4期

最新文章

• The Pricing of Accruals Quality: January versus the Rest of the Year AI翻译
  作者：Mashruwala, Christina A.; Mashruwala, Shamin D.
  作者单位：City University of New York (CUNY) System; Baruch College (CUNY)
  摘要：As an alternative way to shed light on the debate over whether accruals quality is a priced risk factor, we examine the effect of seasonality on the pricing of the modified Dechow and Dichev (2002) accruals quality measure (AQ). We find that (1) high AQ stocks outperform low AQ stocks only in January; (2) during the rest of the calendar year, high AQ firms underperform low AQ firms such that there is no AQ premium on an annual basis; (3) about half of the January AQ premium occurs during the f...
• Insights from Accounting History: Selected Writings of Stephen Zeff AI翻译
  作者：Oldroyd, David
  作者单位：Newcastle University - UK
• Internal Control Weakness and Bank Loan Contracting: Evidence from SOX Section 404 Disclosures AI翻译
  作者：Kim, Jeong-Bon; Song, Byron Y.; Zhang, Liandong
  作者单位：City University of Hong Kong; Concordia University - Canada
  摘要：Using a sample of borrowing firms that disclosed internal control weaknesses (ICW) under Section 404 of the Sarbanes-Oxley Act, this study compares various features of loan contracts between firms with ICW and those without ICW. Our results show the following. First, the loan spread is higher for ICW firms than for non-ICW firms by about 28 basis points, after controlling for other known determinants of loan contract terms. Second, firms with more severe, company-level ICW pay significantly hi...
• Financial Reporting Quality and Investment Efficiency of Private Firms in Emerging Markets AI翻译
  作者：Chen, Feng; Hope, Ole-Kristian; Li, Qingyuan; Wang, Xin
  作者单位：University of Toronto; Wuhan University; Chinese University of Hong Kong
  摘要：Prior research shows that financial reporting quality (FRQ) is positively related to investment efficiency for large U.S. publicly traded companies. We examine the role of FRQ in private firms from emerging markets, a setting in which extant research suggests that FRQ would be less conducive to the mitigation of investment inefficiencies. Earlier studies show that private firms have lower FRQ, presumably because of lower market demand for public information. Prior research also shows that FRQ ...
• Data Truncation Bias, Loss Firms, and Accounting Anomalies AI翻译
  作者：Teoh, Siew Hong; Zhang, Yinglei
  作者单位：University of California System; University of California Irvine; Chinese University of Hong Kong
  摘要：Ex post trimming of extreme returns observations that are not data errors causes spurious inferences in tests of market efficiency and behavioral explanations for anomalies. Trimming causes a downward truncation bias in estimated mean returns that is stronger in ex ante subsamples with more loss firms and in which return distributions are more right-skewed. There is an asymmetric U-shaped relation between return right-skewness and loss frequency across deciles of negative return predictors (Ac...
• Determinants of Disclosure Noncompliance and the Effect of the SEC Review: Evidence from the 2006 Mandated Compensation Disclosure Regulations AI翻译
  作者：Robinson, John R.; Xue, Yanfeng; Yu, Yong
  作者单位：University of Texas System; University of Texas Austin; George Washington University
  摘要：We investigate the economic forces that influence noncompliance with mandatory compensation disclosures and the effect of a subsequent focused enforcement action. We utilize SEC evaluations of compensation disclosures mandated by rules adopted in 2006 to examine whether noncompliance is associated with excess CEO compensation, proprietary costs, or previous media attention. We further test whether subsequent CEO compensation declines after the SEC publicly identifies noncompliance. We construc...
• Spillover Effects in Subjective Performance Evaluation: Bias and the Asymmetric Influence of Controllability AI翻译
  作者：Bol, Jasmijn C.; Smith, Steven D.
  作者单位：University of Illinois System; University of Illinois Urbana-Champaign
  摘要：We examine how subjective performance evaluations are influenced by the level and controllability of an accompanying measure of a separate performance dimension. In our experiment, supervisors evaluate the office administration performance of a hypothetical subordinate. We find that supervisors' subjective evaluations are directionally influenced by an accompanying objective measure of sales performance, even after excluding participants who perceive informativeness across measures. Consistent...
• What Makes Conference Calls Useful? The Information Content of Managers' Presentations and Analysts' Discussion Sessions AI翻译
  作者：Matsumoto, Dawn; Pronk, Maarten; Roelofsen, Erik
  作者单位：University of Washington; University of Washington Seattle; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
  摘要：Conference calls held in conjunction with an earnings release have become increasingly common in recent years, yet there is little evidence regarding the reasons that these calls are incrementally informative over the accompanying press release. Using a sample of more than 10,000 conference-call transcripts, we examine the information content of both segments of the call-the presentation and the discussion segment. We find that both segments have incremental information content over the accomp...