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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...
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作者：Armstrong, C; Davila, A; Foster, G
作者单位：Stanford University; University of Navarra; IESE Business School
摘要：The relationship between (a) private and public equity market valuations and (b) financial statement information is examined for a sample of 502 venture capital backed companies from six different industries over the 1993-2003 period. Financial statement information explains a sizable component of the levels of and changes in valuation in both the Pre-IPO and Post-IPO periods. The findings support prior research for Post-IPO companies that revenues are value enhancing and costs are value dimin...
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作者：Chan, KH; Lin, KZ; Mo, PLI
作者单位：Hong Kong Polytechnic University; Lingnan University
摘要：This Study examines whether auditor opinions are affected by political and economic influences from governments. We use auditor locality (local versus non-local) to capture such influences from local governments in China. Based on data from China's stock markets for the period 1996-2002, we find that local auditors, who have greater economic dependence on local clients and are subject to more political influence from local Governments than non-local auditors, are inclined to report favorably o...
