An Anatomy Of Racial and Ethnic Trends in Male Earnings in the U.S

Progress in narrowing black–white earnings differences has been far from continuous, with some of the apparent progress resulting from labor force withdrawal among lower‐skilled African Americans. This paper documents racial and ethnic differences in male earnings from 1950 through 2010 using data from the decennial census and American Community Surveys. Emphasis is given to annual rather than weekly or hourly earnings. We take a quantile approach, providing evidence on medians and other percentiles of the distribution. Treatment of imputed earnings greatly affects measured outcomes. Hispanic men have exhibited earnings growth similar to white men over several decades. Black men have been left behind economically due in large part to increased joblessness, a process exacerbated by weak labor market conditions. By 2010, joblessness had risen to over 40 percent and the median black–white earnings gap was the largest in at least 60 years.     

新冠肺炎疫情下管理层业绩预告归因行为研究

基于A股上市公司2020年1—4季度业绩预告归因的研究发现,公司将业绩变化归因于新冠疫情的概率呈现随季度下降的趋势,坏消息归因于新冠疫情的概率显著高于好消息,且这种差异未随季度发生显著变化。业绩预告归因反映了管理层自利性归因与新冠疫情的叠加影响,且在特定情境下投资者能够识别自利性归因。研究结论从微观经济主体和利益相关者感知的角度展示了中国抗击新冠疫情的成效,也为监管部门规范重大外生冲击下的信息披露操纵行为提供了借鉴。     

盈余管理、审计意见与信贷期限

从债权人信贷风险防范视角出发,基于2009—2020年沪深A股上市公司微观数据,探讨我国转型期经济背景下企业盈余管理对债权人信贷期限的影响。研究发现：企业盈余管理行为的增加会对债权人信贷决策产生干扰,造成信贷期限延长、信贷风险增加,且这种影响在非国有企业中更为显著;引入外部治理机制后发现,审计意见在盈余管理和信贷期限的关系中发挥调节效应,即非标准审计意见会削弱盈余管理对债权人信贷期限决策的干扰;在经济后果方面,通过盈余管理手段获得的长期贷款会导致会计信息质量恶化、代理问题更加突出,进而对企业投资效率、创新水平和企业绩效产生负向影响。研究结论有助于完善债权人保护机制、提高银行信贷风险治理水平和创新综合监管模式,进而为相关部门制定政策建议提供有益指导和证据支持。     

Bank Earnings Management and Tail Risk during the Financial Crisis

We show that a pattern of earnings management in bank financial statements has little bearing on downside risk during quiet periods, but seems to have a big impact during a financial crisis. Banks demonstrating more aggressive earnings management prior to 2007 exhibit substantially higher stock market risk once the financial crisis begins as measured by the incidence of large weekly stock price “crashes” as well as by the pattern of full‐year returns. Stock price crashes also predict future deterioration in operating performance. Bank regulators may therefore interpret them as early warning signs of impending problems.     

Common Institutional Ownership and Earnings Management*

This study examines the relation between earnings management and block ownership of same‐industry peer firms by a common set of institutional investors (common institutional ownership). This relation is important given the tremendous growth of common institutional ownership and the significant influence of blockholders on financial reporting. We hypothesize that common institutional ownership mitigates earnings management by enhancing institutions' monitoring efficiency and by encouraging institutions to internalize the negative externality of a firm's earnings management on peer firms' investments. Consistent with our hypothesis, we find that higher common institutional ownership is related to less earnings management. Analyses of a quasi‐natural experiment based on financial institution mergers show that this negative relation is unlikely to be driven by the endogeneity of common institutional ownership. Cross‐sectional tests provide evidence that the negative relation is stronger among firms for which common institutional ownership is likely to generate a greater reduction in institutions' information acquisition and processing costs, and among firms whose severe financial misstatements are more likely to distort co‐owned peer firms' investments, supporting both mechanisms underlying our hypothesis. Our findings inform the ongoing debate on the costs and benefits of common institutional ownership by highlighting an important benefit: the enhanced monitoring of financial reporting.     

风险投资机构参与对公司IPO前盈余管理的影响——基于创业板上市公司的数据

基于创业板上市公司数据,对风险投资机构参与及其特征对我国上市公司IPO前的盈余管理影响进行实证检验,结果显示：风险投资机构参与对上市公司IPO前的盈余管理起到了积极的认证和监督作用。在我国,政府性资本占主要地位的风险投资机构更多地发挥了正面认证和监督作用。风险投资机构的声誉和数量对上市公司IPO前的盈余管理发挥了较大作用,风险投资机构的声誉越高、数量越多,上市公司IPO前一年的盈余管理程度越低。风险投资机构总持股比例与盈余管理程度无显著关系。     

公允价值模式下投资性房地产计量探析--以ST上控为例

采用公允价值计量,企业的财务状况和经营成果能更加公允、恰当地反映,但是不完善的外部市场机制和无法忽略的监管披露成本,会影响企业的选择,在ST公司当中尤为明显。本文以投资性房地产为例,分析在2010—2012年度ST公司对其采用公允价值模式计量的情况,并以ST上控作为案例进行分析,以探究选择公允价值模式计量投资性房地产的财务效应和ST企业在进行会计政策选择时面临的问题所在。最后,通过本案例,分析了如何完善企业的外部监管制度和如何保证企业更加理性地进行会计政策选择。     

盈余管理方向与企业投资效率

以2008—2010年沪深A股上市公司为研究样本,从盈余管理的不同方向考察盈余管理程度对企业投资效率的影响,研究发现：适度的正向盈余管理有助于缓和企业投资不足,但过度的正向盈余管理反而会恶化企业投资不足;负向盈余管理往往会伴随产生投资不足的问题。适度的正向盈余管理能够提振投资者信心,从而缓解企业的融资约束。监管部门应该能够容忍企业进行适度的盈余管理,而不是一味地强调所谓“真实的会计信息”。     

Has the IASB Been Successful in Making Accounting Earnings More Useful for Prediction and Valuation? UK Evidence

When producing International Financial Reporting Standards (IFRS), one of the main goals of the International Accounting Standards Board (IASB) was to create a set of standards which were more useful to investors as a predictive tool. We assess the success of the IASB in achieving this goal by investigating the effects of the introduction of IFRS on the relative information content of reported earnings and forecasted earnings under UK generally accepted accounting practices (GAAP) and IFRS. Results indicate that the value relevance of forecasted earnings is significantly lower under IFRS while the value relevance of reported earnings is significantly larger. These findings suggest that IFRS substitutes price‐relevant information previously provided to the market in the form of analyst forecasts with information encoded by companies in their reported earnings. This implies that the IASB was indeed successful in its stated goal and points towards IFRS forecasts being more accurate and less dispersed than UK GAAP forecasts. This, in turn, implies that analysts are able to provide more informative forecasts under IFRS than under pre‐IFRS regimes and that the aforementioned substitution effect is not a consequence of any decrease in the quality of forecasts under the new regime.     

Earnings Forecasts and the Information Contained in Spinoff Announcements

This study examines spinoff announcements in conjunction with financial analysts’ forecasts of earnings. The analysis shows that spinoff announcement abnormal returns are significantly related to the firm's information environment as proxieci by financial analysts’ earnings prediction errors. The findings also indicate that analysts significantly increase their short-term earnings forecasts in response to spinoffs, but do not significantly revise their long-term earnings forecasts. However, the earnings revisions are not significantly different across prediction error groups, which confirms that spinoff-related abnormal returns cannot be attributed solely to expected performance gains.