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作者：Chan, WS; Frankel, R; Kothari, SP
作者单位：Massachusetts Institute of Technology (MIT)
摘要：Assessing the predictive ability of behavioral finance theories using out-of-sample data is important. Otherwise, the potentially boundless set of psychological biases underlying the behavioral explanations for security price behavior can lead to overfitting of theories to data. We test pricing effects attributed to two psychological biases, representativeness and conservatism, which underlie many behavioral finance theories. Using trends and consistency of accounting performance, we look for ...
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作者：Pittman, JA; Fortin, S
作者单位：Memorial University Newfoundland; McGill University
摘要：We examine the impact of auditor choice on debt pricing in firms' early public years when they are lesser known. Our evidence suggests that retaining a Big Six auditor, which can reduce debt-monitoring costs by enhancing the credibility of financial statements, enables young firms to lower their borrowing costs. Extant research implies that information asymmetry between borrowers and lenders is decreasing in firm age. We also provide evidence consistent with our predictions that choosing a Big...
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作者：Fee, CE; Hadlock, CJ
作者单位：Michigan State University; Michigan State University's Broad College of Business
摘要：We study management turnover for the top five executives in a sample of 443 large firms from 1993 through 1998. The rate of forced turnover for non-CEOs is at least as great as that for CEOs, but the sensitivity of turnover to firm performance is smaller for non-CEOs. The probability that a non-CEO leaves office is elevated around CEO dismissals, particularly when the replacement CEO is an outsider. Many dismissed executives obtain new employment, but on average their new positions are signifi...
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作者：Barton, J; Waymire, G
作者单位：Emory University
摘要：We examine whether availability of higher quality financial information lessens investor losses during a period seen as a stock market crash. We focus on October 1929, which partly motivated sweeping financial reporting regulations in the 1930s. Using a sample of 540 common stocks traded on the New York Stock Exchange during October 1929, we find that the quality of firms' financial reporting increases with managers' incentives to supply higher quality financial information demanded by investo...
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作者：Arya, A; Mittendorf, B
作者单位：University System of Ohio; Ohio State University; Yale University
摘要：Fischer and Verrecchia (J. Account. Econom. (2004), forthcoming) studies a model of imperfect competition in which firms' disclosures are affected by biased information processing. They find that optimism can add punch to a firm's actions. When facing an optimist, a rival is forced to soften its competitive posture, thereby rendering such biases viable. Although the setting provides a cogent explanation for disclosure bias, its reliance on imperfect information processing introduces some quest...
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作者：Brown, S; Hillegeist, SA; Lo, K
作者单位：Northwestern University; Emory University; University of British Columbia
摘要：We hypothesize that conference calls are voluntary disclosures that lead to long-term reductions in information asymmetry among equity investors. Cross-sectional and time-series tests show that information asymmetry is negatively associated with conference call activity. Firms initiating a policy of regularly holding conference calls experience statistically and economically significant and sustained reductions in information asymmetry, in contrast to one-time callers, who experience no signif...
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作者：Gintschel, A; Markov, S
作者单位：Emory University
摘要：We examine whether Regulation Fair Disclosure (Reg FD) has reduced the informativeness of analysts' information outputs. For a sample of financial analysts' earnings forecasts and recommendations released in a 2-year window around Reg FD's effective date, we show that in the post-Regulation FD period the absolute price impact of information disseminated by financial analysts is lower by 28%. We also show that the drop in price impact varies systematically with brokerage house and stock charact...
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作者：Bushman, R; Chen, Q; Engel, E; Smith, A
作者单位：University of Chicago; University of North Carolina; University of North Carolina Chapel Hill; Duke University
摘要：We posit that limited transparency of firms' operations to outside investors increases demands on governance systems to alleviate moral hazard problems. We investigate how ownership concentration, directors' and executive's incentives, and board structure vary with: (1) earnings timeliness, and (2) organizational complexity measured as geographic and/or product line diversification. We find that ownership concentration, directors' and executives' equity-based incentives, and outside directors'...
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作者：Hirshleifer, D; Hou, KW; Teoh, SH; Zhang, YL
作者单位：University System of Ohio; Ohio State University
摘要：When cumulative net operating income (accounting value-added) outstrips cumulative free cash flow (cash value-added), subsequent earnings growth is weak. If investors with limited attention focus on accounting profitability, and neglect information about cash profitability, then net operating assets, the cumulative difference between operating income and free cash flow, measures the extent to which reporting outcomes provoke over-optimism. During the 1964-2002 sample period, net operating asse...
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作者：Weber, JP
作者单位：Massachusetts Institute of Technology (MIT)
摘要：This paper examines the shareholders' perceptions of the costs and benefits associated with the use of pooling-of-interests. The paper focuses on the market's reaction to the SEC's adoption of SAB 96. This regulation-forced firms to chose between using pooling-of-interests and maintaining their share repurchase programs. Overall, the results suggest shareholders perceive there to be a net cost when managers choose to use pooling-of-interests. These findings should be of particular interest to ...
