Vernon Jay Richardson

University of Arkansas at Fayetteville | U of A · Department of Accounting

New information demonstrating the importance of both sequential and simultaneous (or direct) multiphoton ionization of inner shell electrons from neon is discussed in this paper. Ne was irradiated with intense 93 eV free electron laser (FEL) pulses at FLASH and studied with the aid of photoelectron spectrometry. This resulted in two and three photo...

We propose new measures of financial disclosure quality based on XBRL standard and extension tag counts. XBRL is designed to allow users to analyze more financial statement detail, thereby increasing reporting transparency. Thus, firms that use more XBRL standard tags should produce more detailed and comparable financial reports. To test this asser...

The chief information officer (CIO) is responsible for bridging the gap between two critical domains—technology and business, making the CIO's job uniquely different from other executives. As digital technologies become increasingly important to firms' competitive success, boards of directors and senior executives seek to align the CIO role with ov...

We investigate the interaction of debt covenants and tax accounting on the adoption of Financial Interpretation No. 48 (FIN 48). We examine how firms respond to the potential tightening of covenant slack upon FIN 48 adoption and whether these actions are penalized by creditors and anticipated by equity markets. We find that upon FIN 48 adoption, th...

Firms depend on information technology to provide high-quality internal information, but prior research suggests that IT is underutilized. Prior research suggests that when CEOs have experience with IT, then IT is more likely to be accepted throughout their firms. We take these arguments a step further by asserting that CEOs with IT expertise are m...

Material weaknesses in internal controls related to information technology (IT) represent unique threats to organizations. Utilizing the external auditor as an example of an externally observable governance mechanism, we investigate if firms with revealed IT internal control deficiencies employ a strategy of disassociation with their current audito...

In this paper, we report results on two-colour above-threshold ionisation, where extreme ultraviolet pulses of femtosecond duration were synchronised to intense infrared laser pulses of picosecond duration, in order to study the laser-assisted photoelectric effect of atomic helium, neon, krypton and xenon which leads to the appearance of characteri...

Since Information Technology (IT)-based internal controls are pivotal in providing access to, and security of, financial records, we argue that an IT-related material weakness (ITMW) is a significant threat to organizational legitimacy. Prior research suggests that firms work to repair legitimacy by disassociation with executives blamed for the def...

Information Technology (IT) serves as the foundation for an effective internal control system. Deficiencies in internal controls related to IT (as evidenced by SOX 404 IT internal control material weaknesses (ITMW)) can diminish the quality of financial reporting and lead to the dismissal of executives. We investigate if the labor market penalizes...

There is a rapid increase in the use of enterprise technologies, such as enterprise portals, CRM, RFIDs, and partner interface systems. Often defined as Enterprise 2.0 technologies, social communication technologies, such as blogs and wikis are further increasing the range of ITs used by firms. Greater use of these Enterprise 2.0 technologies is ch...

We examine the interrelationships between information technology spending, CEO equity compensation incentives, and firm value. We present two related pieces of evidence. First, we find that CEO equity incentives are associated with IT spending, suggesting that CEOs with higher incentives are more likely to invest in a risky asset such as IT. Second...

SYNOPSIS As information and communication technologies (IT) become more deeply ingrained and inextricably woven into the fabric of organizations, more perplexing research and practice questions emerge. This commentary applies an organizing information systems research framework to accounting. The framework explicitly recognizes that complexities of...

This study uses an archival research design to assess the impact of enterprise systems on a firm's internal information environment as reflected in the production of management earnings forecasts. Specifically, the authors hypothesize that, if enterprise systems improve management's access to decision-relevant internal information, higher quality m...

Research at the nexus of operations management and information systems suggests that manufacturing plants may benefit from the utilization of information systems for collaborating and transacting with suppliers and customers. The objective of this study is to examine the extent to which value generated by information systems for collaborating versu...

We investigate the interaction of debt covenants and tax reporting upon the adoption of a financial accounting standard that codifies disclosures for income tax risks, Financial Interpretation No. 48 (FIN 48). We examine how firms respond to the potential tightening of covenant slack upon FIN 48 adoption and whether these actions are penalized by c...

In this work we report the ionization of a gaseous neon target by combining extreme ultraviolet (XUV) radiation from the Free Electron Laser in Hamburg with an intense synchronized optical laser. The photoelectron spectrum dependence of the electrons ejected from singly-charged neon (Ne+) on the relative polarisation of the XUV and optical laser fi...

