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1、外文翻譯原文AccountingFraudMaterialSource:http://74.125.155.132/scholar?q=cache:RuFjeCl9gG4J:scholar.google.com/+Capital+markets+++the+accountAuthor:RobertH.DavidsonInthispaper,Iexaminewhethermacroeconomicconditionsinfluencethepropensitytocommitaccountingfraud.Ifindthatt
2、heincidenceofobservedaccountingfraudisincreasinginGDPandisatitshighestintheperiodsleadinguptoaneconomicpeak.Inaddition,theincidenceofobservedaccountingfraudisdecreasingintheaveragecorrelationbetweenfirmandmarketreturnsandtheaveragemagnitudeofanalystforecasterrors;t
3、herelationisincreasinginaverageprice-earningsratios.Whenexaminingtherelationbetweemacroeconomicconditionsandfirm-levelfrauddeterminantsIfindthattheassociationbetweenCEOcompensationincentivesandthepropensitytoobserveaccountingfraudisgenerallynegative,butispositivean
4、dsignificantduringperiodsofhighpricesensitivitytoearningsnews.Analyzingaccountingfraudbytyperevealsthatrevenuefraudisincreasinginthepricesensitivitytorevenuenews;thisrelationdoesnotexistforexpenseorbalancesheetfraud.Additionally,balancesheetfraudisincreasinginthede
5、faultriskpremium.Theseresultsareconsistentwiththehypothesisthatmarket-wideincentivesformanagerstomanipulateearningsinfluencethedecisiontocommitaccountingfraudaboveandbeyondfirm-leveldeterminants.Overthelast100years,recessionshavebeenroutinelyaccompaniedbrevelations
6、ofscandalousreportingfailuresatmanyfirms.FraudulentreportingwasexposedaftertheGreatCrashin1929,aftertheSavings&Loansscandalinthe1980s,andafterthedot-combubbleofthelate1990s/early2000s1.Sweepingchangesinregulationhaveoftenfollowedthesescandals;theSarbanes-OxleyAct,f
7、orexample,wasdraftedtoreducethelikelihoodoffraudulentreportingafterthedot-comcrash.Additionally,BakerandWurgler[2007]notethedramaticdecreaseinstockpricesthatoccursduringtheseperiods.Theoverallcostofawaveofaccountingscandalstotheeconomy-intermsofreducedfirmvalue,red
8、uced6investorconfidence,bankruptfirms,increasedunemployment,andadditionalregulation-ishuge.Managershavemanyfinancialincentivestomeettheirperforma
