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• 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...
• 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...
• Management bias across multiple accounting estimates AI翻译
  作者：Seidel, Timothy A.; Simon, Chad A.; Stephens, Nathaniel M.
  作者单位：Brigham Young University; Utah System of Higher Education; Utah State University
  摘要：We examine whether managers appear to aggregate bias in multiple subjective accrual estimates to meet or just beat analyst expectations. We also consider whether the updated language in recent PCAOB auditing standards, focusing auditors on the potential for bias across multiple estimates, impacted this method of managing earnings. Using hand-collected data from a sample of manufacturers, we find that meeting or just beating the most recent consensus analyst earnings forecast is positively asso...
• A simple structural estimator of disclosure costs AI翻译
  作者：Cheynel, E.; Liu-Watts, M.
  作者单位：University of California System; University of California San Diego; City University of New York (CUNY) System; Hunter College (CUNY)
  摘要：This study recovers a simple firm-level measure of disclosure costs implied by the voluntary disclosure theory of Verrecchia (Journal of Accounting and Economics 12(4), 365-380, 1990). The measure does not require knowledge by the researcher of the distribution of private information and can be implemented with three simple observable inputs: the minimum, average, and frequency of disclosure. We document a positive association of disclosure costs with proxies for existing and potential competi...
• Analyst forecasts: sales and profit margins AI翻译
  作者：Cheng, C. S. Agnes; Chu, K. C. Kenneth; Ohlson, James
  作者单位：Hong Kong Polytechnic University
  摘要：Sales and profit margins are two popular earnings components discussed in the media. We study properties of one-year-ahead analyst forecasts of these two components. As sales are in dollar amounts and profit margin is a ratio, we propose robust statistical methods to assess and contrast their forecast properties. We find that four performance properties associated with earnings forecasts-optimism, relative accuracy with respect to benchmark model forecasts, forecast suboptimality, and serial c...
• Opportunity knocks but once: delayed disclosure of financial items in earnings announcements and neglect of earnings news AI翻译
  作者：Li, Yifan; Nekrasov, Alexander; Teoh, Siew Hong
  作者单位：California State University System; San Francisco State University; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; University of California System; University of California Irvine
  摘要：We define a delayed disclosure ratio (DD) as the fraction of 10-Q financial statement items that are withheld at the earlier quarterly earnings announcement. We find that higher DD firms have a greater delay in investor and analyst response to earnings surprises: (i) the fraction of total market reaction to quarterly earnings news realized around the earnings announcement (after the 10-Q filing) is smaller (greater), and (ii) analysts are more likely to defer issuing forecasts from immediately...
• Family entrenchment and internal control: evidence from S&P 1500 firms AI翻译
  作者：Chen, Xia; Feng, Mei; Li, Chan
  作者单位：Singapore Management University; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; University of Kansas
  摘要：\We examine whether family owners exploit internal control weaknesses for entrenchment purposes and whether the public disclosure requirement under SOX 404 helps alleviate this entrenchment. We find supportive evidence for both questions. In the initial years of SOX 404 implementation (2004 and 2005), ineffective internal control in family CEO firms is more conducive to entrenchment - measured by the occurrence of misstatements, frauds, and related party transactions - than ineffective interna...
• The initiation of audit committee interlocks and the contagion of accounting policy choices: evidence from special items AI翻译
  作者：Dharwadkar, Ravi; Harris, David; Shi, Linna; Zhou, Nan
  作者单位：Syracuse University; University System of Ohio; University of Cincinnati
  摘要：We document that the initiation of audit committee interlocks is associated with contagion in reported special items. We argue that this is, in part, attributable to contagion of accounting policy choices. We find that the special items of newly interlocked firms, unrelated before interlock, become positively correlated afterward, suggesting information transfer starts with interlock formation. This result holds for negative special items, key components of special items (asset impairments, re...
• Incentives in optimally sized teams for projects with uncertain returns AI翻译
  作者：Duerr, Oliver; Nisch, Markus; Rohlfing-Bastian, Anna
  作者单位：Goethe University Frankfurt
  摘要：This paper analyzes a principal-agent model with three risk-averse players to investigate incentive provision and optimal team size in a setting with uncertain productivity and team synergies. A principal hires a team of workers and a manager to supervise the team. Workers provide productive effort, whereas the manager exerts effort to reduce measurement noise and productivity risk. We find that moral hazard is a limiting factor for team size and that the risk from uncertain productivity leads...
• Entropy-balanced accruals AI翻译
  作者：McMullin, Jeff L.; Schonberger, Bryce
  作者单位：Indiana University System; Indiana University Bloomington; IU Kelley School of Business; University of Rochester
  摘要：This study assesses whether the accrual-generating process is adequately described by a linear model with respect to a range of underlying determinants examined by prior literature. We document substantial departures from linearity across the distributions of accrual determinants, including measures of size, performance, and growth. To incorporate non-linear relations, we employ a recently developed multivariate matching approach (entropy balancing) to adjust for determinants in place of relyi...