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最新文章

• How Do Auditors Behave During Periods of Market Euphoria? The Case of Internet IPOs AI翻译
  作者：Leone, Andrew J.; Rice, Sarah; Weber, Joseph P.; Willenborg, Michael
  作者单位：University of Miami; University of Connecticut; Massachusetts Institute of Technology (MIT)
• Corporate Risk Management and Hedge Accounting AI翻译
  作者：Panaretou, Argyro; Shackleton, Mark B.; Taylor, Paul A.
  作者单位：Lancaster University
• The Effect of External Monitoring on Accrual-Based and Real Earnings Management: Evidence from Venture-Backed Initial Public Offerings AI翻译
  作者：Wongsunwai, Wan
  作者单位：Northwestern University
  摘要：This paper investigates the effect of venture capitalist (VC) quality on earnings management in firms conducting initial public offerings of their equity stock, focusing on manipulation of both accruals and real activities. I develop a measure of VC quality based on a principal components factor analysis using data that are obtainable for virtually all VC firms. This metric is highly correlated with VC funds' financial returns, and with the likelihood of successful exits through initial public...
• Discontinuities and Earnings Management: Evidence from Restatements Related to Securities Litigation AI翻译
  作者：Donelson, Dain C.; Mcinnis, John M.; Mergenthaler, Richard D.
  作者单位：University of Texas System; University of Texas Austin; University of Iowa
  摘要：A heated debate exists as to whether discontinuities in earnings distributions are indicative of earnings management. While many studies attribute discontinuities in earnings distributions to earnings management, other studies argue that earnings discontinuities are artifacts of sample selection and research design. Overall, there is limited direct evidence of a connection between earnings discontinuities and earnings management. In this study, we provide direct evidence linking earnings manag...
• Labor Unions and Management's Incentive to Signal a Negative Outlook AI翻译
  作者：Bova, Francesco
  作者单位：University of Toronto
  摘要：Evidence suggests that the negotiated wage for a unionized employee group is an increasing function of the firm's prior profitability. As a result, managers may have an incentive to strategically signal a negative outlook to their unionized workers in order to improve the firm's bargaining position. I assess the strategy of missing mean consensus analysts' earnings estimates as a way for managers to signal a negative outlook to their unionized employees. I find that unionized firms are more li...
• Does Disclosure Regulation Work? Evidence from International IPO Markets AI翻译
  作者：Shi, Charles; Pukthuanthong, Kuntara; Walker, Thomas
  作者单位：National University of Singapore; California State University System; San Diego State University; Concordia University - Canada
  摘要：This study examines whether IPO disclosure requirements mandated by countries' securities laws are associated with variation in IPO underpricing in international IPO markets. Our empirical analysis uses a unique sample of 6,025 IPOs from 34 countries over the period from 1995 to 2002. We show for the first time that the stringency of disclosure requirements for IPO prospectuses is negatively associated with the extent of IPO underpricing, after controlling for various country- and firm-level d...
• Does Audit Market Concentration Harm the Quality of Audited Earnings? Evidence from Audit Markets in 42 Countries AI翻译
  作者：Francis, Jere R.; Michas, Paul N.; Seavey, Scott E.
  作者单位：University of Missouri System; University of Missouri Columbia; University of Arizona; University of Nebraska System; University of Nebraska Lincoln
  摘要：Audit regulators around the world have expressed concern over market dominance by Big 4 accounting firms and the potential adverse effect it may have on the quality of audited financial statements. We use cross-country variation in the audit market structure of 42 countries to examine two separate aspects of Big 4 dominance: (1) Big 4 market concentration as a group relative to nonBig 4 auditors; and (2) concentration within the Big 4 group in which one or more of the Big 4 firms is dominant r...
• Valuation Model Use and the Price Target Performance of Sell-Side Equity Analysts AI翻译
  作者：Gleason, Cristi A.; Johnson, W. Bruce; Li, Haidan
  作者单位：University of Iowa; Santa Clara University
• The Conservatism Principle and the Asymmetric Timeliness of Earnings: An Event-Based Approach AI翻译
  作者：Shroff, Pervin K.; Venkataraman, Ramgopal; Zhang, Suning
  作者单位：University of Minnesota System; University of Minnesota Twin Cities; Southern Methodist University; George Mason University
  摘要：We test the asymmetric timeliness hypothesis by using information in extreme events as a measure of good/bad news. Our focus on extreme events is motivated by two arguments. First, the accounting concept of materiality in conjunction with litigation risk influences managers and auditors to make more conservative choices with respect to material events. Second, focusing on extreme shocks minimizes the probability that accounting slack may obscure the effect of asymmetric timeliness (Beaver and ...
• Extended Dividend, Cash Flow, and Residual Income Valuation Models: Accounting for Deviations from Ideal Conditions AI翻译
  作者：Heinrichs, Nicolas; Hess, Dieter; Homburg, Carsten; Lorenz, Michael; Sievers, Soenke
  作者单位：University of Cologne; University of Cologne
  摘要：Previous empirical studies derive the standard equity valuation models (i.e., DDM, RIM, and DCF model) while assuming that ideal conditions, such as infinite payoffs and clean surplus accounting, exist. Because these conditions are rarely met, we extend the standard models by following the fundamental principle of financial statement articulation. We then empirically test the extended models by employing two sets of forecasts: (1) the analyst forecasts provided by Value Line, and (2) the forec...