教學大綱 Syllabus

科目名稱:高等財務會計研究

Course Name: Seminar in Advanced Financial Accounting

修別:必

Type of Credit: Required

3.0

學分數

Credit(s)

10

預收人數

Number of Students

課程資料Course Details

課程簡介Course Description

The class discussions will be centered around two papers each session. A brief handout of your presentation should be distributed to the class at the start of class. I also plan to distribute a list of topics and papers that we will not cover in the class. The objective is two fold. First, the financial accounting area is vast and I had to make choices regarding what should and should not be discussed at the class. Second, the list is a good starting point to probe further into any of the areas covered, should you be interested in pursuing those areas for a term paper or a thesis.

A one-page outline will be due in class on Dec. 10. The outline should include your research question, motivation for the question, and the incremental contribution, a sketch of the empirical design, the data required to test the question, and the expected findings. The research proposal submitted on Jan. 5, 2020 would amplify each of these issues in greater detail. The length of the paper (i.e., the body of the paper) should not exceed 15 pages (font size 12), double spaced. Each student is required to present the research idea in class at the end of the semester (I do not require empirical analyses).

核心能力分析圖 Core Competence Analysis Chart

能力項目說明


    課程目標與學習成效Course Objectives & Learning Outcomes

    主要目標: 培養學生在國際期刊發表期刊的能力

    The class discussions will be centered around two papers each session. A brief handout of your presentation should be distributed to the class at the start of class. I also plan to distribute a list of topics and papers that we will not cover in the class. The objective is two fold. First, the financial accounting area is vast and I had to make choices regarding what should and should not be discussed at the class. Second, the list is a good starting point to probe further into any of the areas covered, should you be interested in pursuing those areas for a term paper or a thesis.

    A one-page outline will be due in class on Dec. 10. The outline should include your research question, motivation for the question, and the incremental contribution, a sketch of the empirical design, the data required to test the question, and the expected findings. The research proposal submitted on Jan. 5, 2020 would amplify each of these issues in greater detail. The length of the paper (i.e., the body of the paper) should not exceed 15 pages (font size 12), double spaced. Each student is required to present the research idea in class at the end of the semester (I do not require empirical analyses).

     

     

    每周課程進度與作業要求 Course Schedule & Requirements

    教學週次Course Week 彈性補充教學週次Flexible Supplemental Instruction Week 彈性補充教學類別Flexible Supplemental Instruction Type

    III. Outline

    1課程介紹

    2. Information/ Measurement perspectives (Chap 3&4)

    Collins, D. W., and S. P. Kothari, 1989. An analysis of the intertemporal and cross-sectional determinants of earnings response coefficients, JAE 11: 143-181. (KIM 9/28:1, 2)

    Beaver, W. H., M, F, McNichols and Z. Wang.  2020.Increased market response to earnings announcements in the 21st century: An Empirical vestigation. JAE (69):1-21.

    Ahn, J., R. Hoiash, and U. Hoitash. 2020. Auditor task-specific expertise: The case of fair value accounting. TAR 95 (3): 1-32. (KIM 3-1)

     

    Review paper

    Kothari, S. P. 2001. Capital market research in accounting. JAE 31: 105-231.

     

    3. Earnings quality (1): Conservatism (Chap 9)

    Khurana, I., and W. Wang. 2019. International Mergers and Acquisitions Laws, the Market for Corporate Control, and Accounting Conservatism. JAR 57 (1): 241- 290 (Hwang: 3-2)

    Review paper:

    Watts, R.L., 2003. Conservatism in accounting part I (II): Explanations and implications, Accounting Horizons: 207-221 (287-301).

     

    4 Earnings quality (2): Other proxies (Chap 8&9)

    Real and accrual earnings management

    Huang, S., S. Roychowdhury and E. Sletten. 2020. Does litigation deter or encourage real earnings management? TAR 95 (3): 251-278. (Hwang 4-1)

    Restatements

    Beck, M. J., J. L. Gunn, and N. Hallman. 2019. The geographic decentralization of audit firms and audit quality. JAE 68 (1): 1-25. (C 4-2)

    Income Smoothing

    Baik, B; S. Choi, D. B. Farber. 2020. Managerial ability and income smoothing. TAR 95 (4): 1-22.  (HWANG: 5-1) 

    5. Practitioner’s assessment

    Aobdia, D. 2019. Do practitioner assessments agree with academic proxies for audit quality? Evidence from PCAOB and internal inspections. JAE 67: 144-174. (KIM 5-2)

    Review paper:

    Dechow, P., W. Ge, and C. Schrand. 2010. Understanding earnings quality: A review of the proxies, their determinants and their consequences. JAE 50: 344-401.

