6期

最新文章

• An Analysis of Managerial Use and Market Consequences of Earnings Management and Expectation Management AI翻译
  作者：Das, Somnath; Kim, Kyonghee; Patro, Sukesh
  作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; University of Missouri System; University of Missouri Columbia; Northern Illinois University
  摘要：This study examines how managers coordinate the joint use of earnings management and expectation management by estimating the relationship between these instruments and how this relationship changes as their respective constraints change. We do this by estimating structural models of the two instruments that account for the constraints on their use as well as their effects on each other. Our results suggest that managers use earnings management and expectation management complementarily when m...
• Cash Flow Patterns as a Proxy for Firm Life Cycle AI翻译
  作者：Dickinson, Victoria
  作者单位：University of Mississippi
  摘要：This study develops a firm life cycle proxy using cash flow patterns. The patterns provide a parsimonious indicator of life cycle stage that is free from distributional assumptions (i.e., uniformity). The proxy identifies differential behavior in the persistence and convergence patterns of profitability. For example, return on net operating assets (RNOA) does not mean-revert (spread of 7 percent after five years between mature and decline firms) when examined by life cycle stage, which has imp...
• Cover Me: Managers' Responses to Changes in Analyst Coverage in the Post-Regulation FD Period AI翻译
  作者：Anantharaman, Divya; Zhang, Yuan
  作者单位：Rutgers University System; Rutgers University Newark; Rutgers University New Brunswick; Columbia University
  摘要：We show that managers increase the volume of public financial guidance in response to decreases in analyst coverage of their firms, particularly to decreases that are driven by exogenous reduction in brokerage firm size. Managers do not respond to increases in analyst coverage. The managerial guidance response to decreases in coverage reflects the trade-off between the marginal benefits from analyst coverage and the marginal costs of providing guidance. Specifically, the response is concentrat...
• The Choice of Different Types of Subjectivity in CEO Annual Bonus Contracts AI翻译
  作者：Hoeppe, Felix; Moers, Frank
  作者单位：Maastricht University
  摘要：In assessing the performance of the CEO, subjectivity by the board of directors is often present in one form or another. We specifically focus on: (1) the ex ante option to ex post override a formula-based contract (discretionary bonus), and (2) the ex ante absence of any formula in a contract (subjective weights). We argue that the two types of deviations are driven by different contracting problems, which relate to whether post-contract information does or does not affect the agent's optimal...
• Judging the Relevance of Fair Value for Financial Instruments AI翻译
  作者：Koonce, Lisa; Nelson, Karen K.; Shakespeare, Catherine M.
  作者单位：University of Texas System; University of Texas Austin; Rice University; University of Michigan System; University of Michigan
  摘要：We conduct three experiments to test if investors' views about fair value are contingent on whether the financial instrument in question is an asset or liability, whether fair values produce gains or losses, and whether the item will or will not be sold/settled soon. We draw on counterfactual reasoning theory from psychology, which suggests that these factors are likely to influence whether investors consider fair value as providing information about forgone opportunities. The latter, in turn,...
• The Effect of Using the Internal Audit Function as a Management Training Ground on the External Auditor's Reliance Decision AI翻译
  作者：Messier, William F., Jr.; Reynolds, J. Kenneth; Simon, Chad A.; Wood, David A.
  作者单位：Nevada System of Higher Education (NSHE); University of Nevada Las Vegas; Norwegian School of Economics (NHH); State University System of Florida; Florida State University; Brigham Young University
  摘要：This study examines how using the internal audit function (IAF) as a management training ground (MTG) affects external audit fees and the external auditors' perceptions of the IAF. Over half of all companies that have an IAF specifically hire internal auditors with the purpose of rotating them into management positions (or cycle current employees into the IAF for a short stint before promoting them into management positions). Using archival data, we find that external auditors charge higher fe...
• Disclosure Tone and Shareholder Litigation AI翻译
  作者：Rogers, Jonathan L.; Van Buskirk, Andrew; Zechman, Sarah L. C.
  作者单位：University of Chicago; University System of Ohio; Ohio State University
  摘要：We examine the relation between disclosure tone and shareholder litigation to determine whether managers' use of optimistic language increases litigation risk. Using both general-purpose and context-specific text dictionaries to quantify tone, we find that plaintiffs target more optimistic statements in their lawsuits and that sued firms' earnings announcements are unusually optimistic relative to other firms experiencing similar economic circumstances. These findings are consistent with optim...
• Comparing the Value Relevance, Predictive Value, and Persistence of Other Comprehensive Income and Special Items AI翻译
  作者：Jones, Denise A.; Smith, Kimberly J.
  作者单位：William & Mary
  摘要：Gains and losses reported as other comprehensive income (OCI) and as special items (SI) are often viewed as similar in nature: transitory items with little ability to predict future cash flows and minimal implications for company value. However, current accounting standards require SI gains and losses to be recognized in net income, while OCI gains and losses are deferred until realized. This study empirically compares OCI and SI gains and losses using a model that jointly estimates value rele...