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The purpose of this study is to study the impact of the chief executive officer (CEO) general work experience on the level of firm internationalization in the form of foreign direct investment.

The author collects and analyzes data on publicly traded US firms in the manufacturing sector from 1993 to 2012.

The author finds that CEOs with more general work experience tend to engage in a higher degree of foreign direct investment (FDI)-based internationalization. This relationship will be weakened by CEO stock ownership and enhanced by CEO Ivy League education.

This study enriches the understanding of the important role top managers play in internationalization decisions. The study also contributes to the literature on managerial risk-taking by exploring the outcomes of managerial risk-taking, which have been less studied than the antecedents.

While the link between corporate social responsibility (CSR) and corporate reputation (CR) has been well-established in the prior literature, studies that identify boundary conditions to better understand how CSR matters for CR in the eyes of stakeholders are still limited. Incorporating stakeholder theory with upper echelons theory and institutional theory, this study aims to explore whether and how the CSR-CR relationship is influenced by political ideologies (conservatism vs liberalism) of chief executive officers (CEOs), as well as the states in which firms’ headquarters are located.

A longitudinal sample of 172 US firms between 2009 and 2014 was collected. Random effects models were used in analyzing the panel data in the study.

The relationship between CSR and CR is stronger when firms are led by more liberal CEOs or headquartered in more liberal states.

The study highlights the role political ideology plays in improving the effectiveness of the influence of CSR on corporate reputation.

This study aims to explore the relation among US audit partners’ characteristics, their career advancement and audit quality.

This study uses data from Public Company Accounting Oversight Board Form AP, Auditor Reporting of Certain Audit Participants, and publicly available online data sources. The hand-collected data on audit partners’ personal characteristics include gender, work experience and educational background. The measures for audit quality include restatements and audit fees.

The authors find that audit partner characteristics matter for the time it takes an individual to reach partnership after completing a bachelor’s degree. There are significant differences in work experience and educational background between partners in the largest (Big N) audit firms and smaller (non-Big N) audit firms. Audit partner traits are related to audit quality, and the effects differ between Big N and non-Big N partners.

The literature has examined audit partners’ career paths using international data. However, little empirical academic research has examined the career advancement of US audit partners. This study provides initial insights on the career advancement of US partners on a large scale and complements the recent research that examines audit partner characteristics and audit quality in the US market.

This narrative review explored the efficacy of school-based child sexual abuse prevention programmes between 1990 and 2002. There were 22 efficacy studies that met clear inclusion criteria. Results covered both methodological design and the range of outcome measures. Methodology was analysed through four dimensions (target population, prevention programme implementation, evaluation methodology and cost-effectiveness). Outcomes for children covered nine categories (knowledge, skills, emotion, perception of risk, touch discrimination, reported response to actual threat/abuse, disclosure, negative effects and maintenance of gains). The studies had many methodological limitations. Prevention programmes had a measure of effectiveness in increasing children ' s awareness of child sexual abuse as well as self-protective skills. Beyond minimal disclosure rates, there was no evidence to demonstrate that programmes protected children from intra-familial sexual abuse. For a small number of children prevention programmes produced minimal negative emotional effects. Recommendations for future research, policy and practice, include realistic outcomes for child participants and locating programmes within wider abuse prevention measures.

This study intends to review studies on the success criteria and critical success factors (CSFs) for mega infrastructure construction projects (MICPs) from journal articles between 2000 and 2018 to (1) identify the publication trend of success criteria and CSFs for MICPs; (2) explore distributions of selected papers, including the distribution of journals, authors’ origin/country and publications by country or region focus; and (3) summarize the findings of success criteria and CSFs studies of MICPs.

A methodical and systematic analysis of 38 selected journal articles was conducted using descriptive analysis to obtain the annual trend of publications, distributions of publication sources, contributors’ origin/country, regions/countries of research focus, methods involved in publications and thematic analysis to identify and categorize success criteria and CSFs for MICPs.

