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1.
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: |
2.
Asymmetric timeliness tests of accounting conservatism 总被引:7,自引:1,他引:6
J. Richard Dietrich Karl A. MullerIII Edward J. Riedl 《Review of Accounting Studies》2007,12(1):95-124
Recent accounting research employs an asymmetric timeliness measure to test the hypothesis that reported accounting earnings
are “conservative.” This research design regresses earnings on stock returns to examine whether “bad” news is incorporated
into earnings on a more timely basis than “good” news. We identify properties of the asymmetric timeliness estimation procedure
that will result in biases in the test statistics except under very restrictive conditions that are rarely met in typical
empirical settings. Using data series that are devoid of asymmetric timeliness in reported earnings, we show how these biases
result in evidence consistent with conservatism. We conclude that the biased test statistics inherent in the asymmetric timeliness
research design preclude using this method to measure conservatism; that these biases are irresolvable as they originate in
the test’s specification; and that studies employing asymmetric timeliness tests cannot be interpreted as providing evidence
of conservatism.
相似文献
Edward J. RiedlEmail: |
3.
Fotios Pasiouras 《Review of Quantitative Finance and Accounting》2008,30(2):187-223
This study uses a sample of 715 banks from 95 countries and two-stage data envelopment analysis (DEA) to provide international
evidence on the impact of regulations and supervision approaches on banks’ efficiency. We first use DEA to estimate technical
and scale efficiency. We then use Tobit regression to investigate the impact of several regulations related to capital adequacy,
private monitoring, banks’ activities, deposit insurance schemes, disciplinary power of the authorities, and entry into banking
on banks’ technical efficiency. We estimate several specifications while controlling for bank-specific attributes and country-level
characteristics accounting for macroeconomic conditions, financial development, market structure, overall institutional development,
and access to banking services. In several cases, the results provide evidence in favour of all three pillars of Basel II
that promote the adoption of strict capital adequacy standards, the development of powerful supervisory agencies, and the
creation of market disciplining mechanisms. However, only the latter one is significant in all of our specifications. While
the remaining regulations do not appear to have a robust impact on efficiency, several other country-specific characteristics
are significantly related to efficiency.
相似文献
Fotios PasiourasEmail: |
4.
Stephen P. Baginski John M. Hassell Michael D. Kimbrough 《Review of Quantitative Finance and Accounting》2008,31(3):311-330
The 1990s were characterized by substantial increases in the performance of and investor reliance on financial analysts. Because
managers possess superior private information and issue forecasts to align investors’ expectations with their own, we predict
that managers increased the quality of their earnings forecasts during the 1990s in order to keep pace with the improved forward-looking
information provided by financial analysts, upon which investors increasingly relied. Using a sample of 2,437 management earnings
forecasts, we document an increase in management earnings forecast precision, management earnings forecast accuracy, and managers’
tendency to explain earnings forecasts in 1993–1996 relative to 1983–1986. Given that these forecast characteristics are linked
to greater informativeness and credibility, we also document that the information content of management earnings forecasts,
as measured by the strength of share price responses to forecast news, increased in 1993–1996 relative to 1983–1986. As expected,
the increased information content of management forecasts primarily occurred for firms covered by financial analysts.
相似文献
Michael D. KimbroughEmail: |
5.
We report new findings on bank efficiency in East Asian countries for the pre- and post-IMF restructuring periods. We find
that bank efficiency has improved, but only to the pre-IMF intervention level, and that restructured banks are not more efficient
than their unrestructured counterparts. Different restructuring measures have different effects. Bank closures are economically
justified, but mergers show short-term efficiency losses. Recapitalization and reprivatization of badly performing banks lead
to efficiency improvement, but also increase government ownership. Ease of entry that has allowed for more foreign bank participation
results in slightly improved performance of badly performing banks.
相似文献
Luc Can (Corresponding author)Email: |
6.
Rocco Ciciretti Iftekhar Hasan Cristiano Zazzara 《Journal of Financial Services Research》2009,35(1):81-98
Very little is known about how adopting Internet activities impact traditional banks. By tracing the experience of Italian
commercial banks, we provide evidence and implications for banks’ use of new Internet technology and innovative banking products
as they relate to performance. Using different definitions for what is considered as Internet activity and by examining alternative
proxies for bank return and risk, we find a significant link between offerings of Internet banking products and bank performance.
Although this link is significantly positive for bank returns, we find a negative, marginally significant, association between
the adoption of Internet activities and bank risk.
