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作者：Wang, Shiheng; Welker, Michael
作者单位：Hong Kong University of Science & Technology; Queens University - Canada
摘要：This study examines the association between changes in reported financial performance resulting from mandatory adoption of International Financial Reporting Standards (IFRS) and equity issuance during the transition period leading up to IFRS adoption for listed firms in Australia and Europe. We hypothesize that firms affected by the accounting standards change strategically time equity issuance around the time the firm discloses the effects of IFRS adoption on reported financial performance. W...
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作者：Costello, Anna M.; Wittenberg-Moerman, Regina
作者单位：University of Chicago
摘要：We examine the effect of financial reporting quality on the trade-off between monitoring mechanisms used by lenders. We rely on Sarbanes-Oxley internal control reports to measure financial reporting quality. We find that when a firm experiences a material internal control weakness, lenders decrease their use of financial covenants and financial-ratio-based performance pricing provisions and substitute them with alternatives, such as price and security protections and credit-rating-based perfor...
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作者：Graham, John R.; Hanlon, Michelle; Shevlin, Terry
作者单位：Duke University; National Bureau of Economic Research; Massachusetts Institute of Technology (MIT); University of Washington; University of Washington Seattle
摘要：We analyze survey responses from nearly 600 tax executives to better understand corporate decisions about real investment location and profit repatriation. Our evidence indicates that avoiding financial accounting income tax expense is as important as avoiding cash income taxes when corporations decide where to locate operations and whether to repatriate foreign earnings. This result is important in light of the recent research about whether financial accounting affects investment and in light...
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作者：Armstrong, Christopher S.; Core, John E.; Taylor, Daniel J.; Verrecchia, Robert E.
作者单位：University of Pennsylvania; Massachusetts Institute of Technology (MIT)
摘要：This paper examines when information asymmetry among investors affects the cost of capital in excess of standard risk factors. When equity markets are perfectly competitive, information asymmetry has no separate effect on the cost of capital. When markets are imperfect, information asymmetry can have a separate effect on firms' cost of capital. Consistent with our prediction, we find that information asymmetry has a positive relation with firms' cost of capital in excess of standard risk facto...
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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...
