2005

最新文章

• Do managers credibly use accruals to signal private information? Evidence from the pricing of discretionary accruals around stock splits AI翻译
  作者：Louis, H; Robinson, D
  作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Arizona State University; Arizona State University-Tempe
  摘要：Prior studies suggest that managers use their reporting discretion to signal private information. However, because managers are often assumed to use their discretion to mislead investors, discretionary accruals might be regarded as opportunistic. We posit that combining the accrual signal with other signals may be an effective means of communicating private information. One such signal is stock splits. The stock split signal lends credibility to the accrual signal whereas the accrual signal re...
• Profit sharing and monitoring in partnerships AI翻译
  作者：Huddart, S; Liang, PJH
  作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Carnegie Mellon University
  摘要：We consider partnerships among risk-averse professionals endowed with (i) a risky and personally-cosIly production technology and (ii) a personally-costly monitoring technology providing contractible noisy signals about partners' productive efforts. Partners shirk both production and monitoring tasks because efforts are unobservable. We characterize optimal partnership size, profit shares and incentive payments when every partner performs the same tasks, and show that medium-sized partnerships...
• Revenue recognition timing and attributes of reported revenue: The case of software industry's adoption of SOP 91-1 AI翻译
  作者：Zhang, Y
  作者单位：Columbia University
  摘要：I examine how revenue recognition timing affects attributes of reported revenue, using a sample of software firms that adopted Statement of Position 91-1 in the early 1990s. I find early recognition yields more timely revenue information, as evidenced by higher contemporaneous correlation with information impounded in stock returns. However, such early recognition diminishes the extent to which accounts receivable accruals map into future cash flow realizations and lowers the time-series predi...
• Economic consequences of SEC disclosure regulation: evidence from the OTC bulletin board AI翻译
  作者：Bushee, BJ; Leuz, C
  作者单位：University of Pennsylvania
  摘要：This paper examines the economic consequences of a regulatory change mandating OTCBB firms to comply with reporting requirements tinder the 1934 Securities Exchange Act. This change substantially increases mandated disclosures for firms previously not filing with the SEC. We document that the imposition of disclosure requirements results in significant costs for smaller firms, forcing them off the OTCBB. SEC regulation also has significant benefits. Firms previously filing with the SEC experie...
• Does disclosure deter or trigger litigation? AI翻译
  作者：Field, L; Lowry, M; Shu, S
  作者单位：Boston College; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
  摘要：Securities litigation poses large costs to firms. The risk of litigation is heightened when firms have unexpectedly large earnings disappointments. Previous literature presents mixed evidence on whether voluntary disclosure of the bad news prior to scheduled earnings announcements deters or triggers litigation. We show that the counterintuitive finding in prior literature that disclosure triggers litigation could be driven by the endogeneity between disclosure and litigation. Using a simultane...
• Performance matched discretionary accrual measures AI翻译
  作者：Kothari, SP; Leone, AJ; Wasley, CE
  作者单位：Massachusetts Institute of Technology (MIT); University of Rochester
  摘要：We examine the specification and power of tests based on performance-matched discretionary accruals, and make comparisons with tests using traditional discretionary accrual measures (e.g., Jones and modified-Jones models). Performance matching on return on assets controls for the effect of performance on measured discretionary accruals. The results suggest that performance-matched discretionary accrual measures enhance the reliability of inferences from earnings management research when the hy...
• Performance pricing in bank debt contracts AI翻译
  作者：Asquith, P; Beatty, A; Weber, J
  作者单位：University System of Ohio; Ohio State University; Massachusetts Institute of Technology (MIT)
  摘要：Performance pricing links bank debt interest rate spreads to a borrower's performance via two options. Interest-decreasing performance pricing reduces spreads if credit quality improves. It is more common when prepayment is more likely or costly and when adverse selection costs are higher, and is less common when multiple performance measures better predict credit quality. Interest- increasing performance pricing increases spreads if credit quality deteriorates. It is more common when lenders ...
• The credibility of self-regulation: Evidence from the accounting profession's peer review program AI翻译
  作者：Hilary, G; Lennox, C
  作者单位：Hong Kong University of Science & Technology
  摘要：Following the Sarbanes-Oxley Act, self-regulated peer reviews at accounting firms were replaced by independent inspections conducted by the Public Company Accounting and Oversight Board. Critics of self-regulation had argued that the peer review program lacked credibility. This paper tests whether the opinions issued by the peer reviewers provided credible information to clients about audit firm quality. We find audit firms gained clients after receiving clean opinions from their reviewers and...
• Accrual reliability, earnings persistence and stock prices AI翻译
  作者：Richardson, SA; Sloan, RG; Soliman, MT; Tuna, I
  作者单位：University of Michigan System; University of Michigan; Stanford University; University of Pennsylvania
  摘要：This paper extends the work of Sloan (1996. The Accounting Review 71, 289) by linking accrual reliability to earnings persistence. We construct a model showing that less reliable accruals lead to lower earnings persistence. We then develop a comprehensive balance sheet categorization of accruals and rate each category according to the reliability of the underlying accruals. Empirical tests generally confirm that less reliable accruals lead to lower earnings persistence and that investors do no...
• Earnings and dividend informativeness when cash flow rights are separated from voting rights AI翻译
  作者：Francis, J; Schipper, K; Vincent, L
  作者单位：Duke University; Northwestern University
  摘要：We contrast the informativeness of earnings and dividends for firms with dual class and single class ownership structures. Results of both across-sample tests (which explicitly control for factors influencing ownership structure and informativeness) and within-sample tests (which implicitly control for factors associated with ownership structure) show that earnings are generally less informative, and dividends are at least as (if not more) informative, for dual class firms. We interpret these ...