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作者：Du, Fei; Erkens, David H.; Young, S. Mark; Tang, Guliang
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Georgetown University; University of Southern California; University of International Business & Economics
摘要：This study investigates how adopting new performance measures affects the decision process through which supervisors make subjective adjustments. In our setting, the Chinese government substituted economic value added (EVA) for return on equity (ROE) in the performance score formula it uses to evaluate State-Owned Enterprises (SOEs). In accordance with the Chinese government's objective to increase the capital efficiency of SOEs, supervisors shifted the weight in subjective adjustment decision...
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作者：Corona, Carlos; Randhawa, Ramandeep S.
作者单位：Carnegie Mellon University; University of Southern California
摘要：Often, firms reveal oversights and bad decisions publicly through their financial reporting (for instance, restating earnings, impairing goodwill, etc.). These confessions,'' which usually lead to immediate reputation losses, may be attributed to attempts to be perceived as transparent or to attempts to avoid likely litigation costs. In this paper, however, we argue that reputational concerns about perceived ability alone can provide firms with strong enough incentives to confess their mistake...
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作者：Black, Jonathan; Chen, Jeff Zeyun; Cussatt, Marc
作者单位：Purdue University System; Purdue University; Texas Christian University; Washington State University
摘要：Investors demand conditional conservatism to restrict managers' ability to opportunistically exploit unverifiable accounting estimates. The fair value estimation process is subject to verifiability concerns when market prices are unavailable and, thus, susceptible to managerial discretion. We explore whether banks' exposure to less-verifiable fair value estimates is associated with conditional conservatism. General and bank-specific conservatism measures indicate that banks with greater propor...
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作者：Frankel, Richard M.; Sun, Yan
作者单位：Washington University (WUSTL); Saint Louis University
摘要：Our goal is to understand the extent to which cash-flow properties explain accruals. Using the Dechow, Kothari, and Watts (1998) model, we derive a negative relation between accruals and cash-flow changes, and show that the strength of the relation is linked to negative serial correlation in cash-flow changes. Dechow et al. (1998) also suggest that the strength of the relation between accruals and revenue changes relates to operating cycle length. Prior accrual models have not incorporated the...
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作者：Chapman, Kimball; Green, Jeremiah R.
作者单位：Washington University (WUSTL); Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：Analysts ask managers for forward-looking information in one-third of quarterly conference calls; most frequently, seeking earnings per share guidance. In this study, we examine the long-term consequences of analysts' questions on future manager disclosure choices. Using six types of commonly provided guidance, we find that when analysts request new guidance or ask about prior guidance, managers are more likely to provide similar guidance in future quarters. When analysts do not ask about prio...
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作者：Glover, Jonathan C.; Lin, Haijin H.
作者单位：Columbia University; University of Houston System; University of Houston
摘要：We study intertemporal incentive properties of conditional accounting conservatism. Conservatism has detrimental and beneficial properties. In our first model, conservatism introduces downward bias in the first period; any understatement of first-period performance is reversed in the second period. A conservative bias is not costly in the first period but instead is costly in the second period when a new manager may be rewarded for the performance of his predecessor. In an extension on learnin...
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作者：Koo, David S.; Lee, Dongyoung
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; McGill University
摘要：We examine the role of the chief marketing officer (CMO) in corporate voluntary disclosure of future revenues. Using a sample of S&P 1500 firms for the period from 2003 to 2011, we find that the presence of an influential CMO in top management is positively associated with the likelihood of a firm issuing a management revenue forecast. We also find that firms with an influential CMO provide more accurate revenue forecasts than other firms. These findings extend to long-window change analyses a...
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作者：Einhorn, Eti
作者单位：Tel Aviv University
摘要：This study analyzes corporate voluntary disclosures to the capital market in the presence of competing information sources, from which traders can subsequently obtain additional public and private information. The analysis demonstrates that the anticipated access of traders to additional information sources may significantly alter the voluntary disclosure strategy of firms. It may explain a deviation from the conventional full disclosure equilibrium to equilibrium with partial and selective di...
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作者：Bartov, Eli; Faurel, Lucile; Mohanram, Partha S.
作者单位：New York University; Arizona State University; Arizona State University-Tempe; University of Toronto
摘要：Prior research has examined how companies exploit Twitter in communicating with investors, and whether Twitter activity predicts the stock market as a whole. We test whether opinions of individuals tweeted just prior to a firm's earnings announcement predict its earnings and announcement returns. Using a broad sample from 2009 to 2012, we find that the aggregate opinion from individual tweets successfully predicts a firm's forthcoming quarterly earnings and announcement returns. These results ...
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作者：Chen, Donghua; Kim, Jeong-Bon; Li, Oliver Zhen; Liang, Shangkun
作者单位：Nanjing University; City University of Hong Kong; University of Waterloo; National University of Singapore; Shanghai Lixin University of Accounting & Finance; Central University of Finance & Economics
摘要：Managers of China's state-owned firms work in a closed pyramidal managerial labor market. They enjoy non-transferable benefits if they choose to stay within this system. The higher up are they in this labor market hierarchy (their political ranks), the fewer are their outside employment opportunities. Due to career and wealth concerns, they are cautious and risk-averse when managing firms. We examine the effect of managers' political ranks on firms' stock price crash risk and find a negative a...
