4期

最新文章

• 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...
• Reputation management and the disclosure of earnings forecasts AI翻译
  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...
• Do differences in financial reporting attributes impair the predictive ability of financial ratios for bankruptcy? AI翻译
  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...
• Are all management earnings forecasts created equal? Expectations management versus communication AI翻译
  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 ...
• The effect of R&D on future returns and earnings forecasts AI翻译
  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...
• Evidence on the use of unverifiable estimates in required goodwill impairment AI翻译
  作者：Ramanna, Karthik; Watts, Ross L.
  作者单位：Harvard University; Massachusetts Institute of Technology (MIT)
  摘要：SFAS 142 requires managers to estimate the current fair value of goodwill to determine goodwill write-offs. In promulgating the standard, the FASB predicted that managers will, on average, use the fair-value estimates to convey private information on future cash flows. The current fair value of goodwill is unverifiable because it depends in part on management's future actions (including managers' conceptualization and implementation of firm strategy). Agency theory predicts managers will, on a...