作者：Chen, Xia; Cheng, Qiang; Lo, Kin
作者单位：University of British Columbia; University of Wisconsin System; University of Wisconsin Madison
摘要：We examine the relationship between analyst research and corporate earnings announcements to explore the relative importance of information discovery versus interpretation of previously released information. Using equity market reaction to capture information content, we find that information discovery (interpretation) dominates in the week before (after) firms announce their earnings. In addition, we find that the interpretation role increases in importance with the difficulty of financial ac...
作者：Larcker, David F.; Rusticus, Tjomme O.
作者单位：Stanford University; Northwestern University
摘要：Instrumental variable (IV) methods are commonly used in accounting research (e.g., earnings management, corporate governance, executive compensation, and disclosure research) when the regressor variables are endogenous. While IV estimation is the standard textbook solution to mitigating endogeneity problems, the appropriateness of IV methods in typical accounting research settings is not obvious. Drawing on recent advances in statistics and econometrics, we identify conditions under which IV m...
