Journal of Accounting and Economics

最新文章

• The changing time-series properties of earnings, cash flows and accruals: Has financial reporting become more conservative? AI翻译
  作者：Givoly, D; Hayn, C
  作者单位：University of California System; University of California Los Angeles; University of California System; University of California Irvine
  摘要：This paper documents changes in the patterns of earnings, cash flows and accruals over the last four decades. In the absence of a generally accepted definition of conservatism, a number of measures of reporting conservatism are identified and examined. These measures rely on the accumulation of nonoperating accruals, the timeliness of earnings with respect to bad and good news, characteristics of the earnings distribution and the market-to-book ratio, The patterns are consistent with an increa...
• The reliability of investment property fair value estimates AI翻译
  作者：Dietrich, JR; Harris, MS; Muller, KA III
  作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University System of Ohio; Ohio State University; Syracuse University
  摘要：We investigate the reliability of mandatory annual fair Value estimates for UK investment property. We find that appraisal estimates understate actual selling prices and are considerably less biased and more accurate measures of selling price than respective historical costs. Investigations of managerial discretion over fair value reporting reveal that managers select among permissible accounting methods to report higher earnings, time asset sales to smooth reported earnings changes, smooth re...
• The use of equity grants to manage optimal equity incentive levels AI翻译
  作者：Core, J; Guay, W
  作者单位：University of Pennsylvania
  摘要：We predict and find that firms use annual grants of options and restricted stock to CEOs to manage the optimal level of equity incentives. We model optimal equity incentive levels for CEOs, and use the residuals from this model to measure deviations between CEOs' holdings of equity incentives and optimal levels. We find that grants of new incentives from options and restricted stock are negatively related to these deviations. Overall, our evidence suggests that firms set optimal equity incenti...
• Ownership concentration and sensitivity of executive pay to accounting performance measures: Evidence from publicly and privately-held insurance companies AI翻译
  作者：Ke, B; Petroni, K; Safieddine, A
  作者单位：Michigan State University; Michigan State University's Broad College of Business; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
  摘要：We investigate the relation between CEO compensation and accounting performance measures as a function of ownership structure. We use publicly-held property-liability insurers to consider the relation for firms with diffusely-held ownership and use privately-held property-liability insurers to consider the relation for firms with closely-held ownership. We find a significant positive association between return on assets and the level of compensation for publicly-held insurers. Consistent with ...
• Revaluations of fixed assets and future firm performance: Evidence from the UK AI翻译
  作者：Aboody, D; Barth, ME; Kasznik, R
  作者单位：Stanford University; University of California System; University of California Los Angeles
  摘要：We find, as predicted, that upward revaluations of fixed assets by UK firms are significantly positively related to changes in future performance, measured by operating income and cash from operations, indicating revaluations reflect asset value changes. Current year revaluations (revaluation balances) also are significantly positively related to annual returns (prices). Relations between revaluations and future performance and prices are weaker for higher debt-to-equity ratio firms, indicatin...
• The effect of competition on CEO turnover AI翻译
  作者：DeFond, ML; Park, CW
  作者单位：University of Southern California; Hong Kong University of Science & Technology
  摘要：Relative performance evaluation (RPE) is likely to improve boards of director's ability to identify unfit CEOs, and competition is likely to enhance the usefulness of RPE. Consistent with our hypotheses, the frequency of CEO turnover is greater in highly competitive industries than in less competitive industries. We also find that RPE-based (firm-specific) accounting measures are more closely associated with CEO turnover in high (low) competition industries than in low (high) competition indus...
• The 150-hour rule AI翻译
  作者：Lee, CWJ; Liu, CW; Wang, TC
  作者单位：Tulane University; Yuan Ze University; National Taiwan University; Hong Kong University of Science & Technology
  摘要：This paper adapts Dye's (1995) model to evaluate the effects of the 150-hour rule on the audit market. Incorporating the auditors' education as a joint input with the audit effort for determining the audit quality, we show that the audit fee is higher, pre-rule CPAs are better off, and audit clients are worse off as results of the Rule. Additionally, more pre-rule CPAs elect to enter the audit market. Some less wealthy post-rule CPAs who would otherwise get into the audit market choose not to....
• The effect of accounting-based debt covenants on equity valuation AI翻译
  作者：Core, JE; Schrand, CM
  作者单位：University of Pennsylvania
  摘要：We use an option pricing framework to model equity valuation when firms face costs associated with violating accounting-based debt covenants. Our model shows that the value of equity depends on two factors: the economic value of the firm and the probability that the firm violates the covenant. Consistent with the model's prediction that the 'covenant' effect is greatest for firms near covenant violation, we find that responses to earnings that are less informative about future cash flows (loss...
• Bank loan loss provisions: a reexamination of capital management, earnings management and signaling effects AI翻译
  作者：Ahmed, AS; Takeda, C; Thomas, S
  作者单位：Syracuse University; State University System of Florida; University of Florida
  摘要：This paper exploits the 1990 change in capital adequacy regulations to construct more powerful tests of capital and earnings management effects on bank loan loss provisions. We find strong support for the hypothesis that loan loss provisions are used for capital management. We do not find evidence of earnings management via loan loss provisions. We also document the reasons for the conflicting results on these effects observed in prior studies. Additionally, we find that loan loss provisions a...
• Assessing the use of derivatives as part of a risk-management strategy AI翻译
  作者：Beatty, A
  作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
  摘要：Guay (1998, Journal of Accounting and Economics, this issue) addresses potential endogeneity biases in cross-sectional studies of derivative use by examining derivative initiations. When derivatives are only part of a risk-management strategy, tests comparing derivative users versus non-users may be biased. One solution to this difficult problem is to examine an exogenous change in derivative use. Guay (1998) identifies a recent reduction in transactions costs as a potential exogenous shock to...