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作者：Durtschi, Cindy; Easton, Peter
作者单位：DePaul University; University of Notre Dame
摘要：A vast literature following Hayn [1995] and Burgstahler and Dichev [1997] attributed the so-called discontinuities in earnings distributions around zero to earnings management. Despite recent evidence that these discontinuities are likely caused by other factors, researchers and teachers continue to point to the shapes of these distributions as evidence of earnings management. We provide three sets of further evidence that these discontinuities are likely caused by factors other than earnings ...
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作者：De Franco, Gus; Vasvari, Florin P.; Wittenberg-Moerman, Regina
作者单位：University of Toronto; University of London; London Business School; University of Chicago
摘要：This study uses a large sample of sell-side bond analysts' reports to examine the properties of recommendations provided by bond analysts and the impact of these recommendations on bond securities. First, we document that the distribution of bond analysts' buy, hold, and sell recommendations is skewed positively, but less so than the distribution of equity analysts' recommendations. The positive skewness in bond analysts' recommendations is greater for low than for high credit quality bonds. S...
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作者：Christensen, Hans B.; Lee, Edward; Walker, Martin
作者单位：University of Chicago; University of Manchester
摘要：We examine whether earnings reconciliation from U.K. generally accepted accounting principles (GAAP) to International Financial Reporting Standards (IFRS) convey information. As a result of debt contracting, mandatory accounting changes are expected to affect the likelihood of violating existing covenants based on rolling GAAP, leading to a redistribution of wealth between shareholders and lenders. Consistent with this prediction, we find significant market reactions to IFRS reconciliation ann...
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作者：Ball, Ray; Sadka, Gil; Sadka, Ronnie
作者单位：University of Chicago; Columbia University; Boston College
摘要：A principal-components analysis demonstrates that common earnings factors explain a substantial portion of firm-level earnings variation, implying earnings shocks have substantial systematic components and are not almost fully diversifiable as prior literature has concluded. Furthermore, the principal components of earnings and returns are highly correlated, implying aggregate earnings risks and return risks are related. In contrast to previous studies, the correlation we report between the sy...
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作者：Brazel, Joseph F.; Jones, Keith L.; Zimbelman, Mark F.
作者单位：North Carolina State University; George Mason University; Brigham Young University
摘要：This study examines whether auditors can effectively use nonfinancial measures (NFMs) to assess the reasonableness of financial performance and, thereby, help detect financial statement fraud (hereafter, fraud). If auditors or other interested parties (e.g., directors, lenders, investors, or regulators) can identify NFMs (e.g., facilities growth) that are correlated with financial measures (e.g., revenue growth), inconsistent patterns between the NFMs and financial measures can be used to dete...
