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1.
Shai Levi 《Review of Accounting Studies》2008,13(1):1-21
This study investigates firms’ decisions to disclose accruals information in earnings press releases versus to provide it
only in 10-Q filings and the impact of this disclosure on the pricing of accruals. I find that firms disclose accruals in
their press releases when earnings alone are a weak indication of cash flow performance and that following these disclosures
the accruals information is fully impounded into stock prices. The evidence suggests that when investor demand for accruals
is likely to exist and firms disclose the information in earnings press releases, the mispricing typically associated with
accruals is mitigated.
相似文献
Shai LeviEmail: |
2.
Corporate voluntary disclosure and the separation of cash flow rights from control rights 总被引:1,自引:1,他引:0
Kin-Wai Lee 《Review of Quantitative Finance and Accounting》2007,28(4):393-416
We find that corporate voluntary disclosure is negatively associated with the separation of cash flow rights from control
rights. This result is consistent with the notion that as the separation of cash flow rights from control rights increases,
controlling owners have larger incentives to expropriate the wealth of minority shareholders and low corporate disclosure
constitutes a mechanism to facilitate controlling owners in masking their private benefits of control. The negative association
between voluntary disclosure and the separation of cash flow rights from control rights is less pronounced for firms with
greater external financing needs. This result suggests that for firms with high separation of cash flow rights from control
rights, those with greater external financing needs undertake higher firm-level voluntary disclosure to reduce information
asymmetry. We also find that the negative association between voluntary disclosure and the separation of cash flow rights
from control rights is less pronounced for firms that have a large non-management shareholder. Our result supports the role
of large non-management shareholder in mitigating agency problems associated with the separation of ownership and control.
相似文献
Kin-Wai LeeEmail: |
3.
Joint accounting choices: an examination of firms’ adoption strategies for SFAS No. 106 AND SFAS No. 109 总被引:1,自引:1,他引:0
Debra Jeter Paul Chaney Michele Daley 《Review of Quantitative Finance and Accounting》2008,30(2):153-185
We provide insight into an argument that firms minimize the costs imposed by new accounting standards through their adoption
choices. Focusing on two standards with potentially large impacts on both balance sheet and income statement accounts for
many firms, we present evidence that firms chose their strategies for SFAS No. 106 (OPEB) and 109 (DTAX) jointly rather than
separately. We also provide insight into how firms view recurring versus non-recurring charges, and how they weigh the tradeoff
between a large one-time (income decreasing) charge against the smaller, but longer lasting effects of amortization.
相似文献
Debra JeterEmail: |
4.
Chaur-Shiuh Young Liu-Ching Tsai Hui-Wen Hsu 《Review of Quantitative Finance and Accounting》2008,30(3):297-314
This study examines the relation between controlling shareholders’ excess board seats control and financial restatements.
An analysis of a sample comprising 106 Taiwanese listed firms (53 restating firms vs. 53 non-restating control firms) shows
that financial restatements are more likely to occur when there is a greater divergence between controlling shareholders’
board seats control rights and ownership rights. We also find that the excess board seats control of controlling shareholders
is positively associated with the materiality and pervasiveness of financial restatements. Overall, these results suggest
that the entrenchment incentive from controlling shareholders’ excess control motivates firms to adopt aggressive accounting
policies.
相似文献
Hui-Wen HsuEmail: |
5.
Analyst Activity and Firm Value: Evidence from the REIT Sector 总被引:2,自引:0,他引:2
Erik Devos Seow Eng Ong Andrew C. Spieler 《The Journal of Real Estate Finance and Economics》2007,35(3):333-356
This paper is the first to examine (1) properties of analyst forecasts and (2) effects of analyst following on firm value
for all REITs on CRSP, Compustat and I/B/E/S. Our results suggest that REITs operate in an information environment that has
changed over time. We find that for periods when the REIT industry was either in the developmental stage (pre-1992), or after
other structural changes in the industry (post-2000), more analysts cover REITs and forecasts are more accurate and less biased.
