Financial Accounting and Reporting Section of the American Accounting Association

2014 Financial Accounting
and Reporting Section
Midyear Meeting

JANUARY 10–11, 2014  •  HOUSTON, TEXAS
Call for SubmissionsRegistrationHotel InformationProgram

Preliminary Agenda

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Grant Thornton LogoThank you to Grant Thornton for generously sponsoring
the Financial Accounting and Reporting Section Midyear Meeting!

Friday, January 10, 2014 — Doctoral Consortium
7:00 am–11:45 am Doctoral Consortium

Friday, January 10, 2014 — FARS Meeting
9:30 am–5:00 pm Registration

7:30 am–11:30 am Research Methods Workshop with Continental Breakfast: Interaction Terms in Linear and Nonlinear Models
Statistics — 3.5 CH
Presenter: Jeffrey Wooldridge, University Distinguished Professor, Michigan State University

12:00 pm–1:30 pm Lunch
Personal Development — 1.0 CH
Speaker: Mary E. Barth, AAA President
What's Up at the AAA?

1:45 pm–3:15 pm Plenary Session
Accounting — 1.5 CH
Speaker: Thomas J. Linsmeier, Financial Accounting Standards Board
Revising the Conceptual Framework: Red Herrings and Buried Treasures

3:15 pm–3:45 pm Break

3:45 pm–5:30 pm Concurrent Sessions

1.01 Corporate Governance
Accounting — 1.5 CH
Moderator: Ana Maria Albuquerque, Boston University

CEO Turnovers and Disruptions in Customer-Supplier Relationships
Sarah Shaikh, The University of Arizona
Matthew Serfling, The University of Arizona
Vincent Intintoli, Southern Illinois University Carbondale
Discussant: George Papadakis, Boston University

CFO Succession and Corporate Financial Practices
Xue Wang, The Ohio State University
Feng Gao, University of Illinois at Chicago
Ellen Engel, The University of Chicago
Discussant: Chris Armstrong, University of Pennsylvania

The Effect of Voluntary Clawback Adoption on Non-GAAP Reporting
Hangsoo Kyung, Baruch College–CUNY
Hakyin Lee, Hofstra University
Carol Marquardt, Baruch College–CUNY
Discussant: Mark T. Bradshaw, Boston College

1.02 Financial Institutions and Discretionary Behavior
Accounting — 1.5 CH
Moderator: Todd Kravet, The University of Texas at Dallas

Governance, Competition and Opportunistic Accounting Choices by Banks
Qi (Susie) Wang, National University of Singapore
Robert M Bushman, The University of North Carolina at Chapel Hill
Christopher Williams, University of Michigan
Discussant: Yiwei Dou, New York University

Securities Underwriting and Discretionary Financial Reporting Behavior
Arthur J. Francia, University of Houston
Emre Kilic, University of Houston
Christian S. Kuiate, University of Houston
Gerald Lobo, University of Houston
Discussant: Jeff Jiewei Yu, Southern Methodist University

Real Earnings Management in the Financial Industry
Aytekin Ertan, Yale University
Discussant: Christopher Williams, University of Michigan

1.03 Guidance Characteristics
Accounting — 1.5 CH
Moderator: Stephanie Grant, University of Illinois

Lowball Guidance and Management Credibility
Jing Chen, New York University
Discussant: Mei Feng, University of Pittsburgh

How Does Communication within the C-Suite Affect Management Forecast Accuracy?
Ruihao Ke, Southern Methodist University
Meng Li, The University of Texas at Dallas
Zhejia Ling, Iowa State University
Yuan Zhang, The University of Texas at Dallas
Discussant: Mei Feng, University of Pittsburgh

Investors' Reactions to Goal versus Expectation Management Earnings Guidance: An Experimental Examination
Kirsten Fanning, University of Illinois at Urbana-Champaign
Ling Lin Harris, University of South Carolina
Kevin E. Jackson, University of Illinois at Urbana-Champaign
Matthew Thomas Stern, University of Illinois at Urbana-Champaign
Discussant: Max Hewitt, Indiana University Bloomington

1.04 How Managers and Shareholders Affect Financial Reporting Sage Quality
Accounting — 1.5 CH
Moderator: Maryjane Raffaella Rabier, University of Maryland, College Park

