2011

最新文章

• Is the decline in the value relevance of accounting driven by increased conservatism? AI翻译
  作者：Balachandran, Sudhakar; Mohanram, Partha
  作者单位：University of Toronto; Columbia University
  摘要：This paper examines the association between conservatism and the value relevance of accounting information over the 1975 through 2004 period. We measure conservatism using approaches developed in Penman and Zhang, The Accounting Review 77:237-264, (2002) and Beaver and Ryan, Journal of Accounting Research 38:127-148, (2000) and value relevance using (1) adjusted R (2) from regressions of price on earnings and book values, (2) adjusted R (2) from regressions of returns on earnings and changes i...
• Causes and consequences of goodwill impairment losses AI翻译
  作者：Li, Zining; Shroff, Pervin K.; Venkataraman, Ramgopal; Zhang, Ivy Xiying
  作者单位：University of Minnesota System; University of Minnesota Twin Cities; Southern Methodist University
  摘要：The paper examines the reaction of market participants to the announcement of a goodwill impairment loss, the nature of the information conveyed by the loss, and whether a cause of goodwill impairment can be traced back to overpayment for targets at the time of prior acquisitions. Our evidence suggests that both investors and financial analysts revise their expectations downward on the announcement of an impairment loss. We find that the negative impact of the loss is significant under differe...
• Do management EPS forecasts allow returns to reflect future earnings? Implications for the continuation of management's quarterly earnings guidance AI翻译
  作者：Choi, Jong-Hag; Myers, Linda A.; Zang, Yoonseok; Ziebart, David A.
  作者单位：University of Arkansas System; University of Arkansas Fayetteville; Seoul National University (SNU); Singapore Management University; University of Kentucky
  摘要：Using 18,253 firm-year observations from 1998 through 2003, we build on literature suggesting that more informative disclosures allow returns to better reflect future earnings and test whether management earnings per share forecasts and their characteristics influence the future earnings response coefficient (FERC). We find that FERCs are greater for forecasting firms and when forecasts are more frequent or precise. We suggest that more frequent and more precise forecasts assist investors in b...
• The debt market relevance of management earnings forecasts: evidence from before and during the credit crisis AI翻译
  作者：Shivakumar, Lakshmanan; Urcan, Oktay; Vasvari, Florin P.; Zhang, Li
  作者单位：University of London; London Business School; Rutgers University System; Rutgers University New Brunswick
  摘要：We investigate the credit market's response via changes in credit default swap (CDS) spreads to management earnings forecasts and evaluate the importance of these forecasts relative to earnings news during the periods before and during the recent credit crisis. We document that credit markets react significantly to management forecast news and that the reactions to forecast news are stronger than to actual earnings news. Consistent with the asymmetric payoffs to debt holders, the forecast news...
• The option market's anticipation of information content in earnings announcements AI翻译
  作者：Billings, Mary Brooke; Jennings, Robert
  作者单位：New York University; Indiana University System; Indiana University Bloomington
  摘要：We exploit information in option prices in order to study whether the ex post responsiveness of stock prices to earnings information is reflected from an ex ante, firm- and quarter-specific perspective. Specifically, we develop a measure of anticipated information content (AIC) that isolates the forecasted magnitude of the stock market's reaction to earnings information. We find that the AIC positively correlates with the ex post magnitude of the stock market sensitivity to unexpected earnings...
• Cost-based transfer pricing AI翻译
  作者：Pfeiffer, Thomas; Schiller, Ulf; Wagner, Joachim
  作者单位：University of Vienna; University of Bern
  摘要：This paper compares the performance of alternative cost-based transfer pricing methods. We adopt an incomplete contracting framework with asymmetric information at the trading stage. Transfer pricing guides intra-company trade and provides incentives for value-enhancing specific investments. We compare actual-cost transfer prices that include a markup over marginal costs with standard-cost transfer prices that are determined either by the central office ex ante (centralized standard-cost trans...
• Credit markets and financial information AI翻译
  作者：Lok, Stephen; Richardson, Scott
  作者单位：University of London; London Business School
  摘要：The last decade has seen rapid growth in trading of credit instruments on secondary markets. The ensuing availability of a rich set of credit market data has created a novel environment for testing a variety of financial economic theories. In this discussion, we provide a simple framework for linking asset pricing research using equity and credit market data and offer some suggestions for future archival empirical research aiming to establish relations between financial information and credit ...
• Bank debt covenants and firms' responses to FAS 150 liability recognition: evidence from trust preferred stock AI翻译
  作者：Moser, William; Newberry, Kaye; Puckett, Andy
  作者单位：University of Missouri System; University of Missouri Columbia; University of Houston System; University of Houston; University of Tennessee System; University of Tennessee Knoxville
  摘要：We examine the relation between accounting-based debt contracts and the economic response of firms with trust preferred stock (TPS) to mandated liability recognition under Financial Accounting Standard (FAS) 150. Our results show that firms' financial covenants significantly affect their choice to redeem versus reclassify their outstanding TPS. Specifically, firms with bank debt covenants that would be adversely impacted by recognizing TPS as a debt liability are 26.88% more likely to redeem t...
• The impact of audit penalty distributions on the detection and frequency of fraudulent reporting AI翻译
  作者：Burton, F. Greg; Wilks, T. Jeffrey; Zimbelman, Mark F.
  作者单位：Brigham Young University
  摘要：We investigate how the distribution of the penalties incurred by auditors for failing to detect fraud influences their effort to detect fraud and auditees' commission of fraud. We compare a probabilistic, skewed audit penalty to a penalty that automatically imposes the expected penalty of the probabilistic distribution (hereafter, a deterministic penalty). Our experiments show that a deterministic penalty with the same expected value of a probabilistic, skewed penalty increases audit effort to...
• The voluntary adoption of International Financial Reporting Standards and loan contracting around the world AI翻译
  作者：Kim, Jeong-Bon; Tsui, Judy S. L.; Yi, Cheong H.
  作者单位：City University of Hong Kong; Hong Kong Polytechnic University
  摘要：Using a sample of non-U.S. borrowers from 40 countries during 1997 through 2005, this paper investigates the effect of the voluntary adoption of International Financial Reporting Standards (IFRS) on price and nonprice terms of loan contracts and loan ownership structure in the international loan market. Our results reveal the following. First, banks charge lower loan rates to IFRS adopters than to non-adopters. The difference in loan rates in excess of a benchmark rate between the two groups i...