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作者：Gu, Feng; Lev, Baruch; Zhu, Chenqi
作者单位：State University of New York (SUNY) System; University at Buffalo, SUNY; New York University; University of California System; University of California Irvine
摘要：We examine the value relevance of accounting-driven losses that result from the immediate expensing of firms' internally generated intangible investments versus losses occurring irrespective of intangible investments. Contrary to the long-held view that losses are less relevant than profits for valuation, we find that once the accounting bias of intangibles-expensing is undone, earnings of firms reporting intangibles-driven losses are as informative as earnings of profitable firms. Furthermore...
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作者：Hofmann, Christian; Huddart, Steven; Pfeiffer, Thomas
作者单位：University of Munich; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Vienna
摘要：Options, restricted stock, bonuses tied to total shareholder return, and similar equity-based compensation contracts stipulate payments that depend on stock price. Any such contract is a function of shareholder value net of the compensation payment, because stock price (1) is proportional to this net value or net outcome and (2) anticipates compensation-related payments and dilution. The net outcome, in turn, is reduced by the payment and so depends on the contract. Standard moral hazard analy...
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作者：Gong, James Jianxin; Young, S. Mark; Zhou, Aner
作者单位：California State University System; California State University Fullerton; University of Southern California; California State University System; San Diego State University
摘要：Prior studies on real earnings management (REM) focus mainly on estimating abnormal operating and investing activities at the firm level. We extend this literature by providing micro-level evidence regarding how financial reporting pressures influence new product release decisions, or product-level REM. Specifically, we compare how public and private studios differentially time the release of their movies. We find that, faced with pressure to boost quarterly revenues and earnings, public studi...
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作者：Srivastava, Anup
作者单位：University of Calgary
摘要：The purpose of this article is to illustrate the growing limitations of the current methods of calculating earnings, particularly when earnings is a negative number. Earnings, presumably the most important output of a financial reporting system, is not a singular metric. It is obtained by subtracting numerous expense line items from revenues, both of which are calculated after applying a diverse, and often inconsistent, set of accounting conventions. Despite this apparent deficiency, earnings ...
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作者：Chen, Ciao-Wei; Li, Laura Yue
作者单位：University of Illinois System; University of Illinois Urbana-Champaign
摘要：Job vacancy duration reflects the time a firm spends searching, selecting, and hiring for a job opening. Capturing vacancy duration using the creation and deletion dates of job postings by US public firms, we examine the informativeness of vacancy duration for future firm profitability. We find that while firms that quickly fill low-skill job vacancies exhibit higher future profitability, firms that take more time to fill high-skill jobs exhibit higher future profitability. Our cross-sectional...
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作者：Christensen, Dane M.; Morris, Arthur; Walther, Beverly R.; Wellman, Laura A.
作者单位：University of Oregon; Hong Kong University of Science & Technology; Northwestern University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：We examine whether politically connected firms play a role in disseminating political information via their management guidance. Using campaign financing activity or the presence of a government affairs office to proxy for firms' access to political information, we find that politically connected firms are more likely to issue management guidance, and their guidance is more likely to discuss government policies. Further, these relations are attenuated for firms facing high proprietary costs of...
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作者：Foster, George
作者单位：Stanford University
摘要：The Gong, Young, and Zhou (GYZ) (Gong et al. 2023) paper examines potential earnings management by movie studio companies. Using a large sample of 3094 US-produced English-language movies released between 1997 and 2019, they find that movie studio companies, when faced with a below expected US box office revenue yield from their movies in a specific quarter, move up the release dates of movies with high expected revenues. This move-up release is an example of what the accounting research liter...
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作者：Alhusaini, Badryah; Chapman, Kimball L.; White, Hal D.
作者单位：Arizona State University; Arizona State University-Tempe; Washington University (WUSTL); University of Notre Dame
摘要：In this paper, we examine whether a regulatory shift allowing more private firm disclosure leads to less myopia. The Jumpstart Our Business Startups (JOBS) Act of 2012 permits a subset of firms to meet privately with potential investors in the months before an IPO, allowing them to provide information without proprietary cost concerns, leading to more complete disclosure. Consistent with a reduction in myopia, we find that these firms are less likely to manage earnings to beat short-term bench...
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作者：Francoeur, Claude; Li, Yuntian; Singer, Zvi; Zhang, Jing
作者单位：Universite de Montreal; HEC Montreal; University of Colorado System; University of Colorado Denver
摘要：This study examines the voluntary disclosure of earnings forecasts by female CEOs. We find that in the backdrop of increased pressure to perform from investors and other stakeholders, female CEOs tend to issue more earnings forecasts than male CEOs, and those forecasts are more accurate. We also find that while financial analysts generally prefer to follow companies headed by male CEOs, female CEOs' efforts to issue accurate earnings forecasts pay off, as these efforts help them close the anal...
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作者：Huang, Rong; Marquardt, Carol; Zhang, Bo
作者单位：Fudan University; City University of New York (CUNY) System; Baruch College (CUNY); Renmin University of China
摘要：Recent research shows that matching between contemporaneous revenues and expenses has declined over the past 40 years. We argue that this decline in matching reduces the contracting usefulness of earnings and affects managerial effort allocation and performance measure choice. Based on a theoretical model, we predict that firms with poor matching benefit from contracting on sales revenue instead of earnings. Using hand-collected CEO performance measure data from S&P 500 firms, we document a si...
