Review of Accounting Studies

最新文章

• Management forecasts and the cost of equity capital: international evidence AI翻译
  作者：Cao, Ying; Myers, Linda A.; Tsang, Albert; Yang, Yong George
  作者单位：Chinese University of Hong Kong; University of Tennessee System; University of Tennessee Knoxville; York University - Canada
  摘要：We examine international differences in the effect of management forecasts (which we use to proxy for voluntary disclosure) on the cost of equity capital (COC) across 31 countries. We find that the issuance of management forecasts is associated with a lower COC worldwide but that the effect of management forecasts on the COC depends on country-level institutional factors. Specifically, management forecasts have a stronger effect on the COC in countries with stronger investor protection and bet...
• The internet as an information intermediary AI翻译
  作者：Drake, Michael S.; Thornock, Jacob R.; Twedt, Brady J.
  作者单位：Brigham Young University; Indiana University System; Indiana University Bloomington
  摘要：The internet is an enormous and growing source of information for investors about the opinions of others. Virtually any individual with internet access can express opinions about firms and editorialize about company news. However, to date we know very little about the impact these nontraditional internet intermediaries have on markets. We develop a framework wherein internet information intermediaries fall along a spectrum of professionalism and document a nuanced relationship between coverage...
• The effect of financial reporting quality on corporate dividend policy AI翻译
  作者：Koo, David S.; Ramalingegowda, Santhosh; Yu, Yong
  作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University System of Georgia; University of Georgia; University of Texas System; University of Texas Austin
  摘要：This study examines how financial reporting quality affects corporate dividend policy. We find that higher quality reporting is associated with higher dividends. This positive association is more pronounced among firms with more severe free cash flow problems and among firms with higher ownership by monitoring-type institutional investors. Further analysis of the relation between reporting quality and under-/over-payment of dividends suggests that reporting quality largely mitigates underpayme...
• Corporate investment and changes in GAAP AI翻译
  作者：Shroff, Nemit
  作者单位：Massachusetts Institute of Technology (MIT)
  摘要：This paper investigates whether changes in Generally Accepted Accounting Principles (GAAP) affect corporate investment decisions. Using a sample containing forty nine changes in GAAP, I find that changes in accounting rules affect investment decisions. I then examine two mechanisms through which changes in GAAP affect investment. First, I find that changes in GAAP affect investment, particularly R&D expenditures, when firms have financial covenants that are affected by changes in GAAP. Second,...
• The taxman cometh: Does tax uncertainty affect corporate cash holdings? AI翻译
  作者：Hanlon, Michelle; Maydew, Edward L.; Saavedra, Daniel
  作者单位：Massachusetts Institute of Technology (MIT); University of North Carolina; University of North Carolina Chapel Hill; University of California System; University of California Los Angeles
  摘要：We examine whether firms hold more cash in the face of tax uncertainty. Because of gray areas in the tax law and aggressive tax avoidance, the total amount of tax that a firm will pay is uncertain at the time it files its returns. The tax authorities can challenge and disallow the firm's tax positions, demanding additional cash tax payments. We hypothesize that firms facing greater tax uncertainty hold cash to satisfy these potential future demands. We find that both domestic firms and multina...
• Do product market threats affect analyst forecast precision? AI翻译
  作者：Mattei, Marco Maria; Platikanova, Petya
  作者单位：University of Bologna; Universitat Ramon Llull; Escuela Superior de Administracion y Direccion de Empresas (ESADE)
  摘要：We examine how product market threats influence the precision of analyst forecasts. Greater competitive threats may make forecasting more difficult by increasing the uncertainty regarding future cash flows and by influencing the quality of financial disclosure. Using a firm-specific measure of product market threats (i.e., fluidity), we find that analysts are more likely to be less precise forecasting earnings for highly fluid firms and that the lack of precision is not fully explained by perf...
• The role of audit verification in debt contracting: evidence from covenant violations AI翻译
  作者：Jiang, Liangliang; Zhou, Hui
  作者单位：Hong Kong Polytechnic University; University of Melbourne
  摘要：We investigate the role of audit verification in the resolution process following debt covenant violations. Using two sets of proxies for demand-audit fees and the independence and diligence of audit committees-we find evidence that covenant violations result in a demand for differentially higher levels of audit verification. Further analyses demonstrate the link between the increased demand for audit verification and the mechanisms designed to control agency costs in debt contracts. We docume...
• Are managers strategic in reporting non-earnings news? Evidence on timing and news bundling AI翻译
  作者：Segal, Benjamin; Segal, Dan
  作者单位：Fordham University; Hebrew University of Jerusalem; Reichman University; Singapore Management University
  摘要：Using a comprehensive sample of non-earnings 8-K filings from 2005 to 2013, we examine whether firms strategically report mandatory and voluntary news. In particular, we examine whether firms report negative news when investor attention is low and whether they bundle positive and negative news. Our findings support the notion that managers believe in the existence of investor inattention and strategically report negative news after trading hours. These results particularly apply to public firm...
• What do accruals tell us about future cash flows? AI翻译
  作者：Barth, Mary E.; Clinch, Greg; Israeli, Doron
  作者单位：Stanford University; University of Melbourne; Reichman University
  摘要：Our model, which is adapted from Feltham and Ohlson (Contemp Account Res 11:689-731, 1995) and Ohlson (Contemp Account Res 11:661-687, 1995) and extends Dechow and Dichev (Account Rev 77:35-59, 2002), characterizes the information about future cash flows reflected in accruals. It reveals investors can extract from accruals information about next period's economic factor and the transitory part of one component of next period's cash flow. The extent to which each accrual provides this informati...
• The effects of anticipated future investments on firm value: evidence from mergers and acquisitions AI翻译
  作者：Zhang, Ning
  作者单位：Queens University - Canada
  摘要：I examine the long-term valuation consequence of investment in mergers and acquisitions on acquiring firms through the anticipation effect, in which forward-looking prices embed investors' expectations about the profitability of firms' future acquisitions. Using a sample of firms with past acquisitions, I find that their market valuations depend on both the profitability of their past acquisitions and their current free cash flow. Among firms with positive free cash flow (when future acquisiti...