2020

最新文章

• Machine learning improves accounting: discussion, implementation and research opportunities AI翻译
  作者：Bertomeu, Jeremy
  作者单位：Washington University (WUSTL)
  摘要：Machine learning has been growing in importance in empirical accounting research. In this opinion piece, I review the unique challenges of going beyond prediction and leveraging these tools into generalizable conceptual insights. Taking as springboard Machine learning improves accounting estimates presented at the 2019 Conference of the Review of Accounting Studies, I propose a conceptual framework with various testable implications. I also develop implementation considerations panels with acc...
• The market's reaction to changes in relative performance rankings AI翻译
  作者：Jennings, Jared; Seo, Hojun; Soliman, Mark T.
  作者单位：Washington University (WUSTL); National University of Singapore; University of Southern California
  摘要：The media commonly gauges a firm's performance by comparing its performance to others within the same industry. We provide evidence that investors and analysts positively value improvements to the firm's relative performance ranking (RPR) within its industry. Consistently, RPR is positively associated with the firm's earnings persistence, which suggests that RPR provides information about the firm's ability to capture profits within the industry. We also find that managers use non-GAAP exclusi...
• Measuring disclosure using 8-K filings AI翻译
  作者：He, Jing; Plumlee, Marlene A.
  作者单位：University of Delaware; Utah System of Higher Education; University of Utah
  摘要：We construct four voluntary and two mandatory disclosure measures for 260,880 firm-quarters from 2005 through 2016 using 8-K data. The first voluntary disclosure measure is the count of 8-Ks, a proxy used in prior studies. The second and third are the count and word count of the 8-K items classified as voluntary (Items 2.02, 7.01, and 8.01) and the associated exhibits. The final voluntary disclosure measure is the count of the voluntary 8-K items and exhibits that include management guidance, ...
• The term structure of implied costs of equity capital AI翻译
  作者：Callen, Jeffrey L.; Lyle, Matthew R.
  作者单位：University of Toronto; Northwestern University
  摘要：We model and estimate the term structure of implied costs of equity capital (and implied risk premia) at the firm level for the years 1996-2015 from forward looking option contracts. Empirical tests reject the assumption that the term structure of implied firm-level costs of equity is constant over different time horizons. Instead, we find that the term structure is often upward sloping and concave. However, we also find that the term structure flattened during the 1998 and 2007-2008 crises an...
• Does financial reporting misconduct pay off even when discovered? AI翻译
  作者：Amiram, Dan; Huang, Serene; Rajgopal, Shiva
  作者单位：Tel Aviv University; Columbia University
  摘要：Experts and popular belief contend that it pays to engage in financial misconduct. We hand-collect data on three subsamples of severe misconduct cases, between 2003 and 2016: a sample of 37 (100) SEC enforcement actions (class action lawsuits) that explicitly allege fraud and a sample of 100 restatements with the most negative stock price reaction in which investors presumably suspect fraud. We then compare estimates of the benefits from reporting misconduct to top managers against estimates o...
• Inducement grants, hiring announcements, and adverse selection for new CEOs AI翻译
  作者：Cadman, Brian; Carrizosa, Richard; Peng, Xiaoxia
  作者单位：Utah System of Higher Education; University of Utah; University of Texas System; University of Texas El Paso
  摘要：We examine how adverse selection problems when hiring new external CEOs affect contractual features of inducement grants. Focusing on the sensitivity of inducement grants to the new CEO announcement return ($Sensitivity), we find that firms provide inducement grants that are more sensitive to the new CEO announcement return when information asymmetry about the new CEO is more severe and the costs of adverse selection problems are higher. We also find a positive relation between the market reac...
• Intertemporal variation in the information content of aggregate earnings and its effect on the aggregate earnings-return relation AI翻译
  作者：Kim, Jaewoo; Schonberger, Bryce; Wasley, Charles; Land, Hunter
  作者单位：University of Oregon; University of Rochester; Vanderbilt University; University of Colorado System; University of Colorado Boulder
  摘要：We develop and test explanations for sources of intertemporal variation in the information content of aggregate earnings and how that variation explains variation in the relation between aggregate earnings growth and market returns over time. We find that the correlation between aggregate earnings growth and leading market-wide real output shocks (measured by the growth in the Federal Reserve Board's index of industrial production) becomes more pronounced in the 1990s and 2000s, which explains...
• Negative accounting earnings and gross domestic product AI翻译
  作者：Gaertner, Fabio B.; Kausar, Asad; Steele, Logan B.
  作者单位：University of Wisconsin System; University of Wisconsin Madison; American University; Oregon State University
  摘要：Konchitchki and PatatoukasJournal of Accounting and Economics57 (1-2), 76-88, (2014a) show that aggregate accounting earnings growth predicts future nominal gross domestic product (GDP) growth and that professional macro forecasters do not fully incorporate the information contained in aggregate accounting earnings. Based on results from prior literature, which find that accounting earnings reflect bad economic news in a timelier manner than good news, we condition Konchitchki and Patatoukas's...
• Audit partner identification and audit quality AI翻译
  作者：Lee, Kyungha Kari; Levine, Carolyn B.
  作者单位：Rutgers University System; Rutgers University Newark; Rutgers University New Brunswick; University of Delaware
  摘要：This paper studies the effects of disclosing the audit engagement partner's identity on individual and partnership incentives and overall audit quality. We model a collective decision problem, incorporating individual engagement partners' preferences with the partnership's choice of internal quality control. In our model, disclosure of the individual engagement partner (on Form AP) influences the probability that clients observe individual partners' past performance. While Form AP disclosure i...
• Use of independent valuation specialists in valuing employee stock options: evidence from IPOs AI翻译
  作者：Stuart, Michael D.; Willis, Richard H.
  作者单位：Vanderbilt University
  摘要：We investigate the impact of independent valuation specialists on the downward bias of pre-initial public offering employee stock option valuations. Undervalued stock price estimates underlying firms' option grants produce option valuations that overstate earnings and provide employees with deep in the money options. We find independent stock price valuations are more likely for firms with a Big Four auditor and an audit committee accounting expert. Furthermore, valuations prepared by independ...