참고문헌
- Ashbaugh-Skaife, H., D. Collins, W. Kinney, and R. LaFond. 2009. The effect of SOX internal control deficiencies on firm risk and cost of equity. Journal of Accounting Research 47: 1-43. https://doi.org/10.1111/j.1475-679X.2008.00315.x
- Baginski, S., and J. Whalen. 2003. Residual income, risk, intrinsic values, and share prices. The Accounting Review 78: 327-351. https://doi.org/10.2308/accr.2003.78.1.327
- Bharath, S., J. Sunder, and S. Sunder. 2008. Accounting quality and debt contracting. The Accounting Review 83: 1-28. https://doi.org/10.2308/accr.2008.83.1.1
- Bhattacharya, U., H. Daouk, and M. Welker. 2003. The world price of earnings opacity. The Accounting Review 78(3): 641-678. https://doi.org/10.2308/accr.2003.78.3.641
- Botosan, C., and M. Plumlee. 2005. Assessing alternative proxies for the expected risk premium. The Accounting Review 80: 21-53. https://doi.org/10.2308/accr.2005.80.1.21
- Botosan, C., and M. Plumlee. 2013. Are information attributes priced? Journal of Business Finance & Accounting 40(9-10): 1045-1067. https://doi.org/10.1111/jbfa.12044
- Chen, H., J. Chen, G. Lobo, and Y. Wang. 2011. Effects of audit quality on earnings management and cost of equity capital: Evidence from China. Contemporary Accounting Research 28(3): 892-925. https://doi.org/10.1111/j.1911-3846.2011.01088.x
- Choi, J., J. Kim, X. Liu, and D. Simunic. 2008. Audit pricing, legal liability regimes, and Big 4 premiums: Theory and cross-country evidence. Contemporary Accounting Research, 25(1), 55-99. https://doi.org/10.1506/car.25.1.2
- Claus, J., and J. Thomas. 2001. Equity premia as low as three percent? Evidence from analysts’ earnings forecasts for domestic and international stock markets. Journal of Finance 56: 1629-1666. https://doi.org/10.1111/0022-1082.00384
- Cohen, D., A. Dey, and T. Lys. 2008. Real and accrual-based earnings management in the pre- and post-Sarbanes-Oxley periods. The Accounting Review 83: 757-787. https://doi.org/10.2308/accr.2008.83.3.757
- Cohen, D., and P. Zarowin. 2010. Accrual-based and real earnings management activities around seasoned equity offerings. Journal of Accounting and Economics 50: 2-19. https://doi.org/10.1016/j.jacceco.2010.01.002
- Core, J., W. Guay, and R. Verdi. 2008. Is accruals quality a priced risk factor? Journal of Accounting and Economics 46: 2-22. https://doi.org/10.1016/j.jacceco.2007.08.001
- Cull, R., and L. Xu. 2003. Who gets credit? The behavior of bureaucrats and state banks in allocating credit to Chinese state-owned enterprises. Journal of Development Economics 71: 533-559. https://doi.org/10.1016/S0304-3878(03)00039-7
- De, S., and P. Sen. 2002. Legal liabilities, audit accuracy and the market for audit services. Journal of Business Finance & Accounting, 29(3&4), 353-410. https://doi.org/10.1111/1468-5957.00435
- Dechow, P., and I. Dichev. 2002. The quality of accruals and earnings: The role of accrual estimation errors. The Accounting Review 77: 35-59. https://doi.org/10.2308/accr.2002.77.s-1.35
- Dechow, P., R. Sloan, and A. Sweeney. 1995. Detecting earnings management. The Accounting Review 70: 193-225.
- Dhaliwal, D., L. Krull, and O. Li. 2007. Did the 2003 Tax Act reduce the cost of equity capital? Journal of Accounting and Economics 43: 121-150. https://doi.org/10.1016/j.jacceco.2006.07.001
- Easley, D., and M. O’Hara. 2004. Information and the cost of capital. Journal of Finance 59: 1553-1583. https://doi.org/10.1111/j.1540-6261.2004.00672.x
- Easton, P. 2004. PE ratios, PEG ratios, and estimating the implied expected rate of return on equity capital. The Accounting Review 79: 73-96. https://doi.org/10.2308/accr.2004.79.1.73
- Easton, P., and S. Monahan. 2005. An evaluation of accounting-based measures of expected returns. The Accounting Review 80: 501-538. https://doi.org/10.2308/accr.2005.80.2.501
- Easton, P., and G. Sommers. 2007. Effect of analysts’ optimism on estimates of the expected rate of return implied by earnings forecasts. Journal of Accounting Research 45: 983-1025. https://doi.org/10.1111/j.1475-679X.2007.00257.x
- Easton, P., G. Taylor, P. Shroff, and T. Sougiannis. 2002. Using forecasts of earnings to simultaneously estimate growth and the rate of return on equity investment. Journal of Accounting Research 40: 657-676. https://doi.org/10.1111/1475-679X.00066
- Ewert, R., and A. Wagenhofer. 2005. Economic effects of tightening accounting standards to restrict earnings management. The Accounting Review 80: 1101-1124. https://doi.org/10.2308/accr.2005.80.4.1101
- Fama, E., and K. French. 1997. Industry costs of equity. Journal of Financial Economics 43: 153-193. https://doi.org/10.1016/S0304-405X(96)00896-3
- Fama, E., and J. MacBeth. 1973. Risk, return, and equilibrium: Empirical tests. Journal of Political Economy 81: 607-636. https://doi.org/10.1086/260061
- Francis, J., R. LaFond, P. Olsson, and K. Schipper. 2004. Cost of equity and earnings attributes. The Accounting Review 79: 967-1010. https://doi.org/10.2308/accr.2004.79.4.967
