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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：Mohanram, Partha; Gode, Dan
作者单位：University of Toronto; New York University
摘要：Prior research documents a weak association between the implied cost of equity inferred from analyst forecasts and realized returns. It points to predictable errors in analyst forecasts as a possible cause. We show that removing predictable errors from analyst forecasts leads to a much stronger association between implied cost of equity estimates obtained from adjusted forecasts and realized returns after controlling for cash flow news and discount rate news. An estimate of implied risk premiu...
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作者：Mayew, William J.; Sharp, Nathan Y.; Venkatachalam, Mohan
作者单位：Duke University; Texas A&M University System; Texas A&M University College Station; Mays Business School
摘要：We examine the extent to which analysts who participate in earnings conference calls by asking questions possess superior private information relative to analysts who do not ask questions. Using a large sample of earnings conference call transcripts over the period 2002-2005, we find that annual earnings forecasts issued immediately after a conference call are both more accurate and timelier for participating analysts relative to nonparticipating analysts. These results hold after controlling ...
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作者：Fitzgerald, Tristan; Gray, Stephen; Hall, Jason; Jeyaraj, Ravi
作者单位：University of Queensland
摘要：Estimates of the equity risk premium implied by analyst forecasts-generally 2-4 %-are often significantly below realized equity returns of 6 %. Measurement error could result from conservative assumptions, reliance upon consensus rather than detailed forecasts, the use of market rather than target prices, and regression analysis, which can be influenced by a small number of observations. We address these potential sources of measurement error. Our estimates are consistent with subsequently rea...
