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Responding to the allegedly biased research reports issued by large investment banks, the Global Research Analyst Settlement and related regulations went to great lengths to weaken the conflicts of interest faced by investment bank analysts. In this paper, I investigate the effects of these changes on small and large investor

Responding to the allegedly biased research reports issued by large investment banks, the Global Research Analyst Settlement and related regulations went to great lengths to weaken the conflicts of interest faced by investment bank analysts. In this paper, I investigate the effects of these changes on small and large investor confidence and on trading profitability. Specifically, I examine abnormal trading volumes generated by small and large investors in response to security analyst recommendations and the resulting abnormal market returns generated. I find an overall increase in investor confidence in the post-regulation period relative to the pre-regulation period consistent with a reduction in existing conflicts of interest. The change in confidence observed is particularly striking for small traders. I also find that small trader profitability has increased in the post-regulation period relative to the pre-regulation period whereas that for large traders has decreased. These results are consistent with the Securities and Exchange Commission's primary mission to protect small investors and maintain the integrity of the securities markets.
ContributorsDong, Xiaobo (Author) / Mikhail, Michael (Thesis advisor) / Hwang, Yuhchang (Committee member) / Hugon, Artur J (Committee member) / Arizona State University (Publisher)
Created2011
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Description
A Chief Audit Executive (CAE) is the leader of a company’s internal audit function. Because there is no mandated disclosure requirement for the internal audit structure, little is understood about the influence of a CAE on a company. Following the logic that a CAE disclosed in SEC filings is more

A Chief Audit Executive (CAE) is the leader of a company’s internal audit function. Because there is no mandated disclosure requirement for the internal audit structure, little is understood about the influence of a CAE on a company. Following the logic that a CAE disclosed in SEC filings is more influential in a company’s oversight function, I identify an influential CAE using the disclosure of the role. I then examine the association between an influential CAE and monitoring outcomes. Using data hand collected from SEC filings for S&P 1500 companies from 2004 to 2015, I find companies that have an influential CAE are generally larger, older, and have a larger corporate board. More importantly, I find that an influential CAE in NYSE-listed companies is associated with higher internal control quality. This association is stronger for companies that reference a CAE’s direct interaction with the audit committee. This study provides an initial investigation into a common, but little understood position in corporate oversight.
ContributorsZhang, Wei (Author) / Lamoreaux, Phillip (Thesis advisor) / Kaplan, Steve (Committee member) / Li, Yinghua (Committee member) / Arizona State University (Publisher)
Created2019
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Description
This study investigates the relation between credit supply competition among banks and their clients’ conditional accounting conservatism (i.e., asymmetric timely loss recognition). The Interstate Banking and Branching Efficiency Act (IBBEA) of 1994 permits banks and bank holding companies to expand their business across state lines, introducing a positive shock to

This study investigates the relation between credit supply competition among banks and their clients’ conditional accounting conservatism (i.e., asymmetric timely loss recognition). The Interstate Banking and Branching Efficiency Act (IBBEA) of 1994 permits banks and bank holding companies to expand their business across state lines, introducing a positive shock to credit supply competition in the banking industry. The increase in credit supply competition weakens banks’ bargaining power in the negotiation process, which in turn may weaken their ability to demand conservative financial reporting from borrowers. Consistent with this prediction, results show that firms report less conservatively after the IBBEA is passed in their headquartered states. The effect of the IBBEA on conditional conservatism is particularly stronger for firms in states with a greater increase in competition among banks, firms whose operations are more concentrated in their headquarter states, firms with greater financial constraints, and firms subject to less external monitoring. Robustness tests confirm that the observed decline in conditional conservatism is causally related to the passage of IBBEA. Overall, this study highlights the impact of credit supply competition on financial reporting practices.
ContributorsHuang, Wei (Author) / Li, Yinghua (Thesis advisor) / Huang, Xiaochuan (Committee member) / Kaplan, Steve (Committee member) / Arizona State University (Publisher)
Created2018
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Description

Generating an astounding $110.7 billion annually in domestic revenue alone [1], the world of accounting is one deceptively lacking automation of its most business-critical processes. While accounting tools do exist for the common person, especially when it is time to pay their taxes, such innovations scarcely exist for many larger

Generating an astounding $110.7 billion annually in domestic revenue alone [1], the world of accounting is one deceptively lacking automation of its most business-critical processes. While accounting tools do exist for the common person, especially when it is time to pay their taxes, such innovations scarcely exist for many larger industrial tasks. Exceedingly common business events, such as Business Combinations, are surprisingly manual tasks despite their $1.1 trillion valuation in 2020 [2]. This work presents the twin accounting solutions TurboGAAP and TurboIFRS: an unprecedented leap into these murky waters in an attempt to automate and streamline these gigantic accounting tasks once entrusted only to teams of experienced accountants.
A first-to-market approach to a trillion-dollar problem, TurboGAAP and TurboIFRS are the answers for years of demands from the accounting sector that established corporations have never solved.

