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作者：Brochet, Francois; Loumioti, Maria; Serafeim, George
作者单位：Boston University; University of Southern California; Harvard University
摘要：We study conference calls as a voluntary disclosure channel and create a proxy for the time horizon that senior executives emphasize in their communications. We find that our measure of disclosure time horizon is associated with capital market pressures and executives' short-term monetary incentives. Consistent with the language emphasized during conference calls partially capturing short-termism, we show that our proxy is associated with earnings and real activities management. Overall, the r...
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作者：Curtis, Asher; Lewis-Western, Melissa F.; Toynbee, Sara
作者单位：University of Washington; University of Washington Seattle; Utah System of Higher Education; University of Utah
摘要：We investigate whether historical cost measurement of assets lowers the usefulness of DuPont analysis for investors. Because firms report assets at modified historical cost under US GAAP, accounting ratios can be biased upward when assets have appreciated. Thus, variation in asset turnover, which is the DuPont ratio most affected by asset measurement, can be due to both economic forces and measurement effects. We assess the extent of measurement effects using the average age of a firm's assets...
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作者：Arya, Anil; Mittendorf, Brian; Sudbury, Austin
作者单位：University System of Ohio; Ohio State University; Carnegie Mellon University
摘要：As stressed in the literature, disclosure often has different ramifications for firms' varied constituents. Despite this complexity, a consistent theme in the literature is that a firm's reliance on a self-interested external supplier for key inputs introduces a disincentive for disclosure. We demonstrate that the presence of forward contracting in such input markets can disable, and even reverse, this well-established theme. When a supplier opts to provide inputs for pre-purchase in a forward...
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作者：Begley, Joy; Chamberlain, Sandra; Yang, Shuo; Zhang, Jenny Li
作者单位：University of British Columbia; Hong Kong Polytechnic University
摘要：We examine the relation between CEO pay-related wealth and the funding levels, and freezing decisions, of defined benefit pension plans. Results show that higher funding levels occur when CEOs are most endowed in employee pension plans, but that spillover endowments in supplemental executive plans coincide with the lowest funding levels. CEO equity-wealth correlates with funding health in between the extremes. Further, hard freezes of employee plans are less likely, the larger the CEO's total ...
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作者：Hou, Yu
作者单位：Queens University - Canada
摘要：Prior studies suggest that accounting information risk, primarily idiosyncratic in nature, can be diversified away. I show that accounting information risk, proxied by accruals quality, is priced even if it is entirely idiosyncratic. Building on a model developed in the ambiguity literature, I predict that, (1) in an under-diversified market, idiosyncratic information risk is priced even if it is diversifiable, and (2) in a well-diversified market, idiosyncratic information risk is priced when...
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作者：Owens, Edward L.; Wu, Joanna Shuang
作者单位：Emory University; University of Rochester
摘要：We investigate the extent to which banks' quarter-end borrowings in the repurchase market deviate from within-quarter levels, and associated factors. Quarter-end repo liabilities are materially lower than within-quarter averages for a large fraction of sample banks. These deviations are more pronounced at banks with a higher concentration of repo borrowings in their liability structure and with larger absolute trading gains or losses. Furthermore, the association with trading activity is mitig...
