California

The Benefits of Accounting Conservatism in the Equity Market: Evidence from SEOs
Luo Zuo, Massachusetts Institute of Technology;
Discussant: Yuri Loktionov, University of Southern California

Information Effects of Conservatism in Accounting
Juan Manuel Garcia Lara, Universidad Carlos III de Madrid; Beatriz Garcia Osma, Universidad Autonoma de Madrid; Fernando Penalva, IESE Business School - Universidad de Navarra;
Discussant: Yuri Loktionov, University of Southern California


2.17 Conservatism & Governance II
(NASBA Field of Study: Accounting)
Moderator: Yibin Zhou, University of Texas at Dallas

Do Tax Avoidance and Complexity of Firms’ Legal Structure Impact Accounting Conservatism?
Jeong-Bon Kim, City University of Hong Kong; TieMei Sarah Li, University of Windsor;
Discussant: Olena V Watanabe, University of Missouri-Columbia

Corporate Governance and Intragroup Value Transfers: Evidence from the Stock-Price Effect of Earnings Announcements by Family Business Groups in Hong Kong
Yan-Leung Cheung, Hong Kong Baptist University; In-Mu Haw, Texas Christian University; Weiqiang Tan, Hong Kong Baptist University; Wenming Wang, Hong Kong Baptist University;
Discussant: Derek Christopher Johnson, MIT Sloan School of Management


2.18 Bank Reporting in the Financial Crisis
(NASBA Field of Study: Accounting)
Moderator: Shyam V. Sunder, University of Arizona

Risk-relevance of Securitized Mortgages during the Recent Financial Crisis
Yiwei Dou, University of Toronto; Yanju Liu, University of Toronto; Gordon D. Richardson, University of Toronto; Dushyantkumar Vyas, University of Minnesota-Twin Cities;
Discussant: Sugata Roychowdhury, Boston College

When a Loss is more than just a Loss: The Market Pricing of Other than Temporary Impairments
Brad A. Badertscher, University of Notre Dame; Jeffrey J. Burks, University of Notre Dame; Peter D. Easton, University of Notre Dame;
Discussant: Sugata Roychowdhury, Boston College

Do banks apply the additional discretion afforded by recent fair value accounting rules to convey accounting information---an examination of MBS valuation?
Kang Cheng, Morgan State University;
Discussant: Shyam V. Sunder, University of Arizona


2.19 Cash Flows and Analysis
(NASBA Field of Study: Accounting)
Moderator: Victoria Dickinson, University of Mississippi

On the Value Relevance of Alternative Free Cash Flow Definitions
Vidya N. Awasthi, Seattle University; Niranjan "Chips" Chipalkatti, Seattle University; Carlos A. De Mello e Souza, Seattle University;
Discussant: Paul Simko, University of Virginia - Darden

Can Cash-Flow Risk explain the Value Spread?
Francesco Reggiani, Bocconi University;
Discussant: Rachna Prakash, McDonough School of Business, Georgetown University

Disclosure-derived Financial Statement Adjustments in Equity Valuation
George Batta, Claremont McKenna College; Ananda Ganguly, Claremont McKenna College; Joshua Rosett, Claremont McKenna College;
Discussant: Paul Simko, University of Virginia - Darden


2.20 Current Cash Flow Topics
(NASBA Field of Study: Accounting)
Moderator: Rebecca Files, The University of Texas at Dallas

Cross-Sectional Determinants of the Impact of Management Cash Flow Forecasts
Yun Fan, University of Houston;
Discussant: Denise A. Jones, College of William & Mary

Agency costs of free cash flow and accounting conservatism
Joohyung Ha, Loyola University New Orleans;
Discussant: Denise A. Jones, College of William & Mary

The Mispricing of Pension Cash Flows and Accruals
Yong-Chul Shin, University of Massachusetts Boston; Kun Yu, University of Massachusetts Boston;
Discussant: Denise A. Jones, College of William & Mary


2.21 Equity Incentives and Voluntary Disclosure
(NASBA Field of Study: Accounting)
Moderator: Liang Tan, George Washington University

Employee Ownership and Firm Disclosure
Francesco Bova, University of Toronto; Yiwei Dou, University of Toronto; Ole-Kristian Hope, University of Toronto;
Discussant: Vivian Wei Fang, Rutgers University - State University of New Jersey

Incentives and Quality
Wuchun Chi, National Chengchi University; Dan S. Dhaliwal, University of Arizona; Oliver Zhen Li, University of Arizona; Tzong-Huei Lin, National Kaohsiung University of Applied Sciences;
Discussant: Vivian Wei Fang, Rutgers University - State University of New Jersey

Disclosure and CEO Turnover
Raynolde Pereira, University of Missouri-Columbia; Ryan K. Peterson, Arkansas State University;
Discussant: Vivian Wei Fang, Rutgers University - State University of New Jersey


2.22 Voluntary Risk Disclosure
(NASBA Field of Study: Accounting)
Moderator: Carol Cain, Purdue University

Informativeness of Risk Disclosures in Corporate Annual Reports
Todd D. Kravet, University of Texas at Dallas; Volkan Muslu, University of Texas at Dallas;
Discussant: Karen K. Nelson, Rice University

The Information Content of Mandatory Risk Factor Disclosures in Corporate Filings
John L. Campbell, University of Georgia; Hsinchun Chen, University of Arizona; Dan S. Dhaliwal, University of Arizona; Hsin-min Lu, National Taiwan University; Logan B. Steele, University of Arizona;
Discussant: Karen K. Nelson, Rice University


2.23 Mandatory vs. Voluntary Disclosure
(NASBA Field of Study: Accounting)
Moderator: Marc Cussatt, University of Colorado

Does Accounting Conservatism Affect Capital Market Demand for Value Relevant Information? Evidence from Voluntary Disclosure of Non-GAAP Earnings
Ross Jennings, University of Texas at Austin; Xiaohang Wang, University of Texas at Austin;
Discussant: Zining Li, Southern Methodist University

Recognition versus Disclosure: Evidence that Market Participants Assess Items Similarly when Reliability is not an Issue
Brian Bratten, University of Kentucky; Preeti Choudhary, Georgetown University; Katherine Schipper, Duke University;
Discussant: Ramgopal Venkataraman, Southern Methodist University

Do Unverifiable Disclosures Matter? Evidence from Peer-to-Peer Lending
Jeremy Michels, University of Colorado at Boulder;
Discussant: Paul E Madsen, University of Florida


Monday August 8, 2011 — 4:00 pm-5:30 pm

3.14 Models of Analysts' Reputation
(NASBA Field of Study: Accounting)
Moderator: Arpita Shroff, University of Houston

Analyst Forecasts : The Roles of Reputational Ranking and Price Impact
Sanjay Banerjee, University of Minnesota;
Discussant: Edwige Cheynel, Columbia University

Credit Rating Agency and Equity Analysts' Adjustments to GAAP Earnings
George Batta, Claremont McKenna College; Volkan Muslu, University of Texas at Dallas;
Discussant: Hyungshin Park, Southern Methodist University


3.15 Persistence of Cash Flows and Earnings
(NASBA Field of Study: Accounting)
Moderator: Dereck D. Barr, The University of Mississippi

The Persistence of Current and Proposed Measures of Operating Cash Flow
Rick N. Francis, University of Texas at El Paso; Sid P. Glandon, University of Texas at El Paso; Lori M. Olsen, Central Michigan University;
Discussant: Derek Oler, Texas Tech University

Earnings Persistence and Mispricing Implications of Abnormal Changes in Cash
Jeff Zeyun Chen, University of Colorado at Boulder; Philip B. Shane, University of Colorado at Boulder and University of Auckland;
Discussant: Derek Oler, Texas Tech University

Non-GAAP Earnings: Informative or Opportunistic? An Analysis of Transitory Gains
Asher Curtis, University of Utah; Sarah McVay, University of Utah; Benjamin Whipple, University of Utah;
Discussant: Ted Christensen, Brigham Young University


3.16 Cash Flows and Debt
(NASBA Field of Study: Accounting)
Moderator: Adam Vitalis, UW-Madison

Did Information Intermediaries See Warning Signals of the Banking Crisis from Leading Indicators in Banks’ Financial Statements?
Hemang Desai, Southern Methodist University; Shivaram Rajgopal, Emory University; Jeff Jiewei Yu, Southern Methodist University;
Discussant: Steve Rock, University of Colorado

