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作者：Arya, Anil; Mittendorf, Brian; Ramanan, Ram N. V.
作者单位：University System of Ohio; Ohio State University; State University of New York (SUNY) System; Binghamton University, SUNY
摘要：It is well recognized that stock prices provide relevant feedback that can guide future firm decisions. This paper develops a model to examine how accounting disclosures affect the decision-usefulness of such stock market reactions. We demonstrate that information in accounting reports can prove useful because it helps observers better interpret and isolate the decision-relevant information embedded in the ensuing stock price reaction. This leads to natural synergies between accounting reports...
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作者：Maksymov, Eldar M.; Nelson, Mark W.
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作者：Collins, Daniel W.; Pungaliya, Raunaq S.; Vijh, Anand M.
作者单位：University of Iowa; Sungkyunkwan University (SKKU)
摘要：Commonly used Jones-type discretionary accrual models applied in quarterly settings do not adequately control for nondiscretionary accruals that naturally occur due to firm growth. We show that the relation between quarterly accruals and backward-looking sales growth (measured over a rolling four-quarter window) and forward-looking firm growth (market-to-book ratio) is non-linear. Failure to control for the effects of firm growth and performance on innate accruals leads to excessive Type I err...
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作者：Banker, Rajiv D.; Basu, Sudipta; Byzalov, Dmitri
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University
摘要：Accountants examine multiple indicators when assessing whether individual assets are impaired. Different indicators predict cash flows over varying time horizons, and their importance varies with how far into the future individual assets are expected to generate cash flows. We predict that earnings exhibits asymmetric timeliness with respect to multiple indicators, including stock return, sales change, and operating cash flow change, which differentially explain write-downs of current assets, ...
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作者：Lawrence, Alastair; Ryans, James P.; Sun, Estelle Y.
作者单位：University of California System; University of California Berkeley; University of London; London Business School; Boston University
摘要：We use daily page views of analyst estimates, ratings, and target prices on Yahoo Finance to understand when users seek sell-side analyst research. Demand for this information is most pronounced on days with earnings announcements, management guidance, and All-Star analyst reports. Surprisingly, demand does not increase at Form 10-K and Form 10-Q filings. While the overall demand for analyst estimates is 19.9 percent less than for analyst ratings and target prices, on earnings announcement and...
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作者：Nallareddy, Suresh; Ogneva, Maria
作者单位：Duke University; University of Southern California
摘要：Earnings growth dispersion contains information about trends in labor reallocation, unemployment change, and, ultimately, aggregate output. We find that initial macroeconomic estimates released by government statistical agencies do not fully incorporate this information. As a consequence, earnings growth dispersion predicts future restatements in nominal and real GDP growth (and unemployment change) both in the in-sample and out-of-sample tests. Further, when we adjust GDP estimates using the ...
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作者：Bae, Gil Soo; Choi, Seung Uk; Dhaliwal, Dan S.; Lamoreaux, Phillip T.
作者单位：Korea University; University of Arizona; Arizona State University; Arizona State University-Tempe
摘要：This study examines the relation between auditors and their clients' investment efficiency. We hypothesize and find that auditor characteristics that proxy for an auditor's knowledge and resources are associated with higher client investment efficiency, after controlling for the auditor's effect on financial reporting quality. This result is consistent with auditors providing informational advantages to their clients in a generalized investment setting. We find that this auditor effect is more...
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作者：Owens, Edward L.; Wu, Joanna Shuang; Zimmerman, Jerold
作者单位：Emory University; University of Rochester
摘要：Economics challenge the specification of discretionary accrual models. Since rent-seeking firms pursue differentiated business strategies, firms in the same industry experience idiosyncratic shocks due to heterogeneous economic fundamentals and hence have different accrual-generating processes. We present evidence that idiosyncratic shocks are widespread, propagate through multiple years of financial statements, and reduce accrual models' goodness of fit. This not only affects abnormal accrual...
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作者：Perols, Johan L.; Bowen, Robert M.; Zimmermann, Carsten; Samba, Basamba
作者单位：University of San Diego; RWTH Aachen University
摘要：Developing models to detect financial statement fraud involves challenges related to (1) the rarity of fraud observations, (2) the relative abundance of explanatory variables identified in the prior literature, and (3) the broad underlying definition of fraud. Following the emerging data analytics literature, we introduce and systematically evaluate three data analytics preprocessing methods to address these challenges. Results from evaluating actual cases of financial statement fraud suggest ...
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作者：Khan, Mozaffar; Srinivasan, Suraj; Tan, Liang
作者单位：Harvard University; University of Minnesota System; University of Minnesota Twin Cities; George Washington University
摘要：We provide new evidence on the agency theory of corporate tax avoidance (Slemrod 2004; Crocker and Slemrod 2005; Chen and Chu 2005) by showing that increases in institutional ownership are associated with increases in tax avoidance. Using the Russell index reconstitution setting to isolate exogenous shocks to institutional ownership, and a regression discontinuity design that facilitates sharper identification of treatment effects, we find a significant and discontinuous increase in tax avoida...
