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作者：Kadous, Kathryn; Koonce, Lisa; Thayer, Jane M.
作者单位：Emory University; University of Texas System; University of Texas Austin; University System of Georgia; University of Georgia
摘要：Relevance and reliability (now referred to as representational faithfulness) are qualities of financial information that both the Financial Accounting Standards Board and the International Accounting Standards Board use in setting standards for financial reporting. Despite their importance, very little research has addressed how financial statement users apply these constructs. Via experiments set within the fair value context, we show that users do not view them as independent constructs. Ins...
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作者：Michels, Jeremy
作者单位：University of Colorado System; University of Colorado Boulder
摘要：The role of disclosure in attenuating market inefficiencies has been the subject of extensive research. While costless, voluntary, and unverifiable disclosures are unlikely to be credible sources of information, prior research demonstrates that individuals' decisions can be influenced by uninformative content. I use a unique dataset from a peer-to-peer lending website, Prosper.com, to demonstrate an economically large effect of voluntary, unverifiable disclosures in reducing the cost of debt. ...
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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：Schmidt, Matthias
作者单位：Leipzig University
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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：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...
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作者：De Waegenaere, Anja; Sansing, Richard C.; Wielhouwer, Jacco L.
作者单位：Tilburg University; Dartmouth College; Vrije Universiteit Amsterdam
摘要：This study examines the effects of taxation on the incentives of multinational firms to develop and use intellectual property. We model optimal investment and production decisions by firms that engage in a patent race by making R&D investments. We investigate how taxes affect the level and efficiency of R&D investments, and how these effects depend on whether the winner of the patent race uses it by either producing in the country in which the patent was developed (the domestic country) or in ...
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作者：Cready, William M.; Lopez, Thomas J.; Sisneros, Craig A.
作者单位：University of Texas System; University of Texas Dallas; University of Alabama System; University of Alabama Tuscaloosa; University of Colorado System; University of Colorado Denver; Children's Hospital Colorado; University of Colorado Anschutz Medical Campus
摘要：Burgstahler et al. (2002) investigate the implications of special items for future earnings and report that firms use negative special items to accelerate the recognition of future expenses into the current period. That is, negative special items serve as an inter-period transfer device. We extend their analysis and find that earnings increase in post-special item quarters beyond the four quarters considered in Burgstahler et al. (2002). In particular, we find that future earnings increase ove...
