3期

最新文章

• Domestic and stock return foreign earnings, variability, and the impact of investor sophistication AI翻译
  作者：Callen, JL; Hope, OK; Segal, D
  作者单位：University of Toronto
  摘要：We examine the importance of foreign earnings relative to domestic earnings for a sample of U.S. multinationals using variance decomposition. Our methodology represents an alternative and complementary approach over the prior literature, which is based on traditional regressions and earnings response coefficients. We document that domestic earnings are more important in explaining the variance of unexpected returns than are foreign earnings and that the relative importance of domestic earnings...
• The association between outside directors, institutional investors and the properties of management earnings forecasts AI翻译
  作者：Ajinkya, B; Bhojraj, S; Sengupta, P
  作者单位：State University System of Florida; University of Florida; Cornell University; University System of Maryland; University of Maryland College Park
  摘要：We investigate the relation of the board of directors and institutional ownership with the properties of management earnings forecasts. We find that firms with more outside directors and greater institutional ownership are more likely to issue a forecast and are inclined to forecast more frequently. In addition, these forecasts tend to be more specific, accurate and less optimistically biased. These results are robust to changes specification, Granger causality tests, and simultaneous equation...
• Imprecision in accounting measurement: Can it be value enhancing? AI翻译
  作者：Kanodia, C; Singh, R; Spero, AE
  作者单位：University of Minnesota System; University of Minnesota Twin Cities
  摘要：Accounting measurements of firms' investments are usually imprecise. We study the economic consequences of such imprecision when it interacts with information asymmetry regarding an investment project's ex ante profitability, known only by the firm's managers. Absent agency and risk-sharing considerations, we find that some degree of accounting imprecision could actually be value enhancing. We characterize the optimal degree of imprecision and identify its key determinants. The greater the inf...
• The association between corporate boards, audit committees, and management earnings forecasts: An empirical analysis AI翻译
  作者：Karamanou, I; Vafeas, N
  作者单位：University of Cyprus
  摘要：We study how corporate boards and audit committees are associated with voluntary financial disclosure practices, proxied here by management earnings forecasts. We find that in firms with more effective board and audit committee structures, managers are more likely to make or update an earnings forecast, and their forecast is less likely to be precise, it is more accurate, and it elicits a more favorable market response. Together, our empirical evidence is broadly consistent with the notion tha...