Journal of Accounting Research

最新文章

• External and internal pricing in multidivisional firms AI翻译
  作者：Baldenius, T; Reichelstein, S
  作者单位：Columbia University; Stanford University
  摘要：Multidivisional firms frequently rely on external market prices in order to value internal transactions across profit centers. This paper examines market-based transfer pricing when an upstream division has monopoly power in selling a proprietary component both to a downstream division within the same firm and to external customers. When internal transfers are valued at the prevailing market price, the resulting transactions are distorted by double marginalization. The imposition of intracompa...
• The extreme future stock returns following I/B/E/S earnings surprises AI翻译
  作者：Doyle, Jefrey T.; Lundholm, Russell J.; Soliman, Mark T.
  作者单位：Utah System of Higher Education; Utah State University; University of Michigan System; University of Michigan; Stanford University
  摘要：We investigate the stock returns subsequent to quarterly earnings surprises, where the benchmark for an earnings surprise is the consensus analyst forecast. By defining the surprise relative to an analyst forecast rather than a time-series model of expected earnings, we document returns subsequent to earnings announcements that are much larger, persist for much longer, and are more heavily concentrated in the long portion of the hedge portfolio than shown in previous studies. We show that our ...
• The role of accruals in asymmetrically timely gain and loss recognition AI翻译
  作者：Ball, R; Shivakumar, L
  作者单位：University of Chicago; University of London; London Business School
  摘要：We investigate the role of accrual accounting in the asymmetrically timely recognition (incorporation in reported earnings) of gains and losses. Timely recognition requires accruals when it precedes complete realization of the gains and losses in cash. We show that nonlinear accruals models incorporating the asymmetry in gain and loss recognition (timelier loss recognition, or conditional conservatism) offer a substantial specification improvement, explaining substantially more variation in ac...
• Ownership concentration in privatized firms: The role of disclosure standards, auditor choice, and auditing infrastructure AI翻译
  作者：Guedhami, Omrane; Pittman, Jeffrey A.
  作者单位：Memorial University Newfoundland; Hong Kong University of Science & Technology
  摘要：We rely on a unique data set to estimate the impact of disclosure standards and auditor-related characteristics on ownership concentration in 190 privatized firms from 31 countries. Accounting transparency can help alleviate the agency conflict between minority investors and controlling shareholders, which is evident in the extent of ownership concentration, since the expropriation of corporate resources hinges on these private benefits remaining hidden. After controlling for other country-lev...
• The effect of issuing biased earnings forecasts on analysts' access to management and survival AI翻译
  作者：Ke, Bim; Yu, Yong
  作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Texas System; University of Texas Austin
  摘要：This study offers evidence on the earnings forecast bias analysts use to please firm management and the associated benefits they obtain from issuing such biased forecasts in the years prior to Regulation Fair Disclosure. Analysts who issue initial optimistic earnings forecasts followed by pessimistic earnings forecasts before the earnings announcement produce more accurate earnings forecasts and are less likely to be fired by their employers. The effect of such biased earnings forecasts on for...
• Founding family ownership and earnings quality AI翻译
  作者：Wang, DC
  作者单位：University of Nebraska System; University of Nebraska Lincoln
  摘要：This study investigates the relation between founding family ownership and earnings quality using data from the Standard & Poor's 500 companies. Existing literature has documented that financial reporting is of higher quality when firms have stronger corporate governance mechanisms and when there is greater demand for quality financial reporting. I provide two competing theories of the effect of founding family ownership on the demand and supply of earnings quality: the entrenchment effect and...
• Subjective performance indicators and discretionary bonus pools AI翻译
  作者：Rajan, MV; Reichelstein, S
  作者单位：Stanford University
  摘要：Key indicators of managerial performance are frequently subjective, that is, they are difficult to specify and/or verify for contracting purposes. When a principal must rely on subjective information to create incentives for a group of agents, discretionary bonus pools are shown to be optimal mechanisms. Despite their optimality, however, discretionary bonus pools entail an additional agency cost relative to the benchmark of optimal contracts based on objective and verifiable information. Our ...
• Is there a link between executive equity incentives and accounting fraud? AI翻译
  作者：Erickson, M; Hanlon, M; Maydew, EL
  作者单位：University of Chicago; University of Michigan System; University of Michigan; University of North Carolina; University of North Carolina Chapel Hill
  摘要：We compare executive equity incentives of firms accused of accounting fraud by the Securities and Exchange Commission (SEC) during the period 1996-2003 with two samples of firms not accused of fraud. We measure equity incentives in a variety of ways and employ a battery of empirical tests. We find no consistent evidence that executive equity incentives are associated with fraud. These results stand in contrast to assertions by policy makers that incentives from stock-based compensation and the...
• Firms' off-balance sheet and hybrid debt financing: Evidence from their book-tax reporting differences AI翻译
  作者：Mills, LF; Newberry, KJ
  摘要：We match large U.S. corporations' tax returns during 1989-2001 to their financial statements to construct a firm-level proxy of firms' use of off-balance sheet and hybrid debt financing. We find that firms with less favorable prior-period Standard & Poor's (S&P) bond ratings or higher leverage ratios in comparison to their industry report greater amounts of interest expense on their tax returns than to investors and creditors on their financial statements. These between-firm results are consis...
• Domestic and stock return foreign earnings, variability, and the impact of investor sophistication AI翻译
  作者：Callen, JL; Hope, OK; Segal, D
  作者单位：University of Toronto
  摘要：We examine the importance of foreign earnings relative to domestic earnings for a sample of U.S. multinationals using variance decomposition. Our methodology represents an alternative and complementary approach over the prior literature, which is based on traditional regressions and earnings response coefficients. We document that domestic earnings are more important in explaining the variance of unexpected returns than are foreign earnings and that the relative importance of domestic earnings...