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作者：Green, T. Clifton; Jame, Russell; Markov, Stanimir; Subasi, Musa
作者单位：Emory University; University of Kentucky; Southern Methodist University; University of Missouri System; University of Missouri Columbia
摘要：We examine the determinants and consequences of broker-hosted investor conferences. We find the number of brokers hosting a firm at conferences is positively related to institutional ownership and intangible assets, consistent with greater client demand for management access among hard-to-value firms. Younger firms and those that issue equity in the future attend more conferences, suggesting firms view conference participation as a means to enhance investor recognition. Hosting brokers are rew...
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作者：Srivastava, Anup
作者单位：Northwestern University
摘要：The properties of earnings have changed dramatically over the past 40 years. Prior studies interpret this trend as a decline in earnings quality but disagree on whether it results from changes in the real economy or changes in accounting standards. I find that each new cohort of listed firms exhibits lower earnings quality than its predecessors, mainly because of higher intangible intensity. I conclude that the trend of decline in earnings quality is due more to changes in the sample of firms ...
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作者：Konchitchki, Yaniv; Patatoukas, Panos N.
作者单位：University of California System; University of California Berkeley
摘要：We document that aggregate accounting earnings growth is an incrementally significant leading indicator of growth in nominal Gross Domestic Product (GDP). Professional macro forecasters, however, do not fully incorporate the predictive content embedded in publicly available accounting earnings data. As a result, future nominal GDP growth forecast errors are predictable based on accounting earnings data that are available to professional macro forecasters in real time. (C) 2013 The Authors. Pub...
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作者：Vashishtha, Rahul
作者单位：Duke University
摘要：This study uses covenant violations to provide evidence on how firms make disclosure decisions in the presence of enhanced bank monitoring. Using a regression discontinuity design, I find that firms reduce disclosure following covenant violations. A series of analyses suggest that part of this decline in disclosure reflects a delegation of monitoring to banks by shareholders who consequently demand less disclosure. (C) 2014 Elsevier B.V. All rights reserved.
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作者：Sikes, Stephanie A.
作者单位：University of Pennsylvania
摘要：Prior studies attribute the turn-of-the-year effect whereby small capitalization stocks earn unusually high returns in early January to tax-loss-selling by individual investors and window-dressing by institutional investors. My results suggest that a significant portion of the effect on turn-of-the-year returns that prior studies attribute to window-dressing is actually attributable to tax-loss-selling by institutional investors. Among small capitalization stocks, I find that institutional inv...
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作者：Badolato, Patrick G.; Donelson, Dain C.; Ege, Matthew
作者单位：University of Texas System; University of Texas Austin; State University System of Florida; University of Florida
摘要：Regulatory pressure to increase both audit committee financial expertise and board independence has resulted in lower status for audit committees relative to management. This status differential is relevant because expertise and relative status are important determinants of each party's ability to influence outcomes, particularly when parties face conflicting goals. We find that audit committees with both financial expertise and high relative status are associated with lower levels of earnings...
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作者：Li, Ningzhong; Richardson, Scott; Tuna, Irem
作者单位：University of Texas System; University of Texas Dallas; University of London; London Business School
摘要：We outline a systematic approach to incorporate macroeconomic information into firm level forecasting from the perspective of an equity investor. Using a global sample of 198,315 firm-years over the 1998-2010 time period, we find that combining firm level exposures to countries (via geographic segment data) with forecasts of country level performance, is able to generate superior forecasts for firm fundamentals. This result is particularly evident for purely domestic firms. We further find tha...
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作者：Hayes, Rachel M.
作者单位：Utah System of Higher Education; University of Utah
摘要：Badolato et al. (2014) (BDE) examine the effectiveness of audit committee financial expertise. They find that financial expertise does not deter irregularities unless the audit committee also has high status. I review prior research on financial expertise to place the current study in the literature and for guidance in assessing the paper's assumptions and empirical specifications. BDE's conclusions run counter to many of the prior findings and to broad patterns in the data. I discuss how empi...
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作者：Ertimur, Yonca; Sletten, Ewa; Sunder, Jayanthi
作者单位：University of Colorado System; University of Colorado Boulder; Boston College; University of Arizona
摘要：We examine the effect of large shareholders' ex ante selling incentives on firms' voluntary disclosure choices in the setting of IPO lockup expirations. We find evidence that managers delay disclosures of bad news, not for their own benefit, but to enable influential pre-IPO shareholders to sell their shares at more favorable prices. Delays are more pronounced when aggregate selling incentives are greater, when uncertainty is high, and when venture capitalists, influential investors with stron...
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作者：Schrand, Catherine
作者单位：University of Pennsylvania
摘要：Accounting researchers should not view CHT's analysis as the solution to our collective problem of being able to measure conditional conservatism. CHT provide evidence about earnings asymmetric timeliness and an accruals-based measure of asymmetric timeliness that is useful for evaluating construct validity. In some cases, CHT's evidence will translate directly to another researcher's setting. In other cases, CHT provide useful guidance for researchers to follow in conducting their own constru...
