作者：Shroff, Nemit; Sun, Amy X.; White, Hal D.; Zhang, Weining
作者单位：Massachusetts Institute of Technology (MIT); University of Houston System; University of Houston; University of Michigan System; University of Michigan
摘要：In 2005, the Securities and Exchange Commission enacted the Securities Offering Reform (Reform), which relaxes gun-jumping restrictions, thereby allowing firms to more freely disclose information before equity offerings. We examine the effect of the Reform on voluntary disclosure behavior before equity offerings and the associated economic consequences. We find that firms provide significantly more preoffering disclosures after the Reform. Further, we find that these preoffering disclosures ar...
作者：Ball, Ryan T.; Easton, Peter
作者单位：University of Michigan System; University of Michigan; University of Notre Dame
摘要：We dissect the portion of stock price change of the fiscal year that is recognized in reported accounting earnings of the year. We call this portion earnings recognition timeliness (ERT). The emphasis in our dissection is on empirical identification of two fundamental precepts of financial accounting: (1) the matching principle, which is manifested in the recognition of expenses in the same period as the related benefits (i.e., sales revenue) accrue; and (2) recognition of expenses in the curr...
