Review of Accounting Studies

最新文章

• Accounting complexity, misreporting, and the consequences of misreporting AI翻译
  作者：Peterson, Kyle
  作者单位：University of Oregon
  摘要：I examine whether accounting complexity in the area of revenue recognition increases the probability of restating reported revenue. I measure revenue recognition complexity using the number of words and recognition methods from the revenue recognition disclosure in the 10-K and a factor score based on the number of words and methods. Tests reveal that revenue recognition complexity increases the probability of revenue restatements, and these restatements are the result of both intentional and ...
• Asymmetry in earnings timeliness and persistence: a simultaneous equations approach AI翻译
  作者：Beaver, William H.; Landsman, Wayne R.; Owens, Edward L.
  作者单位：Stanford University; University of North Carolina; University of North Carolina Chapel Hill; University of Rochester
  摘要：This study addresses simultaneity bias in piecewise linear forms of the earnings-return relation. We specify an overidentified system of simultaneous equations that incorporates both asymmetric earnings timeliness and asymmetric earnings persistence specifications and implement two-stage least squares for this piecewise linear system. Estimation of a system that is piecewise linear in endogenous variables presents several issues that are unprecedented in the accounting literature. Findings pro...
• A re-examination of analysts' superiority over time-series forecasts of annual earnings AI翻译
  作者：Bradshaw, Mark T.; Drake, Michael S.; Myers, James N.; Myers, Linda A.
  作者单位：University of Arkansas System; University of Arkansas Fayetteville; Brigham Young University; Boston College
  摘要：We re-examine the widely held belief that analysts' earnings per share (EPS) forecasts are superior to random walk (RW) time-series forecasts. We investigate whether analysts' annual EPS forecasts are superior, and if so, under what conditions. Simple RW EPS forecasts are more accurate than analysts' forecasts over longer horizons, for smaller or younger firms, and when analysts forecast negative or large changes in EPS. We also compare the accuracy of a third forecast of longer-term earnings ...
• The change in information uncertainty and acquirer wealth losses AI翻译
  作者：Erickson, Merle; Wang, Shiing-Wu; Zhang, X. Frank
  作者单位：Yale University; University of Chicago; University of Southern California
  摘要：A large body of literature demonstrates that acquisitions are on average value destroying for the acquirer. We investigate whether the change in the acquirer's information uncertainty contributes to acquirer wealth losses. Information uncertainty affects the discount rate (the cost of capital), which in turn influences stock price. Our results indicate that acquisitions lead to increases in information uncertainty, as proxied by analysts' earnings forecast dispersion. We also find that the cha...
• Where do firms manage earnings? AI翻译
  作者：Dyreng, Scott D.; Hanlon, Michelle; Maydew, Edward L.
  作者单位：University of North Carolina; University of North Carolina Chapel Hill; Massachusetts Institute of Technology (MIT); Duke University
  摘要：Despite decades of research on how, why, and when companies manage earnings, there is a paucity of evidence about the geographic location of earnings management within multinational firms. In this study, we examine where companies manage earnings using a sample of 2,067 U.S. multinational firms from 1994 to 2009. We predict and find that firms with extensive foreign operations in weak rule of law countries have more foreign earnings management than companies with subsidiaries in locations wher...
• Hedge commitments and agency costs of debt: evidence from interest rate protection covenants and accounting conservatism AI翻译
  作者：Beatty, Anne; Petacchi, Reining; Zhang, Haiwen
  作者单位：University System of Ohio; Ohio State University; Massachusetts Institute of Technology (MIT)
  摘要：We provide large sample evidence that credible hedge commitments reduce the agency costs of debt and that accounting conservatism enhances hedge commitments. We examine 2,338 bank loans entered into by 263 mandatory derivative users that are contractually obligated by interest rate protection covenants, 709 voluntary derivative users, and 1,366 non-users. We show that loan contracts are more likely to include interest rate protection covenants when borrowers are less likely to maintain the hed...
• Biased voluntary disclosure AI翻译
  作者：Einhorn, Eti; Ziv, Amir
  作者单位：Columbia University; Tel Aviv University
  摘要：We provide a bridge between the voluntary disclosure and the earnings management literature. Voluntary disclosure models focus on managers' discretion in deciding whether or not to provide truthful voluntary disclosure to the capital market. Earnings management models, on the other hand, concentrate on managers' discretion in deciding how to bias their mandatory disclosure. By analyzing managers' disclosure strategy when disclosure is voluntary and not necessarily truthful, we show the robustn...
• Reputation management and the disclosure of earnings forecasts AI翻译
  作者：Beyer, Anne; Dye, Ronald A.
  作者单位：Northwestern University; Stanford University
  摘要：In this paper, managers differ from each other in terms of the probability that they are forthcoming (and disclose all the earnings forecasts they receive) or strategic (and disclose the earnings forecasts they receive only when it is in their self-interest to do so). Strategic managers choose whether to disclose their forecasts based on both the disclosure's effects on their firms' stock price and on their reputation among investors for being forthcoming. Our findings include: strategic manag...
• Leverage, excess leverage, and future returns AI翻译
  作者：Caskey, Judson; Hughes, John; Liu, Jing
  作者单位：University of California System; University of California Los Angeles
  摘要：We examine the cross-sectional relation between leverage and future returns while considering the dynamic nature of capital structure and potentially delayed market reactions. Prior studies find a negative relation between leverage and future returns that contradicts standard finance theory. We decompose leverage into optimal and excess components and find that excess leverage tends to drive this negative relation. We also find that excess leverage predicts firm fundamentals and that the negat...
• Analysts' sale and distribution of non fundamental information AI翻译
  作者：Cheynel, Edwige; Levine, Carolyn B.
  作者单位：Rutgers University System; Rutgers University Newark; Rutgers University New Brunswick; Columbia University
  摘要：We examine an analyst's sale and distribution of information related to short-term price movements but unrelated to underlying firm value. By selling non fundamental information, the analyst increases competition on the signal, but prices become more sensitive to net order flow, creating an offsetting increase in the non fundamental signal's value. More precise non fundamental information is more widely distributed. In the limit, a perfect non fundamental signal will be publicly disclosed for ...