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作者：Franco, Francesca
作者单位：University of London; London Business School
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作者：Kothari, S. P.; Mizik, Natalie; Roychowdhury, Sugata
作者单位：Massachusetts Institute of Technology (MIT); University of Washington; University of Washington Seattle; Boston College
摘要：We assess the role of both accruals manipulation (AM) and real activities manipulation (RAM) in inducing overvaluation at the time of a seasoned equity offering (SEO). Our results reveal that earnings management is most consistently and predictably linked with post-SEO stock market underperformance when it is driven by RAM; in particular, the opportunistic reduction of expenditures on R&D and selling, general, and administrative activities. Thus, overvaluation at the time of the SEO is more li...
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作者：Frederickson, James R.; Zolotoy, Leon
作者单位：University of Melbourne
摘要：Consistent with investors having limited attention, we posit that when faced with competing earnings announcements, investors behave as if they queue the announcements based on a firm or earnings announcement attribute. We focus on two potential queuing attributes: (1) firm visibility, and (2) the expected cost of processing the earnings announcements. We find no support for queuing based on the latter, but find a statistically significant and economically meaningful queuing effect based on fi...
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作者：Hugon, Artur; Kumar, Alok; Lin, An-Ping
作者单位：Arizona State University; Arizona State University-Tempe; University of Miami; Singapore Management University
摘要：Although macroeconomic news has a major impact on corporate earnings, anecdotal evidence suggests that financial analyst research is inefficient with respect to such news. Examining analysts' earnings research, we find that they underreact to negative macroeconomic news. Analysts are not all equal, though, as analysts employed at the same firm as an active macroeconomist underreact much less. We find that the benefit of analyst access to an economist is concentrated in firms that are high in c...
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作者：Dechow, Patricia M.; Lawrence, Alastair; Ryans, James P.
作者单位：University of California System; University of California Berkeley
摘要：We document that insider trading is significantly higher than normal levels prior to the public disclosure of SEC comment letters relating to revenue recognition. Furthermore, insider trading is triple its normal level for firms with high short positions. We find a small negative return at the comment letter release date and a negative drift in returns of 1 to 5 percent over the next 50 days following the release. We also find that greater pre -disclosure sales are associated with a stronger n...
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作者：Healy, Paul M.; Serafeim, George
作者单位：Harvard University
摘要：We use Transparency International's ratings of self-reported anticorruption efforts to analyze factors underlying the ratings. Our tests examine whether these disclosures reflect firms' real efforts to combat corruption or are cheap talk. We find that the ratings are related to enforcement and monitoring, country and industry corruption risk, and governance variables. Controlling for these effects and other ratings determinants, we find that firms with lower residual ratings have higher subseq...
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作者：Liao, Pei-Cheng; Radhakrishnan, Suresh
作者单位：National Taiwan University; University of Texas System; University of Texas Dallas
摘要：We examine the effects of the auditor's insurance role on audit quality and reporting conservatism. The investor pays for the auditor's penalty through the audit fees and expects to collect a portion of it when the investor recovers the entire expected penalty, the insurance role is perfect. When the investment is exogenous, consistent with Watts' (2003a, 2003b) argument, we find that an increase in the auditor's insurance role improves audit quality and conservatism, because conservatism help...
