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作者：Penman, Stephen H.; Richardson, Scott A.; Tuna, Irem
作者单位：Columbia University; University of Pennsylvania
摘要：This paper lays out a decomposition of book-to-price (B/P) that derives from the accounting for book value and that articulates precisely how B/P absorbs leverage. The B/P ratio can be decomposed into an enterprise book-to-price (that pertains to operations and potentially reflects operating risk) and a leverage component (that reflects financing risk). The empirical analysis shows that the enterprise book-to-price ratio is positively related to subsequent stock returns but, conditional upon t...
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作者：Covrig, Vincentiu M.; DeFond, Mark L.; Hung, Mingyi
作者单位：California State University System; California State University Northridge; University of Southern California; Chinese University of Hong Kong
摘要：We test the assertion that a consequence of voluntarily adopting International Accounting Standards (IAS) is the enhanced ability to attract foreign capital. Using a unique database that reports firm-level holdings of over 25,000 mutual funds from around the world, our multivariate tests find that average foreign mutual fund ownership is significantly higher among IAS adopters. We also find that IAS adopters in poorer information environments and with lower visibility have higher levels of for...
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作者：Bouwens, Jan; Van Lent, Laurence
作者单位：Tilburg University
摘要：Using a sample of 140 managers, we investigate the use of various performance metrics in determining the periodic assessment, bonus decisions, and career paths of business unit managers. We show that the weight on accounting return measures is associated with the authority of these managers, and we document that both disaggregated measures (expenses and revenues), and nonfinancial measures play a greater role as interdependencies between business units increase. The results suggest separate an...
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作者：Hirst, D. Eric; Koonce, Lisa; Venkataraman, Shankar
摘要：An important problem facing managers is how to enhance the credibility, or believability, of their earnings forecasts. In this paper, we experimentally test whether a characteristic of a management earnings fore cast-namely, whether it is disaggregated-can affect its credibility. We also test whether disaggregation moderates the relation between managerial incentives and forecast credibility Disaggregated forecasts include an earnings forecast as well as forecasts of other key line items compr...
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作者：Sadka, Gil
作者单位：Columbia University
摘要：In an efficient capital market, asset prices vary when investors change their expectations about cash flows, discount rates, or both. Using dividends to measure cash flows, previous research shows that the aggregate dividend-price ratio varies due to changes in expected discount rates (returns) rather than expected cash flows. In contrast, using accounting earnings instead of dividends as a measure of cash flows, this paper shows that as much as 70% of the variation in the dividend-price ratio...
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作者：Lui, Daphne; Markov, Stanimir; Tamayo, Ane
作者单位：Lancaster University; Emory University; University of London; London Business School
摘要：We examine the determinants and the informativeness of financial analysts' risk ratings using a large sample of research reports issued by Salomon Smith Barney, now Citigroup, over the period 1997-2003. We find that the cross-sectional variation in risk ratings is largely explained by variables commonly viewed as measures of risk, such as idiosyncratic risk, size, book-to-market, and leverage. In addition, earnings-based measures of risk, such as earnings quality and accounting losses, also co...
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作者：Hribar, Paul; Nichols, D. Craig
作者单位：University of Iowa; Cornell University
摘要：This paper examines the implications of using the absolute value of discretionary accruals when testing for earnings management. First, we analytically develop the mean and variance of the distribution of absolute discretionary accruals, and show that the expected value is an increasing function of the variance in the underlying error term from the first- stage discretionary accrual estimation model. Second, we highlight several firm characteristics that are related to the error variance in di...
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作者：Piotroski, Joseph D.
作者单位：University of Chicago
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作者：Chen, Shuping; Shevlin, Terry; Tong, Yen H.
作者单位：University of Washington; University of Washington Seattle; Nanyang Technological University
摘要：We examine whether accrual earnings quality is a priced information risk factor in a dividend change setting. We define information risk as the probability that firm-specific financial statement information pertinent to investor pricing decisions is of low precision, and use the factor-mimicking portfolio returns formed on the Dechow-Dichev [2002] accrual quality (AQ) metric to proxy for the information risk (IR) factor returns. We augment the Fama-French three-factor model with this IR factor...
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作者：Hales, Jeffrey
作者单位：University of Texas System; University of Texas Austin
摘要：This paper investigates the effects of preferences on judgments in an investing context, where investors should be motivated to interpret information objectively, yet have clear preferences with respect to what the information they are evaluating conveys (i.e., a gain or a loss on their investment). The results of the experiment are consistent with theories of motivated reasoning that predict when and in what manner directional preferences affect how information is processed. Specifically, inv...