Australia, the USA, UK, China and Hong Kong had been the leading contributors for publications on success criteria and CSFs for MICPs; meanwhile, China, Australia and the UK have been the countries of focus for most studies on this specific topic. This review identified 20 success criteria grouped into 5 constructs and 36 CSFs grouped into 5 categories and, respectively, integrated them into two conceptual frameworks. The top five CSFs were adequate resource availability, partnering/relationships with key stakeholders, adequate communication and coordination among related parties, public support or acceptance and clear strategic vision. Three implications, namely, evaluation indicators, relationships between CSFs and the success of MICPs and human-related factors, are highlighted in future research.

The identified success criteria and CSFs provide a basis for evaluating the success possibility of MICPs and serve to identify areas for further improvement. Additionally, the CSFs checklist and framework have been established, which could help to conduct further empirical studies. Finally, the holistic analysis identifies gaps in the body of knowledge, revealing avenues for future research.

The purpose of this study is to examine whether financial analysts mislead investors in recognizing the differential persistence of the three cash flow components of earnings, defined by Dechow et al., in forecasting annual earnings.

The paper uses Mishkin's econometric approach to compare the persistence of the cash flow components within and across the historical, analysts' and investors' weightings.

It is found that financial analysts' weightings of the cash flow components are more closely aligned with the historical relations than are investors' weightings, both in direction and in magnitude. The degree of analysts' mis‐weighting is economically small and much lower than the degree of investors' mis‐weighting. Moreover, the extent of both investors' and analysts' mis‐weightings of the cash components is generally smaller for firms with greater levels of analyst following, a proxy for the quality of the information environment.

The findings suggest that financial analysts' bias in weighting the cash components of earnings is at best a partial explanation for investors' bias.

This study is important to academics and the investment community that relies upon financial analysts as information intermediaries, because the ability of analysts to incorporate value‐relevant information in their published expectations may impact securities prices.

The study is the first to document the weightings of the cash components of earnings by financial analysts. In addition, this paper provides evidence that financial analysts, as information intermediaries, are less biased than investors in processing not only the accrual but also the cash components of earnings.

Effective August 23, 2004, the US Securities and Exchange Commission (SEC) requires all firms to disclose restatements via an item 4.02 Form 8‐K filing. However, a significant number of firms continue to disclose restatements using means other than an 8‐K. Commonly referred to as stealth restatements, the purpose of this paper is to investigate the materiality of restatements disclosed in either the 10‐K or the 10‐Q by comparing them to those disclosed via 8‐K.

Univariate and multivariate analyses compare the characteristics of and the market reaction to 10‐K/10‐Q restatements to those of 8‐K restatements.

The authors find stealth restatements are more likely to be those not affecting net income, with longer filing delays, not subject to SEC investigation and made by firms audited by non‐big four accounting firms. The authors document a negative market reaction to 8‐K restatements around the restatement disclosure date. However, for stealth restatements they find no market reaction around the 10‐K/10‐Q filing date and for up to 22 trading days after the 10‐K/10‐Q filings. Research limitations/implications – The study shows a significant difference in materiality between stealth and 8‐K restatements.

The study is important to investors, regulators and academics because it supports the notion that stealth restatements include less significant information relative to that disclosed in 8‐K restatements. This result is in line with the SEC disclosure requirement.

The significant number of stealth restatements since 2004 begs the question as to what kind of information is being disclosed in these restatements. The paper responds to this question.

Frankel and Lee (1998) report significant abnormal security returns to a trading strategy based on the ratio of the intrinsic value to the market value of common equity (V/P). However, they measure the intrinsic value estimates based on the residual income model using several fundamental variables that have been documented to be associated with subsequent abnormal stock returns. The purpose of this paper is to test whether combining all these individual anomalies to V/P has generated additional predictive power, and whether the abnormal returns related to V/P are due to thepredictive ability of the residual income model or to that of the components used in constructing V/P.

Two methods are used in this study to examine V/P's incremental effect. First, all the component variables of V/P are included in the same regression with V/P to test whether the coefficient of V/P remains significant. Second, an alternative ex ante transformation of the same component variables is developed and a test is conducted to see whether the trading profits based on V/P and the ex ante transformation differ.

Overall, the paper finds that V/P does not provide additional explanatory power for subsequent abnormal returns over its component variables, especially analyst forecasts of earnings. The results imply that the source of the delayed security returns related to V/P is the biases in investors' expectations regarding the constituent anomaly variables.

This paper shows that V/P is not a distinct market anomaly. This finding is important to various stock market participants.