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作者：Bonsall, Samuel B.; Green, Jeremiah R.; Muller, Karl A., III
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：We study how business press coverage can discipline credit rating agency actions. Because of their greater prominence and visibility to market participants, more widely covered firms can pose greater reputational costs for rating agencies. Consistent with rating agencies limiting such risk, we find that ratings for more widely covered firms are more timely and accurate, downgraded earlier and systematically lower in the year prior to default, and better predictors of default and non-default. W...
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作者：Hiramatsu, Kazuo
作者单位：Kwansei Gakuin University
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作者：Givoly, Dan
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
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作者：Anantharaman, Divya; Chuk, Elizabeth C.
作者单位：Rutgers University System; Rutgers University New Brunswick; Rutgers University Newark; University of California System; University of California Irvine
摘要：Experts have long conjectured that pension accounting rules, by which pension expense depends on a managerial estimate that is directly tied to the riskiness of plan assets (i.e., the expected rate of return, or ERR, on plan assets), encourage risk-taking with pension investments. The recent passage of IAS 19, Employee Benefits (Revised) (hereafter, IAS 19R) eliminates the ERR and replaces it with a managerial estimate unrelated to plan asset riskiness (the discount rate). We demonstrate that ...
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作者：Veenman, David; Verwijmeren, Patrick
作者单位：University of Amsterdam; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; University of Melbourne
摘要：This study presents evidence suggesting that investors do not fully unravel predictable pessimism in sell-side analysts' earnings forecasts. We show that measures of prior consensus and individual analyst forecast pessimism are predictive of both the sign of firms' earnings surprises and the stock returns around earnings announcements. That is, we find that firms with a relatively high probability of forecast pessimism experience significantly higher announcement returns than those with a low ...
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作者：Bochkay, Khrystyna; Chychyla, Roman; Sankaraguruswamy, Srini; Willenborg, Michael
作者单位：University of Miami; National University of Singapore; University of Connecticut
摘要：We study the information content and determinants associated with voluntary management disclosures of going concern (GC) uncertainties by IPO issuers. In terms of information content, we examine IPO price revision and initial return and find robust support that management GC disclosures are associated with downward revisions in the IPO offer price and, upon considering the mediating effects of the price revision, also associated with lower initial returns. In terms of determinants, and after c...
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作者：Huang, Xuan; Nekrasov, Alexander; Teoh, Siew Hong
作者单位：California State University System; California State University Long Beach; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; University of California System; University of California Irvine
摘要：Limited attention theory predicts that higher salience of earnings news implies a stronger immediate market reaction to earnings news and a weaker post-earnings announcement drift (PEAD) or reversal (PEAR). Using a new measure, SALIENCE, defined as the number of quantitative items in an earnings press release headline, we find strong evidence consistent with salience effects. Higher SALIENCE is associated with stronger announcement reaction and subsequent PEAR. Managers are more likely to choo...
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作者：Kroos, Peter; Schabus, Mario; Verbeeten, Frank
作者单位：University of Amsterdam; University of Melbourne
摘要：Firms trade off CFOs' fiduciary duties against their decision-making duties when designing CFO bonus plans. Decreasing bonus incentives tied to financial measures benefits CFOs' fiduciary responsibilities at the expense of motivating their decision-making duties. As prior research indicates that clawbacks increase personal misreporting costs through the loss of previously awarded compensation, we examine whether clawbacks allow firms to increase incentives in CFO bonus contracts. Based on a sa...
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作者：Fontes, Joana C.; Panaretou, Argyro; Peasnell, Kenneth V.
作者单位：Universidade Catolica Portuguesa; Lancaster University
摘要：We examine whether the use of fair value measurement (FVM) for bank assets reduces information asymmetry among equity investors (bid-ask spread) and how this is affected by the recognition of own credit risk gains and losses (OCR). Our findings show that FVM of assets is associated with noticeably lower information asymmetry, and that this reduction is more than twice as large when banks also recognize OCR. In addition, we find that the bid-ask spread is incrementally lower for banks that prov...
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作者：Acito, Andrew A.; Hogan, Chris E.; Mergenthaler, Richard D.
作者单位：Michigan State University; University of Arizona
摘要：We investigate whether PCAOB-identified audit deficiencies lead to higher audit fees or turnover likelihood for clients of Big 4 auditors. To examine this, we identify areas of GAAP related to PCAOB deficiencies for each auditor. We then use textual analysis to identify how important the deficiencies are to clients to measure each client's exposure to deficient auditing. We find that this measure positively relates to audit fees and that this association is moderated by client bargaining power...
