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作者：Kim, Jeong-Bon; Li, Leye; Lu, Louise Yi; Yu, Yangxin
作者单位：University of Waterloo; University of New South Wales Sydney; Australian National University; City University of Hong Kong
摘要：This study examines the impact of financial statement comparability on ex ante crash risk. Using the comparability measures of De Franco et al. (2011), we find that expected crash risk decreases with financial statement comparability, and this negative relation is more pronounced in an environment where managers are more prone to withhold bad news. We also provide evidence that comparability can mitigate the asymmetric market reaction to bad versus good news disclosures. Our results suggest th...
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作者：Frankel, Richard; Jennings, Jared; Lee, Joshua
作者单位：Washington University (WUSTL); University System of Georgia; University of Georgia
摘要：We examine the usefulness of support vector regressions (SVRs) in assessing the content of unstructured, qualitative disclosures by relating MD&A-based SVR-accrual estimates (MD&A accruals) to actual accruals. We find that MD&A accruals explain a statistically and economically significant portion of firm-level accruals and identify more persistent accruals. We find that the explanatory power of MDEM accruals is higher for more readable 10-Ks, thereby providing evidence for the construct validi...
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作者：Michaely, Roni; Rubin, Amir; Vedrashko, Alexander
作者单位：Cornell University; Reichman University; Simon Fraser University
摘要：Using combinations of weekdays and times of day (before, during, and after trading hours) of earnings announcements, we examine whether managers attempt to strategically time these announcements. We document that the worst earnings news is announced on Friday evening and find robust evidence that only Friday evening announcements represent managers' rational opportunistic behavior. Friday evening announcements are followed by insider trading in the direction of earnings news and the largest po...
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作者：Brown, Lawrence D.; Call, Andrew C.; Clement, Michael B.; Sharp, Nathan Y.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; Arizona State University; Arizona State University-Tempe; University of Texas System; University of Texas Austin; Texas A&M University System; Texas A&M University College Station
摘要：We survey 344 buy-side analysts from 181 investment firms and conduct 16 detailed follow-up interviews to gain insights into the activities of buy-side analysts, including the determinants of their compensation, the inputs to their stock recommendations, their beliefs about financial reporting quality, and the role of sell-side analysts in buy-side research. One important finding is that 10-K or 10-Q reports are more useful than quarterly conference calls and management earnings guidance for d...
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作者：Hui, Kai Wai; Nelson, Karen K.; Yeung, P. Eric
作者单位：Hong Kong University of Science & Technology; Rice University; Cornell University
摘要：Economic theory suggests that the industry-wide component of firm performance is more persistent than the firm-specific component. This paper provides evidence on this assertion and tests whether investors misprice these components of earnings. Consistent with predictions, we find greater persistence in the industry-wide component of earnings that is not fully recognized in stock prices. We show that these effects are partially driven by the market's inability to recognize the differential per...
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作者：Hoberg, Gerard
作者单位：University of Southern California
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作者：Drake, Michael S.; Roulstone, Darren T.; Thornock, Jacob R.
作者单位：Brigham Young University; University System of Ohio; Ohio State University; University of Washington; University of Washington Seattle
摘要：In this study we investigate the usefulness of historical accounting reports (10-Ks and 10-Qs) by examining four settings where we expect investors to acquire historical reports in order to obtain qualitative and quantitative information that contextualizes and conditions information released in the current period. Using a novel dataset that tracks user requests for accounting reports stored in the SEC EDGAR database, we find that requests for historic reports during the fiscal year are positi...
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作者：Li, Oliver Zhen; Lin, Yupeng; Robinson, John R.
作者单位：National University of Singapore; City University of Hong Kong; Texas A&M University System; Texas A&M University College Station
摘要：We investigate the extent to which capitalization of expected capital gains taxes and the lock-in effect induced by the capital gains tax rate differential simultaneously impact the pricing and underpricing of initial public offerings (IPOs). Using a large sample of IPOs from 1987 to 2010, we estimate regressions of offer prices and first-day underpricing on tax rates. Supporting tax capitalization, IPO offer prices decrease in long-term capital gains taxes. Supporting lock-in, IPO underpricin...
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作者：Bernard, Darren
作者单位：University of London; London Business School
摘要：Competitors engage in product market predation when they lower prices or increase expenditures on nonprice competition with the goal of forcing a rival to exit. This study provides evidence that financially constrained firms avoid financial statement disclosure to mitigate predation risk. The empirical tests examine German private firms, most of which failed to comply with financial statement public disclosure requirements until an enforcement change increased noncompliance costs. The evidence...
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作者：Kothari, S. P.; Holthausen, Bob; Core, John; Hanlon, Michelle; Guay, Wayne; Wu, Joanna