相似文献
Cristiano ZazzaraEmail: |
7.
Economic consequences of financial reporting changes: diluted EPS and contingent convertible securities 总被引:1,自引:0,他引:1
This paper examines the economic consequences of changes in the financial reporting requirements for contingent convertible
securities (COCOs). Using a sample of 199 COCO issuers from 2000 to 2004, we find that issuers are more likely to restructure
or redeem existing COCOs to obtain more favorable accounting treatment when the financial reporting impact on diluted earnings
per share (EPS) is greater and when EPS is used as a performance metric in CEO bonus contracts. These results provide new
evidence that managers are willing to incur costs to retain perceived financial reporting and compensation benefits. We also
present evidence of significantly negative stock returns around event dates associated with the financial reporting changes,
consistent with investor anticipation of the agency costs associated with the rule change.
相似文献
Christine I. WiedmanEmail: |
8.
Our study analyzes market reaction to the entire content of a large sample of analysts’ reports from the period 2002 to 2004
for the German market. In particular, we explore whether the three summary measures in the reports, i.e., recommendation revisions,
earnings forecast revisions, and target price forecast revisions are acknowledged by the market. Additionally, we investigate
if stated justifications in the written text of analysts’ reports contain information value beyond the three summary measures.
We find that earnings forecast revisions and target price forecast revisions contain valuable information, both unconditionally
and conditional on the rest of the information in the report. Our findings also reveal that justifications made by analysts
are of high salience to market participants. These justifications provide valuable information, both unconditionally and conditional
on all other types of information in a report. Our findings also suggest that business ties between banks and the analyzed
companies do not affect market reaction to dissemination of an analysts’ report.
相似文献
Andreas Walter (Corresponding author)Email: |
9.
James S. Linck Thomas J. Lopez Lynn Rees 《Review of Quantitative Finance and Accounting》2007,28(4):327-352
Firm management typically claims that voluntary accounting method changes (VACs) are made to enhance the informativeness of
earnings by better matching accounting practices with economic reality. In contrast, skeptics argue that managers adopt new
accounting procedures to opportunistically manage earnings and influence their firm’s stock price. In this paper, we investigate
these alternative motives for VACs. Specifically, we investigate whether VACs cause equity prices to deviate from their fundamental
values in the short-term by studying the long-run stock-price performance for a sample of firms that voluntarily change accounting
methods. In addition, we investigate changes in earnings informativeness by examining the behavior of earning response coefficients
and the relationship between earnings and future cash flows in years surrounding the VAC event. In contrast to prior research,
we find little evidence that a strategy based solely on the earnings effect of a VAC can generate abnormal returns. While
we find weak evidence of post-VAC abnormal returns for extreme VACs, this result appears to be driven by the accruals anomaly
documented in Sloan [Sloan, R. G. (1996). The Accounting Review, 71, 289–315]. Our evidence further suggests that earnings informativeness is not significantly altered by voluntary changes
in accounting methods. Taken together, our evidence suggests the market recognizes the financial statement effects of alternative
acceptable accounting methods and efficiently processes the valuation implications of VACs.
相似文献
Lynn Rees (Corresponding author)Email: |
10.
Financial statement effects of adopting international accounting standards: the case of Germany 总被引:6,自引:0,他引:6
Using a sample of German firms, we investigate the financial statement effects of adopting International Accounting Standards
(IAS) during 1998 through 2002. We find that total assets and book value of equity, as well as variability of book value and
income, are significantly higher under IAS than under German GAAP (HGB). In addition, book value and income are no more value
relevant under IAS than under HGB, and HGB (IAS) income is highly persistent (transitory). Finally, we find weak evidence
that IAS income exhibits greater conditional conservatism than HGB income. Our results are consistent with the fair-value
(income smoothing) orientation of IAS (HGB).
相似文献
Mingyi HungEmail: |
11.
Peter F. Colwell Carolyn A. Dehring Geoffrey K. Turnbull 《The Journal of Real Estate Finance and Economics》2008,37(1):1-20
Changing demographics, growing real incomes, and friendly tax laws underlie the continuing growth in demand for recreational
real estate in the US. The market for recreational property has undergone a major transformation over the past decades, with
the refinement and deepening of markets for partial property ownership vehicles. This paper represents the first to analyze
the factors underlying the demand for partial ownership interests. It develops a theory of partial ownership demand that focuses
on the roles of familiarity and location-specific human capital in mediating the consumption uncertainty associated with particular
recreation locations. Using private data from a survey of partial ownership participants, the empirical analysis yields results
consistent with the theory: factors associated with greater site-specific recreation price, like distance between the primary
residence and the recreation site and frequency of visits per week, reduce the share of ownership demanded, while factors
associated with lower consumption risk tend to increase the share of ownership demanded.
