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The Press as a Watchdog for Accounting Fraud

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  • GREGORY S. MILLER
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    Abstract

    This paper investigates the press's role as a monitor or "watchdog" for accounting fraud. I find that the press fulfills this role by rebroadcasting information from other information intermediaries (analysts, auditors, and lawsuits) and by undertaking original investigation and analysis. Articles based on original analysis provide new information to the markets while those that rebroadcast allegations from other intermediaries do not. Consistent with a dual role for the press, I find that business-oriented press is more likely to undertake original analysis while nonbusiness periodicals focus primarily on rebroadcasting. I also investigate the determinates of press coverage, finding systematic biases in the types of firms and frauds for which articles are published. In general, the press covers firms and frauds that will be of interest to a broad set of readers and situations that are lower cost to identify and investigate. Copyright University of Chicago on behalf of the Institute of Professional Accounting, 2006.

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    Bibliographic Info

    Article provided by Wiley Blackwell in its journal Journal of Accounting Research.

    Volume (Year): 44 (2006)
    Issue (Month): 5 (December)
    Pages: 1001-1033

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    Handle: RePEc:bla:joares:v:44:y:2006:i:5:p:1001-1033

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    Cited by:
    1. Kuhnen, Camelia M. & Niessen, Alexandra, 2010. "Public opinion and executive compensation," CFR Working Papers 08-09 [rev.], University of Cologne, Centre for Financial Research (CFR).
    2. Ma, Liangbo & Ma, Shiguang & Tian, Gary, 2013. "Political connections, founder-managers, and their impact on tunneling in China's listed firms," Pacific-Basin Finance Journal, Elsevier, Elsevier, vol. 24(C), pages 312-339.
    3. Dyck, Alexander & Volchkova, Natalya & Zingales, Luigi, 2007. "The Corporate Governance Role of the Media: Evidence from Russia," Working Papers, University of Pennsylvania, Wharton School, Weiss Center 07-1, University of Pennsylvania, Wharton School, Weiss Center.
    4. Baolei Qi & Rong Yang & Gaoliang Tian, 2014. "Can media deter management from manipulating earnings? Evidence from China," Review of Quantitative Finance and Accounting, Springer, Springer, vol. 42(3), pages 571-597, April.
    5. Core, John E. & Guay, Wayne & Larcker, David F., 2008. "The power of the pen and executive compensation," Journal of Financial Economics, Elsevier, Elsevier, vol. 88(1), pages 1-25, April.
    6. Mohamed Khenissi & Peter Wirtz, 2013. "Processus Decisionnel En Matiere De Remuneration Des Dirigeants : Le Cas Vinci," Working Papers halshs-00850083, HAL.
    7. Karen Moris, 2011. "La presse en tant que mécanisme de gouvernance disciplinaire," Revue Finance Contrôle Stratégie, revues.org, revues.org, vol. 14(4), pages 21-66, December.
    8. Dechow, Patricia & Ge, Weili & Schrand, Catherine, 2010. "Understanding earnings quality: A review of the proxies, their determinants and their consequences," Journal of Accounting and Economics, Elsevier, Elsevier, vol. 50(2-3), pages 344-401, December.
    9. Armstrong, Christopher S. & Guay, Wayne R. & Weber, Joseph P., 2010. "The role of information and financial reporting in corporate governance and debt contracting," Journal of Accounting and Economics, Elsevier, Elsevier, vol. 50(2-3), pages 179-234, December.
    10. Cohen, Jeffrey & Ding, Yuan & Lesage, Cedric & Stolowy, Hervé, 2008. "The role of managers’ behavior in corporate fraud," Les Cahiers de Recherche 900, HEC Paris.
    11. Houston, Joel F. & Lin, Chen & Ma, Yue, 2011. "Media ownership, concentration and corruption in bank lending," Journal of Financial Economics, Elsevier, Elsevier, vol. 100(2), pages 326-350, May.
    12. Aman, Hiroyuki, 2013. "An analysis of the impact of media coverage on stock price crashes and jumps: Evidence from Japan," Pacific-Basin Finance Journal, Elsevier, Elsevier, vol. 24(C), pages 22-38.
    13. Karen Moris, 2010. "La presse en tant que mécanisme de gouvernance disciplinaire - Press as a disciplinary governance mechanism," Working Papers CREGO, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations 1101003, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.

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