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作者：Godsell, David; Welker, Michael; Zhang, Ning
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Queens University - Canada
摘要：This paper examines earnings management by EU firms that initiate an antidumping investigation. We first document economically and statistically significant income-decreasing earnings management around the initiation of an antidumping investigation. We show that earnings management increases when accounting data directly affect the magnitude of the tariffs imposed in the trade investigation. We also find that earnings management decreases as the number of petitioning firms increases or as the ...
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作者：Rogers, Jonathan L.; Skinner, Douglas J.; Zechman, Sarah L. C.
作者单位：University of Colorado System; University of Colorado Boulder; University of Chicago
摘要：We describe the process through which the Securities and Exchange Commission (SEC) makes filings publicly available. For a sample of Form 4 (insider trade) filings, we show that, during the period we examine, the majority of filings are available to paying subscribers of the SEC's public dissemination system (PDS) feed before they are posted to the EDGAR website, and so provide subscribers and their clients with a private advantage. We show that this advantage translates into an economically s...
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作者：Dutta, Sunil; Nezlobin, Alexander
作者单位：University of California System; University of California Berkeley
摘要：This paper studies how information disclosure affects investment efficiency and investor welfare in a dynamic setting in which a firm makes sequential investments to adjust its capital stock over time. We show that the effects of accounting disclosures on investment efficiency and investor welfare crucially depend on whether such disclosures convey information about the firm's future capital stock (i.e., balance sheet) or about its future operating cash flows (i.e., earnings). Specifically, in...
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作者：Blankespoor, Elizabeth; Hendricks, Bradley E.; Miller, Gregory S.
作者单位：Stanford University; University of North Carolina; University of North Carolina Chapel Hill; University of Michigan System; University of Michigan
摘要：This paper examines the relation between cognitive perceptions of management and firm valuation. We develop a composite measure of investor perception using 30-second content-filtered video clips of initial public offering (IPO) roadshow presentations. We show that this measure, designed to capture viewers' overall perceptions of a CEO, is positively associated with pricing at all stages of the IPO (proposed price, offer price, and end of first day of trading). The result is robust to controls...
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作者：Dyreng, Scott D.; Vashishtha, Rahul; Weber, Joseph
作者单位：Duke University; Massachusetts Institute of Technology (MIT)
摘要：Using a sample of firms that disclose the realizations of earnings used for determining covenant compliance in loan contracts, we provide direct evidence on the informational properties of earnings used in the performance covenants included in debt contracts. We find that the earnings measure used in performance covenants does not exhibit asymmetric loss timeliness and has significantly greater cash flow predictive ability than GAAP measures of earnings. We suggest that these results reflect t...
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作者：Laux, Christian; Rauter, Thomas
作者单位：Vienna University of Economics & Business
摘要：In light of the current debate about the link between accounting and financial stability, we investigate the determinants of procyclical book leverage for U.S. commercial and savings banks. We find that total asset growth and GDP growth are both positively related to book leverage growth. Our evidence is not consistent with the notion that fair value accounting contributes to procyclical leverage or that historical cost accounting reduces procyclicality. Overall, the business model of banks is...
