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作者：Blouin, JL; Raedy, JS; Shackelford, DA
作者单位：University of North Carolina; University of North Carolina Chapel Hill
摘要：Individual investors have an incentive to defer selling appreciated stock until it qualifies for tax-favored, long-term capital gains treatment. Shackelford and Verrecchia [2002] show that these incentives can affect equity trading around public disclosures. This article provides some empirical support for their theory with evidence of price increases and equity constrictions around announcements of quarterly earnings and additions to the S&P 500 index. We find share returns rise and trading v...
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作者：Lang, MH; Lins, KV; Miller, DP
作者单位：University of North Carolina; University of North Carolina Chapel Hill; Utah System of Higher Education; University of Utah; Indiana University System; Indiana University Bloomington
摘要：This paper investigates the relation between cross listing in the United States and the information environment of non-U.S. firms. We find that firms that cross list on U.S. exchanges have greater analyst coverage and increased forecast accuracy than firms that are not cross listed. A time-series analysis shows that a change in analyst coverage and forecast accuracy occurs around cross listing. We also document that firms that have more analyst coverage and higher forecast accuracy have higher...
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作者：Leuz, C
作者单位：University of Pennsylvania
摘要：Lang, Lins, and Miller [2002] investigate the relation between cross-listing in the United States and information intermediation by analysts. The results suggest that cross-listing in the United States increases analyst following and forecast accuracy and that both variables are associated with Tobin's Q. These findings are interesting and advance the cross-listing literature in several ways. This discussion raises two issues. First, I highlight that the sources of cross-listing effects are no...
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作者：Berger, PG; Hann, R
作者单位：University of Chicago; University of Southern California
摘要：We investigate the effect of the Financial Accounting Standards Board's (FASB) new segment reporting standard on the information and monitoring environment. We compare hand-collected, restated SFAS 131 segment data for the final SFAS 14 fiscal year with the historical SFAS 14 data. We find that SFAS 131 increased the number of reported segments and provided more disaggregated information. Analysts and the market had access to a portion of the new segment information before it was made public, ...
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作者：Abarbanell, J; Lehavy, R
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of Michigan System; University of Michigan
摘要：In this article we present evidence that a firm's stock price sensitivity to earnings news, as measured by outstanding stock recommendation, affects its incentives to manage earnings and, in turn, affects analysts' ex post forecast errors. In particular, we find a tendency for firms rated a Sell (Buy) to engage more (less) frequently in extreme, income-decreasing earnings management, indicating that they have relatively stronger (weaker), incentives to create accounting reserves especially in ...
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作者：Roulstone, DT
作者单位：University of Chicago
摘要：In this study I investigate the relation between firm-level insider-trading restrictions and executive compensation. Using a trading-window proxy for the existence of such restrictions, I test predictions that insiders will demand compensation for these restrictions and that firms will need to increase incentives to restricted insiders. I find that firms that restrict insider trading pay a premium in total compensation relative to firms not restricting insider trading, after controlling for ec...
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作者：Hope, OK
作者单位：University of Toronto
摘要：Using a sample from 22 countries, I investigate the relations between the accuracy of analysts' earnings forecasts and the level of annual report disclosure, and between forecast accuracy and the degree of enforcement of accounting standards. I document that firm-level disclosures are positively related to forecast accuracy, suggesting that such disclosures provide useful information to analysts. I construct a comprehensive measure of enforcement and find that strong enforcement is associated ...
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作者：Piotroski, JD
作者单位：University of Chicago
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作者：Pope, PF
作者单位：Lancaster University
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作者：Clement, M; Frankel, R; Miller, J
作者单位：University of Texas System; University of Texas Austin; Massachusetts Institute of Technology (MIT); University of Notre Dame
摘要：In this study we examine the association among confirming management forecasts, stock prices, and analyst expectations. Confirming management forecasts are voluntary disclosures by management that corroborate existing market expectations about future earnings. This study provides evidence that these voluntary disclosures affect stock prices and the dispersion of analyst expectations. Specifically, we find that the market's reaction to confirming forecasts is significantly positive, indicating ...
