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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：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...
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作者：Altinkilic, Oya; Hansen, Robert S.
作者单位：Tulane University; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：We examine the information transmission role of stock recommendation revisions by sell-side security analysts. Revisions are associated with economically insignificant mean price reactions and often piggyback on recent news, events, long-term momentum, and short-run contrarian return predictors, typically downgrading after bad news and upgrading after good news. However, the revisions are usually information-free for investors. The findings go against the long-standing view that recommendation...
