-
作者：Christensen, Theodore E.; Gomez, Enrique; Ma, Matthew; Pan, Jing
作者单位：University System of Georgia; University of Georgia; Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; Southern Illinois University System; Southern Illinois University; Southern Methodist University
摘要：We examine how exogenous changes in analyst coverage influence (1) thelikelihoodthat managers will voluntarily disclose customized (non-GAAP) performance metrics and (2) the relativequalityof their non-GAAP disclosures. Specifically, we use a quasi-natural-experimental setting in which brokerage firms terminate analyst coverage and find that, following an unanticipated decrease in analyst coverage, managers are more likely to disclose non-GAAP earnings per share (EPS) numbers. We also find tha...
-
作者：Honigsberg, Colleen; Katz, Sharon P.; Mutlu, Sunay; Sadka, Gil
作者单位：Stanford University; INSEAD Business School; University System of Georgia; Kennesaw State University; University of Texas System; University of Texas Dallas
摘要：This paper examines the relation between state contract law and the use of accounting information in debt contracts. Contract theory suggests that balance sheet based covenants resolve debtholder-shareholder conflicts ex ante, whereas income statement based covenants serve as trip- wires that trigger the switch of control rights ex post. It is more difficult for lenders to exert their control rights ex post if the contract law is more favorable to debtors (i.e., the law is pro-debtor), suggest...
-
作者：Dai, Lili; Shen, Rui; Zhang, Bohui
作者单位：University of New South Wales Sydney; The Chinese University of Hong Kong, Shenzhen; The Chinese University of Hong Kong, Shenzhen
摘要：We examine the effect of media coverage on firm innovation. Using a comprehensive sample of corporate news coverage and patenting over the period from 2000 to 2012, we find a negative relation between media coverage and firm innovation. We further document the two offsetting economic mechanisms underlying the impact of media coverage on innovation: the media's role of short-term pressure on managers relates negatively to innovation, while its role of mitigating financial constraints is positiv...
-
作者：Ellahie, Atif
作者单位：Utah System of Higher Education; University of Utah
-
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：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...
-
作者：Penman, Stephen H.; Zhang, Xiao-Jun
作者单位：Columbia University; University of California System; University of California Berkeley
摘要：This paper revises the standard interpretation of the book rate of return as a measure of profitability. Rather, due to conservative accounting, the book rate of return informs about risk and the expected return to the investor. In contrast to asset pricing research, where the book rate of return is viewed as positively associated with risk and expected stock returns, the paper demonstrates the opposite: with the effect of conservative accounting, the book rate of return is negatively associat...
-
作者：Truong, Cameron; Nguyen, Thu Ha; Huynh, Thanh
作者单位：Monash University; Monash University
摘要：Using a sample of U.S. firms from 1995 through 2015 and the customer satisfaction scores from the American Customer Satisfaction Index, we find strong evidence that firms with higher customer satisfaction scores enjoy lower cost of equity capital, even after controlling for other factors that determine the cost of equity. In addition, results from a propensity score matched sample analysis, a difference-in-differences analysis, and instrumental variable regressions suggest that our findings ar...
-
作者：Ellahie, Atif
作者单位：Utah System of Higher Education; University of Utah
摘要：The literature on cash flow or earnings beta is theoretically well-motivated in its use of fundamentals, instead of returns, to measure systematic risk. However, empirical measures of earnings beta based on either log-linearizing the return equation or log-linearizing the clean-surplus accounting identity are often difficult to construct. I construct simple earnings betas based on various measures of realized and expected earnings and find that an earnings beta based on price-scaled expectatio...
-
作者：Kang, Jung Koo; Williams, Christopher D.; Wittenberg-Moerman, Regina
作者单位：University of Southern California; University of Michigan System; University of Michigan
摘要：We investigate how credit default swaps (CDSs) affect lenders' incentives to initiatenewlending relationships. We predict that CDSs reduce adverse selection that nonrelationship lead arrangers face when competing for loans. Consistently, we find that a loan is more likely to be syndicated by a nonrelationship lead arranger following CDS trading initiation on a borrower's debt. We also show that borrowers that obtain loans from nonrelationship lead arrangers in the post-CDS trading initiation p...
