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作者：Bushee, BJ; Matsumoto, DA; Miller, GS
作者单位：University of Pennsylvania; University of Washington; University of Washington Seattle; Harvard University
摘要：Recent advances in information technology allow firms to provide broader access to their disclosures. We examine the determinants and effects of the decision to provide unlimited real-time access to conference calls (i.e., open conference calls). Our evidence suggests that the decision to provide open calls is associated with the composition of a firm's investor base and, to some degree, the complexity of its financial information. We also find that open calls are associated with a greater inc...
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作者：Ittner, CD; Lambert, RA; Larcker, DF
作者单位：University of Pennsylvania
摘要：The paper examines the determinants and performance consequences of equity grants to senior-level executives, lower-level managers, and non-exempt employees of new economy firms. We find that the determinants of equity grants are significantly different in new versus old economy firms. We also find that employee retention objectives, which new economy firms rank as the most important goal of their equity grant programs, have a significant impact on new hire grants, but not subsequent grants. O...
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作者：Keating, EK; Lys, TZ; Magee, RP
作者单位：Northwestern University
摘要：During Spring 2000, the Internet Stock Index declined 45%. Using a sample of internet firms, this paper investigates whether this decline was associated with new disclosures, such as earnings, analyst forecast revisions, and web-traffic measures, or to a reassessment by investors of pre-existing information. We find only modest evidence that the decline was associated with new disclosures. However, returns and post decline stock prices are significantly explained by 1999 annual report data. Wh...
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作者：Murphy, KJ
作者单位：University of Southern California
摘要：Ittner, Lambert, and Larcker (J. Accounting Economics (2003) this issue) present compelling evidence that new economy firms rely more on stock-based compensation than do old economy firms, based on 1998 and 1999 data from a proprietary sample of companies. I complement the ILL results by analyzing data over a longer time period (1992-2001) and, more importantly, document the effect of the 2000 market crash on stock-based pay in new economy firms. Finally, I offer evidence supporting the conjec...
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作者：Ball, R; Robin, A; Wu, JS
作者单位：University of Rochester; University of Chicago; Rochester Institute of Technology
摘要：The East Asian countries Hong Kong, Malaysia, Singapore and Thailand provide rare insight into the interaction between accounting standards and the incentives of managers and auditors. Their standards derive from common law sources (UK, US, and IAS) that are widely viewed as higher quality than code law standards. However, their preparers' incentives imply low quality. We show their financial reporting quality is not higher than under code law, with quality operationalized as timely recognitio...
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作者：Bhattacharya, N; Black, EL; Christensen, TE; Larson, CR
作者单位：Brigham Young University; Utah System of Higher Education; University of Utah; University of Michigan System; University of Michigan
摘要：This study investigates whether market participants perceive pro forma earnings to be more informative and more persistent than GAAP operating income by analyzing a sample of 1,149 actual pro forma press releases. We find that pro forma announcers report frequent GAAP losses and are mostly concentrated in the service and high-tech industries. Our analyses of short-window abnormal returns and revisions in analysts' one-quarter-ahead earnings forecasts indicate that pro forma earnings are more i...
