Review of Accounting Studies

最新文章

• The role of information precision in determining the cost of equity capital AI翻译
  作者：Botosan, CA; Plumlee, MA; Xie, Y
  作者单位：Utah System of Higher Education; University of Utah
  摘要：We examine the association between the cost of equity capital and the quality of public and private information. We find an inverse relationship between the cost of capital and the precision of public information, but the effect is more than offset by a positive relationship between the cost of equity capital and the precision of private information. Public and private information precisions are positively correlated, and a model that fails to include both is vulnerable to a correlated omitted...
• The effect of accounting restatements on earnings revisions and the estimated cost of capital AI翻译
  作者：Hribar, P; Jenkins, NT
  作者单位：Cornell University; Washington University (WUSTL)
  摘要：This paper examines the effect of accounting restatements on a firm's cost of equity capital. We show that, on average, accounting restatements lead to both decreases in expected future earnings and increases in the firm's cost of equity capital. Depending on the model used, relative percentage increases in the cost of equity capital average between 7 and 19% in the month immediately following a restatement. The relative increase in the cost of capital dissipates as time passes and after contr...
• Discussion of Differential market reactions to revenue and expense surprises AI翻译
  作者：Berger, PG
  作者单位：University of Chicago
  摘要：Ertimur et al. (2003, this issue) study the difference in the market's reaction to revenue versus expense surprises. The discussion first reviews their main findings and assesses the paper's potential contributions. Alternative explanations are then considered for the base-line result that the market reacts more to revenue surprises than to expense surprises. The hypothesized reasons for revenue surprises to matter more are critiqued, as are the tests of the hypotheses, and potential extension...
• Got information? Investor response to Form 10-K and Form 10-Q EDGAR filings AI翻译
  作者：Griffin, PA
  作者单位：University of California System; University of California Davis
  摘要：This study examines the investor response to Form 10-K and 10-Q reports filed between 1996 and 2001. The samples comprise essentially the entire body of EDGAR filings, including the small business (SB) versions of each filing type. The study documents that the absolute value of excess return is reliably greater on the day of and on the one or two days immediately following the filing date. The response is stronger around a 10-K date than a 10-Q date, more elevated for delayed filers, and incre...
• Discussion of Investor sophistication and the mispricing of accruals AI翻译
  作者：Bartov, E
  作者单位：New York University
  摘要：Collins et al. (2003, this issue) empirically investigate the relation between accruals mispricing and institutional ownership (IO), a proxy for investor sophistication. Their results show that accruals mispricing and IO are negatively correlated; less IO, more accruals mispricing. The authors attribute this differential in accruals mispricing to institutions' superior ability to price accruals either due to superior analytical ability or due to greater access to private information. While the...
• The predictive value of expenses excluded from pro forma earnings AI翻译
  作者：Doyle, JT; Lundholm, RJ; Soliman, MT
  作者单位：University of Michigan System; University of Michigan
  摘要：We investigate the informational properties of pro forma earnings. This increasingly popular measure of earnings excludes certain expenses that the company deems non-recurring, non-cash, or otherwise unimportant for understanding the future value of the firm. We find, however, that these expenses are far from unimportant. Higher levels of exclusions lead to predictably lower future cash flows. We also find that investors do not fully appreciate the lower cash flow implications at the time of t...
• Relative value relevance of the successful efforts and full cost accounting methods in the oil and gas industry AI翻译
  作者：Bryant, L
  作者单位：University System of Ohio; Ohio State University
  摘要：This paper examines the value relevance of two alternative accounting methods for exploration and development (E&D) expenditures for oil and gas firms. I find that full cost (FC) accounting data is more value-relevant than successful efforts (SE) accounting data. Further analysis reveals that the smooth earnings provided by the FC method contributes to the higher value relevance of the FC method. This study concludes that a policy of full capitalization of expenditures with uncertain future ec...
• Post-earnings announcement drift and market participants' information processing biases AI翻译
  作者：Liang, L
  作者单位：George Washington University
  摘要：Prior research has been unable to explain the phenomenon known as post-earnings announcement drift, raising questions concerning the semi-strong form efficiency of the market typically assumed in capital market research. This study contributes to our understanding of this anomaly by examining drift in the context of theories that consider investors' non-Bayesian behaviors. The empirical evidence reveals that investors' overconfidence about their private information and the reliability of the e...
• Discussion of Why are earnings kinky? An examination of the earnings management explanation AI翻译
  作者：McNichols, MF
  作者单位：Stanford University
  摘要：The Dechow et al. paper (2003, this issue) on the distribution of earnings raises an important question: why are earnings kinky? They conduct a number of tests of the earnings management explanation and do not find supportive evidence. They also provide evidence that a number of factors influence the magnitude of the discontinuity in earnings, suggesting that it is a poor proxy for the extent of earnings management. This discussion addresses the contribution of their study, the power of their ...