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作者：Firth, Michael; Lin, Chen; Liu, Ping; Xuan, Yuhai
作者单位：Lingnan University; Chinese University of Hong Kong; University of Illinois System; University of Illinois Urbana-Champaign; Harvard University
摘要：This paper investigates whether the business relations between mutual funds and brokerage firms influence sell-side analyst recommendations. Using a unique data set that discloses brokerage firms commission income derived from each mutual fund client as well as the share holdings of these mutual funds, we find that an analyst's recommendation on a stock relative to consensus is significantly higher if the stock is held by the mutual fund clients of the analyst's brokerage firm. The optimism in...
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作者：Chen, Wei; Tan, Hun-Tong; Wang, Elaine Ying
作者单位：University of New South Wales Sydney; Nanyang Technological University; University of Massachusetts System; University of Massachusetts Amherst
摘要：We conduct two experiments with experienced accountants to investigate how fair value accounting affects managers real economic decisions. In experiment 1, we find that participants are more likely to make suboptimal decisions (e.g., forgo economically sound hedging opportunities) when both the economic and fair value accounting impact information is presented than when only the economic impact information is presented, or when both the economic and historical cost accounting impact informatio...
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作者：Choi, Jongwoon (Willie); Hecht, Gary W.; Tayler, William B.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; University of Wisconsin System; University of Wisconsin Madison; Brigham Young University
摘要：Strategic performance measurement systems operationalize firm strategy with a set of performance measures. A consequence of such alignment is the tendency for managers to lose sight of the strategic construct(s) the measures are intended to represent, and subsequently act as though the measures are the constructs of interest, a phenomenon referred to as surrogation. We investigate how involvement in strategy selection affects managers propensity to exhibit surrogation. We predict and find that...
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作者：Ahmed, Anwer S.; Duellman, Scott
作者单位：Texas A&M University System; Texas A&M University College Station; Saint Louis University
摘要：Overconfident managers overestimate future returns from their firms investments. Thus, we predict that overconfident managers will tend to delay loss recognition and generally use less conservative accounting. Furthermore, we test whether external monitoring helps to mitigate this effect. Using measures of both conditional and unconditional conservatism respectively, we find robust evidence of a negative relation between CEO overconfidence and accounting conservatism. We further find that exte...
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作者：Kama, Itay; Weiss, Dan
作者单位：Tel Aviv University
摘要：This study explores motivations underlying managers resource adjustments. We focus on the impact of incentives to meet earnings targets on resource adjustments and the ensuing cost structures. We find that, when managers face incentives to avoid losses or earnings decreases, or to meet financial analysts earnings forecasts, they expedite downward adjustment of slack resources for sales decreases. These deliberate decisions lessen the degree of cost stickiness rather than induce cost stickiness...
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作者：Ball, Ryan T.
作者单位：University of Michigan System; University of Michigan
摘要：This paper theoretically and empirically investigates how the risk of future adverse price changes created by the anticipated arrival of information influences risk-averse investors trading decisions in institutionally imperfect capital markets. Specifically, I examine how the selling activity of individual investors immediately following an earnings announcement is influenced by the tradeoff between risk-sharing benefits of immediate trade and explicit transaction costs imposed on such trades...
