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作者：Glover, Jonathan C.; Lin, Haijin H.
作者单位：Columbia University; University of Houston System; University of Houston
摘要：We study intertemporal incentive properties of conditional accounting conservatism. Conservatism has detrimental and beneficial properties. In our first model, conservatism introduces downward bias in the first period; any understatement of first-period performance is reversed in the second period. A conservative bias is not costly in the first period but instead is costly in the second period when a new manager may be rewarded for the performance of his predecessor. In an extension on learnin...
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作者：Koo, David S.; Lee, Dongyoung
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; McGill University
摘要：We examine the role of the chief marketing officer (CMO) in corporate voluntary disclosure of future revenues. Using a sample of S&P 1500 firms for the period from 2003 to 2011, we find that the presence of an influential CMO in top management is positively associated with the likelihood of a firm issuing a management revenue forecast. We also find that firms with an influential CMO provide more accurate revenue forecasts than other firms. These findings extend to long-window change analyses a...
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作者：Einhorn, Eti
作者单位：Tel Aviv University
摘要：This study analyzes corporate voluntary disclosures to the capital market in the presence of competing information sources, from which traders can subsequently obtain additional public and private information. The analysis demonstrates that the anticipated access of traders to additional information sources may significantly alter the voluntary disclosure strategy of firms. It may explain a deviation from the conventional full disclosure equilibrium to equilibrium with partial and selective di...
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作者：Bartov, Eli; Faurel, Lucile; Mohanram, Partha S.
作者单位：New York University; Arizona State University; Arizona State University-Tempe; University of Toronto
摘要：Prior research has examined how companies exploit Twitter in communicating with investors, and whether Twitter activity predicts the stock market as a whole. We test whether opinions of individuals tweeted just prior to a firm's earnings announcement predict its earnings and announcement returns. Using a broad sample from 2009 to 2012, we find that the aggregate opinion from individual tweets successfully predicts a firm's forthcoming quarterly earnings and announcement returns. These results ...
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作者：Chen, Donghua; Kim, Jeong-Bon; Li, Oliver Zhen; Liang, Shangkun
作者单位：Nanjing University; City University of Hong Kong; University of Waterloo; National University of Singapore; Shanghai Lixin University of Accounting & Finance; Central University of Finance & Economics
摘要：Managers of China's state-owned firms work in a closed pyramidal managerial labor market. They enjoy non-transferable benefits if they choose to stay within this system. The higher up are they in this labor market hierarchy (their political ranks), the fewer are their outside employment opportunities. Due to career and wealth concerns, they are cautious and risk-averse when managing firms. We examine the effect of managers' political ranks on firms' stock price crash risk and find a negative a...
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作者：Evans, John Harry, III; Gao, Zhan; Hwang, Yuhchang; Wu, Wan-Ting
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Lancaster University; China Europe International Business School; University of Massachusetts System; University of Massachusetts Boston
摘要：This paper examines the length of time over which CEO performance is evaluated (the ''performance period'') in CEO performance-based equity awards (PBEAs). Departing from the primary emphasis of agency theory on moral hazard problems, we develop a model in which short performance periods are instrumental in sorting CEO talents. The model predicts that short performance periods are preferred when CEOs have low expected productivity or valuable alternative employment opportunities, and when firm...
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作者：Albrecht, Anne; Mauldin, Elaine G.; Newton, Nathan J.
作者单位：Texas Christian University; University of Missouri System; University of Missouri Columbia; State University System of Florida; Florida State University
摘要：Practice and research recognize the importance of extensive knowledge of accounting and financial reporting experience for generating reliable financial statements. However, we consider the possibility that such knowledge and experience increase the likelihood of material misstatement when executives have incentives to misreport. We use executives' prior experience as an audit manager or partner as a measure of extensive accounting and financial reporting competence. We find that the interacti...
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作者：Cao, Sean Shun; Ma, Guang; Tucker, Jennifer Wu; Wan, Chi
作者单位：University System of Georgia; Georgia State University; National University of Singapore; State University System of Florida; University of Florida; University of Massachusetts System; University of Massachusetts Boston
摘要：We introduce a firm-specific measure of the technological aspect of competition-technological peer pressure-and examine firm-initiated product development-related press releases. We argue that empirical examinations of the theorized negative relation between competition and disclosure require the type of voluntary disclosure to be relevant to the dimension of competition under examination to ensure that firms incur significant proprietary costs of disclosure. In other words, many types of disc...
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作者：Gong, Guojin; Luo, Shuying
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Hong Kong
摘要：Lenders often have lending relationships with borrowers' major customers (labeled as supply-chain lenders). We hypothesize that private information obtained from borrowers' major customers can facilitate more timely and precise evaluation of borrowers' creditworthiness; this potentially reduces supply-chain lenders' reliance on accounting conservatism in debt contracting. Consistently, we find that suppliers borrowing from supply-chain lenders provide less conservative financial statements tha...
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作者：Amiram, Dan; Kalay, Alon; Kalay, Avner; Ozel, N. Bugra
作者单位：Columbia University; Tel Aviv University; Utah System of Higher Education; University of Utah; University of Texas System; University of Texas Dallas
摘要：We examine the role of the coupon choice in bond contracts as a signaling mechanism in the presence of information asymmetry between borrowers and lenders about the credit quality of the borrower. Prior literature focuses on the use of maturity as a signaling mechanism. We conjecture that the coupon is a more effective signaling mechanism. We exploit the enactment of Regulation Fair Disclosure (RegFD) as an exogenous shock to the level of information asymmetry, and employ both bond- and equity...
