2-3期

最新文章

• Is financial reporting shaped by equity markets or by debt markets? An international study of timeliness and conservatism AI翻译
  作者：Ball, Ray; Robin, Ashok; Sadka, Gil
  作者单位：Columbia University; University of Chicago; Rochester Institute of Technology
  摘要：We hypothesize debt markets-not equity markets-are the primary influence on association metrics studied since Ball and Brown (1968 J Account Res 6:159-178). Debt markets demand high scores on timeliness, conservatism and Lev's (1989 J Account Res 27(supplement):153-192) R-2, because debt covenants utilize reported numbers. Equity markets do not rate financial reporting consistently with these metrics, because (among other things) they control for the total information incorporated in prices. S...
• Investor recognition and stock returns AI翻译
  作者：Lehavy, Reuven; Sloan, Richard G.
  作者单位：University of Michigan System; University of Michigan; Barclays
  摘要：It is well established that investment fundamentals, such as earnings and cash flows, can explain only a small proportion of the variation in stock returns. We find that investor recognition of a firm's stock can explain relatively more of the variation in stock returns. Consistent with Merton's (I Finance 42(3):483-510, 1987) theoretical analysis, we show that (i) contemporaneous stock returns are positively related to changes in investor recognition, (ii) future stock returns are negatively ...
• Executive stock-based compensation and firms' cash payout: the role of shareholders' tax-related payout preferences AI翻译
  作者：Aboody, David; Kasznik, Ron
  作者单位：University of California System; University of California Los Angeles; Stanford University
  摘要：We hypothesize that the structure of executive stock-based compensation helps to align managers' payout choices with shareholders' tax-related payout preferences. Specifically, stock options, which are not dividend-protected, can deter self-interested executives from using dividends as a form of payout. In contrast, restricted stock, which is dividend-protected, is more likely to induce the use of dividends. Relatedly, shareholders' preferences for dividends, which are taxed as ordinary income...
• Inventory policy, accruals quality and information risk AI翻译
  作者：Krishnan, Gopal V.; Srinidhi, Bin; (Nancy) Su, Lixin
  作者单位：Hong Kong Polytechnic University; George Mason University
  摘要：This paper provides evidence consistent with firms with Last-in-first-out (LIFO) inventory policy being priced by the market as having lower information risk than First-in-first-out (FIFO) firms. Furthermore, the paper shows that this pricing differential is sustained after controlling for accruals quality, suggesting that the inventory policy signals some information risk characteristics that are not captured by accruals quality measure. We investigate the relation between inventory policy an...
• Discussion of inventory policy, accruals quality and information risk AI翻译
  作者：Olsson, Per
  作者单位：Duke University
  摘要：Krishnan et al. (Review of Accouting Studies, 2008) investigate how the choice of LIFO versus FIFO affects firms' accruals quality and cost of capital. The authors show that LIFO firms have better accruals quality and lower cost of capital than FIFO firms and that the cost of capital effect associated with the inventory valuation method is not subsumed by differences either in fundamental risk or accruals quality between LIFO and FIFO firms. This discussion is focused on key design choices and...
• Discussion of Executive stock-based compensation and firms' cash payout: the role of shareholders' tax-related payout preferences AI翻译
  作者：Shevlin, Terry
  作者单位：University of Washington; University of Washington Seattle
  摘要：Aboody and Kasznik (Rev Acc Stud, this issue, 2008) develop and test cross-sectional predictions about how firms might respond to the 2003 dividend tax cuts. My discussion suggests some alternative firm responses, a restructuring of the main tests to be consistent with the theory and predictions, and an interpretation of the magnitude of the observed associations. Overall, the paper addresses an interesting issue, recognizes that executive compensation is endogenous in this event, and adds to ...
• Discussion of Evidence of differing market responses to beating analysts' targets through tax expense decreases AI翻译
  作者：Christensen, Theodore E.
  作者单位：Brigham Young University
  摘要：Gleason and Mills (2008, Review of Accounting Studies) extend prior research investigating whether investors detect obvious earnings management. They improve on previous efforts to answer this question by examining firms with a clear motivation to manage earnings and by investigating a specific earnings management tool. They investigate firms that fall short of analysts' expectations when income tax expense is based on the third quarter effective tax rate but meet expectations by reducing the ...
• Discussion of Is financial reporting shaped by equity markets or debt markets? An international study of timeliness and conservatism AI翻译
  作者：Monahan, Steven J.
  作者单位：INSEAD Business School
  摘要：Using country-level data, Ball et al. (2008, Review of Accounting Studies) (BRS hereafter) demonstrate that debt-market (equity-market) size is (is not) positively associated with measures of timely loss recognition and asymmetric timely loss recognition. They argue that these results imply that debt holders-not equity holders-are the primary source of demand for timely accounting reports. They also argue that their results support the notion that the costly contracting school of thought is mo...