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Murphy's Law: A New Perspective for Management Accounting Research 墨菲定律:管理会计研究的新视角
Baruch College Zicklin School of Business Research Paper Series Pub Date : 2006-05-18 DOI: 10.2139/ssrn.903218
H. Z. Davis, Solomon Appel, John Y. Lee
{"title":"Murphy's Law: A New Perspective for Management Accounting Research","authors":"H. Z. Davis, Solomon Appel, John Y. Lee","doi":"10.2139/ssrn.903218","DOIUrl":"https://doi.org/10.2139/ssrn.903218","url":null,"abstract":"A corollary to Murphy's Law is: The other lane always moves faster than my lane. We show that even when the law is objectively untrue, because of sampling bias, people perceive the law as true. A manager who is aware of this perceptual bias will try to structure her budget cutbacks and all other \"negative compensations\" in such a way that her employees perceive that the cutback applies to everyone, not just to themselves. This finding has significant implications for future management accounting research.","PeriodicalId":130859,"journal":{"name":"Baruch College Zicklin School of Business Research Paper Series","volume":"70 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-05-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125160624","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Exchange and Specialization as a Discovery Process 作为发现过程的交换和专门化
Baruch College Zicklin School of Business Research Paper Series Pub Date : 2006-05-01 DOI: 10.2139/ssrn.930078
Sean Crockett, V. Smith, B. Wilson
{"title":"Exchange and Specialization as a Discovery Process","authors":"Sean Crockett, V. Smith, B. Wilson","doi":"10.2139/ssrn.930078","DOIUrl":"https://doi.org/10.2139/ssrn.930078","url":null,"abstract":"In this paper we study the performance of an economic environment that can support specialization if the participants implement and develop some system of exchange. We define a closed economy in which the participants must discover the ability to exchange, implement it, and ascertain what they are comparatively advantaged in producing. Many people demonstrate the ability to find comparative advantage, capture gains from trade, and effectively choose production that is consistent with the choices of others. However, many do not become specialists, even though full efficiency can only be achieved if everyone does so. Near-full efficiency does occur bilaterally in these economies, typically because some individuals have entered a stable trading relationship with a specialist in the other good. Such pairing does not necessarily give impetus to the formation of other pairs, nor are pairs open to the inclusion of a third party. We explore various treatments to provide insight into the conditions that might foster the growth of specialization and exchange within this austere institutional framework. We find one treatment that achieves high levels of efficiency in half of the sessions.","PeriodicalId":130859,"journal":{"name":"Baruch College Zicklin School of Business Research Paper Series","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125515688","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 13
Auditor Tenure and Perceptions of Audit Quality 审计师任期与审计质量认知
Baruch College Zicklin School of Business Research Paper Series Pub Date : 2005-04-01 DOI: 10.2139/ssrn.385880
A. Ghosh, Doo-cheol Moon
{"title":"Auditor Tenure and Perceptions of Audit Quality","authors":"A. Ghosh, Doo-cheol Moon","doi":"10.2139/ssrn.385880","DOIUrl":"https://doi.org/10.2139/ssrn.385880","url":null,"abstract":"We analyze how investors and information intermediaries perceive auditor tenure. Using earnings response coefficients from returns‐earnings regressions as a proxy for investor perceptions of earnings quality, we document a positive association between investor perceptions of earnings quality and tenure. Further, we find that the influence of reported earnings on stock rankings becomes larger with extended tenure, although the association between debt ratings and reported earnings does not vary with tenure. Finally, we find that the influence of past earnings on one‐year‐ahead earnings forecasts becomes greater as tenure increases. In general, our results are consistent with the hypothesis that investors and information intermediaries perceive auditor tenure as improving audit quality. One implication of our study is that imposing mandatory limits on the duration of the auditor‐client relationship might impose unintended costs on capital market participants.","PeriodicalId":130859,"journal":{"name":"Baruch College Zicklin School of Business Research Paper Series","volume":"77 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2005-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133481008","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 719
Stochastic Skew in Currency Options 货币期权的随机偏态
Baruch College Zicklin School of Business Research Paper Series Pub Date : 2004-05-01 DOI: 10.2139/ssrn.559404
Liuren Wu, P. Carr
