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最新文章

• The confounding effect of cost stickiness on conservatism estimates AI翻译
  作者：Banker, Rajiv D.; Basu, Sudipta; Byzalov, Dmitri; Chen, Janice Y. S.
  作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; University of the Pacific
  摘要：Sales decreases affect earnings more than sales increases because of cost stickiness. We hypothesize that this correlated omitted variable constitutes a confounding effect in standard asymmetric timeliness models. Controlling for a piecewise linear effect of sales changes in these models decreases the measured asymmetric timeliness significantly and changes inferences about the average level of conservatism and the extent of cross-sectional variation in conservatism. Validation tests confirm t...
• Managers' green investment disclosures and investors' reaction AI翻译
  作者：Martin, Patrick R.; Moser, Donald V.
  作者单位：Indiana University System; Indiana University Bloomington; IU Kelley School of Business; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
  摘要：Although managers' green investments have no impact on future cash flows in our experimental markets, investors respond favorably when managers make and disclose an investment and highlight the societal benefits rather than the cost to the company. Managers anticipate investors' reaction and therefore often disclose their investment and the associated societal benefits. Managers and other shareholders benefit from investors' reaction, but the investment cost always exceeds this benefit, demons...
• Do information releases increase or decrease information asymmetry? New evidence from analyst forecast announcements AI翻译
  作者：Amiram, Dan; Owens, Edward; Rozenbaum, Oded
  作者单位：Columbia University; Emory University; George Washington University
  摘要：Prior literature documents that both earnings announcements and management earnings forecasts increase information asymmetry at announcement. In contrast, we predict and document that analyst earnings forecasts decrease information asymmetry at announcement. As expected, this directional contrast is temporary, in that all three information release types lead to a decrease in information asymmetry following the short-window announcement period. Our evidence demonstrates that the direction of th...
• Customer concentration risk and the cost of equity capital AI翻译
  作者：Dhaliwal, Dan; Judd, J. Scott; Serfling, Matthew; Shaikh, Sarah
  作者单位：University of Arizona; Korea University; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; University of Tennessee System; University of Tennessee Knoxville; University of Washington; University of Washington Seattle
  摘要：This study investigates the relation between customer concentration and a supplier's cost of equity capital. We hypothesize that a more concentrated customer base increases a supplier's risk, which results in a higher cost of equity. Our results show a positive association between customer concentration and a supplier's cost of equity, and this relation is more pronounced for suppliers that are more likely to lose major customers or that are more prone to larger losses if they lose such custom...
• 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...
• 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...
• 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...
• 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...
• Further evidence on the strategic timing of earnings news: Joint analysis of weekdays and times of day AI翻译
  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...
• The activities of buy-side analysts and the determinants of their stock recommendations AI翻译
  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...