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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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