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作者：Mohanram, Partha; Rajgopal, Shiva
作者单位：University of Washington; University of Washington Seattle; Columbia University
摘要：Several recent papers assume that private information (PIN), proposed by Easley et al. [2002. Is information risk a determinant of asset returns? journal of Finance 57, 2185-2221; 2004. Factoring information into returns. Working Paper, Cornell University], is a determinant of stock returns. We replicate Easley et al. (2002) and show that while PIN does predict future returns in the sample they analyze, the effect is not robust to alternative specifications and time periods. There is no eviden...
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作者：Zhang, Haiwen
作者单位：University System of Ohio; Ohio State University
摘要：I examine the effect of the accounting standard for derivative instruments (SFAS No. 133) on corporate risk-management behavior. I classify a derivative user as an effective hedger (EH firm) if its risk exposures decreased after the initiation of the derivatives program, and as an ineffective hedger/speculator (IS firm) otherwise. I find that volatility of cash flows and risk exposures related to interest rate, foreign exchange rate, and commodity price decrease significantly for IS firms but ...
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作者：Hui, Kai Wai; Matsunaga, Steve; Morse, Dale
作者单位：University of Oregon; Hong Kong University of Science & Technology
摘要：We investigate the empirical relation between a firm's accounting conservatism and management's issuance of quantitative earnings forecasts. Using three measures of conservatism from prior literature, along with two aggregate measures, we find a negative association between conservatism and the frequency, specificity, and timeliness of management forecasts. The results are robust to estimating the regression in changes, using firm fixed-effects, and using a two-stage instrumental variables app...
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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：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...
