4期

最新文章

• Product market competition and conditional conservatism AI翻译
  作者：Dhaliwal, Dan; Huang, Shawn; Khurana, Inder K.; Pereira, Raynolde
  作者单位：University of Arizona; Arizona State University; Arizona State University-Tempe; University of Missouri System; University of Missouri Columbia
  摘要：Based on pooled cross-sectional analysis, we find a robust positive relation between product market competition and conditional accounting conservatism. We also find evidence of an inter-temporal increase in conditional conservatism following industry deregulation and increased antitrust case filings. Distinguishing further between two dimensions of competition, we find conditional conservatism is greater when there is a higher threat of new entrants as well as stiff existing competition. More...
• Initial evidence on the market impact of the XBRL mandate AI翻译
  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...
• The role of other information in analysts' forecasts in understanding stock return volatility AI翻译
  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...
• Conservatism correction for the market-to-book ratio and Tobin's q AI翻译
  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...
• Valuation of tax expense AI翻译
  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 ...
• Market competition, earnings management, and persistence in accounting profitability around the world AI翻译
  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 ...
• 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 ...
• Is the effect of industry expertise on audit pricing an office-level or a partner-level phenomenon? AI翻译
  作者：Goodwin, John; Wu, Donghui
  作者单位：Sabanci University; Chinese University of Hong Kong
  摘要：Several studies report an audit fee premium for auditor industry expertise measured at the office level. We extend this line of research by examining whether there is a fee premium for auditor industry expertise measured at the partner level. Using Australian data, we show that the coefficient for partner-level industry expertise is highly significant and economically important. This is consistent with industry knowledge or expertise residing in the human capital of individual engagement partn...