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作者：Guan, Yuyan; Wong, M. H. Franco; Zhang, Yue
作者单位：City University of Hong Kong; INSEAD Business School; University of Toronto
摘要：We document that the likelihood of an analyst following a supplier-customer firm pair increases with the strength of the economic ties along the supply chain, as measured by the percentage of the supplier's sales to the customer. Analysts who follow a covered firm's customer provide more accurate earnings forecasts for the supplier firm than analysts who do not. While both types of analysts respond to and incorporate the earnings news from the customer firm into their revisions of the supplier...
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作者：Nezlobin, Alexander; Reichelstein, Stefan; Wang, Yanruo
作者单位：University of California System; University of California Berkeley; Stanford University
摘要：This paper examines the design of managerial performance measures based on accounting information. The owners of the firm seek to create goal congruence for a better informed manager who is to decide on capacity investments and subsequent production levels. Managerial incentives are shaped by the performance metric and the depreciation schedule for capacity assets. Earlier literature has made the distinction between capacity assets whose degradation is primarily usage-driven as opposed to time...
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作者：Owens, Edward L.; Wu, Joanna Shuang
作者单位：Emory University; University of Rochester
摘要：We investigate the extent to which banks' quarter-end borrowings in the repurchase market deviate from within-quarter levels, and associated factors. Quarter-end repo liabilities are materially lower than within-quarter averages for a large fraction of sample banks. These deviations are more pronounced at banks with a higher concentration of repo borrowings in their liability structure and with larger absolute trading gains or losses. Furthermore, the association with trading activity is mitig...
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作者：Drake, Michael S.; Myers, James N.; Myers, Linda A.; Stuart, Michael D.
作者单位：Brigham Young University; University of Arkansas System; University of Arkansas Fayetteville; Vanderbilt University
摘要：We examine whether short interest improves the informativeness of stock prices with respect to future earnings. We find that short selling strengthens the relation between current returns and future earnings, especially in settings where short sellers are likely to possess an information advantage, such as when a firm's information environment is weak or when analysts are highly optimistic about future earnings growth. Collectively, our results illustrate the important role that short sellers ...
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作者：Hughes, John S.; Pae, Suil
作者单位：University of California System; University of California Los Angeles; Sungkyunkwan University (SKKU)
摘要：We present a differentiated duopoly model, in which an industry leader's disclosure of innovations achieved through research and development (R&D) activities reveals efficiency gains and enables a rival to free ride. Competitive intensity is measured by the degree of product substitutability. A tension arises between the incentive to influence the rival's pricing or output decision by sharing information on R&D innovations and the incentive to avoid knowledge spillovers that allow the rival to...
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作者：Bertomeu, Jeremy; Magee, Robert P.
作者单位：City University of New York (CUNY) System; Baruch College (CUNY); Northwestern University
摘要：This paper examines the process that drives the formation and evolution of disclosure regulations. In equilibrium, changes in the regulation depend on the status quo, standard-setters' political accountability and underlying objectives, and the cost and benefits of disclosure to reporting entities. Excessive political accountability need not implement the regulation preferred by diversified investors. Political pressures slow standard-setting and, if the standard-setter prefers high levels of ...
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作者：Blaylock, Bradley; Gaertner, Fabio; Shevlin, Terry
作者单位：Oklahoma State University System; Oklahoma State University - Stillwater; University of Wisconsin System; University of Wisconsin Madison; University of California System; University of California Irvine
摘要：There is an ongoing debate in the literature about the costs and benefits of conforming book and taxable income. Proponents argue that increased book-tax conformity will reduce aggressive financial reporting: managing earnings up increases taxes and will curtail abusive tax shelters because managing taxes down decreases earnings reported to shareholders. We use a panel of 139,536 firm-year observations across 34 countries over the period 1996-2007 to test whether high levels of book-tax confor...
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作者：Cascino, Stefano; Gassen, Joachim
作者单位：University of London; London School Economics & Political Science; Humboldt University of Berlin
摘要：We investigate the effects of mandatory International Financial Reporting Standards (IFRS) adoption on the comparability of financial accounting information. Using a set of alternative comparability measures, our results suggest that the overall comparability effect of mandatory IFRS adoption is marginal. We hypothesize that firm-level heterogeneity in IFRS compliance explains the limited comparability effect. To test this conjecture, we first hand-collect data on IFRS compliance for a sample ...
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作者：He, Guanming
作者单位：University of Warwick
摘要：This study investigates the effect of CEO inside debt holdings on financial reporting quality. I find that higher CEO inside debt holdings are associated with lower abnormal accruals, higher accruals quality, a lower likelihood of an earnings misstatement, and a lower incidence of earnings benchmark beating, suggesting that CEO inside debt promotes high financial reporting quality. Additional analyses reveal that (1) CEO inside debt holdings reduce firm-specific stock price crash risk, and tha...
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作者：McNichols, Maureen F.; Stubben, Stephen R.
作者单位：Stanford University; Utah System of Higher Education; University of Utah
摘要：We examine whether acquisitions are more profitable for acquirers when the firms they target disclose higher-quality accounting information. If accounting information reduces uncertainty in the value of the target firm by facilitating a more precise valuation, we predict that managers of the acquiring firm can bid more effectively and pay less to acquire a target firm that has high-quality accounting information. Using a large sample of acquisitions of public firms from 1990 to 2010, we find e...
