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作者：Ferreira, Petrus H.; Kraussl, Roman; Landsman, Wayne R.; Borysoff, Maria Nykyforovych; Pope, Peter F.
作者单位：University of North Carolina; University of North Carolina Chapel Hill; Stanford University; Stanford University; George Mason University; Bocconi University
摘要：We directly test the reliability and relevance of investee fair values reported by listed private equity funds (LPEs). In our setting, disaggregated fair value measurements are observable for funds' investees; and investee accounting fundamentals are also publicly disclosed. We find that LPE fair value measurements reflect equity book value and net income in a manner consistent with stock market pricing of listed companies. However, LPE fair value measurements appear to distinguish between Lev...
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作者：Drake, Michael S.; Lamoreaux, Phillip T.; Quinn, Phillip J.; Thornock, Jacob R.
作者单位：Brigham Young University; Arizona State University; Arizona State University-Tempe; University of Washington; University of Washington Seattle
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作者：Srivastava, Anup
作者单位：University of Calgary
摘要：Firms often change their operating policy to meet a short-term financial reporting target. Accounting researchers call this opportunistic action real earnings management (REM). They measure REM by the difference between a firm's costs and those reported by its industry peers. Firms that pursue distinct competitive strategies also display different cost patterns than peers. However, the models that measure REM do not control for differences in competitive strategy. Hence a researcher can misint...
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作者：Ayres, Douglas R.; Campbell, John L.; Chyz, James A.; Shipman, Jonathan E.
作者单位：Butler University; University System of Georgia; University of Georgia; University of Tennessee System; University of Tennessee Knoxville; University of Arkansas System; University of Arkansas Fayetteville
摘要：This paper examines whether financial analysts' presence compels recognition of goodwill impairments. Analysts could impact managers' impairment decisions in at least two ways: (1) by improving the information environment through their analysis of firm performance (i.e., ex ante monitoring) and (2) by increasing the likelihood the manager and firm experience negative consequences when they fail to record a necessary impairment (i.e., ex post monitoring). We find that the likelihood of an impai...
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作者：Call, Andrew C.; Sharp, Nathan Y.; Wong, Paul A.
作者单位：Arizona State University; Arizona State University-Tempe; Texas A&M University System; Texas A&M University College Station; University of California System; University of California Davis
摘要：Despite the importance of sell-side analysts in the capital markets, we know little about the effectiveness of routine monitoring of the sell-side industry. We examine the attributes of sell-side research issued by analysts before and after their brokerage faces regulatory sanctions. We find that after a sanction, analysts at sanctioned brokerages lower their stock recommendations, both in absolute terms and relative to the recommendations of other analysts following the same firms. These anal...
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作者：Cassell, Cory A.; Cunningham, Lauren M.; Lisic, Ling Lei
作者单位：University of Arkansas System; University of Arkansas Fayetteville; University of Tennessee System; University of Tennessee Knoxville; Virginia Polytechnic Institute & State University
摘要：An emerging literature shows that shareholders benefit from the Securities and Exchange Commission's (SEC) filing reviews in terms of improved disclosures and reduced information asymmetry. However, these reviews also impose significant costs on companies because comment letter remediation diverts time and resources away from normal operations and may result in restated or amended filings. Applying processing fluency theory, we examine whether the readability of the company's initial response ...
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作者：Givoly, Dan; Li, Yifan; Lourie, Ben; Nekrasov, Alexander
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; California State University System; San Francisco State University; University of California System; University of California Irvine; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：The documented decline in the information content of earnings numbers has paralleled the emergence of disclosures, mostly voluntary, of industry-specific key performance indicators (KPIs). We find that the incremental information content conveyed by KPI news is significant for many KPIs yet diminished when details about the computation of the KPI are absent or when the computation changes over time. Consistent with analysts responding to investor information demand, we find that analysts are m...
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作者：Chapman, Kimball L.; Reiter, Nayana; White, Hal D.; Williams, Christopher D.
作者单位：Washington University (WUSTL); University of Toronto; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Michigan System; University of Michigan
摘要：This paper examines whether managers can reduce the detrimental effects of information overload by spreading out, or temporally smoothing, disclosures. We begin by attempting to identify managerial smoothing. We find that when there are multiple disclosures for the same event date, managers spread the disclosures out over several days. Managers are also more likely to delay a disclosure when there has been a disclosure made within the three days before the event date. Finally, managers are mor...
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作者：Balakrishnan, Karthik; Ertan, Aytekin
作者单位：University of London; London Business School
摘要：We employ the European Central Bank's Loan-level Reporting Initiative as a shock to banks' asset disclosures. We find that after the disclosure regulation, treatment banks raise more capital at cheaper rates and increase lending. Using novel survey data on small businesses, we also document that, in regimes with heightened bank disclosures, borrowers receive greater funding, conditional on their demand for credit. Furthermore, companies whose relationship banks provide asset disclosures start ...
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作者：Firth, Michael; Lin, Chen; Wong, Sonia Man-lai; Zhao, Xiaofeng
作者单位：University of Hong Kong; Lingnan University
摘要：In this paper, we develop a corporate accessibility measure for publicly listed firms in China based on their responses to outside market participants' attempts to communicate with them (via telephone, e-mail, and online discussion forum), and examine whether the provision of corporate accessibility signals the incidence of agency problems. We find robust evidence that non-accessible firms are associated with more agency problems, manifested in greater tunneling of corporate resources through ...
