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作者：Nwaeze, ET; Yang, SSM; Yin, QJ
作者单位：Rutgers University System; Rutgers University New Brunswick; Adelphi University; University of Texas System; University of Texas at San Antonio
摘要：We examine the role of cash flow from operations (CFO) in chief executive officer (CEO) cash compensation. We predict that CFO is contract-relevant in the presence of earnings, and more so when (1) the quality of earnings relative to the quality of CFO as a measure of performance is low and (2) the need for CFO as a financing source is high. Our analysis is motivated principally by normative arguments and anecdotes from financial disclosures linking CFO to managerial effort and contracts, notw...
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作者：Hannan, R. Lynn; Rankin, Frederick W.; Towry, Kristy L.
作者单位：University System of Georgia; Georgia State University; Colorado State University System; Colorado State University Fort Collins; Emory University
摘要：This study examines the behavioral impact of an information system, and how that impact varies with the information system's precision, in an internal reporting environment. We propose that a manager's reporting decisions are affected by his or her trade-off of the benefits of appearing honest against the benefits of misrepresentation. The information system affects the manager's trade-off by improving the owner's ability to make an inference regarding the manager's level of honesty. Thus, to ...
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作者：Zhang, X. Frank
作者单位：Yale University
摘要：Prior literature observes that information uncertainty exacerbates investor underreaction behavior. In this paper, I investigate whether, as professional investment intermediaries, sell-side analysts suffer more behavioral biases in cases of greater information uncertainty. I show that greater information uncertainty predicts more positive (negative) forecast errors and subsequent forecast revisions following good (bad) news, which corroborates previous findings on the post-analyst-revision dr...
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作者：Yee, Kenton K.
作者单位：Columbia University
摘要：This paper solves a model that links earnings quality to the equity risk premium in an infinite-horizon consumption capital asset pricing model (CAPM) economy. In the model, risk-averse traders hold diversified portfolios consisting of risk-free bonds and shares of many risky firms. When constructing their portfolios, traders rely on noisy reported earnings and dividend payments for information about the risky firms. The main new element of the model is an explicit representation of earnings q...
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作者：Raedy, JS; Shane, P; Yang, YH
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of Colorado System; University of Colorado Boulder
摘要：This paper provides empirical evidence that underreaction in financial analysts' earnings forecasts increases with the forecast horizon, and offers a rational economic explanation for this result. The empirical portion of the paper evaluates analysts' responses to earnings-surprise and other earnings-related information. Our empirical evidence suggests that analysts' earnings forecasts underreact to both types of information, and the underreaction increases with the forecast horizon. The paper...
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作者：Kim, Jeong-Bon; Yi, Cheong H.
作者单位：Hong Kong Polytechnic University
摘要：Using a large sample of both publicly traded and privately held firms in South Korea (hereafter Korea), we investigate whether, and how, the deviation of controlling shareholders' control from ownership, business group affiliation, and listing status differentially affect the extent of earnings management. Our study yields three major findings. First, we find that as the control-ownership disparity becomes larger, controlling shareholders tend to engage more in opportunistic earnings managemen...
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作者：Wu, Martin G. H.
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：In this paper, I present a model in which both markets for audit services and nonaudit services (NAS) are oligopolistic. Accounting firms providing both audit services and NAS will employ oligopolistic competition in each of these markets. In addition to auditors' gaining knowledge spillovers from auditing to consulting or vice versa, oligopolistic competition in one market will influence the counterpart in the other market - what I call competition crossovers. Although scope economies due to ...
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作者：Hannan, R. Lynn; Rankin, Frederick W.; Towry, Kristy L.
作者单位：University System of Georgia; Georgia State University; Colorado State University System; Colorado State University Fort Collins; Emory University
摘要：This study examines the behavioral impact of an information system, and how that impact varies with the information system's precision, in an internal reporting environment. We propose that a manager's reporting decisions are affected by his or her trade-off of the benefits of appearing honest against the benefits of misrepresentation. The information system affects the manager's trade-off by improving the owner's ability to make an inference regarding the manager's level of honesty. Thus, to ...
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作者：Zhang, X. Frank
作者单位：Yale University
摘要：Prior literature observes that information uncertainty exacerbates investor underreaction behavior. In this paper, I investigate whether, as professional investment intermediaries, sell-side analysts suffer more behavioral biases in cases of greater information uncertainty. I show that greater information uncertainty predicts more positive (negative) forecast errors and subsequent forecast revisions following good (bad) news, which corroborates previous findings on the post-analyst-revision dr...
