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作者：Easton, P; Taylor, G; Shroff, P; Sougiannis, T
作者单位：University System of Ohio; Ohio State University; University of Melbourne; University of Alabama System; University of Alabama Tuscaloosa; University of Minnesota System; University of Minnesota Twin Cities
摘要：We develop a method for simultaneously estimating the cost of equity capital and the growth in residual earnings that are implied by current stock prices, current book value of equity, and short-term forecasts of accounting earnings. We demonstrate the use of our method by calculating the expected equity risk premium. Our estimate is higher than estimates in extant studies that are based on the same earnings forecast data. The main difference between our study and these papers is that while th...
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作者：Kinney, W; Burgstahler, D; Martin, R
作者单位：University of Texas System; University of Texas Austin; University of Washington; University of Washington Seattle; Indiana University System; Indiana University Bloomington
摘要：Ranked earnings surprise portfolios formed from First Call files for 1992-97 are used to assess the annual earnings surprise magnitude for an individual firm sufficient to expect a significant market reaction. We find that, for an individual firm, the maximum probability of a gain from trading on prior knowledge of any surprise magnitude is .622. The lack of probable trading gains is due to the S-shaped surprise/return relation and the large variance of returns for a given magnitude of surpris...
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作者：Rajgopal, S; Venkatachalam, M; Kotha, S
作者单位：University of Washington; University of Washington Seattle; Stanford University
摘要：In this study we investigate the valuation implications of managerial actions undertaken by 57 Internet firms engaged in Business-to-Business (11211) e-commerce. We classify 3,007 managerial actions undertaken by our sample firms between the firm's IPO date and September 30, 2000 into nine action categories: (1) acquisition of major customers, (2) introduction of new products and services, (3) promotional and marketing actions, (4) actions taken to address the concerns of stakeholders such as ...
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作者：Lundholm, R; Myers, LA
作者单位：University of Michigan System; University of Michigan; University of Illinois System; University of Illinois Urbana-Champaign
摘要：This paper studies how firm disclosure activity affects the relation between current annual stock returns, contemporaneous annual earnings and future earnings. Our results show that firms with relatively more informative disclosures bring the future forward so that current returns reflect more future earnings news. We also find that changes in disclosure activity are positively related to changes in the importance of future earnings news for current, returns. These results suggest that a firm'...
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作者：Bradshaw, MT; Sloan, RG
作者单位：Harvard University; University of Michigan System; University of Michigan
摘要：Managers; security analysts, investors, and the press rely increasingly on modified definitions of GAAP net income, known by such names as operating and pro forma earnings. We document this phenomenon and discuss competing explanations for the recent rise in the use of such modified earnings numbers and implications for the interpretation of related accounting research. Our results show that over the past 20 years there has been a dramatic increase in the frequency and magnitude of cases where...
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作者：Dutta, S; Zhang, XJ
摘要：This paper examines how various revenue recognition rules affect the incentive properties of accounting information in a stewardship setting. Our analysis demonstrates that if revenues are recognized according to the realization principle, a single performance measure based on aggregated accounting information can be used to provide desirable production and effort incentives to the manager. In contrast, mark-to-market accounting does not provide efficient aggregation of raw information to solv...
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作者：Landsman, WR; Maydew, EL
作者单位：University of North Carolina; University of North Carolina Chapel Hill
摘要：This paper examines changes in the information content of earnings over the past three decades using the two metrics from Beaver [1968]: abnormal trading volume and abnormal return volatility. We find no evidence of a decline in the information content of earnings announcements over the past three decades, as measured by both abnormal trading volume and return volatility around quarterly earnings announcements. If anything, our results suggest an increase over time in the informativeness of qu...
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作者：Shackelford, DA; Verrecchia, RE
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of Pennsylvania
摘要：We define an intertemporal tax discontinuity (ITD) as a circumstance in which different tax rates are applied to gains realized at one point in time versus some other point in time. We study the effects of ITDs on market behaviors at the time of disclosures of firm performance, assuming that all investors who trade firm equities are subject to tax. The results of our paper suggest that relative to an economy in which ITDs are absent, ITDs may dampen trading volume and amplify price changes at ...
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作者：Banker, RD; Devaraj, S; Schroeder, RG; Sinha, KK
作者单位：University of Texas System; University of Texas Dallas; University of Notre Dame; University of Minnesota System; University of Minnesota Twin Cities
摘要：Using a field study approach, we examine two competing perspectives on direct labor variance reporting: some argue that direct labor variance reporting is costly and cumbersome, and should be eliminated; whereas others contend that without direct labor variance information, managers will not be able to monitor workers effectively, causing workers to shirk and worker productivity to decline. Specifically, we investigate the productivity and quality impacts of eliminating direct labor variance r...
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作者：Barron, OE; Byard, D; Kile, C; Riedl, EJ
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University System of Ohio; University of Cincinnati; University of Alabama System; University of Alabama Huntsville
摘要：This studY examines the association between firms' intangible asset, and properties of the information contained in analyst's earnings forecasts. We hy pothesize that analysts will supplement firms' financial information by placing greater relative emphasis oil their own private (or idiosyncratic) information which deriving their earnings forecasts for firths with significant intangible assets. Our evidence is consistent with this hypothesis. We find that the consensus in analysts' forecasts, ...