Further, we find that mortgage REITs are more transparent than other REIT structures and exhibit properties of analyst behavior
that are different from other types of REITs. Our investigation into the effect of analyst coverage on REIT value suggests
that analyst coverage increases REIT value (as measured by Tobin’s q) and that the causality does not run the opposite way.
相似文献
Andrew C. SpielerEmail: |
6.
We investigate if the SEC’s recently mandated disclosure of fees for audit and nonaudit services paid by firms to their incumbent auditors affected the market’s perception of auditor independence and earnings quality. Following the initial fee disclosures in 2001, we find that the market valuation of quarterly earnings surprises (earnings response coefficient) was significantly lower for firms with high levels of nonaudit fees than for firms with low levels of such fees. In contrast, in the year prior to the new fee disclosures, there was no reduction in earnings response coefficients for firms that subsequently reported high nonaudit fees. Our evidence suggests that mandated fee disclosures provided new information that was viewed by the market as relevant to appraising auditor independence and earnings quality.
相似文献
Bin KeEmail: |
7.
Howard W. H. Chan Robert W. Faff Philip Gharghori Yew Kee Ho 《Review of Quantitative Finance and Accounting》2007,29(1):25-51
The Australian accounting environment provides an ideal setting for examining the impact of different accounting treatments
of firms’ R&D activities on their subsequent returns. Unlike US firms, which can only expense R&D, Australian GAAP permits
firms to either expense or capitalize their R&D expenditure. We examine separately the market impact of the R&D intensity
of all R&D active firms, ‘capitalizers’ and ‘expensers’. Our results suggest that firms with higher R&D intensity perform
better, regardless of the accounting method used, consistent with the resource-based view of the firm. We also find some evidence
that firms which expense R&D outperform those which capitalize R&D after controlling for R&D intensity.
相似文献
Yew Kee HoEmail: |
8.
Michael L. Ettredge Soo Young Kwon David B. Smith Mary S. Stone 《Review of Accounting Studies》2006,11(1):91-117
Our study assesses whether SFAS No. 131 improved disclosure about the diversity of multiple segment firms’ operations. We
find a post-SFAS No. 131 increase in cross-segment variability of segment profits, an increase in the association between
reported and inherent cross-segment variability, and an increase in association between reported variability and capital market
incentives to disclose. We interpret the results as evidence that SFAS No. 131 increased the transparency of segment profitability
disclosures, and as indicating SFAS No. 131 allowed firms depending more on external financing to disclose more about differences
in segment profitability.
相似文献
Michael L. EttredgeEmail: |
9.
Valuation of loss firms in a knowledge-based economy 总被引:2,自引:0,他引:2
Recent research in accounting has documented a substantial increase in the number of loss firms. Existing theories on the
valuation of loss firms are based on adaptation/abandonment options or limited liability, assuming that these firms are operationally
distressed. In this paper, we show that many loss firms do not fit this stereotype and identify the primary value drivers
of this new type of loss firms. Our analysis helps resolve the puzzling negative relation between earnings and market value
documented in prior research. Overall, our findings underscore the importance of “hidden assets” or intangibles in the study
of loss firms.
相似文献
Jianming YeEmail: |
10.
Accounting conservatism and corporate governance 总被引:7,自引:0,他引:7
Juan Manuel García Lara Beatriz García Osma Fernando Penalva 《Review of Accounting Studies》2009,14(1):161-201
We predict that firms with stronger corporate governance will exhibit a higher degree of accounting conservatism. Governance
level is assessed using a composite measure that incorporates several internal and external characteristics. Consistent with
our prediction, strong governance firms show significantly higher levels of conditional accounting conservatism. Our tests
take into account the endogenous nature of corporate governance, and the results are robust to the use of several measures
of conservatism (market-based and nonmarket-based). Our evidence is consistent with the direction of causality flowing from
governance to conservatism, and not vice versa, indicating that governance and conservatism are not substitutes. Finally,
we study the impact of earnings discretion on the sensitivity of earnings to bad news across governance structures. We find
that, on average, strong-governance firms appear to use discretionary accruals to inform investors about bad news in a timelier
manner.
