2019

最新文章

• Relative performance evaluation and the timing of earnings release AI翻译
  作者：Gong, Guojin; Li, Laura Yue; Yin, Huifang
  作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Illinois System; University of Illinois Urbana-Champaign; Shanghai University of Finance & Economics
  摘要：Relative performance evaluation (RPE) compensates managers on their relative performance against a peer group. Since observing more peers' performance allows managers to better estimate the performance level required to achieve RPE targets, we conjecture that releasing earnings later than peers facilitates managers to achieve targets by exploiting last-minute reporting discretion. Empirical evidence is consistent with our conjecture. Further, managers tend to select peers that release earnings...
• Discussion of Making sense of soft information: Interpretation bias and loan quality AI翻译
  作者：Vashishtha, Rahul
  作者单位：Duke University
  摘要：Campbell, Loumioti, and Wittenberg-Moerman (2018), henceforth CLW, provide evidence on the effect of human cognitive limitations on the processing of soft information in a Credit Union. Their results suggest that cognitive limitations constitute an important barrier to financial markets' ability to extract soft information. In this discussion, I delineate CLW's contribution and implications of their results, highlight key features of the empirical analyses that address interpretational difficu...
• The effect of banks' financial reporting on syndicated-loan structures AI翻译
  作者：Beatty, Anne; Liao, Scott; Zhang, Haiwen (Helen)
  作者单位：University System of Ohio; Ohio State University; University of Toronto; University of Minnesota System; University of Minnesota Twin Cities
  摘要：We explore how an accounting measure of information asymmetry between lead and participating lenders influences syndication structures by examining whether lead lenders' commercial and industrial (CM) loan-loss provision validity affects the fraction of loans they retain. We first conduct multiple tests showing that C&I provision validity reflects banks' underlying screening and monitoring effectiveness. We then find lead lenders' loan share decreases with C&I provision validity, but not with ...
• Understanding the numbers game AI翻译
  作者：Bird, Andrew; Karolyi, Stephen A.; Ruchti, Thomas G.
  作者单位：Carnegie Mellon University
  摘要：Two well-known stylized facts on earnings management are that the earnings surprise distribution has a discontinuity at zero, and that positive earnings surprises are associated with positive abnormal returns. We link these two facts in a model of the earnings management decision in which the manager trades off the capital market benefits of meeting earnings benchmarks against the costs of manipulation. We develop a new structural methodology to estimate the model and uncover the unobserved co...
• The effects of financial reporting and disclosure on corporate investment: A review AI翻译
  作者：Roychowdhury, Sugata; Shroff, Nemit; Verdi, Rodrigo S.
  作者单位：Boston College; Massachusetts Institute of Technology (MIT)
  摘要：A fundamental question in accounting is whether and to what extent financial reporting facilitates the allocation of capital to the right investment projects. Over the last two decades, a large and growing body of literature has contributed to our understanding of whether and why financial reporting affects investment decision-making. We review the empirical literature on this topic, provide a framework to organize this literature, and highlight opportunities for future research. (C) 2019 Else...
• Robert W. Holthausen, John E. Core, Michelle Hanlon, Wayne Guay, Joanna Wu, Mark Lang AI翻译
  作者：Holthausen, Robert W.; Core, John E.; Hanlon, Michelle; Guay, Wayne; Wu, Joanna; Lang, Mark
• The role of financial reporting in resolving uncertainty about corporate investment opportunities AI翻译
  作者：Ferracuti, Elia; Stubben, Stephen R.
  作者单位：Duke University; Utah System of Higher Education; University of Utah
  摘要：This discussion of the survey of the literature on financial reporting and corporate investment by Roychowdhury et al. (2019) focuses on an area in this literature that has received less attention-how financial reporting helps managers allocate capital across investment opportunities within their firms in the presence of uncertainty. We discuss the theory on investment under uncertainty and offer suggestions for future research. (C) 2019 Elsevier B.V. All rights reserved.
• EDITORIAL DATA AI翻译
  作者：Holthausen, Robert W.; Core, John E.; Hanlon, Michelle; Guay, Wayne; Wu, Joanna; Lang, Mark
• Publisher's Note AI翻译
  作者：Wesselius, Tobias
• Accounting quality and the transmission of monetary policy AI翻译
  作者：Armstrong, Christopher S.; Glaeser, Stephen; Kepler, John D.
  作者单位：University of Pennsylvania; University of North Carolina; University of North Carolina Chapel Hill; Stanford University
  摘要：We examine how firms' accounting quality affects their reaction to monetary policy. The balance sheet channel of monetary policy predicts that the quality of firms' accounting reports plays a role in transmitting monetary policy by affecting information asymmetries between firms and capital providers. Consistent with this prediction, we find that accounting quality moderates firms' equity market response and future investment sensitivity to unexpected changes in monetary policy. Moreover, the ...