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作者：Beyer, Anne; Dye, Ronald A.
作者单位：Northwestern University; Stanford University
摘要：In this paper, managers differ from each other in terms of the probability that they are forthcoming (and disclose all the earnings forecasts they receive) or strategic (and disclose the earnings forecasts they receive only when it is in their self-interest to do so). Strategic managers choose whether to disclose their forecasts based on both the disclosure's effects on their firms' stock price and on their reputation among investors for being forthcoming. Our findings include: strategic manag...
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作者：Caskey, Judson; Hughes, John; Liu, Jing
作者单位：University of California System; University of California Los Angeles
摘要：We examine the cross-sectional relation between leverage and future returns while considering the dynamic nature of capital structure and potentially delayed market reactions. Prior studies find a negative relation between leverage and future returns that contradicts standard finance theory. We decompose leverage into optimal and excess components and find that excess leverage tends to drive this negative relation. We also find that excess leverage predicts firm fundamentals and that the negat...
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作者：Cheynel, Edwige; Levine, Carolyn B.
作者单位：Rutgers University System; Rutgers University Newark; Rutgers University New Brunswick; Columbia University
摘要：We examine an analyst's sale and distribution of information related to short-term price movements but unrelated to underlying firm value. By selling non fundamental information, the analyst increases competition on the signal, but prices become more sensitive to net order flow, creating an offsetting increase in the non fundamental signal's value. More precise non fundamental information is more widely distributed. In the limit, a perfect non fundamental signal will be publicly disclosed for ...
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作者：Correia, Maria; Richardson, Scott; Tuna, Irem
作者单位：University of London; London Business School
摘要：We outline a parsimonious empirical model to assess the relative usefulness of accounting- and equity market-based information to explain corporate credit spreads. The primary determinant of corporate credit spreads is the physical default probability. We compare existing accounting-based and market-based models to forecast default. We then assess whether the credit market completely incorporates this default information into credit spreads. We find that credit spreads reflect information abou...
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作者：Beaver, William H.; Correia, Maria; McNichols, Maureen F.
作者单位：Stanford University; University of London; London Business School
摘要：This study explores the effect of cross-sectional and time-series differences in financial reporting attributes on the predictive ability of financial ratios for bankruptcy. We identify proxies for discretion over financial reporting, the importance of intangible assets, the comprehensiveness of the accounting model and recognition of losses. Each of our proxies for financial reporting attributes is associated with financial ratios that are less informative in predicting bankruptcy. Furthermor...
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作者：Kim, Yongtae; Park, Myung Seok
作者单位：Santa Clara University; Virginia Commonwealth University
摘要：Recent studies associate management earnings forecasts (MEFs) with expectations management. These studies, however, neither provide evidence on the extent and scope of expectations management through MEFs nor consider alternative incentives for issuing MEFs. Consequently, existing evidence does not help regulators assess whether MEFs effectively facilitate communication with investors. We investigate to what extent managers exploit their earnings forecasts as a tool of expectations management ...
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作者：Kim, Jeong-Bon; Shi, Haina
作者单位：Fudan University; City University of Hong Kong
摘要：This study investigates whether and how a firm's voluntary adoption of International Financial Reporting Standards (IFRS) influences the extent to which firm-specific information is capitalized into stock prices measured by stock price synchronicity. We also study the role of analyst following and institutional environments in determining the relation between IFRS reporting and synchronicity. Using firm-level data from 34 countries, we find that synchronicity is significantly lower for IFRS ad...
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作者：Prencipe, Annalisa
作者单位：Bocconi University
摘要：Dyreng, Hanlon, and Maydew examine the geographical location of earnings management within US multinational firms. The paper addresses an interesting topic and partially fills a gap in the literature. This discussion presents additional empirical evidence on issues related to the research question raised by Dyreng et al. In particular, the discussion provides answers to the following preliminary questions: do US multinational firms manage earnings differently from domestic firms? If so, to wha...
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作者：Donelson, Dain C.; Resutek, Robert J.
作者单位：Dartmouth College; University of Texas System; University of Texas Austin
摘要：Prior studies attribute the future excess returns of research and development activity (R&D) firms to either compensation for increased risk or to mispricing. We suggest a third explanation and show that neither the level of R&D investment nor the change in R&D investment explains future returns. Rather, the positive future returns that prior studies attribute to R&D investment are actually due to the component of the R&D firm's realized return that is unrelated to R&D investment but present i...
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作者：Baginski, Stephen P.; Rakow, Kenneth C., Jr.
作者单位：University System of Georgia; University of Georgia; Saint Xavier University
摘要：We examine the relation between management earnings forecast disclosure policy and the cost of equity capital in a cross-section of 1,355 firms over a 4-year post-Regulation Fair Disclosure period (2001 through 2004). We find evidence of a negative association between the quality of management earnings forecasting policy and cost of equity capital, and we document that the strength of the association is greater for firms with higher disclosure costs and for firms with more relevant quarterly m...