The use of intangible assets as loan collateral
Maria Loumioti, Doctoral candidate;
Discussant: Laura Swenson, University of Wisconsin - Madison

Voluntary Disclosure and Capital Structure
Michael J. Imhof, Wichita State University; Raynolde Pereira, University of Missouri-Columbia; Scott E. Seavey, University of Nebraska-Lincoln;
Discussant: Gavin Cassar, Unversity of Pennsylvania


3.17 Voluntary Disclosure
(NASBA Field of Study: Accounting)
Moderator: Denise A. Jones, College of William & Mary

Managers’ Segment Financial Reporting Choice: When Do Aggregated Segment-Level Earnings Differ from Firm-Level Earnings?
Elio Alfonsoa, Louisiana State University; Dana Hollie, Louisiana State University; Shaokun Yu, Northern Illinois University;
Discussant: David A. Reppenhagen, University of Florida

Voluntary Disclosures of Carbon Emissions, Carbon Emission Levels, and Firm Value
Ella Mae Matsumura, University of Wisconsin-Madison; Rachna Prakash, College of William and Mary; Sandra C. Vera-Munoz, University of Notre Dame;
Discussant: Xi Li, Temple University

Real Effects of Voluntary Disclosure
Michael J. Imhof, Wichita State University; Raynolde Pereira, University of Missouri-Columbia; Scott E. Seavey, University of Nebraska-Lincoln;
Discussant: Xi Li, Temple University


3.18 Regulation and Voluntary Disclosure
(NASBA Field of Study: Accounting)
Moderator: Rosemond Desir, Colorado State University

Do distortions in bank loan supply affect borrowers’ voluntary disclosure? Evidence from international propagation of banking shocks
Alvis K. Lo, University of British Columbia;
Discussant: Nerissa C Brown, Georgia State University

Law Firms and Corporate Disclosure: Evidence from Regulatory Noncompliance
Preeti Choudhary, Georgetown University; Jason D Schloetzer, Georgetown University; Jason D Sturgess, Georgetown University;
Discussant: Nerissa C Brown, Georgia State University

Endogenous Information Disclosure and Regulatory Reforms
Renhui Fu, Erasmus University; Yong Kim, University of Cincinnati; Buhui Qiu, Erasmus University;
Discussant: Nerissa C Brown, Georgia State University


3.19 Effects of Disclosure on Uncertainty, Reputation, and Investment
(NASBA Field of Study: Accounting)
Moderator: Brian J. White, University of Illinois at Urbana-Champaign

Disclosure, Uncertainty, and The Option Value of Equity
Eric C. So, Stanford University;
Discussant: Mary Billings, NYU-Stern, UPenn-Wharton

An Experimental Investigation of Reputation Effects of Disclosure
Radhika Lunawat, University of St. Thomas;
Discussant: Bill Tayler, Emory University


3.31 A Theoretical Perspective on Disclosure
(NASBA Field of Study: Accounting)
Moderator: Shyam Sunder, Yale University

Panelists:
Robert J. Bloomfield, Cornell University
Jonathan Glover, Carnegie Mellon University
Karim Jamal, University of Alberta
Robert E. Verrecchia, University of Pennsylvania


Tuesday August 9, 2011 — 10:15 am-11:45 am

4.13 Models of Accounting Standards
(NASBA Field of Study: Accounting)
Moderator: Xu Jiang, University of Minnesota

Patent Races and R&D Disclosures under U.S. GAAP and International Financial Reporting Standards
Anja De Waegenaere, Tilburg University; Richard C. Sansing, Tuck School of Business at Dartmouth; Jacco L. Wielhouwer, VU University Amsterdam;
Discussant: Gaoqing Zhang, Carnegie Mellon University

Inherently Misaligned Accounting Standards
Mark C. Penno, University of Iowa;
Discussant: Gaoqing Zhang, Carnegie Mellon University

A Comparative Exploration of Accounting Institutions
Jeremy Bertomeu, Northwestern University; Edwige Cheynel, Columbia University;
Discussant: Gaoqing Zhang, Carnegie Mellon University


4.14 FASB-IASB-SEC Update
(NASBA Field of Study: Accounting)
Moderator: Terry Warfield, University of Wisconsin

Panelists:
James Kroeker, US Securities and Exchange Commission
Thomas J Linsmeier, Financial Accounting Standards Board
Patricia McConnell, IASB


4.15 Information Asymmetry and Risk
(NASBA Field of Study: Accounting)
Moderator: Scott Duellman, Saint Louis University

Multiple Large Shareholders and Corporate Risk Taking: Evidence from East Asia
Dev R. Mishra, University of Saskatchewan;
Discussant: Troy J. Pollard, University of Colorado

Information Asymmetry of Fair Value Accounting during the Global Financial Crisis
Lin Liao, The University of New South Wales; Helen H. Kang, The University of New South Wales; Richard D. Morris, University of New South Wales; Qingliang Tang, The University of Western Sydney;
Discussant: Jeffrey J. Burks, University of Notre Dame

Listing Choices and Self-Regulation: The Experience of the AIM
Joseph Gerakos, University of Chicago Booth School of Business; Mark Lang, University of North Carolina at Chapel Hill; Mark Maffett, University of North Carolina at Chapel Hill;
Discussant: Roger N. Silvers, University of Massachusetts


4.16 Manager Decisions Regarding Pension Contributions, Inside Debt Holdings, and Reporting Losses
(NASBA Field of Study: Accounting)
Moderator: Nerissa C Brown, Georgia State University

Contributions to defined benefit pension plans: Economic and accounting determinants
Qiang Cheng, Singapore Management University; Laura Swenson, University of Wisconsin-Madison;
Discussant: Jennifer Gaver, University of Georgia

Seeking Safety: The Relation Between CEO Inside Debt Holdings and Risk-Seeking Behavior
Cory A. Cassell, University of Arkansas; Shawn X. Huang, University of Arkansas; Juan Manuel Sanchez, University of Arkansas; Michael D. Stuart, University of Arkansas;
Discussant: Jennifer Gaver, University of Georgia

Managerial Exposure to Losses
Aloke Ghosh, Baruch College (CUNY); DooCheol Moon, Yonsei University;
Discussant: Jennifer Gaver, University of Georgia


4.17 Supply Chain Relationships and the Cost of Debt
(NASBA Field of Study: Accounting)
Moderator: Benjamin Hoffman, University of Arizona

How Major Customers Affect Supplier Loan Yield and Covenants
Wei Chern Koh, Nanyang Technological University; Siew Hong Teoh, University of California at Irvine; Mandy Tham, Nanyang Technological University;
Discussant: Anna M. Costello, University of Chicago

The Impact of Restatements on Bank Loans: Evidence from the Supply Chain
Rebecca Files, The University of Texas at Dallas; Umit G. Gurun, The University of Texas at Dallas;
Discussant: Anna M. Costello, University of Chicago

Information Asymmetry Effects of Industry Structure on Firm Credit Ratings
Tsung-Kang Chen, Fu Jen Catholic University; Hsien-Hsing Liao, National Taiwan University; Hui-Ju Kuo, National Taiwan University;
Discussant: Anna M. Costello, University of Chicago


4.18 Debt Covenant Design
(NASBA Field of Study: Accounting)
Moderator: Michael Minnis, University of Chicago Booth School of Business

The Use of Accounting Accruals in Debt Contracts: Evidence from the Measurement of Financial Covenants
Ningzhong Li, London Business School;
Discussant: Jingjing Zhang, Northwestern University

The Relation between Firm Characteristics and Dividend Covenants
Lynn Li, MIT Sloan; Mihir N. Mehta, Temple University;
Discussant: Jingjing Zhang, Northwestern University

The Impact of Changes in Balance Sheet Covenant Protection on the Design of Private Loan Contracts
Peter Demerjian, Emory University;
Discussant: Jingjing Zhang, Northwestern University


4.19 Disclosure and the Cost of Debt
(NASBA Field of Study: Accounting)
Moderator: Kiran Parthasarathy, University of Houston

Competitiveness in Technological Innovation and Its Implications for Bondholders
Po-Hsuan Hsu, University of Connecticut; Po-Hsuan Hsu, University of Connecticut; Hsiao-Hui Lee, University of Connecticut; Hsiao-Hui Lee, University of Connecticut; Zhu Liu, University of Connecticut; Zhipeng Zhang, Boston College;
Discussant: Theodore Goodman, University of Arizona

