4期

最新文章

• 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...
• 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...
• Why are recommendations optimistic? Evidence from analysts' coverage initiations AI翻译
  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...
• Non-GAAP earnings and board independence AI翻译
  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...