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作者：Mian, G. Mujtaba; Sankaraguruswamy, Srinivasan
作者单位：Hong Kong Polytechnic University; National University of Singapore
摘要：We examine whether market-wide investor sentiment influences the stock price sensitivity to firm-specific earnings news. Using the recently developed measure of investor sentiment by Baker and Wurgler (2006), we find that the stock price sensitivity to good earnings news is higher during high sentiment periods than during periods of low sentiment, whereas the stock price sensitivity to bad earnings news is higher during periods of low sentiment than during periods of high sentiment. This influ...
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作者：Sikes, Stephanie A.; Verrecchia, Robert E.
作者单位：University of Pennsylvania
摘要：Prior literature predicts a positive relation between firms' expected pre-tax rates of return and investor-level capital gains tax rates. We show that this relation is more nuanced than suggested by prior literature and that in three circumstances the relation can actually be negative. The first circumstance is when a firm's systematic risk is very high. The second circumstance is when the market risk premium is very high. The third circumstance is when the risk-free rate of return is very low...
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作者：Bhattacharya, Nilabhra; Ecker, Frank; Olsson, Per M.; Schipper, Katherine
作者单位：Southern Methodist University; Duke University
摘要：Using path analysis, we investigate the direct and indirect links between three measures of earnings quality and the cost of equity. Our investigation is motivated by analytical models that specify both a direct link and an indirect link that is mediated by information asymmetry, but do not suggest which link would be more important empirically. We measure information asymmetry as both the adverse selection component of the bid-ask spread and the probability of informed trading (PIN). For a la...
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作者：Schmidt, Matthias
作者单位：Leipzig University
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作者：McGuire, Sean T.; Omer, Thomas C.; Sharp, Nathan Y.
作者单位：Texas A&M University System; Texas A&M University College Station
摘要：This study examines the impact of religion on financial reporting. We predict that firms in religious areas are less likely to engage in financial reporting irregularities because prior research links religiosity to reduced acceptance of unethical business practices. Our results suggest that firms headquartered in areas with strong religious social norms generally experience lower incidences of financial reporting irregularities. We also examine whether religiosity influences managers' methods...
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作者：Huang, Pinghsun; Zhang, Yan
作者单位：National Cheng Kung University; State University of New York (SUNY) System; Binghamton University, SUNY
摘要：This study investigates whether extensive disclosure reduces managerial expropriation of corporate resources by examining the potential effects of enhanced reporting on the values of cash assets and investment ventures, respectively. We uncover evidence that liquid asset holdings are valued at a discount by firms with fewer disclosure practices than their more transparent counterparts. Moreover, disclosure activity substantially improves the value of cash assets in excess of requirements for o...
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作者：Heinle, Mirko S.; Hofmann, Christian; Kunz, Alexis H.
作者单位：University of Pennsylvania; University of Munich; University of Bern
摘要：We examine the impact of identity preferences on the interrelation between incentives and performance measurement. In our model, a manager identifies with an organization and loses utility to the extent that his actions conflict with effort-standards issued by the principal. Contrary to prior arguments in the literature, we find conditions under which a manager who identifies strongly with the organization receives stronger incentives and faces more performance evaluation reports than a manage...
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作者：Zang, Amy Y.
作者单位：Hong Kong University of Science & Technology
摘要：I study whether managers use real activities manipulation and accrual-based earnings management as substitutes in managing earnings. I find that managers trade off the two earnings management methods based on their relative costs and that managers adjust the level of accrual-based earnings management according to the level of real activities manipulation realized. Using an empirical model that incorporates the costs associated with the two earnings management methods and captures managers' seq...
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作者：Skinner, Douglas J.; Srinivasan, Suraj
作者单位：University of Chicago; Harvard University
摘要：We study events surrounding ChuoAoyama's failed audit of Kanebo, a large Japanese cosmetics company whose management engaged in a massive accounting fraud. ChuoAoyama was PwC's Japanese affiliate and one of Japan's largest audit firms. In May 2006, the Japanese Financial Services Agency (FSA) suspended ChuoAoyama for two months for its role in the Kanebo fraud. This unprecedented action followed a series of events that seriously damaged ChuoAoyama's reputation. We use these events to provide e...
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作者：Ogneva, Maria
作者单位：Stanford University
摘要：This paper develops a simple methodology based on the earnings response coefficient framework that allows decomposing realized returns into cash flow shocks and returns excluding cash flow shocks. I find that stocks with poor (good) accrual quality were on average subject to relatively lower (higher) cash flow shocks over the past 37 years. These lower (higher) cash flow shocks offset the higher (lower) expected returns of poor (good) accrual quality firms. After excluding cash flow shocks, fu...