In this work we report on the ionization of a gaseous neon target by combining extreme ultraviolet (XUV) radiation from the Free Electron Laser in Hamburg with an intense synchronized optical laser. Applying energy-resolved photoelectron spectroscopy, the dependence of the electrons ejected from singly charged neon (Ne+) on the relative polarizatio...

We present a systematic study of the photoionization of noble gas atoms exposed simultaneously to ultrashort (20 fs) monochromatic (1–2% spectral width) extreme ultraviolet (XUV) radiation from the Free-electron Laser in Hamburg (FLASH) and to intense synchronized near-infrared (NIR) laser pulses with intensities up to about 1013 W cm−2. Already at...

We investigate the association between the strength of information technology controls over management information systems and the subsequent forecasting ability of the information produced by those systems. The Sarbanes-Oxley Act of 2002 highlights the importance of information system controls by requiring management and auditors to report on the...

We use meta-analysis techniques to examine research choices that affect findings with respect to the return on IT investment. Recent research has established that IT investment is substantially related to firm financial performance. We find, however, that the relationship between IT investment and performance varies, depending on how both financial...

We are grateful to seminar participants at Bentley College and the City University of Hong Kong for their constructive comments. 2 Determinants of Budgeted IT Expenditures IT expenditures vary across firms and across industries, however very little empirical research has investigated the factors influencing the level of these expenditures. The obje...

This paper synthesizes recent empirical archival research investigating the link between information technology investment and business value. It examines 1) financial and non-financial measures to represent different elements of business value, 2) IT investment measures and links with firm performance, 3) IT and business complementarities that aff...

Two-color, single-shot time-of-flight electron spectroscopy of atomic neon was employed at the Linac Coherent Light Source (LCLS) to measure laser-assisted Auger decay in the x-ray regime. This x-ray-optical cross-correlation technique provides a straightforward, non-invasive and on-line means of determining the duration of femtosecond (>40 fs) x-r...

The resource-based view has been used in IT business value research to theorize and investigate the impact of unique IT capabilities on sustainable competitive advantages. Prior research has empirically documented a positive association between superior IT capabilities and firm performance. However, such analyses have focused on IT capabilities of...

We examine the association between layoffs and chief executive officer (CEO) compensation. Because of the public scrutiny and political pressures associated with both CEO compensation and layoffs, we expect firms to alter CEO compensation by reducing bonus pay and increasing equity-based compensation as the magnitude of the layoff increases. Consis...

Although information technology (hereafter, IT) expenditures represent an increasingly large investment for most corporations, firms are not required to disclose them separately in their financial statements. We hypothesize and find evidence that information about a firm's IT expenditures helps explain its future performance as reflected in both ac...

We have observed the simultaneous inner-shell absorption of two extreme-ultraviolet photons by a Xe atom in an experiment performed at the short-wavelength free electron laser facility FLASH. Photoelectron spectroscopy permitted us to unambiguously identify a feature resulting from the ionization of a single electron of the 4d subshell of Xe by two...

Intense ultra-short XUV-pulses from the Free Electron Laser in Hamburg (FLASH) were used in combination with the synchronized near-infrared (NIR) radiation from a femtosecond laser to perform two-color experiments on rare gas atoms and small molecules. Results of atomic photoionization in the presence of a NIR dressing field are presented and discu...

Two-photon excitation of a single-photon forbidden Auger resonance has been observed and investigated using the intense extreme ultraviolet radiation from the free electron laser in Hamburg. At the wavelength 26.9 nm (46 eV) two photons promoted a 3d core electron to the outer 4d shell. The subsequent Auger decay, as well as several nonlinear above...

The purpose of this study is to analyze the potential benefits that firms realize from implementing technology specifically aimed at monitoring and assuring the effectiveness of their internal control systems. As asserted by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), approaches to effective internal control monitor...

Two-color photoionization processes in rare gases have been studied using the combination of XUV pulses from the Free Electron Laser in Hamburg (FLASH) and intense femtosecond pulses from an external synchronized near infrared laser. In the low field regime of the NIR dressing laser (<10¹¹ W/cm²), the partial cross sections of the two-photon ioniza...

The current key performance indicators of the pump-probe facility at the Free Electron Laser in Hamburg (FLASH) are described. The temporal and spatial characteristics of both the extreme ultraviolet (XUV) Free Electron Laser and the temporally synchronized optical femtosecond Ti:Sapphire laser are determined by measuring two-color above threshold...

CEOs and their management teams decide how much a firm will spend on IT. Though managers make IT spending decisions with the intent of generating value, such benefits are risky and not guaranteed (Dewan et al. 2007). While CEOs may perceive that IT spending could translate into competitive advantage and increase productivity, they also realize that...

