2020

最新文章

• EDITORIAL DATA AI翻译
  作者：Holthausen, Robert W.; Core, John E.; Hanlon, Michelle; Guay, Wayne; Wu, Joanna; Lang, Mark
• Asymmetric loan loss provision models AI翻译
  作者：Basu, Sudipta; Vitanza, Justin; Wang, Wei
  作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University
  摘要：Large net loan charge-offs are frequently associated with large decreases in nonperforming loans and large increases in loan loss provisions, inducing a V-shaped relation between loan loss provisions and nonperforming loan changes. Failure to model the asymmetry attributable to net loan charge-offs can change inferences about the presence of earnings management and the effects of delayed loan loss recognition in prior papers that assumed linearity. Future researchers should either include net ...
• Disclosure processing costs, investors' information choice, and equity market outcomes: A review AI翻译
  作者：Blankespoor, Elizabeth; deHaan, Ed; Marinovic, Ivan
  作者单位：University of Washington; University of Washington Seattle; Stanford University
  摘要：This paper reviews the literature examining how costs of monitoring for, acquiring, and analyzing firm disclosures - collectively, disclosure processing costs - affect investor information choices, trades, and market outcomes. The existence of disclosure processing costs means that disclosures are not public information as traditionally defined, but instead can be a form of costly private information. Conceptualizing disclosures as private information makes it clear that learning from disclosu...
• ETFs and information transfer across firms AI翻译
  作者：Bhojraj, Sanjeev; Mohanram, Partha; Zhang, Suning
  作者单位：Cornell University; University of Toronto; Iowa State University
  摘要：This paper examines the role that exchange-traded funds (ETFs) play in the transfer of information across firms around earnings announcements. Our analysis focuses on the differences in information transfer between broad-based and sector ETFs. We find that firms with sector ETF ownership are associated with reduced over-extrapolation of intra-industry information, increased earnings response coefficients (ERCs), greater responsiveness to the industry and idiosyncratic components of earnings su...
• Discussion of ETFs and information transfer across firms AI翻译
  作者：Holthausen, Robert W.; Core, John E.; Hanlon, Michelle; Guay, Wayne; Wu, Joanna; Lang, Mark
• Auditors are known by the companies they keep AI翻译
  作者：Cook, Jonathan; Kowaleski, Zachary T.; Minnis, Michael; Sutherland, Andrew; Zehms, Karla M.
  作者单位：University of Notre Dame; University of Chicago; Massachusetts Institute of Technology (MIT); University of Wisconsin System; University of Wisconsin Madison
  摘要：We study the role of reputation in auditor-client matching. Using 1.2 million employment records from US broker-dealers, we find that broker-dealer clients of the same auditor have similar financial adviser misconduct profiles. Our estimates indicate that variation in client misconduct behavior is nearly half as important as variation in client size in explaining matches. Auditors adjust their portfolios when presented with new information about client behavior, and those with the most signifi...
• Are declining effective tax rates indicative of tax avoidance? Insight from effective tax rate reconciliations AI翻译
  作者：Drake, Katharine D.; Hamilton, Russ; Lusch, Stephen J.
  作者单位：University of Arizona; Southern Methodist University; Texas Christian University
  摘要：Effective tax rates (ETRs) are often used to compare tax avoidance across firms and time. Using firms' detailed tax footnote data, we find that the effect of valuation allowances (VA) related to prior-period losses biases GAAP ETRs. This downward bias explains almost all of the downward trend in domestic firms' ETRs over the last 20 years. We also find that VAs explain cross-sectional differences in ETRs for both domestic and multinational firms. We show this bias extends to cash ETRs and the ...
• Cultural diversity on Wall Street: Evidence from consensus earnings forecasts AI翻译
  作者：Merkley, Kenneth; Michaely, Roni; Pacelli, Joseph
  作者单位：Indiana University System; Indiana University Bloomington; IU Kelley School of Business; University of Geneva
  摘要：We examine how cultural differences among agents influence the aggregate outcome of a common forecasting task. Using both exogenous shocks to sell-side analyst diversity and panel regression methods, we find that increases in analyst cultural diversity positively affect the quality of the consensus earnings forecast. We further provide evidence on the potential mechanisms underlying this result by showing that cultural diversity is associated with improvements in individual analyst forecasts, ...
• Discussion of The effect of fair value accounting on the performance evaluation role of earnings AI翻译
  作者：Zhang, Ivy Xiying; Zhang, Yong
  作者单位：University of California System; University of California Riverside; Hong Kong Polytechnic University
  摘要：Using the setting of IFRS adoption, DeFond, Hu, Hung, and Li (2020) examine the impact of fair value accounting on the usefulness of earnings in executive performance evaluation and compensation. In this discussion, we review the research design, discuss the implications of the findings, and provide suggestions for future research. In particular, DeFond et al.'s measure of the impact of fair value accounting may contain substantial measurement error, which calls for additional analyses. We bel...
• Changes in accrual properties and operating environment: Implications for cash flow predictability AI翻译
  作者：Nallareddy, Suresh; Sethuraman, Mani; Venkatachalam, Mohan
  作者单位：Duke University; Cornell University
  摘要：This paper reconciles conflicting evidence in prior literature on the relative ability of earnings and cash flows in predicting future cash flows. Further, we investigate the implications of temporal shifts in accrual properties and operating environment for cash flow predictability. Three key insights emerge. First, cash flows consistently outperform earnings in predicting future cash flows. Second, accruals and its components, including those capturing non-articulating events, have increment...