Review of Accounting Studies

最新文章

• Consumption-based equity valuation AI翻译
  作者：Bach, Christian; Christensen, Peter O.
  作者单位：Copenhagen Business School
  摘要：Using a CCAPM-based risk-adjustment model, we perform yearly valuations of a large sample of stocks listed on NYSE, AMEX, and NASDAQ over a 30-year period. The model differs from standard valuation models in the sense that it adjusts forecasted residual income for risk in the numerator rather than through a risk-adjusted cost of equity in the denominator. The risk adjustments are derived based on assumptions about the time-series properties of residual income returns and aggregate consumption ...
• The benefits of specific risk-factor disclosures AI翻译
  作者：Hope, Ole-Kristian; Hu, Danqi; Lu, Hai
  作者单位：University of Toronto; BI Norwegian Business School; Northwestern University
  摘要：Practitioners have long criticized risk-factor disclosures in the 10-K as generic and boilerplate. In response, regulators emphasize the importance of being specific. By using a computing algorithm, this paper establishes a new measure (Specificity) to quantify the level of specificity of firms' qualitative risk-factor disclosures. We first examine determinants of variations in Specificity, and document that firms with high proprietary costs provide less specific risk-factor disclosures. More ...
• Limited attention, statement of cash flow disclosure, and the valuation of accruals AI翻译
  作者：Miao, Bin; Teoh, Siew Hong; Zhu, Zinan
  作者单位：National University of Singapore; University of California System; University of California Irvine
  摘要：We test for the effect of limited attention on the valuation of accruals by comparing the immediate and long-term market reactions to earnings announcements between a subsample of firms that disclose only the balance sheet with a subsample of firms that disclose both the balance sheet and the statement of cash flows (SCF) in the earnings press release. Information about accruals generally can be inferred from comparative balance sheets, but the availability of the SCF makes accruals more salie...
• Spring-loading future performance when no one is looking? Earnings and cash flow management around acquisitions AI翻译
  作者：Chen, Shuping; Thomas, Jake; Zhang, Frank
  作者单位：University of Texas System; University of Texas Austin; Yale University
  摘要：We find evidence that performance-reflected in earnings and cash flows-is transferred from targets to acquirers around acquisitions. Using a sample of 2128 completed deals from 1985 to 2010, our results suggest that targets depress performance when investor attention declines once the deal parameters are set, and much of that performance understatement is transferred to boost post-acquisition acquirer performance. Evidence of variation across subsamples provides additional confirmation: transf...
• Political contributions and analyst behavior AI翻译
  作者：Jiang, Danling; Kumar, Alok; Law, Kelvin K. F.
  作者单位：State University System of Florida; Florida State University; University of Miami; Tilburg University
  摘要：We show that the personal traits of analysts, as revealed by their political donations, influence their forecasting behavior and stock prices. Analysts who contribute primarily to the Republican Party adopt a more conservative forecasting style. Their earnings forecast revisions are less likely to deviate from the forecasts of other analysts and are less likely to be bold. Their stock recommendations also contain more modest upgrades and downgrades. Overall, these analysts produce better quali...
• The predictive power of investment and accruals AI翻译
  作者：Lewellen, Jonathan; Resutek, Robert J.
  作者单位：Dartmouth College; University System of Georgia; University of Georgia
  摘要：We test whether investment explains the accrual anomaly by splitting total accruals into investment-related and nontransaction accruals, items such as depreciation and asset write-downs that do not represent new investment expenditures. The two types of accruals have very different predictive power for firm performance, not just for future earnings but also for future cash flow and stock returns. Most importantly, nontransaction accruals have the strongest negative predictive slopes for earnin...
• Analyst information precision and small earnings surprises AI翻译
  作者：Bissessur, Sanjay W.; Veenman, David
  作者单位：University of Amsterdam
  摘要：This study proposes and tests an alternative to the extant earnings management explanation for zero and small positive earnings surprises (i.e., analyst forecast errors). We argue that analysts' ability to strategically induce slight pessimism in earnings forecasts varies with the precision of their information. Accordingly, we predict that the probability that a firm reports a small positive instead of a small negative earnings surprise is negatively related to earnings forecast uncertainty, ...
• Analysts' pre-tax income forecasts and the tax expense anomaly AI翻译
  作者：Baik, Bok; Kim, Kyonghee; Morton, Richard; Roh, Yongoh
  作者单位：Seoul National University (SNU); University of Missouri System; University of Missouri Columbia; State University System of Florida; Florida State University
  摘要：This paper examines whether analysts' pre-tax income forecasts mitigate the tax expense anomaly documented by Thomas and Zhang (J Account Res 49:791-821, 2011). They find that seasonal changes in quarterly income tax expense are positively related to future returns after controlling for the earnings surprise and conclude that investors underreact to value-relevant information in tax expense. When analysts issue both earnings and pre-tax income forecasts, they implicitly provide a forecast of i...
• Late for a very important date: financial reporting and audit implications of late 10-K filings AI翻译
  作者：Cao, Jian; Chen, Feng; Higgs, Julia L.
  作者单位：State University System of Florida; Florida Atlantic University; University of Missouri System; University of Missouri Columbia
  摘要：Delays in financial reports often reflect issues related to period-end accounting and audit processes. We investigate the impact of filing delays in connection with auditor characteristics on the quality of financial statements in a sample of firms that filed Form 10-K after the statutory due date. We find that late filing firms are associated with lower financial reporting quality compared to timely filing firms matched by propensity scores, where financial reporting quality is measured by th...
• Accounting flexibility and managers' forecast behavior prior to seasoned equity offerings AI翻译
  作者：Kim, Jae B.
  作者单位：Singapore Management University
  摘要：This study examines the effect of accounting flexibility on managers' forecasting behavior prior to seasoned equity offerings (SEOs). Although SEO firms have a strong incentive to convey optimistic information to boost the pre-SEO stock price, they also face enhanced litigation risk arising from SEO-related regulations. Thus, I hypothesize that managers will release positive news through their forecasts (relative to the prevailing analyst consensus) prior to an SEO only if they have the accoun...