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作者：Bhojraj, Sanjeev; Swaminathan, Bhaskaran
作者单位：Cornell University
摘要：This paper examines whether the mispricing of accruals documented in equity markets extends to bond markets. The paper finds that corporate bonds of firms with high operating accruals underperform corporate bonds of firms with low operating accruals. In the first year after portfolio formation, the underperformance is 115 basis points using an accrual measure that includes capital investments and 93 basis points using an accrual measure that is based only on working capital investments. The Sh...
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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 predict that firms with stronger corporate governance will exhibit a higher degree of accounting conservatism. Governance level is assessed using a composite measure that incorporates several internal and external characteristics. Consistent with our prediction, strong governance firms show significantly higher levels of conditional accounting conservatism. Our tests take into account the endogenous nature of corporate governance, and the results are robust to the use of several measures of...
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作者：Bowlin, Kendall O.; Hales, Jeffrey; Kachelmeier, Steven J.
作者单位：University of Texas System; University of Texas Austin; University of Mississippi; University System of Georgia; Georgia Institute of Technology
摘要：We design an experiment to examine the influence of audit experience on subsequent reporting decisions when auditors become managers of audited firms. In contrast to the independence issues that can arise when auditors and their clients are related by prior affiliation, we focus this study on the more common case in which auditors assume subsequent employment with other firms' clients. In a bi-matrix experimental game that captures key features of the strategic tension between auditors and rep...
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作者：Jorion, Philippe; Shi, Charles; Zhang, Sanjian
作者单位：University of California System; University of California Irvine; Lehigh University
摘要：Over the latest 20 years, the average credit rating of U.S. corporations has trended down. Blume et al. (1998, Journal of Finance, 53, 1389-1413.) attribute this trend to a tightening of credit standards by agencies. We reexamine the observed decreases in credit ratings in several ways. First, we show that this downward trend does not apply to speculative-grade issuers. Second, our analysis of investment-grade issuers suggests that the apparent tightening of standards can be attributed primari...
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作者：Collins, Daniel W.; Li, Oliver Zhen; Xie, Hong
作者单位：University of Iowa; University of Arizona; Syracuse University
摘要：Landsman and Maydew (J Acc Res 40:797-808, 2002) document that the information content of earnings announcements has increased over the past three decades, and Francis et al. (Acc Rev, 77:515-546, 2002) conclude that expanded concurrent disclosures in firms' earnings announcements, especially the inclusion of detailed income statements, explain this increase. We posit and find that the temporal increase in the intensity of the market's reaction to Street earnings offers a competing explanation...
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作者：Nichols, D. Craig; Wahlen, James M.; Wieland, Matthew M.
作者单位：Indiana University System; Indiana University Bloomington; IU Kelley School of Business; Cornell University; University System of Georgia; University of Georgia
摘要：Compared with privately held banks, publicly traded banks face greater agency costs because of greater separation of ownership and control but enjoy greater benefits from access to the equity capital market. Differences in control and capital market access influence public versus private banks' accounting. We predict and find that public banks exhibit greater degrees of conditional conservatism (asymmetric timeliness of the recognition of losses versus gains in accounting income) than private ...