Earnings Smoothness and Cost of Debt
Dan Amiram, Columbia University; Edward Owens, University of Rochester;
Discussant: Theodore Goodman, University of Arizona

The Impact of Banks' Credit Risk Disclosures on Bond Returns
Rick Cuijpers, Maastricht University; Ronny Karl Hofmann, Maastricht University; Erik Peek, Erasmus University;
Discussant: Theodore Goodman, University of Arizona


4.20 Regulatory Reforms and Earnings Management
(NASBA Field of Study: Accounting)
Moderator: Allison Koester, Georgetown University

Does SOX Section 404 Curb Material Misstatements?
Mei Feng, University of Pittsburgh; Chan Li, University of Pittsburgh;
Discussant: Keith L Jones, George Mason University

Does increased board independence reduce earnings management? Evidence from recent regulatory reforms
Xia Chen, Singapore Management University; Qiang Cheng, Singapore Management University; Xin Wang, The Chinese University of Hong Kong;
Discussant: David B Farber, McGill University

Changes in the Funded Status of Retirement Plans after the Adoption of SFAS No. 158: Economic Improvement or Balance Sheet Management?
Denise A. Jones, College of William & Mary;
Discussant: Brian M. Burnett, University of Colorado at Boulder


4.21 Corporate Governance and Earnings Management
(NASBA Field of Study: Accounting)
Moderator: Matt Wieland, University of Georgia

CEO Power and SEC Discovered Restatements
Xiaoyan Cheng, University of Nebraska-Omaha; Lei Gao, University of Nebraska-Lincoln; Janice Lawrence, University of Nebraska-Lincoln; David B. Smith, University of Nebraska-Lincoln;
Discussant: Emanuel Zur, Baruch College

Entrenched Managers’ Usage of Earnings Management Tools
Fabrizio Di Meo, Universidad Carlos III de Madrid, Spain; Juan Manuel Garcia Lara, Universidad Carlos III de Madrid, Spain; Jordi Surroca Aguilar, Universidad Carlos III de Madrid, Spain;
Discussant: Emanuel Zur, Baruch College

CEO Employment Contract Horizon and Earnings Management
Guojin Gong, Pennsylvania State University ; Juan Wang, Singapore Management University; Hyun Jung Lee, The Pennsylvania State University;
Discussant: Emanuel Zur, Baruch College


4.22 Incentives to Manipulate Accruals
(NASBA Field of Study: Accounting)
Moderator: Mindy Wolfe, University of Waterloo

Earnings Management and Social Capital
Anand Jha, Texas A&M International University;
Discussant: Lisa Kutcher, Colorado State University

What Lies Beneath: Earnings Management Around Accelerated Share Repurchases
Ahmet Can Kurt, University of Pittsburgh;
Discussant: Lisa Kutcher, Colorado State University

Earnings News vs. Non-Earnings News: The Impact on Earnings Management
Pyung K. Kang, Wayne State University; Dan Palmon, Rutgers University; Ari Yezegel, Bentley University;
Discussant: Lisa Kutcher, Colorado State University


Tuesday August 9, 2011 — 2:00 pm-3:30 pm

5.14 Models of Fair Value Accounting
(NASBA Field of Study: Accounting)
Moderator: Samuel Tung, National Taiwan University

Assessing the Impact of Alternative Fair Value Measures on the Efficiency of Project Selection and Continuation
Judson Caskey, UCLA Anderson School of Management; John Hughes, UCLA Anderson School of Management;
Discussant: Jeremy Bertomeu, Northwestern University

How fair-value accounting can influence firm hedging
Dennis Frestad, University of Agder, Norway; Leif Atle Beisland, University of Agder, Norway;
Discussant: Jeremy Bertomeu, Northwestern University

Where does the Information in Mark-to-Market Come from?
Alexander Bleck, University of Chicago; Pingyang Gao, University of Chicago;
Discussant: Jeremy Bertomeu, Northwestern University


5.15 Market Pricing of Earnings II
(NASBA Field of Study: Accounting)
Moderator: Lian Fen Lee, Boston College

Earnings Dispersion and the Stock Market Reaction to Aggregate Earnings News
Musa Subasi, The University of Texas at Dallas;
Discussant: Mei Feng, University of Pittsburgh

An examination of a firm's use of a short term succession plan using an interim CEO to facilitate CEO turnover
Joan DiSalvio, Fairleigh Dickinson University;
Discussant: zhonglan dai, university of texas at dallas

Effect of Option Listing on Price Adjustments around Earnings Announcements
Sunyoung Kim, Chinese University of Hong Kong; Jason Lee, University of Alberta;
Discussant: Mei Feng, University of Pittsburgh


5.16 Information Intermediaries and the Cost of Capital
(NASBA Field of Study: Accounting)
Moderator: Gregory Sommers, Southern Methodist University

Options Trading and Cost of Equity Capital
Vic Naiker, University of Auckland;
Discussant: Stephannie A. Larocque, University of Notre Dame

Can analysts help to predict stock returns? Implied cost of capital and value-to-price ratio in international capital markets
Florian Esterer, Swisscanto AG; David Schroeder, University of London, Birkbeck;
Discussant: Stephannie A. Larocque, University of Notre Dame

Is the Equity Risk Premium Close to Zero? Evidence from Imputed Earnings Forecasts
Michael J. Lacina, University of Houston-Clear Lake; Byung T. Ro, Purdue University and Yonsei University;
Discussant: Stephannie A. Larocque, University of Notre Dame


5.17 CEO Compensation and Succession Planning [SESSION CANCELLED]
(NASBA Field of Study: Accounting)
Moderator: Xi Li, Temple University


5.18 Inside Debt, Risk-taking, and the Cost of Debt
(NASBA Field of Study: Accounting)
Moderator: Xue Wang, Emory University

Executive Inside Debt Holdings and Creditors’ Demand for Pricing and Non-Pricing Protections
Feng Chen, University of Toronto; Yiwei Dou, University of Toronto; Xin Wang, The Chinese University of Hong Kong;
Discussant: Chenyang (Jason) Wei, Federal Reserve Bank of New York

Inside Debt and the Design of Corporate Debt Contracts
Divya Anantharaman, Rutgers University; Vivian Wei Fang, Rutgers University; Guojin Gong, Pennsylvania State University;
Discussant: Chenyang (Jason) Wei, Federal Reserve Bank of New York

The Impact of CFO Gender on Bank Loan Contracting
Bill Francis , Rensselaer Polytechnic Institute; Iftekhar Hasan , Rensselaer Polytechnic Institute; Qiang Wu, Rochester Institute of Technology;
Discussant: Xue Wang, Emory University


5.19 Incentives to Manage Earnings
(NASBA Field of Study: Accounting)
Moderator: Zvi Singer, McGill University

Repeated Lies? How Earnings Manipulators Guide Investors
Mei Feng, University of Pittsburgh; Weili Ge, University of Washington; Chan Li, University of Pittsburgh; Nandu Nagarajan, University of Pittsburgh;
Discussant: Wendy Wilson, Southern Methodist University

Earnings Smoothing and the Underpricing of Seasoned Equity Offerings (SEOs)
Duc Anh Ngo, The University of Texas at El Paso; Oscar Varela, The University of Texas at El Paso;
Discussant: Wendy Wilson, Southern Methodist University

Earnings Management as a Means to Sustain Consecutive Earnings Increases
Jennifer Kao, University of Alberta; Kyunga Na, University of Alberta;
Discussant: Wendy Wilson, Southern Methodist University


5.20 Real Earnings Management
(NASBA Field of Study: Accounting)
Moderator: Katherine Gunny, University of Colorado, Boulder

On the Use of Accounting vs. Real Earnings Management to Meet Earnings Expectations – A Market Analysis
Jeff Zeyun Chen, University of Colorado at Boulder; Lynn Rees, Texas A&M University; Konduru Sivaramakrishnan, University of Houston;
Discussant: Daniel Cohen, University of Texas at Dallas

Takeover Protection and Managerial Myopia: Evidence from Real Earnings Management
Yijiang Zhao, American University; Kung H. Chen, University of Nebraska-Lincoln; Yinqi Zhang, American University; Michael Davis, University of Alaska Fairbanks;
Discussant: Daniel Cohen, University of Texas at Dallas

