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作者：Walther, Beverly R.; Willis, Richard H.
作者单位：Northwestern University; Vanderbilt University
摘要：We examine the association between investor expectations and its components and sell-side analysts' short-run quarterly earnings forecast bias and forecast accuracy. To measure investor expectations, we use the Index of Consumer Expectations survey and decompose it into the fundamental component related to underlying economic factors (FUND) and the sentiment component unrelated to underlying economic factors (SENT). We find that analysts are the most optimistic and the least accurate when SENT...
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作者：Legoria, Joseph; Melendrez, Kevin D.; Reynolds, J. Kenneth
作者单位：Louisiana State University System; Louisiana State University; New Mexico State University; State University System of Florida; Florida State University
摘要：This study investigates auditors' propensity to rely on quantitative materiality thresholds to the exclusion of qualitative materiality thresholds. Specifically, we examine whether auditors are more likely to allow earnings management that is less than typical quantitative materiality thresholds but that nonetheless is qualitatively material. We use changes in tax expense as a proxy for earnings management. Our results indicate that companies with pre-managed earnings that would have missed th...
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作者：Clubb, Colin D. B.
作者单位：University of London; King's College London
摘要：This paper extends the Ohlson (Contemp Account Res 11, 661-687, 1995) equity valuation framework by demonstrating that dividend displacement continues to hold when dividends have a positive forecast coefficient in the linear abnormal earnings dynamic. The analysis demonstrates that such a predictive role for dividends implies a positive association between cum div book value of equity and the present value of expected abnormal earnings, consistent with both dividend displacement and accounting...
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作者：Gunny, Katherine A.; Jacob, John; Jorgensen, Bjorn N.
作者单位：University of Colorado System; University of Colorado Boulder
摘要：We compare the last 12 months' earnings ending in quarter four (i.e., fiscal year earnings), three, two and one. Lipe and Bernard (2000) offer two competing explanations for higher volatility in fourth quarter earnings relative to other quarters. First, under the integral approach, any estimation errors in the earlier quarters are corrected through fourth quarter earnings, which could make them more volatile. Second, earnings management concentrated in the fourth quarter renders fourth quarter...
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作者：Larocque, Stephannie
作者单位：University of Notre Dame
摘要：This study investigates the relation between analysts' forecast errors and cost of equity capital estimates implied from analysts' earnings forecasts and price. My analysis predicts and removes forecast errors from analysts' earnings forecasts on an out-of-sample basis and then uses these adjusted analysts' forecasts to reverse-engineer cost of equity capital estimates. While the correction for predictable analysts' forecast errors meaningfully lowers each of three firm-level implied COEC esti...
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作者：Green, Jeremiah; Hand, John R. M.; Zhang, X. Frank
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of North Carolina; University of North Carolina Chapel Hill; Yale University
摘要：This study seeks to inform investment academics and practitioners by describing and analyzing the population of return predictive signals (RPS) publicly identified over the 40-year period 1970-2010. Our supraview brings to light new facts about RPS, including that more than 330 signals have been reported; the properties of newly discovered RPS are stable over time; and RPS with higher mean returns have larger standard deviations of returns and also higher Sharpe ratios. Using a sample of 39 re...
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作者：Jayaraman, Sudarshan; Shivakumar, Lakshmanan
作者单位：Washington University (WUSTL); University of London; London Business School
摘要：We use antitakeover laws passed by several states in the mid-1980s and early 1990s as an exogenous increase in agency conflicts and examine how these laws affect the demand for asymmetric timeliness of loss recognition (ATLR). Consistent with the debt-based contracting demand for ATLR, we find an increase in ATLR after the passage of antitakeover laws for firms with high contracting pressures. These increases are incremental to those found in control firms that face similar pressures but whose...
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作者：Makar, Stephen; Wang, Li; Alam, Pervaiz
作者单位：University of Wisconsin System; University System of Ohio; University of Akron; University System of Ohio; Kent State University; Kent State University Salem; Kent State University Kent
摘要：In this study, we examine the pricing of cash flow hedge adjustments reported in other comprehensive income (OCICF), under the mixed attribute model in SFAS 133 Accounting for Derivative Instruments and Hedging Activities. Our OCICF pricing investigation integrates empirical research on the derivatives use that gives rise to such mark-to-market adjustments with the accounting information pricing literature. Based on this integration, we generalize mispricing theory for the SFAS 133 mixed attri...
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作者：Penman, Stephen; Reggiani, Francesco
作者单位：Columbia University; Bocconi University
摘要：Historical cost accounting deals with uncertainty by deferring the recognition of earnings until the uncertainty has largely been resolved. Such accounting affects both earnings and book value and produces expected earnings growth deemed to be at risk. This paper shows that the earnings-to-price and book-to-price ratios that are the product of this accounting forecast both earnings growth and the risk to that growth. The paper also shows that the market pricing of earnings and book values in t...
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作者：Christensen, Hans B.; Nikolaev, Valeri V.
作者单位：University of Chicago
摘要：The choice between fair value and historical cost accounting is the subject of long-standing controversy among accounting academics and regulators. Nevertheless, the market-based evidence on this subject is limited. We study the choice of fair value versus historical cost accounting for non-financial assets in a setting where market forces rather than regulators determine the outcome. In general, we find a very limited use of fair value accounting. However, the observed variation is consistent...
