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作者：Skinner, Douglas J.
作者单位：University of Chicago
摘要：Demerjian (this issue) argues that a shift by U.S. standard setters towards the balance sheet approach reduces the usefulness of balance sheet numbers for contracting. Consistent with this argument, he provides evidence of a decline in the use of balance sheet-based covenants in debt contracts, a useful finding. Nevertheless, I argue that the evolution of standard-setting is more complex than this argument implies, and evaluate the economic basis of Demedian's arguments for how debt contracts ...
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作者：Feng, Mei; Ge, Weili; Luo, Shuqing; Shevlin, Terry
作者单位：University of Washington; University of Washington Seattle; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; National University of Singapore
摘要：This paper examines why CFOs become involved in material accounting manipulations. We find that while CFOs bear substantial legal costs when involved in accounting manipulations, these CFOs have similar equity incentives to the CFOs of matched non-manipulation firms. In contrast, CEOs of manipulation firms have higher equity incentives and more power than CEOs of matched firms. Taken together, our findings are consistent with the explanation that CFOs are involved in material accounting manipu...
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作者：Cain, Matthew D.; Denis, David J.; Denis, Diane K.
作者单位：Purdue University System; Purdue University; University of Notre Dame
摘要：We empirically examine earnout contracts, which provide for contingent payments in acquisition agreements. Our analysis reveals considerable heterogeneity in the potential size of the earnout, the performance measure on which the contingent payment is based, the period over which performance is measured, the form of payment for the earnout, and the overall sensitivity of earnout payment to target performance. Our tests of the determinants of contract terms yield support for the view that earno...
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作者：Ng, Jeffrey
作者单位：Massachusetts Institute of Technology (MIT)
摘要：I investigate whether information quality affects the cost of equity capital through liquidity risk. Liquidity risk is the sensitivity of stock returns to unexpected changes in market liquidity; recent asset pricing literature has emphasized the importance of this systematic risk. I find that higher information quality is associated with lower liquidity risk and that the reduction in cost of capital due to this association is economically significant. I also find that the negative association ...
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作者：Berger, Philip G.
作者单位：University of Chicago
摘要：Beyer et al. (2010) review the financial reporting literature related to voluntary and mandatory firm disclosures, and sell-side analyst reports. The discussion summarizes their approach, highlights some of their main conclusions, and presents alternative ideas about promising avenues for future research. (C) 2011 Elsevier B.V. All rights reserved.
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作者：Kothari, S. P.; Ramanna, Karthik; Skinner, Douglas J.
作者单位：Massachusetts Institute of Technology (MIT); Harvard University; University of Chicago
摘要：Based on extant literature, we review the positive theory of GAAP. The theory predicts that GAAP's principal focus is on control (performance measurement and stewardship) and that verifiability and conservatism are critical features of a GAAP shaped by market forces. We recognize the advantage of using fair values in circumstances where these are based on observable prices in liquid secondary markets, but caution against expanding fair values to financial reporting more generally. We conclude ...
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作者：DeFond, Mark L.
作者单位：University of Southern California
摘要：This discussion makes several observations regarding the earnings quality research reviewed in Dechow, Ge and Schrand (2010) (DGS). I discuss some of the factors that led to the large growth in the earnings quality literature over the past two decades, and note a few of the important contributions from this literature. I also present what I view as several major challenges the literature faces as well as some avenues for future research. In addition, I discuss the difficulties in evaluating su...
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作者：Richardson, Scott; Tuna, Irem; Wysocki, Peter
作者单位：University of Miami; University of London; London Business School
摘要：We survey recent research in accounting anomalies and fundamental analysis. We use forecasting of future earnings and returns as our organizing framework and suggest a roadmap for research aiming to document the forecasting benefits of accounting information. We combine this with opinions from the academic and practitioner communities to critically evaluate key clusters of papers about accounting anomalies and fundamental analysis disseminated over the last decade. Finally, we provide a new an...
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作者：Chen, Xia; Cheng, Qiang; Lo, Kin
作者单位：University of British Columbia; University of Wisconsin System; University of Wisconsin Madison
摘要：We examine the relationship between analyst research and corporate earnings announcements to explore the relative importance of information discovery versus interpretation of previously released information. Using equity market reaction to capture information content, we find that information discovery (interpretation) dominates in the week before (after) firms announce their earnings. In addition, we find that the interpretation role increases in importance with the difficulty of financial ac...
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作者：Wysocki, Peter
作者单位：University of Miami
摘要：Recent accounting research has started to investigate the links between corporate compensation and auditor compensation. Engel et al. (2010) take a first step to connect these previously distinct literatures by investigating the association between audit committee pay and audit fees. I discuss the findings of this study and then present complementary empirical evidence on the association between CEO compensation and audit fees. My descriptive empirical evidence Suggests economically large co-v...
