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最新文章

• Manager perception and proprietary investment disclosure AI翻译
  作者：Rawson, Caleb
  作者单位：University of Arkansas System; University of Arkansas Fayetteville
  摘要：This paper investigates the role of manager perception in proprietary disclosure decisions. I find robust evidence that firms with overconfident CEOs (managers who are more likely to perceive proprietary costs to be lower) provide significantly more narrative R&D disclosures than firms without overconfident CEOs. In cross-sectional analysis, I find that this result is driven by observations where proprietary costs are more significant and salient. Consistent with R&D disclosures being propriet...
• Explaining firms' earnings announcement stock returns using FactSet and I/B/E/S data feeds AI翻译
  作者：Hand, John R. M.; Laurion, Henry; Lawrence, Alastair; Martin, Nicholas
  作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of Colorado System; University of Colorado Boulder; University of London; London Business School; University of North Carolina; University of North Carolina Chapel Hill
  摘要：Since 2001, the number of financial statement line items forecasted by analysts and managers that I/B/E/S and FactSet capture in their data feeds has soared. Using this new data, we find that 13 item surprises-11 income statement-based and 2 cash flow statement-based analyst and management guidance surprises-reliably explain firms' signed earnings announcement returns. No balance sheet or expense surprises are significant. The most important surprises are (i) one-quarter-ahead sales guidance s...
• The unintended benefit of the risk factor mandate of 2005 AI翻译
  作者：Huang, Allen H.; Shen, Jianghua; Zang, Amy Y.
  作者单位：Hong Kong University of Science & Technology; Xiamen University
  摘要：In 2005, the SEC mandated that firms disclose risk factors to provide useful information about firm risk. An unintended effect of the mandate is that mandatory risk factor (RF) disclosure may constitute meaningful cautionary language as defined in the Private Securities Litigation Reform Act, and may therefore provide legal protection for forward-looking statements (FLSs). Using both a difference-in-differences design and a two-stage least squares approach, we find that, following the mandate,...