{"title":"Stochastic Skew in Currency Options","authors":"Liuren Wu, P. Carr","doi":"10.2139/ssrn.559404","DOIUrl":"https://doi.org/10.2139/ssrn.559404","url":null,"abstract":"We document the behavior of over-the-counter currency option prices across moneyness, maturity, and calendar time on two of the most actively traded currency pairs over the past eight years. We find that the risk-neutral distribution of currency returns is relatively symmetric on average. However, on any given date, the conditional currency return distribution can show strong asymmetry. This asymmetry varies greatly over time and often switch directions. We design and estimate a class of models that capture these unique features of the currency options prices and perform much better than traditional jump-diffusion stochastic volatility models.","PeriodicalId":130859,"journal":{"name":"Baruch College Zicklin School of Business Research Paper Series","volume":"86 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2004-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122685799","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 338
The Impact of Dividend Tax Cut and Managerial Stock Holdings on Firm's Dividend Policy 股利减税与管理层持股对企业股利政策的影响
Baruch College Zicklin School of Business Research Paper Series Pub Date : 2004-01-15 DOI: 10.2139/ssrn.492802
J. Nam, Jun Wang, Ge Zhang
{"title":"The Impact of Dividend Tax Cut and Managerial Stock Holdings on Firm's Dividend Policy","authors":"J. Nam, Jun Wang, Ge Zhang","doi":"10.2139/ssrn.492802","DOIUrl":"https://doi.org/10.2139/ssrn.492802","url":null,"abstract":"This paper examines the effect of managerial stock holdings on corporate dividend payments under the new dividend tax environment. Utilizing a very rare event on dividend tax rate cut introduced in May 2003, this paper allows us to fully investigate whether managers holding sizable stakes direct their corporations to raise dividends for their own benefits. Our results show that managerial stock holdings have significantly positive effect on both the likelihood and the extent of dividend increase in year 2003. However, there is no such relation for the period of 1993 through 2002. Similar to the previous studies, managerial stock options are negatively related to dividend payment increases both before and after dividend tax cut.","PeriodicalId":130859,"journal":{"name":"Baruch College Zicklin School of Business Research Paper Series","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2004-01-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117035726","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 22
A Simple Robust Test for the Presence of Jumps in Asset Prices 资产价格跳跃存在的简单稳健测试
Baruch College Zicklin School of Business Research Paper Series Pub Date : 2001-07-01 DOI: 10.2139/ssrn.283315
P. Carr, Liuren Wu
{"title":"A Simple Robust Test for the Presence of Jumps in Asset Prices","authors":"P. Carr, Liuren Wu","doi":"10.2139/ssrn.283315","DOIUrl":"https://doi.org/10.2139/ssrn.283315","url":null,"abstract":"We develop a simple robust test for the presence of jumps in the price of an asset underlying an option. Our test examines the prices of at and out-of-the-money options as the time to maturity of the option approaches zero. We show that these prices converge to zero at speeds which depend on whether the price process is pure diffusion, pure jump, or a mixture of both. By applying our test to S&P 500 options data, we conclude that this index contains a jump component. Furthermore, there are strong indications of both a diffusion component and stochastic volatility.","PeriodicalId":130859,"journal":{"name":"Baruch College Zicklin School of Business Research Paper Series","volume":"78 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2001-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115695094","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
The Role of Target Leverage in Security Issues and Repurchases 目标杠杆在证券发行和回购中的作用
Baruch College Zicklin School of Business Research Paper Series Pub Date : 2001-01-01 DOI: 10.2139/ssrn.262584
Armen Hovakimian
{"title":"The Role of Target Leverage in Security Issues and Repurchases","authors":"Armen Hovakimian","doi":"10.2139/ssrn.262584","DOIUrl":"https://doi.org/10.2139/ssrn.262584","url":null,"abstract":"The paper examines whether security issues and repurchases adjust the capital structure toward the target. The time-series patterns of debt ratios imply that only debt reductions are initiated to offset the accumulated deviation from target leverage. The importance of target leverage in earlier debt-equity choice studies is driven by the subsample of equity issues accompanied by debt reductions. Unlike debt issues and reductions, equity issues and repurchases have no significant lasting effect on capital structure. Therefore, even firms that have target debt ratios can engage in timing the equity market.","PeriodicalId":130859,"journal":{"name":"Baruch College Zicklin School of Business Research Paper Series","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2001-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125499970","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 239
Quality and Pricing of Earnings Under Sustained Growth 持续增长下收益的质量和定价
