4期

最新文章

• Bank earnings and regulatory capital management using available for sale securities AI翻译
  作者：Barth, Mary E.; Gomez-Biscarri, Javier; Kasznik, Ron; Lopez-Espinosa, German
  作者单位：Stanford University; Pompeu Fabra University; University of Navarra
  摘要：Based on a large sample of publicly listed and non-listed US commercial banks from 1996 to 2011, we find robust evidence consistent with banks using realized available for sale (AFS) securities gains and losses to smooth earnings and increase low regulatory capital. We also find that (i) banks with positive earnings smooth earnings, and banks with negative earnings generally take big baths; (ii) regulatory capital constrains big baths; (iii) banks with more negative earnings and more unrealize...
• Mixing fair-value and historical-cost accounting: predictable other-comprehensive-income and mispricing of bank stocks AI翻译
  作者：Easton, Peter; Zhang, Xiao-Jun
  作者单位：University of Notre Dame; University of California System; University of California Berkeley
  摘要：Other comprehensive income (OCI) items are often considered to be transitory (Chambers et al. 2007; IASB 2013; CFA2014). In this paper, we show that a significant portion of OCI, namely unrealized gains and losses (UGL) from available-for-sale (AFS) debt securities, is non-transitory: a negative correlation between accumulated unrealized gains and losses in the current period and next period UGL is predicted, and we show that this correlation is economically and statistically significant. This...
• The best of all possible worlds: unraveling target price optimism using analysts' scenario-based valuations AI翻译
  作者：Joos, Peter R.; Piotroski, Joseph D.
  作者单位：INSEAD Business School; Stanford University
  摘要：We document that the relative placement of analysts' target price within their subjective distribution of scenario-based valuations for the covered firm (i.e., tilt) is informative to investors. When analysts forecast price appreciation, tilt incrementally predicts ex post valuation errors and realized returns; the predictive value of tilt disappears when analysts forecast price declines. In additional analyses, we find that tilt appears to reflect an optimistic bias in target price forecasts ...
• Joint audit, audit market structure, and consumer surplus AI翻译
  作者：Guo, Qiang; Koch, Christopher; Zhu, Aiyong
  作者单位：University of Southern Denmark; Johannes Gutenberg University of Mainz; Wuhan University
  摘要：We use a structural application of the discrete choice model to investigate how the introduction of a joint audit policy would affect audit market structure and consumer surplus. We perform this policy evaluation by identifying demand fundamentals in a joint audit regime and applying them to a single audit regime. We find that a joint audit requirement has the potential to change the audit market structure substantially but that the effects are sensitive to the specific policy design. For exam...
• A theory of risk disclosure AI翻译
  作者：Heinle, Mirko S.; Smith, Kevin C.
  作者单位：University of Pennsylvania
  摘要：In this paper, we consider the price effects of risk disclosure. We develop a model in which investors are uncertain about the variance of a firm's cash flows and the firm releases an imperfect signal regarding this variance. In our model, uncertainty over the riskiness of a firm's cash flows leads to a variance uncertainty premium in its price. We demonstrate that risk disclosure decreases the firm's cost of capital by reducing this premium and that the market response to risk disclosure is s...
• 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...
• 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...
• 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.
• The sharpest tool in the shed: IPO financial statement management of STEM vs. non-STEM firms AI翻译
  作者：Fedyk, Tatiana; Singer, Zvi; Soliman, Mark
  作者单位：University of San Francisco; Universite de Montreal; HEC Montreal; University of Southern California
  摘要：The valuation of STEM (science, technology, engineering, and math) firms has recently gained attention in the literature. Research has shown that, for valuation of STEM firms, accounting items such as sales growth and R&D expenditures matter more than bottom-line earnings. We examine whether, around the time of the IPO, STEM managers apply discretion over the accounting items most weighted by investors for their valuation. We find that investors tend to weigh sales growth and R&D more heavily ...
• Do product market threats affect analyst forecast precision? AI翻译
  作者：Mattei, Marco Maria; Platikanova, Petya
  作者单位：University of Bologna; Universitat Ramon Llull; Escuela Superior de Administracion y Direccion de Empresas (ESADE)
  摘要：We examine how product market threats influence the precision of analyst forecasts. Greater competitive threats may make forecasting more difficult by increasing the uncertainty regarding future cash flows and by influencing the quality of financial disclosure. Using a firm-specific measure of product market threats (i.e., fluidity), we find that analysts are more likely to be less precise forecasting earnings for highly fluid firms and that the lack of precision is not fully explained by perf...