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作者：Leung, Edith; Veenman, David
作者单位：Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; University of Amsterdam
摘要：This study examines the incremental information in loss firms' non-GAAP earnings disclosures relative to GAAP earnings. Using a large sample obtained through textual analysis and hand-collection, we posit and find that loss firms' non-GAAP earnings exclusions offset the low informativeness of GAAP losses for forecasting and valuation. Loss firms' non-GAAP earnings are highly predictive of future performance and are valued by investors, while the expenses excluded from GAAP earnings are not. Ad...
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作者：Bol, Jasmijn C.; Estep, Cassandra; Moers, Frank; Peecher, Mark E.
作者单位：Tulane University; Emory University; Maastricht University; University of Illinois System; University of Illinois Urbana-Champaign
摘要：Two critical aspects of the model of auditor expertise development in Tan and Libby [1997] are that audit firms do not value tacit knowledge in inexperienced auditors but do value it in experienced auditors. We update the former and extend the latter. Our paper predicts and finds that audit firms now do value tacit knowledge in inexperienced auditors, especially when their supervisors have higher tacit knowledge. Our proxies of value include higher promotability assessments, annual evaluations...
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作者：Cianciaruso, Davide; Sridhar, Sri S.
作者单位：Hautes Etudes Commerciales (HEC) Paris; Northwestern University
摘要：Firms sometimes obtain soft private information about growth prospects along with hard information about current or past performance. In this environment, we find that optimizing disclosures over multiple periods yields nonlinear stock price reactions following both voluntary and mandatory disclosures. Further, we derive several predictions about distinct short-run and long-run effects of disclosures and nondisclosures on security prices. Under specified conditions, when the volatility of the ...
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作者：Huang, Sterling; Hilary, Gilles
作者单位：Singapore Management University; Georgetown University
摘要：We show that board tenure exhibits an inverted U-shaped relation with firm value and accounting performance. The quality of corporate decisions, such as M&A, financial reporting quality, and CEO compensation, also has a quadratic relation with board tenure. Our results are consistent with the interpretation that directors' on-the-job learning improves firm value up to a threshold, at which point entrenchment dominates and firm performance suffers. To address endogeneity concerns, we use a samp...
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作者：Conley, Timothy; Goncalves, Silvia; Hansen, Christian
作者单位：Western University (University of Western Ontario); University of Chicago
摘要：We review developments in conducting inference for model parameters in the presence of intertemporal and cross-sectional dependence with an emphasis on panel data applications. We review the use of heteroskedasticity and autocorrelation consistent (HAC) standard error estimators, which include the standard clustered and multiway clustered estimators, and discuss alternative sample-splitting inference procedures, such as the Fama-Macbeth procedure, within this context. We outline pros and cons ...
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作者：Bentley, Jeremiah W.; Christensen, Theodore E.; Gee, Kurt H.; Whipple, Benjamin C.
作者单位：University of Massachusetts System; University of Massachusetts Amherst; University System of Georgia; University of Georgia; Stanford University
摘要：Researchers frequently proxy for managers' non-GAAP disclosures using performance metrics available through analyst forecast data providers (FDPs), such as I/B/E/S. The extent to which FDP-provided earnings are a valid proxy for managers' non-GAAP reporting, however, has been debated extensively. We explore this important question by creating the first large-sample data set of managers' non-GAAP earnings disclosures, which we directly compare to I/B/E/S data. Although we find a substantial ove...
