4期

最新文章

• Earnings dilution and the explanatory power of earnings for returns AI翻译
  作者：Huson, MR; Scott, TW; Wier, HA
  作者单位：University of Alberta
  摘要：Executive stock options and convertible securities can increase the number of common shares outstanding while adding less than the market value of the newly issued securities to a firm's assets. We model the effect of expected dilution on the earnings/return relation. Expected dilution effectively reduces the permanence of an earnings innovation. Empirical evidence supports the hypothesis that dilutive securities attenuate the relation between earnings and returns. Estimated earnings response ...
• Why does fixation persist? Experimental evidence on the judgment performance effects of expensing intangibles AI翻译
  作者：Luft, JL; Shields, MD
  作者单位：Michigan State University
  摘要：This study shows experimentally that when individuals use information on intangibles expenditures to predict future profits, expensing (vs. capitalizing) the expenditures significantly reduces the accuracy, consistency, consensus, and self-insight of individuals' subjective profit predictions. The experimental design allows us to eliminate several competing explanations for this apparent fixation on accounting. Subjects do not base their judgments on a naive prior belief that expensing preclud...
• The revenue implications of financial and operational measures of product quality AI翻译
  作者：Nagar, V; Rajan, MV
  作者单位：University of Michigan System; University of Michigan; Stanford University
  摘要：We examine the future sales implications of product quality measures for 11 plants of a manufacturing group In a Fortune 500 firm. Our results indicate that both financial quality measures, such as external failure costs incurred due to product failures at customer sites, and nonfinancial quality measures, such as defect rates and on-time deliveries, are leading indicators of future sales. While changes in defects and on-time deliveries affect sales in the subsequent quarter, changes in extern...