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作者：McVay, Sarah; Nagar, Venky; Tang, Vicki Wei
作者单位：New York University; University of Michigan System; University of Michigan; Georgetown University
摘要：We examine stock sales as a managerial incentive to help explain the discontinuity around the analyst forecast benchmark. We find that the likelihood of just meeting versus just missing the analyst forecast is strongly associated with subsequent managerial stock sales. Moreover, we provide evidence that managers manage earnings prior to just meeting the threshold and selling their shares. Finally, the relation between just meeting and subsequently selling shares does not hold for non-manager i...
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作者：Hilary, Gilles
作者单位：Hong Kong University of Science & Technology
摘要：Prior results from the labor relations literature suggest that revealing information weakens management's position in collective bargaining. Thus, when facing organized labor, management has an incentive to preserve the information asymmetry with outsiders. This study uses a sample from a large cross-section of the economy over several years to test this relation. Results are consistent with this prediction. Strong organized labor is associated with higher bid-ask spreads, higher probability o...
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作者：Dechow, Patricia M.; Ge, Weili
作者单位：University of Michigan System; University of Michigan
摘要：We argue that high accruals are likely to be the outcome of rules with an income statement perspective, while low accruals are likely to be the outcome of rules with a balance sheet perspective, and that this has implications for the properties of earnings. Specifically, earnings persistence is affected both by the magnitude and sign of the accruals. Accruals improve the persistence of earnings relative to cash flows in high accrual firms, but reduce earnings persistence in low accrual firms. ...
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作者：Landsman, Wayne R.; Peasnell, Ken V.; Pope, Peter F.; Yeh, Shu
作者单位：University of North Carolina; University of North Carolina Chapel Hill; Lancaster University; National Taiwan University
摘要：We use a residual income valuation framework to compare equity valuation implications of four approaches to employee stock options (ESOs) accounting: APB 25 recognize nothing, SFAS 123 (revised) recognize ESO expense, FASB Exposure Draft recognize and expense ESO asset and recognize ESO asset and liability. Theoretical analysis shows only grant date recognition of an asset and liability, and subsequent marking-to-market of the liability, results in accounting numbers that capture the dilution ...
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作者：Koonce, Lisa
作者单位：University of Texas System; University of Texas Austin
摘要：My paper discusses Bloomfield, Nelson, and Smith's (BNS) model and experimental study of the price dynamics that arise when a firm's accounting reports are predictable from its stock returns. This phenomenon occurs when the firm takes a position in an asset that generates unrealized gains and losses (UGL's) that are correlated with the firm's own returns. My discussion of BNS focuses on three features that are often used to evaluate research-namely, potential for falsification, internal validi...
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作者：Aboody, David; Barth, Mary E.; Kasznik, Ron
作者单位：University of California System; University of California Los Angeles; Stanford University
摘要：Focusing on the four key option pricing model inputs-expected option life, expected stock price volatility, expected dividend yield, and the risk-free interest rate for the expected life of the option-this study finds that firms understate option value estimates and, thus, stock-based compensation expense disclosed under SFAS 123. As predicted based on incentives and opportunities for management to understate SFAS 123 expense, the understatement of option value estimates is increasing in proxi...
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作者：Francis, Jere R.; Ke, Bin
作者单位：University of Missouri System; University of Missouri Columbia; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：We investigate if the SEC's recently mandated disclosure of fees for audit and nonaudit services paid by firms to their incumbent auditors affected the market's perception of auditor independence and earnings quality. Following the initial fee disclosures in 2001, we find that the market valuation of quarterly earnings surprises (earnings response coefficient) was significantly lower for firms with high levels of nonaudit fees than for firms with low levels of such fees. In contrast, in the ye...
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作者：Baldenius, Tim
作者单位：Columbia University
摘要：The conference paper by Johnson (2006, Review of Accounting Studies, forthcoming) develops an incomplete-contracting transfer pricing model with a number of novel features: taxation, sequential investments, and intangible assets being transferred. This discussion aims to disentangle these features so as to highlight those that are the key drivers of the results. Moreover, I show that some of the results can be generalized to settings involving a greater level of technological interdependency b...
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作者：Lee, Chi-Wen Jevons; Li, Laura Yue; Yue, Heng
作者单位：Tulane University; Peking University
摘要：We study the relationship between the amount of managed earnings and firms' earnings performance and expected growth in a reporting model, where managers manipulate earnings to influence the valuation of firms' equity while bearing a cost that is increasing and convex in the amount of managed earnings. In the unique revealing equilibrium to the model, firms with higher performance and growth over-report earnings by a larger amount because price responsiveness increases with earnings performanc...
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作者：Core, JE; Guay, WR; Richardson, SA; Verdi, RS
作者单位：University of Pennsylvania
摘要：We examine whether manager's trading decisions (both at a firm and personal level) are correlated with trading strategies suggested by the operating accruals and the post-earnings announcement drift (SUE) anomalies. We discuss advantages and disadvantages of the use of managerial trading activity to infer managers' private valuation about their own securities. Our results provide corroborative evidence for the accruals anomaly, i.e., managers' repurchase and insider trading behavior varies con...
