2-3期

最新文章

• Discussion of investor protection and analysts' cash flow forecasts around the world AI翻译
  作者：Hail, Luzi
  作者单位：University of Pennsylvania
  摘要：DeFond and Hung [DeFond, M., & Hung, M. (2007). Review of Accounting Studies, 12 (this issue)] test the conjecture whether financial analysts, due to demand-side pressure, compensate for the limited usefulness of reported earnings by issuing cash flow forecasts. They find that analysts supplement their earnings forecasts more frequently with cash flow forecasts in countries where antidirector rights and legal enforcement quality are poor. In my discussion, I examine their hypothesis developmen...
• Conservatism, growth, and return on investment AI翻译
  作者：Rajan, Madhav V.; Reichelstein, Stefan; Soliman, Mark T.
  作者单位：Stanford University
  摘要：Return on Investment (ROI) is widely regarded as a key measure of firm profitability. The accounting literature has long recognized that ROI will generally not reflect economic profitability, as determined by the internal rate of return (IRR) of a firm's investment projects. In particular, it has been noted that accounting conservatism may result in an upward bias of ROI, relative to the underlying IRR. We examine both theoretically and empirically the behavior of ROI as a function of two vari...
• Biases in multi-year management financial forecasts:: Evidence from private venture-backed US companies AI翻译
  作者：Armstrong, Christopher S.; Davila, Antonio; Foster, George; Hand, John R. M.
  作者单位：University of North Carolina; University of North Carolina Chapel Hill; Stanford University; University of Navarra; IESE Business School
  摘要：This paper studies the properties and determinants of managers' multi-year financial forecasts. Using one- to five-year-ahead forecasts reported by private venture-backed firms, we ask whether, by how much, and why biases in managers' forecasts of revenues, expenses and profits depend on the forecasting horizon and the verifiability of assets. We find that profitability forecasts contain a strategic component, in that [1] one-year-ahead revenue (expense) forecasts are slightly and asymmetrical...
• How disclosure quality affects the level of information asymmetry AI翻译
  作者：Brown, Stephen; Hillegeist, Stephen A.
  作者单位：INSEAD Business School; Emory University
  摘要：We examine two potential mechanisms through which disclosure quality is expected to reduce information asymmetry: (1) altering the trading incentives of informed and uninformed investors so that there is relatively less trading by privately informed investors, and (2) reducing the likelihood that investors discover and trade on private information. Our results indicate that the negative relation between disclosure quality and information asymmetry is primarily caused by the latter mechanism. W...
• 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...