    DeFond, M., and J. Zhang. 2014. A review of archival auditing research. JAE 58: 275–326

     

    6 Financial Statement Comparability/ relevance and reliability (Chap 8&9)

    Comparability

    De Franco, G., S. P. Kothari and R. Verdi. 2012. The benefits of financial statement comparability. JAR 49 (4): 895-931. (HWANG: 6-1)

    Francis, J. R., M. L. Pinnuch and O. Watanabe. 2014. Auditor style and financial statement comparability. TAR (89) 2: 605-633.

    Chen, J. Z., M. H. Chen, C. L. Chin and G. J. Lobo. 2020. Do firms that have a common signing auditor exhibit higher earnings comparability? TAR 95 (3): 115-143. (Chen : 6-2)

    Chircop, J., D. W. Collins, L. H. Hass and N. Q. Nguyen. 2020. Accounting comparability and corporate innovative efficiency. TAR 95 (4): 127-151. (KIM : 7-1)

     

     

     

    5. Disclosure (Chap 11)

    Tsang, A., F. Xie, and X. Xin. 2019. Foreign institutional investors and corporate voluntary disclosure around the world. TAR 94 (5): 319-348. (HWANG: 8-1)

    Review paper:

    Healy, P. M. and K. G. Palepu. 2001. Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. JAE 31: 405-440. (Voluntary)

    Leuz, C. and P. Wysocki. 2016. The economics of disclosure and financial reporting regulation: Evidence and suggestions for future research. JAR (54) 2: 525-622. (Mandatory)

     

    8. Positive Accounting Research—Political cost (Chap 5)

    Godsell, D., M. Welker and N. Zhang. 2017. Earnings management during antidumping investigations in Europe: Sample-wide and cross-sectional evidence. JAR 55 (2): 407-457.  (KIM  9-1)

    Boland, M., and D. Godsell. 2020.  Local soldier fatalities and war profiteers: New tests of the political cost hypothesis. JAE 70 (1): 1-32. (CHEN 8-2)

     

    9. Positive Accounting Research---Compensation (Chap 7)

    Holzhacker, M., S. Kramer, M. Matejka, and N. Hoffmeister. 2019. Relative target setting and cooperation. JAR 57 (1): 211-239. (HWANG: 9-2)

    Nam, J. 2020Financial reporting comparability and accounting-based relative performance evaluation in the design of CEO cash compensation contracts. TAR 95 (3): 343-370. (KIM: 10-1)

     

    10. Debt (Chap 6)

    Kim, J. B., B. Y. Song, and T. C. Stratopoulos. 2018. Does Information Technology Reputation Affect Bank Loan Terms? TAR 93 (3), 185-211. (HWANG: 10-2)

    Francis, B. B., D.M. Hunter, D. M. Robinson, M. N. Robinson, and X. Yuan. 2017. Auditor Changes and the Cost of Bank Debt. TAR 92 (3), 1-30.

     

    Review paper:

    Armstrong, C., W. Guay, and J. Weber.  2010. The role of information and financial reporting in corporate governance and debt contracting. University of Pennsylvania. JAE 50: 179-234.

     

    11. Corporate Governance (Chap 9)

    Silvers, R. 2020. Cross-border cooperation between securities regulators. JAE: 69 (2-3): 1-22. (HWANG: 11-1)

     

    12. Analyst forecasts (Chap 10)

    Li, Z., T. J. Wong and G. Yu. 2020. Information dissemination through embedded financial analysts: Evidence from China. TAR 95 (2): 257-281. (CHEN: 11-2)

    Lourie, B. 2019. The revolving door of sell-side analysts. TAR 94 (1): 249-270. (KIM: 12-1)

    He, X., H. Yin, Y. Zeng, H. Zhang, and H. Zhao. 2019. Facial structure and achievement drive: Evidence from financial analysts. JAR 57 (4): 1013-1057. (HWANG: 12-2)

    13. Pacelli, J. 2019. Corporate culture and analyst catering. JAE 67 (1): 120-143. (HWANG: 13-1)

    Li, C., A. P. Lin, H. Lu, and K. Veenstra. 2020. Gender and beauty in the financial analyst profession: Evidence from the U.S. and China. RAS. Forthcoming. (HWANG: 13-2)

     

    Gu, Z., Z. Li, Y. G. Yang, and G. Li. 2019. Friends in need are friends indeed: An analysis of social ties between financial analysts and mutual fund managers. TAR 94 (1): 153-181.