- Francis, J., R. LaFond, P. Olsson, and K. Schipper. 2005. The market pricing of accruals quality. Journal of Accounting and Economics 39: 295-327. https://doi.org/10.1016/j.jacceco.2004.06.003
- Francis, J., and D. Wang. 2008. The joint effect of investor protection and Big 4 audits on earnings quality around the world. Contemporary Accounting Research, 25(1), 157-191. https://doi.org/10.1506/car.25.1.6
- Frankel, R., and C. Lee. 1998. Accounting valuation, market expectation, and cross-sectional stock returns. Journal of Accounting and Economics 25: 283-319. https://doi.org/10.1016/S0165-4101(98)00026-3
- Fudenberg, D., and J. Tirole. 1995. A theory of income and dividend smoothing based on incumbency rents. Journal of Political Economy 103: 75-93. https://doi.org/10.1086/261976
- Gebhardt, W., C. Lee, and B. Swaminathan. 2001. Toward an implied cost of capital. Journal of Accounting Research 39: 135-176. https://doi.org/10.1111/1475-679X.00007
- Gode, D., and P. Mohanram. 2003. Inferring the cost of capital using the Ohlson-Juettner model. Review of Accounting Studies 8: 399-431. https://doi.org/10.1023/A:1027378728141
- Graham, J., C. Harvey, and S. Rajgopal. 2005. The economic implications of corporate financial reporting. Journal of Accounting and Economics 40: 3-73. https://doi.org/10.1016/j.jacceco.2005.01.002
- Hail, L., and C. Leuz. 2006. International differences in the cost of equity capital: Do legal institutions and securities regulation matter? Journal of Accounting Research 44: 485-531. https://doi.org/10.1111/j.1475-679X.2006.00209.x
- Healy, P., and J. Wahlen. 1999. A review of the earnings management literature and its implications for standard setting. Accounting Horizons 13(4): 365-383. https://doi.org/10.2308/acch.1999.13.4.365
- Hughes, J., J. Liu, and J. Liu. 2007. Information asymmetry, diversification, and cost of capital. The Accounting Review 82: 705-729. https://doi.org/10.2308/accr.2007.82.3.705
- Jones, J. 1991. Earnings management during import relief investigations. Journal of Accounting Research 29: 193-228. https://doi.org/10.2307/2491047
- Khurana, I., and K. Raman. 2004. Litigation risk and the financial reporting credibility of Big 4 versus non-Big 4 audits: Evidence from Anglo-American countries. The Accounting Review, 79(2), 473-495. https://doi.org/10.2308/accr.2004.79.2.473
- Kim, J., and B. Sohn. 2013. Real earnings management and cost of capital. Journal of Accounting and Public Policy 32(6): 518-543. https://doi.org/10.1016/j.jaccpubpol.2013.08.002
- Kothari, S., A. Leone, and C. Wasley. 2005. Performance matched discretionary accrual measures. Journal of Accounting and Economics 39: 163-197. https://doi.org/10.1016/j.jacceco.2004.11.002
- Lambert, R., C. Leuz, and R. Verrecchia. 2007. Accounting information, disclosure, and the cost of capital. Journal of Accounting Research 45: 385-420. https://doi.org/10.1111/j.1475-679X.2007.00238.x
- O’Hanlon, J., and A. Steele. 2000. Estimating the equity risk premium using accounting fundamentals. Journal of Business Finance and Accounting 27: 1051-1084. https://doi.org/10.1111/1468-5957.00346
- O'Hara, M. 2003. Presidential address: Liquidity and price discovery. Journal of Finance 58: 1335-1354. https://doi.org/10.1111/1540-6261.00569
- Ohlson, J., and B. Juettner-Nauroth. 2005. Expected EPS and EPS growth as determinants of value. Review of Accounting Studies 10: 349-365. https://doi.org/10.1007/s11142-005-1535-3
- Pauwels, K., J. Silva-Risso, S. Srinivasan, and D. Hanssens. 2004. New products, sales promotions, and firm value: The case of automobile industry. Journal of Marketing 68: 142-156. https://doi.org/10.1509/jmkg.68.4.142.42724
- Ramanna, K., and S. Roychowdhury. 2010. Elections and discretionary accruals: Evidence from 2004. Journal of Accounting Research 48: 445-475. https://doi.org/10.1111/j.1475-679X.2010.00373.x
- Roychowdhury, S. 2006. Earnings management through real activities manipulation. Journal of Accounting and Economics 42: 335-370. https://doi.org/10.1016/j.jacceco.2006.01.002
- Stein, J. 1989. Efficient capital markets, inefficient firms: A model of myopic corporate behavior. Quarterly Journal of Economics (November): 655-669.
- Taylor, M., and D. Simon. 1999. Determinants of audit fees: the importance of litigation, disclosure, and regulatory burdens in audit engagements in 20 countries. The International Journal of Accounting, 34(3), 375-388. https://doi.org/10.1016/S0020-7063(99)00017-5
- Xu, L. 1998. How China's government and state enterprises partitioned property and control rights. Economic Development and Cultural Change 46: 537-560. https://doi.org/10.1086/452357
- Zang, A., 2012. Evidence on the trade-off between real activities manipulation and accrual-based earnings management. The Accounting Review 87, 675-703. https://doi.org/10.2308/accr-10196