Using a noninvasive, electro-optically based electron bunch arrival time measurement at FLASH (free electron laser in Hamburg) the temporal resolution of two-color pump-probe experiments has been significantly improved. The system determines the relative arrival time of the extended ultraviolet pulse of FLASH and an amplified Ti:sapphire femtosecon...

We empirically examine IT value co-creation in supply chains, incorporating key contingencies of the competitive environment. Prior research suggests that IT used for strategic informationbased partnerships may benefit supply chains facing higher volatility, enabling tightly coupled integration and enhanced strategic response to changing consumer p...

Two-color multiphoton ionization of atomic helium was investigated by combining extreme ultraviolet (XUV) radiation from the Free Electron Laser in Hamburg with an intense synchronized optical laser. In the photoelectron spectrum, lines associated with direct ionization and above-threshold ionization show strong variations of their amplitudes as a...

Our objective in this paper is to develop a firm value model to assist IT managers and researchers in understanding the multiple effects that IT investments have on firm value. This firm value approach adds to the process-oriented approach through simultaneous evaluation of all of the factors that affect firm value. It is crucial for IT professiona...

Previous research has shown that investments in intangible assets, especially research and development, can increase the difficulty in forecasting a company's earnings. This information risk translates into a lower market value for the firm. Because IT investments have many intangible characteristics similar to research and development expenditures...

This study uses previous theory developed in the IT implementation literature and the information processing view of the firm to empirically investigate the impact of IT investments and several contextual variables on the volatility of future earnings. We use InformationWeek 500 data on IT spending from 1992–1997 to find evidence that IT investment...

Managers face tradeoffs. On one hand, CEOs make IT spending decisions in anticipation of generating competitive advantages and productivity improvements. On the other hand, CEOs realize the risky nature of IT spending and its immediate negative effect on current income. Boards of directors, recognizing the potential long-term contribution of IT to...

For most firms, the information technology (IT) budget represents a major element in the overall firm budget, and IT budget decisions often have significant operational and strategic impacts on the business processes in the firm's value chain. In this paper we use a large unique data set to examine the extent to which IT budgets are affected by env...

In a series of experiments, the dynamics of atomic photoionization in strong bi-chromatic laser fields has been studied. By taking advantage of the unique characteristics of the Free Electron Laser in Hamburg (FLASH), especially its monochromaticity, short temporal width and high number of photons per pulse in combination with a strong synchronized...

This study provides a current assessment of the impact of various Information Systems (IS) articles, and the productivity of IS researchers and institutions. Using a data set of Information Systems articles that spans 15 years, we conducted a scientometric study of the field. The articles are drawn from three premier IS journals. We use citation an...

This paper examines the financial benefits of information technology investments around newly adopted IT-based supply chain management (SCM) systems by 123 manufacturing firms over the period 1994–2000. We form hypotheses using the value chain to specify the expected financial impact of SCM systems. By examining the change in financial performance...

In this study we examine the influence of premier information systems research over time to assess the maturity of the Information Systems (IS) field and its impact on subsequent IS and non-IS research. 19,357 citations from the Social Science Citation Index (SSCI) (1982-2004) are attributed to 879 articles published in MIS Quarterly (MISQ), Inform...

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This paper examines the moderating effects of firm and IT characteristics on the market reaction to IT investment announcements. A special emphasis has been placed on the potential interaction effects of these two types of variables, since the previous event studies have paid limited attention to the possibility that they interact and jointly alter...

This paper describes a usage-based pricing scheme for distributing digital content over peer-to-peer networks that rewards peer users who actively participate in the distribution process. We present a dynamic distribution model that is used to compare ...

This study reexamines the value relevance of e-commerce announcements using an event study methodology. Event studies have become an increasingly popular technique for information systems research by giving researchers a tool to measure the notoriously elusive value of information technology. We find evidence that the traditional event study method...

This study investigates the impact of IT investments and several contextual variables on the volatility of future earnings. We find evidence that IT investments strongly increases the volatility of future earnings and that four contextual factors - industry concentration, sales growth, diversification, and leverage - strongly moderate IT's effect o...

In the recent past, researchers have shown conflicting results regarding the returns to IT investment. Some researchers posit that the equivocal results of IT investment are due to inconsistent measurement of firm performance following IT investment. We propose to use meta-analysis to summarize and synthesize the patterns of relatively consistent r...

We examine the market reaction to a sample of 403 restatements announced from 1995 to 1999. We document an average abnormal return of about −9 percent over a 2-day announcement window. We find that more negative returns are associated with restatements involving fraud, affecting more accounts, decreasing reported income and attributed to auditors o...

