2014

最新文章

• Evaluating cross-sectional forecasting models for implied cost of capital AI翻译
  作者：Li, Kevin K.; Mohanram, Partha
  作者单位：University of Toronto
  摘要：The computation of implied cost of capital (ICC) is constrained by the lack of analyst forecasts for half of all firms. Hou et al. (J Account Econ 53:504-526, 2012, HVZ) present a cross-sectional model to generate forecasts in order to compute ICC. However, the forecasts from the HVZ model perform worse than those from a na < ve random walk model and the ICCs show anomalous correlations with risk factors. We present two parsimonious alternatives to the HVZ model: the EP model based on persiste...
• Accounting and litigation risk: evidence from Directors' and Officers' insurance pricing AI翻译
  作者：Cao, Zhiyan; Narayanamoorthy, Ganapathi S.
  作者单位：University of Washington; University of Washington Tacoma; University of Illinois System; University of Illinois Urbana-Champaign
  摘要：We study whether and how financial reporting concerns are priced by insurers that sell Directors' and Officers' (D&O) insurance to public firms. As D&O insurers typically assume the liabilities arising from shareholder litigation, the premiums they charge for D&O coverage reflect their assessment of a company's litigation risk. Using a sample of public firms in the 2001-2004 Tillinghast D&O insurance surveys, we document that firms with lower earnings quality or prior accounting restatements p...
• The quality of street cash flow from operations AI翻译
  作者：Brown, Nerissa C.; Christensen, Theodore E.
  作者单位：University of Delaware; Brigham Young University
  摘要：We provide empirical evidence on the quality of street cash flow from operations (CFO) as an alternative financial performance summary measure. We focus our investigation on the quality of the items analysts exclude in their determination of street CFO. Based on a sample of 8,518 firm-year observations over the 1993-2008 period, we find that the street CFO number is generally higher than the GAAP CFO number, indicating that analysts typically make CFO-increasing exclusions. Our inspection of h...
• The information content of mandatory risk factor disclosures in corporate filings AI翻译
  作者：Campbell, John L.; Chen, Hsinchun; Dhaliwal, Dan S.; Lu, Hsin-min; Steele, Logan B.
  作者单位：University System of Georgia; University of Georgia; University of Arizona; University of Arizona; Korea University; National Taiwan University; University of Connecticut
  摘要：Beginning in 2005, the Securities and Exchange Commission (SEC) mandated firms to include a risk factor section in their Form 10-K to discuss the most significant factors that make the company speculative or risky. In this study, we examine the information content of this newly created section and offer two main results. First, we find that firms facing greater risk disclose more risk factors, and that the type of risk the firm faces determines whether it devotes a greater portion of its discl...
• Inter-industry network structure and the cross-predictability of earnings and stock returns AI翻译
  作者：Aobdia, Daniel; Caskey, Judson; Ozel, N. Bugra
  作者单位：Northwestern University; University of Texas System; University of Texas Austin; University of California System; University of California Los Angeles
  摘要：We examine how the patterns of inter-industry trade flows impact the transfer of information and economic shocks. We provide evidence that the intensity of transfers depends on industries' positions within the economy. In particular, some industries occupy central positions in the flow of trade, serving as hubs. Consistent with a diversification effect, we find that these industries' returns depend relatively more on aggregate risks than do returns of noncentral industries. Analogously, we fin...
• Discussion of equilibrium earnings management and managerial compensation in a multiperiod agency setting AI翻译
  作者：Marinovic, Ivan
  摘要：Dutta and Fan (Rev Account Stud, 2014), this issue, study the implications of earnings management on managerial compensation, in a two-period LEN setting. They analyze the level as well as the evolution of compensation. Furthermore, they consider the possibility of joint moral hazard and adverse selection problems. I discuss the empirical implications of their analysis, in the context of a slightly more general dynamic setting, and examine the robustness of some of their results with respect t...
• The risk-relevance of securitizations during the recent financial crisis AI翻译
  作者：Dou, Yiwei; Liu, Yanju; Richardson, Gordon; Vyas, Dushyantkumar
  作者单位：New York University; Singapore Management University; University of Toronto; University of Toronto; University Toronto Mississauga
  摘要：We investigate changes in the risk-relevance of securitized subprime, other nonconforming, and commercial mortgages for sponsor-originators during the recent financial crisis. Using the volatility of realized stock returns, option-implied volatility, and credit spreads, we observe a pronounced increase in the risk-relevance of subprime securitizations as early as 2006. Furthermore, reflecting the evolution of the financial crisis in waves, we find that investors recognized the increased credit...
• A discussion of Inter-industry network structure and the cross-predictability of earnings and stock returns AI翻译
  作者：Hann, Rebecca N.
  作者单位：University System of Maryland; University of Maryland College Park
  摘要：Aobdia et al. (Rev Account Stud, 2014) view the economy as a network of customers and suppliers. Using the 1997 input-output trade flow data from the Bureau of Economic Analysis to model the inter-industry network, they examine whether an industry's position in the network, in particular, its network centrality, affects the transmission of information and economic shocks. They find that, compared to the accounting performance and stock returns of noncentral industries, those of central industr...
• Fair value and audit fees AI翻译
  作者：Goncharov, Igor; Riedl, Edward J.; Sellhorn, Thorsten
  作者单位：WHU - Otto Beisheim School of Management; Boston University
  摘要：This paper investigates the effect of fair value reporting and its attributes on audit fees. We use as our primary sample the European real estate industry around mandatory IFRS adoption (under which reporting of property fair values becomes compulsory), due to its unique operating and reporting characteristics. We document lower audit fees for firms reporting property assets at fair value relative to those employing depreciated cost-a difference that appears driven, in part, by impairment tes...
• Selling-price estimates in revenue recognition and the usefulness of financial statements AI翻译
  作者：Srivastava, Anup
  作者单位：Northwestern University
  摘要：Revenue is one of the largest and most value-relevant items in firms' financial statements. Based on the realizable and the earned criteria of SFAC No. 5 (FASB in Concepts statement no. 5. Recognition and measurement in financial statements of business enterprises, 1984), revenues should reflect both selling price and timing of delivery. Of those two aspects, selling-price estimates are required for revenue recognition when standalone selling prices for products and services are not available....