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作者：Konstantinidi, Theodosia; Pope, Peter F.
作者单位：City St Georges, University of London; University of London; London School Economics & Political Science
摘要：Conventional measures of risk in earnings based on historical standard deviation require long time-series data and are inadequate when the distribution of earnings deviates from normality. We introduce a methodology based on current fundamentals and quantile regression to forecast risk reflected in the shape of the distribution of future earnings. We derive measures of dispersion, asymmetry, and tail risk in future earnings using quantile forecasts as inputs. Our analysis shows that a parsimon...
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作者：Menon, Krishnagopal; Williams, David D.
作者单位：Boston University; University System of Ohio; Ohio State University
摘要：While the debt-contracting literature has extensively examined financial covenants, there has been little attention paid to audit-related covenants. We focus on a covenant that restricts the borrower from receiving a going-concern audit report (GCAR covenant). We hypothesize that a debt agreement is more likely to include a GCAR covenant as the borrower's credit quality decreases and the length of the loan period increases, and that it is more likely to impose a covenant restricting the choice...
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作者：Moroney, Robyn; Trotman, Ken T.
作者单位：Monash University; University of New South Wales Sydney
摘要：With increased interest in voluntary sustainability reports from investors and other stakeholders, more companies are having these reports assured. The issue of what is considered material in these assurance engagements is important, and yet research on materiality has focused only on financial statement audits. This article reports the results of an experiment where auditors assess the materiality of audit differences in the same magnitude for both a financial audit and a sustainability (wate...
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作者：Ryan, Stephen G.
作者单位：New York University
摘要：I discuss Desai, Rajgopal, and Yu (2016) with the goal of helping readers think carefully about which implications of the study are likely to generalize to future economic downturns and which are likely to be specific to the facts and circumstances of the recent financial crisis, given that the crisis was driven by the expectation and then the realization of a single market variable, national house price depreciation.
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作者：Guo, Hui; Qiu, Buhui
作者单位：University System of Ohio; University of Cincinnati; Wuhan University; University of Sydney
摘要：Although many studies show that the presence of institutional investors facilitates the incorporation of accounting information into financial markets, the evidence of informed trading by institutions is rather limited in the extant literature. We address these inconsistent findings by proposing PC_NII, percentage changes in the number of a stock's institutional investors, as a novel informed trading measure. PC_NII is better able to detect informed trading than are changes in institutional ow...