Earnings management for financial misstatement firms: an implication of discretionary expenditure
Yuan Sun, University of California at Berkeley;
Discussant: Daniel Cohen, University of Texas at Dallas


5.21 Intra-industry Information and Earnings Management
(NASBA Field of Study: Accounting)
Moderator: David Folsom, Lehigh University

Evidence on Contagion in Corporate Misconduct
Simi Kedia, Rutgers Business School; Kevin Koh, Nanyang Technological University; Shiva Rajgopal, Emory University;
Discussant: Rosemond Desir, Colorado State University

Board Interlocks and Earnings Management Contagion
Peng-Chia Chiu, University of California, Irvine ; Siew Hong Teoh , University of California - Paul Merage School of Business; Feng Tian , University of Hong Kong - School of Business;
Discussant: Rosemond Desir, Colorado State University

Earnings Management: Do Firms Play “Follow the Leader”?
Brian Bratten, University of Kentucky; Jeff L Payne, University of Kentucky; Wayne B. Thomas, University of Oklahoma;
Discussant: Rosemond Desir, Colorado State University


5.22 Earnings Management: Proxies and Methodology
(NASBA Field of Study: Accounting)
Moderator: Todd D Kravet, University of Texas at Dallas

Detecting Earnings Management: A New Approach
Patricia Dechow, UC Berkeley; Amy P. Hutton, Boston College; Jung Hoon Kim, UC Berkeley; Richard Sloan, University of California Berkeley;
Discussant: William R. Baber, Georgetown University

Can Analysts Detect Earnings Management: Evidence from Firm Valuation
Lucie Courteau, School of Economics and Management, Free University of Bolzano; Jennifer Kao, University of Alberta; Yao Tian, School of Business, University of Alberta;
Discussant: J. K. Aier, George Mason University

Industry Product Market Competition and Earnings Management
Christo Karuna, University of Houston; Feng Tian, University of Hong Kong;
Discussant: Jeremy Michels, University of Colorado at Boulder


5.23 Financial Reporting Quality and Incentives
(NASBA Field of Study: Accounting)
Moderator: Pei Hui Hsu, University of Oregon

Do Firm-Initiated Compensation Recovery Provisions Enhance Financial Reporting Quality?
Lilian H. Chan, The University of Hong Kong; Kevin C. W. Chen, Hong Kong University of Science and Technology; Tai-Yuan Chen, Hong Kong University of Science and Technology;
Discussant: Feng Chen, University of Toronto

Corporate Reporting Awards and Financial Reporting Quality
Tim D. Bauer, University of Waterloo; J. Efrim Boritz, University of Waterloo;
Discussant: Feng Chen, University of Toronto

The Association between Financial Reporting Quality and Investment Decisions: The Effect of Ownership Concentration
Chan-Jane Lin, National Taiwan University; Chao-Jung Pan, National Taiwan University; Tawei Wang, University of Hawaii at Manoa;
Discussant: Feng Chen, University of Toronto


Tuesday August 9, 2011 — 4:00 pm-5:30 pm

6.13 Market Pricing of Earnings I
(NASBA Field of Study: Accounting)
Moderator: Kiran Parthasarathy, University of Houston

Environmental uncertainty and the market pricing of earnings smoothness
Ahsan Habib, Auckland University of Technology; Mahmud Hossain, Curtin University; Haiyan Jiang, Auckland University of Technology;
Discussant: Brian R. Rountree, Rice University

Do Investors Reward the Firms that Outperform in Earnings Surprises During Earnings Announcements?
Yan Li, National University of Singapore; Weina Zhang, National University of Singapore; Yuyan Guan, City University of HK; Xiuping Li, National University of Singapore;
Discussant: Brian R. Rountree, Rice University

Effects of Smoothing and Comparability on Value-Relevance of Earnings
C.S. Agnes Cheng, Louisiana State University ; Hongbo Zhang, Louisiana State University ;
Discussant: Brian R. Rountree, Rice University


6.14 Capital Market Consequences of Accounting Standards
(NASBA Field of Study: Accounting)
Moderator: Na Li, Rotman Schhol of Management, University of Toronto

Did the implementation of SFAS 150 alter the informational efficiency of Mandatorily Redeemable Securities?
Stephani Mason, Rutgers University;
Discussant: Siyi Li, University of Illinois at Chicago

Management Motivations for SFAS 157 Reclassifications and the Capital Market Consequences
Mari Paananen, University of Hertfordshire; Annelies Renders, Maastricht University; Kim Shima, California State University, East Bay ;
Discussant: Siyi Li, University of Illinois at Chicago

Preparers’ Application of IFRS – Sources of Guidance and Communication to Investors?
Tomas Hjelström, Stockholm School of Economics; Walter Schuster, Stockholm School of Economics;
Discussant: Siyi Li, University of Illinois at Chicago


6.15 Disclosure, Governance, and Cost of Capital
(NASBA Field of Study: Accounting)
Moderator: Laurel Franzen, Loyola Marymount University

Put Your Money Where Your Mouth is: Treasury Shares as Currency
Nicole Thorne Jenkins, Vanderbilt University; Alexei V. Ovtchinnikov , Vanderbilt University;
Discussant: Hyungshin Park, Southern Methodist University

Multiple Corporate Governance Attributes and Cost of Capital - Evidence from Germany
Duc Hung Tran, University of Cologne;
Discussant: Gordon D. Richardson, University of Toronto

Non-financial Disclosure and Cost of Equity Capital: International Evidence Based on CSR Disclosure
Dan S. Dhaliwal, University of Arizona; Oliver Zhen Li, University of Arizona; Albert Tsang, The Chinese University of Hong Kong; Yong George Yang, The Chinese University of Hong Kong;
Discussant: Gordon D. Richardson, University of Toronto


6.16 CEO Stock Options and R&D Investment Decisions
(NASBA Field of Study: Accounting)
Moderator: Duane Kennedy, University of Waterloo

Real Effects of Accounting for Employee Stock Options: Implications for Corporate Investment and Executive Compensation
Yiwei Dou, University of Toronto; Franco Wong, University of Toronto; Baohua Xin, University of Toronto;
Discussant: Zining Li, Southern Methodist University

Scientific Breakthroughs or Small Innovations - R&D Investment around CEO Retirement
Crystal Xu, Rutgers University; Meng Yan, Fordham University;
Discussant: Zining Li, Southern Methodist University

Excessive Risk-taking and the Structure of Executive Compensation
Vasiliki Athanasakou, London School of Economics; Daniel Ferreira, London School of Economics; Lisa Goh, London School of Economics;
Discussant: Zining Li, Southern Methodist University


6.17 Sarbanes-Oxley and the Use of Accounting Information
(NASBA Field of Study: Accounting)
Moderator: Ana Marques, NOVA School of Business and Economics

Are Small Investors’ Confused by Accounting Restatements after SOX?
Bidisha Chakrabarty, St. Louis University; Ananth Seetharaman, St. Louis University; Weimin Wang, St. Louis University;
Discussant: John L. Abernathy, Oklahoma State University

Impact of SOX Internal Control on Value Relevance of Accounting Information
Nan Hu, University of Wisconsin Eau Claire; Baolei Qi, Xi'an Jiaotong University; Ling Liu, University of Wisconsin Eau Claire; Zeng Zhen, Xi'an Jiaotong University; GaoLiang Tian, Xi'an Jiaotong University;
Discussant: John L. Abernathy, Oklahoma State University

Financial Reporting Quality and Credit Default Swaps: Evidence from SOX 404 Internal Control Disclosures
Dragon Tang, The University of Hong Kong; Feng Tian, University of Hong Kong; Hong Yan, University of South Carolina and SAIF;
Discussant: John L. Abernathy, Oklahoma State University


6.18 Informativeness of Credit Ratings
(NASBA Field of Study: Accounting)
Moderator: yuan xie, Fordham University

Does It Matter Who Pays for Bond Ratings? Historical Evidence
John (Xuefeng) Jiang, Michigan State University ; Mary Stanford, Texas Christian University ; Yuan Xie, Fordham University ;
Discussant: Monica Neamtiu, University of Arizona

The Confirmatory and Predictive Effects of Credit Ratings Changes for Stock Investors
Michael Clements, University of Texas at Austin; Boochun Jung, University of Hawaii at Manoa; Sunny Yang, University of Texas at Austin;
Discussant: Mei Cheng, The University of Arizona


