2-3期

最新文章

• Disciplining delegated monitors: When venture capitalists fail to prevent fraud by their IPO firms AI翻译
  作者：Tian, Xuan; Udell, Gregory F.; Yu, Xiaoyun
  作者单位：Indiana University System; IU Kelley School of Business; Indiana University Bloomington; Tsinghua University
  摘要：Information-based theories of financial intermediation focus on delegated monitoring. However, there is little evidence on how markets discipline intermediaries who fail at this function. We exploit the direct link between corporate fraud and monitoring failure and examine how a venture capital (VC) firm's reputation is affected when it fails to prevent fraud in its portfolio companies. We find that reputation-damaged VCs interact differently in the future with their limited partners, other VC...
• Do managers really guide through the fog? On the challenges in assessing the causes of voluntary disclosure AI翻译
  作者：Dyer, Travis; Lang, Mark; Stice-Lawrence, Lorien
  作者单位：University of North Carolina; University of North Carolina Chapel Hill
  摘要：Guay et al. (2016) document that firms with longer and more complex 10-Ks provide relatively more voluntary disclosure, which they interpret as evidence that managers use voluntary disclosure to mitigate negative. effects of complex mandatory disclosure. We review the results of Guay et al. and focus on two main challenges to inferring causality: (1) the coincidence of upward over-time trends in annual report length, complexity, and voluntary disclosure, and (2) the potential for omitted corre...
• The economic consequences of extending the use of fair value accounting in regulatory capital calculations: A discussion AI翻译
  作者：Laux, Christian
  作者单位：Vienna University of Economics & Business
  摘要：When the Federal Reserve, following Basel III, proposed removing the accumulated other comprehensive income (AOCI) filter that shields regulatory capital from unrealized gains and losses on available-for-sale (AFS) debt securities, it triggered fierce opposition. The topic is at the heart of the debate about the role of fair value accounting for financial stability. Chircop and Novotny-Farkas (2016) investigate banks' stock price reaction and investment behavior around news events up to the an...
• On the synergy between disclosure and investment beauty contests AI翻译
  作者：Arya, Anil; Mittendorf, Brian
  作者单位：University System of Ohio; Ohio State University
  摘要：Many investments are noted for their beauty contest features in that decision makers desire conformity with others' choices due to inherent complementarities. This paper examines the incentives of firms to take preemptive action and publicly disclose their investments in such beauty contests. In this case, it is the beauty contest desire for coordination that incentivizes a firm to disclose because doing so allows it to convey information that establishes norms and thereby influence subsequent...
• Contractual revisions in compensation: Evidence from merger bonuses to target CEOs AI翻译
  作者：Fich, Eliezer M.; Rice, Edward M.; Tran, Anh L.
  作者单位：Drexel University; University of Washington; University of Washington Seattle; City St Georges, University of London
  摘要：Do merger bonuses to target CEOs facilitate a wealth transfer from target to acquirer shareholders? We test this hypothesis against an alternative that bonuses enable a useful contractual revision in compensation contracts when takeovers generate small synergies. When target CEOs get a merger bonus, acquirers pay lower premiums, but they also typically get less in the form of low synergies. Moreover, both stock and accounting returns to the acquirers are lower on average in deals with target C...
• The economic consequences of extending the use of fair value accounting in regulatory capital calculations AI翻译
  作者：Chircop, Justin; Novotny-Farkas, Zoltan
  作者单位：Lancaster University
  摘要：We investigate the economic consequences of the Basel III requirement to include unrealized fair value gains and losses on available-for-sale (AFS) securities in regulatory capital. Using data for U.S. banks we find negative market reactions around news indicating an increased likelihood of this regulatory change being implemented, consistent with increased regulatory costs. We also find that banks affected by this regulation reduce their investment in risky AFS securities relative to unaffect...
• 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...
• 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...