Prior research documents that markets efficiently impound pension plan risk into a defined benefit plan's market value. This study adds to these prior works by investigating how audit quality affects the pension risk – cost of equity relation. Using proxies to measure pension intensity, and...

The student managed investment programs accord students the unique opportunity to gain “real world” investment experience, and their growth in numbers and size provides evidence of their educational efficacy. This study provides a qualitative analysis of the operations and performance of a...

We find that a favorable (unfavorable) valuation effect for high (low) pricing power firms that are able (unable) to recover tax payments by reducing costs and/or charging higher prices. These findings are robust to alternative measures of valuation (price and returns), as well as long and short...

It is well known that firms with low price to earnings ratios (value firms) earn higher stock returns in the long term than high price to earnings firms (growth firms). This study investigates how insider ownership affects this relation. We show that when insider ownership is high, returns...

PPurpose – The purpose of this paper is to teach students the fundamental and most critical aspects of performing a financial statement risk assessment, a skill vital to help ensure both auditor and public-company compliance with guidance found in the Sarbanes-Oxley Act of 2002 (SOX), the...

Purpose – Audit quality studies document that accruals decrease when the audit firm is large, or the audit firm is an industry specialist, or the audit-client tenure is long. The purpose of this paper is to posit that incentives related to highly-valued equity mitigate these results, as...