2018

最新文章

• Fundamental analysis of banks: the use of financial statement information to screen winners from losers AI翻译
  作者：Mohanram, Partha; Saiy, Sasan; Vyas, Dushyantkumar
  作者单位：University of Toronto; University of Waterloo; University of Toronto; University Toronto Mississauga
  摘要：This study investigates the efficacy of a fundamental analysis-based approach to screen U.S. bank stocks. We construct an index (BSCORE) based on fourteen bank-specific valuation signals. We document a positive association between BSCORE and future profitability changes, as well as current and one-year-ahead stock returns, implying that BSCORE captures forward looking information that the markets are yet to impound. A hedge strategy based on BSCORE yields positive hedge returns for all but two...
• Inside the black box of private in-house meetings AI翻译
  作者：Bowen, Robert M.; Dutta, Shantanu; Tang, Songlian; Zhu, Pengcheng
  作者单位：University of San Diego; University of Washington; University of Washington Seattle; University of Ottawa; East China University of Science & Technology
  摘要：We examine information content and related insider trading around private in-house meetings between corporate insiders and investors and analysts. We use a hand-collected dataset of approximately 17,000 private meeting summary reports of Shenzhen Stock Exchange firms over 2012-2014. We find that these private meetings are informative and corporate insiders conducted over one-half of their stock sales (totaling $8.7 billion) around these meetings. Some insiders time their transactions and earn ...
• Financial reporting changes and the internal information environment: Evidence from SFAS 142 AI翻译
  作者：Cheng, Qiang; Cho, Young Jun; Yang, Holly
  作者单位：Singapore Management University
  摘要：Using the adoption of SFAS 142 as an exogenous shock, we examine the effect of changes in financial reporting on firms' internal information environment. We argue that complying with SFAS 142 induces managers to acquire new information and therefore improves their information sets. Interviews with executives and auditors confirm this argument. Using a difference-in-differences design, we find that firms affected by SFAS 142 (i.e., treatment firms) experience an improvement in management foreca...
• Financial reporting in hyperinflationary economies and the value relevance of accounting amounts: hard evidence from Zimbabwe AI翻译
  作者：Chamisa, Eddie; Mangena, Musa; Pamburai, Hamutyinei Harvey; Tauringana, Venancio
  作者单位：University of Cape Town; University of Essex; University of Southampton; Solent University
  摘要：We examine the value relevance of inflation-adjusted (IA) and historical cost (HC) amounts in a hyperinflationary economy. Using a unique dataset drawn from annual reports of firms listed on the Zimbabwe Stock Exchange from 2000 to 2005, we find that both sets of amounts are value relevant but HC amounts are superior to IA amounts. We also show that inflation gains and losses provide incremental information content beyond that provided by the HC amounts and that the power of this incremental c...
• Corporate tax avoidance: data truncation and loss firms AI翻译
  作者：Henry, Erin; Sansing, Richard
  作者单位：University of Memphis; Dartmouth College; Tilburg University
  摘要：Loss firms are an economically significant and growing segment of the population of publicly traded corporations. Relatively little is known about the tax positions of loss firms because the firms are typically dropped from tax avoidance studies. We develop a new measure of corporate cash tax avoidance that is meaningful for all observations and reflects the extent to which a firm is tax-favored. We examine the extent to which inferences about corporate tax avoidance over the past twenty-seven...
• Decomposing the market, industry, and firm components of profitability: implications for forecasts of profitability AI翻译
  作者：Jackson, Andrew B.; Plumlee, Marlene A.; Rountree, Brian R.
  作者单位：University of New South Wales Sydney; Utah System of Higher Education; University of Utah; Rice University
  摘要：Academics and practitioners frequently highlight that overall market and industry performance is an important aspect of a firm's profitability. However, few studies allow for the decomposition of a firm's profitability into market, industry, and idiosyncratic components, and those that do often assume that the market and industry components are cross-sectional constants. In this study, we allow for variation in firm-specific sensitivities to market, industry, and idiosyncratic economic shocks,...
• Capital market effects of media synthesis and dissemination: evidence from robo-journalism AI翻译
  作者：Blankespoor, Elizabeth; deHaan, Ed; Zhu, Christina
  作者单位：Stanford University; University of Washington; University of Washington Seattle
  摘要：In 2014, the Associated Press (AP) began using algorithms to write articles about firms' earnings announcements. These robo-journalism articles synthesize information from firms' press releases, analyst reports, and stock performance and are widely disseminated by major news outlets a few hours after the earnings release. The articles are available for thousands of firms on a quarterly basis, many of which previously received little or no media attention. We use AP's staggered implementation o...
• Costs and benefits of internal control audits: evidence from M&A transactions AI翻译
  作者：Kravet, Todd D.; McVay, Sarah E.; Weber, David P.
  作者单位：University of Connecticut; University of Washington; University of Washington Seattle
  摘要：To inform the debate on the merits of internal control audits, we examine managers' decisions to temporarily exempt newly acquired businesses from Section 404 of the Sarbanes-Oxley Act. We document that managers are more likely to elect the exemption when expected compliance costs are higher, such as when acquisitions are larger and occur later in the year. We find only modest evidence that managers use the exemption to avoid scrutiny of value-destroying deals. Exemption use, however, is assoc...
• Financial reporting fraud and other forms of misconduct: a multidisciplinary review of the literature AI翻译
  作者：Amiram, Dan; Bozanic, Zahn; Cox, James D.; Dupont, Quentin; Karpoff, Jonathan M.; Sloan, Richard
  作者单位：Columbia University; University System of Ohio; Ohio State University; Duke University; University of Washington; University of Washington Seattle; University of California System; University of California Berkeley
  摘要：Financial reporting fraud and other forms of financial reporting misconduct are a significant threat to the existence and efficiency of capital markets. This study reviews the literature on financial reporting misconduct from the perspectives of law, accounting, and finance. Our goals are to establish a common language for researchers interested in this line of research, describe the main findings and challenges in these literatures, and provide directions for future research. Although researc...
• Managerial incentives, options, and cost-structure choices AI翻译
  作者：Aboody, David; Levi, Shai; Weiss, Dan
  作者单位：University of California System; University of California Los Angeles; Tel Aviv University
  摘要：This study explores the relationship between changes in managerial risk-taking incentives and adjustments of firms' cost structures, particularly the operating leverage (fixed-to-variable cost ratio). We find managers reduce operating leverage by substituting fixed costs with variable costs, mainly in the selling, general, and administrative (SG&A) and research and development (R&D) cost components, in response to reductions in option-based compensation following the issuance of FAS 123R. Mana...