     

    Review paper:

    Ramnath, S., S. Rock and P. Shane. 2008. The financial analyst forecasting literature: A taxonomy with suggestions for further research. International Journal of Forecasting 24: 1-28.

     

    14. Research methodology (Appendix) (CHEN 14, 15)

    Lennox, C. S., J. R. Francis, and Z. Wang. 2012. Selection models in accounting research. TAR 87 (2): 589-616.

    Larcker, D., and T. Rusticus. 2010. On the use of instrumental variables in accounting research. JAE 49 (3): 186–205.

    Shipman, J. E., Q. T. Swanquist, and R. L. Whited. 2017. Propensity Score Matching in Accounting Research. TAR 92 (1): 213-244.

    15. Chen, W., P. Hribar, and S. Mellessa. 2018. Incorrect inferences when using residuals as dependent variables. JAR 56 (3): 751-796.

    Grieser, W. D., and C. J. Hadlock. 2019. Panel-data estimation in finance: Testable assumptions and parameter (in) consistency. Journal of Financial and Quantitative analysis 54 (1): 1-29.

    Chakrabarty, B., S. Duellman, and M. A. Hyman. 2020. A new approach to estimating the relation between audit fees and financial misconduct. Accounting Horizon 34 (2): 41-61.

     

    16. Politics and Accounting (Chap 5)

    Bischof, J., H. Daske and C. J. Sextroh. 2020. Why do politicians intervene in accounting regulation? The role of ideology and special interests? JAR 58 (3): 589-642. (HWANG: 16-1)

     

     

    17. IPO-China  

    Yang Z. 2013. Do political connections add value to audit firms? Evidence from IPO audits in China. CAR 30 (3): 891-921.

    Hirshleifer, D., J. Ming and H. Zhang.  2018. Superstition and financial decision making. Management Science 64 (1): 235–252. (kIM: 16-2)

     

     

    18.  China Issues

    Chen, F., S. PENG, S. Xue, Z. Yang, and F. Ye.  2016.  Do audit clients successfully engage in opinion shopping? Partner-level evidence. JAR 54 (1): 79-112. 

    Li, L., B. Qi, G. Tian, and G. Zhang. 2017. The Contagion Effect of Low-Quality Audits at the Level of Individual Auditors. TAR 92 (1): 137-163.

    Lennox, C., Z. T. Wang, X. Wu. 2018. Earnings management, audit adjustments, and the financing of corporate acquisitions: Evidence from China. JAE 65: 21–40.

    Lennox, C., C. Wang and X. Wu. 2020. Opening up the ‘black box’ of audit firms: The effects of audit partner ownership on audit adjustments. JAR. Forthcoming. (CHEN or KIM: 17-1)

    Wu, D. H., and Q. Ye. 2020. Public attention and auditor behaviour: The case of Hurun Rich List in China. JAR 58 (3): 777-825. (HWANG: 17-1)

     

    授課方式Teaching Approach

    40%

    講述 Lecture

    40%

    討論 Discussion

    20%

    小組活動 Group activity

    0%

    數位學習 E-learning

    0%

    其他: Others:

    評量工具與策略、評分標準成效Evaluation Criteria

    Class Participation/notes                          20

                Class presentation/outline               20

                Replication of a study                     30

                Research proposal                           30

                Total                                              100

     

    A one-page outline will be due in class on Dec. 10. The outline should include your research question, motivation for the question, and the incremental contribution, a sketch of the empirical design, the data required to test the question, and the expected findings. The research proposal submitted on Jan. 5, 2020 would amplify each of these issues in greater detail. The length of the paper (i.e., the body of the paper) should not exceed 15 pages (font size 12), double spaced. Each student is required to present the research idea in class at the end of the semester (I do not require empirical analyses).

     

    指定/參考書目Textbook & References

    上課指定的期刊文章,

    1課程介紹

    2. Information/ Measurement perspectives (Chap 3&4)

    Collins, D. W., and S. P. Kothari, 1989. An analysis of the intertemporal and cross-sectional determinants of earnings response coefficients, JAE 11: 143-181. (KIM 9/28:1, 2)

    Beaver, W. H., M, F, McNichols and Z. Wang.  2020.Increased market response to earnings announcements in the 21st century: An Empirical vestigation. JAE (69):1-21.

