Review of Accounting Studies

最新文章

• Rewriting earnings history AI翻译
  作者：Lev, Baruch; Ryan, Stephen G.; Wu, Min
  作者单位：New York University; University of Hong Kong
  摘要：Research on the usefulness of financial information generally focuses on the innovation in the information examined, such as an earnings surprise or cash flow growth. Consequently, prior research sheds little light on the role of the rich historical record of financial information in users' decision-making. Using a sample of published restatements of earnings, we show that the revision of the historical pattern of earnings, distinct from the magnitude of the restatement and its impact on curre...
• Discussion of Executive stock-based compensation and firms' cash payout: the role of shareholders' tax-related payout preferences AI翻译
  作者：Shevlin, Terry
  作者单位：University of Washington; University of Washington Seattle
  摘要：Aboody and Kasznik (Rev Acc Stud, this issue, 2008) develop and test cross-sectional predictions about how firms might respond to the 2003 dividend tax cuts. My discussion suggests some alternative firm responses, a restructuring of the main tests to be consistent with the theory and predictions, and an interpretation of the magnitude of the observed associations. Overall, the paper addresses an interesting issue, recognizes that executive compensation is endogenous in this event, and adds to ...
• An integrated analysis of the association between accrual disclosure and the abnormal accrual anomaly AI翻译
  作者：Louis, Henock; Robinson, Dahlia; Sbaraglia, Andrew
  作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Arizona State University; Arizona State University-Tempe
  摘要：We find no evidence of accrual mispricing for firms that disclose accrual information at earnings announcements. For these firms, the market differentiates the discretionary from the nondiscretionary components of the earnings surprise. In contrast, the market fails to distinguish between the discretionary and the nondiscretionary components of the earnings surprise for firms that do not disclose accrual information at earnings announcements. These firms experience some stock price correction ...
• Discussion of Evidence of differing market responses to beating analysts' targets through tax expense decreases AI翻译
  作者：Christensen, Theodore E.
  作者单位：Brigham Young University
  摘要：Gleason and Mills (2008, Review of Accounting Studies) extend prior research investigating whether investors detect obvious earnings management. They improve on previous efforts to answer this question by examining firms with a clear motivation to manage earnings and by investigating a specific earnings management tool. They investigate firms that fall short of analysts' expectations when income tax expense is based on the third quarter effective tax rate but meet expectations by reducing the ...
• Tax incentives for inefficient executive pay and reward for luck AI翻译
  作者：Goex, Robert F.
  作者单位：University of Fribourg
  摘要：I study the economic consequences of tax deductibility limits on salaries for the design of incentive contracts. The analysis is based on an agency model in which the firm's cash flow is a function of the agent's effort and an observable random factor beyond the agent's control. According to my analysis, limiting the tax deductibility of fixed wages has two consequences. The principal rewards the agent on the basis of the observable random factor and adjusts the amount of performance-based pay...
• Does acquirer cash level predict post-acquisition returns? AI翻译
  作者：Oler, Derek K.
  作者单位：Indiana University System; IU Kelley School of Business; Indiana University Bloomington
  摘要：This paper investigates whether an acquirer's pre-announcement cash level can predict post-acquisition returns. Harford (1999, Journal of Finance, 54, 1969-1997) shows that some cash-rich acquirers have lower announcement period returns than other acquirers, suggesting the market partially anticipates poor future performance. This paper shows that the acquirer's cash level is also strongly and negatively predictive of post-acquisition returns, indicating that the announcement response is incom...
• Discussion of Is financial reporting shaped by equity markets or debt markets? An international study of timeliness and conservatism AI翻译
  作者：Monahan, Steven J.
  作者单位：INSEAD Business School
  摘要：Using country-level data, Ball et al. (2008, Review of Accounting Studies) (BRS hereafter) demonstrate that debt-market (equity-market) size is (is not) positively associated with measures of timely loss recognition and asymmetric timely loss recognition. They argue that these results imply that debt holders-not equity holders-are the primary source of demand for timely accounting reports. They also argue that their results support the notion that the costly contracting school of thought is mo...
• Managerial discretion and the economic determinants of the disclosed volatility parameter for valuing ESOs AI翻译
  作者：Bartov, Eli; Mohanram, Partha; Nissim, Doron
  作者单位：New York University; Columbia University
  摘要：This study investigates the determinants of the expected stock-price volatility assumption that firms use in estimating ESO values and thus option expense. We find that, consistent with the guidance of FAS 123, firms use both historical and implied volatility in deriving the expected volatility parameter. We also find, however, that the importance of each of the two variables in explaining disclosed volatility relates inversely to their values, which results in a reduction in expected volatili...
• Discussion of investor protection and analysts' cash flow forecasts around the world AI翻译
  作者：Hail, Luzi
  作者单位：University of Pennsylvania
  摘要：DeFond and Hung [DeFond, M., & Hung, M. (2007). Review of Accounting Studies, 12 (this issue)] test the conjecture whether financial analysts, due to demand-side pressure, compensate for the limited usefulness of reported earnings by issuing cash flow forecasts. They find that analysts supplement their earnings forecasts more frequently with cash flow forecasts in countries where antidirector rights and legal enforcement quality are poor. In my discussion, I examine their hypothesis developmen...
• Asymmetric timeliness tests of accounting conservatism AI翻译
  作者：Dietrich, J. Richard; Muller, Karl A., III; Riedl, Edward J.
  作者单位：University System of Ohio; Ohio State University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Harvard University
  摘要：Recent accounting research employs an asymmetric timeliness measure to test the hypothesis that reported accounting earnings are conservative. This research design regresses earnings on stock returns to examine whether bad news is incorporated into earnings on a more timely basis than good news. We identify properties of the asymmetric timeliness estimation procedure that will result in biases in the test statistics except under very restrictive conditions that are rarely met in typical empiri...