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作者：De Franco, Gus; Vasvari, Florin P.; Wittenberg-Moerman, Regina
作者单位：University of Toronto; University of London; London Business School; University of Chicago
摘要：This study uses a large sample of sell-side bond analysts' reports to examine the properties of recommendations provided by bond analysts and the impact of these recommendations on bond securities. First, we document that the distribution of bond analysts' buy, hold, and sell recommendations is skewed positively, but less so than the distribution of equity analysts' recommendations. The positive skewness in bond analysts' recommendations is greater for low than for high credit quality bonds. S...
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作者：Nagar, Venky; Rajan, Madhav V.; Saouma, Richard
作者单位：University of Michigan System; University of Michigan; Stanford University; University of California System; University of California Los Angeles
摘要：This paper shows that major components of modern manufacturing processes, such as inventory management and cross-training, play a significant control role. In our model, workers possess information that is critical to efficient ongoing operations. An organizational design that motivates workers to optimally apply this information leverages both the production schedule and worker-management communication. Management's use of these controls results in work-in-process (WIP) inventory that appears...
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作者：Hochberg, Yael V.; Sapienza, Paola; Vissing-Jorgensen, Annette
作者单位：Northwestern University; National Bureau of Economic Research
摘要：We evaluate the impact of the Sarbanes-Oxley Act (SOX) on shareholders by studying the lobbying behavior of investors and corporate insiders in order to affect the final implemented rules under SOX. Investors lobbied overwhelmingly in favor of strict implementation of SOX, while corporate insiders and business groups lobbied against strict implementation. We identify firms most affected by the law as those whose insiders lobbied against strict implementation. Such firms appear to be characteri...
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作者：Christensen, Hans B.; Lee, Edward; Walker, Martin
作者单位：University of Chicago; University of Manchester
摘要：We examine whether earnings reconciliation from U.K. generally accepted accounting principles (GAAP) to International Financial Reporting Standards (IFRS) convey information. As a result of debt contracting, mandatory accounting changes are expected to affect the likelihood of violating existing covenants based on rolling GAAP, leading to a redistribution of wealth between shareholders and lenders. Consistent with this prediction, we find significant market reactions to IFRS reconciliation ann...
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作者：Durnev, Art; Mangen, Claudine
作者单位：McGill University; Concordia University - Canada
摘要：This study analyzes the information conveyed by the restatements of financial reports. We argue that restatements contain news about the investment projects of the restating firms' competitors. This news causes competitors to revise their beliefs about the projects' value, and to modify their subsequent investment decisions. Accordingly, we hypothesize that changes in competitors' investments after restatement announcements are related to news in the restatements. Consistent with our predictio...
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作者：Choudhary, Preeti; Rajgopal, Shivaram; Venkatachalam, Mohan
作者单位：Georgetown University; University of Washington; University of Washington Seattle; Duke University
摘要：In December 2004, the Financial Accounting Standards Board (FASB) mandated the use of a fair value-based measurement attribute to value employee stock options (ESOs) via Financial Accounting Standard (FAS) 123-R. In anticipation of FAS 123-R, between March 2004 and November 2005, several firms accelerate the vesting of ESOs to avoid recognizing existing unvested ESO grants at fair value in future financial statements. We find that the likelihood of accelerated vesting is higher if (1) accelera...
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作者：Easton, Peter D.; Monahan, Steven J.; Vasvari, Florin P.
作者单位：University of Notre Dame; University of London; London Business School
摘要：We document that: (1) the incidence of bond trade increases during the days surrounding earnings announcements, (2) there is a bond-price reaction to the announcement of earnings, and (3) there is a positive association between annual bond returns and both annual changes in earnings and annual analysts' forecast errors. All of these effects are larger when earnings convey bad news or when the underlying bond is more risky. Taken together, our results suggest that the nonlinear payoff structure...
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作者：Ball, Ray; Sadka, Gil; Sadka, Ronnie
作者单位：University of Chicago; Columbia University; Boston College
摘要：A principal-components analysis demonstrates that common earnings factors explain a substantial portion of firm-level earnings variation, implying earnings shocks have substantial systematic components and are not almost fully diversifiable as prior literature has concluded. Furthermore, the principal components of earnings and returns are highly correlated, implying aggregate earnings risks and return risks are related. In contrast to previous studies, the correlation we report between the sy...
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作者：Francis, Jere R.; Huang, Shawn; Khurana, Inder K.; Pereira, Raynolde
作者单位：University of Missouri System; University of Missouri Columbia; University of Arkansas System; University of Arkansas Fayetteville
摘要：This paper examines whether a country's corporate transparency environment, which includes the quality of accounting information, contributes to efficient resource allocation. Based on a cross-country study of 37 manufacturing industries in 37 countries, we provide three pieces of related evidence. First, we find the contemporaneous correlations in industry growth rates across country pairs are higher when there is a greater level of corporate transparency in the country pairs, after controlli...
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作者：Kausar, Asad; Taffler, Richard J.; Tan, Christine
作者单位：University of Manchester; University of Edinburgh; Fordham University
摘要：We explore the market response to announcements of first-time going-concern (GC) audit opinions and, for a subset of these cases, their subsequent withdrawal, from 1993 to 2005. We find that the market fully responds to GC withdrawal announcements but underreacts to the GC announcements themselves, resulting in a downward drift of -14% over the one-year period subsequent to the GC opinion. This result is robust to alternative explanations documented in prior literature. However, after adjustin...
