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作者：Call, Andrew C.; Chen, Shuping; Miao, Bin; Tong, Yen H.
作者单位：Arizona State University; Arizona State University-Tempe; University of Texas System; University of Texas Austin; National University of Singapore; Nanyang Technological University
摘要：Motivated by recent practitioners' concerns that short-term earnings guidance leads to managerial myopia, we investigate the impact of short-term earnings guidance on earnings management. Using a propensity-score matched control sample, we find strong and consistent evidence that the issuance of short-term quarterly earnings guidance is associated with less, rather than more, earnings management. We also find that regular guiders exhibit less earnings management than do less regular guiders. O...
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作者：de Jong, Abe; Mertens, Gerard; van der Poel, Marieke; van Dijk, Ronald
作者单位：Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; University of Groningen; Open University Netherlands
摘要：Survey evidence shows CFOs to believe that earnings management can enhance investor valuation of their firms. This evidence raises the question of correspondence between the beliefs of CFOs and investors. Surveying financial analysts to gain insight into how earnings management influences investor perception of firm value, we find analysts' and CFOs' beliefs to be generally consistent. We find that analysts perceive meeting earnings benchmarks and smoothing earnings to enhance investor percept...
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作者：Lee, Yong Gyu
作者单位：Sungkyunkwan University (SKKU)
摘要：This paper provides evidence on how the adoption of Statement of Financial Accounting Standards (SFAS) No. 146, Accounting for Costs Associated with Exit or Disposal Activities (SFAS 146), has changed (1) restructuring-related earnings management, (2) the effect of restructurings on future operating performance, and (3) stock price responses to restructuring announcements. I find that restructuring charges reported after SFAS 146 have a weaker association with smoothing behavior. More importan...
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作者：Larmande, Francois; Ponssard, Jean Pierre
作者单位：emlyon business school; Centre National de la Recherche Scientifique (CNRS); Institut Polytechnique de Paris; Ecole Polytechnique; Institut Polytechnique de Paris; Ecole Polytechnique
摘要：We study a principal-agent model in which the agent can provide ex post additional relevant information regarding his performance. In particular, he can provide a legitimate excuse, that is, evidence that a poor result is only due to factors outside his control. However, building a convincing case requires time, time that is not spent on exerting productive effort and thus generating information represents an opportunity cost. We obtain necessary and sufficient conditions for the principal to ...
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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...
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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...
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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....
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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...
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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...
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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...
