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作者：Hayes, RM; Schaefer, S
作者单位：Northwestern University
摘要：We identify manager/firm separations where managers quit for a new job and study abnormal returns associated with these events. Applying analyses from labor economics, we argue that the average ability of managers who resign for a similar position at another firm should be higher than that of managers who die suddenly. Controlling for age and tenure, we find that firms losing managers to other firms experience an average abnormal return of -1.51%; compared to +3.82% for firms whose managers di...
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作者：DeFond, ML; Subramanyam, KR
作者单位：University of Southern California
摘要：In a sample of auditor change firms we find that discretionary accruals are income decreasing during the last year with the predecessor auditor and generally insignificant during the first year with the successor. In addition, the income decreasing discretionary accruals are concentrated among firms expected to have greater litigation risk. These findings are consistent with litigation risk concerns providing incentives for auditors to prefer conservative accounting choices, and with managers ...
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作者：Frankel, R; Lee, CMC
作者单位：Cornell University; University of Michigan System; University of Michigan
摘要：This study examines the usefulness of an analyst-based valuation model in predicting cross-sectional stock returns. We estimate firms' fundamental values (V) using I/B/E/S consensus forecasts and a residual income model. We find that V is highly correlated with contemporaneous stock price, and that the VIP ratio is a good predictor of long-term cross-sectional returns. This effect is not explained by a firm's market beta, B/P ratio, or total market capitalization. In addition, we find errors i...
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作者：Chan, KH; Chow, L
作者单位：Hong Kong Polytechnic University; Chinese University of Hong Kong
摘要：This research studies how Chinese tax authorities implement international transfer pricing legislation. The analysis indicates that tax audits on transfer pricing are confined mainly to medium- and small-sized foreign investments, lower-technology companies and transfer of tangible goods, and tend to focus on certain nationality and forms of foreign investment. Persistent losses, low profitability and lack of local partners in joint venture management most often trigger tax audits. The authori...
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作者：Basu, S
作者单位：City University of New York (CUNY) System; Baruch College (CUNY)
摘要：I interpret conservatism as resulting in earnings reflecting 'bad news' more quickly than 'good news'. This interpretation implies systematic differences between bad news and good news periods in the timeliness and persistence of earnings. Using firms' stock returns to measure news, the contemporaneous sensitivity of earnings to negative returns is two to six times that of earnings to positive returns. I also predict and find that negative earnings changes are less persistent than positive ear...
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作者：Gul, FA; Tsui, JSL
作者单位：City University of Hong Kong
摘要：This study examines the association between free cash flow (FCF) and audit fees. The association is expected given Jensen's argument that managers of low growth/high FCF firms engage in non-value-maximizing activities. These activities increase auditors' assessments of inherent risk and, in turn, audit effort and fees. Jensen also argues debt mitigates the non-value-maximizing activities. Thus, the positive FCF/audit fees association is expected to be weaker for low growth firms with high debt...
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作者：Wallace, JS
作者单位：University of California System; University of California Irvine
摘要：Managers, consultants, and the financial press assert that compensation plans based on residual income change managers' behavior. This assertion is empirically tested by selecting a sample of firms that began using a residual income performance measure in their compensation plans and comparing their performance to a control sample of firms that continue to use traditional accounting earnings-based incentives. The results generally support the adage 'you get what you measure and reward'. The re...
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作者：Eldenburg, L; Kallapur, S
作者单位：Hong Kong University of Science & Technology
摘要：After 1983, Medicare paid hospitals for inpatient services at fixed rates, but continued to reimburse outpatient services based on reported cost. Using data from Washington State we find that hospitals responded by increasing outpatient services to Medicare patients compared to non-Medicare patients-the ratio of Medicare outpatient revenues as a percentage of total Medicare revenues increased after 1983 to a significantly greater extent than for non-Medicare patients. We also find that allocat...
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作者：Burgstahler, D; Dichev, I
作者单位：University of Washington; University of Washington Seattle; University of Michigan System; University of Michigan
摘要：This paper provides evidence that firms manage reported earnings to avoid earnings decreases and losses. Specifically, in cross-sectional distributions of earnings changes and earnings, we find unusually low frequencies of small decreases in earnings and small losses and unusually high frequencies of small increases in earnings and small positive income. We find evidence that two components of earnings, cash flow from operations and changes in working capital, are used to achieve increases in ...
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作者：Dopuch, N; Gupta, M
摘要：The accounting and management literature reflects an increasing interest in relative performance evaluation (RPE) measures, often called 'benchmarking'. In this paper we illustrate how stochastic frontier estimation (SFE) can be used to estimate benchmark performance standards which control for differences in the environments of the benchmarked operating units. Our application of SFE uses cross-sectional data reported by school districts in the state of Missouri for the year 1990-91. The resul...