Does Appointing a Former CFO as CEO Influence a Firm's Accounting Policies?
Steven Roy Matsunaga, University of Oregon
Shan Wang, University of Oregon
Eric Yeung, Cornell University
Discussant: Qiang Cheng, Singapore Management University

Does Stronger Corporate Governance Lead to Higher Financial Reporting Quality? Evidence from a Regression Discontinuity Analysis of Shareholder-Sponsored Governance Proposals
Liang Tan, The George Washington University
Yanfeng Xue, The George Washington University
Yong Yu, The University of Texas at Austin
Discussant: Allison Koester, Georgetown University

Management's Personal Ideology and Financial Reporting Quality
Tianming Zhang, The Florida State University
Katherine Campbell, University of North Dakota
Matthew Adam Notbohm, University of North Dakota
Adam R. Smedema, University of Northern Iowa
Discussant: Alastair Lawrence, University of California, Berkeley

1.05 IFRS Adoption
Accounting — 1.5 CH
Moderator: Eric Floyd, The University of Chicago

Disclosure Comparability under IFRS
Skralan Vergauwe, Lancaster University
Ann Gaeremynck, KU Leuven
Discussant: Hans Christensen, The University of Chicago

Mandatory Financial Reporting and Voluntary Disclosure: Evidence from Mandatory IFRS Adoption
Karthik Balakrishnan, University of Pennsylvania
Xi Li, Temple University
Holly Yang, University of Pennsylvania
Discussant: Hans Christensen, The University of Chicago

Mandatory IFRS Adoption and Management Forecasts
Jeff Ng, The Chinese University of Hong Kong
Albert Tsang, The Chinese University of Hong Kong
Yong Yang, The Chinese University of Hong Kong
Discussant: Hans Christensen, The University of Chicago

1.06 Measuring Accounting Quality
Accounting — 1.5 CH
Moderator: John L. Campbell, The University of Georgia

Abnormal Accruals in Newly Public Companies: Opportunistic Misreporting or Economic Activity?
Chris Armstrong, University of Pennsylvania
George Foster, Stanford University
Daniel Jeffrey Taylor, University of Pennsylvania
Discussant: Sarah E. McVay, University of Washington

Revisiting the AQ Measure of Accrual Quality
Yu Li, University of Washington Bothell
D. Shores, University of Washington
Terry J. Shevlin, University of California, Irvine
Discussant: Sarah E. McVay, University of Washington

Detecting Financial Statement Irregularities: Evidence from the Distributional Properties of Financial Statement Numbers
Dan Amiram, Columbia University
Zahn Bozanic, The Ohio State University
Ethan Rouen, Columbia University
Discussant: Sarah E. McVay, University of Washington

6:00 pm–7:30 pm Reception

Saturday, January 11, 2014
7:00 am–4:30 pm Registration

Breakfast on Your Own


8:00 am–9:30 am Concurrent Sessions

2.01 Non-Traditional Effects on the Firms' Information Environment
Accounting — 1.5 CH
Moderator: Adrienna Alys Huffman, The University of Utah

Are Investors' Corporate Site Visits Informative?
Qiang Cheng, Singapore Management University
Fei Du, The University of Hong Kong
Xin Wang, The University of Hong Kong
Yutao Wang, Central University of Finance and Economics
Discussant: Marcus Paul Kirk, University of Florida

The Effect of Industry Co-Location on Management's Communication and Analysts' Information Acquisition Costs
Jared Jennings, Washington University in St. Louis
Joshua Alan Lee, Washington University
Dawn Matsumoto, University of Washington
Discussant: Yuan Zhang, The University of Texas at Dallas

The Media's Effect on the Information Environment: Evidence from International Analyst Forecasts
Ying Cao, The Chinese University of Hong Kong
Sami Keskek, University of Arkansas
Linda Ann Myers, University of Arkansas
Albert Tsang, The Chinese University of Hong Kong
Discussant: Philip B. Shane, The College of William & Mary

2.02 Earnings Management and Financial Reporting
Accounting — 1.5 CH
Moderator: Olivia Johnson, The University of Iowa

Target Size Management: A Long-Run Response to Unpredictable Earnings
Alan D. Crane, Rice University
Chishen Wei, Nanyang Technological University
Andrew Koch, University of Pittsburgh
Discussant: Nicole Thorne Jenkins, Vanderbilt University

