6期

最新文章

• Local-Thinking Bias AI翻译
  作者：deHaan, Ed; Lee, Charles M. C.; Loh, Wei Ting
  作者单位：Stanford University; University of Washington; University of Washington Seattle; Singapore Management University
  摘要：Local-thinking bias, wherein agents overweight information that comes readily to mind, is a prominent finding in cognitive psychology. In this study, we investigate local-thinking bias in the context of sell-side analysts and measure each analyst's local information as news stemming from their individual coverage portfolio. Tests examining multiple analysts forecasting on the same focal firm at the same time find that individual analysts overweight idiosyncratic local news and underweight news...
• Voluntary Disclosure Quality and Analyst Coverage AI翻译
  作者：Warren, James D.
  作者单位：Texas A&M University System; Texas A&M University College Station; Mays Business School
  摘要：Prior work documents that managers increase the quantity of earnings guidance provided after exogenously losing coverage from an equity analyst. I examine how analysts influence guidance quality. I find that following an exogenous reduction in analyst coverage, managers issue earnings guidance that is lower quality (i.e., it is less accurate). This result varies predictably based on managers' incentives, features of the firm's analyst coverage, and the presence of other intermediaries. Overall...
• Forced Remediation: The Use of Corporate Monitors in Sanctions for Misconduct AI翻译
  作者：Files, Rebecca L.; Martin, Gerald S.; Sun, Yan
  作者单位：Baylor University; American University; Central Michigan University
  摘要：Following securities law violations, regulators can require firms to hire a corporate monitor to implement reforms that limit future misconduct and protect investors. We examine the determinants of including a corporate monitor as equitable relief in an enforcement action, as well as their effectiveness in promoting positive change at a firm. Using a structural equation model that jointly determines monetary and nonmonetary sanctions, we find that monitor assignments are related to the nature ...
• Renegotiation Costs and Debt Contract Design AI翻译
  作者：Dyreng, Scott D.; Ferracuti, Elia; Morris, Arthur K.
  作者单位：Duke University; Hong Kong University of Science & Technology
  摘要：We examine the relation between debt contract renegotiation costs and contract design. We use plausibly exogenous shock to expected renegotiation costs arising from a change in the taxation of debt renegotiations to show that, as renegotiation costs decline, the maturity of debt contracts lengthens, the initial likelihood of covenant violation increases, and the use of performance pricing provisions becomes less frequent. The evidence indicates that ex ante allocation of cash flow rights and e...
• Predicting Material Misstatements Using Machine Learning AI翻译
  作者：Parker, Chanyuan (Abigail) Zhang; Jiang, Lanxin; Cho, Soohyun; Vasarhelyi, Miklos A.
  作者单位：University of Texas System; University of Texas at San Antonio; State University of New York (SUNY) System; Stony Brook University; Rutgers University System; Rutgers University New Brunswick
  摘要：This study uses machine learning models to forecast future material misstatements. Using raw financial data, audit variables, qualitative features, and an efficient algorithm, we design a dynamic model that continuously updates with new information. Our model outperforms the benchmarks for both one-year-ahead and two-year-ahead predictions in terms of out-of-sample predictive power and economic impact on net income. Using Explainable Artificial Intelligence, we identify key predictive features...
• Measuring Cash Flows: A Guide for Researchers AI翻译
  作者：Chen, Ciao-Wei; Melessa, Samuel J.; Mergenthaler, Richard D.; Ohn, Heejin
  作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University of Nebraska System; University of Nebraska Lincoln; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Oklahoma System; University of Oklahoma - Norman
  摘要：Cash flows play an important role in the accounting and finance literature. They are a major component of earnings, serve as a benchmark for earnings and accruals, and are an input to firm valuation. Although accrual measurement has been extensively studied, research on cash flow measurement remains limited. We review cash flow proxies researchers use in prior literature and highlight the importance of (1) identifying and defining the cash flow construct of interest based on the underlying res...
• Digital Traffic, Financial Performance, and Stock Valuation AI翻译
  作者：Armstrong, Christopher S.; Konchitchki, Yaniv; Zhang, Biwen
  作者单位：Stanford University; University of California System; University of California Berkeley
  摘要：We examine the economic implications of digital traffic on firms' financial performance, stock valuation, and financial surprises. Our analysis shows that timely flows of digital traffic are contemporaneous and leading indicators of firms' revenue and profitability-both gross and operating. Moreover, we show that digital traffic contains novel information about firms' future performance that is not entirely reflected in stock prices, analyst forecasts, or historical (i.e., time series) financi...
• Do Firms Respond to Auditors' Red Flags? Evidence from Goodwill Impairment Key Audit Matter Disclosures AI翻译
  作者：Andreicovici, Ionela; Jeny, Anne; Lui, Daphne
  作者单位：IE University; IESEG School of Management; ESSEC Business School
  摘要：We investigate the link between the expanded audit report and firms' financial disclosure decisions, focusing on auditors' mentions of goodwill impairment as a key audit matter (KAM). Drawing from a sample of the United Kingdom Premium Listed companies with goodwill on their balance sheets during 2014-2019, we identify instances where goodwill impairment is flagged as a KAM and contrast firms' disclosure levels on goodwill impairment using textual measures constructed from information in their...
• To Talk or Not to Talk: When Analysts with Social Ties to Firm Managers Acquire Bad News AI翻译
  作者：He, Kaigang; Li, Zengquan; Yang, Yong George; Zhang, Ivy Xiying
  作者单位：Shanghai University of International Business & Economics; Shanghai University of Finance & Economics; Chinese University of Hong Kong; University of California System; University of California Riverside
  摘要：We study whether sell-side financial analysts' social ties to firm management help them discern firms' financial reporting frauds and, upon such detection, how the connected analysts disseminate the information. Using unique data from China, we find that, although unconnected analysts do not manifest a significant change in their likelihood of covering the fraud firms nor in issuing more downgrade stock ratings, connected analysts are significantly more likely to drop coverage right after thes...
• International Rotations in Globally Networked Public Accounting Firms: Brokering Quality Control AI翻译
  作者：Westermann, Kimberly D.; Downey, Denise Hanes
  作者单位：California State University System; California Polytechnic State University San Luis Obispo; Villanova University
  摘要：This study aims to understand international rotations (secondments) as a brokerage mechanism within globally networked public accounting firms (GNFs). Through interviews with 29 secondees on tour to or from the U.S. (individuals on rotation from one member firm to another member firm in a specified role for a fixed period) and 11 firm leaders, we find that secondments are viewed as a critical brokerage function in performing global client service and global risk management. Specifically, secon...