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作者：Guo, Hui; Jiang, Xiaowen
作者单位：University System of Ohio; University of Cincinnati; University System of Ohio; University of Cincinnati
摘要：Accruals correlate closely with the determinants of the conditional equity premium at both the firm and the aggregate levels. The common component of firm-level accruals, which cannot be diversified away by aggregation, explains the positive relation between aggregate accruals and future stock market returns. The residual component, which accounts for most variation in firm-level accruals, is responsible for the negative cross-sectional relation between firm-level accruals and future stock ret...
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作者：Byard, Donal; Li, Ying; Yu, Yong
作者单位：City University of New York (CUNY) System; Baruch College (CUNY); George Washington University; University of Texas System; University of Texas Austin
摘要：This paper examines the effect of the mandatory adoption of International Financial Reporting Standards (IFRS) by the European Union on financial analysts' information environment. To control for the effect of confounding concurrent events, we use a control sample of firms that had already voluntarily adopted IFRS at least two years prior to the mandatory adoption date. We find that analysts' absolute forecast errors and forecast dispersion decrease relative to this control sample only for tho...
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作者：Brochet, Francois; Faurel, Lucile; McVay, Sarah
作者单位：Harvard University; University of California System; University of California Irvine; Utah System of Higher Education; University of Utah
摘要：We investigate how managers contribute to the provision of earnings guidance by examining the association between top executive turnovers and guidance. Although firm and industry characteristics are important determinants of guidance, we conclude that CEOs participate in firm-level policy decisions, whereas CFOs are involved in the formation or discussion of guidance. Among firms that historically issued frequent guidance, breaks in guidance following CEO turnovers are relatively permanent and...
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作者：Krishnan, Ranjani; Yetman, Michelle H.
作者单位：Michigan State University; University of California System; University of California Davis
摘要：We examine the influence of normative and regulative institutional factors on cost shifting by nonprofit hospitals in their publicly reported statements. We explore whether normative constraints imposed by stakeholders, who prefer that nonprofit hospitals allocate their resources toward patient-related program services, influence the extent to which nonprofit hospitals shift costs toward program services and away from administrative and fundraising categories, thereby appearing more efficient....
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作者：Tayler, William B.; Bloomfield, Robert J.
作者单位：Emory University; Cornell University
摘要：Research in behavioral economics suggests that, in addition to their traditional incentive effects, formal control systems can influence psychological motivations. We extend this literature by demonstrating experimentally that formal controls directly influence people's sense of what behaviors are appropriate in the setting (personal norms), and indirectly alter people's tendency to conform to the behavior of those around them (descriptive norms). These effects persist even after the controls ...
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作者：Ali, Ashiq; Wei, Kelsey D.; Zhou, Yibin
作者单位：University of Texas System; University of Texas Dallas
摘要：Mutual funds experiencing large outflows (inflows) tend to decrease (expand) their positions, creating downward (upward) price pressure in the stocks held in common by them (Coval and Stafford [2007]). This study shows that corporate insiders exploit the resulting mispricing by buying (selling) their company's stock if it is subject to such fire sales (purchases) by funds. We also show that the likelihood of option grants is greater for stocks that are subject to mutual fund fire sales. Finall...
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作者：Kinney, William R., Jr.; Shepardson, Marcy L.
作者单位：University of Texas System; University of Texas Austin
摘要：We use incremental and joint implementation of multiple SOX-based control effectiveness disclosure and audit mandates to assess relative performance of alternatives for small U.S. public companies. Using data from several low- and high-effort management disclosure and audit regimes implemented from 2003 to 2008, we find substantial and statistically significant increases in material weakness disclosure rates for small firms undergoing initial SOX 404(b) internal control audits, but find quanti...
