2000

最新文章

• Do analysts generate trade for their firms? Evidence from the Toronto stock exchange AI翻译
  作者：Irvine, PJA
  作者单位：Emory University
  摘要：It has generally been assumed that the potential commission revenue is an important determinant of a sell-side analyst's decision of what firms to cover and what information to publicly release. However, because stock volume has not been disaggregated on a brokerage-firm level, uncertainty remains regarding the economic importance of the relation between analyst coverage and brokerage-firm volume. Using a unique data set that identifies the broker(s) involved in each trade, I find that brokera...
• Auditor resignations: clientele effects and legal liability AI翻译
  作者：Shu, SZ
  作者单位：Boston College
  摘要：I examine two hypotheses of auditor resignation: litigation risk and clientele adjust ment. I find resignation is positively related to increased client legal exposure, and to occurrence of clientele mismatch. The summary-measure approach allows me to distinguish clientele mismatch caused by changes in auditor (supply-side) characteristics vs. changes in client (demand-side) characteristics. Evidence suggests resignation is likely driven by supply-side changes. I also find investors react nega...
• Analyst following and count-data econometrics AI翻译
  作者：Rock, S; Sedo, S; Willenborg, M
  作者单位：University of Connecticut; University of Colorado System; University of Colorado Boulder; University of Michigan System; University of Michigan
  摘要：This paper reexamines the determinants of the number of analysts following a firm using econometric models based on count distributions. We replicate Bhushan's (1989) analyst-following study to demonstrate the effects of using count-data econometrics, in lieu of OLS, in studying phenomena where the dependent variable ranges among nonnegative integers. In contrast with the original paper, our findings indicate the number of institutional investors is inversely related with analyst following. We...
• The effects of regulatory and contracting costs on banks' choice of accounting method for other postretirement employee benefits AI翻译
  作者：Ramesh, K; Revsine, L
  作者单位：Charles River Associates; Northwestern University
  摘要：This paper examines banks' choice of accounting methods in a new regulatory environment that more closely ties regulatory monitoring to GAAP numbers. The study finds that banks' choice of the implementation method for SFAS 106 is consistent with an attempt to balance the increased regulatory costs with earnings management benefits. Moreover, banks strategically chose the adoption timing of both SFAS 106 and SFAS 109 to further reduce regulatory costs. The implementation method choice is consis...
• The impact of state taxes on self-insurance AI翻译
  作者：Ke, B; Petroni, KR; Shackelford, DA
  作者单位：University of North Carolina; University of North Carolina Chapel Hill; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Michigan State University; Michigan State University's Broad College of Business
  摘要：This paper assesses whether insurers' state taxes reduce purchases of property-casualty coverage. Tests are conducted using state aggregates of insurer-level data from publicly available, annual accounting reports for 1993-1995. A positive relation between self-insurance and state taxes is detected, consistent with consumers opting to self-insure rather than bear the incidence of higher insurer taxes. As expected, tax effects vary with the elasticity of demand. When demand is largely inelastic...
• Conservative accounting and equity valuation AI翻译
  作者：Zhang, XJ
  作者单位：University of California System; University of California Berkeley
  摘要：This paper examines how conservative accounting affects the relation between accounting data and firm value. The analysis shows that conservative accounting can be characterized equivalently in terms of book value, earnings, or book rate of return. Furthermore, capitalized earnings generally provide a less biased estimate of equity value than book value does. In addition, firm growth affects the way earnings and book value are combined in valuation. A weighted average of book value and capital...
• The changing time-series properties of earnings, cash flows and accruals: Has financial reporting become more conservative? AI翻译
  作者：Givoly, D; Hayn, C
  作者单位：University of California System; University of California Los Angeles; University of California System; University of California Irvine
  摘要：This paper documents changes in the patterns of earnings, cash flows and accruals over the last four decades. In the absence of a generally accepted definition of conservatism, a number of measures of reporting conservatism are identified and examined. These measures rely on the accumulation of nonoperating accruals, the timeliness of earnings with respect to bad and good news, characteristics of the earnings distribution and the market-to-book ratio, The patterns are consistent with an increa...
• The reliability of investment property fair value estimates AI翻译
  作者：Dietrich, JR; Harris, MS; Muller, KA III
  作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University System of Ohio; Ohio State University; Syracuse University
  摘要：We investigate the reliability of mandatory annual fair Value estimates for UK investment property. We find that appraisal estimates understate actual selling prices and are considerably less biased and more accurate measures of selling price than respective historical costs. Investigations of managerial discretion over fair value reporting reveal that managers select among permissible accounting methods to report higher earnings, time asset sales to smooth reported earnings changes, smooth re...