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作者：Yu, Gwen; Wahid, Aida Sijamic
作者单位：Harvard University; University of Toronto
摘要：Do differences in countries' accounting standards affect global investment decisions? We explore this question by examining how accounting distance, the difference in the accounting standards used in the investor's and the investee's countries, affects the asset allocation decisions of global mutual funds. We find that investors tend to underweight investees with greater accounting distance. Using the mandatory adoption of International Financial Reporting Standards (IFRS) as an event that cha...
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作者：Drake, Michael S.; Guest, Nicholas M.; Twedt, Brady J.
作者单位：Brigham Young University; Massachusetts Institute of Technology (MIT); Indiana University System; Indiana University Bloomington
摘要：This study investigates the role of the business press in the pricing of accounting information. Using a comprehensive dataset of more than 111,000 earnings-related business press articles published from 2000 to 2010, we find that press coverage of the annual earnings announcement mitigates cash flow mispricing, but has a negligible effect on accrual mispricing. We provide evidence that this impact is driven primarily by the press disseminating the information more broadly, rather than by the ...
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作者：Hoffmann, Sebastian
作者单位：HHL Leipzig Graduate School of Management
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作者：Barth, Mary E.; So, Eric C.
作者单位：Stanford University; Massachusetts Institute of Technology (MIT)
摘要：This study seeks to determine whether earnings announcements pose non-diversifiable volatility risk that commands a risk premium. We find that investors anticipate some earnings announcements to convey news that increases market return volatility and pay a premium to hedge this non-diversifiable risk. In particular, we find evidence of risk premiums embedded in prices of firms' traded options that are significantly positively associated with the extent to which the firms' earnings announcement...
