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作者：Hartmann, Frank
作者单位：Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
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作者：Kimbrough, Michael D.; Louis, Henock
作者单位：University System of Maryland; University of Maryland College Park; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：We find that bidders are more likely to hold conference calls at merger announcements when the mergers are financed with stock and when the transactions are large. After controlling for endogeneity, we also find that conference calls are associated with more favorable market reactions to merger announcements. A content analysis of merger-related information releases for a limited subsample indicates that the more favorable reaction is related to the fact that, compared to press releases, confe...
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作者：Carter, Mary Ellen
作者单位：Boston College
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作者：Cheng, Mei; Dhaliwal, Dan S.; Neamtiu, Monica
作者单位：University of Arizona; Korea University
摘要：In this study, we examine some of the consequences of asset securitization. Specifically, using a sample of bank holding companies, we investigate whether the difficulty in assessing the true extent of risk transfer, between securitizing banks and investors in asset-backed securities, affects bank information uncertainty. We find that when market participants have a greater difficulty in estimating risk transfer, banks face greater information uncertainty (i. e., larger bid-ask spreads and ana...
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作者：Beyer, Anne; Guttman, Ilan
作者单位：Stanford University
摘要：This study models the interaction between a sell-side analyst and risk-averse investors. It derives an analyst's optimal earnings forecast and investors' optimal trading decisions in a setting where the analyst's payoff depends on the trading volume the forecast generates as well as on the forecast error. In the fully separating equilibrium, we find that the analyst biases the forecast upward (downward) if his private signal reveals relatively good (bad) news. The model predicts that: (1) the ...
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作者：Boulton, Thomas J.; Smart, Scott B.; Zutter, Chad J.
作者单位：University System of Ohio; Miami University; Indiana University System; Indiana University Bloomington; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：This study examines the impact of country-level earnings quality on IPO underpricing. Examining 10,783 IPOs from 37 countries, we find that IPOs are underpriced less in countries where public firms produce higher quality earnings information. This finding persists after controlling for other deal-and country-specific factors that affect IPO underpricing, and it is driven neither by the large and relatively transparent markets in the U. S. and U. K. nor by the relatively opaque Japanese market....
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作者：Hao, Shengquan; Jin, Qinglu; Zhang, Guochang
作者单位：Shanghai Jiao Tong University; Shanghai University of Finance & Economics; Hong Kong University of Science & Technology
摘要：Using Zhang (2000) as the theoretical basis, we predict and empirically test the effect of investment growth on the relation between equity value and accounting variables. We find that (1) growth increases the slope in the value-earnings relation for high-profitability firms (consistent with growth having positive NPV),buthas an insignificant or negative effect on the slope for lower-profitability firms (consistent with growth having non-positive NPV); (2) given earnings, growth increases the ...
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作者：Young, Steven; Yang, Jing
作者单位：Lancaster University
摘要：We examine the link between firms' stock repurchase activity and the presence of earnings per share (EPS) performance conditions in executive compensation contracts. Findings reveal a strong positive association between repurchases and EPS-contingent compensation arrangements. Further analysis suggests net benefits to shareholders from this association. Specifically, repurchasers experience larger increases in total payouts; the positive association between repurchases and cash performance is ...
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作者：Kaplan, Robert S.
作者单位：Harvard University
摘要：Recent accounting scholarship has used statistical analyses on asset prices, financial reports and disclosures, laboratory experiments, and surveys of practice. The research has studied the interface among accounting information, capital markets, standard-setters, and financial analysts and how managers make accounting choices. But as accounting scholars have focused on understanding how markets and users process accounting data, they have distanced themselves from the accounting process itsel...
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作者：Ayers, Benjamin C.; Li, Oliver Zhen; Yeung, P. Eric
作者单位：University System of Georgia; University of Georgia; University of Arizona
摘要：We examine whether the two distinct post-earnings-announcement drifts associated with seasonal random-walk-based and analyst-based earnings surprises are attributable to the trading activities of distinct sets of investors. We predict and find that small (large) traders continue to trade in the direction of seasonal random-walk-based (analyst-based) earnings surprises after earnings announcements. We also find that when small (large) traders react more thoroughly to seasonal random-walk-based ...
