1-3期

最新文章

• The economic implications of corporate financial reporting AI翻译
  作者：Graham, JR; Harvey, CR; Rajgopal, S
  作者单位：National Bureau of Economic Research; University of Washington; University of Washington Seattle
  摘要：We survey and interview more than 400 executives to determine the factors that drive reported earnings and disclosure decisions. We find that managers would rather take economic actions that could have negative long-term consequences than make within-GAAP accounting choices to manage earnings. A surprising 78% of our sample admits to sacrificing long-term value to smooth earnings. Managers also work to maintain predictability in earnings and financial disclosures. We also find that managers ma...
• The persistence of relative performance in stock recommendations of sell-side financial analysts AI翻译
  作者：Li, X
  作者单位：University of Miami
  摘要：Analysts with above-median risk-adjusted performance in the estimation period persistently outperform those with below-median performance in the subsequent holdout period. The annualized risk-adjusted returns of trading strategies based on performance persistence are statistically and economically significant, with a magnitude around 10% even after adjusting for transaction costs and trading delays. This stems mostly from past above-median performers and is not simply a decomposition of previo...
• Acquirers' abnormal returns and the non-Big 4 auditor clientele effect AI翻译
  作者：Louis, H
  作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
  摘要：I analyze the effect of auditor choice on acquirers' values around merger announcements and the factors affecting the interaction between auditor size and the market reaction to merger announcements. I find that acquirers audited by non-Big 4 accounting firms outperform those audited by Big 4 firms. This effect is more pronounced when the targets are privately held and when the likelihood of the auditors playing a prominent advisory role increases. While the largest auditing firms are usually ...
• Offering stock options to gauge managerial talent AI翻译
  作者：Arya, A; Mittendorf, B
  作者单位：University System of Ohio; Ohio State University; Yale University
  摘要：Besides the commonly cited reasons for the use of stock options, including motivating employees, conserving cash, exploiting favorable accounting and tax treatment, and retaining managers, we demonstrate a complementary benefit of option-based compensation: options also prove efficient in matching managerial pay to ability. Options are useful because they force a manager to put his pay on the line. If a manager wants to overstate his worth to the firm, he must naturally also overstate the firm...
• 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...
• 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...