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作者：Guay, Wayne; Verrecchia, Robert
作者单位：University of Pennsylvania
摘要：We offer an economic framework for generating predictions about the demand for conservative accounting reports. We define conservatism as: More timely recognition of losses than gains as a result of the costs and benefits of reporting verifiable information by managers and/or firms being asymmetric. We also discuss Bushman and Piotroski's interpretation of the speeds of good news recognition and incremental bad news recognition in Basu-type regressions as separate signals about accounting cons...
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作者：Leuz, Christian
作者单位：University of Pennsylvania
摘要：Lang, Raedy and Wilson (henceforth LRW) (2006) compare the properties of U.S. GAAP accounting numbers across cross-listed and U.S. firms. Using a wide range of properties, LRW show that accounting data are not comparable, even though sample firms use the same accounting standards. I discuss how these findings advance the literature and what they imply for the effectiveness of cross listing as a bonding mechanism. My discussion highlights that documented differences cannot be solely attributed ...
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作者：Ashbaugh-Skaife, Hollis; Collins, Daniel W.; LaFond, Ryan
作者单位：University of Iowa; University of Wisconsin System; University of Wisconsin Madison; Massachusetts Institute of Technology (MIT)
摘要：We investigate whether firms with strong corporate governance benefit from higher credit ratings relative to firms with weaker governance. We document, after controlling for firm-specific risk characteristics, that credit ratings are negatively associated with the number of blockholders and CEO power, and positively related to takeover defenses, accrual quality, earnings timeliness, board independence, board stock ownership, and board expertise. We also provide evidence that CEOs of firms with...
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作者：Roychowdhury, Sugata
作者单位：Massachusetts Institute of Technology (MIT)
摘要：I find evidence consistent with managers manipulating real activities to avoid reporting annual losses. Specifically, I find evidence suggesting price discounts to temporarily increase sales, overproduction to report lower cost of goods sold, and reduction of discretionary expenditures to improve reported margins. Cross-sectional analysis reveals that these activities are less prevalent in the presence of sophisticated investors. Other factors that influence real activities manipulation includ...
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作者：Core, John E.; Guay, Wayne R.; Verdi, Rodrigo S.
作者单位：University of Pennsylvania
摘要：We examine three alternative explanations for excess endowments in not-for-profit firms: (1) growth opportunities, (2) monitoring, or (3) agency problems. Inconsistent with growth opportunities, we find that most excess endowments are persistent over time, and that firms with persistent excess endowments do not exhibit higher growth in program expenses or investments. Inconsistent with better monitoring, program expenditures toward the charitable good are lower for firms with excess endowments...
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作者：Petrovits, Christine M.
作者单位：New York University
摘要：This study examines the strategic use of corporate philanthropy programs to achieve financial reporting objectives. Corporate-sponsored foundations allow managers to maintain stable levels of giving to charitable causes while providing substantial discretion as to the amount of contribution expense recorded on the income statement in any given period. I find that firms reporting small earnings increases make income-increasing discretionary foundation funding choices. This result is associated ...
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作者：Cowen, A; Groysberg, B; Healy, P
作者单位：Harvard University
摘要：Research optimism among securities analysts has been attributed to incentives provided by underwriting activities. We examine how analysts' forecast and recommendation optimism varies with the business activities used to fund research. We find that analysts at firms that funded research through underwriting and trading activities actually made less optimistic forecasts and recommendations than those at brokerage houses, who performed no underwriting. Optimism was particularly low for bulge und...
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作者：Beaver, William H.; Shakespeare, Catherine; Soliman, Mark T.
作者单位：University of Michigan System; University of Michigan; Stanford University
摘要：We examine whether the properties of bond ratings from certified agencies (designated by the Securities and Exchange Commission (SEC)) differ from those of non-certified bond-rating agencies. Bond ratings from non-certified agencies are used solely for investment advice. Certified ratings are used by a variety of constituents, many of whom write contracts incorporating these ratings. We find that the properties of the ratings from the two agency types differ in predictable ways. Our results sh...
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作者：Weber, Joseph
作者单位：Massachusetts Institute of Technology (MIT)
摘要：Ashbaugh-Skaife, Collins, and LaFond [2006. The effects of corporate governance on firms' credit ratings. Journal of Accounting and Economics (this issue)] find that better governed firms receive better credit ratings and poor governance costs the median speculative grade firm $38 million in excess interest. They also find that managers choose to be poorly governed to expropriate wealth. The results from the primary analysis are persuasive, leaving little doubt on whether qratings agencies val...
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作者：Frankel, R; Kothari, SP; Weber, J
作者单位：Massachusetts Institute of Technology (MIT); Washington University (WUSTL)
摘要：We examine cross-sectional determinants of the informativeness of analyst research, i.e., their effect on security prices, controlling for endogeneity among the factors affecting informativeness. Analyst reports are more informative when the potential brokerage profits are higher (e.g., high trading volume, high volatility, and high institutional ownership) and lower when information processing costs (e.g., more business segments) are high. We also find that the informativeness of analyst rese...
