2007

最新文章

• Discussion of Conservatism, growth and return on investment AI翻译
  作者：Gjesdal, Froystein
  作者单位：Norwegian School of Economics (NHH)
  摘要：Providing data for the measurement of financial performance is a key objective of financial reporting. Rajan, Reichelstein, and Soliman (2007, Conservatism, growth and return on investment, Review of Accounting Studies, this issue) provide new insights into the well known biases involved in measuring return on investment (ROI) on the basis of accrual accounting. They analyze the relationships among ROIs, growth rates, accrual policies and cash flow profiles in a fairly general steadystate mode...
• Using accounting information for consumption planning and equity valuation AI翻译
  作者：Yee, Kenton K.
  作者单位：Columbia University
  摘要：This article develops a consumption-based valuation model that treats earnings and cash flow as complementary information sources. The model integrates three ideas that do not appear in traditional valuation models: (i) earnings provide information about future shocks to cash flow; (ii) earnings contain indiscernible transient accruals; and (iii) investors use cash flow and earnings to make allocation and consumption decisions and set price. Accordingly, the quality of earnings affects product...
• Investor protection and analysts' cash flow forecasts around the world AI翻译
  作者：DeFond, Mark L.; Hung, Mingyi
  作者单位：University of Southern California
  摘要：We find that analysts are more likely to provide cash flow forecasts in countries with weak investor protection. This finding is consistent with our hypothesis that market participants demand (and analysts supply) cash flow information when weak investor protection results in earnings that are less likely to reflect underlying economic performance. Our results suggest that information intermediaries respond to market-based incentives to attenuate the adverse effects of country-level institutio...
• Valuation of loss firms in a knowledge-based economy AI翻译
  作者：Darrough, Masako; Ye, Jianming
  作者单位：City University of New York (CUNY) System; Baruch College (CUNY)
  摘要：Recent research in accounting has documented a substantial increase in the number of loss firms. Existing theories on the valuation of loss firms are based on adaptation/abandonment options or limited liability, assuming that these firms are operationally distressed. In this paper, we show that many loss firms do not fit this stereotype and identify the primary value drivers of this new type of loss firms. Our analysis helps resolve the puzzling negative relation between earnings and market va...
• An alternative interpretation of the discontinuity in earnings distributions AI翻译
  作者：Beaver, William H.; McNichols, Maureen F.; Nelson, Karen K.
  作者单位：Stanford University; Rice University
  摘要：We show that the asymmetric effects of income taxes and special items for profit and loss firms contribute to a discontinuity at zero in the distribution of earnings. Income taxes draw profit observations towards zero while negative special items pull loss observations away from zero. These earnings components are thus expected to contribute to a discontinuity even in the absence of discretion. We show our results are not an artifact of deflation and that other common components of earnings do...
• Underwriter choice and earnings management: evidence from seasoned equity offerings AI翻译
  作者：Jo, Hoje; Kim, Yongtae; Park, Myung Seok
  作者单位：Santa Clara University; Virginia Commonwealth University
  摘要：Using a sample of seasoned equity offerings (SEOs), this paper examines the association between the choice of financial intermediary and earnings management. We contend that with more stringent standards for certification and intense monitoring, highly prestigious underwriters restrict firms' incentives for earnings management to protect their reputation and to avoid potential litigation risks, while firms with greater incentives for earnings management avoid strict monitoring by choosing low-...