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作者：Brown, Stephen; Hillegeist, Stephen A.; Lo, Kin
作者单位：University of British Columbia; University System of Maryland; University of Maryland College Park; INSEAD Business School
摘要：We examine the effect of earnings surprises on changes in information asymmetry. We hypothesize and find that asymmetry is lower (higher) in the quarter following positive (negative) earnings surprises compared to firms that meet the consensus analyst earnings forecast. The relations between earnings surprises and information asymmetry are stronger when the surprises are more likely to capture investors' attention. Examining the source of these changes, we show that decreased information searc...
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作者：Biddle, Gary C.; Hilary, Gilles; Verdi, Rodrigo S.
作者单位：University of Hong Kong; Hautes Etudes Commerciales (HEC) Paris; Massachusetts Institute of Technology (MIT)
摘要：Prior evidence that higher-quality financial reporting improves capital investment efficiency leaves unaddressed whether it reduces over- or under-investment. This study provides evidence of both in documenting a conditional negative (positive) association between financial reporting quality and investment for firms operating in settings more prone to over-investment (under-investment). Firms with higher financial reporting quality also are found to deviate less from predicted investment level...
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作者：Dedman, Elisabeth; Lennox, Clive
作者单位：Nanyang Technological University; University of Bath
摘要：We investigate the relation between perceived competition and voluntary disclosure in the absence of capital market incentives by examining private UK companies, which have the option to withhold sales and costs of sales information from their publicly-filed accounts. We survey managers about their companies' competitive environments and we calculate archival measures of industry competition. We find that managers are more likely to withhold information about sales and costs if they perceive t...
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作者：Goex, Robert F.; Wagenhofer, Alfred
作者单位：University of Graz; University of Fribourg
摘要：We study the optimal accounting policy of a financially constrained firm that pledges assets to raise debt capital for financing a risky project. The accounting system provides information about the Value of the collateral, Absent accounting regulation, the optimal accounting system is conditionally conservative: it recognizes an impairment loss if the asset value is below a certain threshold, but never reports unrealized gains. We describe the optimal impairment rule and the optimal precision...
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作者：Jackson, Scott B.; Liu, Xiaotao (Kelvin); Cecchini, Mark
作者单位：University of South Carolina System; University of South Carolina Columbia; Northeastern University
摘要：This study identifies several interrelated reasons why firms' depreciation method choice is likely to influence managers' capital investment decisions. We find that firms that use accelerated depreciation make significantly larger capital investments than firms that use straight-line depreciation. Further, we find that there has been a migration away from accelerated depreciation to straight-line depreciation over the past two decades. Firms that make such accounting changes make smaller capit...
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作者：Dichev, Ilia D.; Tang, Vicki Wei
作者单位：University of Michigan System; University of Michigan; Georgetown University
摘要：Survey evidence indicates widely held managerial beliefs that earnings volatility is negatively related to earnings predictability. In addition, existing research suggests that earnings volatility is determined by economic and accounting factors, and both of these factors reduce earnings predictability. We find that the consideration of earnings volatility brings substantial improvements in the prediction of both short- and long-term earnings. Conditioning on volatility information also allows...
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作者：Rogers, Jonathan L.; Van Buskirk, Andrew
作者单位：University of Chicago
摘要：We examine changes in the disclosure behavior of firms involved in 827 disclosure-related class-action securities litigation cases filed between 1996 and 2005. We find no evidence that the firms in our sample respond to the litigation event by increasing or improving their disclosures to investors. Rather, we find consistent evidence that firms reduce the level of information provided post-litigation. Our results suggest that the litigation process encourages firms to decrease the provision of...
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作者：Feng, Mei; Li, Chan; McVay, Sarah
作者单位：Utah System of Higher Education; University of Utah; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：We examine the relation between internal control quality and the accuracy of management guidance. Consistent with managers in firms with ineffective internal controls relying on erroneous internal management reports when forming guidance, we document less accurate guidance among firms reporting ineffective internal controls. This relation extends to a change analysis, and the impact of ineffective internal controls on forecast accuracy is three times larger when the weakness relates to revenue...
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作者：Gul, Ferdinand A.; Fung, Simon Yu Kit; Jaggi, Bikki
作者单位：Hong Kong Polytechnic University; Rutgers University System; Rutgers University New Brunswick
摘要：Prior Studies suggest that auditors with short tenure are associated with lower earnings quality because of the lack of client-specific knowledge and/or low balling. In this study, we examine whether industry specialization of auditors and low balling affect the association between auditor tenure and earnings quality. We find that the association between shorter auditor tenure and lower earnings quality is weaker for firms audited by industry specialists compared to non-specialists. In additio...
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作者：Rogers, Jonathan L.; Skinner, Douglas J.; Van Buskirk, Andrew
作者单位：University of Chicago
摘要：We study the effect of disclosure on uncertainty by examining how management earnings forecasts affect stock market volatility. Using implied volatilities from exchange-traded options prices, we find that management earnings forecasts increase short-term volatility. This effect is attributable to forecasts that convey bad news, especially when firms release forecasts sporadically rather than on a routine basis. In the longer run, market uncertainty declines after earnings are announced, regard...