Together with the number of patents and the value of R&D expenditures, scientific measures of patent quality give investors a useful basis upon which to judge the economic merit of the firm's inventive and innovative activity. Especially in the case of small cap and relatively low P/E high tech companies, we find a favorable stock-price influence w...

Current accounting rules end regular amortization of goodwill and mandate annual tests for goodwill impairment and loss recognition, when appropriate. These rules make consideration of goodwill write-offs important and timely. In the study reported here, we found that the effects of goodwill write-off announcements were typically negative and mater...

Some dial-up Internet access providers, such as the market leader AOL, require customers to install proprietary connection software to use their service. This is puzzling, because while the software helps certain users, it creates disutility for others ...

This paper both confirms and extends the value relevance of information technology (IT) announcements found by K.S. Im et al. (2001) and B.L. Dos Santos et al. (1993). We extend their work by proposing that an overarching construct, the strategic IT role in an industry, accounts for the factors previously found to affect the stock market response t...

This study investigates why firms adopt long-term performance plans. The results provide evidence that firms that adopt long-term performance plans have higher risk as measured by Beta, have lower percentages of managerial stockholdings, have higher levels of investment in research and development expenditures two years prior to adoption of a long-...

Our objective in this paper is to show how the firm value framework can be used to examine IT investments and research on IT investment decisions. The firm value approach adds to the process-oriented approach through simultaneous evaluation of all of the factors that affect firm value. We demonstrate how to use the firm value framework in evaluatin...

Our objective in this paper is to show how the firm value framework can be used to examine IT investments and research on IT investment decisions. The firm value approach adds to the process-oriented approach through simultaneous evaluation of all of the factors that affect firm value. We demonstrate how to use the firm value framework in evaluatin...

We extend the limited prior research on Internet financial reporting by providing insights into dissemination of two types of financial information at corporate Web sites. One type consists of reports that already have been filed with the SEC (i.e. required filings). The second type is all other (voluntary) information for investors. In doing so we...

Information effects narrowly tied to goodwill write-off announcements are typically negative and material, on the order of 2–3% of the company’s stock price. In the one-year pre-announcement period, negative information effects on the order of −40% are also noted. Post-announcement period information effects of roughly −11% suggest that much, but p...

This study focuses on the stock market reaction to denial of service attacks against certain well-known Internet firms in February 2000. Investors appear to have used several heuristics in deciding which firms were 'similar' to those attacked, and thus predicted that they were also likely to be attacked themselves in future. The primary heuristic e...

The article investigates the speed with which accounting reports are posted at corporate Web sites. The contrast between the nearly instantaneous dissemination of stock quotes, online news wires, and online analyst conference calls at Web sites, and the lag in updating annual financial reports, is dramatic. Firm profitability and dedication to the...

Understanding the return on investments in information technology is the focus of a large and growing body of research. The objective of this paper is to synthesize this research and develop a model to guide future research in the evaluation of information technology investments. We focus on archival studies that use accounting or market measures o...

Boards of directors often implement long-term performance plans (LTPP) to focus management's attention on enhancing long-term shareholder value instead of concentrating their efforts on short-term earnings. This study provides estimation results suggesting that firms that compensate managers with LTPP are associated with lower levels of managed ear...

This study provides empirical evidence that capital markets participants believe e-commerce activity subjects companies to incremental firm-specific risk. We identify and measure proxies for e-commerce risks using a diverse sample of Internet and other firms. We first investigate investors' reactions to "hacker" attacks launched against several of...

We hypothesize that this variation in the extent and nature of financial data disseminated through corporate Web sites is associated with the factors that influence the initial disclosure of financial information. We consider information items that contain required disclosures separately from those that contain mainly voluntary disclosures, since m...

This study provides empirical evidence that capital markets participants believe e-commerce activity subjects companies to incremental firm-specific risk. We identify and measure proxies for e-commerce risks using a diverse sample of Internet and other firms. We first investigate investors' reactions to "hacker" attacks launched against several of...

This research note both confirms and extends the value relevance of information technology announcements found by Im et al (2001) and Dos Santos et al. (1993). We extend their work proposing an overarching construct, the strategic IT role in an industry, accounts for the factors previously found to affect the stock market response to IT announcemen...

The allocation of excess cash has long been recognized in the finance literature as an important aspect of the basic agency conflict between managers and owners. In the advertising budgeting context, marketing scholars report that firms possessing high levels of cash tend to spend more on advertising than what seems necessary or desirable. Indeed,...