    Ahn, J., R. Hoiash, and U. Hoitash. 2020. Auditor task-specific expertise: The case of fair value accounting. TAR 95 (3): 1-32. (KIM 3-1)

     

    Review paper

    Kothari, S. P. 2001. Capital market research in accounting. JAE 31: 105-231.

     

    3. Earnings quality (1): Conservatism (Chap 9)

    Khurana, I., and W. Wang. 2019. International Mergers and Acquisitions Laws, the Market for Corporate Control, and Accounting Conservatism. JAR 57 (1): 241- 290 (Hwang: 3-2)

    Review paper:

    Watts, R.L., 2003. Conservatism in accounting part I (II): Explanations and implications, Accounting Horizons: 207-221 (287-301).

     

    4 Earnings quality (2): Other proxies (Chap 8&9)

    Real and accrual earnings management

    Huang, S., S. Roychowdhury and E. Sletten. 2020. Does litigation deter or encourage real earnings management? TAR 95 (3): 251-278. (Hwang 4-1)

    Restatements

    Beck, M. J., J. L. Gunn, and N. Hallman. 2019. The geographic decentralization of audit firms and audit quality. JAE 68 (1): 1-25. (C 4-2)

    Income Smoothing

    Baik, B; S. Choi, D. B. Farber. 2020. Managerial ability and income smoothing. TAR 95 (4): 1-22.  (HWANG: 5-1) 

    5. Practitioner’s assessment

    Aobdia, D. 2019. Do practitioner assessments agree with academic proxies for audit quality? Evidence from PCAOB and internal inspections. JAE 67: 144-174. (KIM 5-2)

    Review paper:

    Dechow, P., W. Ge, and C. Schrand. 2010. Understanding earnings quality: A review of the proxies, their determinants and their consequences. JAE 50: 344-401.

    DeFond, M., and J. Zhang. 2014. A review of archival auditing research. JAE 58: 275–326

     

    6 Financial Statement Comparability/ relevance and reliability (Chap 8&9)

    Comparability

    De Franco, G., S. P. Kothari and R. Verdi. 2012. The benefits of financial statement comparability. JAR 49 (4): 895-931. (HWANG: 6-1)

    Francis, J. R., M. L. Pinnuch and O. Watanabe. 2014. Auditor style and financial statement comparability. TAR (89) 2: 605-633.

    Chen, J. Z., M. H. Chen, C. L. Chin and G. J. Lobo. 2020. Do firms that have a common signing auditor exhibit higher earnings comparability? TAR 95 (3): 115-143. (Chen : 6-2)

    Chircop, J., D. W. Collins, L. H. Hass and N. Q. Nguyen. 2020. Accounting comparability and corporate innovative efficiency. TAR 95 (4): 127-151. (KIM : 7-1)

     

     

     

    5. Disclosure (Chap 11)

    Tsang, A., F. Xie, and X. Xin. 2019. Foreign institutional investors and corporate voluntary disclosure around the world. TAR 94 (5): 319-348. (HWANG: 8-1)

    Review paper:

    Healy, P. M. and K. G. Palepu. 2001. Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. JAE 31: 405-440. (Voluntary)

    Leuz, C. and P. Wysocki. 2016. The economics of disclosure and financial reporting regulation: Evidence and suggestions for future research. JAR (54) 2: 525-622. (Mandatory)

     

    8. Positive Accounting Research—Political cost (Chap 5)

    Godsell, D., M. Welker and N. Zhang. 2017. Earnings management during antidumping investigations in Europe: Sample-wide and cross-sectional evidence. JAR 55 (2): 407-457.  (KIM  9-1)

    Boland, M., and D. Godsell. 2020.  Local soldier fatalities and war profiteers: New tests of the political cost hypothesis. JAE 70 (1): 1-32. (CHEN 8-2)

     

    9. Positive Accounting Research---Compensation (Chap 7)

    Holzhacker, M., S. Kramer, M. Matejka, and N. Hoffmeister. 2019. Relative target setting and cooperation. JAR 57 (1): 211-239. (HWANG: 9-2)

    Nam, J. 2020Financial reporting comparability and accounting-based relative performance evaluation in the design of CEO cash compensation contracts. TAR 95 (3): 343-370. (KIM: 10-1)

     

    10. Debt (Chap 6)

    Kim, J. B., B. Y. Song, and T. C. Stratopoulos. 2018. Does Information Technology Reputation Affect Bank Loan Terms? TAR 93 (3), 185-211. (HWANG: 10-2)

    Francis, B. B., D.M. Hunter, D. M. Robinson, M. N. Robinson, and X. Yuan. 2017. Auditor Changes and the Cost of Bank Debt. TAR 92 (3), 1-30.

