Review of Accounting Studies

最新文章

• On the relation between expected returns and implied cost of capital AI翻译
  作者：Hughes, John; Liu, Jing; Liu, Jun
  作者单位：University of California System; University of California Los Angeles; University of California System; University of California San Diego
  摘要：We examine the relation between implied cost of capital and expected returns under an assumption that expected returns are stochastic, a property supported by theory and empirical evidence. We demonstrate that implied cost of capital differs from expected return, on average, by a function encompassing volatilities of, as well as correlation between, expected returns and cash flows, growth in cash flows, and leverage. These results provide alternative explanations for findings from empirical st...
• Tightening credit standards: the role of accounting quality AI翻译
  作者：Jorion, Philippe; Shi, Charles; Zhang, Sanjian
  作者单位：University of California System; University of California Irvine; Lehigh University
  摘要：Over the latest 20 years, the average credit rating of U.S. corporations has trended down. Blume et al. (1998, Journal of Finance, 53, 1389-1413.) attribute this trend to a tightening of credit standards by agencies. We reexamine the observed decreases in credit ratings in several ways. First, we show that this downward trend does not apply to speculative-grade issuers. Second, our analysis of investment-grade issuers suggests that the apparent tightening of standards can be attributed primari...
• Team earnings forecasting AI翻译
  作者：Brown, Lawrence D.; Hugon, Artur
  作者单位：University System of Georgia; Georgia State University
  摘要：While brokerage houses use both teams of sell-side analysts and individual analysts to conduct earnings research, there is no empirical research examining whether teams and individuals differ with regard to their forecasting performance or purpose. We first examine the most-often researched dimension of forecasting performance, earnings forecast accuracy, and show that teams are less accurate than individual analysts in general and their own individual team members in particular. We conjecture...
• The pricing of earnings and cash flows and an affirmation of accrual accounting AI翻译
  作者：Penman, Stephen H.; Yehuda, Nir
  作者单位：Columbia University; Cornell University
  摘要：Under accrual accounting, earnings add to shareholders' equity. Cash flow generated by a business has no effect on the book value of shareholders' equity but reduces the book value of net assets employed in business operations. In short, accrual accounting rules prescribe that earnings add to shareholder value, but cash flow is irrelevant to the valuation of equity. This paper documents that the stock market prices equity shares according to this prescription. Earnings are priced positively bu...
• Managerial incentives for discretionary disclosure: evidence from management leveraged buyouts AI翻译
  作者：Hafzalla, Nader M.
  作者单位：University of Michigan System; University of Michigan
  摘要：Managers in management leveraged buyout (MBO) firms prefer to purchase their firms at a low offer price. This motive gives them a clear incentive to make pessimistic discretionary disclosures. Using a sample of press releases, I find that managers involved in their firms' MBO selectively release negative disclosures to denigrate their firm just before the MBO transaction when compared with prior period: they issue more bad news disclosures and more pessimistic quotes. Additionally, they issue ...
• What drives the increased informativeness of earnings announcements over time? AI翻译
  作者：Collins, Daniel W.; Li, Oliver Zhen; Xie, Hong
  作者单位：University of Iowa; University of Arizona; Syracuse University
  摘要：Landsman and Maydew (J Acc Res 40:797-808, 2002) document that the information content of earnings announcements has increased over the past three decades, and Francis et al. (Acc Rev, 77:515-546, 2002) conclude that expanded concurrent disclosures in firms' earnings announcements, especially the inclusion of detailed income statements, explain this increase. We posit and find that the temporal increase in the intensity of the market's reaction to Street earnings offers a competing explanation...
• Publicly traded versus privately held: implications for conditional conservatism in bank accounting AI翻译
  作者：Nichols, D. Craig; Wahlen, James M.; Wieland, Matthew M.
  作者单位：Indiana University System; Indiana University Bloomington; IU Kelley School of Business; Cornell University; University System of Georgia; University of Georgia
  摘要：Compared with privately held banks, publicly traded banks face greater agency costs because of greater separation of ownership and control but enjoy greater benefits from access to the equity capital market. Differences in control and capital market access influence public versus private banks' accounting. We predict and find that public banks exhibit greater degrees of conditional conservatism (asymmetric timeliness of the recognition of losses versus gains in accounting income) than private ...
• Bankruptcy prediction: the case of Japanese listed companies AI翻译
  作者：Xu, Ming; Zhang, Chu
  作者单位：Hong Kong Polytechnic University; Hong Kong University of Science & Technology
  摘要：This paper investigates if bankruptcy of Japanese listed companies can be predicted using data from 1992 to 2005. We find that the traditional measures, such as Altman's (J Finance 23:589-609, 1968) Z-score, Ohlson's (J Accounting Res 18:109-131, 1980) O-score and the option pricing theory-based distance-to-default, previously developed for the U.S. market, are also individually useful for the Japanese market. Moreover, the predictive power is substantially enhanced when these measures are com...
• Is financial reporting shaped by equity markets or by debt markets? An international study of timeliness and conservatism AI翻译
  作者：Ball, Ray; Robin, Ashok; Sadka, Gil
  作者单位：Columbia University; University of Chicago; Rochester Institute of Technology
  摘要：We hypothesize debt markets-not equity markets-are the primary influence on association metrics studied since Ball and Brown (1968 J Account Res 6:159-178). Debt markets demand high scores on timeliness, conservatism and Lev's (1989 J Account Res 27(supplement):153-192) R-2, because debt covenants utilize reported numbers. Equity markets do not rate financial reporting consistently with these metrics, because (among other things) they control for the total information incorporated in prices. S...
• Investor recognition and stock returns AI翻译
  作者：Lehavy, Reuven; Sloan, Richard G.
  作者单位：University of Michigan System; University of Michigan; Barclays
  摘要：It is well established that investment fundamentals, such as earnings and cash flows, can explain only a small proportion of the variation in stock returns. We find that investor recognition of a firm's stock can explain relatively more of the variation in stock returns. Consistent with Merton's (I Finance 42(3):483-510, 1987) theoretical analysis, we show that (i) contemporaneous stock returns are positively related to changes in investor recognition, (ii) future stock returns are negatively ...