The Relation between Earnings Management and Pro Forma Reporting
Ervin L. Black, Brigham Young University
Theodore E. Christensen, Brigham Young University
T. Taylor Joo, New Mexico State University
Lyle Roy Schmardebeck, University of Arkansas
Discussant: Shankar Venkataraman, Georgia Institute of Technology

Who Stands at the Top and Bottom of the Slippery Slope?
Timothy Brown, University of Illinois at Urbana–Champaign
Kristina Rennekamp, University of Illinois at Urbana–Champaign
Nicholas Andrew Seybert, University of Maryland, College Park
Wenjie Zhu, University of Maryland
Discussant: Devon Erickson, Northeastern University

2.03 Earnings Quality and Cost of Capital
Accounting — 1.5 CH
Moderator: Andrew Sutherland, The University of Chicago

Disclosure Quality, Earnings Quality, and the Cost of Capital: A Re-Examination
Frank Heflin, The Florida State University
James Robert Moon, The Florida State University
Dana Marie Wallace, The Florida State University
Discussant: Ryan Ball, University of Michigan

Financial Reporting Quality and Information Asymmetry: Evidence from the Chinese Stock Market
Tao Ma, University of South Carolina
Discussant: Ryan Ball, University of Michigan

Sources of Investor Uncertainty and Expected Stock Returns
Chad Larson, University of Houston
Robert J. Resutek, Dartmouth College
Discussant: Ryan Ball, University of Michigan

2.04 Financial Institutions and Fair Value Accounting
Accounting — 1.5 CH
Moderator: Qiuhong Zhao, University of Missouri–Columbia

Does Fair Value Accounting Contribute to Procyclical Leverage?
Amir Amel-Zadeh, University of Cambridge
Mary E. Barth, Stanford University
Wayne Landsman, The University of North Carolina at Chapel Hill
Discussant: Dushyantkumar Vyas, University of Toronto

Does It Matter Who Serves on the Financial Accounting Standards Board? Bob Herz's Resignation and Fair Value Accounting for Loans
Yuan Xie, Fordham University
John (Xuefeng) Jiang, Michigan State University
Isabel Wang, Michigan State University
Discussant: Shyam V. Sunder, The University of Arizona

Missed Distress Signals: Evidence from the Fair Value Option for Liabilities
Wei Wu, Willamette University
Nicole Thibodeau, Willamette University
Robert Couch, Willamette University
Discussant: Dushyantkumar Vyas, University of Toronto

2.05 Internal Controls
Accounting — 1.5 CH
Moderator: Andrew A. Acito, Michigan State University

An Analysis of Small Firms' Internal Control Disclosures
Allison Koester, Georgetown University
Weili Ge, University of Washington
Sarah E. McVay, University of Washington
Discussant: Linda Ann Myers, University of Arkansas

Internal Control Deficiency Disclosures among Chinese Reverse Merger Firms
Juan Mao, The University of Texas at San Antonio
Michael Ettredge, The University of Kansas
Discussant: Kailong Wang, Michigan State University

Material Weakness in Internal Control and Stock Price Crash Risk: Evidence from SOX Section 404 Disclosure
Jie Zhou, National University of Singapore
Ira Yeung, Northwestern University
Jeong-bon Kim, City University of Hong Kong
Discussant: Bin Li, The University of Texas at Dallas

2.06 Private Information and Litigation Risk
Accounting — 1.5 CH
Moderator: Joerg R. Werner, Frankfurt School of Finance & Management

Customer-Supplier Relationships and Strategic Disclosures of Litigation Loss Contingencies
Ling Cen, University of Toronto

Feng Chen, University of Toronto
Yu Hou, University of Toronto
Gordon D. Richardson, University of Toronto
Discussant: Donald Monk, Rutgers, The State University of New Jersey

Insider Sentiment and Market Returns around the World
Francois Brochet, Massachusetts Institute of Technology
Discussant: Sophia J. W. Hamm, The Ohio State University

Securities Litigation Risk for Foreign Companies Listed in the U.S.
Beiting Cheng, Harvard University
Gwen Yu, Harvard University
Suraj Srinivasan, Harvard University
Discussant: Karen K. Nelson, Rice University

