2016

最新文章

• Director networks and informed traders AI翻译
  作者：Akbas, Ferhat; Meschke, Felix; Wintoki, M. Babajide
  作者单位：University of Kansas
  摘要：We provide evidence that sophisticated investors like short sellers, option traders, and financial institutions are more informed when trading stocks of companies with more connected board members. For firms with large director networks, the annualized return difference between the highest and lowest quintile of informed trading ranges from 4% to 7.2% compared to the same return difference in firms with less connected directors. Sophisticated investors better predict outcomes of upcoming earni...
• Do analysts understand the economic and reporting complexities of derivatives? AI翻译
  作者：Chang, Hye Sun; Donohoe, Michael; Sougiannis, Theodore
  作者单位：Singapore Management University; University of Illinois System; University of Illinois Urbana-Champaign
  摘要：We investigate whether and how the complexity of derivatives influences analysts' earnings forecast properties. Using a difference-in-differences design, we find that, relative to a matched control sample of non-users, analysts' earnings forecasts for new derivatives users are less accurate and more dispersed after derivatives initiation. These results do not appear to be driven by the economic complexity of derivatives, but rather the financial reporting of such economic complexity. Overall, ...
• The informational feedback effect of stock prices on management forecasts AI翻译
  作者：Zuo, Luo
  作者单位：Cornell University
  摘要：Using management earnings forecasts over the period 1996-2010, I find that the sensitivity of forecast revisions to contemporaneous stock returns is increasing in the amount of investors' private information in prices. This effect remains after controlling for various confounds and is robust to the use of mutual fund redemptions as a shock to price changes that is exogenous to fundamental news. Furthermore, investors' private information helps managers improve their forecast accuracy. Together...
• Beliefs-driven price association AI翻译
  作者：Fischer, Paul E.; Heinle, Mirko S.; Verrecchia, Robert E.
  作者单位：University of Pennsylvania
  摘要：In addition to being a function of traditional fundamentals such as cash-flow persistence and the discount rate, the equilibrium association between a security price and a value relevant statistic can simply be a function of what rational investors believe the association will be. We refer to this phenomenon as beliefs-driven price association (BPA). By explicitly considering the phenomenon of BPA, we show that the price response to information releases can vary over time even if the risk-free...
• Does a common set of accounting standards affect tax-motivated income shifting for multinational firms? AI翻译
  作者：De Simone, Lisa
  作者单位：Stanford University
  摘要：I test whether adoption of IFRS by individual affiliates of multinational entities (MNEs) for unconsolidated financial reporting facilitates tax-motivated income shifting. MNEs often justify transfer prices to tax authorities by benchmarking intercompany profit allocations against a range of book profit rates reported by economically comparable, independent firms that use similar accounting standards. Additional qualifying benchmark firms resulting from IFRS adoption could allow managers to su...
• The effect of audit adjustments on earnings quality: Evidence from China AI翻译
  作者：Lennox, Clive; Wu, Xi; Zhang, Tianyu
  作者单位：University of Southern California; Central University of Finance & Economics; Chinese University of Hong Kong
  摘要：We examine how adjustments to earnings during year-end audits affect measures of earnings quality. There are four key findings. First, audit adjustments cause earnings to become smoother and more persistent. Second, the adjustments result in higher accrual quality. Third, audit adjustments have a larger negative effect on signed accruals than absolute accruals. Fourth, the adjustments do not reduce the discontinuity in the earnings distribution around zero. These findings are of interest to re...
• Does PCAOB inspection access improve audit quality? An examination of foreign firms listed in the United States AI翻译
  作者：Lamoreaux, Phillip T.
  作者单位：Arizona State University; Arizona State University-Tempe
  摘要：To gain insight into the impact of the Public Company Accounting Oversight Board's (PCAOB) auditor inspection program, I examine the association between the PCAOB's access to inspect auditors of foreign SEC registrants and audit quality. Although the PCAOB is mandated to inspect all auditors of SEC registrants, certain foreign governments prohibit PCAOB inspections of their domestic auditors, providing variation in PCAOB inspection access that is not available when studying a sample of US comp...
• Directors' and officers' liability insurance and the cost of equity AI翻译
  作者：Chen, Zhihong; Li, Oliver Zhen; Zou, Hong
  作者单位：Hong Kong University of Science & Technology; National University of Singapore; University of Hong Kong
  摘要：We examine whether directors' and officers' (D&O) liability insurance affects a firm's cost of equity. We find a positive association between D&O insurance and the cost of equity. Information quality and risk-taking appear to be two underlying channels through which D&O insurance affects the cost of equity. Further tests suggest that this positive association is not due to optimal risk-taking, as evidenced by a negative market reaction to an increase in D&O insurance coverage, a lack of improv...
• Discussion of: Rank and file employees and the discovery of misreporting: The role of stock options AI翻译
  作者：Sloan, Richard G.
  作者单位：University of California System; University of California Berkeley; University of California System; University of California Berkeley
  摘要：Call, Kedia and Rajgopal (2016) provide intriguing evidence concerning the apparent role of employee stock options in inducing rank and file employees to be complicit in corporate misconduct. They conclude that granting options to rank and file employees provides incentives for them to facilitate misreporting and discourages them from whistleblowing. In this discussion, I argue that the evidence is largely circumstantial and puzzling in several respects. I conclude that while Call et al. have ...
• The bright side of managerial over-optimism AI翻译
  作者：Hilary, Gilles; Hsu, Charles; Segal, Benjamin; Wang, Rencheng
  作者单位：INSEAD Business School; Hong Kong University of Science & Technology; Fordham University; Hebrew University of Jerusalem; University of Queensland
  摘要：Human estimation and inference are subject to systematic biases such as overconfidence and over-optimism. In contrast to prior research that has identified multiple negative consequences of these biases, we focus on positive effects. We empirically examine a setting in which over-optimism a) is a related but different bias from overconfidence, b) emerges dynamically in a rational economic framework, and c) generates higher managerial effort. Importantly, this additional effort improves firm pr...