6.19 Implications of Balance Sheet Liquidity of Banks
(NASBA Field of Study: Accounting)
Moderator: Mark E. Evans, Indiana University

Banks’ Asset Securitization, Information Uncertainty And Informed Trading
Ying Zhou, University of Florida;
Discussant: Gauri Bhat, Washington university in St louis

SFAS 115, Bank Balance Sheet Liquidity and Loan Growth
Anthony Meder, The Ohio State University;
Discussant: Gauri Bhat, Washington university in St louis

Mark-to-market Accounting Implications for Banks Trading Portfolios
Silviu Glavan, Universidad de Navarra; Marco Trombetta, Instituto de Empresa Business School;
Discussant: Gauri Bhat, Washington university in St louis


6.20 Impact of New Accounting Standards
(NASBA Field of Study: Accounting)
Moderator: Gwen Yu, Harvard Business School

Has Goodwill Accounting Gone Bad?
Kevin Li, University of Toronto; Richard Sloan, University of California Berkeley;
Discussant: Todd D. Kravet, University of Texas at Dallas

Accounting Rules and Post-Acquisition Profitability for Business Combinations*
Victoria Dickinson, University of Mississippi; Dan Wangerin, Michigan State University; John Wild, University of Wisconsin;
Discussant: Todd D Kravet, University of Texas at Dallas

Impairments of Tangible Long-Lived Assets under SFAS No. 144: Underlying Economics, Management Incentives, or Both?
Shawn X. Huang, University of Arkansas; E Scott Johnson, University of Arkansas; Linda A. Myers, University of Arkansas;
Discussant: Allison Koester, Georgetown University


6.21 Experiments on Information Framing and Frequency
(NASBA Field of Study: Accounting)
Moderator: Lori B. Shefchik, Georgia Institute of Technology

Accounting Information, Interim Reporting Frequency and Myopic Loss Aversion
Brian W. Mayhew, University of Wisconsin - Madison; Adam Micah Vitalis, University of Wisconsin - Madison;
Discussant: George Lan, University of Windsor

Pro Forma to GAAP Reconciliations and the Impact of Framing on Investment Decisions
Brian Hogan, Northeastern University; Ganesh Krishnamoorthy, Northeastern University; Jim Maroney, Northeastern University;
Discussant: Max Hewitt, Indiana University - Bloomington


6.22 Attributes of Accounting
(NASBA Field of Study: Accounting)
Moderator: Lian Fen Lee, Boston College

Accounting policy similarity and earnings attributes
Kyle Peterson, University of Oregon; Roy Schmardebeck, Brigham Young University; Jeff Wilks, Brigham Young University;
Discussant: Gary Taylor, University of Alabama

Has Matching Really declined? Can Standard Setters Do Much About it?
Anup Srivastava, Northwestern University;
Discussant: Kyle Peterson, University of Oregon


6.23 Textual Analysis
(NASBA Field of Study: Accounting)
Moderator: Judson Caskey, UCLA Anderson School of Management

Understanding the Role of Language in Management Forecast Press Releases
Stephen Baginski, University of Georgia; Elizabeth Demers, INSEAD; Chong Wang, Naval Postgraduate School; Julia Yu, University of Georgia;
Discussant: Stephen V. Brown, University of Florida

Analyst Report Readability
Chia-Chun Hsieh, Hong Kong University of Science and Technology; Kai Wai Hui, Hong Kong University of Science and Technology;
Discussant: Stephen V. Brown, University of Florida

Ambiguous Language in Analyst Reports
Gus De Franco, University of Toronto; Ole-Kristian Hope, University of Toronto; Dushyantkumar Vyas, University of Minnesota-Twin Cities; Yibin Zhou, University of Texas at Dallas;
Discussant: Stephen V. Brown, University of Florida


Wednesday August 10, 2011 — 10:15 am-11:45 am

7.13 Models of Litigation and Earnings Management
(NASBA Field of Study: Accounting)
Moderator: Jin Dong Park, Towson University

The pricing of shares in equity markets with securities class action lawsuits
Judson Caskey, UCLA Anderson School of Management;
Discussant: Sanjay Banerjee, University of Minnesota

Managerial Reporting, Overconfidence, and Litigation Risk
Volker Laux, University of Texas at Austin; Volker Laux, University of Texas at Austin; Volker Laux, University of Texas at Austin; Phillip C. Stocken, Dartmouth College;
Discussant: Sanjay Banerjee, University of Minnesota

An Economic Model of Product Market-Related Incentives for Financial Reporting Manipulation
Manuela Hirsch, Vienna University of Economics and Business; Roland Koenigsgruber, University of Graz;
Discussant: Sanjay Banerjee, University of Minnesota


7.14 Issues in Valuation
(NASBA Field of Study: Accounting)
Moderator: Jin Wook Kim, University of Oregon

The Analysis and Valuation of Subscription-Based Enterprises
Massimiliano Bonacchi, University of Naples "Parthenope"; Kalin S. Kolev, Yale University; Baruch Lev, New York University - Stern School of Business ;
Discussant: Steven Matsunaga, University of Oregon

IPO Valuation and Items Manipulated by IPO Firms
Tatiana Fedyk, Arizona State University; Zvi Singer, McGill University;
Discussant: Steven Matsunaga, University of Oregon

Accounting Disclosure Quality, Cost of Capital and Interrelated Firm Effect
Weiyi Cynthia Cai, The University of Melbourne;
Discussant: Xu Jiang, University of Minnesota


7.15 Security Analysts I
(NASBA Field of Study: Accounting)
Moderator: Kevin Li, University of Toronto

Informativeness of Text in Analyst Reports: A Naïve Bayes Machine Learning Approach
Allen Huang, Hong Kong University of Science and Technology; Amy Zang, Hong Kong University of Science and Technology; Rong Zheng, Hong Kong University of Science and Technology;
Discussant: William L. Buslepp, Texas Tech University

Inconsistency in I/B/E/S Actual Earnings Data
Lawrence D. Brown, Georgia State University; Stephannie A. Larocque, University of Notre Dame;
Discussant: William L. Buslepp, Texas Tech University


7.16 Security Analysts II
(NASBA Field of Study: Accounting)
Moderator: Mindy Wolfe, University of Waterloo

Equity Method Accounting and Sell-Side Analysts' Information Environment
Sam Lee, University of Illinois at Chicago; Shail Pandit, University of Illinois at Chicago; Richard H. Willis, Vanderbilt University;
Discussant: Wan-Ting (Alexandra) Wu, University of Massachusetts Boston

The Effect of Fair Value Accounting on Analysts' Information Environment
Orrie E. Barron, Pennsylvania State University; Sung Gon Chung, Singapore Management University; Kevin Ow Yong, Singapore Management University;
Discussant: Musa Subasi, The University of Texas at Dallas


7.17 Loan Loss Provisions and Credit Ratings
(NASBA Field of Study: Accounting)
Moderator: Jayanthi Sunder, University of Arizona

Did the SEC Impact Banks’ Loan Loss Reserve Policies?
Paul J. Beck, University of Illinois at Urbana-Champaign; Gans Narayanamoorthy, University of illinois at Urbana-Champaign;
Discussant: Dushyantkumar Vyas, University of Minnesota-Twin Cities

Loan Loss Reserves, Regulatory Capital, and Bank Failures: Evidence from the 2008-2009 Economic Crisis
Jeffrey Ng, MIT; Sugata Roychowdhury, Boston College;
Discussant: Dushyantkumar Vyas, University of Minnesota-Twin Cities

Costly Dividend Increases and Future Profitability: Evidence for Firms with Weak Credit Ratings
Ross Jennings, University of Texas at Austin; Boochun Jung, University of Hawaii at Manoa; Sunny Yang, University of Texas at Austin;
Discussant: Jayanthi Sunder, University of Arizona


7.18 Operating and Market Consequences of Analyst Coverage
(NASBA Field of Study: Accounting)
Moderator: Yin Yu, Oakland University

Accruals Quality and Price Synchronicity – Industry-specific and Firm-specific Information
C. S. Agnes Cheng, Louisiana State University; Joseph A. Johnston, City University of Hong Kong; Ling Zhou, Tulane University;
Discussant: David A. Reppenhagen, University of Florida

