Research Articles : Neel Corporate Governance Center

Audit and Risk Management

Wilbanks, R., Dana Hermanson, and V. Sharma. 2017. Audit Committee Oversight of Fraud Risk: The Role of Social Ties, Professional Ties, and Governance Characteristics. Accounting Horizons (Forthcoming).

Viscelli, T., Dana Hermanson, and M. S. Beasley. 2017. The Integration of ERM and Strategy: Implications for Corporate Governance. Accounting Horizons (Forthcoming).

Reid, L. C., and Joe Carcello. 2016. Investor Reaction to the Prospect of Mandatory Audit Firm Rotation. The Accounting Review, forthcoming.

Lauren Cunningham. 2016. Auditor Ratification: Can’t Get No (Dis)Satisfaction. Accounting Horizons, forthcoming.

Bills, K. L, Lauren Cunningham, and L. A. Myers. 2016. Small Audit Firm Membership in Associations, Networks, and Alliances: Implications for Audit Quality and Audit Fees. The Accounting Review 91 (3).

Joan Heminway. 2016. The Role of Business Counsel as Compliance Gatekeepers: Toward Understanding and Avoiding Reckless Disregard for Legal and Ethical Compliance in Business Entities, 62 (1) WAYNE ST. L. REV. 7 (symposium issue)

Commerford, B., Dana Hermanson, R. Houston, and M. Peters. 2016. Real Earnings Management: A Threat to Auditor Comfort? Auditing: A Journal of Practice & Theory (Forthcoming).

L. L. Lisic, Terry Neal, I. Zhang, and Y. Zhang. 2016. CEO Power, Internal Control Quality, and Audit Committee Effectiveness in Substance vs. in Form. Contemporary Accounting Research 33 (3): 1199-1237.

D. Dhaliwal, J. S. Judd, Matthew Serfling, and S. Shaikh. 2016. Customer Concentration Risk and the Cost of Equity Capital. Journal of Accounting and Economics 61: 23-48.

Joe Carcello, and Rudy Santore. 2015. Engagement Partner Identification: A Theoretical Analysis. Accounting Horizons (June): 297-311.

Joe Carcello, and C. Li. 2013. Costs and Benefits of Requiring an Engagement Partner Signature: Recent Experience in the United Kingdom. The Accounting Review (September): 1511-1546.

Tracie Woidtke and Y-H Yeh. 2013. The Role of the Audit Committee and the Informativeness of Accounting Earnings in East Asia. Pacific Basin Finance Journal 23: 1-24.

Bierstaker, J., J. Cohen, F. T. DeZoort, and Dana Hermanson. 2012. Audit Committee Compensation, Fairness, and the Resolution of Accounting Disagreements. Auditing: A Journal of Practice & Theory (May): 131-150.

Joe Carcello, C. W. Hollingsworth, and S. A. Mastrolia. 2011. The Effect of PCAOB Inspections on Big 4 Audit Quality. Research in Accounting Regulation 23 (2): 85-96.

Joe Carcello, Dana Hermanson, and Z. Ye. 2011. Corporate Governance Research in Accounting and Auditing: Insights, Practice Implications, and Future Research Directions. AUDITING: A Journal of Practice & Theory (August): 1-31.

Joe Carcello, Terry Neal, Z-V. Palmrose, and S. Scholz. 2011. CEO Involvement in Selecting Board Members, Audit Committee Effectiveness, and Restatements. Contemporary Accounting Research (Summer): 396-430.

Joe Carcello, A. Vanstraelen, and M. Willenborg. 2009. Rules Rather than Discretion in Audit Standards: Going-Concern Opinions in Belgium. The Accounting Review (September): 1395-1428.

Bronson, S. N., Joe Carcello, C. W. Hollingsworth, and Terry Neal. 2009. Are Fully Independent Audit Committees Really Necessary? Journal of Accounting and Public Policy (July / August): 265-280.

Joe Carcello. 2009. Governance and the Common Good. Journal of Business Ethics 89 (September): 11-18.

