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作者：Piotroski, Joseph D.
作者单位：University of Chicago
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作者：Chen, Shuping; Shevlin, Terry; Tong, Yen H.
作者单位：University of Washington; University of Washington Seattle; Nanyang Technological University
摘要：We examine whether accrual earnings quality is a priced information risk factor in a dividend change setting. We define information risk as the probability that firm-specific financial statement information pertinent to investor pricing decisions is of low precision, and use the factor-mimicking portfolio returns formed on the Dechow-Dichev [2002] accrual quality (AQ) metric to proxy for the information risk (IR) factor returns. We augment the Fama-French three-factor model with this IR factor...
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作者：Hales, Jeffrey
作者单位：University of Texas System; University of Texas Austin
摘要：This paper investigates the effects of preferences on judgments in an investing context, where investors should be motivated to interpret information objectively, yet have clear preferences with respect to what the information they are evaluating conveys (i.e., a gain or a loss on their investment). The results of the experiment are consistent with theories of motivated reasoning that predict when and in what manner directional preferences affect how information is processed. Specifically, inv...
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作者：Bleck, Alexander; Liu, Xuewen
作者单位：University of London; London School Economics & Political Science
摘要：We model the interaction of financial market transparency and different accounting regimes. This paper provides a theoretical rationale for the recently proposed shift in accounting standards from historic cost accounting to marking to market. The paper shows that marking to market can provide investors with an early warning mechanism while historical cost gives management a veil under which they can potentially mask a firm's true economic performance. The model provides new explanations for s...
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作者：Bonner, Sarah E.; Hugon, Artur; Walther, Beverly R.
作者单位：University of Southern California; University System of Georgia; Georgia State University; Northwestern University
摘要：We examine the effects of analysts' celebrity on investor reaction to earnings forecast revisions. We measure celebrity as the quantity of media coverage analysts receive in sources included in the Dow Jones Interactive database, and find that media coverage is positively related to investor reaction to forecast revisions. The effect of celebrity on the reaction to forecast revisions remains significant after controlling for forecast performance variables examined in prior studies (ex post for...
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作者：Wysocki, Peter D.
作者单位：Massachusetts Institute of Technology (MIT)
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作者：Demers, Elizabeth; Joos, Philip
作者单位：INSEAD Business School; Tilburg University
摘要：We explore the factors associated with historical IPO failures by developing an IPO failure prediction model that includes accounting information as well as proxies for the role of information intermediaries and other IPO deal-related characteristics. We document statistically significant differences in failure models applicable to nontech versus high tech IPOs, and these structural differences are largely driven by accounting-based proxies for firms' investments in intangible assets, operatin...
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作者：Lambert, Richard; Leuz, Christian; Verrecchia, Robert E.
作者单位：University of Pennsylvania; University of Chicago
摘要：In this paper we examine whether and how accounting information about a firm manifests in its cost of capital, despite the forces of diversification. We build a model that is consistent with the Capital Asset Pricing Model and explicitly allows for multiple securities whose cash flows are correlated. We demonstrate that the quality of accounting information can influence the cost of capital, both directly and indirectly. The direct effect occurs because higher quality disclosures affect the fi...
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作者：Ertimur, Yonca; Sunder, Jayanthi; Sunder, Shyam V.
作者单位：Duke University; Northwestern University
摘要：We examine the contemporaneous relation between earnings forecast accuracy and recommendation profitability to assess the effectiveness with which analysts translate forecasts into profitable recommendations. We find that, after controlling for expertise, more accurate analysts make more profitable recommendations, albeit only for firms with value-relevant earnings. Next, we show that conflicts of interest from investment banking activities affect the relation between accuracy and profitabilit...
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作者：Gu, Feng; Li, John Q.
作者单位：State University of New York (SUNY) System; University at Buffalo, SUNY; Suffolk University
摘要：We examine stock price reaction to voluntary disclosure of innovation strategy by high-tech firms and its relation with insider stock transactions before the disclosure. We find that, despite the qualitative and subjective nature of strategy-related disclosure, there is positive stock price reaction to the disclosure. The evidence suggests that investors view the disclosure as credible good news. We also find that the disclosure is associated with more positive stock price reaction when it is ...
