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作者：Ball, Ray; Jayaraman, Sudarshan; Shivakumar, Lakshmanan
作者单位：University of Chicago; Washington University (WUSTL); University of London; London Business School
摘要：We examine the confirmation hypothesis that audited financial reporting and disclosure of managers' private information are complements, because independent verification of outcomes disciplines and hence enhances disclosure credibility. Committing to higher audit fees (a measure of financial statement verification) is associated with management forecasts that are more frequent, specific, timely, accurate and informative to investors. Because private information disclosure and audited financial...
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作者：Hui, Kai Wai; Klasa, Sandy; Yeung, P. Eric
作者单位：University System of Georgia; University of Georgia; Hong Kong University of Science & Technology; University of Arizona
摘要：We argue that a firm's suppliers and customers prefer it to account more conservatively due to information asymmetry and these stakeholders' asymmetric payoffs with respect to the firm's performance. We predict that a firm meets this demand for accounting conservatism when suppliers or customers have bargaining advantages over it that enable them to dictate terms of trade or whether trade occurs at all. We show that when a firm's suppliers or customers have greater bargaining power, the firm r...
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作者：Kim, Irene; Skinner, Douglas J.
作者单位：University of Chicago; George Washington University
摘要：Extant research commonly uses indicator variables for industry membership to proxy for securities litigation risk. We provide evidence on the construct validity of this measure by reporting on the predictive ability of alternative models of litigation risk. While the industry measure alone does a relatively poor job of predicting litigation, supplementing this variable with measures of firm characteristics (such as size, growth, and stock volatility) considerably improves predictive ability. A...
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作者：Files, Rebecca
作者单位：University of Texas System; University of Texas Dallas
摘要：This study examines the conditions under which the Securities and Exchange Commission (SEC) exercises enforcement leniency following a restatement. I explore whether cooperation with SEC staff and forthright disclosure of a restatement (e.g., disclosures reported in a timely and visible manner) reduce the likelihood of an SEC sanction or SEC monetary penalties. After controlling for restatement severity, I find that cooperation increases the likelihood of being sanctioned, perhaps because it i...
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作者：Kross, William J.; Suk, Inho
作者单位：State University of New York (SUNY) System; University at Buffalo, SUNY
摘要：We examine how Regulation FD changed analysts' reliance on firms' public disclosure. Regulation FD is associated with a stronger analyst response to earnings announcements, management forecasts and conference calls-that is, analysts respond to these events more quickly, more frequently and with larger forecast revisions after FD. Further, following public disclosure, the decline in analyst forecast dispersion and forecast error accelerates after FD. We find no such changes either for foreign A...
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作者：Yang, Holly I.
作者单位：University of Pennsylvania
摘要：This paper studies the capital market consequences of managers establishing an individual forecasting style. Using a manager-firm matched panel dataset, I examine whether and when manager-specific credibility matters. If managers' forecasting styles affect their perceived credibility, then the stock price reaction to forecast news should increase with managers' prior forecasting accuracy. Consistent with this prediction. I find that the stock price reaction to management forecast news is stron...
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作者：Landsman, Wayne R.; Maydew, Edward L.; Thornock, Jacob R.
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of Washington; University of Washington Seattle
摘要：This study examines whether the information content of earnings announcements - abnormal return volatility and abnormal trading volume - increases in countries following mandatory IFRS adoption, and conditions and mechanisms through which increases occur. Findings suggest information content increased in 16 countries that mandated adoption of IFRS relative to 11 that maintained domestic accounting standards, although the effect of mandatory IFRS adoption depends on the strength of legal enforc...
