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作者：Ghosh, A; Gu, ZY; Jain, PC
作者单位：Georgetown University; U.S. Securities & Exchange Commission (SEC); City University of New York (CUNY) System; Baruch College (CUNY); Carnegie Mellon University
摘要：We show that firms reporting sustained increases in both earnings and revenues have (1) higher quality earnings and (2) larger earnings response coefficients (ERCs) in comparison to firms reporting sustained increases in earnings alone. With respect to earnings quality, firms with revenue-supported increases in earnings have more persistent earnings, exhibit less susceptibility to earnings managernent, and have higher future operating performance. With respect to response coefficients, firms w...
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作者：O'Hanlon, J; Peasnell, K
作者单位：Lancaster University
摘要：This paper explores the question of whether the residual income valuation relationship (RIVR) should be written in inflation-adjusted terms. This question is of particular interest in the light of Ritter and Warr's (2002) claim that the standard nominal historical cost formulation of RIVR misvalues firms because it fails to deal properly with inflation. We present two inflation-adjusted formulations of RIVR, each of which is based on an income measure from the inflation accounting literature, ...
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作者：Kasnik, R
作者单位：Stanford University
摘要：The Hribar and Jenkins study (2004, this issue) investigates the effect of accounting restatements on firms' cost of equity capital. The authors document that the loss of market value associated with restatement announcements is attributable not only to a downward revision in expected future earnings but also to an increase in implied cost of capital. This finding is consistent with the conjecture that restatements lead to increased investors' uncertainty about management credibility and compe...
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作者：Davila, A; Venkatachalam, M
作者单位：Duke University; Stanford University
摘要：This paper investigates the role of non-financial performance measures in executive compensation. Using a sample of airline firms we document that passenger load factor, an important non-financial measure for firms in this industry, is positively associated with CEO cash compensation. This association is significant after controlling for traditional accounting performance measures (return on assets) and financial performance measures (stock returns). This evidence is consistent with the hypoth...
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作者：Dunn, KA; Mayhew, BW
作者单位：University of Wisconsin System; University of Wisconsin Madison; State University System of Florida; Florida Atlantic University
摘要：This paper provides evidence that clients select auditors as part of their overall disclosure strategy. We hypothesize that in addition to higher quality audits, industry-specialist audit firms assist clients in enhancing disclosures. We also posit that the choice of an industry-specialist auditor signals a client's intention to provide enhanced disclosures. However, we predict that industry-specialist audit firms are less important in regulated industries where enhanced disclosures add little...
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作者：DeChow, PM; Sloan, RG; Soliman, MT
作者单位：University of Michigan System; University of Michigan; Stanford University
摘要：Duration is an important and well-established risk characteristic for fixed income securities. We use recent developments in financial statement analysis research to construct a measure of duration for equity securities. We find that the standard empirical predictions and results for fixed income securities extend to equity securities. We show that stock price volatility and stock beta are both positively correlated with equity duration. Moreover, estimates of common shocks to expected equity ...
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作者：Liu, CC; Ryan, SG; Tan, H
作者单位：National Taiwan University; New York University
摘要：Using a sample of eight large commercial banks from 1994 to 2000, Jorion (2002) finds that banks' VaR disclosures for their trading portfolios predict trading income variability. We extend Jorion's findings wing a larger sample of 17 banks from 1997 to 2002 reporting trading VaRs under FRR No. 48 (1997). W find that banks' trading VaRs have predictive power for trading income variability that increases with bank technical sophistication and over time. We find that banks' trading VaRs have pred...
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作者：Gosman, M; Kelly, T; Olsson, P; Warfield, T
作者单位：University of Wisconsin System; University of Wisconsin Madison; Duke University; Vanderbilt University; Vanderbilt University Peabody College
摘要：We examine the profitability and valuation of retail firms identified by suppliers as major customers, using major customer relationships to proxy for unrecorded organizational-capital intangibles. Major customers have higher operating profitability and profitability persistence, with the sources of the higher profitability consistent with purported advantages of supply chain arrangements. The pricing of major customers is consistent with the market recognizing the level and over-time properti...
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作者：Ke, B
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：Liu et al. (2004, this issue) show that technical sophistication and learning over time help improve the ability of bank trading portfolios' value-at-risk (VaR) disclosures to predict future trading income risk, and that trading VaRs predict bank-wide total risk and systematic risk. While the results suggest that VaRs are a reliable measure of risk for the sample firms, the study's incremental contribution is limited because of the nature of the sample firms and problems in variable measurement.
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作者：Copeland, T; Dolgoff, A; Moel, A
作者单位：Harvard University; Hong Kong University of Science & Technology
摘要：We find highly significant results when the cross-section of market-adjusted stock returns is regressed against changes in analyst expectations this year about: (1) this year's earnings, (2) next year's earnings, (3) long-term earnings growth, and (4) noise (measured as the standard deviation of analyst forecasts). Surprisingly, changes in expectations about this year's earnings are not significant in a multiple regression with the other independent variables. Changes in expectations about nex...
