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作者：Feng, Mei; Koch, Adam S.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; University of Virginia
摘要：We examine how management quarterly guidance strategy is affected by various outcomes from previously issued guidance. We find that managers are less likely to provide quarterly earnings guidance for a given year when past management forecasts have been overly optimistic, when past forecasts were unsuccessful at influencing analysts' expectations, when past forecasts failed to reduce information asymmetry, and when past forecasts resulted in earnings disappointments. For firms that continue to...
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作者：Miller, Brian P.
作者单位：Indiana University System; Indiana University Bloomington; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：This study examines the effects of financial reporting complexity on investors' trading behavior. I find that more complex (longer and less readable) filings are associated with lower overall trading, and that this relationship appears due to a reduction in small investors' trading activity. Additional evidence suggests that the association between report complexity and lower abnormal trading is driven by both cross-sectional variation in firms' disclosure attributes and variations in disclosu...
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作者：Bol, Jasmijn C.; Keune, Timothy M.; Matsumura, Ella Mae; Shin, Jae Yong
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University of South Carolina System; University of South Carolina Columbia; University of Wisconsin System; University of Wisconsin Madison; Seoul National University (SNU)
摘要：In a setting in which corporate headquarters dictates total sales targets, we study how supervisors allocate sales targets to individual stores. Specifically, we analyze whether supervisors strategically use discretion in the target-setting process to address compensation contracting issues. We first examine whether supervisors use discretion to manage compensation risk. The results are consistent with the agency-theoretic prediction that supervisors provide easier targets to stores facing hig...
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作者：Menon, Krishnagopal; Williams, David D.
作者单位：Boston University; University System of Ohio; Ohio State University
摘要：The literature provides mixed evidence on whether investors find audit reports modified for going concern reasons to be useful. Using a substantially larger sample than previous studies, we observe negative excess returns when the going concern audit report (GCAR) is disclosed. We find that the reaction is more negative if the GCAR cites a problem with obtaining financing, suggesting that the GCAR provides new information to investors. Also, the reaction is more adverse if the GCAR triggers a ...
