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作者：Blankespoor, Elizabeth; Miller, Brian P.; White, Hal D.
作者单位：Stanford University; Indiana University System; Indiana University Bloomington; IU Kelley School of Business; University of Michigan System; University of Michigan
摘要：In 2009, the SEC mandated that financial statements be filed using eXtensible Business Reporting Language (XBRL). The SEC contends that this new search-facilitating technology will reduce informational barriers that separate smaller, less-sophisticated investors from larger, more-sophisticated investors, thereby reducing information asymmetry. However, if some larger investors can leverage their superior resources and abilities to garner greater benefits from XBRL than smaller investors, infor...
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作者：Shan, Yaowen; Taylor, Stephen; Walter, Terry
作者单位：University of Technology Sydney; University of Sydney
摘要：This study identifies other information in analysts' forecasts as a legitimate proxy for future cash flows and examines its incremental role in explaining stock return volatility. We suggest that other information contains information about fundamentals beyond that reflected in current financial statements and reflects firms' fundamentals on a more timely basis than dividends or earnings. Using standardized regressions, we find volatility increases when current other information is more uncert...
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作者：McNichols, Maureen; Rajan, Madhav V.; Reichelstein, Stefan
作者单位：Stanford University
摘要：We decompose the market-to-book ratio into two additive components: a conservatism correction factor and a future-to-book ratio. The conservatism correction factor exceeds the benchmark value of one whenever the accounting for past transactions has been subject to an (unconditional) conservatism bias. The observed history of a firm's past investments allows us to calculate the magnitude of its conservatism correction factor, resulting in an average value that is about two-thirds of the overall...
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作者：Thomas, Jacob; Zhang, Frank
作者单位：Yale University
摘要：As tax expense reflects value lost to taxes paid, it should be negatively associated with value, provided nontax, value-relevant information is controlled for. However, valuation regressions estimated in prior research-using contemporaneous tax expense and nontax variables-document substantial variation in the coefficients on tax expense, ranging from significant negative to significant positive values. We show this variation is (a) caused by the omission of expected future profitability, and ...
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作者：Healy, Paul; Serafeim, George; Srinivasan, Suraj; Yu, Gwen
作者单位：Harvard University
摘要：We examine how cross-country differences in product, capital, and labor market competition, as well as earnings management affect mean reversion in accounting return on assets. Using a sample of 48,465 unique firms from 49 countries, we find that accounting returns mean revert faster in countries where there is more product and capital market competition, as predicted by economic theory. Country differences in labor market competition and earnings management are also related to mean reversion ...
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作者：Amir, Eli; Einhorn, Eti; Kama, Itay
作者单位：Tel Aviv University; City St Georges, University of London
摘要：Though ample empirical evidence alludes to the importance of disaggregated accounting data in the context of earnings management, extant theory considers biases in reporting mostly at the aggregated level of the accounting report. By introducing accounting disaggregation into the conventional theoretical framework of earnings management, this study highlights the essential role that disaggregated accounting data play in detecting and mitigating reporting manipulations. Disaggregated reports ar...
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作者：Franz, Diana R.; HassabElnaby, Hassan R.; Lobo, Gerald J.
作者单位：University System of Ohio; University of Toledo; University of Houston System; University of Houston
摘要：We examine the impact of differential incentives arising from proximity to debt covenant violation on earnings management. We reason that firms with loans close to violation or in technical default of their debt covenants have a stronger incentive to engage in earnings management than firms that are far from violating their debt covenants. We find results consistent with this expectation. Firms close to violation or in technical default of their debt covenants engage in higher levels of accoun...
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作者：Patatoukas, Panos N.
作者单位：University of California System; University of California Berkeley
摘要：How much news is there in aggregate accounting earnings? I provide evidence that earnings changes at the stock market level are correlated with new information about not only expected future cash flows but also discount rates. A comprehensive investigation of the link to discount rates reveals that aggregate earnings changes are tied to news about all components of the expected future stock market return, i.e., the real riskless rate, expected inflation, and the expected equity risk premium. O...
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作者：Cheng, C. S. Agnes; Eshleman, John Daniel
作者单位：Hong Kong Polytechnic University; Oklahoma State University System; Oklahoma State University - Stillwater
摘要：We examine how supplier-firm shareholders respond to the earnings announcements of their major customers to test the moderated confidence hypothesis, which predicts overreaction to imprecise signals. In our setting, the moderated confidence hypothesis predicts that supplier shareholders will overreact to customer earnings news because that news contains imprecise information about the suppliers' future cash flows. We find evidence that supplier earnings announcement abnormal returns are negati...
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作者：Dutta, Sunil; Fan, Qintao
作者单位：University of California System; University of California Berkeley; University of Illinois System; University of Illinois Urbana-Champaign
摘要：To investigate how the possibility of earnings manipulation affects managerial compensation contracts, we study a two-period agency setting in which a firm's manager can engage in window-dressing activities to manipulate reported accounting earnings. Earnings manipulation boosts the reported earnings in one period at the expense of the reported earnings in the other period. We find that the optimal pay-performance sensitivity may increase and expected managerial compensation may decrease as th...
