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作者：Cardinaels, Eddy; Roodhooft, Filip; Warlop, Luk; Van Herck, Gustaaf
作者单位：Tilburg University; KU Leuven; Vlerick Business School; KU Leuven
摘要：This paper experimentally investigates how leaders and followers in a duopoly set prices for two product markets that have different overhead costs. In a fully crossed two-by two design, we manipulate the participants' private cost report quality as either low or high, representing the extent to which these reports reveal that product markets have different overhead costs. We show that when only the leader is given a high-quality cost report, private cost information of higher quality is bette...
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作者：Ke, Bin; Petroni, Kathy R.; Yu, Yong
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Michigan State University; University of Texas System; University of Texas Austin
摘要：We assess the impact of Regulation Fair Disclosure (Reg FD) on the trading behavior of transient institutional investors in the quarter prior to a bad news break in a string of consecutive earnings increases. Bad news breaks are defined as breaks that are by growth firms, preceded by longer strings of consecutive earnings increases, followed by longer strings of consecutive earnings decreases, and associated with larger declines in earnings. Pre-Reg FD transient institutions have abnormal sell...
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作者：Barth, Mary E.; Landsman, Wayne R.; Lang, Mark H.
作者单位：Stanford University; University of North Carolina; University of North Carolina Chapel Hill
摘要：We examine whether application of International Accounting Standards (IAS) is associated with higher accounting quality. The application of IAS reflects combined effects of features of the financial reporting system, including standards, their interpretation, enforcement, and litigation. We find that firms applying IAS from 21 countries generally evidence less earnings management, more timely loss recognition, and more value relevance of accounting amounts than do matched sample firms applying...
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作者：Libby, Robert; Hunton, James E.; Tan, Hun-Tong; Seybert, Nicholas
作者单位：Cornell University; Maastricht University; Bentley University; Nanyang Technological University
摘要：We examine whether analysts' incentives to maintain good relationships with management contribute to the optimistic/pessimistic within-period time trend in analysts' forecasts. In our experiments, 81 experienced sell-side analysts from two brokerage firms predict earnings based on historical information and management guidance. Analysts' forecasts exhibit an optimistic/pessimistic pattern across the two timing conditions (early and late in the quarter), and the effect is significantly stronger...
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作者：Gibbs, Michael
作者单位：University of Chicago
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作者：Hope, Ole-Kristian; Thomas, Wayne B.
作者单位：University of Toronto; University of Oklahoma System; University of Oklahoma - Norman
摘要：This study tests the agency cost hypothesis in the context of geographic earnings disclosures. The agency cost hypothesis predicts that managers, when not monitored by shareholders, make self-maximizing decisions that may not necessarily be in the best interest of shareholders. These decisions include aggressively growing the firm, which reduces profitability and destroys firm value. Geographic earnings disclosures provide an interesting context to examine this issue. Beginning with Statement ...
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作者：Ng, Jeffrey; Rusticus, Tjomme O.; Verdi, Rodrigo S.
作者单位：University of Pennsylvania; Northwestern University; Massachusetts Institute of Technology (MIT)
摘要：This paper examines the effect of transaction costs on the post-earnings announcement drift (PEAD). Using standard market microstructure features we show that transaction costs constrain the informed trades that are necessary to incorporate earnings information into price. This implies weaker return responses at the time of the earnings announcement and higher subsequent returns drift for firms with higher transaction costs. Consistent with this prediction, we find that earnings response coeff...
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作者：Weber, Joseph; Willenborg, Michael; Zhang, Jieying
作者单位：Massachusetts Institute of Technology (MIT); University of Connecticut; University of Southern California
摘要：We study the stock and audit market effects associated with a widely publicized accounting scandal involving a public company (ComROAD AG) and a large, reputable audit firm (KPMG) in a country (Germany) that has long provided auditors with substantial protection from shareholder legal liability. We use this event to study whether an auditor's reputation helps to ensure audit quality, a rationale for which recent literature and events provide scant support. Given the absence of a strong insuran...
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作者：Lafond, Ryan; Roychowdhury, Sugata
作者单位：Massachusetts Institute of Technology (MIT)
摘要：In this paper we examine the effect of managerial ownership on financial reporting conservatism. Separation of ownership and control gives rise to agency problems between managers and shareholders. Financial reporting conservatism is one potential mechanism to address these agency problems. We hypothesize that, as managerial ownership declines, the severity of agency problem increases, increasing the demand for conservatism. Consistent with our hypothesis, we find that conservatism as measured...
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作者：Daske, Holger; Hail, Luzi; Leuz, Christian; Verdi, Rodrigo
作者单位：University of Mannheim; University of Pennsylvania; University of Chicago; Massachusetts Institute of Technology (MIT)
摘要：This paper examines the economic consequences of mandatory International Financial Reporting Standards (IFRS) reporting around the world. We analyze the effects on market liquidity, cost of capital, and Tobin's q in 26 countries using a large sample of firms that are mandated to adopt IFRS. We find that, on average, market liquidity increases around the time of the introduction of IFRS. We also document a decrease in firms' cost of capital and an increase in equity valuations, but only if we a...
