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作者：Chan, KC; Seow, GS
作者单位：University of Connecticut
摘要：This study examines the association between stock returns and foreign GAAP earnings versus earnings adjusted to U.S. GAAP. Using a sample of foreign firms with common stock or American Depositary Receipt (ADR) traded in U.S. exchanges, we compare the returns-earnings relations between U.S. and foreign GAAP-based earnings. Results based on the J(A) test indicate that earnings based on foreign GAAP are more closely associated with contemporaneous stock returns than earnings reconciled to U.S. GA...
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作者：Eccher, EA; Ramesh, K; Thiagarajan, SR
作者单位：University of Rochester; Massachusetts Institute of Technology (MIT); Northwestern University
摘要：This paper examines the value relevance of fair value data disclosed under SFAS 107 by banks for 1992 and 1993. Collectively, the evidence suggests differences between fair and book values of financial instruments are associated with market-to-book ratios. However, fair value disclosures for financial instruments other than securities are value-relevant only in limited settings. In addition, only in 1992 are fair value variables associated with market-to-book ratios after incorporating existin...
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作者：Beatty, A; Chamberlain, S; Magliolo, J
作者单位：Southern Methodist University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Santa Clara University
摘要：This paper analyzes security returns of bank holding companies and insurance companies during periods surrounding the adoption of SFAS 115. We find bank share prices were negatively affected by the examined events, but find little share price reaction for insurance companies. Our evidence suggests banks were adversely affected by the standard because of problems with the standard's marker value accounting approach. Cross-sectional analysis of event period returns shows that banks that more fre...
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作者：Amir, E; Lev, B
作者单位：University of California System; University of California Berkeley; Columbia University
摘要：We examine the value-relevance to investors of financial (accounting) and nonfinancial information of independent cellular companies and find that, on a stand-alone basis, financial information (earnings, book values, and cash flows) are largely irrelevant for security valuation. Nonfinancial indicators, such as POPS (a growth proxy) and Market Penetration (an operating performance measure), are highly value-relevant. However, combined with nonfinancial information, earnings do contribute to t...
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作者：Subramanyam, KR
摘要：This paper examines if the stock market prices discretionary accruals. Evidence reveals that, on average, the market attaches value to discretionary accruals. This evidence is consistent with two alternative Scenarios: (1) managerial discretion improves the ability of earnings to reflect economic value, and (2) discretionary accruals are opportunistic and value-irrelevant but priced by an inefficient market. Further evidence is consistent with the former explanation. There is evidence of perva...
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作者：Banker, RD; Lee, SY; Potter, G
作者单位：Sungshin Women's University; Cornell University
摘要：Much management accounting research focuses on design of incentive compensation contracts. A basic assumption in these contracts is that performance-based incentives improve employee performance. This paper reports on a field test of the multi-period incentive effects of a performance-based compensation plan on the sales of a retail establishment. Analysis of panel data for 15 retail outlets over 66 months indicates a sales increase when the plan is implemented, an effect that persists and inc...
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作者：Bernard, VL; Skinner, DJ
作者单位：University of Michigan System; University of Michigan
摘要：The papers by Subramanyam (1996) and Kasanen, Kinnunen, and Niskanen (KKN, 1996) both consider why managers manipulate accounting accruals. Subramanyam finds that discretionary accruals are associated with several performance measures, and concludes that managers' accrual choices increase the informativeness of accounting earnings. However, a strong competing alternative is that the 'Jones model' systematically mismeasures discretionary accruals, so that they contain a significant nondiscretio...
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作者：Shevlin, T
摘要：Amir and Lev (1996) address two interesting issues: the value-relevance of reported financial information for fast-changing, science-based companies and the value-relevance of nonfinancial information incremental to financial information. Using a sample of cellular phone companies, they report that the financial accounting information is only value-relevant after the inclusion of the nonfinancial information and that the nonfinancial information they examine is value-relevant both by itself an...