相似文献
Carolyn A. DehringEmail: |
12.
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: |
13.
This study investigates whether the association between ownership structure and leverage varies with the magnitude of growth
opportunities. According to the free cash flow hypothesis, managers receive utility from increasing firm size and the over-investment
problem is more severe for firms with fewer growth opportunities. Considering the disciplinary role of leverage on the over-investment
problem and ownership structure as a control mechanism to affect financing decisions, we hypothesize that the association
between ownership structure and leverage is stronger for firms with fewer growth opportunities. We find that the association
between equity ownership and leverage is significant for low-growth firms, but not for high-growth firms. The results mostly
hold when sample firms are partitioned into large and small firms to directly control for the effect of firm size on the association
between ownership structure and leverage.
相似文献
Kishore TandonEmail: |
14.
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: |
15.
This article revisits the debate on the nature of private placements by specifying that informed insiders make trading decisions
in the secondary market and equity issuance decision in the primary equity market (Lee and Wu (2008)). This article uses conditional residuals from the insider trading regression (abnormal insider trades) and conditional
residuals from equity financing choice regression (unexpected equity financing choice) to measure private information. An
important advantage of conditional correlation coefficient approach over the two-stage approach (Lee and Wu 2008) in testing the presence of asymmetric information is that the former is bounded by −1 and 1 and thus permits cross-sectional
comparisons the relatedness between abnormal insider trades and unexpected equity financing choice.
相似文献
Lee Cheng-FewEmail: |
16.
In a survey of banks founded from 1994–2002, we find over 85% of respondents think their small-business market was underserved,
72% felt the market needed more competition, almost half indicated they were likely to start a bank because takeover activity
displaced them, and 75% entered due to a market merger. Markets of banks started by displaced managers or following a merger
have performance and lending characteristics similar to comparable banks, but larger changes in asset growth rates. Managers
who responded that small-businesses were underserved have higher numbers and amounts of small-business loans 3 years after
entry. Managers responding that entry was due to mergers eliminating community banks have lower ROA, but larger changes in
market ROA. Markets had smaller changes in ROA when entry was to provide competition or when managers thought the small business
market was underserved.
相似文献
James W. WansleyEmail: |
17.
Jaroslaw Morawski Heinz Rehkugler Roland Füss 《Financial Markets and Portfolio Management》2008,22(2):101-126
This paper addresses the question of whether shares of public real estate companies should be treated as real estate or as
equity investments. Because theoretical considerations do not suffice for making such a classification, we empirically investigate
correlation structures and cointegration relationships of private and public real estate and equity markets for the United
States and the United Kingdom. Our results suggest that public real estate stocks show similarities to the general stock market
with regard to short-term return co-movements. For long-term investment horizons, the interdependence between direct and securitized
real estate is much stronger. However, in the latter case, real estate stocks substantially lead the private property markets.
相似文献
Roland FüssEmail: |
18.
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: |
19.
We provide an alternative explanation for the previous finding of analysts’ overreaction to extreme good news in earnings.
We show that such finding could be a result of analysts’ rational behavior in the face of high earnings uncertainty rather
than their cognitive bias. Extreme earnings performance tends to be associated with higher earnings uncertainty that generally
leads to more forecast optimism. Once this effect is accounted for, the univariate result of analysts’ overreaction to extreme
good news in earnings is subsumed, leaving only their underreaction in general.
相似文献
Jian XueEmail: |
20.
John J. Maher Robert M. Brown Raman Kumar 《Review of Quantitative Finance and Accounting》2008,31(2):167-189
We examine the valuation effects of overall demand for corporate equities combined with the influence of abnormal earnings
and unexpected funds flow. Our results indicate that the expected and unexpected net new total flow of funds into all stock
mutual funds do not by themselves have a meaningful effect on firm equity valuation. However, we find the combination of unexpected
funds flow and realized abnormal earnings have significant and important valuation effects. Importantly, the valuation impact
is greatest for those firms with high earnings growth potential that also operate in an environment characterized by high
information asymmetry.
相似文献
Raman KumarEmail: |