-
作者：Beck, Amanda; Gilstrap, Collin; Rippy, Jordan; Vansant, Brian
作者单位：University System of Georgia; Georgia State University; University System of Ohio; University of Toledo; Johns Hopkins University; Auburn University System; Auburn University
摘要：In this paper, we examine bad debt and charity care reporting by nonprofit hospitals around bond issuance. Given the tax advantages afforded to nonprofit hospitals, including the ability to issue tax-exempt debt, hospital managers encounter stakeholder pressure to provide community benefits. When nonprofits issue debt, they also face economic pressure to meet creditors' financial performance expectations. We document a reporting strategy that allows nonprofit hospitals to reduce the cost of bo...
-
作者：Ellahie, Atif
作者单位：Utah System of Higher Education; University of Utah
-
作者：Ellahie, Atif; Peng, Xiaoxia
作者单位：Utah System of Higher Education; University of Utah
摘要：We examine the predictive information content of the management forecasts of stock return volatility (i.e., expected volatility) that are disclosed in annual reports. We find that expected volatility predicts near-term and longer-term stock return volatility and earnings volatility incremental to implied volatility, historical volatility, firm characteristics, and alternative measures of uncertainty. We also find that expected volatility reflects managers' private information about their firms...
-
作者：Call, Andrew C.; Hewitt, Max; Watkins, Jessica; Yohn, Teri Lombardi
作者单位：Arizona State University; Arizona State University-Tempe; University of Arizona; University of Notre Dame; Emory University
摘要：I/B/E/S is a common source of analyst earnings forecast data, and the reliability of these data is important for practice and academic research. Examining a common sample period, we compare annual earnings forecasts across two versions of the I/B/E/S detail file, one made available in 2009 and the other made available in 2015. We find substantial differences in the contents of these two versions of the detail file as well as significant differences in the attributes of the earnings forecasts a...
-
作者：Ellahie, Atif; Peng, Xiaoxia
作者单位：Utah System of Higher Education; University of Utah
摘要：A Correction to this paper has been published:
-
作者：Downar, Benedikt; Ernstberger, Jurgen; Reichelstein, Stefan; Schwenen, Sebastian; Zaklan, Aleksandar
作者单位：Technical University of Munich; University of Mannheim; Stanford University; Leibniz Association; DIW Berlin - Deutsches Institut fur Wirtschaftsforschung
摘要：We examine the impact of a disclosure mandate for greenhouse gas emissions on firms' subsequent emission levels and financial operating performance. For UK-incorporated listed firms a carbon disclosure mandate was adopted in 2013. Our difference-in-differences design shows that firms affected by the mandate reduced their emissions by about 8% relative to a control group of European firms. At the same time, our tests indicate that the treated firms experienced no significant changes in their gr...
-
作者：Aobdia, Daniel; Siddiqui, Saad; Vinelli, Andres
作者单位：Northwestern University; Georgetown University
摘要：We examine the heterogeneity of experts in a credence goods setting. In our analytical model, clients are uncertain about how much effort experts need to provide to solve their problem, which is either simple or difficult. Experts have varying degrees of expertise. Less qualified experts are equally effective at solving simple problems but less effective at solving difficult ones. We show that clients pay a fee premium to more qualified experts, even for simple problems. This premium increases...
-
作者：Byard, Donal; Darrough, Masako; Suh, Jangwon
作者单位：City University of New York (CUNY) System; Baruch College (CUNY); New York Institute Technology
摘要：In the mid-2000s, the European Union adopted a number of regulatory reforms intended to increase transparency and disclosure for IPO firms, including mandating the use of International Financial Reporting Standards (IFRS). The reforms also included (1) adoption of the Prospectus Directive, which mandated increased IPO prospectus disclosures and (2) increased accounting enforcement. These new regulations apply only to IPOs listing on EU-regulated markets; firms admitted to trading on exchange-r...
-
作者：Fang, Bingxu; Hope, Ole-Kristian
作者单位：University of Toronto; BI Norwegian Business School
摘要：This paper examines the impact of teamwork on sell-side analysts' performance. Using a hand-collected sample of over 50,000 analyst research reports, we find that analyst teams issue more than 70% of annual earnings forecasts. In contrast, most research implicitly assumes that forecasts are issued by individual analysts. We document that analyst teams generate more accurate earnings forecasts than individual analysts and that the stock market reacts more strongly to forecast revisions issued b...
-
作者：Ryans, James P.
作者单位：University of London; London Business School
摘要：This study examines the impact of SEC comment letters on future financial reporting outcomes and earnings credibility. Naive Bayesian classification identifies comment letters associated with future restatements and write-downs. An investor attention-based quantitative measure of importance, using EDGAR downloads, also predicts these outcomes. Disclosure-event abnormal returns, revenue recognition comments, and the number of letters in a conversation appear to be useful quantitative metrics fo...
