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作者：Matolcsy, Zoltan R.; Wyatt, Anne
作者单位：University of Technology Sydney
摘要：The objective of this study is to provide evidence on how technological innovation conditions underlying the firm's investments drive earnings growth and, hence, market value of equity. Technologies develop and flourish or die out through the combined investment decisions of those firms doing the inventing, and those firms that adopt those inventions, and thereby help to spread (or diffuse) the innovations into wider use. Hence, technology is important for the investment decisions of all firms...
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作者：Jackson, Scott B.
作者单位：University of South Carolina System; University of South Carolina Columbia
摘要：This study examines whether straight-line depreciation, relative to accelerated depreciation, causes non-executive managers to make non-value-maximizing capital investment decisions. To do this, I conduct experiments in which managers must decide whether to continue using an existing asset or invest in a replacement asset. By design, replacing the existing asset yields higher cash flows and managers are aware of this fact. However, if the asset is replaced, then the greater remaining book valu...
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作者：Behn, Bruce K.; Choi, Jong-Hag; Kang, Tony
作者单位：University of Tennessee System; University of Tennessee Knoxville; Seoul National University (SNU); State University System of Florida; Florida Atlantic University
摘要：Under the assumption that audit quality relates positively to unobservable financial reporting quality, we investigate whether audit quality is associated with the predictability of accounting earnings by focusing on analyst earnings forecast properties. The evidence shows that analysts' earnings forecast accuracy is higher and the forecast dispersion is smaller for firms audited by a Big 5 auditor We further find that auditor industry specialization is associated with higher forecast accuracy...
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作者：Wilson, Wendy M.
作者单位：Southern Methodist University
摘要：Regulatory officials and market analysts have speculated that the loss of credibility in subsequently reported financial information is a long-lasting consequence of earnings restatements. I measure the information content of earnings using a standard earnings-retums framework over several years surrounding restatements to examine characteristics of the decline in the information content of earnings. Results indicate that although the information content of earnings declines following restatem...
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作者：Jiang, John (Xuefeng)
作者单位：Michigan State University
摘要：Prior research documents that firms tend to beat three earnings benchmarks-zero earnings, last year's earnings, and analyst's forecasted earnings-and that there are both equity market and compensation-related benefits associated with beating these benchmarks. This study investigates whether and under what conditions beating these three earnings benchmarks reduces a firm's cost of debt. I use two proxies for a firm's cost of debt: credit ratings and initial bond yield spread. Results suggest th...
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作者：Brown, Philip
作者单位：University of New South Wales Sydney; University of Western Australia
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作者：Baik, Bok; Billings, Bruce K.; Morton, Richard M.
作者单位：Seoul National University (SNU); State University System of Florida; Florida State University
摘要：This paper examines whether industry efforts to decrease managerial discretion, increase uniformity, and improve transparency of a non-GAAP performance measure change voluntary disclosure and market perceptions. We find that the frequency of REITs meeting or beating analysts' expectations of funds from operations (FFO) decreases following explicit industry initiatives to discourage manipulation. Concurrent with this shift, we find that the information content of FFO to investors increased, par...
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作者：Barron, Orie E.; Byard, Donal; Yu, Yong
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; City University of New York (CUNY) System; Baruch College (CUNY); University of Texas System; University of Texas Austin
摘要：Large earnings surprises and negative earnings surprises represent more egregious errors in analysts' earnings forecasts. We find evidence consistent with our expectation that egregious forecast errors motivate analysts to work harder to develop or acquire relatively more private information in an effort to avoid future forecasting failures. Specifically, we find that after large or negative earnings surprises there is a greater reduction in the error in individual analysts' forecasts of futur...