Understanding the return on investments in information technology is the focus of a large and growing body of research. In this paper, we develop an overall framework for understanding the research on the relation between information technology investments and accounting or market measures of firm performance.

This article focuses on a Web Site Design Model for Financial Information. It is generally accepted that the Internet has spawned a marketing revolution, providing improved methods for communicating with and selling to customers. Many corporations use their Web sites to disseminate information about their financial performance. In the context of fi...

The advent of the World Wide Web has provided a new avenue for companies to communicate with current and potential investors. Our study investigates corporate Web site financial disclosure practices. We evaluate and compare the Web site disclosure levels of 17 industries, and summarize the frequencies with which a variety of financial disclosure it...

While information technology (IT) has been transforming the business landscape for a long time now, it is only recently that empirical evidence demonstrating the positive impact of IT on firm performance has begun to accumulate. The strategic importance of a firm's IT capabilities is prompting an increasing number of companies to appoint chief info...

For both Japanese and U.S. firms, measures of patent quality based upon the number of scientific citations have robust market-value influences. These results suggest that investors regard scientific measures of the quality of inventive output as useful indicators of the economic value tied to patenting activity. The possibility of country-specific...

When used in conjunction with traditional R&D expenditure information, scientific information on patent quality appear to give investors a more useful basis upon which to judge the economic merit of the firm's R&D effort. This complementary relation suggests that consistent disclosure of patent quality information would be helpful to investors in t...

We examine the market reaction to a sample of 403 restatement announcements made from 1995 to 1999. We find significantly negative average abnormal returns of about 9 percent over a two-day announcement window. We also document substantial variance in the abnormal returns. Our analysis indicates that more severe reactions are related to indications...

This paper conducts an empirical investigation of the relationship between information asymmetry and earnings management predicted by Dye (1988) and Trueman and Titman (1988). When information asymmetry is high, stakeholders do not have sufficient resources, incentives, or access to relevant information to monitor manager’s actions, which gives ris...

The Motley Fool has attracted significant notoriety for stock market buy-sell advice on the Internet. Across five different investment portfolios, Motley Fool buy recommendations appear to generate an average 1.62% rise in stock prices on the announcement day (0), and 2.40% returns over the announcement period (-1, +1). Sell recommendations seem to...

The rapid evolution of Internet technology has created the ability to disseminate new information nearly instantaneously to a world-wide audience. However, traditional accounting communications are becoming increasingly untimely and irrelevant. Investors can wait for financial statements for as long as 90 days while auditing requirements and report...

The study examines whether the nature of financial information provided at Web sites varies across firms with differences in three information clienteles: individual investors, financial analysts and the business press. Our findings are consistent with theories that link effective and persuasive information content (subjective/benefit-related versu...

This paper conducts an empirical investigation of the relationship between information asymmetry and earnings management predicted by Dye (1988) and Trueman and Titman (1988). When information asymmetry is high, stakeholders do not have sufficient resources, incentives, or access to relevant information to monitor manager's actions, which gives ris...

Discontinued operations, special items, or extraordinary items typically are nonrecurring items in firms' income statements. As such, prior research has theorized that these items are of minimal relevance to market valuation of the firm, since they are transitory in nature. Moreover, anecdotal evidence in the financial press is supportive of this n...

We provide evidence that corporate reputation has value relevance, as measured by its ability to explain the firm's market value of equity at the end of the fiscal period. Corporate reputation is assessed using a summary measure from the Fortune survey of `America's most admired companies.' The Fortune measure serves as a proxy for intangible asset...

This study investigates companies' decisions to disseminate financial information at their corporate Internet Web sites. We expect that companies tailor the selection of data items presented at their sites to the relative sophistication of their user base. Based on prior literature, we predict which financial information items are likely to be pref...

We show that the intangible asset, firm reputation, has value-relevance as measured by its ability to explain part of the difference between BV and MV. Firm reputation is measured using the Fortune survey of "America's most admired companies." We allow the Fortune rankings to serve as a proxy for nonfinancial information, such as customer service a...

This paper offers the first systematic evidence that stock recommendations,published on the Internet move,prices and trading volumes. Small-cap growth stock buy announcements,published in the nightly performance,recap of The Motley Fool’sRule Breaker Portfolio engender statistically significant abnormal,returns. Such effects are generally larger th...

This paper examines the financial benefits of IT outsourcing of 335 firms between the years 1990 and 2003. We find IT outsourcing to affect both ex ante (announcement day stock market returns) and ex post measures of firm performance (return on sales, return on assets, growth rate, selling, general, and administrative expenses and market valuation)...