The effect of Regulation Fair Disclosure on expectations management: International evidence

Journal of Accounting and Public Policy - Tập 29 - Trang 403-423 - 2010
Thomas G. Canace1, Marcus L. Caylor2, Peter M. Johnson3, Thomas J. Lopez4
1Wake Forest University, Schools of Business, Winston-Salem, NC 27109, United States
2Moore School of Business, University of South Carolina, Columbia, SC 29208, United States
3School of Accountancy, Marriott School of Management, Brigham Young University, United States
4Culverhouse School of Accountancy, University of Alabama, Tuscaloosa, AL 35847, United States

Tài liệu tham khảo

Abarbanell, 2003, Biased forecasts or biased earnings? The role of reported earnings in explaining apparent bias and over/underreaction in analysts’ earnings forecasts, Journal of Accounting and Economics, 36, 105, 10.1016/j.jacceco.2003.11.001 Agrawal, 2006, Who is afraid of Reg FD? The behavior and performance of sell-side analysts following the SEC fair disclosure rules, Journal of Business, 79, 2811, 10.1086/508000 Bailey, 2003, Regulation fair disclosure and earnings information: market, analyst, and corporate responses, Journal of Finance, 58, 2487, 10.1046/j.1540-6261.2003.00613.x Bartov, 2002, The rewards to meeting or beating earnings expectations, Journal of Accounting and Economics, 33, 173, 10.1016/S0165-4101(02)00045-9 Brown, 2001, A temporal analysis of earnings surprises: profits versus losses, Journal of Accounting Research, 39, 221, 10.1111/1475-679X.00010 Brown, 2005, A temporal analysis of quarterly earnings thresholds: propensities and valuation consequences, The Accounting Review, 80, 423, 10.2308/accr.2005.80.2.423 Brown, 2001, Managing earnings surprises in the US versus 12 other countries, Journal of Accounting and Public Policy, 20, 373, 10.1016/S0278-4254(01)00039-4 Brown, 2005, Managers’ forecast guidance of analysts: international evidence, Journal of Accounting and Public Policy, 24, 280, 10.1016/j.jaccpubpol.2005.05.001 Burgstahler, 1997, Earnings management to avoid earnings decreases and losses, Journal of Accounting and Economics, 24, 99, 10.1016/S0165-4101(97)00017-7 Burgstahler, 2006, Management of earnings and analysts’ forecasts to achieve zero and small positive earnings surprises, Journal of Business Finance & Accounting, 33, 633, 10.1111/j.1468-5957.2006.00630.x Caylor, 2007, Is the value-relevance of earnings conditional on the timing of earnings information?, Journal of Accounting and Public Policy, 26, 62, 10.1016/j.jaccpubpol.2006.11.003 Cohen, 2008, Real and accrual-based earnings management in the pre-and post-Sarbanes–Oxley periods, The Accounting Review, 83, 757, 10.2308/accr.2008.83.3.757 Dechow, 2003, Why are earnings kinky? A reexamination of the Earnings Management Explanation, Review of Accounting Studies, 8, 335, 10.1023/A:1024481916719 Dhaliwal, 2004, Last chance earnings management: using tax expense to achieve earnings targets, Contemporary Accounting Research, 21, 431, 10.1506/TFVV-UYT1-NNYT-1YFH Duarte, 2007, Information asymmetry, information dissemination and the effect of regulation FD on the cost of capital, Journal of Financial Economics, 87, 24, 10.1016/j.jfineco.2006.12.005 Francis, 2006, Re-examining the effects of regulation fair disclosure using foreign listed firms to control for concurrent shocks, Journal of Accounting and Economics, 41, 271, 10.1016/j.jacceco.2006.03.002 Heflin, 2003, Regulation FD and the financial information environment: early evidence, The Accounting Review, 78, 1, 10.2308/accr.2003.78.1.1 Hunt, I., 2001. Testimony Concerning Regulation Fair Disclosure. Securities and Exchange Commission testimony before the subcommittee on capital markets, insurance and government sponsored enterprises (May 21). <http://www.sec.gov/news/testimony/051701tsih.htm>. Hutton, 2005, Determinants of managerial earnings guidance prior to Regulation Fair Disclosure and bias in analysts’ earnings forecasts, Contemporary Accounting Research, 22, 867, 10.1506/6QUR-CR5M-AQQX-KX1A Janakiraman, 2007, Regulation Fair Disclosure and analysts’ first-forecast horizon, Journal of Accounting, Auditing and Finance, 22, 339, 10.1177/0148558X0702200215 Kasznik, 1999, On the association between voluntary disclosure and earnings management, Journal of Accounting Research, 37, 57, 10.2307/2491396 Kasznik, 2002, Does meeting expectations matter? Evidence from analyst forecast revisions and share prices, Journal of Accounting Research, 40, 727, 10.1111/1475-679X.00069 Kothari, 2005, Performance matched discretionary accrual measures, Journal of Accounting and Economics, 39, 163, 10.1016/j.jacceco.2004.11.002 Kwag, 2007, The impact of Regulation Fair Disclosure on earnings management and analyst forecast bias, Journal of Economics and Finance, 31, 87, 10.1007/BF02751514 La Porta, 1998, Law and finance, Journal of Political Economy, 106, 1113, 10.1086/250042 Leuz, 2003, Earnings management and investor protection: an international comparison, Journal of Financial Economics, 69, 505, 10.1016/S0304-405X(03)00121-1 Levitt, A., 1999. Statement of Chairman Arthur Levitt on Audit Committee Oversight, Selective Disclosure, and Insider Trading. Securities and Exchange Commission Supplementary News Material (December 15). <http://www.sec.gov/news/extra/alsdisc.htm>. Lopez, 2002, The effect of beating and missing analysts’ forecasts on the information content of unexpected earnings, Journal of Accounting, Auditing, and Finance, 17, 155, 10.1177/0148558X0201700204 Mathew, 2007, Are foreign issuers complying with Regulation Fair Disclosure?, Journal of International Financial Markets, Institutions & Money, 17, 246, 10.1016/j.intfin.2005.11.004 Matsumoto, 2002, Management’s incentives to avoid negative earnings surprises, The Accounting Review, 77, 483, 10.2308/accr.2002.77.3.483 Richardson, 2004, The walkdown to beatable analyst forecasts: the role of equity issuance and insider trading incentives, Contemporary Accounting Research, 21, 885, 10.1506/KHNW-PJYL-ADUB-0RP6 Securities and Exchange Commission, 1999. Proposed Rule: Selective Disclosure and Insider Trading. <http://www.sec.gov/rules/proposed/34-42259.htm>. Securities and Exchange Commission, 2000. Final Rule: Selective Disclosure and Insider Trading. <http://www.sec.gov/rules/final/33-7881.htm>. Shane, P., Soderstrom, N., Yoon, S., 2001. Earnings and price discovery in the post-reg. FD information environment: a preliminary analysis. Working paper, University of Colorado. Skinner, 1994, Why firms voluntarily disclose bad news, Journal of Accounting Research, 32, 38, 10.2307/2491386 Subramanyam, 1996, The pricing of discretionary accruals, Journal of Accounting and Economics, 22, 249, 10.1016/S0165-4101(96)00434-X Walker, R., 2000. Speech by SEC Staff: Regulation FD – An Enforcement Perspective. Securities and Exchange Commission (November 1). <http://www.sec.gov/news/speech/spch415.htm>. Wang, 2007, Private earnings guidance and its implications for disclosure regulation, The Accounting Review, 82, 1299, 10.2308/accr.2007.82.5.1299