Review of Accounting Studies

最新文章

• Do sophisticated investors use the information provided by the fair value of cash flow hedges? AI翻译
  作者：Campbell, John L.; Downes, Jimmy F.; Schwartz, William C., Jr.
  作者单位：University System of Georgia; University of Georgia; University of Nebraska System; University of Nebraska Lincoln; Oklahoma State University System; Oklahoma State University - Stillwater
  摘要：An unrealized gain on a cash flow hedge implies that the price of the underlying hedged item (i.e., commodity price, foreign currency exchange rate, or interest rate) moved in a direction that will negatively affect the firm's profits after the hedge expires. Prior research shows that unrealized gains/losses on cash flow hedges are negatively associated with future earnings and that investors' expectations, as reflected in stock prices, do not appear to anticipate this association. We provide ...
• Historical cost measurement and the use of DuPont analysis by market participants AI翻译
  作者：Curtis, Asher; Lewis-Western, Melissa F.; Toynbee, Sara
  作者单位：University of Washington; University of Washington Seattle; Utah System of Higher Education; University of Utah
  摘要：We investigate whether historical cost measurement of assets lowers the usefulness of DuPont analysis for investors. Because firms report assets at modified historical cost under US GAAP, accounting ratios can be biased upward when assets have appreciated. Thus, variation in asset turnover, which is the DuPont ratio most affected by asset measurement, can be due to both economic forces and measurement effects. We assess the extent of measurement effects using the average age of a firm's assets...
• The effect of manager-specific optimism on the tone of earnings conference calls AI翻译
  作者：Davis, Angela K.; Ge, Weili; Matsumoto, Dawn; Zhang, Jenny Li
  作者单位：University of Oregon; University of Washington; University of Washington Seattle; University of British Columbia
  摘要：The use of more or less positive language in corporate disclosures has been the subject of increased interest in the academic literature. We add to this stream of research by examining whether there is a manager-specific component in the tone of earnings-announcement related conference calls. We find that the tone of conference calls that is not explained by current performance, future performance, and strategic incentives has a significant manager-specific component. We also find that tone is...
• Linear valuation without OLS: the Theil-Sen estimation approach AI翻译
  作者：Ohlson, James A.; Kim, Seil
  作者单位：Hong Kong Polytechnic University; New York University
  摘要：OLS-based archival accounting research encounters two well-known problems. First, outliers tend to influence results excessively. Second, heteroscedastic error terms raise the specter of inefficient estimation and the need to scale variables. This paper applies a robust estimation approach due to Theil (Nederlandse Akademie Wetenchappen Ser A 53:386-392, 1950) and Sen (J Am Stat Assoc 63(324):1379-1389, 1968) (TS henceforth). The TS method is easily understood, and it circumvents the two probl...
• Financial statement errors: evidence from the distributional properties of financial statement numbers AI翻译
  作者：Amiram, Dan; Bozanic, Zahn; Rouen, Ethan
  作者单位：Columbia University; University System of Ohio; Ohio State University
  摘要：Motivated by methods used to evaluate the quality of data, we create a novel firm-year measure to estimate the level of error in financial statements. The measure, which has several conceptual and statistical advantages over available alternatives, assesses the extent to which features of the distribution of a firm's financial statement numbers diverge from a theoretical distribution posited by Benford's Law. After providing intuition for the theory underlying the measure, we use numerical met...
• Dividend tax capitalization and liquidity AI翻译
  作者：Sikes, Stephanie A.; Verrecchia, Robert E.
  作者单位：University of Pennsylvania
  摘要：We provide a new explanation for cross-sectional variation in dividend tax capitalization. Our analysis is twofold. First, we conduct a theoretical analysis that shows that liquidity (illiquidity) mitigates (magnifies) the positive effect of dividend taxes on expected rates of return documented in prior literature. Second, we conduct an empirical analysis centered around the Jobs and Growth Tax Relief and Reconciliation Act of 2003, which reduced the difference between the maximum statutory di...
• Understanding investor perceptions of financial statement fraud and their use of red flags: evidence from the field AI翻译
  作者：Brazel, Joseph F.; Jones, Keith L.; Thayer, Jane; Warne, Rick C.
  作者单位：North Carolina State University; George Mason University; University of Virginia; University System of Ohio; University of Cincinnati
  摘要：We surveyed 194 experienced, nonprofessional investors to examine the relations between their perceptions of the frequency of financial reporting fraud, their use of financial statement information, the importance they place on conducting their own fraud risk assessments, and their use of fraud red flags. We find that investors' perceptions of the frequency of fraud and their use of financial statement information positively influence the importance they place on conducting their own fraud ris...
• The predictive qualities of earnings volatility and earnings uncertainty AI翻译
  作者：Donelson, Dain C.; Resutek, Robert J.
  作者单位：University of Texas System; University of Texas Austin; University System of Georgia; University of Georgia
  摘要：This study examines the differential predictive power of past earnings volatility for analyst forecast errors and future returns. Past earnings volatility jointly captures two correlated, but distinct, earnings properties: time-series earnings variation and uncertainty in future earnings. To distinguish between these two earnings properties, we develop a forward-looking measure of earnings uncertainty that has a minimal mechanical link to variation in prior-period earnings realizations and doe...
• Does increased board independence reduce earnings management? Evidence from recent regulatory reforms AI翻译
  作者：Chen, Xia; Cheng, Qiang; Wang, Xin
  作者单位：Singapore Management University; University of Hong Kong
  摘要：We examine whether recent regulatory reforms requiring majority board independence reduce the extent of earnings management. Firms that did not have a majority of independent directors before the reforms (referred to as noncompliant firms) are required to increase their board independence. We find that, while noncompliant firms on average do not experience a significant decrease in earnings management after the reforms compared to other firms, noncompliant firms with low information acquisitio...
• The impact of increased disclosure requirements and the standardization of accounting practices on earnings management through the reserve for income taxes AI翻译
  作者：Cazier, Richard; Rego, Sonja; Tian, Xiaoli; Wilson, Ryan
  作者单位：Texas Christian University; Indiana University System; IU Kelley School of Business; Indiana University Bloomington; University System of Ohio; Ohio State University; University of Oregon
  摘要：We examine whether the regulatory changes required by the Sarbanes-Oxley Act of 2002 (SOX) and Financial Accounting Standards Board Interpretation No. (FIN) 48 reduced the propensity for earnings management through the reserve for income taxes. Given prior evidence that firms use this reserve to manage earnings to beat the consensus analyst forecast, the regulatory changes implemented by both SOX and FIN 48 allow us to study the effects of accounting regulation on earnings management. We find ...