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1.
AbstractWe argue that, in response to increased scrutiny and greater attention to accruals versus sales, firms become more likely to engage in accrual conversion (AC) cash management aimed at aligning cash and accruals with earnings and sales (e.g. by factoring of receivables). In doing so, they reduce the statistical power of standard indicators of accrual-based earnings management – in effect, camouflaging their earnings management activity. This proposition is of interest because many influential papers on earnings management have utilized accrual-based indicators to reach their conclusions. Our results indicate that firms indeed became more likely to engage in AC cash management after the passage of the Sarbanes-Oxley Act (SOX), and that this tendency was particularly pronounced among firms with strong incentives (or enhanced ability) to perform and hide earnings management. In particular, our findings suggest that the post-SOX decrease in standard measurements of accrual-based earnings management, identified in prior research, is partially attributable to firms’ increased engagement in AC cash management activity. 相似文献
2.
We suggest that the failure of investors to distinguish between an earnings component's autocorrelation coefficient (unconditional persistence) and the marginal contribution of that component's persistence to the persistence of earnings (conditional persistence) provides a partial explanation of post‐earnings‐announcement drift, post‐revenue‐announcement drift, and the accrual anomaly. When the conditional persistence of revenue surprises is high (low) relative to its unconditional persistence, both the post‐earnings‐announcement drift and the post‐revenue‐announcement drift are high (low), because investors’ under‐reaction to revenues and earnings is stronger when the persistence of revenue surprises is more strongly associated with the persistence of earnings surprises. Also, the mispricing of accruals decreases substantially when the conditional persistence of accruals is high relative to its unconditional persistence, because investors’ over‐reaction to accruals is mitigated when the persistence of accruals is indeed more strongly associated with the persistence of earnings. Our findings also suggest that financial analysts’ failure to distinguish between unconditional and conditional persistence of revenues and accruals results in more biased revenue and earnings predictions. 相似文献
3.
We address in this paper the question of the existence of a Social Welfare Function that would be sustainable and would allow us to obtain solutions to optimal growth models. We define sustainability by two new axioms called Never-decisiveness of the present and Never-decisiveness of the future. We first show that a SWF which has Never-decisiveness properties cannot be defined on a ball of $l_{\infty }^{+}$ . We must (i) restrict to the set of utility streams for which the value of the SWF is finite and (ii) introduce additional assumptions in order to obtain the Never-decisiveness properties. Our main result in this paper is therefore to show that the undiscounted utilitarian criterion is an anonymous and never-decisive criterion for optimal growth models. We consider the set of utilities of consumptions which are generated by a specific technology, namely a technology with decreasing returns for high levels of capital, and restrict ourselves to good programs, i.e., any program for which intertemporal utility is well defined. 相似文献
4.
Alain Ayong Le Kama 《Economic Theory》2001,18(3):745-752
Summary. We extend the Beltratti, Chichilnisky and Heal's (1993) and (1998) continuous-time stochastic dynamic framework to analyze
the optimal depletion of an asset whose consumption is irreversible, in the face of uncertainty about future preferences.
Their model is rather general and so the results are general qualitative theorems. We show that in some interesting cases
it is possible to solve their model analytically. The cases involve constant elasticity utility functions and the assumption
of a Poisson process for the evolution of preferences.
Received: September 13, 1999; revised version: November 23, 1999 相似文献
5.
In this paper the impact of the cotton pricing policy of the marketing board of Côte-d'Ivoire is investigated. A theoretical model is developed to derive the price level which maximizes revenue generated from the marketing board's cotton transactions. A dynamic cotton supply function was estimated and used to compute elasticities. The estimates indicate that farmers in the Country response to price changes and that the pricing policy of the marketing board has been consistent with an objective of generating revenue for the government. 相似文献
6.
Review of Accounting Studies - We examine the effect of managerial expectations on asymmetric cost behavior in the context of resource adjustment costs and unused resource constraints. Our results... 相似文献
7.
Kärg Kama 《Geopolitics》2016,21(4):831-856
Engaging with nascent scholarly efforts to foreground the ‘geo’ of geopolitics, this article examines how certain low-quality geological substances are constituted as strategic, ‘unconventional’ fossil fuel resources, the exploitation of which is deemed indispensable for energy security reasons. Based on a detailed study of oil shale exploitation in Estonia, the paper specifically analyses the politics of knowledge that enable such carbon-intensive and energy-inefficient industries to perpetuate at the national level and, moreover, subvert the neoliberal imperatives of energy sector deregulation and decarbonisation arising from EU policies. This analysis leads to two key arguments. At one level, the Estonian case evidences and contextualises the growing recognition that ‘energy security’ represents a multifaceted and dynamic construct as it highlights, in particular, the contingency of expert knowledge in its conceptualisation and performance. What counts as energy security is in this case articulated via shifting and contested modes of knowledge-making, whereby state- and market-led modes of energy governance are continuously renegotiated. At another level, however, the politics of knowledge is explained here as exercised through contending ontologies of the fossil fuel resource that pivots security claims, or ‘geo-logics’, which has multiplying effects on resource materiality. 相似文献
8.
Financial analysis often involves decomposing variables into components, emphasizing the structured hierarchy among ratios.
We distinguish between unconditional persistence (a variable’s autocorrelation coefficient), and conditional persistence (the
power of a variable’s persistence to explain the persistence of a variable higher in the hierarchy). We argue that a variable’s
conditional persistence determines the magnitude of its market reaction, allowing us to predict the relative magnitude of
the market reaction to a ratio depending on its hierarchal level in the analysis. We examine the market reaction to the DuPont
ratios and find that, while the unconditional persistence of asset turnover (ATO) is larger than that of operating profit
margin (OPM), the conditional persistence of OPM is larger than that of ATO. Thus, we predict and find that the market’s reaction
to OPM is stronger than that to ATO. We further decompose OPM and ATO into their second-order components and show that the
market reaction depends on a component’s conditional persistence. 相似文献
9.
Revenues and expenses are fundamentally proportional to one another, but are likely to be disproportionally affected by transitory items or economic shocks. We build on this observation and propose a new measure of sustainable earnings based on deviations from normal profit margins. While some other sustainable earnings metrics attempt to identify transitory components on a line-by-line basis, our measure, referred to as the intensity of core earnings (ICE), uses ratio analysis to extract the transitory portion of earnings from all line items. We find that the ICE, as measured here, is positively associated with earnings persistence, better earnings predictability, and stronger market reaction to unexpected earnings. We also find that our measure is positively associated with post-earnings announcement excess stock returns. Comparing our measure with an accrual-based measure of earnings quality, we find that, in general, the two metrics provide distinct incremental information relative to one another and in some instances our measure is better than an accrual-based measure in assessing earnings quality. 相似文献
10.
In this paper we focus on a long-term dynamic analysis of the optimal adaptation/mitigation mix in the presence of a pollution threshold above which adaptation is no longer efficient. We account for accumulation in abatement capital, greenhouse gases, and adaptation capital in order to better capture the arbitrage between abatement and adaptation investments. Pollution damages arise from the emissions due to the country consumption but also from the emissions of the rest of the world (ROW). A pollution threshold is then introduced, above which adaptation is no longer efficient. We obtain that if this threshold is lower than the steady-state level of pollution, there is no way for the modelled economy to avoid it. In particular, such a situation will appear if the ROW’s emissions are high. We then show that CDM may be a means to avoid a pollution threshold above which adaptation becomes of no use. 相似文献