ContributorsPreston, Michael Ernest (Co-author) / Capuano, Bailey (Co-author) / Kuhler, Madison (Co-author) / Chen, Yinong (Thesis director) / Hunt, Neil (Committee member) / Computer Science and Engineering Program (Contributor) / Barrett, The Honors College (Contributor)
Created2021-05
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Description

Developed a business product with a team of CS students.

ContributorsSchneider, Kaitlin (Co-author) / Perri, Cole (Co-author) / Hernandez, Maximilliano (Co-author) / Call, Andy (Thesis director) / Hunt, Neil (Committee member) / School of Accountancy (Contributor) / Barrett, The Honors College (Contributor)
Created2021-05
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Description

Developed a business product with a team of CS Students

ContributorsHernandez, Maximilliano (Co-author) / Schneider, Kaitlin (Co-author) / Perri, Cole (Co-author) / Call, Andy (Thesis director) / Hunt, Neil (Committee member) / School of Accountancy (Contributor) / School of Sustainability (Contributor) / Department of Information Systems (Contributor) / Department of Management and Entrepreneurship (Contributor) / Barrett, The Honors College (Contributor)
Created2021-05
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Description

Developed a business product with a team of CS students.

ContributorsPerri, Cole Thomas (Co-author) / Hernandez, Maximilliano (Co-author) / Schneider, Kaitlin (Co-author) / Call, Andy (Thesis director) / Hunt, Neil (Committee member) / School of Accountancy (Contributor) / Watts College of Public Service & Community Solut (Contributor) / WPC Graduate Programs (Contributor) / Barrett, The Honors College (Contributor)
Created2021-05
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Description

Generating an astounding $110.7 billion annually in domestic revenue alone [1], the world of accounting is one deceptively lacking automation of its most business-critical processes. While accounting tools do exist for the common person, especially when it is time to pay their taxes, such innovations scarcely exist for many larger

Generating an astounding $110.7 billion annually in domestic revenue alone [1], the world of accounting is one deceptively lacking automation of its most business-critical processes. While accounting tools do exist for the common person, especially when it is time to pay their taxes, such innovations scarcely exist for many larger industrial tasks. Exceedingly common business events, such as Business Combinations, are surprisingly manual tasks despite their $1.1 trillion valuation in 2020 [2]. This work presents the twin accounting solutions TurboGAAP and TurboIFRS: an unprecedented leap into these murky waters in an attempt to automate and streamline these gigantic accounting tasks once entrusted only to teams of experienced accountants.
A first-to-market approach to a trillion-dollar problem, TurboGAAP and TurboIFRS are the answers for years of demands from the accounting sector that established corporations have never solved.

ContributorsKuhler, Madison Frances (Co-author) / Capuano, Bailey (Co-author) / Preston, Michael (Co-author) / Chen, Yinong (Thesis director) / Hunt, Neil (Committee member) / Computer Science and Engineering Program (Contributor) / Barrett, The Honors College (Contributor)
Created2021-05
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Description

"Generating an astounding $110.7 billion annually in domestic revenue alone [1], the world of accounting is one deceptively lacking automation of its most business-critical processes. While accounting tools do exist for the common person, especially when it is time to pay their taxes, such innovations scarcely exist for many larger

"Generating an astounding $110.7 billion annually in domestic revenue alone [1], the world of accounting is one deceptively lacking automation of its most business-critical processes. While accounting tools do exist for the common person, especially when it is time to pay their taxes, such innovations scarcely exist for many larger industrial tasks. Exceedingly common business events, such as Business Combinations, are surprisingly manual tasks despite their $1.1 trillion valuation in 2020 [2]. This work presents the twin accounting solutions TurboGAAP and TurboIFRS: an unprecedented leap into these murky waters in an attempt to automate and streamline these gigantic accounting tasks once entrusted only to teams of experienced accountants.
A first-to-market approach to a trillion-dollar problem, TurboGAAP and TurboIFRS are the answers for years of demands from the accounting sector that established corporations have never solved."

ContributorsCapuano, Bailey Kellen (Co-author) / Preston, Michael (Co-author) / Kuhler, Madison (Co-author) / Chen, Yinong (Thesis director) / Hunt, Neil (Committee member) / Computer Science and Engineering Program (Contributor, Contributor) / Barrett, The Honors College (Contributor)
Created2021-05
Description

The purpose of the ACC / CSE Thesis Project is to develop a solution that simplifies the process of financial reporting. Through our extensive research and experience with designing a project to simulate the life cycle of a conceptual user initiative, we have created a product that transforms these ideas

The purpose of the ACC / CSE Thesis Project is to develop a solution that simplifies the process of financial reporting. Through our extensive research and experience with designing a project to simulate the life cycle of a conceptual user initiative, we have created a product that transforms these ideas into results. Rather than relying on the expertise of external consultants who are often expensive, the product strives to provide users with an affordable solution to educate and apply financial reporting standards in accordance with IFRS and GAAP.

ContributorsDammann, Cayla (Author) / Marshall, Brenden (Co-author) / Call, Andy (Thesis director) / Hunt, Neil (Committee member) / Barrett, The Honors College (Contributor) / Department of Supply Chain Management (Contributor) / School of Accountancy (Contributor) / School of Public Affairs (Contributor)
Created2023-05