Journal of Accounting and Economics

最新文章

• The impact of mandatory IFRS adoption on foreign mutual fund ownership: The role of comparability AI翻译
  作者：DeFond, Mark; Hu, Xuesong; Hung, Mingyi; Li, Siqi
  作者单位：University of Southern California; University of Oregon; Santa Clara University
  摘要：Proponents of IFRS argue that mandating a uniform set of accounting standards improves financial statement comparability that in turn attracts greater cross-border investment. We test this assertion by examining changes in foreign mutual fund investment in firms following mandatory IFRS adoption in the European Union in 2005. We measure improved comparability as a credible increase in uniformity, defined as a large increase in the number of industry peers using the same accounting standards in...
• The effect of cash flow forecasts on accrual quality and benchmark beating AI翻译
  作者：McInnis, John; Collins, Daniel W.
  作者单位：University of Iowa; University of Texas System; University of Texas Austin
  摘要：When analysts provide forecasts of both earnings and operating cash flow, they also implicitly provide a forecast of total operating accruals. We posit that this increases the transparency and the expected costs of accrual manipulations used to manage earnings. As a consequence, we predict and find that accrual quality improves and firms' propensity to meet or beat earnings benchmarks declines following the provision of cash flow forecasts. We also predict and find that firms turn to other ben...
• Are voluntary disclosures that disavow the reliability of mandated fair value information informative or opportunistic? AI翻译
  作者：Blacconiere, Walter G.; Frederickson, James R.; Johnson, Marilyn F.; Lewis, Melissa F.
  作者单位：Utah System of Higher Education; University of Utah; Indiana University System; Indiana University Bloomington; IU Kelley School of Business; Michigan State University; Michigan State University's Broad College of Business
  摘要：One consequence of the shift to fair value measurement is the emergence of voluntary disclosures in audited financial statements that question the reliability of mandated fair value information. We refer to these disclosures as reliability disavowals. We examine stock option volatility estimates disclosed under SFAS 123 and test whether disavowals are informative (opportunistic) by examining whether ex ante firm characteristics, forecast bias, and prediction difficulty are consistent with info...
• Financial reporting quality and idiosyncratic return volatility AI翻译
  作者：Rajgopal, Shiva; Venkatachalam, Mohan
  作者单位：Duke University; Emory University
  摘要：Campbell et al. (2001) document that firms' stock returns have become more volatile in the U.S. since 1960. We hypothesize and find that deteriorating earnings quality is associated with higher idiosyncratic return volatility over 1962-2001. These results are robust to controlling for (i) inter-temporal changes in the disclosure of value-relevant information, sophistication of investors and the possibility that earnings quality can be informative about future cash flows; (ii) stock return perf...
• Isolating the effect of disclosure on information risk AI翻译
  作者：Tang, Vicki Wei
  作者单位：Georgetown University
  摘要：This study examines companies with two classes of shares that entitle their holders to identical cash flow and voting rights but that are available to mutually exclusive sets of investors: A shares to domestic investors and B shares to foreign investors. Price differences between A and B shares are higher in firms with a greater disparity in the disclosures that they make to domestic and foreign investors. This association is more pronounced when the cost (benefit) of information transfer is h...
• Endogenous overconfidence in managerial forecasts AI翻译
  作者：Hilary, Gilles; Hsu, Charles
  作者单位：Hong Kong University of Science & Technology; INSEAD Business School
  摘要：We examine whether attribution bias leads managers who have experienced short-term forecasting success to become overconfident in their ability to forecast future earnings. Importantly, this form of overconfidence is endogenous and dynamic. We also examine the effect of this cognitive bias on the managerial credibility. Consistent with the existence of dynamic overconfidence, managers who have predicted earnings accurately in the previous four quarters are less accurate in their subsequent ear...
• Evidence on differences between recognition and disclosure: A comparison of inputs to estimate fair values of employee stock options AI翻译
  作者：Choudhary, Preeti
  作者单位：Georgetown University
  摘要：I investigate reliability differences across recognition and disclosure regimes to shed light on differing incentives and reporting of employee stock option (ESO) fair values. I compare ESO fair values based on firm-reported inputs with ESO fair values based on benchmark inputs, estimated following authoritative guidance. On average, I find opportunism increases with recognition as compared with disclosure, and that it is associated with incentives to manage earnings. Despite the increase in o...
• Transparency and liquidity uncertainty in crisis periods AI翻译
  作者：Lang, Mark; Maffett, Mark
  作者单位：University of North Carolina; University of North Carolina Chapel Hill
  摘要：We document, for a global sample, that firms with greater transparency (based on accounting standards, auditor choice, earnings management, analyst following and forecast accuracy) experience less liquidity volatility, fewer extreme illiquidity events and lower correlations between firm-level liquidity and both market liquidity and market returns. Results are robust to numerous sensitivity analyses, including controls for endogeneity and propensity matching. Results are particularly pronounced...
• The valuation impact of reconciling pro forma earnings to GAAP earnings AI翻译
  作者：Zhang, Huai; Zheng, Liu
  作者单位：Nanyang Technological University; University of Hong Kong
  摘要：Regulation G requires all companies to quantitatively reconcile pro forma earnings with GAAP earnings. This paper provides three findings related to the impact of reconciliations on mispricing of pro forma earnings. First, prior to Reg G. we find that mispricing of pro forma earnings is limited to firms with low reconciliation quality. There is no evidence of mispricing for firms with high reconciliation quality. Second, we find no evidence of mispricing after Reg G. Third, there is a cross-Re...
• Scale effects of R&D as reflected in earnings and returns AI翻译
  作者：Ciftci, Mustafa; Cready, William M.
  作者单位：University of Texas System; University of Texas Dallas; State University of New York (SUNY) System; Binghamton University, SUNY
  摘要：Using returns to scale as a conceptual foundation, we explore how R&D-related earnings performance and earnings variability depend upon firm size. We find that the positive association between the level of future earnings and R&D intensity increases with firm size, and that the positive association between the volatility of future earnings and R&D intensity decreases with firm size, consistent with R&D productivity increasing with scale. We also show that R&D scale is associated with lower mar...