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作者：Shivakumar, L
作者单位：University of London; London Business School
摘要：I examine earnings management around seasoned equity offerings and, consistent with Rangan (J. Financial Econ. 50 (1998) 101) and Teoh et al. (J. Financial Econ. 50(1998) 63), find evidence of earnings management around the offerings. However, in contrast to their conclusions, I show that investors infer earnings management and rationally undo its effects at equity offering announcements. The investor naivete conclusion of Teoh ct al. (J. Financial Econ. 50(1998) 63) and Rangan (J. Financial E...
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作者：Cready, WM; Hurtt, DN; Seida, JA
作者单位：Louisiana State University System; Louisiana State University; Western Michigan University; Indiana University System; IU Kelley School of Business; Indiana University Bloomington
摘要：Measurement error in unexpected earnings is recognized as a source of bias in examinations of the relation between earnings and returns. Reverse regression procedures are commonly used as a means of coping with this bias. This study examines the properties of reverse regression procedures in multi-interacted variable settings with a specific focus on the earnings response coefficient (ERC) analysis of Collins and Kothari (J. Account. Econom. 11 (1989) 143.). It shows that both conventional rev...
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作者：Seida, JA; Wempe, WF
作者单位：Indiana University System; Indiana University Bloomington; IU Kelley School of Business; Washington University (WUSTL)
摘要：This paper examines individual investors' short- and long-term trading reactions to the 1986 Tax Reform Act's (TRA 86) capital gain tax rate increase. Consistent with a tax-induced trading model, we document a December 1986 change in year-end trading patterns. TRA 86 also had long-term effects on individual investors' trading decisions. The results suggest that individual investors were less (more) willing to sell accrued gain (loss) stocks after TRA 86. Our ability to document predicted tradi...
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作者：Murphy, KJ
作者单位：University of Southern California
摘要：Research in incentives has focused on performance measures and pay-performance sensitivities but has largely ignored the performance standard, which generates important incentives whenever plan participants can influence the standard-setting process. Internally determined standards are directly affected by management actions in the current or prior year, while externally determined standards are less easily affected. I show that companies choose external standards when prior performance is a n...
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作者：Reynolds, JK; Francis, JR
作者单位：University of Missouri System; University of Missouri Columbia; Louisiana State University System; Louisiana State University
摘要：Large clients create an economic dependence that may cause auditors to compromise their independence and report favorably to retain valuable clients. Economic dependence is measured as a client's size relative to the size of the office that contracts for the audit and issues the audit report. We find no evidence economic dependence causes Big Five auditors to report more favorably for larger clients in their offices. However, larger clients also pose greater litigation risk, and we do find tha...
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作者：Banker, RD; Lee, SY; Potter, G; Srinivasan, D
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; University of Texas System; University of Texas Dallas; Sungshin Women's University; Cornell University
摘要：Performance improvements subsequent to the implementation of a pay-for-performance plan can result because more productive employees self-select into the firm (selection effect) and because employees allocate effort to become more effective (effort effect). We analyze individual performance data for 3,776 sales employees of a retail firm to evaluate these alternative sources of continuing performance improvement. The incentive plan helps the firm attract and retain more productive sales employ...
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作者：Calegari, MJ
作者单位：University System of Georgia; Georgia State University
摘要：This study investigates the effect of changing tax accounting provisions for long-term manufacturing contracts between 1984-1985 and 1989-1990 on debt and accrual policies using a simultaneous equations approach. The results indicate that firms adjust debt ratios and discretionary accruals with relatively high book-tax conformity to achieve tax planning goals and use discretionary accruals with relatively low book-tax conformity to accomplish financial reporting objectives. Manufacturing firms...
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作者：Willenborg, M; McKeown, JC
作者单位：University of Connecticut; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：We study the relation between audit reports and the capital-raising activities of small business by studying the role of going-concern (GC) audit opinions in IPOs. After controlling for other effects, we find that the presence of a GC opinion is positively related to whether a stock delists (for deleterious reasons) within two years of IPO. We also find that GC IPOs suffer less first-day underpricing. Based on Rock (1986), this implies that firms with GCs have less ex ante uncertainty in the s...
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作者：Aboody, D; Kasznik, R
作者单位：Stanford University; University of California System; University of California Los Angeles
摘要：We investigate whether CEOs manage the timing of their voluntary disclosures around stock option awards. We conjecture that CEOs manage investors' expectations around award dates by delaying good news and rushing forward bad news. For a sample of 2,039 CEO option awards by 572 firms with fixed award schedules, we document changes in share prices and analyst earnings forecasts around option awards that are consistent with our conjecture. We also provide more direct evidence based on management ...
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作者：Ball, R; Kothari, SP; Robin, A
作者单位：Massachusetts Institute of Technology (MIT); University of Chicago; Rochester Institute of Technology
