This study examines whether critical audit matter (CAM) disclosures required by Auditing Standard 3101 have communication value through content analyses. First, we employ salience scores to capture the importance of audit risk and scope in describing CAMs as assessed by the auditor. Due to...

Purpose: The purpose of this paper is to examine the role of online freelance stock analysts in correcting mispricing of hard-to-value firms during sentiment-driven market periods. Design/methodology/approach: The sample covers 23,758 Seeking Alpha articles obtained for the period between...

We examine the propensity and properties of bond analysts' forecasts on cash flows and earnings. We find that the probability to issue cash flow, relative to earnings, forecasts is greater for bond analysts than for equity analysts, consistent with the notion that cash flow, relative to...

We examine the role of online freelance stock analysts in correcting mispricing of hard-to-value firms during sentiment-driven market periods. We analyze the tone of stock articles posted in SeekingAlpha.com. The analysis reveals that the degree of negative tone of their stock articles is...

Credit ratings are important determinants of access to the debt market. We examine whether firms near the investment–speculative borderline use classification shifting to manage their credit ratings. Using the S&P long-term credit ratings, we find that firms in the broad categories of BBB and...

Product market competition is a mechanism for efficient allocation of resources and is an important governance mechanism. In this study we examine whether firms operating in high product market competition engage more in classification shifting. Using a large data from 1989 to 2019 and using...