2012

最新文章

• Discussion of The Influence of Elections on the Accounting Choices of Governmental Entities AI翻译
  作者：Van Lent, Laurence
  作者单位：Tilburg University
• Equity Analysts and the Market's Assessment of Risk AI翻译
  作者：Lui, Daphne; Markov, Stanimir; Tamayo, Ane
  作者单位：ESSEC Business School; University of Texas System; University of Texas Dallas; University of London; London School Economics & Political Science
  摘要：The traditional view of equity analysts is that they are a source of new information about future cash flows. We broaden this view by demonstrating that equity analysts are also a substantive source of new information about priced risk. In particular, we document that, when announced, changes in analyst risk ratings distinctly and significantly affect equity returns, and are generally followed by significant changes in FamaFrench factor loadings. Also, while less frequent than credit rating ch...
• Voluntary Disclosure, Manipulation, and Real Effects AI翻译
  作者：Beyer, Anne; Guttman, Ilan
  作者单位：Stanford University
  摘要：We study a model in which managers disclosure and investment decisions are both endogenous and managers can manipulate their voluntary reports through (suboptimal) investment, financing, or operating decisions. Managers are privately informed about the value of their firm and have incentives to voluntarily disclose information and manipulate their reports in order to obtain more favorable terms when issuing equity to finance a new profitable investment opportunity. The model shows that treatin...
• Are US Multinational Corporations Becoming More Aggressive Income Shifters? AI翻译
  作者：Klassen, Kenneth J.; Laplante, Stacie K.
  作者单位：University of Waterloo; University System of Georgia; University of Georgia
  摘要：This paper examines income shifting of U.S. multinational companies over the past two decades. Domestic and foreign policy makers are increasingly concerned with the effect of income shifting on dwindling tax revenues, however, extant research on income shifting by U.S. multinational enterprises is mixed. We address the disconnect between the academic literature and the policy maker's perceptions by examining the extent of multijurisdictional income shifting by U.S. multinational companies. We...
• Mandatory IFRS Adoption and the Contractual Usefulness of Accounting Information in Executive Compensation AI翻译
  作者：Ozkan, Neslihan; Singer, Zvi; You, Haifeng
  作者单位：University of Bristol; McGill University; Hong Kong University of Science & Technology
  摘要：We examine how the mandatory adoption of International Financial Reporting Standards (IFRS) in continental Europe affects the contractual usefulness of accounting information in executive compensation, as reflected in pay-performance sensitivity (PPS) and relative performance evaluation (RPE). The empirical evidence indicates a weak increase in accounting-based PPS in the post-adoption period, primarily driven by countries with large differences between IFRS and their previously adopted local ...
• Detecting Earnings Management: A New Approach AI翻译
  作者：Dechow, Patricia M.; Hutton, Amy P.; Kim, Jung Hoon; Sloan, Richard G.
  作者单位：University of California System; University of California Berkeley; Boston College; State University System of Florida; Florida International University
  摘要：This paper provides a new approach to test for accrual-based earnings management. Our approach exploits the inherent property of accrual accounting that any accrual-based earnings management in one period must reverse in another period. If the researcher has priors concerning the timing of the reversal, incorporating these priors can significantly improve the power and specification of tests for earnings management. Our results indicate that tests incorporating reversals increase test power by...
• Detecting Deceptive Discussions in Conference Calls AI翻译
  作者：Larcker, David F.; Zakolyukina, Anastasia A.
  作者单位：Stanford University
  摘要：We estimate linguistic-based classification models of deceptive discussions during quarterly earnings conference calls. Using data on subsequent financial restatements and a set of criteria to identify severity of accounting problems, we label each call as truthful or deceptive. Prediction models are then developed with the word categories that have been shown by previous psychological and linguistic research to be related to deception. We find that the out-of-sample performance of models base...
• Do Managers Always Know Better? The Relative Accuracy of Management and Analyst Forecasts AI翻译
  作者：Hutton, Amy P.; Lee, Lian Fen; Shu, Susan Z.
  作者单位：Boston College
  摘要：We examine the relative accuracy of management and analyst forecasts of annual EPS. We predict and find that analysts information advantage resides at the macroeconomic level. They provide more accurate earnings forecasts than management when a firm's fortunes move in concert with macroeconomic factors such as Gross Domestic Product and energy costs. In contrast, we predict and find that management's information advantage resides at the firm level. Their forecasts are more accurate than analys...
• Discussion of The Use of Management Control Mechanisms to Mitigate Moral Hazard in the Decision to Outsource AI翻译
  作者：Campbell, Dennis
  作者单位：Harvard University
• Earnings Volatility, Post-Earnings Announcement Drift, and Trading Frictions AI翻译
  作者：Cao, Sean Shun; Narayanamoorthy, Ganapathi S.
  作者单位：University of Massachusetts System; University of Massachusetts Amherst; University of Illinois System; University of Illinois Urbana-Champaign
  摘要：We find that lower ex ante earnings volatility leads to higher PostEarnings Announcement Drift (PEAD). PEAD is a function of both the magnitude of an earnings surprise and its persistence. While prior research has largely investigated market reactions to the magnitude of the earnings surprise, in this study we show that the persistence of the earnings surprise is equally important. A unique feature of the anomalous PEAD returns documented here concerns the association between abnormal returns ...