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作者：Nagar, Venky; Rajan, Madhav V.; Ray, Korok
作者单位：University of Michigan System; University of Michigan; University of Chicago; Texas A&M University System; Texas A&M University College Station
摘要：This study defines reporting conservatism as a higher verification standard for probable gains compared to losses and builds a model that endogenously generates optimal behavior resembling an asymmetric preference for gains versus losses. Our model considers the setting where one party produces a resource and another tries to expropriate it. The key factor determining the extent of the gain-loss asymmetry is the level of information asymmetry or trust between the two parties. The information a...
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作者：Canace, Thomas G.; Jackson, Scott B.; Ma, Tao
作者单位：Wake Forest University; University of South Carolina System; University of South Carolina Columbia; Texas Tech University System; Texas Tech University
摘要：Prior studies find that firms cut research and development (R&D) expense in response to earnings considerations. We extend this stream of research by documenting that firms narrowly achieving an earnings threshold also report unusually high capital expenditures. In addition, these firms' total investments (R&D expense plus capital expenditures) do not vary in response to earnings thresholds, which suggests that, on average, reductions in R&D expense are offset by concurrent increases in capita...
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作者：Fan, Qintao; Li, Wei
作者单位：University of Oregon; University of Illinois System; University of Illinois Urbana-Champaign
摘要：This paper studies, in a dynamic agency setting, how incentives and contractual efficiency are affected by leading indicators of firms' future financial performance. In our two-period model, a leading indicator variable provides a noisy forecast of the uncertain return from the manager's long-term effort, and both contracting parties cannot refrain from renegotiating contract terms based on updated information. We find that the leading indicator can reduce the manager's long-term effort incent...
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作者：Huffman, Adrienna
作者单位：Tulane University
摘要：This study investigates whether asset use influences the relevance of fair value measurement. Specifically, I examine whether fair value is more relevant when it is applied to in-exchange assets than when it is applied to in-use assets. I test the framework on a sample of international firms that adopt International Accounting Standard 41. Using a difference-in-differences approach, I find that earnings information is significantly more relevant when firms measure in-exchange biological assets...
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作者：Aobdia, Daniel
作者单位：Northwestern University
摘要：This study explores the impact on companies' disclosures of U.S. states' different propensities to enforce noncompete agreements. I find a negative association between a state's enforcement of noncompete agreements and disclosure activities of firms headquartered in that state. Companies that face local rivals drive some results. Analyses that focus on several state-level changes in enforcement level of noncompete agreements confirm this association. Overall, the findings are consistent with a...
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作者：Beaver, William H.; McNichols, Maureen F.; Wang, Zach Z.
作者单位：Stanford University; University of Illinois System; University of Illinois Urbana-Champaign
摘要：This study examines the information content of quarterly earnings announcements, measured as the magnitude of stock price revision at earnings announcements relative to price revision at other times. We investigate whether quarterly earnings announcements are informative using a nonparametric approach and 1971-2011 sample period. The findings affirm prior evidence on earlier sample periods that significantly more information is conveyed to investors in the three days around earnings announceme...
