Journal of Accounting Research

最新文章

• The association between outside directors, institutional investors and the properties of management earnings forecasts AI翻译
  作者：Ajinkya, B; Bhojraj, S; Sengupta, P
  作者单位：State University System of Florida; University of Florida; Cornell University; University System of Maryland; University of Maryland College Park
  摘要：We investigate the relation of the board of directors and institutional ownership with the properties of management earnings forecasts. We find that firms with more outside directors and greater institutional ownership are more likely to issue a forecast and are inclined to forecast more frequently. In addition, these forecasts tend to be more specific, accurate and less optimistically biased. These results are robust to changes specification, Granger causality tests, and simultaneous equation...
• Do insiders manipulate earnings when they sell their shares in an initial public offering? AI翻译
  作者：Darrough, M; Rangan, S
  作者单位：City University of New York (CUNY) System; Baruch College (CUNY); Amrita Vishwa Vidyapeetham
  摘要：In this article we examine whether insider share selling in an initial public offering (IPO) influences R&D expenditures. Insiders (managers and venture capitalists) who sell their pre-offering shareholdings might try to increase the IPO offer price (1) by overinvesting in R&D to signal the firm's prospects (the signaling hypothesis) or (2) by underinvesting in R&D to increase current reported earnings (the earnings fixation hypothesis). We find that, for a sample of 243 IPOs from 1986 to 1990...
• The importance of business risk in setting audit fees: Evidence from cases of client misconduct AI翻译
  作者：Lyon, JD; Maher, MW
  作者单位：University of Melbourne; University of California System; University of California Davis
  摘要：Previous research provides evidence that, for the clients of a large audit firm, audit clients with higher perceived business risk bear the expected costs of this risk with higher audit fees. We extend the literature, which focuses on the relation between litigation risk and audit fees, by examining alleged client misconduct that is not illegal but possibly increases business risk. In particular, we examine the relation between audit fees and business risk for audit clients doing business in d...
• Inflation illusion and post-earnings-announcement drift AI翻译
  作者：Chordia, T; Shivakumar, L
  作者单位：Emory University; University of London; London Business School
  摘要：This paper examines the cross-sectional implications of the inflation illusion hypothesis for the post-earnings-announcement drift. The inflation illusion hypothesis suggests that stock market investors fail to incorporate inflation in forecasting future earnings growth rates, and this causes firms whose earnings growths are positively (negatively) related to inflation to be undervalued (overvalued). We argue and show that the sensitivity of earnings growth to inflation varies monotonically ac...
• The ability of earnings to predict future operating cash flows has been increasing - Not decreasing AI翻译
  作者：Kim, M; Kross, W
  作者单位：State University of New York (SUNY) System; University at Buffalo, SUNY; Purdue University System; Purdue University
  摘要：We investigate the relationship between earnings and one-year-ahead operating cash flows from 1973 to 2000. Although the extant research indicates a weakening relationship between contemporaneous earnings and stock prices over time, we find that the relationship between current earnings and future operating cash flows has increased over time. This result holds for numerous divisions of our sample. Out-of-sample predictions of operating cash flows generally show increasing forecast accuracy ove...
• Consequences of financial reporting failure for outside directors: Evidence from accounting restatements and audit committee members AI翻译
  作者：Srinivasan, S
  作者单位：University of Chicago
  摘要：I use a sample of 409 companies that restated their earnings from 1997 to 2001 to examine penalties for outside directors, particularly audit committee members, when their companies experience accounting restatements. Penalties from lawsuits and Securities and Exchange Commission (SEC) actions are limited. However, directors experience significant labor market penalties. In the three years after the restatement, director turnover is 48% for firms that restate earnings downward, 33% for a perfo...
• Dividend taxes and implied cost of equity capital AI翻译
  作者：Dhaliwal, D; Krull, L; Li, OZ; Moser, W
  作者单位：University of Arizona; University of Auckland; University of Texas System; University of Texas Austin; University of Notre Dame; University of Missouri System; University of Missouri Columbia
  摘要：We estimate firm-level implied cost of equity capital based on recent advances in accounting and finance research and examine the effect of dividend taxes on the cost of equity capital. We investigate whether dividend taxes affect firms' cost of capital by testing the relation between the implied cost of equity capital and a measure of the tax-penalized portion of dividend yield, which we define as the product of dividend yield and the dividend tax penalty. The results generally support the di...
• Imprecision in accounting measurement: Can it be value enhancing? AI翻译
  作者：Kanodia, C; Singh, R; Spero, AE
  作者单位：University of Minnesota System; University of Minnesota Twin Cities
  摘要：Accounting measurements of firms' investments are usually imprecise. We study the economic consequences of such imprecision when it interacts with information asymmetry regarding an investment project's ex ante profitability, known only by the firm's managers. Absent agency and risk-sharing considerations, we find that some degree of accounting imprecision could actually be value enhancing. We characterize the optimal degree of imprecision and identify its key determinants. The greater the inf...
• Enforced standards versus evolution by general acceptance: A comparative study of e-commerce privacy disclosure and practice in the United States and the United Kingdom AI翻译
  作者：Jamal, K; Maier, M; Sunder, S
  作者单位：University of Alberta; University of Iowa; Yale University
  摘要：We present data on privacy practices in e-commerce under the European Union's formal regulatory regime prevailing in the United Kingdom and compare it with the data from a previous study of U.S. practices that evolved in the absence of government laws or enforcement. The codification by the E.U. law, and the enforcement by the U.K. government, improves neither the disclosure nor the practice of e-commerce privacy relative to the United States. Regulation in the United Kingdom also appears to s...
• Earnings quality, insider trading, and cost of capital AI翻译
  作者：Aboody, D; Hughes, J; Liu, J
  作者单位：University of California System; University of California Los Angeles
  摘要：Previous research argues that earnings quality measured as the unsigned abnormal accruals, proxies for information asymmetries that affect cost of capital. We examine this argument directly in two stages. In the first stage, we estimate firms' exposure to an earnings quality factor in the context of a Fama-French three-factor model augmented by the return on a factor-mimicking portfolio that is long in low earnings quality firms and short in high earnings quality firms. In the second stage, we...