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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...
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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...
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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...
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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：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：Christensen, Hans B.
作者单位：University of Chicago
摘要：Kim and Shi (Rev Account Stud, doi:10.1007/s11142-012-9190-y, this issue) document that voluntary IFRS adoption is associated with significant benefits and argue that the effect is causal-a conclusion that is similar to many published papers on IFRS adoption. Yet voluntary IFRS adopters constitute only a small percentage of the global population of firms, which implies that either practitioners behave irrationally or the benefits are incorrectly estimated by academics. In this discussion I arg...
