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作者：Nagar, V
作者单位：University of Michigan System; University of Michigan
摘要：Top management faces two key organizational design choices: (1) how much authority to delegate to lower-level managers, and (2) how to design incentive compensation to ensure that these managers do not misuse their discretion. Theoretical accounting literature emphasizes that top management makes these two choices jointly, but there is little empirical evidence on this assertion. Capitalizing on a unique database of branch manager practices in retail banks, this study provides some of the firs...
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作者：Gleason, CA; Mills, LF
作者单位：University of Arizona
摘要：We investigate factors that explain firms' decisions to disclose and record contingent tax liabilities. Our findings are based on confidential Internal Revenue Service audit data and financial statement footnotes for 100 large industrial firms from 1987 to 1995. Descriptive statistics indicate that these firms often fail to disclose IRS claims for tax deficiencies that exceed a 5-percent-of-income rule of thumb. We find that the probability of disclosure increases in the relative amount of the...
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作者：Klein, A
作者单位：New York University
摘要：This paper provides empirical evidence that audit committee independence is associated with economic factors. I find that audit committee independence increases with board size and board independence and decreases with the firm's growth opportunities and for firms that report consecutive losses. In contrast, no relation is found between audit committee independence and creditors' demand for accounting information. Although the analyses are based on data from 1991 to 1993, these results have im...
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作者：Penman, SH; Zhang, XJ
作者单位：Columbia University; University of California System; University of California Berkeley
摘要：When a firm practices conservative accounting, changes in the amount of its investments can affect the quality of its earnings. Growth in investment reduces reported earnings and creates reserves. Reducing investment releases those reserves, increasing earnings. If the change in investment is temporary, then current earnings is temporarily depressed or inflated, and thus is not a good indicator of future earnings. This study develops diagnostic measures of this joint effect of investment and c...
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作者：Duru, A; Reeb, DM
作者单位：American University
摘要：We investigate the association between corporate international diversification and the accuracy and bias of consensus analysts' earnings forecasts. We find that greater corporate international diversification is associated with less accurate and more optimistic forecasts. Our results suggest that international diversification reflects unique dimensions of forecasting difficulty that are not captured in previously identified determinants. This evidence suggests that as firms become more geograp...
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作者：Linsmeier, TJ; Thornton, DB; Venkatachalam, M; Welker, M
作者单位：Michigan State University; Queens University - Canada; Stanford University
摘要：We hypothesize that firms' 10-K market risk disclosures, recently mandated by SEC Financial Reporting Release No. 48 (FRR No. 48), reduce investors' uncertainty and diversity of opinion about the implications, for firm value, of changes in interest rates, foreign currency exchange rates, and commodity prices. We argue that this reduced uncertainty and diversity of opinion should dampen trading volume sensitivity to changes in these underlying market rates or prices. Consistent with this hypoth...
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作者：Beaver, WH
作者单位：Stanford University
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作者：Moehrle, SR
作者单位：University of Missouri System; University of Missouri Saint Louis
摘要：Many firms that take restructuring charges reverse a portion of those restructuring charge accruals in a later quarter. These reversals increase net income, often substantially. In this study, I investigate whether restructuring charge reversals are associated with incentives to meet or exceed analysts' forecasts, avoid earnings declines relative to prior-year levels, and avoid losses. I examine both the decision to record a reversal and the amount of the reversal, using a sample of 121 revers...
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作者：Bowen, RM; Davis, AK; Matsumoto, DA
作者单位：University of Washington; University of Washington Seattle; Washington University (WUSTL)
摘要：In 1998, the SEC expressed concern that conference calls encourage selective disclosure by revealing new information to financial analysts privy to the call. This study investigates whether the regular use of earnings-related conference calls increases the amount of information available to financial analysts by examining the effect of conference calls on analysts' forecast error and dispersion. Results indicate that conference calls increase analysts' ability to forecast earnings accurately, ...
