Review of Accounting Studies

最新文章

• A theory of voluntary disclosure and cost of capital AI翻译
  作者：Cheynel, Edwige
  作者单位：Columbia University
  摘要：This paper explores the links between firms' voluntary disclosures and their cost of capital. Existing studies investigate the relation between mandatory disclosures and cost of capital and find no cross-sectional effect but a negative association in time-series. In this paper, I find that when disclosure is voluntary firms that disclose their information have a lower cost of capital than firms that do not disclose, but the association between voluntary disclosure and cost of capital for discl...
• Financial reporting for employee stock options: liabilities or equity? AI翻译
  作者：Barth, Mary E.; Hodder, Leslie D.; Stubben, Stephen R.
  作者单位：Stanford University; Indiana University System; Indiana University Bloomington; University of North Carolina; University of North Carolina Chapel Hill
  摘要：This study seeks to determine whether employee stock options share key characteristics of liabilities or equity. Consistent with warrant pricing theory, we find that common equity risk and expected return are negatively associated with the extent to which a firm has outstanding employee stock options, which is opposite to the association for liabilities. We also find the following. (1) The association is positive for firms that reprice options and less negative for firms that have options with...
• Dynamic risk, accounting-based valuation and firm fundamentals AI翻译
  作者：Lyle, Matthew R.; Callen, Jeffrey L.; Elliott, Robert J.
  作者单位：University of Toronto; Northwestern University; University of Adelaide; University of South Australia
  摘要：This study extends the accounting-based valuation framework of Ohlson (Contemp Acc Res 11(2):661-687, 1995) and Feltham and Ohlson (Acc Rev 74(2):165-183, 1999) to incorporate dynamic expectations about the level of systematic risk in the economy. Our model explains recent empirical findings documenting a strong negative association between changes in economy-wide risk and future stock returns. Importantly, the model also generates costs of capital that are solely a linear function of accounti...
• Target's earnings quality and bidders' takeover decisions AI翻译
  作者：Raman, Kartik; Shivakumar, Lakshmanan; Tamayo, Ane
  作者单位：Bentley University; University of London; London Business School; University of London; London School Economics & Political Science
  摘要：This study examines how takeover decisions are influenced by the quality of information in target firms' earnings. We show that bidders prefer negotiated takeovers in deals involving targets with poor earnings quality. Moreover, earnings quality and takeover premiums are negatively related in negotiated takeovers, suggesting that bidders obtain valuable private information through negotiations. We also find that bidders share information risk with target shareholders by paying with more equity...
• The financial reporting of fair value based on managerial inputs versus market inputs: evidence from mortgage servicing rights AI翻译
  作者：Altamuro, Jennifer; Zhang, Haiwen
  作者单位：University System of Ohio; Ohio State University
  摘要：This research examines whether the fair value of mortgage servicing rights (MSRs) based on managerial inputs (Level 3) better reflects the cash flow and risk characteristics of the underlying assets than the fair value of MSRs based on market inputs (Level 2). Using mortgage servicing fees as a proxy for the underlying cash flows, we find that the valuation multiples for MSRs based on Level 3 inputs are more positively associated with the persistence of future servicing fees compared with the ...
• Non-audit services and financial reporting quality: evidence from 1978 to 1980 AI翻译
  作者：Koh, Kevin; Rajgopal, Shiva; Srinivasan, Suraj
  作者单位：Nanyang Technological University; Emory University; Harvard University
  摘要：We provide evidence on the long-standing concern about the potential conflicts of interest of auditors that provide clients with non-audit services using rarely explored non-audit services fee data from 1978 to 1980. In this setting, we find evidence of improved earnings quality when auditors provide non-audit services, especially those related to information services. This is consistent with better audit quality resulting from knowledge spillovers in the joint offering of audit and consulting...
• Stock option grant vesting terms: economic and financial reporting determinants AI翻译
  作者：Cadman, Brian D.; Rusticus, Tjomme O.; Sunder, Jayanthi
  作者单位：Utah System of Higher Education; University of Utah; Northwestern University; University of Arizona
  摘要：Option grant vesting terms are a contractual provision that is shaped by accounting standards and other economic factors. We examine the effect of accounting standards, specifically SFAS 123(R), on the vesting terms of stock option grants while also modeling other economic determinants of this contract feature. We document significant variation in stock option grant vesting periods and patterns suggesting that firms actively choose vesting terms. Consistent with financial reporting incentives ...
• Textual risk disclosures and investors' risk perceptions AI翻译
  作者：Kravet, Todd; Muslu, Volkan
  作者单位：University of Texas System; University of Texas Dallas; University of Houston System; University of Houston
  摘要：We examine the association between changes in companies' textual risk disclosures in 10-K filings and changes in stock market and analyst activity around the filings. We find that annual increases in risk disclosures are associated with increased stock return volatility and trading volume around and after the filings. Increases in risk disclosures are also associated with more dispersed forecast revisions around the filings. In contrast to prior literature documenting resolved uncertainties in...
• Do sell-side analysts exhibit differential target price forecasting ability? AI翻译
  作者：Bradshaw, Mark T.; Brown, Lawrence D.; Huang, Kelly
  作者单位：Boston College; Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; University of Alabama System; University of Alabama Tuscaloosa
  摘要：We examine the overall and individual analyst performance of 12-month-ahead target price forecasts over the 10 years from 2000 through 2009. Implied target price-based returns exceed actual returns by an average of 15 %, and absolute target price forecast errors average 45 %. At the end of the 12-month forecast horizon, only 38 % of target prices are met, but 64 % are met at some time during the forecast horizon. We find statistically significant but economically weak evidence of persistent di...
• Investor overlap and diffusion of disclosure practices AI翻译
  作者：Jung, Michael J.
  作者单位：New York University
  摘要：I develop and test an investor demand-driven explanation for why one firm's change in voluntary disclosure behavior is emulated by some firms in the industry but not others. I focus on the overlap in institutional investor ownership between two firms as a mechanism by which a first-mover firm's increase in disclosure prompts investors to seek a similar increase from a follower firm. Using 10-K market risk disclosures as my empirical setting, I find that a firm's decision to follow a first move...