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• Analysts' choice of peer companies AI翻译
  作者：De Franco, Gus; Hope, Ole-Kristian; Larocque, Stephannie
  作者单位：University of Toronto; University of Notre Dame
  摘要：This is the first large-scale study to examine the peer companies used by sell-side equity analysts in their research reports. Using a unique hand-collected data set, we investigate the relation between peer valuation and peer choice by analysts. We find that analysts on average select peer companies with high valuations and that this effect varies systematically with analysts' incentives and ability. Our evidence provides partial support for the idea that analysts choose peers strategically. ...
• Linear valuation without OLS: the Theil-Sen estimation approach AI翻译
  作者：Ohlson, James A.; Kim, Seil
  作者单位：Hong Kong Polytechnic University; New York University
  摘要：OLS-based archival accounting research encounters two well-known problems. First, outliers tend to influence results excessively. Second, heteroscedastic error terms raise the specter of inefficient estimation and the need to scale variables. This paper applies a robust estimation approach due to Theil (Nederlandse Akademie Wetenchappen Ser A 53:386-392, 1950) and Sen (J Am Stat Assoc 63(324):1379-1389, 1968) (TS henceforth). The TS method is easily understood, and it circumvents the two probl...
• The predictive qualities of earnings volatility and earnings uncertainty AI翻译
  作者：Donelson, Dain C.; Resutek, Robert J.
  作者单位：University of Texas System; University of Texas Austin; University System of Georgia; University of Georgia
  摘要：This study examines the differential predictive power of past earnings volatility for analyst forecast errors and future returns. Past earnings volatility jointly captures two correlated, but distinct, earnings properties: time-series earnings variation and uncertainty in future earnings. To distinguish between these two earnings properties, we develop a forward-looking measure of earnings uncertainty that has a minimal mechanical link to variation in prior-period earnings realizations and doe...
• The impact of increased disclosure requirements and the standardization of accounting practices on earnings management through the reserve for income taxes AI翻译
  作者：Cazier, Richard; Rego, Sonja; Tian, Xiaoli; Wilson, Ryan
  作者单位：Texas Christian University; Indiana University System; IU Kelley School of Business; Indiana University Bloomington; University System of Ohio; Ohio State University; University of Oregon
  摘要：We examine whether the regulatory changes required by the Sarbanes-Oxley Act of 2002 (SOX) and Financial Accounting Standards Board Interpretation No. (FIN) 48 reduced the propensity for earnings management through the reserve for income taxes. Given prior evidence that firms use this reserve to manage earnings to beat the consensus analyst forecast, the regulatory changes implemented by both SOX and FIN 48 allow us to study the effects of accounting regulation on earnings management. We find ...
• Fair value accounting: information or confusion for financial markets? AI翻译
  作者：Magnan, Michel; Menini, Andrea; Parbonetti, Antonio
  作者单位：Concordia University - Canada; Universite de Montreal; University of Padua
  摘要：This paper examines whether and how fair value measurement and disclosure by US bank holding companies influences financial analysts' ability to forecast earnings. Fair value measurement relates to more dispersed forecasts. Measurement basis disclosure (levels 1, 2 and 3) enacted by SFAS 157 translates into more accurate forecasts but has neutral effects for banks with a sizable proportion of assets at fair value. Furthermore, level 2 measurement relates to enhanced forecast accuracy, while le...
• Company reputation and the cost of equity capital AI翻译
  作者：Cao, Ying; Myers, James N.; Myers, Linda A.; Omer, Thomas C.
  作者单位：Chinese University of Hong Kong; University of Arkansas System; University of Arkansas Fayetteville; University of Nebraska System; University of Nebraska Lincoln
  摘要：We investigate whether companies with better reputations enjoy a lower cost of equity financing. Using a sample of 9,276 large US companies from 1987 to 2011 and the reputation rankings from Fortune's America's Most Admired Companies list, we find strong evidence that companies with higher reputation scores enjoy a lower cost of equity capital even after controlling for other factors that determine the cost of equity. In addition, we find that the effect of reputation on the cost of equity inc...
• Does the director election system matter? Evidence from majority voting AI翻译
  作者：Ertimur, Yonca; Ferri, Fabrizio; Oesch, David
  作者单位：University of Colorado System; University of Colorado Boulder; Columbia University; University of St Gallen
  摘要：We examine the effect of a change in the director election system-the switch from a plurality voting standard to a more stringent standard known as majority voting (MV). Using a regression discontinuity design, we document abnormal returns of 1.43-1.60 % around annual meeting dates where shareholder proposals to adopt MV are voted upon, suggesting that shareholders perceive the adoption of MV as value-enhancing. We document an increase in boards' responsiveness to shareholders at MV firms. In ...
• Welfare-enhancing fraudulent behavior AI翻译
  作者：Lin, Haijin; Sappington, David E. M.
  作者单位：University of Houston System; University of Houston; State University System of Florida; University of Florida
  摘要：We demonstrate that an increased likelihood of fraud within an organization can benefit both the organization and its auditor. This is the case even though undetected fraud always harms both the organization and the auditor. The increased likelihood of fraud can induce the auditor to increase his auditing effort, which reduces the equilibrium incidence of undetected fraud and thereby benefits both the organization and the selected auditor.
• Promoting informativeness via staggered information releases AI翻译
  作者：Ramanan, Ram N. V.
  作者单位：University of California System; University of California Davis
  摘要：When a firm has multiple pieces of information, this study shows that the firm does better from staggering the release of information than from expeditiously releasing all information at once. This is because releasing multiple pieces of information over time allows the firm to learn from the market's response to each piece of information. In contrast, releasing all information at once impedes the firm's ability to learn from the aggregate market response to all information. In effect, delayin...
• Who's heard on the Street? Determinants and consequences of financial analyst coverage in the business press AI翻译
  作者：Rees, Lynn; Sharp, Nathan; Twedt, Brady
  作者单位：Texas A&M University System; Texas A&M University College Station; Indiana University System; Indiana University Bloomington
  摘要：This study examines the determinants of financial analyst coverage in the business press and the effects of such coverage on analysts' careers. Using a sample of business press articles that quote a financial analyst, we compare each cited analyst with the other analysts who were actively following the same firm and could have been cited by the reporter but were not. In general, we find that analysts quoted in the business press are more likely to possess characteristics that prior research ha...