2-3期

最新文章

• Delisting returns and their effect on accounting-based market anomalies AI翻译
  作者：Beaver, William; McNichols, Maureen; Price, Richard
  作者单位：Stanford University; Rice University
  摘要：We show that tests of market efficiency are sensitive to the inclusion of delisting firm-years. When included, trading strategy returns based on anomaly variables can increase (for strategies based on earnings, cash flows and the book-to-market ratio) or decrease (for a strategy based on accruals). This is due to the disproportionate number of delisting firm-years in the lowest decile of these variables. Delisting firm-years are most often excluded because the researcher does not correctly inc...
• Voluntary disclosure of information when firms are uncertain of investor response AI翻译
  作者：Suijs, Jeroen
  作者单位：Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam
  摘要：A firm may prefer not to disclose its private information if it is uncertain of investor response. in the setting under consideration, a firm needs to acquire capital from an investor. The investor can choose to invest in the firm, the risk free asset or in some alternative risky investment opportunity. It is shown that in a partial disclosure equilibrium, the firm discloses average information and withholds bad and good information. Disclosure of average information arises to attract the inve...
• Industry product market competition and managerial incentives AI翻译
  作者：Karuna, Christo
  作者单位：University of California System; University of California Irvine
  摘要：While some studies suggest that industry product market competition can substitute for managerial incentives. other studies suggest a complementary relation. The underlying assumption behind these studies is that competition can be uni-dimensionally proxied for by industry concentration. However, recent studies suggest that competition can reflect several dimensions: product substitutability, market size, and entry costs, given the level of industry concentration. Using these determinants of c...
• How do accounting variables explain stock price movements? Theory and evidence AI翻译
  作者：Chen, Peter; Zhang, Guochang
  作者单位：Hong Kong University of Science & Technology
  摘要：This paper provides theory and evidence showing how accounting variables explain cross-sectional stock returns. Based on Zhang, G. [2000. Accounting information, capital investment decisions, and equity valuation: theory and empirical implications. Journal of Accounting Research 38, 271-295], who relates equity value to accounting measures of underlying operations, we derive returns as a function of earnings yield, equity capital investment, and changes in profitability, growth opportunities, ...
• Does the stock market underreact to going concern opinions? Evidence from the US and Australia AI翻译
  作者：Ogneva, Maria; Subramanyam, K. R.
  作者单位：University of Southern California
  摘要：We examine 12-month returns following disclosure of first-time going concern (GC) opinions in the U.S. and Australia. We find no evidence of significant negative abnormal returns associated with GC opinions in Australia. In the U.S., negative abnormal returns subsequent to GC opinions are sensitive to choice of expected returns-notably, there are no significant negative abnormal returns when using factor models or after controlling for momentum. Overall, contrary to Taffler, Lu, Kausar's [2004...
• Accounting conservatism and board of director characteristics: An empirical analysis AI翻译
  作者：Ahmed, Anwer S.; Duellman, Scott
  作者单位：State University of New York (SUNY) System; Binghamton University, SUNY; Texas A&M University System; Texas A&M University College Station
  摘要：Using three different measures of conservatism, we document that (i) the percentage of inside directors is negatively related to conservatism, and (ii) the percentage of outside directors' shareholdings is positively related to conservatism. Our results hold after controlling for industry, firm size, leverage, growth opportunities, institutional ownership, inside director ownership, and unobservable firm characteristics that are stable over time. Overall, the evidence is consistent with accoun...
• The effect of reporting frequency on the timeliness of earnings: The cases of voluntary and mandatory interim reports AI翻译
  作者：Butler, Marty; Kraft, Arthur; Weiss, Ira S.
  作者单位：Emory University; University of London; London Business School; Columbia University; University of Chicago
  摘要：We examine whether financial reporting frequency affects the speed with which accounting information is reflected in security prices. For a sample of 28,824 reporting-frequency observations from 1950 to 1973, we find little evidence of differences in timeliness between firms reporting quarterly and those reporting semiannually, even after controlling for self-selection. However, firms that voluntarily increased reporting frequency from semiannual to quarterly experienced increased timeliness, ...
• The influence of large clients on office-level auditor oversight: Evidence from the property-casualty insurance industry AI翻译
  作者：Gaver, Jennifer J.; Paterson, Jeffrey S.
  作者单位：University System of Georgia; University of Georgia; State University System of Florida; Florida State University
  摘要：We analyze the loss-reserving practices of 562 insurance companies in 1993 to assess the relation between client influence and auditor oversight. Consistent with Petroni [1992. Management's response to the differential costs and benefits of optimistic reporting in the property-casualty insurance industry. Journal of Accounting and Economics 15, 485-508.], we find that financially struggling insurers tend to under-reserve. However, this behavior is attenuated when the weak insurer is important ...