2-3期

最新文章

• Discussion of The implications of unverifiable fair-value accounting: Evidence from the political economy of goodwill accounting AI翻译
  作者：Skinner, Douglas J.
  作者单位：University of Chicago
  摘要：Ramanna [2007. The implications of unverifiable fair-value accounting: evidence from the political economy of goodwill accounting, Journal of Accounting and Economics] provides interesting and novel evidence on how firms use contributions from their political action committees (PACs) to members of Congress as a means of lobbying for preferred positions on the two exposure drafts that led to SFAS-141 and SFAS-142. My discussion raises some concerns about his main conclusion: that pooling firms ...
• Mark-to-market accounting and liquidity pricing AI翻译
  作者：Allen, Franklin; Carletti, Elena
  作者单位：University of Pennsylvania; Goethe University Frankfurt
  摘要：When liquidity plays an important role as in financial crises, asset prices may reflect the amount of liquidity available rather than the asset's future earning power. Using market prices to assess financial institutions' solvency in such circumstances is not desirable. We show that a shock in the insurance sector can cause the current market value of banks' assets to fall below their liabilities so they are insolvent. In contrast, if values based on historic cost are used, banks can continue ...
• Discussion of Annual report readability, current earnings, and earnings persistence'' AI翻译
  作者：Bloomfield, Robert
  作者单位：Cornell University
  摘要：Li [2008. Annual report readability, current earnings, and earnings persistence. Journal of Accounting and Economics, this issue, doi:10.1016/j.jacceco.2008.02.0031 finds that firms with losses, or with transient income, write annual reports with long sentences and big words. I begin by discussing some explanations for Li's primary results, using his more detailed results, along with the results of related papers, to assess the plausibility of those explanations. I then briefly discuss the 10-...
• The implications of unverifiable fair-value accounting: Evidence from the political economy of goodwill accounting AI翻译
  作者：Ramanna, Karthik
  作者单位：Harvard University
  摘要：I study the evolution of SFAS 142, which uses unverifiable fair-value estimates to account for acquired goodwill. I find evidence consistent with the FASB issuing SFAS 142 in response to political pressure over its proposal to abolish pooling accounting. The result is interesting given this proposal was due in part to SEC concerns over pooling misuse. I also find evidence consistent with lobbying support for SFAS 142 increasing in firms' discretion under the standard. Agency theory predicts su...
• The market reaction to Arthur Andersen's role in the Enron scandal: Loss of reputation or confounding effects? AI翻译
  作者：Nelson, Karen K.; Price, Richard A.; Rountree, Brian R.
  作者单位：Rice University
  摘要：This paper tests the hypothesis that negative client stock returns following the revelation that Enron documents had been shredded are attributable to confounding effects as opposed to a loss of Andersen's reputation. We find that a sharp decline in oil prices along with differences in the industry composition of the Andersen and Big 4 client portfolios combine to produce significantly more negative returns for Andersen clients relative to Big 4 clients, and for Andersen's Houston office clien...
• The rise of deferred tax assets in Japan: The role of deferred tax accounting in the Japanese banking crisis AI翻译
  作者：Skinner, Douglas J.
  作者单位：University of Chicago
  摘要：This paper provides evidence on the role of deferred taxes in the recent financial crisis among Japanese banks. Upon adoption of deferred tax accounting in FY1998, the major Japanese banks recognized net deferred tax assets of (sic)6.6 trillion ($55 billion). Without these assets, the banks would have been insolvent. The evidence supports the conclusion that Japanese regulators used deferred tax accounting as part of a regulatory forbearance strategy, and that bank managers used these assets t...
• Financial analysts' forecast revisions and managers' reporting behavior AI翻译
  作者：Beyer, Anne
  作者单位：Stanford University
  摘要：This paper studies an analyst's forecasting strategy and a manager's earnings management policy. When reporting earnings, the manager trades off the disutility he obtains from falling short of the analyst's forecast against the costs of manipulating earnings. The model predicts that: (i) the analyst's forecast exceeds median reported earnings; (ii) the analyst is more likely to revise his forecast downward than upward; (iii) mean and median forecast errors are larger in magnitude when the anal...
• The superiority and disciplining role of independent analysts AI翻译
  作者：Gu, Zhaoyang; Xue, Jian
  作者单位：Carnegie Mellon University; Tsinghua University; Hong Kong University of Science & Technology
  摘要：We show that although forecasts of independent analysts are less accurate ex post, they yield forecast errors that are more strongly associated with abnormal stock returns. This suggests that forecasts of independent analysts are superior to those of nonindependent analysts in representing ex ante market expectations. We also show that forecasts of nonindependent analysts become more accurate and less biased, and produce forecast errors more strongly associated with abnormal stock returns when...