2017

最新文章

• The changing relevance of accounting information to debt holders over time AI翻译
  作者：Givoly, Dan; Hayn, Carla; Katz, Sharon
  作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of California System; University of California Los Angeles; Columbia University
  摘要：A number of studies have examined the change over time in the information content of accounting numbers to stockholders. However, the stockholders' perspective is not necessarily identical to that of debt holders. The two groups face different risks and rewards, and thus their informational needs are not the same. We examine the change in the information content of accounting numbers over time from the debt holders' perspective and hypothesize about the economic and reporting factors likely to...
• The IFRS option to reclassify financial assets out of fair value in 2008: the roles played by regulatory capital and too-important-to-fail status AI翻译
  作者：Fiechter, Peter; Landsman, Wayne R.; Peasnell, Kenneth; Renders, Annelies
  作者单位：University of Neuchatel; University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine; Lancaster University; Maastricht University
  摘要：Amendment of IAS 39 by the IASB in 2008 provided an option to reclassify investments from fair value to historical cost. We predict that too-important-to-fail (TITF) banks took less advantage of this option because the political protection they enjoyed insulated them from regulatory pressure. Banks that did not enjoy this protection had greater reason to make use of this option since doing so would protect their Tier 1 capital. As predicted, findings reveal that TITF banks made less use of the...
• The impact of narrative disclosure readability on bond ratings and the cost of debt AI翻译
  作者：Bonsall, Samuel B.; Miller, Brian P.
  作者单位：University System of Ohio; Ohio State University; Indiana University System; Indiana University Bloomington
  摘要：Prior research on the determinants of credit ratings has focused on rating agencies' use of quantitative accounting information, but the there is scant evidence on the impact of textual attributes. This study examines the impact of financial disclosure narrative on bond market outcomes. We find that less readable financial disclosures are associated with less favorable ratings, greater bond rating agency disagreement, and a higher cost of debt. We improve causal identification by exploiting th...
• Accrual quality, skill, and the cross-section of mutual fund returns AI翻译
  作者：Nallareddy, Suresh; Ogneva, Maria
  作者单位：Duke University; University of Southern California
  摘要：We use returns of actively managed mutual funds to document the link between accrual quality (AQ) and systematic (priced) risk. Despite compelling theoretical arguments, prior research finds no evidence that poor AQ commands a risk premium in the cross-section of realized stock returns. We argue that the previously obtained premium estimates are biased downward because, for a large portion of poor AQ stocks, higher expected returns are offset by the news of deteriorating fundamentals. We sugge...
• Balancing difficulty of performance targets: theory and evidence AI翻译
  作者：Matejka, Michal; Ray, Korok
  作者单位：Arizona State University; Arizona State University-Tempe; Texas A&M University System; Texas A&M University College Station; Mays Business School
  摘要：We examine how firms balance difficulty of performance targets in their annual bonus plans. We present an analytical model showing that managerial allocation of effort is a function of not only relative incentive weights but also the difficulty of performance targets. We find that relative incentive weights and target difficulty can either be complements or substitutes in motivating effort depending on the extent to which managers have alternative employment opportunities. To test the predicti...
• Book-tax conformity and capital structure AI翻译
  作者：Blaylock, Bradley; Gaertner, Fabio B.; Shevlin, Terry
  作者单位：University of Oklahoma System; University of Oklahoma - Norman; University of Wisconsin System; University of Wisconsin Madison; University of California System; University of California Irvine
  摘要：We examine the effect of increased book-tax conformity on corporate capital structure. Prior studies document a decrease in the informativeness of accounting earnings for equity markets resulting from higher book-tax conformity. We argue that the decrease in earnings informativeness impacts equity holders more than debt holders because of the differences in payoff structures between debt and equity investments such that increases in book-tax conformity lead to increases in firms' reliance on d...
• Flexibility in cash-flow classification under IFRS: determinants and consequences AI翻译
  作者：Gordon, Elizabeth A.; Henry, Elaine; Jorgensen, Bjorn N.; Linthicum, Cheryl L.
  作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; Stevens Institute of Technology; University of London; London School Economics & Political Science; University of Texas System; University of Texas at San Antonio
  摘要：International Financial Reporting Standards (IFRS) allow managers flexibility in classifying interest paid, interest received, and dividends received within operating, investing, or financing activities within the statement of cash flows. In contrast, U.S. Generally Accepted Accounting Principles (GAAP) requires these items to be classified as operating cash flows (OCF). Studying IFRS-reporting firms in 13 European countries, we document firms' cash-flow classification choices vary, with about...
• Does the cessation of quarterly earnings guidance reduce investors' short-termism? AI翻译
  作者：Kim, Yongtae; Su, Lixin (Nancy); Zhu, Xindong (Kevin)
  作者单位：Santa Clara University; Lingnan University; City University of Hong Kong
  摘要：The practice of providing quarterly earnings guidance has been criticized for encouraging investors to fixate on short-term earnings and encouraging managerial myopia. Using data from the post-Regulation Fair Disclosure period, we examine whether the cessation of quarterly earnings guidance reduces short-termism among investors. We show that, after guidance cessation, investors in firms that stop quarterly guidance are composed of a larger (smaller) proportion of long-term (short-term) institu...
• Compensation design and political risk: the case of city managers AI翻译
  作者：Compton, Ying L.; Gore, Angela K.; Kulp, Susan L.
  作者单位：U.S. Securities & Exchange Commission (SEC); George Washington University
  摘要：Although theory suggests its importance, empirical evidence on the relation between exogenous termination risk and contracted compensation packages is limited. This study takes a different approach by exploring determinants of contracted annual compensation and severance packages for city managers. Results indicate that managers exposed to greater exogenous political risk- i.e., those employed by municipalities where voters are more likely to recall elected officials-are 6 %-11 % more likely t...
• Audit firms face downward-sloping demand curves and the audit market is far from perfectly competitive AI翻译
  作者：Gerakos, Joseph; Syverson, Chad
  作者单位：Dartmouth College; University of Chicago; National Bureau of Economic Research
  摘要：We discuss the discrete choice demand estimation methods applied by Guo et al. (2017) in the audit setting. We then review insights into audit market competition that demand estimation has already provided. We conclude that the audit market is far from perfectly competitive.