Joe Carcello, J. C. Bedard, and Dana Hermanson. 2009. Response of the American Accounting Association’s Tracking Team to the Recommendations of the Advisory Committee on the Auditing Profession. Accounting Horizons (March): 69-84.

Beasley, M. S., Joe Carcello, Dana Hermanson, and Terry Neal. 2009. The Audit Committee Oversight Process. Contemporary Accounting Research (Spring): 65-122.

Dana Hermanson, J. Krishnan, and Z. Ye. 2009. Adverse Section 404 Opinions and Shareholder Dissatisfaction Toward Auditors. Accounting Horizons (December): 391-409.

Dana Hermanson, and Z. Ye. 2009. Why Do Some Accelerated Filers With SOX Section 404 Material Weaknesses Provide Early Warning Under Section 302? Auditing: A Journal of Practice & Theory (November): 247-271.

Archambeault, D., F. T. DeZoort, and Dana Hermanson. 2008. Audit Committee Incentive Compensation and Accounting Restatements. Contemporary Accounting Research (Winter): 965-992.

DeZoort, F. T., Dana Hermanson, and R. W. Houston. 2008. Audit Committee Member Support for Proposed Audit Adjustments: Pre-SOX Versus Post-SOX Judgments. Auditing: A Journal of Practice & Theory (May): 85-104.

Dana Hermanson, R. W. Houston, and J. C. Rice. 2007. PCAOB Inspections of Smaller CPA Firms: Initial Evidence from Inspection Reports. Accounting Horizons (June): 137-152.

Joe Carcello, C. W. Hollingsworth, and Terry Neal. 2006. Audit Committee Financial Experts: A Closer Examination Using Firm Designations. Accounting Horizons (December): 351-373.

Bronson, S. N., Joe Carcello, and K. Raghunandan. 2006. Firm Characteristics and Voluntary Management Reports on Internal Control. AUDITING: A Journal of Practice & Theory (November): 25-39.

Joe Carcello, J. Lin, and K. Raghunandan. 2006. Auditors’ Reporting Options and Client Disclosure Quality. Research in Accounting Regulation (vol. 18): 127-142.

Allen, R., Dana Hermanson, T. Kozloski, and R. Ramsay. 2006. Auditor Risk Assessment: Insights from the Academic Literature. Accounting Horizons (June, Commentary): 157-177.

L. Gaynor, L. McDaniel, and Terry Neal. 2006. The Effects of Joint Provision and Disclosure of Non-Audit Services on Audit Committee Members’ Decisions and Investors’ Preferences. The Accounting Review (July).

Joe Carcello. 2005. Discussion of “Audit Research after Sarbanes-Oxley”. AUDITING: A Journal of Practice & Theory (Supplement): 31-40.

Joe Carcello, Dana Hermanson, and K. Raghunandan. 2005. Changes in Internal Auditing During the Time of the Major US Accounting Scandals. International Journal of Auditing (July): 117-127.

Joe Carcello, Dana Hermanson, and K. Raghunandan. 2005. Factors Associated with U.S. Public Companies’ Investment in Internal Auditing. Accounting Horizons (June): 69-84.

Joe Carcello, and A. L. Nagy. 2004. Audit Firm Tenure and Fraudulent Financial Reporting. AUDITING: A Journal of Practice & Theory (September): 55-69.

Joe Carcello, and A. L. Nagy. 2004. Client Size, Auditor Specialization and Fraudulent Financial Reporting. Managerial Auditing Journal (June): 651-668.

Terry Neal and R. R. Riley, Jr. 2004. Auditor Industry Specialist Research Design. Auditing: A Journal of Practice and Theory (September).

Joe Carcello, and Terry Neal. 2003. Audit Committee Independence and Disclosure: choice for financially distressed firms. Corporate Governance: An International Review (October): 289-299.

Joe Carcello, Dana Hermanson, and Terry Neal. 2003. Auditor Reporting Behavior When GAAS Lack Specificity: The Case of SAS No. 59. Journal of Accounting and Public Policy (January / February): 63-81.

