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作者：Barth, Mary E.; Clinch, Greg; Israeli, Doron
作者单位：Stanford University; University of Melbourne; Reichman University
摘要：Our model, which is adapted from Feltham and Ohlson (Contemp Account Res 11:689-731, 1995) and Ohlson (Contemp Account Res 11:661-687, 1995) and extends Dechow and Dichev (Account Rev 77:35-59, 2002), characterizes the information about future cash flows reflected in accruals. It reveals investors can extract from accruals information about next period's economic factor and the transitory part of one component of next period's cash flow. The extent to which each accrual provides this informati...
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作者：Friedman, Henry L.; Heinle, Mirko S.
作者单位：University of California System; University of California Los Angeles; University of Pennsylvania
摘要：Firms often undertake activities that do not necessarily increase cash flows (e.g., costly investments in corporate social responsibility or CSR), and some investors value these non cash activities (i.e., they have a taste for these activities). We develop a model to capture this phenomenon and focus on the asset-pricing implications of differences in investors' tastes for firms' activities and outputs. Our model shows that, first, investor taste differences provide a basis for investor client...
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作者：Ge, Weili; Tanlu, Lloyd; Zhang, Jenny Li
作者单位：University of Washington; University of Washington Seattle; Northeastern University; University of British Columbia
摘要：In this paper, we examine the consequences of the decision to destagger the election of directors using a sample of firms that switched from a staggered to a destaggered board structure from 2002 through 2010. We find that the likelihood of destaggering increases in shareholder activism, firm size, and poor prior accounting performance. Furthermore, we find that firms that destagger tend to have larger boards and a lower entrenchment index prior to destaggering. We then use our determinants mo...
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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：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...