Sell-side Analyst Research and Stock Comovement
Volkan Muslu, University of Texas at Dallas; Michael Rebello, University of Texas at Dallas; Yexiao Xu, University of Texas at Dallas;
Discussant: David A. Reppenhagen, University of Florida


7.19 Analysts and Debt Markets
(NASBA Field of Study: Accounting)
Moderator: Dev R. Mishra, University of Saskatchewan

Beating Market Expectations, Analysts’ Forecasts Dispersion and the Pricing of Credit Default Swaps
Mauricio Melgarejo, Purdue University;
Discussant: Arpita Shroff, University of Houston

Analyst Consensus Revisions and Credit Rating Actions
Li Yao, Purdue University;
Discussant: Arpita Shroff, University of Houston


7.20 Analysts and Earnings Announcements
(NASBA Field of Study: Accounting)
Moderator: Jundong Wang, University of Illinois at Urbana Champaign

The incremental value of analyst earnings forecasts during the 1990s’ stock market bubble.
Henock Louis, Penn State University; Amy Sun, Pennsylvania State University; Oktay Urcan, London Business School;
Discussant: Matthew Hart, Texas Tech University

Asymmetric Analyst Forecast Revisions in Response to Earnings Announcements under Information Uncertainty
Michael Minye Tang, University of Rochester; Ke Na, University of Rochester;
Discussant: Matthew Hart, Texas Tech University

Why timing matters: The role of earnings announcements in demarcating distinct phases of analysts’ information production activities
Sami Keskek, Texas A&M University; Senyo Tse, Texas A&M University; Jennifer Wu Tucker, University of Florida;
Discussant: Matthew Hart, Texas Tech University


7.21 Credit Markets and Financial Information
(NASBA Field of Study: Accounting)
Moderator: Victoria Dickinson, University of Mississippi

The Valuation Role of Balance Sheet Information in the Corporate Bond Market
Suhas A. Sridharan, Stanford University;
Discussant: Peter Demerjian, Emory University

The Discretionary Reporting of Noncontrolling Interests and Its Association with the Market Assessment of Credit Risk
Bei Dong, University of South Florida;
Discussant: Peter Demerjian, Emory University


7.22 Financial Reporting and Financial Stability: Causes and Effects
(NASBA Field of Study: Accounting)
Moderator: Robert Hodgkinson, ICAEW

Panelists:
Mary E. Barth, Stanford Graduate School of Business
Shyam Sunder, Yale University
Gregory Waymire, Emory University


7.23 Accounting and Informed Trading
(NASBA Field of Study: Accounting)
Moderator: James C Hansen, University of New Mexico

Overvalued Equity and the Accruals Anomaly: Evidence from Insider Trades
Julia Sawicki, Dalhousie University; Keshab Shrestha, Risk Management Institute, National University of Singapore, Singapore;
Discussant: Robert J. Resutek, Tuck School of Business - Dartmouth

Can rational learning explain underreaction anomalies? Evidence from insider trading after earnings announcements
Xu Li, Lehigh University;
Discussant: Jong Chool Park, Old Dominion University

Security Regulation and the Distribution of Informed Option Trading
Ronald Anderson, American University; David Reeb, Temple University; Yuzhao Zhang, Temple University; Wanli Zhao, Worcester Polytechnic Institute;
Discussant: Jong Chool Park, Old Dominion University


7.24 Accounting Disclosure and Information Environment
(NASBA Field of Study: Accounting)
Moderator: James N Cannon, Iowa State University

Acquirers’ Accounting Complexity and Merger Gains
Kyle Peterson, University of Oregon; Nam Duc Tran, University of Oregon;
Discussant: Carol Cain, Purdue University

Attracting Attention in a Limited Attention World: an Exploration of the Forces Behind Positive Extreme Earnings Surprises
Allison P Koester, Georgetown University; Russell Lundholm, University of British Columbia; Mark Soliman, University of Washington;
Discussant: Carol Cain, Purdue University

Does PEAD Increase with Event-Specific Information Uncertainty?
Joonho Lee, Singapore Management University; Michael B. Clement, The University of Texas at Austin; Robert N. Freeman, The University of Texas at Austin;
Discussant: Hanna Lee, University of Maryland


7.25 Use of Credit Risk Information
(NASBA Field of Study: Accounting)
Moderator: Chris Skousen, Utah State University

Equity Misvaluation and Corporate Bankruptcy Prediction
George Batta, Claremont McKenna College; Wan Wongsunwai, Northwestern University;
Discussant: Maria Loumioti, Harvard Business School

What is Behind the Magic of O-Score? An Alternative Interpretation of Dichev's (1998) Bankruptcy Risk Anomaly
Sohyung Kim, Brock University;
Discussant: Maria Loumioti, Harvard Business School

The Extent of Informational Efficiency in the Credit Default Swap Market: Evidence from Post Announcement Returns
Nicole Thorne Jenkins, Vanderbilt University; Michael Kimbrough, Univerity of Maryland; Juan Wang, Singapore Management University;
Discussant: John L. Campbell, University of Georgia


7.26 Effect of Corporate Governance
(NASBA Field of Study: Accounting)
Moderator: Adam J Greiner, Florida Atlantic University

Do Corporate Governance Special Listing Segments and Auditing Curb Real and Accrual-Based Earnings Management? Evidence from Brazil
Antonio Lopo Martinez, Fucape Business School;

Online Business Press and Accounting Earnings
Asheq Razaur Rahman, Massey University; Steve Courtenay, Massey University;


Wednesday August 10, 2011 — 2:00 pm-3:30 pm

8.13 Models of the Effect of Accounting Information on Investment and Financing Decisions
(NASBA Field of Study: Accounting)
Moderator: Weimin Wang, Saint Louis University

Conservatism's Effects on Capital Structure Efficiency and Accounting Information Quality
Lin Nan, Carnegie Mellon University; Xiaoyan Wen, University of Illinois at Chicago;
Discussant: Jose M. Plehn-Dujowich, Temple University

Investment, Cost of Capital, and Accounting for Past and Future Actions
Wei Li, University of Illinois at Urbana-Champaign; Pierre Jinghong Liang, Carnegie Mellon University; Xiaoyan Wen, University of Illinois at Chicago;
Discussant: Jose M. Plehn-Dujowich, Temple University

R&D investment, Disclosure and the Horizon Problem
Ronald A. Dye, Northwestern University; Ning Gong, University of New South Wales; Ram N. V. Ramanan, University of California - Davis;
Discussant: Jose M. Plehn-Dujowich, Temple University


8.14 Management Forecasts II
(NASBA Field of Study: Accounting)
Moderator: Hai Lu, University of Toronto

Management Forecast Regulation and Practice in Germany – Firm and Auditor Perspectives
Corinna Ewelt, University of Muenster; Thorsten Knauer, University of Muenster; Andreas Woempener, University of Muenster;
Discussant: Marcus Kirk, University of Florida

Misleading Earnings Guidance
Artur Hugon, Arizona State University; Kuan-Chen Lin, Arizona State University;
Discussant: Marcus Kirk, University of Florida


8.15 Analysts' Forecasting Performance
(NASBA Field of Study: Accounting)
Moderator: Ari Yezegel, Bentley University

Exchange Sponsored Analyst Coverage
Wen He, University of New South Wales, Australia; Lakshmanan Shivakumar, London Business School; Baljit K. Sidhu, University of New South Wales, Australia; David Simmonds, University of New South Wales, Australia;
Discussant: Sudipta Basu, Temple University

A New Approach to Predicting Analyst Forecast Errors: Implications for Investment Decisions
Eric C. So, Stanford University;
Discussant: Matt Wieland, University of Georgia

Behavioral and Strategic Biases in Analysts’ Forecast Revisions
Oliver Zhen LI, University of Arizona; Xiangang Xin, The Chinese University of Hong Kong; P. Eric Yeung, University of Georgia;
Discussant: Sudipta Basu, Temple University


8.16 Earnings Management Issues
(NASBA Field of Study: Accounting)
Moderator: Ziyun Yang, University of Houston

Capital Structure, Equity Incentives, and Earnings Management through Accruals and Real Activities
Yvonne I-Fang Lee, The University of Texas at Arlington; Li-Chin Jennifer Ho, University of Texas at Arlington;
Discussant: Nam Duc Tran, Melbourne Business School