Joe Carcello, and Terry Neal. 2003. Audit Committee Characteristics and Auditor Dismissals following “New” Going-Concern Reports. The Accounting Review (January): 95-117.

DeZoort, F. T., Dana Hermanson, and R. W. Houston. 2003. Audit Committee Member Support for Proposed Audit Adjustments: A Source Credibility Perspective. Auditing: A Journal of Practice & Theory (September): 189-205.

DeZoort, F. T., Dana Hermanson, and R. W. Houston. 2003. Audit Committee Support for Auditors: The Effects of Materiality Justification and Accounting Precision. Journal of Accounting and Public Policy 22 (2): 175-199.

Joe Carcello, Dana Hermanson, and Terry Neal. 2002. Disclosures in Audit Committee Charters and Reports. Accounting Horizons (December): 291-304.

Joe Carcello, Dana Hermanson, Terry Neal, and R. R. Riley, Jr. 2002. Board Characteristics and Audit Fees. Contemporary Accounting Research (Fall): 365-384.

DeZoort, F. T., Dana Hermanson, D. Archambeault, and S. Reed. 2002. Audit Committee Effectiveness: A Synthesis of the Empirical Audit Committee Literature. Journal of Accounting Literature 21: 38-75.

Beasley, M. S., Joe Carcello, Dana Hermanson, P. Lapides. 2000. Fraudulent Financial Reporting: Consideration of Industry Traits and Corporate Governance Mechanisms. Accounting Horizons (December): 441-454.

Joe Carcello and Terry Neal. 2000. Audit Committee Composition and Auditor Reporting. The Accounting Review (October): 453-467.

Bell, T. B., and Joe Carcello. 2000. A Decision Aid for Assessing the Likelihood of Fraudulent Financial Reporting. AUDITING: A Journal of Practice & Theory (Spring): 167-182.

Joe Carcello, Dana Hermanson, and H. F. Huss. 2000. Going-Concern Opinions: The Effects of Partner Compensation Plans and Client Size. AUDITING: A Journal of Practice & Theory (Spring): 67-77.

Boards of Directors

Larry Fauver, M. Hung, X. Li and A. G. Taboada. 2017. Board Reforms and Firm Value: Worldwide Evidence. Journal of Financial Economics, forthcoming.

Joan Heminway. 2014. Women in the Crowd of Corporate Directors: Following, Walking Alone, and Meaningfully Contributing, 21 WM. & MARY J. OF WOMEN & L. 59 (symposium issue)

Clune, R., Dana Hermanson, J. Tompkins, and Z. Ye. 2014. The Nominating Committee Process: A Qualitative Examination of Board Independence and Formalization. Contemporary Accounting Research (September): 748-786.

H. Black, R. Schweitzer, J. White, and Tracie Woidtke. 2014. Appointments of Academic Directors. Journal of Corporate Finance 28: 135-151.

Ye, Z., Dana Hermanson, and J. Krishnan. 2013. Shareholder Voting in Director Elections and Initial SOX Section 404 Reports. Journal of Accounting, Auditing & Finance (April): 103-127.

B. Behn, B. Carver, and Terry Neal. 2013. Small Firms and the Value of Improvements in Corporate Governance Mechanisms. Advances in Accounting (December).

Tracie Woidtke and Y-H Yeh. 2013. The Role of the Audit Committee and the Informativeness of Accounting Earnings in East Asia. Pacific Basin Finance Journal 23: 1-24.

Bronson, S. N., Joe Carcello, C. W. Hollingsworth, and Terry Neal. 2009. Are Fully Independent Audit Committees Really Necessary? Journal of Accounting and Public Policy (July / August): 265-280.

Joe Carcello. 2009. Governance and the Common Good. Journal of Business Ethics 89 (September): 11-18.

Beasley, M. S., Joe Carcello, Dana Hermanson, and Terry Neal. 2009. The Audit Committee Oversight Process. Contemporary Accounting Research (Spring): 65-122.

