3期

最新文章

• Discussion of Aggregate Margin Debt and the Divergence of Price from Accounting Fundamentals AI翻译
  作者：Hutton, Amy P.
  作者单位：Boston College
  摘要：Burger and Curtis (2017) is an empirical investigation of whether aggregate margin debt correlates with aggregate stock prices and aggregate accounting-based fundamentals. While the paper convincingly documents a significant relation: aggregate margin debt is higher when aggregate fundamentals-to-price ratios are low, it fails to document why. The documented relation could exist because margin traders are the overly exuberant noise traders that push stock prices higher away from fundamental va...
• Further Evidence on Consequences of Debt Covenant Violations AI翻译
  作者：Gao, Yu; Khan, Mozaffar; Tan, Liang
  作者单位：University of St Thomas Minnesota; Harvard University; University of Minnesota System; University of Minnesota Twin Cities; George Washington University
  摘要：We present new evidence on debt covenant violation (DCV) consequences that have not previously been examined in the literature. In particular, we show that a DCV triggers significant information asymmetry and uncertainty on the part of shareholders and auditors as reflected in higher bid-ask spreads, return volatility, and audit fees. Further, these consequences occur even when lender-imposed costs are relatively lower, consistent with the act of default itself triggering shareholder and audit...
• Accounting Quality, Liquidity Risk, and Post-Earnings-Announcement Drift AI翻译
  作者：Chen, Jeff Zeyun; Lobo, Gerald J.; Zhang, Joseph H.
  作者单位：Texas Christian University; University of Houston System; University of Houston; University of Memphis
  摘要：Recent microstructure research finds that liquidity risk, in particular its information component, plays an important role in explaining the post-earnings-announcement drift (PEAD). We decompose liquidity risk into an accounting-associated component and a nonaccounting-associated component and examine their relative importance in explaining PEAD. Our research is motivated by recent findings that liquidity risk is a systematic risk and earnings quality is negatively associated with liquidity ri...
• An Examination of the Statistical Significance and Economic Relevance of Profitability and Earnings Forecasts from Models and Analysts AI翻译
  作者：Evans, Mark E.; Njoroge, Kenneth; Yong, Kevin Ow
  作者单位：Wake Forest University; William & Mary; Peking University
  摘要：In this paper, we propose and empirically test a cross-sectional profitability forecasting model which incorporates two major improvements relative to extant models. First, in terms of model construction, we incorporate mean reversion through the use of a two-stage partial adjustment model and inclusion of a number of additional relevant determinants of profitability. Second, in terms of model estimation, we employ least absolute deviation (LAD) analysis instead of ordinary least squares becau...
• Earnings Attribution and Information Transfers AI翻译
  作者：Koo, David S.; Julie Wu, J.; Yeung, P. Eric
  作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University of Nebraska System; University of Nebraska Lincoln; Cornell University
  摘要：Managers frequently attribute the news in their earnings forecasts to various economic events. Using textual analysis, we identify the economic factors underlying earnings news from press releases. We document a wide range of industry-wide shocks and firm-specific actions to which the earnings news in management forecasts is attributed. As expected, earnings attributions significantly affect peer firms' price reactions to the earnings news. Specifically, earnings news attributed to industry-wi...
• Does High-Quality Auditing Mitigate or Encourage Private Information Collection? AI翻译
  作者：Chen, Yangyang; Sadique, Shibley; Srinidhi, Bin; Veeraraghavan, Madhu
  作者单位：Hong Kong Polytechnic University; University of Rajshahi; University of Texas System; University of Texas Arlington
  摘要：The finance literature offers two competing possibilities on how investors respond to the quality of public financial statements in their pricing decisions. They could collect either (i) more private information to benefit from lower information collection cost, or (ii) less private information because of lower incremental benefits. In this paper, we use the audit setting to examine which possibility prevails. Using the idiosyncratic return volatility as a proxy for firm-specific information, ...
• Pricing and Mispricing of Accounting Fundamentals in the Time-Series and in the Cross Section AI翻译
  作者：Nichols, D. Craig; Wahlen, James M.; Wieland, Matthew M.
  作者单位：Syracuse University; Indiana University System; Indiana University Bloomington; University System of Ohio; Miami University
  摘要：This study examines the extent to which parsimonious and general cross-sectional valuation models, restricted to include only publicly available historical accounting information, explain share prices in the cross section, identify periods when market mispricing may be more pervasive, and also identify which shares within those cross sections are more likely to be mispriced. Our model simply includes historical book value, earnings, dividends, and growth, but it explains on average over 60 per...
• Auditors' Response to Assessments of High Control Risk: Further Insights AI翻译
  作者：Seidel, Timothy A.
  作者单位：Brigham Young University
  摘要：Auditing standards prescribe a risk-based approach where auditors assess the risk of material misstatement and then design and perform audit procedures to reduce audit risk to an appropriately low level. Prior research suggests that auditors are responsive to high control-risk assessment (CRA), but that this response is, perhaps, only partially effective at reducing audit risk, with relatively little insight into where and why this occurs. By refining analyses to more detailed levels of the au...
• Crash Risk and the Auditor-Client Relationship AI翻译
  作者：Callen, Jeffrey L.; Fang, Xiaohua
  作者单位：University of Toronto; State University System of Florida; Florida Atlantic University
  摘要：This study examines whether the term of the auditor-client relationship (i.e., auditor tenure) is associated with future stock price crash risk measured both ex ante and ex post. Using a large sample of U.S. public firms with Big 4 auditors, we find robust evidence that auditor tenure is negatively related to one-year-ahead stock price crash risk. The evidence is consistent with monitoring-by-learning where development of client-specific knowledge over the term of the auditor-client relationsh...
• How Disclosure Features of Corporate Social Responsibility Reports Interact with Investor Numeracy to Influence Investor Judgments AI翻译
  作者：Elliott, W. Brooke; Grant, Stephanie M.; Rennekamp, Kristina M.
  作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University of Washington; University of Washington Seattle; Cornell University
  摘要：Firms' Corporate Social Responsibility (CSR) reports typically frame their strategies in terms of either community or global efforts (i.e., strategy frame). Further, the style used to depict CSR performance in reports often highlights either pictures or words (i.e., presentation style). These two prominent disclosure features of CSR reports promote a natural fit or misfit in the focus (relatively low-level or high-level focus) investors adopt when thinking about the firm and its CSR efforts. F...