The Market’s Assessment of the Probability of Meeting or Beating the Consensus
Guang Ma, University of Texas at Dallas; Stanimir Markov, University of Texas at Dallas;
Discussant: Nam Duc Tran, Melbourne Business School

Measuring Discretionary Accruals: Are ROA-Matched Models Better Than the Original Jones Type Models?
Michael S. H. Shih, National University of Singapore;
Discussant: Nam Duc Tran, Melbourne Business School


8.17 Management Forecasts III
(NASBA Field of Study: Accounting)
Moderator: Wanli Zhao, Worcester Polytechnic Institute

The frequency of management forecast and R&D activities: Evidence from Japan
Mikiharu Noma, Hitotsubashi University;
Discussant: David S. Koo, University of Georgia

Are Managers Unable or Unwilling to Revise Earnings Forecasts?
Jared N. Jennings, University of Washington; Robert Christopher Stoumbos, University of Washington; Lloyd Tanlu, University of Washington;
Discussant: David S. Koo, University of Georgia


8.18 Credit Market Risk Exposure
(NASBA Field of Study: Accounting)
Moderator: Lisa Kutcher, Colorado State University

Loan Loss Provisioning and Differences of Opinion
Lin Cheng, Fisher College of Business, The Ohio State University;
Discussant: Changjiang Wang, Florida International University

Does Accounting Quality Mitigate Risk Shifting?
Yuri Loktionov, University of Southern California;
Discussant: Changjiang Wang, Florida International University

Shareholder Litigation and Bank Loan Contracting
Saiying Deng, Southern illinois University Carbondale; Richard H. Willis, Vanderbilt University; Li Xu, Southern illinois University Carbondale;
Discussant: Changjiang Wang, Florida International University


8.19 Mitigation and Disclosure of Risk
(NASBA Field of Study: Accounting)
Moderator: Tiemei Sarah Li, Dr.

On the Risk Relevance of Hedge Ineffectiveness Disclosures under SFAS 133
Zhu Liu, University of Connecticut; Gim Seow, University of Connecticut; Hong Xie, University of Kentucky;
Discussant: Matthew Stallings, University of Nebraska - Lincoln

The Sarbanes-Oxley Act and Exit Strategies of Private Firms
Francesco Bova, University of Toronto; Miguel Minutti, University of Toronto; Gordon Richardson, University of Toronto; Dushyantkumar Vyas, University of Minnesota-Twin Cities;
Discussant: Matthew Stallings, University of Nebraska - Lincoln

Financial Covenants, Credit Risk, and the Resolution of Uncertainty
Peter Demerjian, Emory University;
Discussant: Matthew Stallings, University of Nebraska - Lincoln


8.20 Trading Strategy Topics
(NASBA Field of Study: Accounting)
Moderator: Julia Sawicki, Dalhousie University

Earnings Volatility, Earnings Prediction, and Average Stock Returns
Dain C. Donelson, University of Texas at Austin; Robert J. Resutek, Tuck School of Business - Dartmouth;
Discussant: Shai Levi, UC Berkeley

The Effect of Portfolio Weighting on Anomaly Returns
Steven Crawford, Rice University; James Hansen, University of New Mexico; Richard Price, Rice University;
Discussant: Shai Levi, UC Berkeley

Illusion of Growth: Artificial Growth and Its Implications for Growth and Accrual Mispricing
Daniel W. Collins, University of Iowa; Jaewoo Kim, University of Iowa;
Discussant: Shai Levi, UC Berkeley


8.21 Fundamental Analysis
(NASBA Field of Study: Accounting)
Moderator: Anya Kleymenova, London Business School

Investor behavior and Use of Fundamental Signals of Hard-to-Value Firms
Harri J. Seppänen, Aalto University School of Economics;
Discussant: William L. Buslepp, Texas Tech University

Do Mutual Fund Managers Arbitrage on Stock Intrinsic Values?
Rui Shen, RSM, Erasmus University; Marno Verbeek, RSM, Erasmus University; Yu Wang, RSM, Erasmus University;
Discussant: William L. Buslepp, Texas Tech University


8.22 Insider Trading
(NASBA Field of Study: Accounting)
Moderator: To Be Announced

Do Corporate Managers Trade Against the Shorts?
Harrison Liu, Texas A&M University; Edward P. Swanson, Texas A&M University;
Discussant: Michael Minnis, University of Chicago Booth School of Business

Segment Disclosure, Information Asymmetry, and Insider Trading Profits around FAS 131 Adoption
Jong Chool Park, Old Dominion University ; Yong-Chul Shin, University of Massachusetts Boston;
Discussant: Michael Minnis, University of Chicago Booth School of Business

Internal Control Effectiveness and Insider Trading
Dan Li, Tsinghua University; Yong Zhang, Hong Kong University of Science and Technology;
Discussant: Michael Minnis, University of Chicago Booth School of Business


8.23 Financial Instruments and Informed Trading [SESSION CANCELLED]
(NASBA Field of Study: Accounting)
Moderator: To Be Announced


8.24 Motivation of Managers and Directors
(NASBA Field of Study: Accounting)
Moderator: Liandong Zhang, City University of Hong Kong

Does managerial stock option compensation increase shareholder value in state-controlled Chinese firms listed in Hong Kong?
Zhihong Chen, City University of Hong Kong; Yuyan Guan, City University of Hong Kong; Bin Ke, Nanyang Technological University;
Discussant: Anup Srivastava, Northwestern University

Outside Directors’ Equity Compensation and Information Acquisition
Guojin Gong, Pennsylvania State University; Haidan Li, Santa Clara University;
Discussant: Anup Srivastava, Northwestern University

CEO Reputation and Corporate Opacity
Bok Baik, Seoul National University; Paul Brockman, Lehigh University; David B. Farber, McGill University; Sam Lee, University of Illinois at Chicago;
Discussant: Anup Srivastava, Northwestern University


8.25 Financial Statement Reporting Developments: A Deloitte & Touche Panel Presentation
(NASBA Field of Study: Accounting)
Moderator: Margaret Mulley, Partner of Strategy & Communications and Chief Learning Officer, Deloitte & Touche LLP

Panelists:
Patrick A. Casabona, Professor, St. Johns University & Senior Manager/Consultant, Deloitte & Touche LLP
Clif Mathews, AERS MDP Senior Manager, Deloitte & Touche, LLP
Adrian Mills, AERS Partner, Deloitte & Touche, LLP
Ignacio Perez Zaldivar , AERS Partner, Deloitte & Touche, LLP
Alejandro Rebollo, AERS MDP Senior Manager, Deloitte & Touche, LLP


Wednesday August 10, 2011 — 4:00 pm-5:30 pm

9.09 Models of Voluntary Disclosures
(NASBA Field of Study: Accounting)
Moderator: Yannan Shen, Baruch College, City University of New York; Graduate School, City University of New York

Why do Firms Gravitate to Selective Disclosure?
Bjorn N. Jorgensen, University of Colorado at Boulder; Jing Li, Carnegie Mellon University; Nahum Melumad, Columbia University;
Discussant: Leonidas Enrique de la Rosa, Aarhus University

Competitive Intelligence and Disclosure
Mark Bagnoli, Purdue University; Susan G. Watts, Purdue University;
Discussant: Leonidas Enrique de la Rosa, Aarhus University

Rational Information Leakage
Raffi Indjejikian, University of Michigan; Hai Lu, University of Toronto; Liyan Yang, University of Toronto;
Discussant: Leonidas Enrique de la Rosa, Aarhus University


9.10 Accounting for Fair Value
(NASBA Field of Study: Accounting)
Moderator: Santhosh Ramalingegowda, University of Georgia

Mortgage securitization and the relevance of fair value assets
Willoe Freeman, University of Technology Sydney; Peter Wells, University of Technology Sydney; Anne Wyatt, University of Queensland;
Discussant: Kristian D Allee, Michigan State University

Fair Value Disclosures Beyond SFAS 157's Three-level Estimates
Beng Wee Goh, Singapore Management University; Jeffrey Ng, MIT; Kevin Ow Yong, Singapore Management University;
Discussant: Kristian D Allee, Michigan State University

The Financial Reporting of Fair Value Based on Model Inputs versus Market Inputs: Evidence from Mortgage Servicing Rights
Jennifer L. M. Altamuro, The Ohio State University; Haiwen (Helen) Zhang, The Ohio State University;
Discussant: Kristian D Allee, Michigan State University