     

    Review paper:

    Armstrong, C., W. Guay, and J. Weber.  2010. The role of information and financial reporting in corporate governance and debt contracting. University of Pennsylvania. JAE 50: 179-234.

     

    11. Corporate Governance (Chap 9)

    Silvers, R. 2020. Cross-border cooperation between securities regulators. JAE: 69 (2-3): 1-22. (HWANG: 11-1)

     

    12. Analyst forecasts (Chap 10)

    Li, Z., T. J. Wong and G. Yu. 2020. Information dissemination through embedded financial analysts: Evidence from China. TAR 95 (2): 257-281. (CHEN: 11-2)

    Lourie, B. 2019. The revolving door of sell-side analysts. TAR 94 (1): 249-270. (KIM: 12-1)

    He, X., H. Yin, Y. Zeng, H. Zhang, and H. Zhao. 2019. Facial structure and achievement drive: Evidence from financial analysts. JAR 57 (4): 1013-1057. (HWANG: 12-2)

    13. Pacelli, J. 2019. Corporate culture and analyst catering. JAE 67 (1): 120-143. (HWANG: 13-1)

    Li, C., A. P. Lin, H. Lu, and K. Veenstra. 2020. Gender and beauty in the financial analyst profession: Evidence from the U.S. and China. RAS. Forthcoming. (HWANG: 13-2)

     

    Gu, Z., Z. Li, Y. G. Yang, and G. Li. 2019. Friends in need are friends indeed: An analysis of social ties between financial analysts and mutual fund managers. TAR 94 (1): 153-181.

     

    Review paper:

    Ramnath, S., S. Rock and P. Shane. 2008. The financial analyst forecasting literature: A taxonomy with suggestions for further research. International Journal of Forecasting 24: 1-28.

     

    14. Research methodology (Appendix) (CHEN 14, 15)

    Lennox, C. S., J. R. Francis, and Z. Wang. 2012. Selection models in accounting research. TAR 87 (2): 589-616.

    Larcker, D., and T. Rusticus. 2010. On the use of instrumental variables in accounting research. JAE 49 (3): 186–205.

    Shipman, J. E., Q. T. Swanquist, and R. L. Whited. 2017. Propensity Score Matching in Accounting Research. TAR 92 (1): 213-244.

    15. Chen, W., P. Hribar, and S. Mellessa. 2018. Incorrect inferences when using residuals as dependent variables. JAR 56 (3): 751-796.

    Grieser, W. D., and C. J. Hadlock. 2019. Panel-data estimation in finance: Testable assumptions and parameter (in) consistency. Journal of Financial and Quantitative analysis 54 (1): 1-29.

    Chakrabarty, B., S. Duellman, and M. A. Hyman. 2020. A new approach to estimating the relation between audit fees and financial misconduct. Accounting Horizon 34 (2): 41-61.

     

    16. Politics and Accounting (Chap 5)

    Bischof, J., H. Daske and C. J. Sextroh. 2020. Why do politicians intervene in accounting regulation? The role of ideology and special interests? JAR 58 (3): 589-642. (HWANG: 16-1)

     

     

    17. IPO-China  

    Yang Z. 2013. Do political connections add value to audit firms? Evidence from IPO audits in China. CAR 30 (3): 891-921.

    Hirshleifer, D., J. Ming and H. Zhang.  2018. Superstition and financial decision making. Management Science 64 (1): 235–252. (kIM: 16-2)

     

     

    18.  China Issues

    Chen, F., S. PENG, S. Xue, Z. Yang, and F. Ye.  2016.  Do audit clients successfully engage in opinion shopping? Partner-level evidence. JAR 54 (1): 79-112. 

    Li, L., B. Qi, G. Tian, and G. Zhang. 2017. The Contagion Effect of Low-Quality Audits at the Level of Individual Auditors. TAR 92 (1): 137-163.

    Lennox, C., Z. T. Wang, X. Wu. 2018. Earnings management, audit adjustments, and the financing of corporate acquisitions: Evidence from China. JAE 65: 21–40.

    Lennox, C., C. Wang and X. Wu. 2020. Opening up the ‘black box’ of audit firms: The effects of audit partner ownership on audit adjustments. JAR. Forthcoming. (CHEN or KIM: 17-1)

    Wu, D. H., and Q. Ye. 2020. Public attention and auditor behaviour: The case of Hurun Rich List in China. JAR 58 (3): 777-825. (HWANG: 17-1)

     

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