2014

最新文章

• Meeting Individual Analyst Expectations AI翻译
  作者：Kirk, Marcus P.; Reppenhagen, David A.; Tucker, Jennifer Wu
  作者单位：State University System of Florida; University of Florida
  摘要：The expectations management literature has so far focused on firms meeting the analyst consensus forecast-the expectations of analysts as a group-at earnings announcements. In this study we argue that investors may use individual analyst forecasts as additional benchmarks in evaluating reported earnings because the consensus forecast underutilizes private information contained in individual analyst forecasts. We predict that measures reflecting such private information have incremental explana...
• Do Analysts Follow Managers Who Switch Companies? An Analysis of Relationships in the Capital Markets AI翻译
  作者：Brochet, Francois; Miller, Gregory S.; Srinivasan, Suraj
  作者单位：Harvard University; University of Michigan System; University of Michigan
  摘要：We examine the importance of professional relationships developed between analysts and managers by investigating analyst coverage decisions in the context of CEO and CFO moves between publicly listed firms. We find that top executive moves from an origin firm to a destination firm trigger analysts following the origin firm to initiate coverage of the destination firm in 10 percent of our sample, which is significantly higher than in a matched sample. Analyst-manager co-migration is significant...
• Taking the Pulse of the Real Economy Using Financial Statement Analysis: Implications for Macro Forecasting and Stock Valuation AI翻译
  作者：Konchitchki, Yaniv; Patatoukas, Panos N.
  作者单位：University of California System; University of California Berkeley
  摘要：In this study, we hypothesize and find that financial statement analysis of firm profitability drivers applied at the aggregate level yields timely insights that are relevant for forecasting real economic activity. We first show that focusing on the 100 largest firms offers a cost-effective way to extract information embedded in accounting profitability data of the entire stock market portfolio. We then show that accounting profitability data aggregated across the 100 largest firms have predic...
• A Forum on Ratcheting and Incentives AI翻译
  作者：Evans, John Harry, III
  作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
• CEO Turnover, Financial Distress, and Contractual Innovations AI翻译
  作者：Evans, John Harry, III; Luo, Shuqing; Nagarajan, Nandu J.
  作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; National University of Singapore
  摘要：The design of CEO incentives is particularly important for firms in financial distress. We compare the resolution of CEO incentive problems in distressed firms between the 1980s versus the 1990s, focusing on how changes in contractual provisions, as well as in the executive labor market, resulted in a shift to a new equilibrium. Our analyses provide evidence that the increased bargaining power of creditors, together with changes in the use of contractual provisions in the 1990s, enabled credit...
• The Routledge Companion to Accounting Communication AI翻译
  作者：Taylor, Eileen Z.
  作者单位：North Carolina State University
• Firm-Value Effects of Carbon Emissions and Carbon Disclosures AI翻译
  作者：Matsumura, Ella Mae; Prakash, Rachna; Vera-Munoz, Sandra C.
  作者单位：University of Wisconsin System; University of Wisconsin Madison; University of Mississippi; University of Notre Dame
  摘要：Using hand-collected carbon emissions data for 2006 to 2008 that were voluntarily disclosed to the Carbon Disclosure Project by S&P 500 firms, we examine the effects on firm value of carbon emissions and of the act of voluntarily disclosing carbon emissions. Correcting for self-selection bias from managers' decisions to disclose carbon emissions, we find that, on average, for every additional thousand metric tons of carbon emissions, firm value decreases by $212,000, where the median emissions...