2014

最新文章

• Discussion of Evaluating cross-sectional forecasting models for implied cost of capital AI翻译
  作者：Feng, Mei
  作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
• Does the midpoint of range earnings forecasts represent managers' expectations? AI翻译
  作者：Ciconte, William, III; Kirk, Marcus; Tucker, Jennifer Wu
  作者单位：State University System of Florida; University of Florida
  摘要：The accounting literature has used the midpoint of range forecasts in various research settings, assuming that the midpoint is the best proxy for managers' earnings expectations revealed in range forecasts. We argue that given managers' asymmetric loss functions regarding earnings surprises, managers are unlikely to place their true earnings expectations at the midpoint of range forecasts. We predict that managers' true expectations are close to the upper bound of range forecasts. We find evid...
• Discussion of Board interlocks and the diffusion of disclosure policy AI翻译
  作者：Zhang, Weining
  摘要：Cai et al. (Rev Account Stud, forthcoming, 2014) find that firms with interlocked directors are more likely to stop quarterly forecasts and that the past stopping experience of interlocked directors affects the forecast-cessation process. Their findings are consistent with the notion that interlocked directors serve as conduits for information sharing, which may result in the change of corporate disclosure policies. My discussion focuses on potential issues with the findings and implications f...
• Do corporations manage earnings to meet/exceed analyst forecasts? Evidence from pension plan assumption changes AI翻译
  作者：An, Heng; Lee, Yul W.; Zhang, Ting
  作者单位：University of North Carolina; University of North Carolina Greensboro; University of Rhode Island; University System of Ohio; University of Dayton
  摘要：A significantly larger number of firms increase the expected rate of return on pension plan assets (ERR) to make their reported earnings meet/exceed analyst forecasts than would be expected by chance. In the short run, the stock market reacts positively to these firms' earnings announcements, suggesting that investors fail to recognize that earnings benchmarks are achieved through ERR manipulation. In the long run, however, firms that employ this earnings management strategy significantly unde...
• CEO tenure and the performance-turnover relation AI翻译
  作者：Dikolli, Shane S.; Mayew, William J.; Nanda, Dhananjay
  作者单位：Duke University; University of Miami
  摘要：In a broad cross-section of US firms, we document that the likelihood of a CEO's performance-related dismissal declines in his tenure. This finding is consistent with both firm performance revealing information about a CEO's uncertain executive ability and CEO tenure reflecting weak firm governance choices that reduce the likelihood of performance-related dismissal. In a sample of CEOs who begin their appointment during our sample period, we find evidence more broadly in favor of the former ex...
• Analyst information production and the timing of annual earnings forecasts AI翻译
  作者：Keskek, Sami; Tse, Senyo; Tucker, Jennifer Wu
  作者单位：University of Arkansas System; University of Arkansas Fayetteville; Texas A&M University System; Texas A&M University College Station; Mays Business School; State University System of Florida; University of Florida
  摘要：We investigate whether the reputation-herding theory or the tradeoff theory explains variation in the timing of individual analysts' forecasts. Using forecast accuracy improvements, forecast boldness, and the price impact of forecasts as measures of forecast quality, we find that in the information discovery phase that precedes an earnings announcement, earlier forecasts have higher quality than later forecasts. We also find a similar pattern in the information analysis phase that begins with ...
• A new measure of accounting quality AI翻译
  作者：Hribar, Paul; Kravet, Todd; Wilson, Ryan
  作者单位：University of Iowa; University of Texas System; University of Texas Dallas; University of Oregon
  摘要：This study develops a measure of accounting quality based on audit fees. Adopting a neoclassical view of the audit market, we argue that unexplained audit fees should contain information about accounting quality. We find that our measure of unexplained audit fees correlates positively with other empirical measures of quality. We further show that our measure of accounting quality is incrementally predictive of fraud, restatements, and SEC comment letters, controlling for other measures of qual...
• Board interlocks and the diffusion of disclosure policy AI翻译
  作者：Cai, Ye; Dhaliwal, Dan S.; Kim, Yongtae; Pan, Carrie
  作者单位：Santa Clara University; University of Arizona
  摘要：We examine whether board connections through shared directors influence firm disclosure policies. To overcome endogeneity challenges, we focus on an event that represents a significant change in firm disclosure policy: the cessation of quarterly earnings guidance. Our research design allows us to exploit the timing of director interlocks and therefore differentiate the director interlock effect on disclosure policy contagion from alternative explanations, such as endogenous director-firm match...
• Do loan loss reserves behave like capital? Evidence from recent bank failures AI翻译
  作者：Ng, Jeffrey; Roychowdhury, Sugata
  作者单位：Singapore Management University; Boston College
  摘要：Regulatory capital guidelines allow for loan loss reserves to be added back as capital. Our evidence suggests that the influence of loan loss reserves added back as regulatory capital (hereafter referred to as add-backs) on bank risk cannot be explained by either economic principles underlying the notion of capital or accounting principles underlying the recording of reserves. Specifically, we observe that, in sharp contrast to the economic notion of capital as a buffer against bank failure ri...
• Measuring discretionary accruals: are ROA-matched models better than the original Jones-type models? AI翻译
  作者：Keung, Edmund; Shih, Michael S. H.
  作者单位：National University of Singapore; University of Windsor
  摘要：Discretionary accruals estimated from Jones-type models are elevated or depressed for firms with extreme performance. Kothari et al. (J Acc Econ 39:163-197, 2005) propose performance matching to address the issue, that is, to difference discretionary accruals estimated from Jones-type models for treatment and control firms matched on current ROA. This study shows (1) performance matching will systematically cause discretionary accruals of either sign to be underestimated, and (2) the measureme...