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作者：Kothari, S. P.; Ramanna, Karthik; Skinner, Douglas J.
作者单位：Massachusetts Institute of Technology (MIT); Harvard University; University of Chicago
摘要：Based on extant literature, we review the positive theory of GAAP. The theory predicts that GAAP's principal focus is on control (performance measurement and stewardship) and that verifiability and conservatism are critical features of a GAAP shaped by market forces. We recognize the advantage of using fair values in circumstances where these are based on observable prices in liquid secondary markets, but caution against expanding fair values to financial reporting more generally. We conclude ...
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作者：DeFond, Mark L.
作者单位：University of Southern California
摘要：This discussion makes several observations regarding the earnings quality research reviewed in Dechow, Ge and Schrand (2010) (DGS). I discuss some of the factors that led to the large growth in the earnings quality literature over the past two decades, and note a few of the important contributions from this literature. I also present what I view as several major challenges the literature faces as well as some avenues for future research. In addition, I discuss the difficulties in evaluating su...
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作者：Richardson, Scott; Tuna, Irem; Wysocki, Peter
作者单位：University of Miami; University of London; London Business School
摘要：We survey recent research in accounting anomalies and fundamental analysis. We use forecasting of future earnings and returns as our organizing framework and suggest a roadmap for research aiming to document the forecasting benefits of accounting information. We combine this with opinions from the academic and practitioner communities to critically evaluate key clusters of papers about accounting anomalies and fundamental analysis disseminated over the last decade. Finally, we provide a new an...
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作者：Beyer, Anne; Cohen, Daniel A.; Lys, Thomas Z.; Walther, Beverly R.
作者单位：Northwestern University; Stanford University; University of Texas System; University of Texas Dallas
摘要：The corporate information environment develops endogenously as a consequence of information asymmetries and agency problems between investors, entrepreneurs, and managers. We review current research on the three main decisions that shape the corporate information environment in capital market settings: (1) managers' voluntary disclosure decisions, (2) disclosures mandated by regulators, and (3) reporting decisions by analysts. We conclude that, in the last ten years, research has generated sev...
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作者：Dechow, Patricia; Ge, Weili; Schrand, Catherine
作者单位：University of Pennsylvania; University of California System; University of California Berkeley; University of Washington; University of Washington Seattle
摘要：Researchers have used various measures as indications of earnings quality including persistence, accruals, smoothness, timeliness, loss avoidance, investor responsiveness, and external indicators such as restatements and SEC enforcement releases. For each measure, we discuss causes of variation in the measure as well as consequences. We reach no single conclusion on what earnings quality is because quality is contingent on the decision context. We also point out that the quality of earnings is...
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作者：Armstrong, Christopher S.; Guay, Wayne R.; Weber, Joseph P.
作者单位：University of Pennsylvania; Massachusetts Institute of Technology (MIT)
摘要：We review recent literature on the role of financial reporting transparency in reducing governance-related agency conflicts among managers, directors, and shareholders, as well as in reducing agency conflicts between shareholders and creditors, and offer researchers some suggested avenues for future research. Key themes include the endogenous nature of debt contracts and governance mechanisms with respect to information asymmetry between contracting parties, the heterogeneous nature of the inf...
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作者：Brickley, James A.; Zimmerman, Jerold L.
作者单位：University of Rochester
摘要：This paper argues that academics, politicians, and the media have six commonly held but misguided beliefs about corporate governance. While Armstrong et al. (2010) discuss some of these misconceptions, a wider recognition that these beliefs are actually myths is important. They include: (1) a common definition of corporate governance exists; (2) a useful distinction is internal versus external governance mechanisms; (3) outside directors perform two separable roles: to advise and monitor manag...
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作者：Hanlon, Michelle; Heitzman, Shane
作者单位：Massachusetts Institute of Technology (MIT); University of Oregon
摘要：In this paper, we present a review of tax research. We survey four main areas of the literature: (1) the informational role of income tax expense reported for financial accounting, (2) corporate tax avoidance, (3) corporate decision-making including investment, capital structure, and organizational form, and (4) taxes and asset pricing. We summarize the research areas and questions examined to date and what we have learned or not learned from the work completed thus far. In addition, we provid...
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作者：Lewellen, Jonathan
作者单位：Dartmouth College
摘要：The literature on accounting anomalies and fundamental analysis provides important insights into the behavior of stock prices and the relation between accounting numbers and firm value. My review discusses five key topics from this literature: (1) discriminating between risk and mispricing explanations for return anomalies; (2) estimating the implied cost of capital; (3) inferring investors' perceptions of the earnings process; (4) understanding the importance of trading costs and firm size; a...
