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作者：Dikolli, SS; Vaysman, I
作者单位：INSEAD Business School; University of Texas System; University of Texas Austin
摘要：We show how information technology affects transfer pricing. With coarse information technology, negotiated transfer pricing has an informational advantage: managers agree to prices that approximate the firm's cost of internal trade more precisely than cost-based transfer prices. With sufficiently rapid offers, this advantage outweighs opportunity costs of managers' bargaining time, and negotiated transfer pricing generates higher profits than the cost-based method. However, as information tec...
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作者：Hribar, P; Jenkins, NT; Johnson, WB
作者单位：Cornell University; Washington University (WUSTL); University of Iowa
摘要：We investigate whether firms use stock repurchases to meet or beat analysts' earnings per share (EPS) forecasts. We identify conditions under which repurchases increase EPS and document the frequency of accretive repurchases from 1988 to 2001. We find a disproportionately large number of accretive stock repurchases among firms that would have missed analysts' forecasts without the repurchase. The repurchase-induced component of earnings surprises appears to be discounted by the market, and thi...
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作者：Guay, Wayne; Verrecchia, Robert
作者单位：University of Pennsylvania
摘要：We offer an economic framework for generating predictions about the demand for conservative accounting reports. We define conservatism as: More timely recognition of losses than gains as a result of the costs and benefits of reporting verifiable information by managers and/or firms being asymmetric. We also discuss Bushman and Piotroski's interpretation of the speeds of good news recognition and incremental bad news recognition in Basu-type regressions as separate signals about accounting cons...
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作者：Leuz, Christian
作者单位：University of Pennsylvania
摘要：Lang, Raedy and Wilson (henceforth LRW) (2006) compare the properties of U.S. GAAP accounting numbers across cross-listed and U.S. firms. Using a wide range of properties, LRW show that accounting data are not comparable, even though sample firms use the same accounting standards. I discuss how these findings advance the literature and what they imply for the effectiveness of cross listing as a bonding mechanism. My discussion highlights that documented differences cannot be solely attributed ...
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作者：Ashbaugh-Skaife, Hollis; Collins, Daniel W.; LaFond, Ryan
作者单位：University of Iowa; University of Wisconsin System; University of Wisconsin Madison; Massachusetts Institute of Technology (MIT)
摘要：We investigate whether firms with strong corporate governance benefit from higher credit ratings relative to firms with weaker governance. We document, after controlling for firm-specific risk characteristics, that credit ratings are negatively associated with the number of blockholders and CEO power, and positively related to takeover defenses, accrual quality, earnings timeliness, board independence, board stock ownership, and board expertise. We also provide evidence that CEOs of firms with...
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作者：Cowen, A; Groysberg, B; Healy, P
作者单位：Harvard University
摘要：Research optimism among securities analysts has been attributed to incentives provided by underwriting activities. We examine how analysts' forecast and recommendation optimism varies with the business activities used to fund research. We find that analysts at firms that funded research through underwriting and trading activities actually made less optimistic forecasts and recommendations than those at brokerage houses, who performed no underwriting. Optimism was particularly low for bulge und...
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作者：Weber, Joseph
作者单位：Massachusetts Institute of Technology (MIT)
摘要：Ashbaugh-Skaife, Collins, and LaFond [2006. The effects of corporate governance on firms' credit ratings. Journal of Accounting and Economics (this issue)] find that better governed firms receive better credit ratings and poor governance costs the median speculative grade firm $38 million in excess interest. They also find that managers choose to be poorly governed to expropriate wealth. The results from the primary analysis are persuasive, leaving little doubt on whether qratings agencies val...
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作者：Frankel, R; Kothari, SP; Weber, J
作者单位：Massachusetts Institute of Technology (MIT); Washington University (WUSTL)
摘要：We examine cross-sectional determinants of the informativeness of analyst research, i.e., their effect on security prices, controlling for endogeneity among the factors affecting informativeness. Analyst reports are more informative when the potential brokerage profits are higher (e.g., high trading volume, high volatility, and high institutional ownership) and lower when information processing costs (e.g., more business segments) are high. We also find that the informativeness of analyst rese...
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作者：Pontiff, Jeffrey
作者单位：Boston College
摘要：Transaction and holding costs make arbitrage costly. Mispricing exists to the extent that arbitrage costs prevent rational traders from fully eliminating inefficiencies. Although the relation between mispricing and transaction costs is well-known, the relation between mispricing and holding costs is misunderstood. One holding cost, idiosyncratic risk, is particularly misunderstood. Various myths are debunked, including the common myth that idiosyncratic risk matters because arbitrageurs only h...
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作者：Leone, Andrew J.; Wu, Joanna Shuang; Zimmerman, Jerold L.
作者单位：University of Rochester; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：We document that CEO cash compensation is twice as sensitive to negative stock returns as it is to positive stock returns. Since stock returns include both unrealized gains and unrealized losses, we expect cash compensation to be less sensitive to stock returns when returns contain unrealized gains (positive returns) than when returns contain unrealized losses (negative returns). This is consistent with boards of directors exercising discretion to reduce costly ex post settling up in cash comp...