Joan Heminway. 2009. WANTED: Female Corporate Directors (a review of Professor Douglas M. Branson’s NO SEAT AT THE TABLE with Sarah White), 29 PACE LAW REV. 249 (book review issue), reprinted at 51 CORP. PRACTICE COMMENTATOR 619 (2009)

Archambeault, D., F. T. DeZoort, and Dana Hermanson. 2008. Audit Committee Incentive Compensation and Accounting Restatements. Contemporary Accounting Research (Winter): 965-992.

Larry Fauver and M. E. Fuerst. 2007. Better Corporate Governance through Greater ‘Insider’ Participation? Evidence from German Corporate Boards. Corporate Finance Review 11: 16-27.

Joan Heminway. 2007. Sex, Trust, and Corporate Boards, 18 HASTINGS W.L.J. 173

Joe Carcello, C. W. Hollingsworth, and Terry Neal. 2006. Audit Committee Financial Experts: A Closer Examination Using Firm Designations. Accounting Horizons (December): 351-373.

Larry Fauver and M. E. Fuerst. 2006. Does Good Corporate Governance Include Employee Representation? Evidence from German Corporate Boards. Journal of Financial Economics 82: 673-710.

Tracie Woidtke and Y-H Yeh. 2005. Commitment or Entrenchment?: Controlling Shareholders and Board Composition. Journal of Banking and Finance 29: 1857-1885.

Joe Carcello, and Terry Neal. 2003. Audit Committee Independence and Disclosure: choice for financially distressed firms. Corporate Governance: An International Review (October): 289-299.

Joe Carcello, and Terry Neal. 2003. Audit Committee Characteristics and Auditor Dismissals following “New” Going-Concern Reports. The Accounting Review (January): 95-117.

Joe Carcello, Dana Hermanson, and Terry Neal. 2002. Disclosures in Audit Committee Charters and Reports. Accounting Horizons (December): 291-304.

Joe Carcello, Dana Hermanson, Terry Neal, and R. R. Riley, Jr. 2002. Board Characteristics and Audit Fees. Contemporary Accounting Research (Fall): 365-384.

DeZoort, F. T., Dana Hermanson, D. Archambeault, and S. Reed. 2002. Audit Committee Effectiveness: A Synthesis of the Empirical Audit Committee Literature. Journal of Accounting Literature 21: 38-75.

Joe Carcello and Terry Neal. 2000. Audit Committee Composition and Auditor Reporting. The Accounting Review (October): 453-467.

Compensation

S. Cotton, Y. Li, and Rudy Santore. 2015. Colluding with a Conscience. Journal of Economics 114 (3): 255−269.

Rudy Santore and M. Tackie. 2013. Stock Option Contract Design and Managerial Fraud. Economics Bulletin 33 (2): 1283–1289.

Dana Hermanson, J. G. Tompkins, R. Veliyath, and Z. Ye. 2012. The Compensation Committee Process. Contemporary Accounting Research 29 (3): 666-709.

D. Robison and Rudy Santore. 2011. Managerial Incentives, Fraud, and Monitoring. The Financial Review 46: 281 – 311.

Joan Heminway. 2009. Executive Employment Agreements in Tennessee: An Annotated Model Tennessee Acquisition Employment Agreement (with Trace Blankenship), 10 TRANSACTIONS: TENN. J. BUS. L. 141

Archambeault, D., F. T. DeZoort, and Dana Hermanson. 2008. Audit Committee Incentive Compensation and Accounting Restatements. Contemporary Accounting Research (Winter): 965-992.

D. Bruner, M. McKee, and Rudy Santore. 2008. Hand in the Cookie Jar: An Experimental Investigation of Equity-Based Compensation and Managerial Fraud. Southern Economic Journal 75 (2), July: 261 – 278.

Daves, P. and Mike Ehrhardt. 2007. Convertible Securities, Employee Stock Options, and the Cost of Equity. The Financial Review 42: 267-288.

