-
作者：Bagnoli, Mark; Watts, Susan G.
作者单位：Purdue University System; Purdue University
摘要：We study how joint delegation of production and disclosure choices alters the incentives that firm owners offer to their managers. Our first set of results shows how the incentive weights that owners place on revenues are affected by firm characteristics and by whether their manager chooses ex ante voluntary disclosure. This arises because the owners choose how sensitive the manager's compensation is to her production choice and, because this sensitivity is naturally greater if the manager opt...
-
作者：Jung, Michael J.; Wong, M. H. Franco; Zhang, X. Frank
作者单位：New York University; INSEAD Business School; University of Toronto; Yale University
摘要：We posit that a change in analyst interest in a firm is an early indicator of the firm's future fundamentals, capital market activities, and stock returns. We measure increases in analyst interest by observing analysts who do not cover a firm but participate in that firm's earnings conference call, and we measure decreases in analyst interest by observing analysts who cover a firm, yet are absent from that firm's call. We find that increases in analyst interest are positively associated with f...
-
作者：Partnoy, Frank
作者单位：University of San Diego
-
作者：Hooks, Karen L.
作者单位：State University System of Florida; Florida Atlantic University
-
作者：Crawley, Michael J.
作者单位：Indiana University System; Indiana University Bloomington
摘要：This study investigates the macroeconomic consequences of firm-level accounting conservatism. Consistent with conditional conservatism extending to the aggregate level, I demonstrate that annual estimates of aggregate corporate profits and gross domestic product compiled by the U.S. Bureau of Economic Analysis are more sensitive to negative aggregate news than to positive aggregate news. Next, I estimate the dollar value impact of conservatism on measurements of macroeconomic fundamentals. Fin...
-
作者：Beaver, William H.
作者单位：Stanford University
摘要：These remarks provide some perspective on my six decades of research, teaching, and participation in the AAA. A recurring theme is that my career took several unexpected turns and that my research often had unexpected outcomes. Several areas of research are discussed, including the prediction of financial distress, the information content of earnings announcements, the information content of prices, accounting and market measures of risk, discretion in financial reporting, conservatism, and va...
-
作者：Degos, Jean-Guy
作者单位：Universite de Bordeaux
-
作者：Madsen, Paul E.
作者单位：State University System of Florida; University of Florida
摘要：For decades, prominent members of the accounting community have argued that the quality of accounting education is falling. Support for this claim is limited because of a scarcity of data characterizing the constructs of interest. This study is a comparative evaluation of the quality of accounting education from the 1970s to the 2000s using unique data to quantify education quality for accounting and many comparison disciplines. I find that, compared to most other types of college education, a...
-
作者：Nelson, Mark W.; Rupar, Kathy K.
作者单位：Cornell University; State University System of Florida; University of Florida
摘要：We report the results of two experiments that provide evidence that investors' risk judgments are affected by the numerical format used to describe outcomes within accounting disclosures. Consistent with prior research in psychology, investors assess higher risk in response to dollar-formatted disclosures than to equivalent percentage-formatted disclosures. Consistent with the Persuasion Knowledge Model (Friestad and Wright 1994), this effect is moderated when investors have both (1) awareness...
-
作者：Ramanna, Karmic
作者单位：Harvard University