2.07 Sell-Side Analyst Industry
Accounting — 1.5 CH
Moderator: Kelly Huang, Florida International University

Inside the "Black Box" of Sell-Side Financial Analysts
Lawrence D. Brown, Temple University
Andrew C. Call, Arizona State University
Michael B. Clement, The University of Texas at Austin
Nathan Y. Sharp, Texas A&M University
Discussant: Michael Tang, New York University

Does the Scope of the Sell-Side Analyst Industry Matter? An Examination of Bias, Accuracy and Information Content of Analyst Reports
Kenneth Merkley, Cornell University
Roni Michaely, Cornell University
Joseph Pacelli, Cornell University
Discussant: Richard Willis, Vanderbilt University

From K Street to Wall Street: Politically Connected Analysts and Stock Recommendations
Dane M. Christensen, The University of Arizona
Michael B. Mikhail, Arizona State University
Beverly R. Walther, Northwestern University
Laura Wellman, Arizona State University
Discussant: Steven Crawford, Rice University

9:30 am–10:00 am Break

10:00 am–11:30 am Concurrent Sessions

3.01 Analyst Forecasts
Accounting — 1.5 CH
Moderator: Kuan-Chen (KC) Lin, Oregon State University

Do Analysts Disclose Their Cash Flow Forecasts with Earnings Estimates When Earnings Quality Is Low?
Pawel Bilinski, Cass Business School
Discussant: Shuping Chen, The University of Texas at Austin

Effects of Corporate Operating and Financial Reporting Opacity on the Intensity of Analyst Forecast Activity
Senyo Y. Tse, Texas A&M University
Jennifer Wu Tucker, University of Florida
Discussant: Artur Hugon, Arizona State University

Empirical Evidence on the Effects of Measurement Error in Non-GAAP Earnings Research
Theodore E. Christensen, Brigham Young University
Kurt H. Gee, Stanford University
Benjamin C. Whipple, The University of Georgia
Discussant: Jared Jennings, Washington University in St. Louis

3.02 Credit Ratings
Accounting — 1.5 CH
Moderator: Po-Chang Chen, Miami University

The Impact of Financial Disclosure Complexity on Bond Rating Agency Disagreement and the Cost of Debt Capital
Samuel B. Bonsall, The Ohio State University
Brian P. Miller, Indiana University Bloomington
Discussant: Christine Cuny, New York University

Cash Flow Management and Credit Rating Properties
Inder Khurana, University of Missouri-Columbia
Raynolde Pereira, University of Missouri-Columbia
Eliza Zhang, University of Missouri-Columbia
Discussant: Ed deHaan, Stanford University

Impact of the Dodd-Frank Act on Credit Ratings
Leo Tang, Rutgers, The State University of New Jersey, Newark
Valentin Dimitrov, Rutgers, The State University of New Jersey
Darius Palia, Rutgers, The State University of New Jersey
Discussant: Mei Cheng, The University of Arizona

3.03 Earnings Management
Accounting — 1.5 CH
Moderator: Ciao-Wei Chen, The University of Iowa

Earnings Co-Movements and Earnings Manipulation in Different Economic States
Andrew Jackson, The University of New South Wales
Brian Rountree, Rice University
Discussant: Daniel Jeffrey Taylor, University of Pennsylvania

Short Selling and Earnings Management: A Controlled Experiment
Vivian Fang, University of Minnesota
Allen Huang, The Hong Kong University of Science and Technology
Jonathan M. Karpoff, University of Washington
Discussant: Wendy M. Wilson, Texas Christian University

Weighing the Evidence on Earnings Management to Meet Dividend Thresholds
Jaewoo Kim, University of Rochester
Discussant: Jennifer L. M. Altamuro, The Ohio State University

3.04 Effect of Investors on Stock Returns
Accounting — 1.5 CH
Moderator: Sophia J. W. Hamm, The Ohio State University

Accrual Quality, Skill, and the Cross-Section of Mutual Fund Returns
Suresh Nallareddy, Columbia University
Maria Ogneva, University of Southern California
Discussant: Frank Ecker, Duke University

