2015

最新文章

• Textual analysis and international financial reporting: Large sample evidence AI翻译
  作者：Lang, Mark; Stice-Lawrence, Lorien
  作者单位：University of North Carolina; University of North Carolina Chapel Hill
  摘要：We examine annual report text for over 15,000 non-US companies from 42 countries over the period 1998-2011, focusing on the length of disclosure, presence of boilerplate, comparability with US and non-US firms, and complexity. We find that textual attributes are predictably associated with regulation and incentives for more transparent disclosure and are correlated with economic outcomes such as liquidity, institutional ownership, and analyst following. Using mandatory IFRS adoption as an exog...
• Does return dispersion explain the accrual and investment anomalies? AI翻译
  作者：Chichernea, Doina C.; Holder, Anthony D.; Petkevich, Alex
  作者单位：University System of Ohio; University of Toledo
  摘要：Recent research shows that high return dispersion (RD) is associated with economic conditions characterized by high discount rates, which are not conducive to growth and investment. We propose that RD risk can explain the accrual and investment anomalies. We conduct asset-pricing tests that include RD as a potential risk factor and show that low-accrual and low-investment firms have significantly higher exposure to the risk captured by RD. RD significantly explains future returns and the exces...
• Alternative information sources and information asymmetry reduction: Evidence from small business debt AI翻译
  作者：Cassar, Gavin; Ittner, Christopher D.; Cavalluzzo, Ken S.
  作者单位：INSEAD Business School; University of Pennsylvania
  摘要：We examine whether more sophisticated accounting Methods (in the form of accrual accounting) interact with other information sources to reduce information asymmetries between small business borrowers and lenders, thereby lowering borrowers' probability of loan denial and cost of debt. We find that higher third party credit scores, but not the use of accrual accounting, decrease the likelihood of loan denial. However, firms using accrual accounting exhibit statistically lower interest rates aft...
• Why do analysts revise their stock recommendations after earnings announcements? AI翻译
  作者：Yezegel, Ari
  作者单位：Bentley University
  摘要：Recent research finds that many analyst recommendation revisions take place shortly after earnings announcements. Altinkilic and Hansen (2009) attribute the clustering of recommendations to analysts strategically piggybacking on earnings information to improve the perceived performance of their recommendations. This study proposes an alternative view: I find that analysts issue recommendations when they face greater demand from investors, when the relative supply of information available on ea...
• What is the value of sell-side analysts? Evidence from coverage changes - A discussion AI翻译
  作者：Hansen, Robert S.
  作者单位：Tulane University
  摘要：Li and You (this volume) study public firms' common stock return reactions to two events: when analysts' initiate coverage of the firm and when they terminate coverage. They test the returns for evidence of three sources of value added by analysts: (1) more monitoring of the firm, (2) reduced information asymmetry about the firm, and (3) greater demand for the firm's common stock. They find consistent support for analysts adding value by increasing demand, but not monitoring or by reducing inf...
• Information asymmetry and capital structure: Evidence from regulation FD AI翻译
  作者：Petacchi, Reining
  作者单位：Massachusetts Institute of Technology (MIT)
  摘要：This study uses Regulation Fair Disclosure (FD) as a plausibly exogenous shock to the information environment to identify the causal effect of information asymmetry on corporate financing behavior. Although Regulation FD prevents firms from selectively disclosing material information to market professionals in the equity market, firms can still do so to banks and rating agencies in the debt market. The standard's differential disclosure requirements lead to differential changes in the informat...
• Geographic proximity and analyst coverage decisions: Evidence from IPOs AI翻译
  作者：O'Brien, Patricia C.; Tan, Hongping
  作者单位：University of Waterloo; York University - Canada
  摘要：Using hand-collected data on analyst locations, we study how geographic proximity affects analyst coverage decisions for U.S. firms that went public during 1996-2009, along with the impact of local coverage on firm visibility. Analysts are 80% more likely to cover local firms than non-local ones, and nearby non-underwriter analysts initiate coverage one to three weeks earlier than distant ones. Proximity matters most for smaller, less visible firms, for firms with less complex operations and f...
• Discussion of Textual analysis and international financial reporting: Large sample evidence AI翻译
  作者：Chen, Jason V.; Li, Feng
  作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; Shanghai Jiao Tong University
  摘要：Lang and Stice-Lawrence (2015) find that firms which have adopted IFRS exhibit higher quality textual characteristics in their annual reports. In addition, they find that the textual characteristics of these annual reports are associated with firm economic outcomes. In this discussion, we first examine different explanations for each of these findings. We then examine the association between the length of U.S. 10-K filings and institutional ownership in U.S. firms. In addition, we use a case s...
• The effect of tax and nontax country characteristics on the global equity supply chains of US multinationals AI翻译
  作者：Dyreng, Scott D.; Lindsey, Bradley P.; Markle, Kevin S.; Shackelford, Douglas A.
  作者单位：Duke University; North Carolina State University; University of Iowa; University of North Carolina; University of North Carolina Chapel Hill; National Bureau of Economic Research
  摘要：We examine the global equity supply chains of U.S. multinationals to explore how tax and nontax country characteristics affect whether firms use foreign holding companies and where they locate them. We find that U.S. multinationals supply equity from headquarters to their foreign operating companies through foreign holding companies located in countries that lightly tax equity distributions. We also find that foreign holding companies tend to be located in countries with less corruption and in...
• Do financial market developments influence accounting practices? Credit default swaps and borrowers' reporting conservatism AI翻译
  作者：Martin, Xiumin; Roychowdhury, Sugata
  作者单位：Washington University (WUSTL); Boston College
  摘要：This paper investigates whether the initiation of trading in credit default swaps (CDSs) on a borrowing firm's outstanding debt is associated with a decline in that firm's reporting conservatism. CDS investments can modify lenders' payoffs on their loan portfolios by providing insurance on negative credit outcomes. The onset of CDS trading reduces lenders' incentives to continuously monitor borrowers and also their demand that borrowers report conservatively. Additionally, borrowers expect CDS...