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作者：Bleck, Alexander; Liu, Xuewen
作者单位：University of London; London School Economics & Political Science
摘要：We model the interaction of financial market transparency and different accounting regimes. This paper provides a theoretical rationale for the recently proposed shift in accounting standards from historic cost accounting to marking to market. The paper shows that marking to market can provide investors with an early warning mechanism while historical cost gives management a veil under which they can potentially mask a firm's true economic performance. The model provides new explanations for s...
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作者：Bonner, Sarah E.; Hugon, Artur; Walther, Beverly R.
作者单位：University of Southern California; University System of Georgia; Georgia State University; Northwestern University
摘要：We examine the effects of analysts' celebrity on investor reaction to earnings forecast revisions. We measure celebrity as the quantity of media coverage analysts receive in sources included in the Dow Jones Interactive database, and find that media coverage is positively related to investor reaction to forecast revisions. The effect of celebrity on the reaction to forecast revisions remains significant after controlling for forecast performance variables examined in prior studies (ex post for...
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作者：Wysocki, Peter D.
作者单位：Massachusetts Institute of Technology (MIT)
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作者：Demers, Elizabeth; Joos, Philip
作者单位：INSEAD Business School; Tilburg University
摘要：We explore the factors associated with historical IPO failures by developing an IPO failure prediction model that includes accounting information as well as proxies for the role of information intermediaries and other IPO deal-related characteristics. We document statistically significant differences in failure models applicable to nontech versus high tech IPOs, and these structural differences are largely driven by accounting-based proxies for firms' investments in intangible assets, operatin...
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作者：Lambert, Richard; Leuz, Christian; Verrecchia, Robert E.
作者单位：University of Pennsylvania; University of Chicago
摘要：In this paper we examine whether and how accounting information about a firm manifests in its cost of capital, despite the forces of diversification. We build a model that is consistent with the Capital Asset Pricing Model and explicitly allows for multiple securities whose cash flows are correlated. We demonstrate that the quality of accounting information can influence the cost of capital, both directly and indirectly. The direct effect occurs because higher quality disclosures affect the fi...
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作者：Ertimur, Yonca; Sunder, Jayanthi; Sunder, Shyam V.
作者单位：Duke University; Northwestern University
摘要：We examine the contemporaneous relation between earnings forecast accuracy and recommendation profitability to assess the effectiveness with which analysts translate forecasts into profitable recommendations. We find that, after controlling for expertise, more accurate analysts make more profitable recommendations, albeit only for firms with value-relevant earnings. Next, we show that conflicts of interest from investment banking activities affect the relation between accuracy and profitabilit...
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作者：Gu, Feng; Li, John Q.
作者单位：State University of New York (SUNY) System; University at Buffalo, SUNY; Suffolk University
摘要：We examine stock price reaction to voluntary disclosure of innovation strategy by high-tech firms and its relation with insider stock transactions before the disclosure. We find that, despite the qualitative and subjective nature of strategy-related disclosure, there is positive stock price reaction to the disclosure. The evidence suggests that investors view the disclosure as credible good news. We also find that the disclosure is associated with more positive stock price reaction when it is ...
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作者：Leone, Andrew J.; Rock, Steve; Vasvari, Florin P.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Colorado System; University of Colorado Boulder; University of Connecticut
摘要：We use the context of a company's initial public offering (IPO) of equity securities as a capital-markets setting to empirically study the economic consequences of endogenous disclosure. In particular, we examine the relation between the extent of dollar detail an IPO issuer provides regarding their intended use of proceeds and first-day underpricing. We document substantial variation in the specificity of this disclosure and find that an increase in such specificity is associated with lower I...
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作者：De Franco, Gus; Lu, Hai; Vasvari, Florin P.
作者单位：University of Toronto
摘要：We investigate a sample of 50 firm-events, identified in the Global Research Analysts Settlement, in which analysts were discovered to have acted misleadingly ex post. In this setting, analysts' incentives caused them to issue public disclosures that differed from their private beliefs. We document that these firms' institutional holdings decline significantly during the period in which the analysts issued misleading disclosures. During this period daily small-size trades (a proxy for individu...
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作者：Hail, L; Leuz, C
作者单位：University of Pennsylvania
摘要：This paper examines international differences in firms' cost of equity capital across 40 countries. We analyze whether the effectiveness of a country's legal institutions and securities regulation is systematically related to cross-country differences in the cost of equity capital. We employ several models to estimate firms' implied or ex ante cost of capital. Our results support the conclusion that firms from countries with more extensive disclosure requirements, stronger securities regulatio...