Joe Carcello, Dana Hermanson, and H. F. Huss. 2000. Going-Concern Opinions: The Effects of Partner Compensation Plans and Client Size. AUDITING: A Journal of Practice & Theory (Spring): 67-77.

Executive Characteristics

Bishop, C. C., F. T. DeZoort, and Dana Hermanson. 2016. The Effect of CEO Social Influence Pressure and CFO Accounting Experience on CFO Financial Reporting Decisions. Auditing: A Journal of Practice & Theory (Forthcoming).

Matthew Serfling. 2014. CEO Age and the Riskiness of Corporate Policies. Journal of Corporate Finance 25: 251-273.

Joan Heminway. 2007. Personal Facts about Executive Officers: A Proposal for Tailored Disclosures to Encourage Reasonable Investor Behavior, 42 WAKE FOREST L. REV. 749 (symposium issue)

Insider Trading and Securities Fraud

Joan Heminway. 2016. (Not) Holding Firms Criminally Responsible for the Reckless Insider Trading of their Employees, 46 STETSON L. REV. 157 (symposium issue)

Joan Heminway. 2012. Just Do It! Specific Rulemaking on Materiality Guidance in Insider Trading, 72 LA. L. REV. 999, reprinted at 45 SEC. L. REV. § 3.3 (2013)

Joan Heminway. 2009. Female Investors and Securities Fraud: Is the Reasonable Investor a Woman?, 15 WM. & MARY J. OF WOMEN & L. 291 (symposium issue)

Joan Heminway. 2009. Martha Stewart and the Forbidden Fruit: A New Story of Eve, MICH. ST. L. REV. 1017 (symposium issue)

Joan Heminway. 2009. Martha’s (and Steve’s) Good Faith: An Officer’s Duty of Loyalty at the Intersection of Good Faith and Candor, 11 TRANSACTIONS: TENN. J. BUS. L. 111

Joan Heminway. 2007. Hell Hath No Fury Like an Investor Scorned: Retribution, Deterrence, Restoration, and the Criminalization of Securities Fraud under Rule 10b-5, 2 MD. J. BUS. TECH. L. 3 (roundtable essay)

Joan Heminway. 2007. Sex, Trust, and Corporate Boards, 18 HASTINGS W.L.J. 173

Joan Heminway. 2006. Martha Stewart Saved! Insider Violations of Rule 10b-5 for Misrepresented or Undisclosed Personal Facts, 65 MD. L. REV. 380 (conference issue)

Joan Heminway. 2003. Materiality Guidance in the Context of Insider Trading: A Call to Action, 52 AM. U. L. REV. 1131, reprinted at 36 SEC. L. REV. 448 (2004)

Joan Heminway. 2003. Save Martha Stewart? Observations About Equal Justice in U.S. Insider Trading Regulation, 12 TEX. J. OF WOM. & L. 247 (symposium issue)

Labor Market for Executives and Directors

V. Intintoli, Matthew Serfling, and S. Shaikh. 2016. CEO Turnovers and Disruptions in Customer-Supplier Relationships. Journal of Financial and Quantitative Analysis, forthcoming.

Matthew Serfling. 2016. Firing Costs and Capital Structure Decisions. Journal of Finance 71: 2239-2286.

Ownership Structure and Types of Investors

Larry Fauver and M. B. McDonald. 2015. Culture, Agency Costs, and Governance: International Evidence on Capital Structure. Pacific Basin Finance Journal 34: 1-23.

D. Del Guercio, L. Seery, and Tracie Woidtke. 2008. Do Boards Pay Attention when Institutional Investor Activists ‘Just Vote No’? Journal of Financial Economics 90: 84-103.

E. Kelley and Tracie Woidtke. 2007. Can Adverse Effects of Poor Investor Protection Be Mitigated by Incoming Foreign Investment? Journal of Institutional Comparisons, CESifo DICE Report 5: 28-32

E. Kelley and Tracie Woidtke. 2006. Investor Protection and Real Investment by U.S. Multinationals. Journal of Financial and Quantitative Analysis 41: 541-572.

