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作者：Baik, Bok; Kim, Kyonghee; Morton, Richard; Roh, Yongoh
作者单位：Seoul National University (SNU); University of Missouri System; University of Missouri Columbia; State University System of Florida; Florida State University
摘要：This paper examines whether analysts' pre-tax income forecasts mitigate the tax expense anomaly documented by Thomas and Zhang (J Account Res 49:791-821, 2011). They find that seasonal changes in quarterly income tax expense are positively related to future returns after controlling for the earnings surprise and conclude that investors underreact to value-relevant information in tax expense. When analysts issue both earnings and pre-tax income forecasts, they implicitly provide a forecast of i...
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作者：Cao, Jian; Chen, Feng; Higgs, Julia L.
作者单位：State University System of Florida; Florida Atlantic University; University of Missouri System; University of Missouri Columbia
摘要：Delays in financial reports often reflect issues related to period-end accounting and audit processes. We investigate the impact of filing delays in connection with auditor characteristics on the quality of financial statements in a sample of firms that filed Form 10-K after the statutory due date. We find that late filing firms are associated with lower financial reporting quality compared to timely filing firms matched by propensity scores, where financial reporting quality is measured by th...
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作者：Kim, Jae B.
作者单位：Singapore Management University
摘要：This study examines the effect of accounting flexibility on managers' forecasting behavior prior to seasoned equity offerings (SEOs). Although SEO firms have a strong incentive to convey optimistic information to boost the pre-SEO stock price, they also face enhanced litigation risk arising from SEO-related regulations. Thus, I hypothesize that managers will release positive news through their forecasts (relative to the prevailing analyst consensus) prior to an SEO only if they have the accoun...
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作者：Bratten, Brian; Causholli, Monika; Khan, Urooj
作者单位：University of Kentucky; Columbia University
摘要：This paper examines whether fair value adjustments included in other comprehensive income (OCI) predict future bank performance. It also examines whether the reliability of these estimates affects their predictive value. Using a sample of bank holding companies, we find that fair value adjustments included in OCI can predict earnings both 1 and 2 years ahead. However, not all fair value-related unrealized gains and losses included in OCI have similar implications. While net unrealized gains an...
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作者：Byzalov, Dmitri; Basu, Sudipta
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University
摘要：Conditional conservatism is an integral but often unmodeled part of the normal accrual process. The standard economic determinants of accruals contain information about unrealized losses. We argue that accountants recognize these unrealized losses as disaggregated write-downs for small asset pools. Modeling disaggregated impairments yields new economic insights about accruals and improved accrual models. We predict that accrual conservatism manifests as a sum of asymmetries for a vector of new...
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作者：De George, Emmanuel T.; Li, Xi; Shivakumar, Lakshmanan
作者单位：University of London; London Business School; Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; University of London; London School Economics & Political Science
摘要：This paper reviews the literature on the effects of International Financial Reporting Standards (IFRS) adoption. It aims to provide a cohesive picture of empirical archival literature on how IFRS adoption affects: financial reporting quality, capital markets, corporate decision making, stewardship and governance, debt contracting, and auditing. In addition, we also present discussion of studies that focus on specific attributes of IFRS, and also provide detailed discussion of research design c...
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作者：Griffin, Paul A.; Hong, Hyun A.; Kim, Jeong-Bon
作者单位：University of California System; University of California Davis; University of California System; University of California Riverside; University of Waterloo
摘要：This paper documents a negative relation between equity short interest and future returns on credit default swaps (CDS). This relation is most consistent with the theory that equity short interest telegraphs relevant information to secondary market CDS investors about credit spread not transmitted into prices in other ways. The CDS return predictive pattern also strengthens negatively for equity short-interest positions subject to an outward shift in the demand for shortable stocks, which we v...
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作者：Rogers, Jonathan L.; Skinner, Douglas J.; Zechman, Sarah L. C.
作者单位：University of Colorado System; University of Colorado Boulder; University of Chicago
摘要：We use the process through which insider trading (SEC Form 4) filings are made public to investigate whether media coverage affects the way securities markets assimilate news. To do this, we use recent changes in disclosure rules governing insider trades as well as the initiation of coverage by Dow Jones to cleanly identify media effects. Using high-resolution intraday data, we find clear effects of media dissemination on the way prices and volume respond to insider trading news in the minutes...
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作者：Johnson, Edward; Johnson, Nicole Bastian; Pfeiffer, Thomas
作者单位：University of Oregon; University of Vienna
摘要：This paper examines a transfer pricing problem between two divisions of a decentralized firm. The selling division is privately informed about its own costs and produces a good that is sold both externally in an intermediate market and internally within the firm. Unlike most previous work, we focus on dual transfer pricing systems that allow the selling division to be credited for an amount that differs from the amount charged to the buying division. We identify conditions under which efficien...
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作者：Cheng, Qiang; Du, Fei; Wang, Xin; Wang, Yutao
作者单位：Singapore Management University; University of Hong Kong; Central University of Finance & Economics
摘要：This study examines the impact of corporate site visits on analysts' forecast accuracy based on a sample of such visits to Chinese listed firms during 2009-2012. We find that analysts who conduct visits (visiting analysts) have a greater increase in forecast accuracy than other analysts. Consistent with the notion that site visits facilitate analysts' information acquisition through observing firms' operations, we find that the results are stronger for manufacturing firms, firms with more tang...
