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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：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：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：Kallunki, Juha-Pekka; Pyykko, Elina
作者单位：University of Oulu
摘要：We hypothesize that the information on a CEO's and directors' (board members) past personal payment default entries in public credit data files significantly increases the predictive power of Altman's (in J Fin 23(4):589-609, 1968) and Ohlson's (In J Acc Res 18(1):109-131, 1980) distress prediction models. We base our hypothesis on the literature showing that (1) managerial traits such as overconfidence, over-optimism, and the illusion of control affect corporate decisions and that (2) these s...
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作者：Koh, Kevin; Rajgopal, Shiva; Srinivasan, Suraj
作者单位：Nanyang Technological University; Emory University; Harvard University
摘要：We provide evidence on the long-standing concern about the potential conflicts of interest of auditors that provide clients with non-audit services using rarely explored non-audit services fee data from 1978 to 1980. In this setting, we find evidence of improved earnings quality when auditors provide non-audit services, especially those related to information services. This is consistent with better audit quality resulting from knowledge spillovers in the joint offering of audit and consulting...
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作者：Jung, Michael J.
作者单位：New York University
摘要：I develop and test an investor demand-driven explanation for why one firm's change in voluntary disclosure behavior is emulated by some firms in the industry but not others. I focus on the overlap in institutional investor ownership between two firms as a mechanism by which a first-mover firm's increase in disclosure prompts investors to seek a similar increase from a follower firm. Using 10-K market risk disclosures as my empirical setting, I find that a firm's decision to follow a first move...
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作者：Ashton, David; Wang, Pengguo
作者单位：University of Bristol; University of Exeter
摘要：We develop a model based on the notion that prices lead earnings, allowing for a simultaneous estimation of the implied growth rate and the cost of equity capital for US industrial sectors. The major difference between our approach and that in prior literature is that ours avoids the necessity to make assumptions about terminal values and consequently about future growth rates. In fact, growth rates are an endogenous variable, which is estimated simultaneously with the implied cost of equity c...