Baruch College Zicklin School of Business Research Paper Series Pub Date : 2000-10-01 DOI: 10.2139/ssrn.269060
A. Ghosh
{"title":"Quality and Pricing of Earnings Under Sustained Growth","authors":"A. Ghosh","doi":"10.2139/ssrn.269060","DOIUrl":"https://doi.org/10.2139/ssrn.269060","url":null,"abstract":"I examine the effect of various business strategies aimed at sustaining growth on quality and pricing of earnings. Earnings quality is predicted to be high when earnings growth results from sales increases, rather than cost reductions or income management of core and non-core operations, because firms signal competitive advantages in products. One implication of high earnings quality is that pricing of earnings will also be high. Consistent with the predictions, earnings multiples are the highest when earnings growth is sustained through sales growth. Firms that use income from core and non-core operations to sustain growth have high earnings multiples once growth rates are sustained for at least three years. These multiples are lower than those of firms with sustained sales and earnings increases. Firms almost never reduce operating costs over long periods to sustain earnings growth. Finally, I find that earnings multiples are high when sales are growing over successive years even when earnings do not increase.","PeriodicalId":130859,"journal":{"name":"Baruch College Zicklin School of Business Research Paper Series","volume":"147 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2000-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124716336","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Jumps and Dynamic Portfolio Decisions 跳跃和动态投资组合决策
Baruch College Zicklin School of Business Research Paper Series Pub Date : 1999-05-03 DOI: 10.2139/ssrn.174028
Liuren Wu
{"title":"Jumps and Dynamic Portfolio Decisions","authors":"Liuren Wu","doi":"10.2139/ssrn.174028","DOIUrl":"https://doi.org/10.2139/ssrn.174028","url":null,"abstract":"A central feature of the asset return data is non-normality, which raises important questions about asset allocation. This paper provides a general framework for analyzing optimal dynamic asset allocation problems in economies with infrequent events and where the investment opportunities are stochastic and predictable. Analytical solutions are obtained, from which we are able to do a thorough comparative study of the impacts of jumps. We also calibrate the model to the U.S. equity market and find that jump risk substantially reduces the investor's demand for stocks.","PeriodicalId":130859,"journal":{"name":"Baruch College Zicklin School of Business Research Paper Series","volume":"118 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1999-05-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116601821","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 5
A Behavioral Model of Earnings Forecasts: Top Down Versus Bottom Up 盈利预测的行为模型:自上而下vs .自下而上
Baruch College Zicklin School of Business Research Paper Series Pub Date : 1998-05-01 DOI: 10.2139/ssrn.92617
M. Darrough, T. Russell
{"title":"A Behavioral Model of Earnings Forecasts: Top Down Versus Bottom Up","authors":"M. Darrough, T. Russell","doi":"10.2139/ssrn.92617","DOIUrl":"https://doi.org/10.2139/ssrn.92617","url":null,"abstract":"Analysts' forecasts of earnings play a key role in determining stock market valuations. In recent research, forecast errors have played an important part in explaining momentum and mean-regression effects in asset returns. Given that substantial amounts of wealth ride on the accuracy of these forecasts, it is to be expected that they will conform closely to normative canons of optimality. The evidence suggests that this is not the case. Earnings forecasts have been found to be both biased and inefficient. In this paper, we focus on the earnings forecasts of major market indices such as the S&P500 made by bottom-up analysts (insiders) and top-down market strategists (outsiders). The bottom-up forecasts are aggregates of the forecasts of individual company earnings made by those analysts who follow each company, whereas top-down forecasts are the forecasts made by market strategists who estimate the earnings of the major market indices directly. We present a behavioral model of forecasting that characterizes monthly forecasts by three parameters. Although the general pattern of errors is similar, we find that incentives seem to matter. Insiders appear to be more optimistic than outsiders. Since neither top-down nor bottom-up forecasts is optimal, there is hope that a combination of these forecasts will reduce forecast errors. We confirm that this is indeed the case by generating hybrid forecasts that combine the two forecasts. We conjecture that such a method can be used to develop superior forecasts not just of the earnings of market indices, but of individual companies as well.","PeriodicalId":130859,"journal":{"name":"Baruch College Zicklin School of Business Research Paper Series","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1998-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128226871","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
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