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作者：Fischer, PE; Verrecchia, RE
作者单位：University of Pennsylvania; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：We suggest that transparent bias in management disclosures may result from managers processing information in a heuristic, as distinct from Bayesian, fashion when they face imperfect or head-to-head competition. We predict that transparent bias in disclosures is positively related to the extent of head-to-head competition. In addition, when disclosure is discretionary, we show that managers who exhibit viable, heuristic behavior are less likely to disclose than managers who exhibit Bayesian be...
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作者：Anderson, RC; Mansi, SA; Reeb, DM
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; American University; Virginia Polytechnic Institute & State University
摘要：Creditor reliance on accounting-based debt covenants suggests that debtors are potentially concerned with board of director characteristics that influence the integrity of financial accounting reports. In a sample of S&P 500 firms, we find that the cost of debt is inversely related to board independence and board size. We also find that fully independent audit committees are associated with a significantly lower cost of debt financing. Similarly, yield spreads are also negatively related to au...
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作者：Abarbanell, J; Lehavy, R
作者单位：University of Michigan System; University of Michigan; University of North Carolina; University of North Carolina Chapel Hill
摘要：The extensive literature that investigates whether analysts' earnings forecasts are biased and/or inefficient has produced conflicting evidence and no definitive answers to either question. This paper shows how two relatively small but statistically influential asymmetries in the tail and the middle of distributions of analysts' forecast errors can exaggerate or obscure evidence consistent with analyst bias and inefficiency, leading to inconsistent inferences. We identify an empirical link bet...
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作者：Beaver, WH; McNichols, MF; Nelson, KK
作者单位：Stanford University
摘要：We document that property-casualty insurers with small positive earnings understate loss reserves relative to insurers with small negative earnings. Furthermore, loss reserves are managed across the entire distribution of earnings, with the most income-increasing reserve accruals reported by small profit firms, and the most income-decreasing reserve accruals reported by firms with the highest earnings. We analyze this pattern separately for public, private, and mutual companies, and find that ...
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作者：Trueman, B; Wong, MHF; Zhang, XJ
作者单位：University of California System; University of California Berkeley; University of Chicago
摘要：This paper presents evidence of anomalies in internet firms' stock returns surrounding their quarterly earnings announcements. There is a general runup in prices in the days prior to the earnings announcements, followed by a price reversal lasting for several days. The magnitude of the market-adjusted returns associated with these price movements exceeds I I percent over a 10-day period. We find little evidence to suggest that these returns can be explained either by the earnings news disclose...
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作者：Gu, ZY; Wu, JS
作者单位：University of Rochester; Carnegie Mellon University
摘要：We argue that if analysts' objective is to provide the most accurate forecast by minimizing the mean absolute forecast error, then the optimal forecast is the median instead of the mean earnings. Forecast bias is observed when the median is different from the mean in a skewed earnings distribution. Thus, part of the observed analyst forecast bias could be a result of analysts' efforts to improve forecast accuracy when the earnings distribution is skewed. We find that earnings skewness is signi...
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作者：Engel, E; Hayes, RM; Wang, X
作者单位：University of Chicago
摘要：Multiple-performance-measure agency models predict that optimal contracts should place greater reliance on performance measures that are more precise and more sensitive to the agent's effort. We apply these predictions to CEO retention decisions. First, we develop an agency model to motivate proxies for signal and noise in firm-level performance measures. We then document that accounting information appears to receive greater weight in turnover decisions when accounting-based measures are more...
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作者：Dhaliwal, D; Li, OZ; Trezevant, R
作者单位：University of Southern California; University of Southern California; University of Arizona
摘要：We find that a firm's dividend yield has a positive impact on its common stock return that is decreasing in the level of institutional and corporate ownership, our indicator of whether the marginal investor in a firm's common stock is more likely to be a low-tax or a high-tax investor. These results suggest that (1) a dividend tax penalty is incorporated into the return on a firm's common stock and (2) both a firm's dividend policy and its ownership structure impact the size of the dividend ta...
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作者：Hanlon, M; Myers, JN; Shevlin, T
作者单位：University of Washington; University of Washington Seattle; University of Illinois System; University of Illinois Urbana-Champaign; University of Michigan System; University of Michigan
摘要：Harris and Kemsley (J. Account. Res. (1999) 275) suggest that shareholder-level dividend taxes on retained earnings are fully impounded into stock prices at the top statutory rate. Harris and Kemsley base their empirical tests on Ohlson (Contemp. Account. Res. (1995) 661) with the addition of dividend taxes. We analyze Harris and Kemsley's extended Ohlson model and evidence. We show that the model, tests, and results in Harris and Kemsley are nondiagnostic regarding dividend tax capitalization...
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作者：Cohen, DA; Lys, TZ
作者单位：Northwestern University
摘要：Abarbanell and Lehavy provide evidence that analysts' forecast errors are not normally distributed exhibiting a high occurrence of extreme negative forecast errors (left-tail asymmetry) and a high occurrence of small positive forecast errors (middle asymmetry). This is important for researchers who rely on techniques that are sensitive to the distributional assumptions of analysts' forecast errors. Many of the conclusions drawn by Abarbanell and Lehavy, however, are based on visual impressions...