相似文献
Fernando Penalva (Corresponding author)Email: |
11.
We condition security price reactions to quarterly earnings announcements on whether firms disclose supplementary balance
sheet and/or cashflow information that can be used to estimate the consequences of earnings management. Disclosure of supplementary
information is voluntary, and thus, we consider the possibility that firms that disclose balance sheet and/or cashflow information
differ systematically from firms that do not disclose. Results indicate that investors discount evidence of earnings management
at the disclosure date when supplementary information is disclosed. Such results indicate more informed earnings interpretations
of quarterly earnings when firms provide balance sheet and/or cashflow information concurrently.
相似文献
William R. BaberEmail: |
12.
Over the latest 20 years, the average credit rating of U.S. corporations has trended down. Blume et al. (1998, Journal of Finance, 53, 1389–1413.) attribute this trend to a tightening of credit standards by agencies. We reexamine the observed decreases in
credit ratings in several ways. First, we show that this downward trend does not apply to speculative-grade issuers. Second,
our analysis of investment-grade issuers suggests that the apparent tightening of standards can be attributed primarily to
changes in accounting quality over time. After incorporating changing accounting quality, we find no evidence that rating
agencies have tightened their credit standards.
相似文献
Charles ShiEmail: |
13.
We find no evidence of accrual mispricing for firms that disclose accrual information at earnings announcements. For these
firms, the market differentiates the discretionary from the nondiscretionary components of the earnings surprise. In contrast,
the market fails to distinguish between the discretionary and the nondiscretionary components of the earnings surprise for
firms that do not disclose accrual information at earnings announcements. These firms experience some stock price correction
around the filing date. However, the correction is only partial, resulting in a post-filing drift.
相似文献
Henock LouisEmail: |
14.
This paper looks at the reaction by industry insiders, industry analysts and competing firms, to the announcement of M&As
that took place in the European Union financial industry in the period 1998–2006. Analysts covering firms involved in an M&A
transaction do not significantly alter their recommendation. This is consistent with the hypothesis that the transaction on
average is “fairly priced” and that stock market prices reflect all relevant information on the assets. We also find that
the correlation between excess returns for merging and competing firms is positive and, in some cases, significantly higher
for domestic mergers than for international deals. This is consistent with the idea that domestic deals are more likely to
have a negative impact on industry competition.
相似文献
Ignacio HernandoEmail: |
15.
Why do firms repurchase stock to acquire another firm? 总被引:1,自引:0,他引:1
Robin S. Wilber 《Review of Quantitative Finance and Accounting》2007,29(2):155-172
This study investigates firms that repurchase their stock to finance an acquisition. Since research shows that cash-financed
acquisitions perform better than stock-financed acquisitions, why do firms that have available cash initiate the extra transactional
step. I find these firms are well compensated for their efforts, especially in the long run. On average, these firms have
negative abnormal returns prior to their repurchase announcements and thus may choose repurchasing to signal undervaluation.
Furthermore, the stock acquisition step allows these firms to share risk, counteract the negative effects of dilution, and
enjoy a tax advantage for their efforts.
相似文献
Robin S. WilberEmail: |
16.
We examine stock sales as a managerial incentive to help explain the discontinuity around the analyst forecast benchmark. We find that the likelihood of just meeting versus just missing the analyst forecast is strongly associated with subsequent managerial stock sales. Moreover, we provide evidence that managers manage earnings prior to just meeting the threshold and selling their shares. Finally, the relation between just meeting and subsequently selling shares does not hold for non-manager insiders, who arguably cannot affect the earnings outcome, and is weaker in the presence of an independent board, suggesting that good corporate governance mitigates this strategic behavior.
