作者：DeFond, ML; Subramanyam, KR
作者单位：University of Southern California
摘要：In a sample of auditor change firms we find that discretionary accruals are income decreasing during the last year with the predecessor auditor and generally insignificant during the first year with the successor. In addition, the income decreasing discretionary accruals are concentrated among firms expected to have greater litigation risk. These findings are consistent with litigation risk concerns providing incentives for auditors to prefer conservative accounting choices, and with managers ...
作者：Frankel, R; Lee, CMC
作者单位：Cornell University; University of Michigan System; University of Michigan
摘要：This study examines the usefulness of an analyst-based valuation model in predicting cross-sectional stock returns. We estimate firms' fundamental values (V) using I/B/E/S consensus forecasts and a residual income model. We find that V is highly correlated with contemporaneous stock price, and that the VIP ratio is a good predictor of long-term cross-sectional returns. This effect is not explained by a firm's market beta, B/P ratio, or total market capitalization. In addition, we find errors i...
