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作者：Bratten, Brian; Causholli, Monika; Khan, Urooj
作者单位：University of Kentucky; Columbia University
摘要：This paper examines whether fair value adjustments included in other comprehensive income (OCI) predict future bank performance. It also examines whether the reliability of these estimates affects their predictive value. Using a sample of bank holding companies, we find that fair value adjustments included in OCI can predict earnings both 1 and 2 years ahead. However, not all fair value-related unrealized gains and losses included in OCI have similar implications. While net unrealized gains an...
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作者：Byzalov, Dmitri; Basu, Sudipta
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University
摘要：Conditional conservatism is an integral but often unmodeled part of the normal accrual process. The standard economic determinants of accruals contain information about unrealized losses. We argue that accountants recognize these unrealized losses as disaggregated write-downs for small asset pools. Modeling disaggregated impairments yields new economic insights about accruals and improved accrual models. We predict that accrual conservatism manifests as a sum of asymmetries for a vector of new...
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作者：De George, Emmanuel T.; Li, Xi; Shivakumar, Lakshmanan
作者单位：University of London; London Business School; Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; University of London; London School Economics & Political Science
摘要：This paper reviews the literature on the effects of International Financial Reporting Standards (IFRS) adoption. It aims to provide a cohesive picture of empirical archival literature on how IFRS adoption affects: financial reporting quality, capital markets, corporate decision making, stewardship and governance, debt contracting, and auditing. In addition, we also present discussion of studies that focus on specific attributes of IFRS, and also provide detailed discussion of research design c...
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作者：Griffin, Paul A.; Hong, Hyun A.; Kim, Jeong-Bon
作者单位：University of California System; University of California Davis; University of California System; University of California Riverside; University of Waterloo
摘要：This paper documents a negative relation between equity short interest and future returns on credit default swaps (CDS). This relation is most consistent with the theory that equity short interest telegraphs relevant information to secondary market CDS investors about credit spread not transmitted into prices in other ways. The CDS return predictive pattern also strengthens negatively for equity short-interest positions subject to an outward shift in the demand for shortable stocks, which we v...
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作者：Rogers, Jonathan L.; Skinner, Douglas J.; Zechman, Sarah L. C.
作者单位：University of Colorado System; University of Colorado Boulder; University of Chicago
摘要：We use the process through which insider trading (SEC Form 4) filings are made public to investigate whether media coverage affects the way securities markets assimilate news. To do this, we use recent changes in disclosure rules governing insider trades as well as the initiation of coverage by Dow Jones to cleanly identify media effects. Using high-resolution intraday data, we find clear effects of media dissemination on the way prices and volume respond to insider trading news in the minutes...
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作者：Johnson, Edward; Johnson, Nicole Bastian; Pfeiffer, Thomas
作者单位：University of Oregon; University of Vienna
摘要：This paper examines a transfer pricing problem between two divisions of a decentralized firm. The selling division is privately informed about its own costs and produces a good that is sold both externally in an intermediate market and internally within the firm. Unlike most previous work, we focus on dual transfer pricing systems that allow the selling division to be credited for an amount that differs from the amount charged to the buying division. We identify conditions under which efficien...
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作者：Cheng, Qiang; Du, Fei; Wang, Xin; Wang, Yutao
作者单位：Singapore Management University; University of Hong Kong; Central University of Finance & Economics
摘要：This study examines the impact of corporate site visits on analysts' forecast accuracy based on a sample of such visits to Chinese listed firms during 2009-2012. We find that analysts who conduct visits (visiting analysts) have a greater increase in forecast accuracy than other analysts. Consistent with the notion that site visits facilitate analysts' information acquisition through observing firms' operations, we find that the results are stronger for manufacturing firms, firms with more tang...
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作者：Kuo, Nan-Ting; Lee, Cheng-Few
作者单位：Nankai University; Rutgers University System; Rutgers University New Brunswick
摘要：Our study explores a possible benefit of conforming book income to taxable income. We expect that increased book-tax conformity can reduce audit fees by simplifying tax accruals and increasing tax authorities' monitoring, which reduce audit workload and audit risk, respectively. Consistent with our expectations, we find that a higher country level of required book-tax conformity leads to lower audit fees. Moreover, firm-level book-tax differences are positively associated with audit fees. We a...
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作者：Konchitchki, Yaniv; Luo, Yan; Ma, Mary L. Z.; Wu, Feng
作者单位：University of California System; University of California Berkeley; Fudan University; York University - Canada; Hong Kong Polytechnic University
摘要：We hypothesize that earnings downside risk, capturing the expectation for future downward operating performance, contains distinct information about firm risk and varies with cost of capital in the cross section of firms. Consistent with the validity of the earnings downside risk measure, we find that, relative to low earnings downside risk firms, high earnings downside risk firms experience more negative operating performance over the subsequent period, are more sensitive to downward macroeco...
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作者：Powers, Kathleen; Robinson, John R.; Stomberg, Bridget
作者单位：University of Tennessee System; University of Tennessee Knoxville; Texas A&M University System; Texas A&M University College Station; Mays Business School; University System of Georgia; University of Georgia
摘要：We examine how different accounting metrics used to evaluate CEO performance for annual bonuses affect the level of corporate tax planning as well as financial reporting for income taxes. We predict and find that firms using cash flow metrics report lower GAAP and cash effective tax rates (ETR) than firms using earnings metrics. We also find that firms using after-tax earnings metrics report lower GAAP ETRs but similar cash ETRs as firms using pre-tax earnings metrics. Further analyses show th...
