3期

最新文章

• International accounting standards and accounting quality AI翻译
  作者：Barth, Mary E.; Landsman, Wayne R.; Lang, Mark H.
  作者单位：Stanford University; University of North Carolina; University of North Carolina Chapel Hill
  摘要：We examine whether application of International Accounting Standards (IAS) is associated with higher accounting quality. The application of IAS reflects combined effects of features of the financial reporting system, including standards, their interpretation, enforcement, and litigation. We find that firms applying IAS from 21 countries generally evidence less earnings management, more timely loss recognition, and more value relevance of accounting amounts than do matched sample firms applying...
• Managerial empire building and firm disclosure AI翻译
  作者：Hope, Ole-Kristian; Thomas, Wayne B.
  作者单位：University of Toronto; University of Oklahoma System; University of Oklahoma - Norman
  摘要：This study tests the agency cost hypothesis in the context of geographic earnings disclosures. The agency cost hypothesis predicts that managers, when not monitored by shareholders, make self-maximizing decisions that may not necessarily be in the best interest of shareholders. These decisions include aggressively growing the firm, which reduces profitability and destroys firm value. Geographic earnings disclosures provide an interesting context to examine this issue. Beginning with Statement ...
• Implications of transaction costs for the post-earnings announcement drift AI翻译
  作者：Ng, Jeffrey; Rusticus, Tjomme O.; Verdi, Rodrigo S.
  作者单位：University of Pennsylvania; Northwestern University; Massachusetts Institute of Technology (MIT)
  摘要：This paper examines the effect of transaction costs on the post-earnings announcement drift (PEAD). Using standard market microstructure features we show that transaction costs constrain the informed trades that are necessary to incorporate earnings information into price. This implies weaker return responses at the time of the earnings announcement and higher subsequent returns drift for firms with higher transaction costs. Consistent with this prediction, we find that earnings response coeff...
• Evidence of management discrimination among analysts during earnings conference calls AI翻译
  作者：Mayew, William J.
  作者单位：Duke University
  摘要：This paper considers the potential for public information disclosures to complement the existing private information of financial analysts. In such a setting, analysts allowed to participate during earnings conference calls by asking questions receive public signals that can facilitate the generation of new and valuable private information for the asking analyst. Realizing these public signals are valuable for the asking analyst, managers can use their discretion to discriminate among analysts...