4期

最新文章

• 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...
• Using video to disclose forward-looking information: the effect of nonverbal cues on investors' judgments AI翻译
  作者：Cade, Nicole L.; Koonce, Lisa; Mendoza, Kim I.
  作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; University of Texas System; University of Texas Austin; University of Illinois System; University of Illinois Urbana-Champaign
  摘要：We conduct two experiments to examine how investors react to nonverbal cues of certainty as displayed by a CEO communicating forward-looking information via the relatively new and emerging medium of video. Results of the first experiment suggest that, at least for the setting we examine, investors react more negatively (do not react more positively) to a video disclosure when the CEO displays nonverbal cues of uncertainty (certainty), relative to the same disclosure delivered via audio or writ...
• Tax-savvy executives AI翻译
  作者：Kubick, Thomas R.; Li, Yijun; Robinson, John R.
  作者单位：University of Nebraska System; University of Nebraska Lincoln; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; Texas A&M University System; Texas A&M University College Station; Mays Business School
  摘要：We investigate why firms include individuals with significant professional tax experience on their senior management team and the consequences associated with the presence of thesetax-savvyexecutives. We find that past performance, network connections, geographic location, and tax-rate level, relative to industry peers, are all significant determinants of having a tax-savvy executive on the senior management team. Using propensity-score matching, we find that effective tax rates decrease subst...
• Do going concern opinions provide incremental information to predict corporate defaults? AI翻译
  作者：Gutierrez, Elizabeth; Krupa, Jake; Minutti-Meza, Miguel; Vulcheva, Maria
  作者单位：Universidad de Chile; University of Miami; State University System of Florida; Florida International University
  摘要：Investors, regulators, and academics question the usefulness of going concern opinions (GCOs). We assess whether GCOs provide incremental information, relative to other predictors of corporate default. Our measure of incremental information is the additional predictive power that GCOs give to a default model. Using data from 1996 to 2015, initially we find no difference in predictive power between GCOs alone and a default model that includes financial ratios. However, there is an imperfect ove...
• Economic persistence, earnings informativeness, and stock return regularities AI翻译
  作者：Du, Kai; Huddart, Steven
  作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
  摘要：We propose a simple framework for understanding accounting-based stock return regularities. A firm's accounting reports provide noisy information about hidden economic states that evolve according to a Markov process. In response to the accounting reports, a representative Bayesian investor forms beliefs about the underlying state and hence the value of the firm. For a population of such firms, the model provides predictions consistent with two sets of well-documented regularities: (i) the mar...
• Gender and beauty in the financial analyst profession: evidence from the United States and China AI翻译
  作者：Li, Congcong; Lin, An-Ping; Lu, Hai; Veenstra, Kevin
  作者单位：Duquesne University; Singapore Management University; University of Toronto; Peking University; McMaster University
  摘要：We examine how gender and beauty affect the likelihood of being voted as an All-Star in the financial analyst profession in both the United States and China. We find that female analysts are more likely to be voted as All-Star analysts in the United States, but good-looking female U.S. analysts are less likely to be voted as All-Stars. The conclusion is the opposite for Chinese analysts. We find that female analysts in China are less likely to be voted as All-Stars, but the likelihood increase...
• The effect of ASU 2014-08 on the use of discontinued operations to manage earnings AI翻译
  作者：Ji, Yuan; Potepa, James; Rozenbaum, Oded
  作者单位：Montana State University System; Montana State University Bozeman; George Washington University
  摘要：Accounting regulations require firms to separately disclose the profits and losses from discontinued operations. These discontinued operations are typically excluded from the definition of income used by investors, analysts, and others. Barua, Lin, and Sbaraglia (2010) show that managers manipulate earnings by shifting core expenses into discontinued operations. In light of recent changes in the regulations pertaining to this item, we reexamine this finding. The new rules, which change the cri...
• Does it pay to 'Be Like Mike'? Aspiratonal peer firms and relative performance evaluation AI翻译
  作者：Ball, Ryan T.; Bonham, Jonathan; Hemmer, Thomas
  作者单位：University of Michigan System; University of Michigan; University of Chicago; Rice University
  摘要：We examine the manner and extent to which firms evaluate performance relative to aspirational peer firms. Guided by the predictions of an agency model, we find that CEO compensation increases in the correlation between own and aspirational peer firm performances. In addition, we define and test conditions where aggregate peer performance, which has been the primary focus of prior relative performance evaluation studies of competitive peers, is expected to have an association with CEO compensat...
• The impact of revealing auditor partner quality: evidence from a long panel AI翻译
  作者：Cheng, C. S. Agnes; Wang, Kun; Xu, Yanping; Zhang, Ning
  作者单位：Hong Kong Polytechnic University; Tsinghua University; Jinan University; Queens University - Canada
  摘要：We examine whether the revelation of individual audit partner reputation affects client firms' external financing choice. Specifically, we investigate whether a firm switches its financing choices once its auditor partner is perceived to be a low-quality partner, captured by whether one of the audit partner's other clients is sanctioned for financial misreporting. We identify firms audited by a low-quality partner as the treatment firms and designate firms audited by other audit partners from ...