相似文献
Vicki Wei TangEmail: |
17.
Li-Chin Jennifer Ho Chao-Shin Liu Thomas F. Schaefer 《Review of Quantitative Finance and Accounting》2007,28(3):307-326
This study examines whether reported values for firms’ research and development (R&D) affect analysts’ annual earnings forecast
revisions following quarterly earnings announcements. Because R&D introduces uncertainty into earnings forecasts, analysts
may benefit from additional information searches in an effort to increase forecast accuracy. Also, accounting standards mandate
an immediate expensing of R&D, in essence projecting a zero value for the R&D. To the extent that R&D will produce future
payoffs, the expense treatment reduces the informativeness of reported earnings for forecasting future earnings. Thus, the
marginal benefit of analysts’ efforts to produce more information may increase with the magnitude of the R&D component of
earnings announcements and trigger additional forecast revisions. Alternatively, if the cost of information searches exceeds
the benefit, analysts’ forecast revisions may decrease.
Our results show a positive relation between R&D expenses and analysts’ forecast revision activity. We also find a positive
and significant association between the level of R&D expenses and the magnitude of analysts’ forecast revisions following
quarterly announcements. These results point to a greater amount of analyst scrutiny when reported earnings are accompanied
by high levels of R&D expenses.
相似文献
Li-Chin Jennifer HoEmail: |
18.
Using a sample of seasoned equity offerings (SEOs), this paper examines the association between the choice of financial intermediary
and earnings management. We contend that with more stringent standards for certification and intense monitoring, highly prestigious
underwriters restrict firms’ incentives for earnings management to protect their reputation and to avoid potential litigation
risks, while firms with greater incentives for earnings management avoid strict monitoring by choosing low-quality underwriters.
Consistent with our predictions, we find an inverse association between underwriter quality and issuers’ earnings management.
In addition, we find that underwriter quality is positively related to SEOs’ post-issue performance, even after controlling
for the effect of earnings management. We also find that firms with low-underwriter prestige and high levels of earnings management
under-perform the most. However, the effect of underwriter choice on post-issue performance does not last long.
相似文献
Myung Seok ParkEmail: |
19.
An empirical assessment of the premium associated with meeting or beating both time-series earnings expectations and analysts’ forecasts 总被引:2,自引:2,他引:0
Nicholas Dopuch Chandra Seethamraju Weihong Xu 《Review of Quantitative Finance and Accounting》2008,31(2):147-166
Recent research provides evidence of a market premium accruing to firms that meet or beat analysts’ forecasts. We find similar
results for our sample of firms. However, we also find a market premium for firms that meet or beat time-series forecasts,
and that the highest market premium accrued to firms that meet or beat both analysts’ and time-series forecasts. These findings
are supported by assessments of future financial performance over the next two subsequent years. Our findings are consistent
with the notion that when time-series benchmark is used in conjunction with analysts’ forecasts, investors obtain a more reliable
(i.e., less noisy) signal regarding whether firms have actually met or beaten market expectations.
相似文献
Weihong Xu (Corresponding author)Email: |
20.
Jacqueline S. Hammersley Linda A. Myers Catherine Shakespeare 《Review of Accounting Studies》2008,13(1):141-165
We examine the stock price reaction to management’s disclosure of internal control weaknesses under §302 of the Sarbanes Oxley
Act and to the characteristics of these weaknesses, controlling for other material announcements in the event window. We find
that some characteristics of the weaknesses—their severity, management’s conclusion regarding the effectiveness of the controls,
their auditability, and the vagueness of the disclosures—are informative. We also find that the information content of internal
control weakness disclosures depends on the severity of the internal control weakness. Moreover, in a sub-sample uncontaminated
by other announcements in the event window, we find negative price reactions to the disclosure of internal control weaknesses
and material weaknesses.
相似文献
Catherine ShakespeareEmail: |