Tracie Woidtke and Y-H Yeh. 2005. Commitment or Entrenchment?: Controlling Shareholders and Board Composition. Journal of Banking and Finance 29: 1857-1885.

S. Krishnamurthy, P. Spindt, V. Subramaniam, and Tracie Woitke. 2005. Does Investor Identity Matter in Equity Issues?: Evidence from Private Placements. Journal of Financial Intermediation 14: 210-238.

Tracie Woidtke. 2002. Agents Watching Agents?: Evidence from Pension Fund Ownership and Firm Value. Journal of Financial Economics 63: 99-131.

Tracie Woidtke, Y-H Yeh, T-S Lee. 2001. Family Control and Corporate Governance: Evidence from Taiwan. International Review of Finance 2: 21-48.

Regulatory Oversight

Larry Fauver and M. B. McDonald. 2015. Culture, Agency Costs, and Governance: International Evidence on Capital Structure. Pacific Basin Finance Journal 34: 1-23.

Cassell, C. A., Lauren (Dreher) Cunningham, and L. A. Myers. 2013. Reviewing the SEC’s Review Process: 10-K Comment Letters and the Cost of Remediation. The Accounting Review 88 (6).

Joan Heminway. 2011/12. The SEC’s New Line-Item Disclosure Rules for Asset-Backed Securities: MOTS or TMI?, 35 HAMLINE L. REV. 385 (symposium issue)

Joan Heminway. 2011. Sustaining Reform Efforts at the SEC: A Progress Report, 30 BANKING & FIN. SVCS POLICY REPORT 1.

Joan Heminway. 2010. Federal Interventions in Private Enterprise in the United States: Their Genesis in and Effects on Corporate Finance Instruments and Transactions, 40 SETON HALL L. REV. 1487 (symposium issue)

Joan Heminway. 2010. Reframing and Reforming the Securities and Exchange Commission: Lessons from Literature on Change Leadership, 55 VILL. L. REV. 627 (symposium issue), reprinted at 44 SEC. L. REV. § 5.3 (2012)

Joan Heminway. 2008. Does Sarbanes-Oxley Foster the Existence of Ethical Executive Role Models in the Corporation?, 3 MD. J. BUS. TECH. L. 221 (conference issue)

Joan Heminway. 2007. Personal Facts about Executive Officers: A Proposal for Tailored Disclosures to Encourage Reasonable Investor Behavior, 42 WAKE FOREST L. REV. 749 (symposium issue)

Dana Hermanson, R. W. Houston, and J. C. Rice. 2007. PCAOB Inspections of Smaller CPA Firms: Initial Evidence from Inspection Reports. Accounting Horizons (June): 137-152.

Joe Carcello. 2005. Discussion of “Audit Research after Sarbanes-Oxley”. AUDITING: A Journal of Practice & Theory (Supplement): 31-40.

Joan Heminway. 2005. Rock, Paper, Scissors: Choosing the Right Vehicle for Federal Corporate Governance Initiatives, 10 FORDHAM J. OF CORP. & FIN. L. 225

Shareholder Activism, Voting and Proxy Advisors

Lauren Cunningham. 2016. Auditor Ratification: Can’t Get No (Dis)Satisfaction. Accounting Horizons, forthcoming.

Ye, Z., Dana Hermanson, and J. Krishnan. 2013. Shareholder Voting in Director Elections and Initial SOX Section 404 Reports. Journal of Accounting, Auditing & Finance (April): 103-127.

Dana Hermanson, J. Krishnan, and Z. Ye. 2009. Adverse Section 404 Opinions and Shareholder Dissatisfaction Toward Auditors. Accounting Horizons (December): 391-409.

D. Del Guercio, L. Seery, and Tracie Woidtke. 2008. Do Boards Pay Attention when Institutional Investor Activists ‘Just Vote No’? Journal of Financial Economics 90: 84-103.

L. Bierman, C. Tuggle, and Tracie Woidtke. 2003. Reining in Activist Funds. Harvard Business Review (included in the forethought section), March.