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作者：Gong, Guojin; Louis, Henock; Sun, Amy X.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：There is a positive association between stock-for-stock acquirers' pre-merger abnormal accruals and post-merger announcement lawsuits. The market only partially anticipates the effects of post-merger announcement lawsuits at the merger announcement and the post-merger announcement long-term market underperformance is largely limited to litigated acquisitions. Overall, the evidence suggests that it is important that investors not only undo the direct stock price effects of earnings management b...
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作者：Blacconiere, Walter G.; Johnson, Marilyn F.; Lewis, Melissa F.
作者单位：Michigan State University; Michigan State University's Broad College of Business; Indiana University System; Indiana University Bloomington; IU Kelley School of Business; Utah System of Higher Education; University of Utah
摘要：We show that firms wit h executive bonuses that qualify for deduction under Internal Revenue Code Section 162(m) were less likely to expense stock option compensation (SOC) in 2002. Additionally, the more likely it is that a qualified firm will incur re-contracting costs, the less likely it is that the firm will expense SOC. CEOs Of qualified firms that also expense SOC receive smaller bonuses than CEOs of expensing firms that are not qualified under 162(m), and the lower 162(m) bonuses are no...
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作者：Langberg, Nisan; Sivaramakrishnan, K.
作者单位：University of Houston System; University of Houston
摘要：We analyze the voluntary disclosure decision of a manager when analysts scrutinize the quality of disclosure. We derive all equilibrium ill which Managers voluntarily disclose unfavorable information only if sufficiently precise, but disclose favorable news with lower levels of accuracy. We show that analysts cover good news disclosures with higher scrutiny. To the extent analysts rely on mandatory financial reports to interpret Voluntary disclosures, we show that more precise financial report...
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作者：Arnalz, Oscar Gutierrez; Salas-Fumas, Vicente
作者单位：Autonomous University of Barcelona; University of Zaragoza
摘要：This paper analyzes incentive design when agents' effort influences an uncertain output governed by a random process with semi-heavy tails. We find that the second-best incentive contract pays an output-increasing but bounded fee with a shape resembling performance-standard contracts that pay a fixed salary plus a capped bonus. In this contract, the pay-performance sensitivity around the standard increases (decreases) with the frequency with which performance is measured and with the kurtosis ...
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作者：Daniel, Naveen D.; Denis, David J.; Naveen, Lalitha
作者单位：Purdue University System; Purdue University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; Drexel University
摘要：Dividend-paying firms tend to manage earnings upward when their earnings would otherwise fall short of expected dividend levels. This behavior is evident only in firms with positive debt and is more aggressive prior to the Sarbanes-Oxley Act, subsequent to the 2003 dividend tax cut, in high-payout firms, in firms whose CEOs receive higher dollar dividends and have higher pay-performance sensitivities, and in firms that raise less outside equity. Moreover, this earnings management behavior appe...
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作者：Caramanis, Constantinos; Lennox, Clive
作者单位：Hong Kong University of Science & Technology; Athens University of Economics & Business
摘要：We test the effect of audit effort on earnings management using a unique database of hours worked by auditors on 9,738 audits in Greece between 1994 and 2002. When audit hours are lower, (1) abnormal accruals are more often positive than negative, (2) positive abnormal accruals are larger, and (3) companies are more likely to manage earnings upwards in order to meet or beat the zero earnings benchmark. These results persist after we control for endogeneity between audit hours and earnings mana...
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作者：Core, John E.; Guay, Wayne R.; Verdi, Rodrigo
作者单位：University of Pennsylvania; Massachusetts Institute of Technology (MIT)
摘要：In a recent and influential empirical paper, Francis, LaFond, Olsson, and Schipper (FLOS) [2005. The market pricing of accruals quality. Journal of Accounting and Economics 39, 295-327] conclude that accruals quality (AQ) is a priced risk factor. We explain that FLOS' regressions examining a contemporaneous relation between excess returns and factor returns do not test the hypothesis that AQ is a priced risk factor. We conduct appropriate asset-pricing tests for determining whether a potential...
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作者：Jin, Li; Kothari, S. P.
作者单位：Massachusetts Institute of Technology (MIT); Harvard University
摘要：We examine the effect of personal taxes on CEOs' decisions to sell their equity, controlling for diversification, managerial Overconfidence, and other determinants. While CEOs frequently sell large amounts of their unrestricted firm equity, the tax burden associated with the sale significantly deters them from selling equity even after controlling for other determinants like diversification. We also find that both taxable institutional investors and CEOs respond to taxes in their selling of eq...
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作者：Zhang, Yuan
作者单位：Columbia University
摘要：This Study examines the responsiveness of analyst forecasts to current earnings announcements. The results show considerable cross-sectional variation in analyst responsiveness and suggest that this variation is related to the costs and benefits associated with prompt forecast revisions. More importantly, this study finds that with responsive forecast revisions, more of the market reaction takes place in the event window and less in the drift window, suggesting that analyst responsiveness miti...
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作者：Khan, Mozaffar
作者单位：Massachusetts Institute of Technology (MIT)
摘要：This paper proposes a risk-based explanation for the accrual anomaly. Risk is measured using a four-factor model motivated by the Intertemporal Capital Asset Pricing Model. Tests of the model Suggest that a considerable portion of the cross-sectional variation in average returns to high and low accrual firms is explained by risk. The four-factor model also performs better than some other widely used models in pricing a number of different hedge portfolios. (c) 2007 Elsevier B.V. All rights res...
