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This study empirically investigates the information dynamics of the Ohlson valuation framework. Single-period lagged linear autoregressive relationships among dividends, earnings, and book values of equity are estimated for a sample of stochastically stationary firms and are found not to support the valuation framework. This study further extends the empirical analysis to a multilagged vector autoregressive linear information system. Consistent with the Ohlson valuation framework,the past time series of all three variables are generally found to be relevant for firm valuation. This study brings into question empirical research utilizing the Ohlson framework that presupposes a single-period lagged information dynamic. 相似文献
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This paper uses the principal-agent model to show that a manager's optimal compensation should generally include non-controllable factors of production such as the firm's investment in capital. This implies that the managerial accounting distinction between profit and investment centres is artificial. Examples are shown in which the ROI or RI criteria could be optimal for compensating managers implying that the optimal compensation criterion is very much specific to the firm's production and risk parameters. Thus, the debate about which criterion is more appropriate is vacuous. 相似文献
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This study investigates the scope of an audit conducted during the first part of the annual auditing cycle. It measures empirically the probability of auditing various balance sheet and income statement accounts. The results indicate that current assets and liabilities have a higher probability for an interim audit than fixed assets, long-term debt and equity accounts. Furthermore, the likelihood of including each account in an interim audit increases with client size, so the larger an auditee, the wider the audit scope during the beginning of the audit cycle. Also, the empirical results indicate that the lower the familiarity of the auditor with the auditee, the wider the scope of an interim audit. These results seem to be consistent with auditing theory and intuition. 相似文献
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Information interpretation or information discovery: which role of analysts do investors value more?
This study provides evidence that a significant percentage of analyst forecast revisions are issued promptly after a broad set of corporate public disclosures and that investors perceive these prompt revisions as more valuable than nonprompt revisions. These results hold for all revisions, revisions outside of the earnings announcement window, or revisions in weeks preceding the earnings announcements and are also robust to various sensitivity tests. Investors particularly value analysts?? prompt interpretation of earnings announcements, Form 8-K filings, or certain qualitative news. To the extent that prompt revisions are more likely to reflect analysts?? information interpretation role, our results suggest that investors value more highly analysts?? ability to interpret public disclosures, especially less structured or non-financial disclosures, than their ability for information discovery. 相似文献
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Two major diversification strategies of firms are examined: diversification into related businesses and diversification into unrelated businesses. The first strategy attempts to exploit operating synergies. In the second, the firm attempts to gain financial benefits from its ability to increase leverage due to a greater stability of cash flows. The study utilizes a large sample affirms to assess empirically the benefits and costs of these two diversification strategies by developing a new measure of diversification across business cycles and economic sectors. This new measure is compared with Berry—Herfindahl type measures of total diversification and recent measures of diversification into related businesses. The results indicate that pure financial diversification is associated with (a) more stable cash flows, i.e. lower operating risk; (b) increased levels of leverage; and (c) lower profitability. These observations are in accord with the theory. We also reaffirm that firms which diversify into related businesses have, on the average, higher profitability than non-diversified firms, although these results are not always statistically significant. 相似文献
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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