Review of Accounting Studies

最新文章

• Accounting restatements and information risk AI翻译
  作者：Kravet, Todd; Shevlin, Terry
  作者单位：University of Washington; University of Washington Seattle; University of Texas System; University of Texas Dallas
  摘要：We examine the association between accounting restatements and the pricing of information risk. Using the Fama and French three-factor model augmented with discretionary and innate information risk factors, we find a significant increase in the factor loadings on the discretionary information risk factor for restatement firms after a restatement announcement. The increase in factor loadings results in an increase in the estimated cost of capital, which is cross-sectionally associated with the ...
• Market reaction to and valuation of IFRS reconciliation adjustments: first evidence from the UK AI翻译
  作者：Horton, Joanne; Serafeim, George
  作者单位：University of London; London School Economics & Political Science; Harvard University
  摘要：We investigate the market reaction to, and the value-relevance of, information contained in the mandatory transitional documents required by International Financial Reporting Standards 1 (2005). We find significant negative abnormal returns for firms reporting negative earnings reconciliation. Although the informational content of the positive earnings adjustments is value-relevant before disclosure, for negative earnings adjustments it is value-relevant only after disclosure. This finding is ...
• Regulation fair disclosure and the cost of equity capital AI翻译
  作者：Chen, Zhihong; Dhaliwal, Dan S.; Xie, Hong
  作者单位：University of Arizona; City University of Hong Kong; Korea University; University of Kentucky
  摘要：We examine the effect of Regulation Fair Disclosure (Reg FD) on the cost of equity capital. We find some evidence that (1) the cost of capital declines in the post-Reg FD period relative to the pre-Reg FD period, on average, for a broad cross-section of US firms, (2) the decrease in the cost of capital post Reg FD is mainly for medium and large firms but is insignificant for small firms, and (3) the decrease in the cost of capital post Reg FD is systematically related to firm characteristics i...
• Within-industry timing of earnings warnings: do managers herd? AI翻译
  作者：Tse, Senyo; Tucker, Jennifer Wu
  作者单位：Texas A&M University System; Texas A&M University College Station; Mays Business School; State University System of Florida; University of Florida
  摘要：An earnings surprise can be caused by a combination of firm-specific factors and market or industry factors. We hypothesize that managers have an incentive to time their warnings to occur soon after their industry peers' warnings to minimize their apparent responsibility for earnings shortfalls. Using duration analysis, we find that firms accelerate their warnings in response to peer firms' warnings. We conduct several tests to control for alternative explanations for warning clustering (for e...
• Contagion of accounting methods: evidence from stock option expensing AI翻译
  作者：Reppenhagen, David A.
  作者单位：State University System of Florida; University of Florida
  摘要：I examine how a firm's accounting methods can be influenced by the choices of other firms, which I label contagion. I model accounting method choice as a combination of intrinsic propensities to adopt a method and contagion effects. I predict contagion of accounting methods occurs for two reasons: (1) adoption decisions of other firms are informative for the adoption decision, and (2) prior adoptions change the net benefits of the decision. I test these predictions in the stock option expensin...
• The usefulness of accounting estimates for predicting cash flows and earnings AI翻译
  作者：Lev, Baruch; Li, Siyi; Sougiannis, Theodore
  作者单位：New York University; University of Illinois System; University of Illinois Urbana-Champaign
  摘要：Accounting estimates and projections potentially improve the relevance of financial information by providing managers a venue to convey to investors forward-looking, inside information. The quality of financial information is, however, compromised by the increasing difficulty of making reliable estimates and forecasts and the frequent managerial misuse of estimates. Given the ever-increasing prevalence of estimates in accounting data, particularly due to the move to fair value accounting, whet...
• Discussion of: Flattening the organization: the effect of organizational reporting structure on budgeting effectiveness AI翻译
  作者：Young, Richard A.
  作者单位：University System of Ohio; Ohio State University
  摘要：This paper is a discussion of Hannan et al. (Rev Account Stud, 2010), wherein subordinate-participants are endowed with private information, and superior-participants can potentially affect budget requests through their ability to reject them. Their findings are of interest to research on both the design of budgeting systems and span of control. I discuss the relevance of HRT to these literatures and comment on their implementation and experimental design. Also, I offer suggestions for future ...
• The stock price effects of changes in dispersion of investor beliefs during earnings announcements AI翻译
  作者：Rees, Lynn; Thomas, Wayne
  作者单位：University of Oklahoma System; University of Oklahoma - Norman; Texas A&M University System; Texas A&M University College Station; Mays Business School
  摘要：Existing research provides competing theories about how dispersion of investor beliefs might affect stock prices. We measure changes in dispersion of investor beliefs around earnings announcements using changes in the dispersion of individual analysts' forecasts. We find that the 3-day market response to earnings announcements is negatively associated with changes in dispersion, consistent with the cost of capital hypothesis. The results hold after controlling for the current earnings surprise...
• The use of advertising activities to meet earnings benchmarks: evidence from monthly data AI翻译
  作者：Cohen, Daniel; Mashruwala, Raj; Zach, Tzachi
  作者单位：University System of Ohio; Ohio State University; New York University; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
  摘要：Using a unique database of monthly media advertising spending, we examine whether managers engage in real earnings management to meet quarterly financial reporting benchmarks. We extend prior literature by (1) separately analyzing advertising activities, allowing us to explore the possibility that managers could reduce or boost advertising to meet benchmarks; (2) analyzing actual activities as opposed to inferring them from reported expenses, which are also subject to accrual choices; (3) inve...
• Explicit relative performance evaluation in performance-vested equity grants AI翻译
  作者：Carter, Mary Ellen; Ittner, Christopher D.; Zechman, Sarah L. C.
  作者单位：University of Pennsylvania; Boston College; University of Chicago
  摘要：Using data from FTSE 350 firms, we examine factors influencing explicit relative performance evaluation (RPE) conditions in performance-vested equity grants. We provide exploratory evidence on whether the use or characteristics of RPE are associated with efforts to improve incentives by removing common risk, other economic factors discussed in the RPE literature, or external pressure to implement RPE. We find that many of these economic factors, including common risk reduction, are more closel...