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作者：Cao, Sean Shun
作者单位：University System of Georgia; Georgia State University
摘要：Asset growth has been shown to be negatively associated with future returns. Cooper, Gulen, and Schill (2008) argue that an aggregation of all asset growth components as total asset (TA) growth leads to the strongest association with future negative returns. Based on their study, the literature now employs TA growth as an umbrella proxy for the growth effect. I hypothesize that not all types of growth imply negative future returns. Specifically, I show that growth financed by suppliers is posi...
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作者：Desai, Hemang; Rajgopal, Shiva; Yu, Jeff Jiewei
作者单位：Southern Methodist University; Columbia University; University of Arizona
摘要：In this paper, we address two questions that emerged in the aftermath of the 2008 financial/ banking crisis. First, did the financial statements of bank holding companies provide an early warning of their impending distress? Second, were the actions of four key financial intermediaries (short sellers, equity analysts, Standard and Poor's credit ratings, and auditors) sensitive to the information in the banks' financial statements about their increased risk and potential distress? We find a sig...
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作者：Evans, Mark E.
作者单位：Wake Forest University
摘要：In this paper, I examine the relation between disclosure commitment and cost of equity capital using accelerated earnings announcement disclosures as a measure of commitment. In settings characterized by imperfect market competition, I find that firms which consistently disclose balance sheet detail in relatively timely earnings announcements have lower costs of capital compared to other firms. This result is statistically significant and economically meaningful, and is robust to various alter...
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作者：Francis, Jere R.; Huang, Shawn X.; Khurana, Inder K.
作者单位：University of Missouri System; University of Missouri Columbia; Arizona State University; Arizona State University-Tempe
摘要：This study investigates whether differences in accounting standards across countries create information costs that inhibit firms from investing in foreign markets. Using the frequency and dollar magnitude of cross-border mergers and acquisitions (M&As) from 32 countries over the period 1998-2004, we find that the aggregate volume of M&A activity across country pairs is larger for pairs of countries with similar Generally Accepted Accounting Principles (GAAP), and that this increased volume of ...
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作者：He, Wen; Shan, Yaowen
作者单位：University of New South Wales Sydney; University of Technology Sydney
摘要：This study investigates the time-series trend and determinants of matching between revenues and expenses in a sample of 42 countries. We find that the decline in matching documented by Dichev and Tang (2008) is not unique to the United States, but is a worldwide phenomenon. Our results show that matching is weaker in countries with (i) wider use of accrual accounting; (ii) a larger proportion of firms reporting significant special items; (iii) slower economic growth; (iv) more research and dev...
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作者：Jiang, John (Xuefeng); Petroni, Kathy R.; Wang, Isabel Yanyan
作者单位：Michigan State University
摘要：In 2007, Pink Sheets LLC assigned each Pink Sheets (R) company to a disclosure tier and on its website affixed a colorful graphic to its stock symbol signifying the company's public disclosure level. This unique innovation allows us to investigate the impact of increased salience of disclosure practices on liquidity. Using a difference-in-difference design, we find evidence that firms classified into the Current Information category experienced an increase in liquidity while firms classified i...
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作者：Dou, Paul; Truong, Cameron; Veeraraghavan, Madhu
作者单位：Monash University
摘要：This study examines whether cultural dimensions such as individualism and uncertainty avoidance can explain the variation in the profitability of the earnings momentum strategies in international markets. Using the time-varying cultural indices of Tang and Koveos (2008) for 30,383 firms from 41 countries over the period 1995-2008, we show that the level of individualism in a country is positively associated and the level of uncertainty avoidance is negatively associated with earnings momentum ...
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作者：Drake, Michael S.; Gee, Kurt H.; Thornock, Jacob R.
作者单位：Brigham Young University; Stanford University; University of Washington
摘要：Each year, the NCAA basketball tournament (March Madness) is a daytime distraction for millions of people, providing a largely exogenous shock to investor attention. We investigate whether March Madness influences the market response to earnings by diverting investor attention away from earnings news. We find that the price reaction to earnings news released during March Madness is muted. This result generally holds across several samples and additional analyses. We also find that the result i...
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作者：Hannan, R. Lynn
作者单位：Tulane University
摘要：Kachelmeier, Thornock, and Williamson (2016) investigate experimentally whether an employer's value statement can affect the way employees cognitively represent how they should approach a multi-attribute task, and therefore performance. Counter-intuitively, but consistent with their theory, they find that the value statement negatively affects performance for piece-rate incentivized participants. In my discussion, I elaborate on my comments from the 2013 CAR Conference. Specifically, I discuss...
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作者：Bae, Gil S.; Choi, Seung U. K.; Rho, Joon H. W. A.
作者单位：Korea University; Chungnam National University
摘要：Higher audit fees associated with auditor industry specialization could represent higher unit price charged by industry specialist auditors (ISAs) or the provision of a greater quantity of audit services. This study exploits a field setting in Korea, where the disclosure of audit hours is required in company annual reports, and finds that ISAs charge significantly higher total audit fees but also expend significantly greater audit hours than non-ISAs. When audit fees and hours are considered t...
