2期

最新文章

• Altruism, social norms, and incentive contract design AI翻译
  作者：Abernethy, Margaret A.; Bouwens, Jan; Hofmann, Christian; van Lent, Laurence
  作者单位：University of Melbourne; University of Amsterdam; University of Munich
  摘要：We study theoretically and empirically the relation between altruism and incentive contract design. Theoretically, we extend Fischer and Huddart (2008) to investigate how social norms reinforce managers' altruistic preferences, thus affecting the optimal contract design related to incentive strength and performance measurement. Empirically, we draw on the notion of an organization's work climate to capture managers' altruistic preferences. Using data collected from a sample of 557 managers, we...
• Valuation uncertainty and analysts' use of DCF models AI翻译
  作者：Huang, Shengzhong; Tan, Hongping; Wang, Xiongyuan; Yu, Changqiu
  作者单位：China University of Mining & Technology; McGill University; Zhongnan University of Economics & Law; University of Manitoba
  摘要：Using textual analysis for a large sample of analyst reports on U.S. firms, we find that analysts are more likely to use a discounted cash flow (DCF) model and to discuss more cash flow and discount rate information for firms with more uncertainty, as measured by earnings quality and firm risks. The market reactions to target price changes based on a DCF model are stronger, particularly for firms with greater valuation uncertainty and when the analysts present more cash flow and discount rate ...
• Taxes and director independence: evidence from board reforms worldwide AI翻译
  作者：Li, Qingyuan; Maydew, Edward L.; Willis, Richard H.; Xu, Li
  作者单位：Wuhan University; University of North Carolina; University of North Carolina Chapel Hill; Vanderbilt University; Washington State University
  摘要：We examine whether changes to corporate governance resulting from board reforms affect corporate tax behavior. While the connection between corporate governance and tax behavior has been the subject of intense interest in the literature, a lack of exogenous variation in governance has hampered inferences. Our inquiry exploits a set of major board reforms that capture shocks to board reforms for firms in 31 countries. The results indicate that corporate tax avoidance decreases significantly fol...
• Social media analysts and sell-side analyst research AI翻译
  作者：Drake, Michael S.; Moon, James R., Jr.; Twedt, Brady J.; Warren, James D.
  作者单位：Brigham Young University; University System of Georgia; Georgia Institute of Technology; University of Oregon; University of Connecticut
  摘要：We examine how research posted by social media analysts (SMAs)-individuals posting equity research online via social media investment platforms-is related to research subsequently produced by professional sell-side equity analysts. Using data from Seeking Alpha, we find that the market reaction to sell-side analyst research is substantially reduced when the analyst research is preceded by the report of an SMA, and that this is particularly true of sell-side analysts' earnings forecasts. We fur...
• Accounting for uncertainty: an application of Bayesian methods to accruals models AI翻译
  作者：Breuer, Matthias; Schutt, Harm H.
  作者单位：Columbia University; Tilburg University
  摘要：We provide an applied introduction to Bayesian estimation methods for empirical accounting research. To showcase the methods, we compare and contrast the estimation of accruals models via a Bayesian approach with the literature's standard approach. The standard approach takes a given model of normal accruals for granted and neglects any uncertainty about the model and its parameters. By contrast, our Bayesian approach allows incorporating parameter and model uncertainty into the estimation of ...
• Empirical implications of incorrect special item tax rate assumptions AI翻译
  作者：Cready, William M.; Lopez, Thomas J.; Sisneros, Craig A.; Stinson, Shane R.
  作者单位：University of Texas System; University of Texas Dallas; University of Alabama System; University of Alabama Tuscaloosa; Oklahoma State University System; Oklahoma State University - Stillwater
  摘要：The use of assumed tax rates to adjust special items (e.g., restructuring charges, asset writedowns, etc.) is common in empirical accounting research as these items are reported pre-tax and are often used in research designs that include after-tax earnings. This study explores the potential empirical consequences of assuming an incorrect tax rate in adjusting special items. We focus on special items given their prevelance in the literature as well as the wide variation in tax rate assumptions ...
• Other comprehensive income, its components, and analysts' forecasts AI翻译
  作者：Anderson, Joshua; Cao, Yiting; Riedl, Edward J.; Song, Scarlett Xiaotong
  作者单位：California State University System; California Polytechnic State University San Luis Obispo; California State University System; California State University Los Angeles; Boston University; University System Of New Hampshire; University of New Hampshire
  摘要：This paper examines how analysts incorporate other comprehensive income (OCI) and its components into their earnings forecasts. We first document that analysts' 1-year-ahead earnings forecasts are associated with OCI and OCI components having predictive ability; this suggests analysts (at least partially) incorporate this information into their forecasting. We then show that analysts are neither complete nor timely in incorporating OCI information into their forecasts, as several OCI component...
• Differences in government accounting conservatism across jurisdictions, their determinants, and consequences: the case of Canada and the United States AI翻译
  作者：Cziffra, Johnathon; Fortin, Steve; Singer, Zvi
  作者单位：University of New Brunswick; Universite de Montreal; HEC Montreal; University of Waterloo; Universite de Montreal; HEC Montreal
  摘要：We use the year-end adjustments to the provisions for student loan losses of state and provincial governments in the United States and Canada to study government accounting conservatism and how it varies between these adjacent and highly integrated countries. Building on Canada's more conservative cultural attributes, we hypothesize and find that Canadian provincial governments report more conservative provisions for student loan losses than U.S. state governments. Moreover, the year-end adjus...
• Uncertainty about managerial horizon and voluntary disclosure AI翻译
  作者：Kim, Jung Min
  作者单位：University of Pennsylvania
  摘要：I examine the relation between investors' uncertainty about managerial horizon and corporate voluntary disclosure. I argue that investors' uncertainty about the manager's short-term stock price concern works as a disclosure friction that allows for a partial disclosure equilibrium. When investors are uncertain about managers' horizons, short-horizon managers can withhold bad news by pooling with long-horizon managers who are not motivated to disclose, regardless of the content of the news, as ...
• Equity financing incentive and corporate disclosure: new causal evidence from SEO deregulation AI翻译
  作者：Chen, Jun; Li, Ningzhong; Zhou, Xiaolu
  作者单位：Zhejiang University; University of Texas System; University of Texas Dallas; Chinese University of Hong Kong
  摘要：We provide new causal evidence for the impact of equity financing incentive on firms' voluntary disclosure decisions by exploring the 2008 seasoned equity offering deregulation, which exogenously facilitates small firms' access to public equity financing and increases their equity issuance incentives without changing their business and information environments. We argue that the heightened equity financing incentive due to the deregulation can motivate a firm to increase disclosures even in th...