2期

最新文章

• The book-to-price effect in stock returns: Accounting for leverage AI翻译
  作者：Penman, Stephen H.; Richardson, Scott A.; Tuna, Irem
  作者单位：Columbia University; University of Pennsylvania
  摘要：This paper lays out a decomposition of book-to-price (B/P) that derives from the accounting for book value and that articulates precisely how B/P absorbs leverage. The B/P ratio can be decomposed into an enterprise book-to-price (that pertains to operations and potentially reflects operating risk) and a leverage component (that reflects financing risk). The empirical analysis shows that the enterprise book-to-price ratio is positively related to subsequent stock returns but, conditional upon t...
• Discussion of the book-to-price effect in stock returns: Accounting for leverage AI翻译
  作者：Piotroski, Joseph D.
  作者单位：University of Chicago
• Market transparency and the accounting regime AI翻译
  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...
• Discussion of IPO failure risk AI翻译
  作者：Wysocki, Peter D.
  作者单位：Massachusetts Institute of Technology (MIT)
• IPO failure risk AI翻译
  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...
• Accounting information, disclosure, and the cost of capital AI翻译
  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...