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作者：Abarbanell, J; Lehavy, R
作者单位：University of Michigan System; University of Michigan; University of North Carolina; University of North Carolina Chapel Hill
摘要：The extensive literature that investigates whether analysts' earnings forecasts are biased and/or inefficient has produced conflicting evidence and no definitive answers to either question. This paper shows how two relatively small but statistically influential asymmetries in the tail and the middle of distributions of analysts' forecast errors can exaggerate or obscure evidence consistent with analyst bias and inefficiency, leading to inconsistent inferences. We identify an empirical link bet...
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作者：Beaver, WH; McNichols, MF; Nelson, KK
作者单位：Stanford University
摘要：We document that property-casualty insurers with small positive earnings understate loss reserves relative to insurers with small negative earnings. Furthermore, loss reserves are managed across the entire distribution of earnings, with the most income-increasing reserve accruals reported by small profit firms, and the most income-decreasing reserve accruals reported by firms with the highest earnings. We analyze this pattern separately for public, private, and mutual companies, and find that ...
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作者：Trueman, B; Wong, MHF; Zhang, XJ
作者单位：University of California System; University of California Berkeley; University of Chicago
摘要：This paper presents evidence of anomalies in internet firms' stock returns surrounding their quarterly earnings announcements. There is a general runup in prices in the days prior to the earnings announcements, followed by a price reversal lasting for several days. The magnitude of the market-adjusted returns associated with these price movements exceeds I I percent over a 10-day period. We find little evidence to suggest that these returns can be explained either by the earnings news disclose...
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作者：Gu, ZY; Wu, JS
作者单位：University of Rochester; Carnegie Mellon University
摘要：We argue that if analysts' objective is to provide the most accurate forecast by minimizing the mean absolute forecast error, then the optimal forecast is the median instead of the mean earnings. Forecast bias is observed when the median is different from the mean in a skewed earnings distribution. Thus, part of the observed analyst forecast bias could be a result of analysts' efforts to improve forecast accuracy when the earnings distribution is skewed. We find that earnings skewness is signi...
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作者：Engel, E; Hayes, RM; Wang, X
作者单位：University of Chicago
摘要：Multiple-performance-measure agency models predict that optimal contracts should place greater reliance on performance measures that are more precise and more sensitive to the agent's effort. We apply these predictions to CEO retention decisions. First, we develop an agency model to motivate proxies for signal and noise in firm-level performance measures. We then document that accounting information appears to receive greater weight in turnover decisions when accounting-based measures are more...
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作者：Dhaliwal, D; Li, OZ; Trezevant, R
作者单位：University of Southern California; University of Southern California; University of Arizona
摘要：We find that a firm's dividend yield has a positive impact on its common stock return that is decreasing in the level of institutional and corporate ownership, our indicator of whether the marginal investor in a firm's common stock is more likely to be a low-tax or a high-tax investor. These results suggest that (1) a dividend tax penalty is incorporated into the return on a firm's common stock and (2) both a firm's dividend policy and its ownership structure impact the size of the dividend ta...
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作者：Hanlon, M; Myers, JN; Shevlin, T
作者单位：University of Washington; University of Washington Seattle; University of Illinois System; University of Illinois Urbana-Champaign; University of Michigan System; University of Michigan
摘要：Harris and Kemsley (J. Account. Res. (1999) 275) suggest that shareholder-level dividend taxes on retained earnings are fully impounded into stock prices at the top statutory rate. Harris and Kemsley base their empirical tests on Ohlson (Contemp. Account. Res. (1995) 661) with the addition of dividend taxes. We analyze Harris and Kemsley's extended Ohlson model and evidence. We show that the model, tests, and results in Harris and Kemsley are nondiagnostic regarding dividend tax capitalization...
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作者：Cohen, DA; Lys, TZ
作者单位：Northwestern University
摘要：Abarbanell and Lehavy provide evidence that analysts' forecast errors are not normally distributed exhibiting a high occurrence of extreme negative forecast errors (left-tail asymmetry) and a high occurrence of small positive forecast errors (middle asymmetry). This is important for researchers who rely on techniques that are sensitive to the distributional assumptions of analysts' forecast errors. Many of the conclusions drawn by Abarbanell and Lehavy, however, are based on visual impressions...
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作者：Bens, DA; Nagar, V; Skinner, DJ; Wong, MHF
作者单位：University of Michigan System; University of Michigan; University of Chicago
摘要：We investigate whether corporate executives' stock repurchase decisions are affected by their incentives to manage diluted earning per share (EPS). We find that executives increase the level of their firms' stock repurchases when: (1) the dilutive effect of outstanding employee stock options (ESOs) on diluted EPS increases, and (2) earnings are below the level required to achieve the desired rate of EPS growth. We also find that executives' repurchase decisions are not associated with actual E...
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作者：Brickley, JA
作者单位：University of Rochester
摘要：Engel/Hayes/Wang and Farrell/Whidbee provide new evidence on how firms weight alternative performance measures in making CEO retention and replacement decisions. While their results are statistically significant, firm performance continues to explain very little of the variation in CEO turnover. I argue we have probably reached a point of diminishing returns in estimating logit models that focus on the relation between CEO turnover and firm performance measures. We will have to consider other ...
