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作者：Nekrasov, Alexander; Ogneva, Maria
作者单位：University of California System; University of California Irvine; Stanford University
摘要：A growing body of literature in accounting and finance relies on implied cost of equity (COE) measures. Such measures are sensitive to assumptions about terminal earnings growth rates. In this paper we develop a new COE measure that is more accurate than existing measures because it incorporates endogenously estimated long-term growth in earnings. Our method extends Easton et al. (J Account Res, 40, 657-676, 2002) method of simultaneously estimating sample average COE and growth. Our method de...
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作者：Burks, Jeffrey J.
作者单位：University of Notre Dame
摘要：Billings and Jennings (2011) develop a new measure of stock price sensitivity to earnings called anticipated information content (AIC). The main difference between an AIC and an earnings response coefficient (ERC) is that AICs measure expected rather than actual sensitivity. I evaluate the AIC's potential usefulness in future research, and conclude that AICs have several disadvantages relative to ERCs but might be useful in rare circumstances. Estimates of AICs contain considerable measurement...
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作者：Roulstone, Darren T.
作者单位：University System of Ohio; Ohio State University
摘要：Brown and Kimbrough (Review of Accounting Studies, 2011, this issue) examine the effect of intangible assets on the uniqueness of a firm's earnings. The paper represents an important link between the strategy literature on firm organization and the accounting literature on the drivers of firm performance. This discussion reviews the relevant strategy literature and its link to the accounting literature, discusses various aspects of Brown and Kimbrough, and explores implications of Brown and Ki...
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作者：Ertimur, Yonca; Muslu, Volkan; Zhang, Frank
作者单位：Duke University; University of Texas System; University of Texas Dallas; Yale University
摘要：We examine the long-term stock performance of analyst recommendations and the properties of accompanied earnings forecasts for initiations and non-initiations to evaluate the reporting, selection, and processing explanations for analyst optimism. We find that Strong Buy and, to a lesser degree, Buy initiation recommendations underperform their non-initiation counterparts after controlling for analyst, brokerage, and firm characteristics associated with the initiation decision and expected long...
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作者：Frankel, Richard; McVay, Sarah; Soliman, Mark
作者单位：Utah System of Higher Education; University of Utah; Washington University (WUSTL); University of Washington; University of Washington Seattle
摘要：We examine the association between board independence and the characteristics of non-GAAP earnings. Our results suggest that companies with less independent boards are more likely to opportunistically exclude recurring items from non-GAAP earnings. Specifically, we find that exclusions from non-GAAP earnings have a greater association with future GAAP earnings and operating earnings when boards contain proportionally fewer independent directors. Consistent with the association between board in...
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作者：Ertimur, Yonca; Mayew, William J.; Stubben, Stephen R.
作者单位：Duke University; University of North Carolina; University of North Carolina Chapel Hill
摘要：Although sell-side analysts privately forecast revenues and expenses when producing earnings forecasts, not all analysts choose to provide I/B/E/S with earnings forecasts disaggregated into revenues and expenses. We investigate the role of reputation in explaining this decision. We find that analysts without established reputations are more likely than reputable analysts to issue disaggregated earnings forecasts to I/B/E/S, consistent with I/B/E/S exposure benefits accruing to analysts seeking...
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作者：Garcia Lara, Juan Manuel; Garcia Osma, Beatriz; Penalva, Fernando
作者单位：University of Navarra; IESE Business School; Universidad Carlos III de Madrid; Autonomous University of Madrid
摘要：We empirically test the association between conditional conservatism and cost of equity capital. Conditional conservatism imposes stronger verification requirements for the recognition of economic gains than economic losses, resulting in earnings that reflect losses faster than gains. This asymmetric reporting of gains and losses is predicted to lower firm cost of equity capital by increasing bad news reporting precision, thereby reducing information uncertainty (Guay and Verrecchia 2007) and ...
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作者：Drake, Michael S.; Myers, Linda A.
作者单位：University of Arkansas System; University of Arkansas Fayetteville; University System of Ohio; Ohio State University
摘要：Bradshaw et al. (J Acc Res 39:45-74, 2001) find that analyst forecast over-optimism is greater for firms with high accruals. This accrual-related over-optimism is generally interpreted as evidence that analyst forecasts do not fully incorporate predictable earnings reversals associated with high accruals. We investigate whether analyst experience, access to resources (brokerage size), and portfolio complexity moderate the relation between over-optimistic forecasts and high accruals. We demonst...
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作者：Brown, Nerissa C.; Kimbrough, Michael D.
作者单位：University System of Maryland; University of Maryland College Park; University System of Georgia; Georgia State University
摘要：We examine the effect of intangible investment on earnings noncommonality, defined as the extent to which a firm's earnings performance is determined by firm-specific factors versus market and industry factors. Such insight is important in determining the appropriate weighting of these factors when forecasting a firm's earnings. For a sample of US firms over the 1980-2006 period, we find that earnings noncommonality is positively associated with intangible asset intensity. This finding is cons...