9.11 Management Forecasts I
(NASBA Field of Study: Accounting)
Moderator: George Lan, University of Windsor

Do Managers Always Know Better? An Examination of the Relative Accuracy of Management and Analyst Forecasts
Amy P. Hutton, Boston College; Lian Fen Lee, Boston College; Susan Shu, Boston College;
Discussant: Li Zhang, Rutgers University

Managerial Incentives and Management Forecast Precision
Ting Luo, Tsinghua University;
Discussant: Li Zhang, Rutgers University

On the Cross-Sectional Determinants of Management Forecast Bias
Sandip Dhole, Indian School of Business; Sagarika Mishra, Deakin University; Konduru Sivaramakrishnan, University of Houston;
Discussant: Li Zhang, Rutgers University


9.12 Capital Markets
(NASBA Field of Study: Accounting)
Moderator: Davit Adut, university of cincinatti

Cash flow patterns as a predictor of future operating income
Victoria Dickinson, University of Mississippi;
Discussant: John L. Campbell, University of Georgia

Financial Reporting Incentives, the Impact of Analyst Forecasts, and Economic Factors in Recognizing Goodwill Impairment
Arnold R. Cowan, Iowa State University; Cynthia Jeffrey, Iowa State University;
Discussant: Pei Hui Hsu, University of Oregon

Analysts’ Implied Cost Forecasts and Cost Stickiness
Daniel Baumgarten, University of Cologne; Max Berens, University of Cologne; Carsten Homburg, University of Cologne;
Discussant: P.J. Hoffman, Penn State University


9.13 Conservatism & Debt
(NASBA Field of Study: Accounting)
Moderator: Derek C Johnson, University of Maryland

Mitigating Incentive Conflicts in Inter-Firm Relationships: Evidence from Long-Term Supply Contracts
Anna M. Costello, University of Chicago;
Discussant: Derek Christopher Johnson, MIT Sloan School of Management

Creditor Control, State of Nature Verification, and Financial Reporting Conservatism
Liang Tan, Northwestern University;
Discussant: Valeri Nikolaev, University of Chicago

Creditors’ Bargaining Power and Accounting Conservatism: A Debt Contracting Perspective
Feng Chen, University of Toronto; Yiwei Dou, University of Toronto; Helen Hurwitz, Columbia University; Jing Li, Carnegie Mellon University;
Discussant: Valeri Nikolaev, University of Chicago


9.14 Conservatism & Disclosure
(NASBA Field of Study: Accounting)
Moderator: Anup Srivastava, Northwestern University

The role of accounting conservatism in management forecast bias
Yan Sun, Saint Louis University; Weihong Xu, State University of New York at Buffalo;
Discussant: Luo Zuo, Massachusetts Institute of Technology

Conservatism in GAAP earnings and the disclosure of Non-GAAP earnings.
Christian Sobngwi Kuiate, University of Houston;
Discussant: Luo Zuo, Massachusetts Institute of Technology

Voluntary Disclosure Strategies Across Competitive Environments: The Effect on Conditional Conservatism
David Folsom, Lehigh University;
Discussant: Xu Jiang, University of Minnesota


9.15 Conservatism & Governance I
(NASBA Field of Study: Accounting)
Moderator: Todd D Kravet, University of Texas at Dallas

Accounting Conservatism, Incentive Compensation, and Managerial Risk Taking Behavior
Olena Watanabe, University of Missouri - Columbia;
Discussant: Siqi Li, Santa Clara University

The market for corporate control and accounting conservatism
Jeffrey Callen, University of Toronto; Yuyan Guan, City University of Hong Kong; Jiaping Qiu, McMaster University;
Discussant: Siqi Li, Santa Clara University


9.16 Market Participant Preferences and Information Processing Ability
(NASBA Field of Study: Accounting)
Moderator: Maria Loumioti, Harvard Business School

Income Smoothing and Idiosyncratic Volatility
Belen Gill-de-Albornoz, Universitat Jaume I; Garen Bedros Markarian, IE Business School;
Discussant: Rong Zhao, Drexel University

The Incorporation of Public Information
Qianqian Du, Hong Kong University of Science and Technology; Rui Shen, RSM, Erasmus University; K. C. John Wei, Hong Kong University of Science and Technology;
Discussant: Rong Zhao, Drexel University

Is Sin Always a Sin? The Interaction Effect of Social Norms and Financial Performance on Market Participants’ Behavior
Yanju Liu, University of Toronto; Hai Lu, University of Toronto; Kevin Veenstra, University of Toronto;
Discussant: Rong Zhao, Drexel University


9.17 Causes and Consequences of Shareholder Litigation
(NASBA Field of Study: Accounting)
Moderator: Jonathan L Rogers, Chicago Booth

The Timeliness of Earnings News and Litigation Risk
Dain C. Donelson, University of Texas at Austin; John M. McInnis, University of Texas at Austin; Richard Mergenthaler, University of Iowa; Yong Yu, University of Texas at Austin;
Discussant: Christine Cuny, The University of Chicago

Market Reactions to Announcements of Patent Litigation Settlements
Gans Narayanamoorthy, University of Illinois at Urbana-Champaign; Hui Zhou, University of Illinois at Urbana-Champaign;
Discussant: Christine Cuny, The University of Chicago

The Deterrence Value of SEC Enforcement Actions and Class Action Lawsuits
Jared N. Jennings, University of Washington; Simi Kedia, Rutgers Business School; Shivaram Rajgopal, Emory University;
Discussant: Christine Cuny, The University of Chicago


9.19 Evaluating Investment Decisions
(NASBA Field of Study: Accounting)
Moderator: Chia-Chun Hsieh, Hong Kong University of Science and Technology

Financial Reporting Quality and Labor Investment Efficiency
Boochun Jung, University of Hawaii; Woo-Jong Lee, The Hong Kong Polytechnic University; David P. Weber, University of Connecticut;
Discussant: Li Yao, Purdue University

Strategic Financial Investments in the High-Tech Sector
Nishi Sinha, Boston University;
Discussant: Li Yao, Purdue University


9.20 Reporting Quality
(NASBA Field of Study: Accounting)
Moderator: Nam Duc Tran, Melbourne Business School

Does SOX Reduce the Gap in Earnings Quality Between Annual and Interim Reporting?
Lei Han, Niagara University; Li-Chin Jennifer Ho, University of Texas at Arlington;
Discussant: Sarah McVay, University of Utah

How Effective is Internal Control Reporting under SOX 404? Determinants of the (Non-)Disclosure of Existing Material Weaknesses
Sarah Rice, University of Connecticut; David P. Weber, University of Connecticut;
Discussant: Sarah McVay, University of Utah

The Economic Consequences of Financial Restatements for the Market for Corporate Control
Amir Amel-Zadeh, University of Cambridge; Yuan Zhang, Columbia University;
Discussant: Sarah McVay, University of Utah


9.21 Analyst Behavior and Impact on Firm Outcomes
(NASBA Field of Study: Accounting)
Moderator: Alastair Lawrence, Rotman School of Management, University of Toronto

Creditor Coordination Effects and Bankruptcy Prediction
Hanna Lee, University of Maryland;
Discussant: Alastair Lawrence, Haas School of Business, University of California at Berkeley

Do conflicts of interest hamper analysts' effectiveness in curbing earnings management?
Xin Zhang, Fudan University;
Discussant: Alastair Lawrence, Haas School of Business, University of California at Berkeley


9.22 Forecasting Earnings and Prices
(NASBA Field of Study: Accounting)
Moderator: Corey Cagle, The University of Mississippi

Changes in Operational Efficiency and Firm Performance: A Frontier Analysis Approach
Bok Baik, Seoul National University; Joon Chae, Seoul National University; Sunhwa Choi, Seoul National University; David B. Farber, University of Missouri;
Discussant: Willie Reddic, Syracuse University

Long-term Growth Forecasts and Stock Recommendation Profitability
Andreas Simon, Cal Poly State University San Luis Obispo; John Nowland, City University of Hong Kong;
Discussant: Willie Reddic, Syracuse University

The Usefulness of Firm Risk Disclosures under Different Firm Riskiness, Investor Interest, and Market Conditions? Evidence from Finland
Antti Miihkinen, Aalto University School of Economics;
Discussant: Laurel Franzen, Loyola Marymount University


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