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作者：Correia, Maria; Richardson, Scott; Tuna, Irem
作者单位：University of London; London Business School
摘要：We outline a parsimonious empirical model to assess the relative usefulness of accounting- and equity market-based information to explain corporate credit spreads. The primary determinant of corporate credit spreads is the physical default probability. We compare existing accounting-based and market-based models to forecast default. We then assess whether the credit market completely incorporates this default information into credit spreads. We find that credit spreads reflect information abou...
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作者：Beaver, William H.; Correia, Maria; McNichols, Maureen F.
作者单位：Stanford University; University of London; London Business School
摘要：This study explores the effect of cross-sectional and time-series differences in financial reporting attributes on the predictive ability of financial ratios for bankruptcy. We identify proxies for discretion over financial reporting, the importance of intangible assets, the comprehensiveness of the accounting model and recognition of losses. Each of our proxies for financial reporting attributes is associated with financial ratios that are less informative in predicting bankruptcy. Furthermor...
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作者：Kim, Yongtae; Park, Myung Seok
作者单位：Santa Clara University; Virginia Commonwealth University
摘要：Recent studies associate management earnings forecasts (MEFs) with expectations management. These studies, however, neither provide evidence on the extent and scope of expectations management through MEFs nor consider alternative incentives for issuing MEFs. Consequently, existing evidence does not help regulators assess whether MEFs effectively facilitate communication with investors. We investigate to what extent managers exploit their earnings forecasts as a tool of expectations management ...
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作者：Kim, Jeong-Bon; Shi, Haina
作者单位：Fudan University; City University of Hong Kong
摘要：This study investigates whether and how a firm's voluntary adoption of International Financial Reporting Standards (IFRS) influences the extent to which firm-specific information is capitalized into stock prices measured by stock price synchronicity. We also study the role of analyst following and institutional environments in determining the relation between IFRS reporting and synchronicity. Using firm-level data from 34 countries, we find that synchronicity is significantly lower for IFRS ad...
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作者：Prencipe, Annalisa
作者单位：Bocconi University
摘要：Dyreng, Hanlon, and Maydew examine the geographical location of earnings management within US multinational firms. The paper addresses an interesting topic and partially fills a gap in the literature. This discussion presents additional empirical evidence on issues related to the research question raised by Dyreng et al. In particular, the discussion provides answers to the following preliminary questions: do US multinational firms manage earnings differently from domestic firms? If so, to wha...
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作者：Donelson, Dain C.; Resutek, Robert J.
作者单位：Dartmouth College; University of Texas System; University of Texas Austin
摘要：Prior studies attribute the future excess returns of research and development activity (R&D) firms to either compensation for increased risk or to mispricing. We suggest a third explanation and show that neither the level of R&D investment nor the change in R&D investment explains future returns. Rather, the positive future returns that prior studies attribute to R&D investment are actually due to the component of the R&D firm's realized return that is unrelated to R&D investment but present i...
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作者：Baginski, Stephen P.; Rakow, Kenneth C., Jr.
作者单位：University System of Georgia; University of Georgia; Saint Xavier University
摘要：We examine the relation between management earnings forecast disclosure policy and the cost of equity capital in a cross-section of 1,355 firms over a 4-year post-Regulation Fair Disclosure period (2001 through 2004). We find evidence of a negative association between the quality of management earnings forecasting policy and cost of equity capital, and we document that the strength of the association is greater for firms with higher disclosure costs and for firms with more relevant quarterly m...
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作者：Armstrong, Christopher S.; Ittner, Christopher D.; Larcker, David F.
作者单位：University of Pennsylvania; Stanford University
摘要：This study investigates the relation between corporate governance and CEO pay levels and the extent to which the higher pay found in firms using compensation consultants is related to governance differences. Using proxy statement disclosures from 2,110 companies, we find that CEO pay is higher in firms with weaker governance and that firms with weaker governance are more likely to use compensation consultants. CEO pay remains higher in clients of consulting firms even after controlling for eco...
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作者：Ramanna, Karthik; Watts, Ross L.
作者单位：Harvard University; Massachusetts Institute of Technology (MIT)
摘要：SFAS 142 requires managers to estimate the current fair value of goodwill to determine goodwill write-offs. In promulgating the standard, the FASB predicted that managers will, on average, use the fair-value estimates to convey private information on future cash flows. The current fair value of goodwill is unverifiable because it depends in part on management's future actions (including managers' conceptualization and implementation of firm strategy). Agency theory predicts managers will, on a...
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作者：Christensen, Hans B.
作者单位：University of Chicago
摘要：Kim and Shi (Rev Account Stud, doi:10.1007/s11142-012-9190-y, this issue) document that voluntary IFRS adoption is associated with significant benefits and argue that the effect is causal-a conclusion that is similar to many published papers on IFRS adoption. Yet voluntary IFRS adopters constitute only a small percentage of the global population of firms, which implies that either practitioners behave irrationally or the benefits are incorrectly estimated by academics. In this discussion I arg...
