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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：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 ...
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作者：Whisenant, S; Sankaraguruswamy, S; Raghunandan, K
作者单位：University of Houston System; University of Houston; Georgetown University; State University System of Florida; Florida International University
摘要：In this study we investigate whether the characteristics of clients, auditors, and the auditor-client relationship simultaneously determine audit and non-audit fees. As done in prior studies, we maintain that fees proxy for the level of service provided and follow the physical flow of knowledge. Estimating single-equation models of audit and non-audit fee models, we confirm prior findings of an association between audit and non-audit fees. Studies conclude that such evidence is consistent with...
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作者：Weber, J; Willenborg, M
作者单位：Massachusetts Institute of Technology (MIT); University of Connecticut
摘要：Do expert informational intermediaries add value? We address this question by examining the informativeness of the audit report contained in the prospectus associated with a firm's initial public offering (IPO). At the time of the IPO, there is a relative lack of information to facilitate the establishment of equity values, suggesting that the information provided by outside experts (e.g., auditors, under-writers) is particularly important. In this article we study small, non-venture-backed IP...
