2010

最新文章

• The pricing of conservative accounting and the measurement of conservatism at the firm-year level AI翻译
  作者：Callen, Jeffrey L.; Segal, Dan; Hope, Ole-Kristian
  作者单位：University of Toronto; Reichman University
  摘要：This paper analyzes the relation between equity prices and conditional conservatism and introduces a new measure of conservatism at the firm-year level. We show that the asymmetric properties of conservative accounting, the existence of non-accounting sources of information, and the properties of GAAP related to special items combine to generate a nonlinear relation between unexpected equity returns and earnings news (the shock to expected current and future earnings). Based on this model, we ...
• The role of audit thresholds in the misreporting of private information AI翻译
  作者：Mittendorf, Brian
  作者单位：Yale University
  摘要：The accounting profession has faced considerable criticism in recent years for failing to effectively combat reporting manipulation. A particular point of contention is the use of audit thresholds. The tendency for auditors to suppress inconsistencies that are deemed immaterial has been viewed as an open invitation for abuse. This paper revisits the effectiveness of audits and the misreporting of private information in light of audit thresholds. The paper demonstrates that while audit threshol...
• Asymmetric valuation of sustained growth by bond- and equity-holders AI翻译
  作者：Elliott, John A.; Ghosh, Aloke; Moon, Doocheol
  作者单位：City University of New York (CUNY) System; Baruch College (CUNY); Yonsei University
  摘要：Viewing equity as a call option on the firm's assets with a strike price equal to contractual debt obligations yields an asymmetric prediction on how debt and equity markets view sustained growth. Debt holders are expected to benefit from sustained growth when the default risk is high, while equity holders value such growth when risk is low. Using Altman's z-score and debt ratings as alternative proxies for the default risk, we document a negative association between bond yield spreads and sus...
• Discussion of The impact of product market competition on the quantity and quality of voluntary disclosures AI翻译
  作者：Karuna, Christo
  作者单位：University of Houston System; University of Houston
  摘要：Li (2010, this issue) examines how product market competition affects voluntary disclosure by firms. Using several competition proxies, she finds that both the competitive threat from potential entrants into an industry and from existing rivals affect the quantity and accuracy of voluntary profit and investment forecasts by firms in that industry. However, the study's findings are inconclusive mainly because each competition proxy used can reflect both types of competitive threat. The focus of...
• Disclosure of GAAP line items in earnings announcements AI翻译
  作者：D'Souza, Julia; Ramesh, K.; Shen, Min
  作者单位：Cornell University; Michigan State University; Michigan State University's Broad College of Business; George Mason University
  摘要：We provide new evidence on the disclosure in earnings announcements of financial statement line items prepared under Generally Accepted Accounting Principles (GAAP). First, we investigate the circumstances that might provide disincentives generally for GAAP line item disclosures. We find that managers who regularly intervene in the earnings reporting process limit disclosures at the aggregate level and in each of the financial statements so as to more effectively guide investor attention to su...
• Do pennies matter? Investor relations consequences of small negative earnings surprises AI翻译
  作者：Frankel, Richard; Mayew, William J.; Sun, Yan
  作者单位：Washington University (WUSTL); Duke University; Saint Louis University
  摘要：Anecdotal and survey evidence suggest that managers take actions to avoid small negative earnings surprises because they fear disproportionate, negative stock-price effects. However, empirical research has failed to document an asymmetric pricing effect. We investigate investor relations costs as an alternative incentive for managers to avoid small negative earnings surprises. Guided by CFO survey evidence from Graham et al. (J Account Econ 40:3-73, 2005), we operationalize investor relations ...
• Decentralized capacity management and internal pricing AI翻译
  作者：Dutta, Sunil; Reichelstein, Stefan
  作者单位：University of California System; University of California Berkeley; Stanford University
  摘要：This paper studies the acquisition and subsequent utilization of production capacity in a multidivisional firm. In a setting where an upstream division provides capacity services for itself and a downstream division, our analysis explores whether the divisions should be structured as investment or profit centers. The choice of responsibility centers is naturally linked to the internal pricing rules for capacity services. As a benchmark, we establish the efficiency of an arrangement in which th...
• Confidence and trading aggressiveness of na⟨ve investors: effects of information quantity and consistency AI翻译
  作者：Smith, Steven D.
  作者单位：University of Illinois System; University of Illinois Urbana-Champaign
  摘要：Advances in technology, as well as regulatory and legislative actions, have led to an increase in the quantity of information available to the public. This paper experimentally examines the effects of information quantity and consistency (or directional agreement) on the judgments and trading behavior of na < ve investors, holding constant the quality (or predictive value) of information. In my experiment, investors receive accounting signals and make predictions and trading decisions for 24 s...
• Management's tone change, post earnings announcement drift and accruals AI翻译
  作者：Feldman, Ronen; Govindaraj, Suresh; Livnat, Joshua; Segal, Benjamin
  作者单位：New York University; Hebrew University of Jerusalem; Rutgers University System; Rutgers University New Brunswick; Rutgers University Newark; INSEAD Business School
  摘要：This study explores whether the management discussion and analysis (MD&A) section of Forms 10-Q and 10-K has incremental information content beyond financial measures such as earnings surprises and accruals. It uses a classification scheme of words into positive and negative categories to measure the tone change in the MD&A section relative to prior periodic SEC filings. Our results indicate that short window market reactions around the SEC filing are significantly associated with the tone cha...
• Signaling firm value to active investors AI翻译
  作者：Baldenius, Tim; Meng, Xiaojing
  作者单位：Columbia University
  摘要：Active investors provide risk-sharing and value-adding effort in form of advising, networking, monitoring, etc. This paper demonstrates a conflict between two key objectives for high-quality entrepreneurs: to elicit such investor effort and to signal the firm's type by retaining shares. This conflict may give rise to stable (and economically meaningful) pooling equilibria for startup firms. More established firms, with access to multiple signals, can always realize both of these objectives but...