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作者：Banerjee, Sanjay; Maier, Michael
作者单位：University of Alberta
摘要：More precise public disclosure reduces uncertainty about economic fundamentals, but it can increase uncertainty about other agents' actions, leading to coordination failure. We conducted a laboratory experiment to study the effects of public information precision and strategic complementarity on coordination failure. Information precision is operationalized in terms of granularity (level of detail). We found that (1) granular public disclosure, which is disaggregated and precise, increases the...
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作者：Donelson, Dain C.; Mcinnis, John; Mergenthaler, Richard D.
作者单位：University of Texas System; University of Texas Austin; University of Iowa
摘要：Despite debate on the desirability of rules-based standards, no studies provide evidence on why accounting standards take on rules-based characteristics. We identify and test five theories from prior research (litigation risk, constraining opportunism, complexity, transaction frequency, and age) that could explain why some U.S. accounting standards contain rules-based characteristics. Litigation risk and complexity are most consistently related to cross-sectional and time-series variation in r...
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作者：Jame, Russell; Johnston, Rick; Markov, Stanimir; Wolfe, Michael C.
作者单位：University of Kentucky; University of Alabama System; University of Alabama Birmingham; Southern Methodist University; Virginia Polytechnic Institute & State University
摘要：Crowdsourcingwhen a task normally performed by employees is outsourced to a large network of people via an open callis making inroads into the investment research industry. We shed light on this new phenomenon by examining the value of crowdsourced earnings forecasts. Our sample includes 51,012 forecasts provided by Estimize, an open platform that solicits and reports forecasts from over 3,000 contributors. We find that Estimize forecasts are incrementally useful in forecasting earnings and me...
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作者：Li, Ningzhong
作者单位：University of Texas System; University of Texas Dallas
摘要：This paper examines how performance measures are defined in major earnings-based financial covenants in loan contracts to shed light on the economic rationales underlying the contractual use of performance measures. I find an earnings-based covenant is typically based on a performance measure close to earnings before interest, tax, amortization, and depreciation expenses (EBITDA). However, my empirical analyses show that EBITDA is less useful in explaining credit risk than earnings before inte...
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作者：Bloomfield, Robert; Nelson, Mark W.; Soltes, Eugene
作者单位：Cornell University; Harvard University
摘要：In the published proceedings of the first Journal of Accounting Research Conference, Vatter [1966] lamented that Gathering direct and original facts is a tedious and difficult task, and it is not surprising that such work is avoided. For the fiftieth JAR Conference, we introduce a framework to help researchers understand the complementary value of seven empirical methods that gather data in different ways: prestructured archives, unstructured (hand-collected) archives, field studies, field exp...
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作者：Bernhardt, Dan; Wan, Chi; Xiao, Zhijie
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; University of Warwick; University of Massachusetts System; University of Massachusetts Boston; Boston College
摘要：We estimate the dynamics of recommendations by financial analysts, uncovering the determinants of inertia in their recommendations. We provide overwhelming evidence that analysts revise recommendations reluctantly, introducing frictions to avoid frequent revisions. More generally, we characterize the sources underlying the infrequent revisions that analysts make. Publicly available data matter far less for explaining recommendation dynamics than do the recommendation frictions and the long-liv...
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作者：Ahearne, Michael J.; Boichuk, Jeffrey P.; Chapman, Craig J.; Steenburgh, Thomas J.
作者单位：University of Houston System; University of Houston; University of Virginia; Northwestern University; University of Virginia
摘要：We surveyed 1,638 sales executives across 40 countries regarding their companies' likelihood of asking sales to perform real earnings management (REM) actions when earnings pressure exists. Using this information, which we refer to as companies' REM propensities, we study how company characteristics and environmental conditions relate to the responses received. The use of cash-flow incentives for sales personnel and the distribution of interfunctional power in favor of finance rather than sale...
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作者：Jiang, Xu
作者单位：Duke University
摘要：This paper studies how bias in nonaccounting and in accounting information should be related. Bias in accounting information is modeled, as in some recent literature, as an alteration in the relative information content of accounting numbers. The optimal bias in one type of information is shown to be a complement of the bias in the other type. This result can be applied in various settings to explain a number of phenomena.
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作者：Loughran, Tim; Mcdonald, Bill
作者单位：University of Notre Dame
摘要：Relative to quantitative methods traditionally used in accounting and finance, textual analysis is substantially less precise. Thus, understanding the art is of equal importance to understanding the science. In this survey, we describe the nuances of the method and, as users of textual analysis, some of the tripwires in implementation. We also review the contemporary textual analysis literature and highlight areas of future research.
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作者：Acharya, Viral V.; Ryan, Stephen G.
作者单位：New York University
摘要：The use of accounting measures and disclosures in banks' contracts and regulation suggests that the quality of banks' financial reporting is central to the efficacy of market discipline and nonmarket mechanisms in limiting banks' development of debt and risk overhangs in economic good times and in mitigating the adverse consequences of those overhangs for the stability of the financial system in downturns. This essay examines how research on banks' financial reporting, informed by the financia...
