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作者：Schreuder, Hein
作者单位：Vlerick Business School
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作者：Bratten, Brian; Choudhary, Preeti; Schipper, Katherine
作者单位：University of Kentucky; Georgetown University; Duke University
摘要：We provide evidence that disclosed items are not processed differently from recognized items when the disclosures are salient, not based on management estimates, and amenable to simple techniques for imputing as-if recognized amounts. For a sample of firms with both capital and operating leases, we find that as-if recognized amounts for leases are generally reliable and that both recognized lease obligations and disclosed lease obligations are associated with proxies for costs of debt and equi...
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作者：Demerjian, Peter R.; Lev, Baruch; Lewis, Melissa F.; McVay, Sarah E.
作者单位：Emory University; New York University; Utah System of Higher Education; University of Utah; University of Washington; University of Washington Seattle
摘要：We examine the relation between managerial ability and earnings quality. We find that earnings quality is positively associated with managerial ability. Specifically, more able managers are associated with fewer subsequent restatements, higher earnings and accruals persistence, lower errors in the bad debt provision, and higher quality accrual estimations. The results are consistent with the premise that managers can and do impact the quality of the judgments and estimates used to form earnings.
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作者：Kecskes, Ambrus; Mansi, Sattar A.; Zhang, Andrew (Jianzhong)
作者单位：Virginia Polytechnic Institute & State University; Nevada System of Higher Education (NSHE); University of Nevada Las Vegas
摘要：We examine whether short sellers in the equity market provide valuable information to investors in the bond market. Using a sample of publicly traded bond data covering the period from 1988 to 2011, we find that firms with high short interest have lower credit ratings and are more likely to have their ratings downgraded. We also find that firms with highly shorted stocks are associated with higher bond yield spreads (about 24 basis points). Evidence of causality from short interest spikes and ...
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作者：Evans, John Harry, III
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
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作者：Chen, Zhihong; Ke, Bin; Yang, Zhifeng
作者单位：City University of Hong Kong; Nanyang Technological University
摘要：Using a 2004 Chinese securities regulation that requires equity offering proposals to obtain the separate approval of voting minority shareholders, we examine whether giving minority shareholders increased control over corporate decisions helps to reduce value-decreasing corporate decisions for firms domiciled in weak investor protection countries. We find that the regulation deters management from submitting value-decreasing equity offering proposals in firms with higher mutual fund ownership...
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作者：Joos, Philip P. M.; Leung, Edith
作者单位：Tilburg University
摘要：This paper examines the stock market reaction to 15 events relating to IFRS adoption in the United States. The goal is to assess whether investors perceive the switch to IFRS as beneficial or costly. Our findings suggest that investors' reaction to IFRS adoption is more positive in cases where IFRS is expected to lead to convergence benefits. Our results also indicate a less positive market reaction for firms with higher litigation risk, which is consistent with investors' concerns about great...
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作者：Khan, Mozaffar; Lu, Hai
作者单位：University of Minnesota System; University of Minnesota Twin Cities; University of Toronto
摘要：We study the behavior of short sellers as informed market participants and examine potential sources of their information. Using a newly available dataset with high-frequency short sales data, we find evidence of significant increases in short sales immediately prior to large insider sales, but not prior to small insider sales. We examine a number of explanations that the increase in short sales is driven by public information, either about the firm or about the impending insider sale. The evi...
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作者：Davidson, Bruce I.; Stevens, Douglas E.
作者单位：Old Dominion University; State University System of Florida; Florida State University; University of Glasgow
摘要：Policy makers and corporations have recently emphasized a code of ethics as an effective aspect of corporate governance. The corporate governance literature in accounting, however, provides little empirical or theoretical support for this emphasis. We address this gap between public policy and the literature by studying the effectiveness of a code of ethics in an experimental setting. Using Bicchieri's (2006) model of social norm activation, we predict that a code of ethics will improve manage...
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作者：Naiker, Vic; Navissi, Farshid; Cameron Truong
作者单位：Monash University
摘要：This study examines how options trading affects the rate of return expected by investors, i.e., the implied cost of equity capital. Our cross-sectional analysis suggests that firms with listed options have lower implied cost of equity capital than firms without listed options, while the results from our temporal difference-in-differences analysis suggest that firms with listed options experience a significant decrease in their implied cost of equity capital relative to a matched sample of firm...
