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作者：Kross, William J.; Ro, Byung T.; Suk, Inho
作者单位：Purdue University System; Purdue University; State University of New York (SUNY) System; University at Buffalo, SUNY; Yonsei University
摘要：This paper provides evidence that firms that have consistently met or beaten analysts' earnings expectations (MBE) provide more frequent bad news management forecasts than firms with no established string of MBE, particularly when existing analyst forecasts are optimistic. This suggests that firms with a consistent MBE record are more likely to guide analysts' expectations downward to avoid breaking the consistency. Subsequent analyst forecast revisions following bad news management forecasts ...
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作者：Comprix, Joseph; Muller, Karl A., III
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Syracuse University
摘要：This study provides evidence that, when hard freezing their defined benefit pension plans, employers select downward biased accounting assumptions to exaggerate the economic burden of their benefit plans. Downward biased expected rates of return and discount rates allow managers to increase reported pension expenses and, for discount rates, allow managers to increase reported pension liabilities. We find that prior to the Sarbanes-Oxley Act, both rates are downward biased when firms freeze the...
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作者：Chaney, Paul K.; Faccio, Mara; Parsley, David
作者单位：Purdue University System; Purdue University; Vanderbilt University
摘要：We document that the quality of earnings reported by politically connected firms is significantly poorer than that of similar non-connected companies. Our results are not due to firms with ex-ante poor earnings quality establishing connections more often. Instead, our results suggest that, because of a lesser need to respond to market pressures to increase the quality of information, connected companies can afford disclosing lower quality accounting information. In particular, lower quality re...
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作者：Rajgopal, Shiva; Venkatachalam, Mohan
作者单位：Duke University; Emory University
摘要：Campbell et al. (2001) document that firms' stock returns have become more volatile in the U.S. since 1960. We hypothesize and find that deteriorating earnings quality is associated with higher idiosyncratic return volatility over 1962-2001. These results are robust to controlling for (i) inter-temporal changes in the disclosure of value-relevant information, sophistication of investors and the possibility that earnings quality can be informative about future cash flows; (ii) stock return perf...
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作者：Choudhary, Preeti
作者单位：Georgetown University
摘要：I investigate reliability differences across recognition and disclosure regimes to shed light on differing incentives and reporting of employee stock option (ESO) fair values. I compare ESO fair values based on firm-reported inputs with ESO fair values based on benchmark inputs, estimated following authoritative guidance. On average, I find opportunism increases with recognition as compared with disclosure, and that it is associated with incentives to manage earnings. Despite the increase in o...
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作者：Zhang, Huai; Zheng, Liu
作者单位：Nanyang Technological University; University of Hong Kong
摘要：Regulation G requires all companies to quantitatively reconcile pro forma earnings with GAAP earnings. This paper provides three findings related to the impact of reconciliations on mispricing of pro forma earnings. First, prior to Reg G. we find that mispricing of pro forma earnings is limited to firms with low reconciliation quality. There is no evidence of mispricing for firms with high reconciliation quality. Second, we find no evidence of mispricing after Reg G. Third, there is a cross-Re...
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作者：Feng, Mei; Ge, Weili; Luo, Shuqing; Shevlin, Terry
作者单位：University of Washington; University of Washington Seattle; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; National University of Singapore
摘要：This paper examines why CFOs become involved in material accounting manipulations. We find that while CFOs bear substantial legal costs when involved in accounting manipulations, these CFOs have similar equity incentives to the CFOs of matched non-manipulation firms. In contrast, CEOs of manipulation firms have higher equity incentives and more power than CEOs of matched firms. Taken together, our findings are consistent with the explanation that CFOs are involved in material accounting manipu...
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作者：Cain, Matthew D.; Denis, David J.; Denis, Diane K.
作者单位：Purdue University System; Purdue University; University of Notre Dame
摘要：We empirically examine earnout contracts, which provide for contingent payments in acquisition agreements. Our analysis reveals considerable heterogeneity in the potential size of the earnout, the performance measure on which the contingent payment is based, the period over which performance is measured, the form of payment for the earnout, and the overall sensitivity of earnout payment to target performance. Our tests of the determinants of contract terms yield support for the view that earno...
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作者：Berger, Philip G.
作者单位：University of Chicago
摘要：Beyer et al. (2010) review the financial reporting literature related to voluntary and mandatory firm disclosures, and sell-side analyst reports. The discussion summarizes their approach, highlights some of their main conclusions, and presents alternative ideas about promising avenues for future research. (C) 2011 Elsevier B.V. All rights reserved.
