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作者：Lang, Mark; Raedy, Jana Smith; Wilson, Wendy
作者单位：University of North Carolina; University of North Carolina Chapel Hill; Southern Methodist University
摘要：We compare US firms' earnings with reconciled earnings for cross-listed non-US firms. Non-US firms' earnings exhibit more evidence of smoothing, greater tendency to manage towards a target, lower association with share price and less timely recognition of losses. Firms from countries with weaker investor protection show more evidence of earnings management, suggesting that SEC regulation does not supplant the effect of local environment. There is more evidence of earnings management for firms ...
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作者：Mashruwala, Christina; Rajgopal, Shivaram; Shevlin, Terry
作者单位：University of Washington; University of Washington Seattle
摘要：We show that the accrual anomaly documented by Sloan (1996) [Do stock prices fully reflect information in accruals and cash flows about future earnings? The Accounting Review 71: 289-315] is concentrated in firms with high idiosyncratic stock return volatility making it risky for risk-averse arbitrageurs to take positions in stocks with extreme accruals. Moreover, the accrual anomaly is found in low-price and low-volume stocks, suggesting that transaction costs impose further barriers to explo...
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作者：Dechow, Patricia M.
作者单位：University of Michigan System; University of Michigan
摘要：Leone, Wu, and Zimmerman [Leone, A., Wu, J., Zimmerman, J., 2005. Asymmetric sensitivity of CEO cash compensation to stock returns. Journal of Accounting and Economics, forthcoming] find that cash compensation (salary and bonus) is more sensitive to price decreases than to price increases. The authors interpret this result as consistent with Boards of Directors exercising discretion to reduce costly ex post settling up in cash compensation. I discuss potential alternative explanations. Specifi...
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作者：Barber, BM; Lehavy, R; McNichols, M; Trueman, B
作者单位：University of California System; University of California Los Angeles; University of California System; University of California Davis; University of Michigan System; University of Michigan; Stanford University
摘要：This paper analyzes the distribution of stock ratings at investment banks and brokerage firms and examines whether these distributions can predict the profitability of analysts' recommendations. We document that the percentage of buys decreased steadily starting in mid-2000, likely due, at least partly, to the implementation of NASD Rule 2711, requiring the public dissemination of ratings distributions. Additionally, we find that a broker's ratings distribution can predict recommendation profi...
