2-3期

最新文章

• Why do accruals predict earnings? AI翻译
  作者：Lewellen, Jonathan; Resutek, Robert J.
  作者单位：Dartmouth College; University System of Georgia; University of Georgia
  摘要：Higher accruals are associated with lower subsequent earnings. We show this phenomenon can be explained by the way sales, profits, and working capital respond to changes in a firm's product markets. Empirically, high accruals predict high subsequent sales growth but a long-lasting drop in both profits and profitability. Accruals also predict an increase in future competition, suggesting that accruals are correlated with abnormally high-and, in equilibrium, transitory-true profitability that at...
• Discussion of Accounting quality and the transmission of monetary policy AI翻译
  作者：Gallo, Lindsey A.; Kothari, S. P.
  作者单位：University of Michigan System; University of Michigan; U.S. Securities & Exchange Commission (SEC); Massachusetts Institute of Technology (MIT)
  摘要：Armstrong, Glaeser and Kepler (2019) examine whether accounting quality affects the sensitivity of a firm's stock returns to monetary policy news. The authors document that firms with lower accounting quality experience more pronounced responses to surprise changes in the target Federal funds rate, consistent with proposed balance -sheet channel of policy transmission. We first discuss how this paper fits with prior literature on the role of accounting quality and firm investment and with rece...
• Moving beyond histogram bin frequencies as prima facie evidence of earnings management (or a discussion of Understanding the 'numbers game') AI翻译
  作者：Gerakos, Joseph
  作者单位：Dartmouth College
• Modeling the determinants of meet-or-just-beat behavior in distribution discontinuity tests AI翻译
  作者：Byzalov, Dmitri; Basu, Sudipta
  作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University
  摘要：We develop new distribution discontinuity tests conditional on multiple explanatory variables for analyzing meet-or-just-beat behavior around benchmarks. These tests combine Burgstahler and Dichev's (1997) meet-or-just-beat intuition with a flexible statistical model that addresses important limitations of the existing tests. Our method considerably outperforms logit-based tests of distribution discontinuity determinants and changes the interpretation of a major finding in the earnings discont...
• An analyst by any other surname: Surname favorability and market reaction to analyst forecasts AI翻译
  作者：Jung, Jay Heon; Kumar, Alok; Lim, Sonya S.; Yoo, Choong-Yuel
  作者单位：University of London; City St Georges, University of London; University of Miami; DePaul University; Korea Advanced Institute of Science & Technology (KAIST)
  摘要：We find that forecast revisions by analysts with more favorable surnames elicit stronger market reactions. The effect is stronger among firms with lower institutional ownership and for analysts with non-American first names. Following the 9/11 terrorist attacks, and France and Germany's opposition to the Iraq War, revisions by analysts with Middle Eastern and French or German surnames, respectively, generated weaker market reaction. Surname favorability is not associated with forecast quality,...