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作者：De Franco, Gus; Kothari, S. P.; Verdi, Rodrigo S.
作者单位：University of Toronto; Massachusetts Institute of Technology (MIT)
摘要：Investors, regulators, academics, and researchers all emphasize the importance of financial statement comparability. However, an empirical construct of comparability is typically not specified. In addition, little evidence exists on the benefits of comparability to users. This study attempts to fill these gaps by developing a measure of financial statement comparability. Empirically, this measure is positively related to analyst following and forecast accuracy, and negatively related to analys...
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作者：Mak, Chun Yu; Strong, Norman; Walker, Martin
作者单位：University of Birmingham; University of Manchester
摘要：We extend standard models of conditional earnings conservatism and adaptation value to the context of the corporate refocusing activities of UK listed companies. This analysis is interesting because refocusing activities are: (1) commonly anticipated by significant negative returns in the financial year(s) before the refocusing event; (2) typically associated with large material charges; and (3) likely to be part of a strategic plan with the internal decision preceding the formal public announ...
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作者：Erkens, David H.
作者单位：University of Southern California
摘要：I find that executives' unvested equity holdings are larger when executives are employed by R&D-intensive firms in industries that rely more on secrecy to profit from R&D. Moreover, I find that this relation is more pronounced for executives with a greater ability to exploit R&D-related information and also holds for nonexecutive employees. In addition, I find that these firms use option grants with longer vesting periods and that unvested equity holdings reduce the likelihood that their execu...
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作者：Gao, Yu
作者单位：University of Minnesota System; University of Minnesota Twin Cities
摘要：This paper examines the economic impact of the Sarbanes-Oxley Act (SOX) by studying foreign firms' choice of whether to issue bonds in the U. S. public bond market or elsewhere before and after the law's enactment in 2002. After controlling for firm characteristics, bond features, home-country attributes, and market conditions, I find that foreign firms rely less on the U. S. public bond market after SOX. Additionally, some determinants of choosing the U. S. public bond market have changed sin...
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作者：Groysberg, Boris; Healy, Paul M.; Maber, David A.
作者单位：Harvard University
摘要：We use proprietary data from a major investment bank to investigate factors associated with analysts' annual compensation. We find compensation to be positively related to All-Star recognition, investment-banking contributions, the size of analysts' portfolios, and whether an analyst is identified as a top stock picker by the Wall Street Journal. We find no evidence that compensation is related to earnings forecast accuracy. But consistent with prior studies, we find analyst turnover to be rel...
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作者：Riedl, Edward J.; Serafeim, George
作者单位：Harvard University
摘要：Using a sample of U.S. financial institutions, we exploit recent mandatory disclosures of financial instruments designated as fair value level 1, 2, and 3 to test whether greater information risk in financial instrument fair values leads to higher cost of capital. We derive an empirical model allowing asset-specific estimates of implied betas, and find evidence that firms with greater exposure to level 3 financial assets exhibit higher betas relative to those designated as level 1 or level 2. ...
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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....
