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最新文章

• Implications of the integral approach and earnings management for alternate annual reporting periods AI翻译
  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...
• The supraview of return predictive signals AI翻译
  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...
• Does fair value accounting for non-financial assets pass the market test? AI翻译
  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...
• Financial statement comparability and credit risk AI翻译
  作者：Kim, Seil; Kraft, Pepa; Ryan, Stephen G.
  作者单位：New York University
  摘要：Prior research shows that firms' financial statement comparability improves the accuracy of market participants' valuation judgments and thus may reduce firms' costs of capital. Distinct from prior research focusing on the equity market, we develop measures of comparability relevant to debt market participants based on the within-industry variability of Moody's adjustments to reported accounting numbers for the purposes of credit rating. We examine two sets of adjustments: (1) to the interest ...
• Financial reporting for employee stock options: liabilities or equity? AI翻译
  作者：Barth, Mary E.; Hodder, Leslie D.; Stubben, Stephen R.
  作者单位：Stanford University; Indiana University System; Indiana University Bloomington; University of North Carolina; University of North Carolina Chapel Hill
  摘要：This study seeks to determine whether employee stock options share key characteristics of liabilities or equity. Consistent with warrant pricing theory, we find that common equity risk and expected return are negatively associated with the extent to which a firm has outstanding employee stock options, which is opposite to the association for liabilities. We also find the following. (1) The association is positive for firms that reprice options and less negative for firms that have options with...
• The financial reporting of fair value based on managerial inputs versus market inputs: evidence from mortgage servicing rights AI翻译
  作者：Altamuro, Jennifer; Zhang, Haiwen
  作者单位：University System of Ohio; Ohio State University
  摘要：This research examines whether the fair value of mortgage servicing rights (MSRs) based on managerial inputs (Level 3) better reflects the cash flow and risk characteristics of the underlying assets than the fair value of MSRs based on market inputs (Level 2). Using mortgage servicing fees as a proxy for the underlying cash flows, we find that the valuation multiples for MSRs based on Level 3 inputs are more positively associated with the persistence of future servicing fees compared with the ...
• A Standard setter's framework for selecting between fair value and historical cost measurement attributes: a basis for discussion of Does fair value accounting for nonfinancial assets pass the market test? AI翻译
  作者：Linsmeier, Thomas J.
  摘要：This paper describes an income-statement-focused framework for selecting between between the fair value and historical cost measurement attributes that differs from the balance-sheet-focused relevance versus reliability tradeoff perspective that is common to most academic research. This income-statement-focused framework is then applied to the Christensen and Nikolaev setting in Rev Account Stud 18(3), (2013) to suggest that most of the study's findings are not surprising and can be explained ...