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This paper aims to examine the association of accruals and disaggregated pension components with future cash flows and also to investigate whether investors distinguish between pension information that is recognized (SFAS 158) versus disclosed (SFAS 132).

Regression analysis is used with a proxy for expected future cash flows as the dependent variable, and the components of pension disclosures as well as controls for the 2008-2009 financial crisis as the independent variables.

The results reveal that incorporating disaggregated pension components increases the ability to predict future cash flows, and that investors attach different pricing multiples to the various components in the models. The authors also find that during the 2008-2009 financial crisis, the signs of the coefficients on these components changed. Finally, the results indicate that investors assign more significance to pension accounting information that is recognized, as opposed to disclosed, and that disclosure affects the allocation of pension assets.

The authors provide empirical support for the conjecture posited by Amir and Benartzi (1998) that the prediction of future cash flows will be enhanced by the incorporation of the components of pension assets and liabilities. Importantly from a standard setting perspective, the authors also find evidence that investors assign more significance to pension accounting information that is recognized in the financial statements than to pension information that is disclosed.

The purpose of this study is to present the evidence of the association between financial statement comparability and corporate financial distress.

This is an empirical study, and this study uses multiple regression analysis to evaluate hypothesis.

The authors find a significant decrease in the probability of financial distress as accounting comparability increases. Findings of this study suggest that distressed firms tend to produce financial statements that compare poorly to those of peer firms; the effectiveness of predicting financial distress with accounting ratios may be conditional on comparability with peers; and financial statement comparability may be predictive of financial distress.

First, this study only used publicly available financial data, which may not be representative of all countries and could differ because of differences in accounting practices. Second, although this study found a connection between accounting comparability and financial distress, it cannot prove a causal relationship, as other factors that were not controlled for may also have an impact. Third, this study used various measures of financial distress, but other measures could lead to different results. Finally, this study did not include all relevant variables, such as industry-specific factors and macroeconomic conditions, which could influence the relationship between accounting comparability and financial distress.

For investors and financial analysts, the results imply that accounting comparability can serve as a useful signal for identifying companies that are more likely to remain financially stable in the long run. Thus, they may prefer to invest in or recommend highly comparable firms over their less comparable counterparts. For auditors, this study underscores the importance of promoting and enforcing accounting standards that improve comparability, as this can help mitigate the risk of financial distress among their clients. Regulators may also consider the implications of the study’s findings when designing policies and guidelines related to financial reporting and disclosure.

To the best of the authors’ knowledge, this is the first study investigating the association between financial statement comparability and corporate financial distress of the US firms. This study uses large, comprehensive and multi-year data. Furthermore, this is the only study that presents the evidence of negative association between comparability and firm financial distress.

The purpose of this study is to refine what is characterized as real earnings management. Research on real earnings management (REM) has expressed concerns that firms deviating from normal business practices may endure a negative impact on future performance. Not all studies have, however, found a negative impact of REM on future performance. As a consequence, a new stream of research is emerging that examines whether actions that would mechanically be identified as REM are truly earnings management or are simply efficient business activities. The authors further this stream of inquiry by identifying factors, i.e. restructurings and expectations of future sales growth, that can be useful in making a distinction between earnings management and “just business”.

To measure REM, the authors rely on two of the proxies of Roychowdhury (2006), abnormal discretionary expenses and abnormal production costs, and regress interactions of these with measures of restructurings and expectations of future sales growth, on future performance.

The authors find that when they control for restructurings, reductions in discretionary expenses that would ordinarily be indicative of REM are instead associated with improved future return-on-assets and security returns. They further find that when they control for future sales growth, overproduction is also associated with improved return on sales as it is with future increases in cost of goods sold.

Together, the results may explain the contradictory results presented in prior research with respect to the impact of REM on future performance – that is, some of what has been identified as REM in prior studies may, in fact, be “just business”.

Previous theoretical and empirical literature has advocated growth in the access and use of flexible working arrangements by establishing their link with individual and especially parental subjective well-being. Given this, the current research investigates impact that their own or their partners’ transition to flexitime and teleworking has on parental subjective well-being. The cross-partner dimension has not been explored yet by prior studies. Measures for cognitive, subjective well-being include satisfaction with life overall, satisfaction with the amount of leisure time, and satisfaction with health. Ordered logit longitudinal models are estimated using Understanding Society data from 2009 to 2019. Corroborating prior studies, the current analysis finds that mothers’ transition to flexitime and teleworking has a positive impact on their leisure time and health satisfaction. For fathers, switching to telework improves satisfaction with their amount of leisure time, while adopting flexitime can take a toll on self-reported health satisfaction. However, contrary to expectations, mothers’ move to teleworking can be injurious for fathers’ life satisfaction levels, yet fathers’ adoption of flexitime fosters mothers’ satisfaction with their leisure time amount.

This study aims to extend recent research analyzing the effect of auditor busyness on audit quality. Specifically, this study explores the effect on audit quality of a change of fiscal year-end to or from an audit firm’s busy period.

Empirical archival.

When firms change their fiscal year-end to a period when the auditor is less busy, client firms are rewarded with lower audit fees and auditors are rewarded with a reduction in required effort. This study finds no difference in the level of audit quality after a change in fiscal year-end.

There are significant implications for audit firms as they may gain cost advantages by successfully promoting off-season fiscal year-ends, and reduce the negative effect on employees associated with “busy season” stress. Similarly, client firms may find that audit costs are reduced when they adopt a less “busy” fiscal year-end.

These results have policy implications for regulators because regulators often dictate the fiscal year-end for certain industries or traded securities. Such dictates may thus introduce inefficiencies into the market for audit services.

These results should guide regulators in their decisions to dictate fiscal year-ends and firms in their choice of reporting periods.

This issue is a selected bibliography covering the subject of leadership.

Recently, a national priority has been set to improve mental health services for children and families. It has been identified in epidemiological literature that in the United States, an approximate 15% of youth meet diagnostic criteria for emotional or behavioral problems. Furthermore, less than one in every five children that present with such needs receive mental health services. Individual, family, and system barriers such as transportation, competing demands, and long waiting lists have negatively impacted access to mental health services. Therefore, the school system has become the “de facto” mental health system for children and adolescents, in part because of the significant time students spend at school. However, meeting the needs of students with behavioral or emotional problems within the school system poses its own challenges. Schools have reported being limited in their ability to deliver basic mental wellness to students due to the lack of available resources. Specifically, there is a shortage of school-employed mental health personnel and the ratio of student to mental health professional is two to three times larger than recommended. Expanded school mental health programs are partnered systems that utilize existing services and collaborate with community mental health (CMH) professionals at each level of the three-tiered system. This partnership enables CMH staff gain access to youth with emotional and behavioral problems, resulting in increased prevention and intervention services for students. Additionally, a coordinated effort such as student-transition services has an integral role of facilitating the process from the school system to postsecondary employment, training, and or additional education.

Life studies are a rich source for further research on the role of the Afro‐American woman in society. They are especially useful to gain a better understanding of the Afro‐American experience and to show the joys, sorrows, needs, and ideals of the Afro‐American woman as she struggles from day to day.

In September 1985, eight sets of children's books from Australia began an odyssey that will take them into all fifty states and Canada by the end of 1988. The books— and the resource, reference and display materials that accompany them—were chosen specifically for their value in introducing non‐Australians to Australia and her children's literature. They also provide an ideal starting point for library collection development.