2期

最新文章

• Analysts' use of dividends in earnings forecasts AI翻译
  作者：Das, Somnath; Schaberl, Philipp D.; Sen, Pradyot K.
  作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; University of Northern Colorado; University of Washington; University of Washington Bothell
  摘要：This paper investigates the association between current dividends and analysts' subsequent earnings forecast errors. This investigation is motivated by the evidence on analyst optimism and Ohlson's (1991, 1995) fundamental valuation theory that dividends displace future permanent earnings. For the sample period 1985-2016, we document that current dividends are positively correlated with analysts' future forecast errors, suggesting that analysts potentially ignore the displacement effect of div...
• The effect of PCAOB inspections on corporate innovation: evidence from deficiencies about the valuation of intangibles AI翻译
  作者：Kim, Jungbae
  作者单位：Singapore Management University
  摘要：I examine the economic consequences on corporate innovation when PCAOB inspections cite auditors for insufficient procedures in auditing the valuation of intangibles. I find that the clients of deficient auditors recognize larger and timelier impairments of intangibles, suggesting that affected auditors increase scrutiny about the valuation of intangibles in subsequent audits. This effect obtains only for valuation-related deficiencies and is salient for the clients of auditors who receive suc...
• Protecting wall street or main street: SEC monitoring and enforcement of retail-owned firms AI翻译
  作者：Iselin, Michael; Johnson, Bret; Ott, Jacob; Raleigh, Jacob
  作者单位：University of Minnesota System; University of Minnesota Twin Cities; George Mason University; University of London; London School Economics & Political Science; Monash University
  摘要：This study examines whether retail ownership of a firm is associated with the likelihood that the firm is subject to monitoring and enforcement by the two largest divisions of the SEC. Monitoring is a form of ex ante or preventative regulatory oversight, while enforcement is a form of ex post or punitive oversight. We find a negative association between retail ownership and SEC monitoring. In contrast, we find a positive association between retail ownership and SEC enforcement. These results s...
• Material changes in accounting estimates and the usefulness of earnings AI翻译
  作者：Albrecht, Anne; Glendening, Matt; Kim, Kyonghee; Lee, Kwang J. J.
  作者单位：Texas Christian University; University of Missouri System; University of Missouri Columbia; Michigan State University; Michigan State University's Broad College of Business
  摘要：This study provides insights into the efficacy of FASB ASC 250 by examining the impact of material changes in accounting estimates (MCEs) on the usefulness of earnings. We find that MCEs, on average, increase the usefulness of earnings measured by the predictive ability of earnings for future cash flows and investor responsiveness to earnings news. Although the results suggest that some firms time their implementation of MCEs to meet desired earnings targets, we also find that ASC 250 disclosu...
• The monitoring role of social media AI翻译
  作者：Heese, Jonas; Pacelli, Joseph
  作者单位：Harvard University
  摘要：We examine whether social media activity can reduce corporate misconduct. We use the staggered introduction of 3G mobile broadband access across the United States to identify exogenous increases in social media activity and test whether access to 3G reduces misconduct. We find that facilities substantially reduce both violations and penalties following the introduction of 3G in a local area. To validate social media activity as the mechanism, we show that 3G access results in sharp increases i...
• The Review of Accounting Studies at age 25: a retrospective using bibliometric analysis AI翻译
  作者：Baker, H. Kent; Kumar, Satish; Pandey, Nitesh; Srivastava, Anup
  作者单位：American University; National Institute of Technology (NIT System); Malaviya National Institute of Technology Jaipur; Swinburne University of Technology; Swinburne University of Technology Sarawak; University of Calgary
  摘要：The Review of Accounting Studies (RAST) recently completed 25 years of publication. We provide a descriptive analysis of RAST's characteristics that should interest the stakeholders who have been part of the journal's evolution. We benchmark RAST's characteristics against the other top accounting journals: Journal of Accounting and Economics, Journal of Accounting Research, the Accounting Review, and Contemporary Accounting Research. We provide information on RAST's most prominent subject matt...
• Prosocial CEOs, corporate policies, and firm value AI翻译
  作者：Feng, Mei; Ge, Weili; Ling, Zhejia; Loh, Wei Ting
  作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; University of Washington; University of Washington Seattle; California State University System; California State University Fullerton; Singapore Management University
  摘要：This paper examines how chief executive officers' (CEOs') prosocial tendency influences corporate policies and firm value. We use individuals' involvement with charitable organizations as a proxy for prosocial tendency. We find that, compared to firms with non-prosocial CEOs, firms with prosocial CEOs have lower executive subordinate turnover, implement more employee-friendly policies, experience higher customer satisfaction, and engage in more socially responsible activities. We also find tha...
• The impact of standard setting on individual investors: evidence from SFAS 109 AI翻译
  作者：Hutchens, Michelle; Rego, Sonja O.; Williams, Brian
  作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Indiana University System; Indiana University Bloomington; IU Kelley School of Business
  摘要：We examine the response of individual investors to firms' adoptions of SFAS 109 - Accounting for Income Taxes. We predict that SFAS 109 reduces disclosure-processing costs and provides new decision-useful information, reducing the information disadvantage of individual investors relative to more sophisticated investors. Using monthly individual investor stock holdings data and staggered firm adoptions of SFAS 109, we provide evidence that individual investors increased their holdings in firms ...
• Nonrecurring income taxes AI翻译
  作者：Donelson, Dain C.; Koutney, Colin Q.; Mills, Lillian F.
  作者单位：University of Iowa; George Mason University; University of Texas System; University of Texas Austin
  摘要：Nonrecurring income taxes are transitory items that exclusively affect earnings through tax expense. We conduct the first in-depth examination of nonrecurring income taxes to determine whether they are primarily attributable to economic events or managerial opportunism. We find that nonrecurring income taxes have little predictive power for future earnings, are not associated with meeting or beating analyst earnings forecasts, and are not associated with future tax expense restatements. We als...
• The gift that keeps on giving: stock returns around CEO stock gifts to family members AI翻译
  作者：Brown, Jennifer L.; Huston, G. Ryan; Wenzel, Brian S.
  作者单位：Arizona State University; Arizona State University-Tempe; Texas Tech University System; Texas Tech University; McGill University
  摘要：We examine an overlooked type of insider transaction-CEOs' stock gifts to family members. CEOs should prefer to make family stock gifts at relative price minima, consistent with an estate and gift tax planning strategy called an estate freeze. We demonstrate that CEO freeze gifts generally follow temporary price suppressions and precede significant price appreciation, leading to substantial estate tax savings. Further, we find positive market returns one and two years following disclosure of f...