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作者：Marquardt, CA
作者单位：New York University
摘要：This study presents empirical evidence on the ex post costs of employee stock option (ESO) grants to issuing firms and examines whether the Black-Scholes [1973] model provides reasonable estimates of these values. Because there are no market prices for ESOs, the traditional avenues for testing option-pricing models are unavailable. This research relies instead on techniques from the economic forecasting literature, viewing model values as forecasts of the options' payoff. The theoretically app...
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作者：Engel, E; Gordon, EA; Hayes, RM
作者单位：University of Chicago; Rutgers University System; Rutgers University New Brunswick
摘要：This paper analyzes annual corporate governance decisions at firms making initial public offerings (IPOs) of common stock between 1996 and 1999. Our objective is to examine relations between firms' corporate governance decisions and the informativeness of available measures of managerial performance. We consider financial measures such as earnings and stock return, as well as direct monitoring. We collect a sample of IPO firms from the manufacturing, Internet, and technology (non-Internet) ind...
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作者：Mayhew, BW
作者单位：University of Wisconsin System; University of Wisconsin Madison
摘要：This paper reports the results of air experimental economics study designed to examine reputation building by information verifiers (auditors). The results identify boundary conditions to reputation formation and supply insight into auditors' incentives to form reputations. Reputations form in all sessions of treatments that supply nearly immediate rewards to participants who adopt reputation equilibrium strategies. In contrast, reputations form in less than half of the sessions of a treatment...
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作者：Gaver, JJ; Paterson, JS
作者单位：University System of Georgia; University of Georgia; State University System of Florida; Florida State University
摘要：This paper examines the association between external monitoring and earnings management by property-casualty insurers. We extend previous work by Petroni and Beasley [1996] by expanding the set of external monitors to include both auditors and actuaries. We investigate whether certain auditor-actuary pairs are associated with less understatement of the loss reserve account by financially struggling insurers. Our data consist of loss adjustments reported by 465 property-casualty insurers for re...
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作者：Sankar, MR; Subramanyam, KR
作者单位：University of Southern California
摘要：We model a two-period pure exchange economy where a risk averse manager, who has private information regarding future earnings, is required to issue an earnings report to investors at the end of each period. While the manager is prohibited from directly disclosing her private information, she is allowed to bias reported earnings in the first period, subject to GAAP rules that require that a specified proportion of the bias be reversed subsequently. We show there is a minimum threshold of rever...
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作者：Gebhardt, WR; Lee, CMC; Swaminathan, B
作者单位：Cornell University
摘要：In this study, we propose an alternative technique for estimating the cost of equity capital. Specifically, we use a discounted residual income model to generate a market implied cost-of-capital. We then examine firm characteristics that are systematically related to this estimate of cost-of-capital. Ve show that a firm's implied cost-of-capital is a function of its industry membership, B/M ratio, forecasted long-term growth rate, and the dispersion in analyst earnings forecasts. Together, the...
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作者：Mishra, B; Vaysman, I
作者单位：University of Texas System; University of Texas Dallas
摘要：We incorporate information and managerial incentives into the analysis of a common cost-management tool-activity-based costing (ABC). We study the choice of a costing system in a firm where the owners contract with a manager to use either a traditional or an ABC system and make production decisions. We show that, as commonly argued in managerial-accounting literature, in a first-best setting with no informational asymmetries the ABC system is always preferred to the traditional costing one. Ho...
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作者：Ashbaugh, H; Pincus, M
作者单位：University of Wisconsin System; University of Wisconsin Madison; University of Iowa
摘要：We investigate (1) whether the variation in accounting standards across national boundaries relative to International Accounting Standards (LAS) has an impact on the ability of financial analysts to forecast non-U.S. firms' earnings accurately, and (2) whether analyst forecast accuracy changes after firms adopt IAS. IAS are a set of financial reporting policies that typically require increased disclosure and restrict management's choices of measurement methods relative to the accounting standa...
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作者：Billings, BK; Morton, RM
作者单位：State University System of Florida; Florida State University
摘要：This study investigates whether the ability of book-to-market to predict returns derives froth systematic errors in the market's expectation of future earnings. We extend Beaver and Ryan [1996; 2000] by decomposing book-to-market into a more persistent (bias) component and a delayed recognition (lag) component. We find that both components are related to analyst expectations of future earnings, but the lag component is the dominant factor across all forecast horizons. Similarly, we find that t...
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作者：D'Souza, J; Jacob, J
作者单位：Cornell University; University of Colorado System; University of Colorado Boulder
摘要：We analyze the stock market's valuation of electric utility stranded costs (i.e., costs that might become unrecoverable under deregulation), and investigate whether stranded costs that have arisen as a result of voluntary firm business decisions are valued differently from those that are more directly linked to regulatory mandates, Further, we study whether investor valuations differ across jurisdictions. Finally, we examine the relation between investor valuation of stranded costs and the dec...
