-
作者：Li, Kevin K.; Sloan, Richard G.
作者单位：University of California System; University of California Riverside; University of California System; University of California Berkeley
摘要：Prior to SFAS 142, goodwill was subject to periodic amortization and a recoverability-based impairment test. SFAS 142 eliminates periodic amortization and imposes a fair-value-based impairment test. We examine the impact of this standard on the accounting for and valuation of goodwill. Our results indicate that the new standard has resulted in relatively inflated goodwill balances and untimely impairments. We also find that investors do not appear to fully anticipate the untimely nature of pos...
-
作者：Cao, Ying; Myers, Linda A.; Tsang, Albert; Yang, Yong George
作者单位：Chinese University of Hong Kong; University of Tennessee System; University of Tennessee Knoxville; York University - Canada
摘要：We examine international differences in the effect of management forecasts (which we use to proxy for voluntary disclosure) on the cost of equity capital (COC) across 31 countries. We find that the issuance of management forecasts is associated with a lower COC worldwide but that the effect of management forecasts on the COC depends on country-level institutional factors. Specifically, management forecasts have a stronger effect on the COC in countries with stronger investor protection and bet...
-
作者：Drake, Michael S.; Thornock, Jacob R.; Twedt, Brady J.
作者单位：Brigham Young University; Indiana University System; Indiana University Bloomington
摘要：The internet is an enormous and growing source of information for investors about the opinions of others. Virtually any individual with internet access can express opinions about firms and editorialize about company news. However, to date we know very little about the impact these nontraditional internet intermediaries have on markets. We develop a framework wherein internet information intermediaries fall along a spectrum of professionalism and document a nuanced relationship between coverage...
-
作者：Koo, David S.; Ramalingegowda, Santhosh; Yu, Yong
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University System of Georgia; University of Georgia; University of Texas System; University of Texas Austin
摘要：This study examines how financial reporting quality affects corporate dividend policy. We find that higher quality reporting is associated with higher dividends. This positive association is more pronounced among firms with more severe free cash flow problems and among firms with higher ownership by monitoring-type institutional investors. Further analysis of the relation between reporting quality and under-/over-payment of dividends suggests that reporting quality largely mitigates underpayme...
