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作者：Segal, Benjamin; Segal, Dan
作者单位：Fordham University; Hebrew University of Jerusalem; Reichman University; Singapore Management University
摘要：Using a comprehensive sample of non-earnings 8-K filings from 2005 to 2013, we examine whether firms strategically report mandatory and voluntary news. In particular, we examine whether firms report negative news when investor attention is low and whether they bundle positive and negative news. Our findings support the notion that managers believe in the existence of investor inattention and strategically report negative news after trading hours. These results particularly apply to public firm...
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作者：Bach, Christian; Christensen, Peter O.
作者单位：Copenhagen Business School
摘要：Using a CCAPM-based risk-adjustment model, we perform yearly valuations of a large sample of stocks listed on NYSE, AMEX, and NASDAQ over a 30-year period. The model differs from standard valuation models in the sense that it adjusts forecasted residual income for risk in the numerator rather than through a risk-adjusted cost of equity in the denominator. The risk adjustments are derived based on assumptions about the time-series properties of residual income returns and aggregate consumption ...
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作者：Hope, Ole-Kristian; Hu, Danqi; Lu, Hai
作者单位：University of Toronto; BI Norwegian Business School; Northwestern University
摘要：Practitioners have long criticized risk-factor disclosures in the 10-K as generic and boilerplate. In response, regulators emphasize the importance of being specific. By using a computing algorithm, this paper establishes a new measure (Specificity) to quantify the level of specificity of firms' qualitative risk-factor disclosures. We first examine determinants of variations in Specificity, and document that firms with high proprietary costs provide less specific risk-factor disclosures. More ...
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作者：Chen, Shuping; Thomas, Jake; Zhang, Frank
作者单位：University of Texas System; University of Texas Austin; Yale University
摘要：We find evidence that performance-reflected in earnings and cash flows-is transferred from targets to acquirers around acquisitions. Using a sample of 2128 completed deals from 1985 to 2010, our results suggest that targets depress performance when investor attention declines once the deal parameters are set, and much of that performance understatement is transferred to boost post-acquisition acquirer performance. Evidence of variation across subsamples provides additional confirmation: transf...
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作者：Lewellen, Jonathan; Resutek, Robert J.
作者单位：Dartmouth College; University System of Georgia; University of Georgia
摘要：We test whether investment explains the accrual anomaly by splitting total accruals into investment-related and nontransaction accruals, items such as depreciation and asset write-downs that do not represent new investment expenditures. The two types of accruals have very different predictive power for firm performance, not just for future earnings but also for future cash flow and stock returns. Most importantly, nontransaction accruals have the strongest negative predictive slopes for earnin...
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作者：Bissessur, Sanjay W.; Veenman, David
作者单位：University of Amsterdam
摘要：This study proposes and tests an alternative to the extant earnings management explanation for zero and small positive earnings surprises (i.e., analyst forecast errors). We argue that analysts' ability to strategically induce slight pessimism in earnings forecasts varies with the precision of their information. Accordingly, we predict that the probability that a firm reports a small positive instead of a small negative earnings surprise is negatively related to earnings forecast uncertainty, ...
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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：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：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...
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作者：Kuo, Nan-Ting; Lee, Cheng-Few
作者单位：Nankai University; Rutgers University System; Rutgers University New Brunswick
摘要：Our study explores a possible benefit of conforming book income to taxable income. We expect that increased book-tax conformity can reduce audit fees by simplifying tax accruals and increasing tax authorities' monitoring, which reduce audit workload and audit risk, respectively. Consistent with our expectations, we find that a higher country level of required book-tax conformity leads to lower audit fees. Moreover, firm-level book-tax differences are positively associated with audit fees. We a...