Naked Short Selling: Is It Information-Based Trading?
Harrison Liu, The University of Texas at San Antonio
Sean Thomas McGuire, Texas A&M University
Edward P. Swanson, Texas A&M University
Discussant: Sophia J. W. Hamm, The Ohio State University

Transaction Sizes and Institutional Investor Trading Patterns around Earnings Announcements
Musa Subasi, University of Missouri-Columbia
William M. Cready, The University of Texas at Dallas
Abdullah Kumas, University of Richmond
Discussant: Eric H. Weisbrod, University of Miami

3.05 Executive Compensation
Accounting — 1.5 CH
Moderator: Dirk E. Black, Duke University

Executive Compensation Incentives Contingent on Long-Term Accounting Performance
Zhi Li, Tulane University
Lingling Wang, Tulane University
Discussant: Anya Kleymenova, London Business School

Managers' Pay Duration and Voluntary Disclosures
Qiang Cheng, Singapore Management University
Young Jun Cho, Singapore Management University
Jae Bum Kim, Singapore Management University
Discussant: Shane M. Heitzman, University of Rochester

Using Sales Revenue as a Performance Measure
Rong Huang, Baruch College-CUNY
Carol Marquardt, Baruch College-CUNY
Bo Zhang, Renmin University of China
Discussant: Ana Maria Albuquerque, Boston University

3.06 Investors' Search for Information on the Internet
Accounting — 1.5 CH
Moderator: Hanna Lee, University of Maryland, College Park

Mobile Communication and Local Trading Activity: Evidence from Distracted Driving Laws
Nerissa C. Brown, Georgia State University
Joseph Han Stice, Georgia State University
Roger McNeill White, Georgia State University
Discussant: Christina Synn, University of Michigan

The Geographic Dispersion of Google Search and the Market Reaction to Earnings Announcements
Sabrina Chi, University of Arkansas
Devin Shanthikumar, University of California, Irvine
Discussant: Chad Larson, University of Houston

Crowdsourcing Peer Firms: Evidence from EDGAR Search Traffic
Paul Ma, University of Minnesota
Charles C. Y. Wang, Harvard University
Charles M. C. Lee, Stanford University
Discussant: Stephannie A. Larocque, University of Notre Dame

3.07 Standard Setting and Regulatory Actions
Accounting — 1.5 CH
Moderator: Laura Swenson, Georgia State University

Fact-Weighting Guidance and the Biasing Effect of Examples in Accounting Standards
Gregory Paul Capps, The University of Texas at Austin
Lisa Koonce, The University of Texas at Austin
Brian Joseph White, The University of Texas at Austin
Discussant: Timothy Brown, University of Illinois at Urbana–Champaign

Principles-Based Standards and Earnings Attributes
Richard D. Mergenthaler, The University of Iowa
Paul Hribar, The University of Iowa
David Matthew Folsom, Lehigh University
Kyle Peterson, University of Oregon
Discussant: Abigail McIntosh Allen, Harvard University

The Economic Impact of SEC Staff Interpretations on Non-GAAP Reporting: Evidence from Compliance and Disclosure Interpretations in 2010
Hangsoo Kyung, Baruch College–CUNY
Discussant: Michael J. Jung, New York University

11:45 pm–1:30 pm Awards Luncheon
Accounting — 1.0 CH
Speakers: Christian Leuz, The University of Chicago, and Ross L. Watts, Massachusetts Institute of Technology

FARS Lifetime Achievement Award
Award Recipient: Ray Ball, Sydney Davidson Distinguished Service Professor of Accounting at the University of Chicago, Booth School of Business

2:00 pm–3:30 pm Concurrent Sessions

4.01 Accounting Conservatism: Outcomes and Identification
Accounting — 1.5 CH
Moderator: Anwer S. Ahmed, Texas A&M University

The Role of Conservatism in the Timing of Asset Impairments and Liquidity of Corporate Bonds: Evidence from the Financial Crisis
Joshua Gunn, University of Missouri-Columbia
Inder Khurana, University of Missouri-Columbia
Sarah E. Stein, Virginia Tech
Discussant: Anwer S. Ahmed, Texas A&M University

Accounting Conservatism and Management Earnings Forecasts
Hua Xin, Rutgers, The State University of New Jersey, Newark
Bikki Jaggi, Rutgers, The State University of New Jersey, Newark
Joshua Ronen, New York University
Discussant: Liandong Zhang, City University of Hong Kong

