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Robert W. Holthausen's
Scholarly Papers
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5,089 |
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Citations
192 |
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1.
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The Relevance of the Value Relevance Literature For Financial Accounting Standard Setting
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Robert W. Holthausen
University of Pennsylvania - Accounting Department Ross L. Watts
Massachusetts Institute of Technology (MIT) - Sloan School of Management
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Posted:
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20 Oct 00
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Last Revised:
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11 Jan 02
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4,111
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174
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Robert W. Holthausen
University of Pennsylvania - Accounting Department Ross L. Watts
Massachusetts Institute of Technology (MIT) - Sloan School of Management
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02 Oct 01
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10 Jan 02
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Abstract:
We evaluate the literature that, for standard-setting purposes, assesses the usefulness of accounting numbers on their stock market value association. For several reasons we conclude the literature provides little insight for standard setting. First, the association criterion has no theory of accounting or standard setting supporting it. Standard setters' descriptions of their objectives and accounting practice are both inconsistent with the criterion. Important forces shaping accounting standards and practice are ignored. Second, many tests in the literature rely on valuation models that omit important factors and many studies do not provide links between valuation model inputs and accounting numbers. Finally, there are a variety of significant econometric issues in the studies.
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Robert W. Holthausen
University of Pennsylvania - Accounting Department Ross L. Watts
Massachusetts Institute of Technology (MIT) - Sloan School of Management
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| Posted: |
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20 Oct 00
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Last Revised:
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11 Jan 02
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4,111
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174
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Abstract:
We evaluate the literature that, for standard-setting purposes, assesses the usefulness of accounting numbers on their stock market value association. For several reasons we conclude the literature provides little insight for standard setting. First, the association criterion has no theory of accounting or standard setting supporting it. Standard setters' descriptions of their objectives and accounting practice are both inconsistent with the criterion. Important forces shaping accounting standards and practice are ignored. Second, many tests in the literature rely on valuation models that omit important factors and many studies do not provide links between valuation model inputs and accounting numbers. Finally, there are a variety of significant econometric issues in the studies.
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2.
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Testing the Relative Power of Accounting Standards versus Incentives and Other Institutional Features to Influence the Outcome of Financial Reporting in an International Setting
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Robert W. Holthausen
University of Pennsylvania - Accounting Department
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Posted:
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20 Dec 03
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Last Revised:
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17 Jun 04
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977
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Robert W. Holthausen
University of Pennsylvania - Accounting Department
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05 Jan 04
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17 Jun 04
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Abstract:
Ball Robin and Wu (2003) investigate the relationship between accounting standards and the structure of other institutions on the attributes of the financial reporting system. They find evidence consistent with the hypothesis that beyond accounting standards, the structure of other institutions, such as incentives of preparers and auditors, enforcement mechanisms and ownership structure affects the outcome of the financial reporting system. However, interpretation of the evidence with respect to the notion of quality of the financial reporting system and the quality of accounting standards that the authors introduce is problematic.
financial reporting quality, international accounting standards, cross-country comparisons, transparency, timeliness, conservatism, economic income
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Robert W. Holthausen
University of Pennsylvania - Accounting Department
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20 Dec 03
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Last Revised:
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13 Jan 04
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977
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Abstract:
Ball Robin and Wu (2003) investigate the relationship between accounting standards and the structure of other institutions on the attributes of the financial reporting system. They find evidence consistent with the hypothesis that beyond accounting standards, the structure of other institutions, such as incentives of preparers and auditors, enforcement mechanisms and ownership structure affects the outcome of the financial reporting system. However, interpretation of the evidence with respect to the notion of quality of the financial reporting system and the quality of accounting standards that the authors introduce is problematic.
financial reporting quality, international accounting standards, cross-country comparisons, transparency, timeliness, conservatism, economic income
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3.
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Robert W. Holthausen
University of Pennsylvania - Accounting Department
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29 Apr 09
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Last Revised:
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01 Jun 09
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Abstract:
In this paper, I draw parallels between the literatures on the effects of law on the financial development of countries and on the effects of accounting standards on financial reporting outcomes. My central thesis is that these literatures are complementary in terms of what they have to say about understanding the effects of law, regulations and accounting standards on economic and financial reporting outcomes. Moreover, both literatures suggest that U.S. securities laws and financial reporting standards have taken a more regulatory direction over time. I then take these themes and draw implications for the effects of the adoption of International Financial Reporting Standards (IFRS) around the world at the time of adoption and over time.
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4.
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John E. Core
University of Pennsylvania - Accounting Department Robert W. Holthausen
University of Pennsylvania - Accounting Department David F. Larcker
Stanford University - Graduate School of Business
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28 Mar 97
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Last Revised:
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04 Feb 09
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Abstract:
We examine whether board and ownership structure variables explain the level of chief executive officer (CEO) compensation. After controlling for standard economic determinants (i.e., the firm's demand for a high-quality CEO, firm performance, and risk), we find that board and ownership structure variables explain a significant amount of cross-sectional variation in CEO compensation. We also find that the predicted component of compensation arising from these board and ownership structure characteristics has a significant negative relation with subsequent firm accounting performance. Overall, our analysis indicates that unusually large CEO compensation levels reflect managerial entrenchment or poor governance mechanisms, and that firms with more entrenched managers or poorer governance systems perform worse.
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