Review of Accounting Studies

最新文章

• Distilling the reserve for uncertain tax positions: the revealing case of black liquor AI翻译
  作者：De Simone, Lisa; Robinson, John R.; Stomberg, Bridget
  作者单位：Stanford University; University of Texas System; University of Texas Austin; University System of Georgia; University of Georgia
  摘要：We examine the extent to which management discretion affects the reserve for unrecognized tax benefits. We analyze the financial statement disclosures of 19 paper companies that received a total of $6.4 billion in refundable excise taxes during 2009. All of these companies included the refunds in financial income, but 14 excluded all or part of the refunds from taxable income. Despite the magnitude and unprecedented nature of the exclusion, we find that only five of the excluding firms accrued...
• Investor perceptions of the earnings quality consequences of hiring an affiliated auditor AI翻译
  作者：Baber, William R.; Krishnan, Jagan; Zhang, Yinqi
  作者单位：Georgetown University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; American University
  摘要：The Sarbanes-Oxley Act (SOX) requires that firms wait 1 year before hiring an individual employed as a member of the external audit team. SOX's intent is to reduce the perceived loss of auditor independence due to affiliated hiring. SOX also requires fully independent audit committees and disclosure of directors with financial expertise. Using a sample of financial executive hires during the pre-SOX period, we find that earnings response coefficients (ERCs) decline following hires of individua...
• Preserving amortized costs within a fair-value-accounting framework: reclassification of gains and losses on available-for-sale securities upon realization AI翻译
  作者：Dong, Minyue; Ryan, Stephen; Zhang, Xiao-Jun
  作者单位：University of Lausanne; University of California System; University of California Berkeley
  摘要：SFAS No. 115 requires firms to recognize available-for-sale (AFS) securities at fair value with accumulated unrealized gains and losses (AUGL) recorded in accumulated other comprehensive income. Firms reclassify AUGL to net income when they realize gains and losses. We refer to the amount reclassified each period by RECLASS. As of 1998, SFAS No. 130 requires firms to present RECLASS prominently in their financial statements. We investigate the incremental explanatory power of RECLASS for banks...
• Disaggregating operating and financial activities: implications for forecasts of profitability AI翻译
  作者：Esplin, Adam; Hewitt, Max; Plumlee, Marlene; Yohn, Teri Lombardi
  作者单位：University of Alberta; Indiana University System; Indiana University Bloomington; Utah System of Higher Education; University of Utah
  摘要：Researchers, practitioners, and standard setters emphasize the importance of disaggregating financial statements into operating and financial activities. However, there is a lack of research demonstrating that this disaggregation improves forecasts of profitability. In this study, we consider whether and when the operating/financial disaggregation improves forecasts of profitability. Contrary to the use of an aggregate forecasting approach by most related prior research, we first show that the...
• Options trading volume and stock price response to earnings announcements AI翻译
  作者：Truong, Cameron; Corrado, Charles
  作者单位：Monash University
  摘要：We examine the effect of options trading volume on the stock price response to earnings announcements over the period 1996-2007. Contrary to previous studies, we find no significant difference in the immediate stock price response to earnings information announcements in samples split between firms with listed options and firms without listed options. However, within the sample of firms with listed options stratified by options volume, we find that higher options trading volume reduces the imm...
• Product market competition and conditional conservatism AI翻译
  作者：Dhaliwal, Dan; Huang, Shawn; Khurana, Inder K.; Pereira, Raynolde
  作者单位：University of Arizona; Arizona State University; Arizona State University-Tempe; University of Missouri System; University of Missouri Columbia
  摘要：Based on pooled cross-sectional analysis, we find a robust positive relation between product market competition and conditional accounting conservatism. We also find evidence of an inter-temporal increase in conditional conservatism following industry deregulation and increased antitrust case filings. Distinguishing further between two dimensions of competition, we find conditional conservatism is greater when there is a higher threat of new entrants as well as stiff existing competition. More...
• Short-term earnings guidance and accrual-based earnings management AI翻译
  作者：Call, Andrew C.; Chen, Shuping; Miao, Bin; Tong, Yen H.
  作者单位：Arizona State University; Arizona State University-Tempe; University of Texas System; University of Texas Austin; National University of Singapore; Nanyang Technological University
  摘要：Motivated by recent practitioners' concerns that short-term earnings guidance leads to managerial myopia, we investigate the impact of short-term earnings guidance on earnings management. Using a propensity-score matched control sample, we find strong and consistent evidence that the issuance of short-term quarterly earnings guidance is associated with less, rather than more, earnings management. We also find that regular guiders exhibit less earnings management than do less regular guiders. O...
• How does earnings management influence investor's perceptions of firm value? Survey evidence from financial analysts AI翻译
  作者：de Jong, Abe; Mertens, Gerard; van der Poel, Marieke; van Dijk, Ronald
  作者单位：Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; University of Groningen; Open University Netherlands
  摘要：Survey evidence shows CFOs to believe that earnings management can enhance investor valuation of their firms. This evidence raises the question of correspondence between the beliefs of CFOs and investors. Surveying financial analysts to gain insight into how earnings management influences investor perception of firm value, we find analysts' and CFOs' beliefs to be generally consistent. We find that analysts perceive meeting earnings benchmarks and smoothing earnings to enhance investor percept...
• An examination of restructuring charges surrounding the implementation of SFAS 146 AI翻译
  作者：Lee, Yong Gyu
  作者单位：Sungkyunkwan University (SKKU)
  摘要：This paper provides evidence on how the adoption of Statement of Financial Accounting Standards (SFAS) No. 146, Accounting for Costs Associated with Exit or Disposal Activities (SFAS 146), has changed (1) restructuring-related earnings management, (2) the effect of restructurings on future operating performance, and (3) stock price responses to restructuring announcements. I find that restructuring charges reported after SFAS 146 have a weaker association with smoothing behavior. More importan...
• Fishing for excuses and performance evaluation AI翻译
  作者：Larmande, Francois; Ponssard, Jean Pierre
  作者单位：emlyon business school; Centre National de la Recherche Scientifique (CNRS); Institut Polytechnique de Paris; Ecole Polytechnique; Institut Polytechnique de Paris; Ecole Polytechnique
  摘要：We study a principal-agent model in which the agent can provide ex post additional relevant information regarding his performance. In particular, he can provide a legitimate excuse, that is, evidence that a poor result is only due to factors outside his control. However, building a convincing case requires time, time that is not spent on exerting productive effort and thus generating information represents an opportunity cost. We obtain necessary and sufficient conditions for the principal to ...