The Confounding Effect of Cost Stickiness in Conservatism Research
Rajiv D. Banker, Temple University
Sudipta Basu, Temple University
Dmitri Byzalov, Temple University
Yun-Sheng Chen, Temple University
Discussant: Liandong Zhang, City University of Hong Kong

4.02 Are Financial Statements Useful?
Accounting — 1.5 CH
Moderator: Michael Kimbrough, University of Maryland, College Park

Accounting Quality and Supplier-Customer Contracting: Evidence from Government Contractor Selection
Joseph Pacelli, Cornell University
Eric Yeung, Cornell University
Kai Wai Hui, The Hong Kong University of Science and Technology
Discussant: Bugra Naim Ozel, University of California, Los Angeles

Financial Statement Disclosure Accuracy: Evidence from Reported Stock Option Fair Values
Brian Bratten, University of Kentucky
Ross Jennings, The University of Texas at Austin
Casey M. Schwab, The University of Georgia
Discussant: Theodore H. Goodman, Purdue University

The Sharpest Tool in the Shed: An Examination of Financial Statement Management Tools during IPOs
Tatiana Fedyk, Arizona State University
Zvi Singer, McGill University
Mark T. Soliman, University of Washington
Discussant: Frank Ecker, Duke University

4.03 Corporate Governance and Boards of Directors
Accounting — 1.5 CH
Moderator: Kara Wells, Southern Methodist University

Board Hierarchy, Independent Directors, and Firm Value
Jigao Zhu, University of International Business and Economics
Kangtao Ye, Renmin University of China
Jennifer Wu Tucker, University of Florida
Kam C. Chan, Western Kentucky University
Discussant: Yuping Zhao, University of Houston

Do Firms Hedge Optimally? Evidence from an Exogenous Governance Change
Sterling Huang, INSEAD
Urs Peyer, INSEAD
Benjamin Segal, INSEAD
Discussant: Mihir N. Mehta, Temple University

Director Tenure Diversity and Its Impact on Governance
Na Li, University of Toronto
Aida Sijamic Wahid, University of Toronto
Discussant: Kyle Welch, Harvard University

4.04 Disclosure Language
Accounting — 1.5 CH
Moderator: Holly Yang, University of Pennsylvania

How Creating a Fit between Language and Reporting Style in Performance Reports Influences Investor Judgments
W. Brooke Elliott, University of Illinois at Urbana-Champaign
Stephanie Grant, University of Illinois
Kristina Rennekamp, University of Illinois at Urbana-Champaign
Discussant: Shankar Venkataraman, Georgia Institute of Technology

When the SEC Speaks, Do Firms Listen? The Direct Impact of the SEC's Comment Letter Process on Corporate Disclosure
Bret Adam Johnson, The Ohio State University
Zahn Bozanic, The Ohio State University
J. Richard Dietrich, The Ohio State University
Discussant: Reining Petacchi, Massachusetts Institute of Technology

Repetitive Disclosures in the MD&A
Heather Li, University of Toronto
Discussant: Stephen V. Brown, Arizona State University

4.05 Macroeconomic Effects and Financial Reporting
Accounting — 1.5 CH
Moderator: Musa Subasi, University of Missouri-Columbia

Aggregate Earnings Surprises, Monetary Policy, and Stock Returns
Lindsey A. Gallo, University of Maryland, College Park
Rebecca Hann, University of Maryland, College Park
Congcong Li, University of Maryland, College Park
Discussant: Matthew Lyle, Northwestern University

Analysts, Macroeconomic News, and the Benefit of In-House Economists
Artur Hugon, Arizona State University
Alok Kumar, University of Miami
An-Ping Lin, Arizona State University
Discussant: Sung Gon Chung, Singapore Management University

The Effect of Industry Business Cycles on the Information in Pro Forma Earnings: Evidence from U.S. REITs
Joy Begley, The University of British Columbia
Sandra L. Chamberlain, The University of British Columbia
Jeong Hwan Joo, The University of Hong Kong
Discussant: Richard M. Morton, The Florida State University

