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作者：Wyatt, A
作者单位：University of Melbourne
摘要：This paper examines the extent to which management makes accounting choices to record intangible assets based on their insights into the underlying economics of their firm. It exploits a setting in which management has accounting discretion to record a wide range of intangible assets. The results suggest that management's choice to record intangible assets is associated with the strength of the technology affecting the firms operations, the length of the technology cycle time, and property-rig...
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作者：Ettredge, ML; Kwon, SY; Smith, DB; Zarowin, PA
作者单位：University of Kansas; Korea University; Iowa State University; New York University
摘要：This study investigates the effect of firms' adoption of SFAS No. 131 segment disclosure rules on the stock market's ability to predict the firms' earnings, as captured by the forward earnings response coefficient (FERC). The FERC is the association between current-year returns and next-year earnings. SFAS No. 131, effective for fiscal years beginning after December 15, 1997, arguably increased both the quantity and quality of segment disclosure. Consistent with the standard's intended qualita...
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作者：Herrmann, D; Thomas, WB
作者单位：Baylor University; University of Oklahoma System; University of Oklahoma - Norman
摘要：We find that analyst forecasts of earnings per share occur in nickel intervals at a much greater frequency than do actual earnings per share. Analysts who round their earnings per share forecasts to nickel intervals exhibit characteristics of analysts who are less informed, exert less effort, and have fewer resources. Rounded forecasts are less accurate and the negative relation between rounding and forecast accuracy increases as the rounding interval increases from nickel to dime, quarter, ha...
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作者：Botosan, CA; Stanford, M
作者单位：Utah System of Higher Education; University of Utah; Texas Christian University
摘要：Using retroactive disclosures required by Statement of Financial Accounting Standards (SFAS) No. 131, we examine managers' incentives for withholding segment information under SFAS No. 14 and the impact of SFAS No. 131 on analysts' information environment for a sample of firms that previously reported as single-segment firms and initiated segment disclosure with SFAS No. 131. We examine this set of firms because they likely had the strongest incentives to withhold segment information and analy...
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作者：O'Donnell, E; Schultz, JJ Jr
作者单位：Arizona State University; Arizona State University-Tempe
摘要：Many auditors use an audit methodology that requires a strategic risk assessment of their client's business model as a first step for assessing audit risks. This study examines whether the holistic perspective that auditors acquire in making a strategic risk assessment influences the extent to which they adjust account-level risk assessments when they encounter changes in accounts that are inconsistent with information about client operations. Based on halo theory from the performance evaluati...
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作者：Koonce, L; Lipe, MG; McAnally, ML
作者单位：University of Texas System; University of Texas Austin; University of Oklahoma System; University of Oklahoma - Norman; Texas A&M University System; Texas A&M University College Station
摘要：Information that firms provide about financial instruments and derivatives should help investors judge risk. However, this paper reports that such information often is not effective for this purpose. Through a series of experiments, we demonstrate that the labels firms use to describe financial instruments and derivatives cause investors to assess economically equivalent instruments as different in terms of risk. We also show that loss-only disclosures that companies use to describe their risk...
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作者：Pownall, G; Simko, PJ
作者单位：Emory University; University of Virginia
摘要：This paper examines the conditions under which the market responds to disclosures of significant increases in short selling, and whether proxies for earnings expectations and alternative information sources help explain this response. Our sample is based on firms that experience abnormal short interest increases (short spikes) during 1989-1998. We find that the mean abnormal return around short spike announcements is significantly more negative for firms with low analyst following, consistent ...
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作者：Hobson, JL; Kachelmeier, SJ
作者单位：University of Texas System; University of Texas Austin
摘要：In a market experiment, buyers respond to sellers' disclosures of one of the two potential outcomes of a risky prospect. Buyer reactions reflect two separate disclosure phenomena that heretofore have not been considered jointly. First, consistent with cognitive predictions that users tend to anchor on explicit one-sided disclosures, buyers pay more relative to expected value when the seller discloses the higher of the two potential outcomes than when the seller discloses the lower potential ou...
