2012

最新文章

• Why do pro forma and Street earnings not reflect changes in GAAP? Evidence from SFAS 123R AI翻译
  作者：Barth, Mary E.; Gow, Ian D.; Taylor, Daniel J.
  作者单位：Stanford University; Harvard University; University of Pennsylvania
  摘要：This study examines how key market participants-managers and analysts-responded to SFAS 123R's controversial requirement that firms recognize stock-based compensation expense. Despite mandated recognition of the expense, some firms' managers exclude it from pro forma earnings and some firms' analysts exclude it from Street earnings. We find evidence consistent with managers opportunistically excluding the expense to increase earnings, smooth earnings, and meet earnings benchmarks but no eviden...
• Using residual income to refine the relationship between earnings growth and stock returns AI翻译
  作者：Balachandran, Sudhakar; Mohanram, Partha
  作者单位：Columbia University
  摘要：We use residual income ( RI) to decompose earnings growth into growth in RI, growth in invested capital and other components and use this decomposition to explain stock returns. Our approach provides a significant increase in explanatory power vis-a-vis a regression of returns on levels and changes in earnings. While the market values growth in RI more than growth in invested capital, it still undervalues growth in RI and overvalues growth in invested capital. Earnings growth from growth in RI...
• Do initial public offering firms manage accruals? Evidence from individual accounts AI翻译
  作者：Cecchini, Mark; Jackson, Scott B.; Liu, Xiaotao
  作者单位：University of South Carolina System; University of South Carolina Columbia; Northeastern University
  摘要：We examine whether initial public offering (IPO) firms exercise discretion over an individual accrual account on the balance sheet-the allowance for uncollectible accounts-and an individual accrual account on the income statement-bad debt expense. Our research design exploits a unique disclosure requirement related to these accounts (i.e., the ex post disclosure of write-offs of uncollectible accounts), which enables us to develop refined expectation models. We provide evidence that IPO firms ...
• Accounting complexity, misreporting, and the consequences of misreporting AI翻译
  作者：Peterson, Kyle
  作者单位：University of Oregon
  摘要：I examine whether accounting complexity in the area of revenue recognition increases the probability of restating reported revenue. I measure revenue recognition complexity using the number of words and recognition methods from the revenue recognition disclosure in the 10-K and a factor score based on the number of words and methods. Tests reveal that revenue recognition complexity increases the probability of revenue restatements, and these restatements are the result of both intentional and ...
• Asymmetry in earnings timeliness and persistence: a simultaneous equations approach AI翻译
  作者：Beaver, William H.; Landsman, Wayne R.; Owens, Edward L.
  作者单位：Stanford University; University of North Carolina; University of North Carolina Chapel Hill; University of Rochester
  摘要：This study addresses simultaneity bias in piecewise linear forms of the earnings-return relation. We specify an overidentified system of simultaneous equations that incorporates both asymmetric earnings timeliness and asymmetric earnings persistence specifications and implement two-stage least squares for this piecewise linear system. Estimation of a system that is piecewise linear in endogenous variables presents several issues that are unprecedented in the accounting literature. Findings pro...
• A re-examination of analysts' superiority over time-series forecasts of annual earnings AI翻译
  作者：Bradshaw, Mark T.; Drake, Michael S.; Myers, James N.; Myers, Linda A.
  作者单位：University of Arkansas System; University of Arkansas Fayetteville; Brigham Young University; Boston College
  摘要：We re-examine the widely held belief that analysts' earnings per share (EPS) forecasts are superior to random walk (RW) time-series forecasts. We investigate whether analysts' annual EPS forecasts are superior, and if so, under what conditions. Simple RW EPS forecasts are more accurate than analysts' forecasts over longer horizons, for smaller or younger firms, and when analysts forecast negative or large changes in EPS. We also compare the accuracy of a third forecast of longer-term earnings ...
• The change in information uncertainty and acquirer wealth losses AI翻译
  作者：Erickson, Merle; Wang, Shiing-Wu; Zhang, X. Frank
  作者单位：Yale University; University of Chicago; University of Southern California
  摘要：A large body of literature demonstrates that acquisitions are on average value destroying for the acquirer. We investigate whether the change in the acquirer's information uncertainty contributes to acquirer wealth losses. Information uncertainty affects the discount rate (the cost of capital), which in turn influences stock price. Our results indicate that acquisitions lead to increases in information uncertainty, as proxied by analysts' earnings forecast dispersion. We also find that the cha...
• Where do firms manage earnings? AI翻译
  作者：Dyreng, Scott D.; Hanlon, Michelle; Maydew, Edward L.
  作者单位：University of North Carolina; University of North Carolina Chapel Hill; Massachusetts Institute of Technology (MIT); Duke University
  摘要：Despite decades of research on how, why, and when companies manage earnings, there is a paucity of evidence about the geographic location of earnings management within multinational firms. In this study, we examine where companies manage earnings using a sample of 2,067 U.S. multinational firms from 1994 to 2009. We predict and find that firms with extensive foreign operations in weak rule of law countries have more foreign earnings management than companies with subsidiaries in locations wher...
• Hedge commitments and agency costs of debt: evidence from interest rate protection covenants and accounting conservatism AI翻译
  作者：Beatty, Anne; Petacchi, Reining; Zhang, Haiwen
  作者单位：University System of Ohio; Ohio State University; Massachusetts Institute of Technology (MIT)
  摘要：We provide large sample evidence that credible hedge commitments reduce the agency costs of debt and that accounting conservatism enhances hedge commitments. We examine 2,338 bank loans entered into by 263 mandatory derivative users that are contractually obligated by interest rate protection covenants, 709 voluntary derivative users, and 1,366 non-users. We show that loan contracts are more likely to include interest rate protection covenants when borrowers are less likely to maintain the hed...
• Biased voluntary disclosure AI翻译
  作者：Einhorn, Eti; Ziv, Amir
  作者单位：Columbia University; Tel Aviv University
  摘要：We provide a bridge between the voluntary disclosure and the earnings management literature. Voluntary disclosure models focus on managers' discretion in deciding whether or not to provide truthful voluntary disclosure to the capital market. Earnings management models, on the other hand, concentrate on managers' discretion in deciding how to bias their mandatory disclosure. By analyzing managers' disclosure strategy when disclosure is voluntary and not necessarily truthful, we show the robustn...