-
作者：Ball, Ray
作者单位：University of Chicago
摘要：Not surprisingly, the recent accounting scandals look different when viewed from the perspectives of the political/regulatory process and of the market for corporate governance and financial reporting. We do not have the opportunity to observe a world in which either market or political/regulatory processes operate independently, and the events are recent and not well researched, so untangling their separate effects is somewhat conjectural. This paper offers conjectures on issues such as: What...
-
作者：Banker, Rajiv D.; Huang, Rong; Natarajan, Ramachandran
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; City University of New York (CUNY) System; University of Texas System; University of Texas Dallas
摘要：Accounting performance measures such as earnings and cash flows are useful for both valuation and performance evaluation purposes. However, little evidence exists on whether there is any association between these two roles. In this study, we provide large sample empirical evidence that the value relevance of earnings explains a significant amount of the cross-sectional variation in the pay-sensitivity of earnings and the incremental value relevance of cash flows explains variation in the margi...
-
作者：Gao, Feng; Wu, Joanna Shuang; Zimmerman, Jerold
作者单位：University of Rochester
摘要：This paper provides evidence about the unintended consequences arising when small companies are exempted from costly regulations-these firms have incentives to stay small. Between 2003 and 2008, the SEC postponed compliance with Section 404 of the Sarbanes-Oxley Act of 2002 (SOX) for non-accelerated filers (firms with public float less than $75 million). We hypothesize and find that some of these firms had an incentive to remain below this bright line threshold. Moreover, we document that thes...
-
作者：Holthausen, Robert W.
作者单位：University of Pennsylvania
-
作者：Howe, John S.; Unlu, Emre; Yan, Xuemin (Sterling)
作者单位：University of Missouri System; University of Missouri Columbia; University of Nebraska System; University of Nebraska Lincoln
摘要：Using more than 350,000 sell-side analyst recommendations from January 1994 to August 2006, this paper examines the predictive content of aggregate analyst recommendations. We find that changes in aggregate analyst recommendations forecast future market excess returns after controlling for macroeconomic variables that have been shown to influence market returns. Similarly, changes in industry-aggregated analyst recommendations predict future industry returns. Changes in aggregate analyst recom...
-
作者：Stulz, Rene M.
作者单位：National Bureau of Economic Research; University System of Ohio; Ohio State University
摘要：As barriers to international investment fall and technology improves, the cost advantages for a firm's securities to trade publicly in the country in which that firm is located and for that country to have a market for publicly traded securities distinct from the capital markets of other countries will progressively disappear. Securities laws remain an important determinant of whether and where securities are issued, how they are valued, who owns them, and where they trade. I show that there i...
-
作者：Kho, Bong-Chan; Stulz, Rene M.; Warnock, Francis E.
作者单位：Seoul National University (SNU); University System of Ohio; Ohio State University; University of Virginia; National Bureau of Economic Research
摘要：We merge portfolio theories of home bias with corporate finance theories of insider ownership to create the optimal corporate ownership theory of the home bias. The theory has two components: (1) foreign portfolio investors exhibit a large home bias against countries with poor governance because their investment is limited by high optimal ownership by insiders (the direct effect of poor governance) and domestic monitoring shareholders (the indirect effect) in response to the governance and (2)...
-
作者：Ashbaugh-Skaife, Hollis; Collins, Daniel W.; Kinney, William R., Jr.; LaFond, Ryan
作者单位：University of Wisconsin System; University of Wisconsin Madison; University of Iowa; University of Texas System; University of Texas Austin
摘要：The Sarbanes-Oxley Act (SOX) mandates management evaluation and independent audits of internal control effectiveness. The mandate is costly to firms but may yield benefits through lower information risk that translates into lower cost of equity. We use unaudited pre-SOX 404 disclosures and SOX 404 audit opinions to assess how changes in internal control quality affect firm risk and cost of equity. After controlling for other risk factors, we find that firms with internal control deficiencies h...
-
作者：Durtschi, Cindy; Easton, Peter
作者单位：DePaul University; University of Notre Dame
摘要：A vast literature following Hayn [1995] and Burgstahler and Dichev [1997] attributed the so-called discontinuities in earnings distributions around zero to earnings management. Despite recent evidence that these discontinuities are likely caused by other factors, researchers and teachers continue to point to the shapes of these distributions as evidence of earnings management. We provide three sets of further evidence that these discontinuities are likely caused by factors other than earnings ...
-
作者：Coates, John C.
作者单位：Harvard University