4.06 Regulations and Product Markets
Accounting — 1.5 CH
Moderator: Joshua Madsen, University of Minnesota

A Commitment to Quality: An Examination of Plant-Level Quality Control Failures and Financial Reporting Weaknesses
Jennifer L. M. Altamuro, The Ohio State University
John Gray, The Ohio State University
Haiwen Zhang, The Ohio State University
Discussant: Brian P. Miller, Indiana University Bloomington

Is Knowledge Power? The Effects of Price Transparency Regulation on Prices in the Healthcare Industry
Eric Floyd, The University of Chicago
Hans Christensen, The University of Chicago
Mark G. Maffett, The University of Chicago
Discussant: Joao Granja, The University of Chicago

Noncompete Agreements, Product-Market Competition, and Company Disclosure
Daniel Aobdia, Northwestern University
Discussant: Daniel A. Cohen, The University of Texas at Dallas

4.07 Use of Accounting in Debt
Accounting — 1.5 CH
Moderator: Daniel D. Wangerin, Michigan State University

Financial Statements as Monitoring Mechanisms: Evidence from Small Commercial Loans
Michael Minnis, The University of Chicago
Andrew Sutherland, The University of Chicago
Discussant: Stephen G. Ryan, New York University

Corporate Innovation and Bond Pricing
Po-Hsuan Hsu, The University of Hong Kong
Hsiao-Hui Lee, The University of Hong Kong
Zhu Liu, University at Albany, SUNY
Zhipeng Zhang, BlackRock, Inc.
Discussant: Yuan Xie, Fordham University

The Changing Relevance of Accounting Numbers to Debt Holders over Time
Dan Givoly, The Pennsylvania State University
Carla Hayn, University of California, Los Angeles
Sharon P. Katz, Columbia University
Discussant: Jayanthi Sunder, The University of Arizona

3:30 pm–4:00 pm Break

4:00 pm–5:30 pm Concurrent Sessions

5.01 Debt Contracting
Accounting — 1.5 CH
Moderator: Zhenhua Chen, Tulane University

Measuring Financial Covenant Strictness in Private Debt Contracts
Peter Demerjian, University of Washington
Edward Lamar Owens, University of Rochester
Discussant: Anna Marie Costello, Massachusetts Institute of Technology

Private Debt Contract Complexity: What the Numbers Don't Tell You
Zahn Bozanic, The Ohio State University
Lin Cheng, The University of Arizona
Tzachi Zach, The Ohio State University
Discussant: Michael Minnis, The University of Chicago

State Contract Law and Debt Contracting
Colleen Honigsberg, Columbia University
Sharon P. Katz, Columbia University
Gil Sadka, Columbia University
Discussant: Ningzhong Li, The University of Texas at Dallas

5.02 Determinants of Cash Retention and Payouts
Accounting — 1.5 CH
Moderator: Derek K. Oler, Texas Tech University

The Effect of Financial Reporting Quality on Corporate Dividend Policy
Santhosh M. Ramalingegowda, The University of Georgia
Yong Yu, The University of Texas at Austin
Discussant: Clare Wang, Northwestern University

The Valuation Consequences of U.S. Multinational Corporations' Foreign Cash Holdings
John L. Campbell, The University of Georgia
Dan S. Dhaliwal, The University of Arizona
Linda K. Krull, University of Oregon
Casey M. Schwab, The University of Georgia
Discussant: Jeri Kristina Seidman, The University of Texas at Austin

Why Do Firms Hold Less Cash?
Daniel A. Cohen, The University of Texas at Dallas
Bin Li, The University of Texas at Dallas
Discussant: Shailendra Pandit, University of Illinois at Chicago

5.03 Disclosure and Investors
Accounting — 1.5 CH
Moderator: David Seung-Hyun Koo, University of Illinois at Urbana-Champaign

Does Earnings Guidance Contribute to Investor Short-Termism?
Brent (YiYi) Lao, Florida International University
Discussant: Jennifer Wu Tucker, University of Florida

Hedge Fund Ownership and Voluntary Disclosure
Bok Baik, Seoul National University
Jin-Mo Kim, Rutgers, The State University of New Jersey
Kyonghee Kim, University of Missouri-Columbia
Sukesh Patro, Northern Illinois University
Discussant: Holly Yang, University of Pennsylvania

