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作者：Joyce, Yvonne
作者单位：University of Glasgow
摘要：This paper seeks to understand how insolvency practitioners attempt to build trust with a heterogeneous creditor body during the crisis of formal insolvency and the role accounting information and processes play. Accounting information is mobilized in different ways according to how insolvency practitioners believe the information will be interpreted and valued. This paper suggests specific qualitative characteristics, accounting principles, and processes which appear to enhance trust building...
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作者：Badia, Marc; Duro, Miguel; Jorgensen, Bjorn N.; Ormazabal, Gaizka
作者单位：University of Navarra; IESE Business School; University of London; London School Economics & Political Science
摘要：We exploit two regulatory shocks to examine the informational effects of tightening preexisting mandatory disclosure rules. Canadian National Instrument 51-101 in 2003 and the U.S. rule Modernization of Oil and Gas Reporting in 2009 introduced quasi-identical amendments which effectively tightened the rules governing oil and gas reserve disclosures in both countries. We document significant changes in firms' reporting outcomes when the new regulations are introduced. We also find that the rese...
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作者：Simunic, Dan A.
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作者：McGuire, Sean T.; Neuman, Stevanie S.; Rice, Sarah C.
作者单位：Texas A&M University System; Texas A&M University College Station; University of Missouri System; University of Missouri Columbia
摘要：This study examines whether the volatility of interim estimates of the annual effective tax rate (ETR) provides ex ante information about the quality of firms' internal control environments. Recent research suggests that some firms selectively disclose internal control weaknesses (ICWs). Given the negative consequences associated with ICWs, it is important for capital market participants to be able to identify firms with ineffective internal controls in a timely manner. We find that firms with...
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作者：Campbell, John L.; Lee, Hye Seung Grace; Lu, Hsin-Min; Steele, Logan B.
作者单位：University System of Georgia; University of Georgia; Fordham University; National Taiwan University; Oregon State University
摘要：We argue that volatility in a manager's disclosure tone across time should be a function of two components: (i) the firm's innate operating risk and (ii) the extent to which the manager's disclosure transparently reflects that risk. Consistent with this argument, we find that both operating risk and disclosure transparency are important determinants of disclosure tone volatility. We then examine whether investors incorporate the incremental information provided by disclosure tone volatility in...
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作者：Christensen, Peter O.; Frimor, Hans; Sabac, Florin
作者单位：Copenhagen Business School; University of Southern Denmark; University of Alberta
摘要：Both soft, noncontractible, and hard, contractible, information are informative about managerial ability and future firm performance. If a manager's future compensation depends on expectations of ability or future performance, then the manager has implicit incentives to affect the information. We examine the real incentive effects of soft information in a dynamic agency with limited commitment. When long-term contracts are renegotiated, the rewards for future performance inherent in long-term ...
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作者：Do, Truc (Peter) Thuc; Zhang, Huai
作者单位：University of Queensland; Nanyang Technological University
摘要：We hypothesize that the arrival of star analysts improves the performance of incumbent financial analysts, while the departure of star analysts has the opposite effect. Our results consistent with this hypothesis are concentrated primarily in the tests related to star arrivals. Our findings are robust to an instrumental variable approach and a falsification test. In addition, we hypothesize that the impact of the arrival/departure of star analysts is more pronounced when the star analyst cover...
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作者：Lai, Cheng
作者单位：Zhejiang University
摘要：Valuation ratios divide stock price by accounting metrics such as earnings, earnings growth, and book value. This study adapts the general valuation framework in Ohlson and Juettner-Nauroth (2005) and Ohlson (2005) to present a unified approach for developing valuation ratios based on fundamentals, referred to as fundamental valuation ratios. One starts with a valuation model that is driven by an accounting metricaand its abnormal growth, then divides the valuation model byato get a fundamenta...
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作者：Hewitt, Max; Hodge, Frank D.; Pratt, Jamie H.
作者单位：University of Arizona; University of Washington; University of Washington Seattle; Indiana University System; Indiana University Bloomington
摘要：We examine how shareholders' trust in managers is affected by (i) the outcome of earnings management (inconsistent vs. consistent with shareholders' interests) and (ii) the method of earnings management (accruals vs. real methods). Using a controlled experiment, we predict and find that trust is impaired when the outcome of earnings management suggests that managers have put their interests above shareholders' interests and/or when the method of earnings management suggests that managers misre...
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作者：Jensen, Tyler K.; Plumlee, Marlene A.
作者单位：Iowa State University; Utah System of Higher Education; University of Utah
摘要：Management earnings forecasts expressed as a range have become the most common form of quantitative management guidance. Traditionally, the proxy for the sign and the magnitude of the information conveyed by these forecasts the forecast news is calculated as the difference between a pre-forecast earnings expectation and the midpoint of the forecasted range. We provide strong evidence that this traditional measure understates the amount of information conveyed by range forecasts. More important...
