What Determines Corporate Transparency?Journal of Accounting Research - Tập 42 Số 2 - Trang 207-252 - 2004
Robert M. Bushman, Joseph D. Piotroski, Abbie J. Smith
ABSTRACTWe investigate corporate transparency, defined as the availability of firm‐specific information to those outside publicly traded firms. We conceptualize corporate transparency within a country as output from a multifaceted system whose components collectively produce, gather, validate, and disseminate information. We factor analyze a range of measures captu...... hiện toàn bộ
Does Greater Firm‐Specific Return Variation Mean More or Less Informed Stock Pricing?Journal of Accounting Research - Tập 41 Số 5 - Trang 797-836 - 2003
Artyom Durnev, Randall Mørck, Bernard Yeung, Paul Zarowin
ABSTRACTRoll [1988] observes low R2 statistics for common asset pricing models due to vigorous firm‐specific return variation not associated with public information. He concludes that this implies “either private information or else occasional frenzy unrelated to concrete information”[p. 56]. We show that firms and in...... hiện toàn bộ
Analyst Specialization and Conglomerate Stock BreakupsJournal of Accounting Research - Tập 39 Số 3 - Trang 565-582 - 2001
Stuart C. Gilson, Paul M. Healy, Christopher F. Noe, Krishna G. Palepu
This paper examines whether firms emerging from conglomerate stock breakups are able to affect the types of financial analysts that cover their firms as well as the quality of information generated about their performance. Our sample comprises 103 focus‐increasing spin‐offs, equity carve‐outs, and targeted stock offerings between 1990 and 1995. We find that, after these transactions, sampl...... hiện toàn bộ
Marking‐to‐Market: Panacea or Pandora's Box?Journal of Accounting Research - Tập 46 Số 2 - Trang 435-460 - 2008
Guillaume Plantin, Haresh Sapra, Hyun Song Shin
ABSTRACTFinancial institutions have been at the forefront of the debate on the controversial shift in international standards from historical cost accounting to mark‐to‐market accounting. We show that the trade‐offs at stake in this debate are far from one‐sided. While the historical cost regime leads to some inefficiencies, marking‐to‐market may lead to other type...... hiện toàn bộ
Detecting Deceptive Discussions in Conference CallsJournal of Accounting Research - Tập 50 Số 2 - Trang 495-540 - 2012
David F. Larcker, Anastasia A. Zakolyukina
ABSTRACTWe estimate linguistic‐based classification models of deceptive discussions during quarterly earnings conference calls. Using data on subsequent financial restatements and a set of criteria to identify severity of accounting problems, we label each call as “truthful” or “deceptive.” Prediction models are then developed with the word categories that have bee...... hiện toàn bộ