The Effects of Investor Responses to Meeting Earnings Expectations
Ning Zhang, Queen's University
Samuel J. Melessa, The University of Iowa
Discussant: Holly Yang, University of Pennsylvania

5.04 Financial Accounting Theory
Accounting — 1.5 CH
Moderator: Xiaojing Meng, New York University

Asset Measurement, Real Effects, and the Financial Accelerator
Jeremy Bertomeu, Baruch College-CUNY
Edwige Cheynel, Columbia University
Discussant: Michael T. Kirschenheiter, University of Illinois at Chicago

Does Relationship Lending Require Opaque Financial Reporting?
Jochen Bigus, Freie Universität Berlin
Hendrik Hakenes, University of Bonn
Discussant: Xiaojing Meng, New York University

Properties of Optimal Accounting Rules in a Signaling Game
Xu Jiang, Duke University
Ming Yang, Duke University
Discussant: Nisan Langberg, University of Houston

5.05 Market Reactions to Earnings
Accounting — 1.5 CH
Moderator: Tharindra S. Ranasinghe, Singapore Management University

Investor Sentiment and the Stock Market Reaction to Earnings, Margin, and Expense Surprises of Profit and Loss Firms
David Matthew Folsom, Lehigh University
Xu Li, Lehigh University
Rong Zhao, University of Calgary
Discussant: Siyi Li, University of Illinois at Chicago

Post-Earnings Announcement Reversal: The Puzzling Case of Seasonal Random Walk Firms
Allen W. Bathke, Jr., The Florida State University
Terry Mason, The Florida State University
Richard M. Morton, The Florida State University
Discussant: Jeffrey Ng, Singapore Management University

The Efficiency of Market Reactions to Earnings News
Bin Miao, National University of Singapore
Gillian Yeo, Nanyang Technological University
Discussant: Tharindra S. Ranasinghe, Singapore Management University

5.06 Measuring Cost of Equity
Accounting — 1.5 CH
Moderator: Alon Kalay, Columbia University

Associations between Realized Returns and Risk Proxies Using Non-Random Samples
Frank Ecker, Duke University
Jennifer Francis, Duke University
Per M. Olsson, Duke University
Katherine Schipper, Duke University
Discussant: Maria Ogneva, University of Southern California

Measurement Errors of Expected Return Proxies and the Implied Cost of Capital
Charles C. Y. Wang, Harvard University
Discussant: Gregory A. Sommers, Southern Methodist University

Implied Cost of Equity Capital Estimates as Predictors of Accounting Returns
Stephannie A. Larocque, University of Notre Dame
Matthew Lyle, Northwestern University
Discussant: Judson A. Caskey, The University of Texas at Austin

5.07 Reporting Quality and Corporate Finance
Accounting — 1.5 CH
Moderator: Salman Arif, Indiana University Bloomington

Financial Statement Comparability and the Efficiency of Acquisition Decisions
Richard D. Mergenthaler, The University of Iowa
Ciao-Wei Chen, The University of Iowa
Daniel W. Collins, The University of Iowa
Todd Kravet, The University of Texas at Dallas
Discussant: Theodore H. Goodman, Purdue University

Financial Statement Comparability and Valuation of Seasoned Equity Offerings
Philip B. Shane, The College of William & Mary
David B. Smith, University of Nebraska-Lincoln
Suning Zhang, George Mason University
Discussant: Amy (Xue) Sun, University of Houston

The Benefits and Costs of Managerial Earnings Forecasts in Mergers and Acquisitions
Amir Amel-Zadeh, University of Cambridge
Baruch Lev, New York University
Geoff Meeks, University of Cambridge
Discussant: Theodore H. Goodman, Purdue University

Note: The CPE Fields of Study curriculum is divided into twenty three subject matter areas. These fields represent the primary knowledge and skill areas needed by accounting licensees to perform professional services in all fields of employment. Sessions that offer CPE credit have the Field of Study and Credit Hours (CH) in red. Each Credit Hour is based on 50 minutes. The Program Level for each of these sessions is Basic, unless otherwise stated. Delivery Method: Group Live

American Accounting Association is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org.

To register for this course, visit the Web site and register online or contact (941)-921-7747. For more information regarding refund, complaint and program cancellation policies, please contact our offices at (941)-921-7747.

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