3期

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...
• 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...
• 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...
• Does the market overweight imprecise information? Evidence from customer earnings announcements AI翻译
  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...
• Equilibrium earnings management and managerial compensation in a multiperiod agency setting AI翻译
  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...
• 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
• 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...
• 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...