2期

最新文章

• 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...
• 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...
• The changing implications of research and development expenditures for future profitability AI翻译
  作者：Curtis, Asher; McVay, Sarah; Toynbee, Sara
  作者单位：University of Washington; University of Washington Seattle; University of Texas System; University of Texas Austin
  摘要：We document strong evidence of a declining relation between R&D and future profitability, which coincides with a number of important economic changes, including a significant increase in R&D spending. We identify several contributors to this decline, including changes in the nature and riskiness of R&D projects and a shift in the types of firms undertaking R&D in our sample. We also demonstrate variation in the implications of R&D for future profitability, consistent with diminishing marginal ...
• Policy uncertainty and loan loss provisions in the banking industry AI翻译
  作者：Ng, Jeffrey; Saffar, Walid; Zhang, Janus Jian
  作者单位：Hong Kong Polytechnic University
  摘要：Policy uncertainty is an increasingly important issue in many economies. Extensive evidence indicates that higher policy uncertainty is associated with future negative macroeconomic and microeconomic conditions. In this paper, we examine how policy uncertainty affects banks' accruals for loan losses. Consistent with banks signaling more expected loan losses, we document that in times of higher policy uncertainty, banks make more loan loss provisions. This positive association is more pronounce...
• Investor relations and IPO performance AI翻译
  作者：Chahine, Salim; Colak, Gonul; Hasan, Iftekhar; Mazboudi, Mohamad
  作者单位：American University of Beirut; Hanken School of Economics; Fordham University
  摘要：We analyze the value of investor relations (IR) strategies to IPO firms. We find that firms that are less visible and have inexperienced management tend to hire IR consultants prior to the issue date. IR consultants help create positive news coverage before an IPO, as reflected in a more optimistic tone of published media. Their presence is associated with higher underpricing at the IPO date but with lower long-run returns. IR-backed IPOs also exhibit disproportionately higher insider-related ...
• Sleeping with the enemy: should investment banks be allowed to engage in prop trading? AI翻译
  作者：Charitou, Andreas; Karamanou, Irene
  作者单位：University of Cyprus
  摘要：In the midst of the controversy regarding the consequences of the Volcker Rule, we examine whether conflicts of interest exist between the research and proprietary (prop) trading departments of investment banks. Consistent with the existence of a prop trading incentive, our results suggest that banks trade both ahead of and against their upgrades and downgrades for stocks not affiliated with the investment banking department and with small institutional interest. Our results are robust to a va...
• Discretionary disclosure and manager horizon: evidence from patenting AI翻译
  作者：Glaeser, Stephen; Michels, Jeremy; Verrecchia, Robert E.
  作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of Pennsylvania
  摘要：We examine the relation between manager horizon and discretionary disclosure, using patenting as a measure of disclosure. Patenting reflects, in part, a manager's decision to disclose the successful outcome of research and development (R&D). When a firm invests in R&D but does not patent, investors are unsure whether this reflects a failed R&D project or the manager choosing not to patent. We suggest that investors' beliefs about a manager's horizon-whether the manager seeks to maximize short-...
• The treatment of special items in determining CEO cash compensation AI翻译
  作者：Potepa, James
  作者单位：George Washington University
  摘要：Prior literature documents that CEOs are rewarded for any positive component of income and are partially shielded from negative special items. However, the incidence of and rules pertaining to nonrecurring items significantly changed over the last two decades, calling for a reassessment of earlier research. This paper finds that executives now benefit less from positive nonrecurring items and are penalized more for negative special items, compared to earlier periods. The predictive value of th...
• Do excessively volatile forecasts impact investors? AI翻译
  作者：Lundholm, Russell; Rogo, Rafael
  作者单位：University of British Columbia; Indiana University System; Indiana University Bloomington
  摘要：There is a logical bound on the time-series variability of analyst forecasts; when variability exceeds this bound it must be caused by something besides statistically rational forecasting. We document occurrences of excessively volatile analyst forecasts and show that they influence investment performance. Comparing trading rules based on forecasts that are excessively volatile and those that are not, we find the returns to investing based on the former are significantly lower, with higher dai...