Accounting Review

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The Contagion Effects of Accounting Restatements
Accounting Review - Tập 83 Số 1 - Trang 83-110 - 2008
Cristi A. Gleason, Nicole Thorne Jenkins, W. Bruce Johnson
We predict and find that accounting restatements that adversely affect shareholder wealth at the restating firm also induce share price declines among non-restating firms in the same industry. These share price declines are unrelated to changes in analysts' earnings forecasts, but instead seem to reflect investors' accounting quality concerns. Peer firms with high industry-adjusted accruals experi... hiện toàn bộ
The World Price of Earnings Opacity
Accounting Review - Tập 78 Số 3 - Trang 641-678 - 2003
Utpal Bhattacharya, Hazem Daouk, Michael Welker
We analyze financial statements from 34 countries for the period 1984–1998 to construct a panel data set measuring three dimensions of reported accounting earnings for each country: earnings aggressiveness, loss avoidance, and earnings smoothing. We hypothesize that these three dimensions are associated with uninformative or opaque earnings, and so we combine these three measures to obtain an over... hiện toàn bộ
Residual-Income-Based Valuation Predicts Future Stock Returns: Evidence on Mispricing vs. Risk Explanations
Accounting Review - Tập 78 Số 2 - Trang 377-396 - 2003
Ashiq Ali, Lee-Seok Hwang, Mark A. Trombley
Frankel and Lee (1998) show that the value-to-price ratio (Vf/P) predicts future abnormal returns for up to three years, where Vf is an estimate of fundamental value based on a residual income valuation framework operationalized using analyst earnings forecasts. In this study, we examine whether the Vf/P effect is due to market mispricing or omitted risk factors. We find that the Vf/P effect is pa... hiện toàn bộ
A Convenient Scapegoat: Fair Value Accounting by Commercial Banks during the Financial Crisis
Accounting Review - Tập 87 Số 1 - Trang 59-90 - 2012
Brad A. Badertscher, Jeffrey J. Burks, Peter D. Easton
ABSTRACT Critics argue that fair value provisions in U.S. accounting rules exacerbated the recent financial crisis by depleting banks' regulatory capital, which curtailed lending and triggered asset sales, leading to further economic turmoil. Defenders counter-argue that the fair value provisions were insufficient to lead to the pro-cyclical effects alleged by the critics. Our evidence indicates t... hiện toàn bộ
An Empirical Investigation of an Incentive Plan that Includes Nonfinancial Performance Measures
Accounting Review - Tập 75 Số 1 - Trang 65-92 - 2000
Rajiv D. Banker, Gordon Potter, Dhinu Srinivasan
Recent studies report an increasing use of nonfinancial measures such as product quality, customer satisfaction, and market share in performance measurement and compensation systems. A growing literature suggests that because current nonfinancial measures are better predictors of long-term financial performance than current financial measures, they help refocus managers on the long-term aspects of... hiện toàn bộ
Does Mandatory IFRS Adoption Improve Information Comparability?
Accounting Review - Tập 87 Số 5 - Trang 1767-1789 - 2012
Rita Wing Yue Yip, Danqing Young
ABSTRACT This study examines whether the mandatory adoption of International Financial Reporting Standards (IFRS) in the European Union significantly improves information comparability in 17 European countries. We employ three proxies—the similarity of accounting functions that translate economic events into accounting data, the degree of information transfer, and the similarity of the information... hiện toàn bộ
The Importance of Reporting Incentives: Earnings Management in European Private and Public Firms
Accounting Review - Tập 81 Số 5 - Trang 983-1016 - 2006
David Burgstahler, Luzi Hail, Christian Leuz
This paper examines how capital market pressures and institutional factors shape firms' incentives to report earnings that reflect economic performance. To isolate the effects of reporting incentives, we exploit the fact that, within the European Union, privately held corporations face the same accounting standards as publicly traded companies because accounting regulation is based on legal form. ... hiện toàn bộ
The Capital Market Consequences of Language Barriers in the Conference Calls of Non-U.S. Firms
Accounting Review - Tập 91 Số 4 - Trang 1023-1049 - 2016
François Brochet, Patricia Naranjo, Gwen Yu
ABSTRACT We examine how language barriers affect the capital market reaction to information disclosures. Using transcripts from non-U.S. firms' English-language conference calls, we find that the calls of firms in countries with greater language barriers are more likely to contain non-plain English and erroneous expressions. For non-U.S. firms that hire an English-speaking manager, we find less us... hiện toàn bộ
Restoring the Tower of Babel: How Foreign Firms Communicate with U.S. Investors
Accounting Review - Tập 89 Số 4 - Trang 1453-1485 - 2014
Russell J. Lundholm, Rafael Rogo, Jenny Li Zhang
ABSTRACT: We examine the readability of text and the use of numbers in the annual filings and earnings press releases of foreign firms listed on U.S. stock exchanges. We find that foreign firms generally write clearer text and present relatively more numerical data than their U.S. firm counterparts. More importantly, we find that the readability of the text and use of numbers increases as the fore... hiện toàn bộ
On the Benefits of Audit Market Consolidation: Evidence from Merged Audit Firms
Accounting Review - Tập 91 Số 2 - Trang 463-488 - 2016
Qihui Gong, Oliver Zhen Li, Yupeng Lin, Liansheng Wu
ABSTRACT We examine efficiency improvement associated with audit firm mergers. Our analysis is made possible by a unique dataset of audit hours in China. We find a significant reduction in audit hours, unaccompanied by a deterioration in audit quality, of merged audit firms. Further, we find a larger reduction in audit hours when acquirers are Chinese domestic Big 10 audit firms and when client fi... hiện toàn bộ
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