Wiley-Blackwell: Journal of Business Finance & Accounting最新文献_第9页

Taxation and the Early Exercise of Call Options 税收和看涨期权的早期行使

Wiley-Blackwell: Journal of Business Finance & Accounting Pub Date : 2010-06-01 DOI: 10.1111/j.1468-5957.2010.02183.x

K. Alpert

引用次数: 10

Decomposing Executive Stock Option Exercises: Relative Information and Incentives to Manage Earnings 分解高管股票期权行使:管理盈余的相关信息和激励

Wiley-Blackwell: Journal of Business Finance & Accounting Pub Date : 2010-05-01 DOI: 10.1111/j.1468-5957.2011.02239.x

David Veenman, A. Hodgson, Bart van Praag, Wei Zhang

引用次数: 18

Information Risk and Underwriter Switching in SEOs: Evidence from China 搜索引擎优化中的信息风险与承销商转换:来自中国的证据

Wiley-Blackwell: Journal of Business Finance & Accounting Pub Date : 2010-03-01 DOI: 10.1111/j.1468-5957.2010.02211.x

Wei Luo, P. Rao, Heng Yue

{"title":"Information Risk and Underwriter Switching in SEOs: Evidence from China","authors":"Wei Luo, P. Rao, Heng Yue","doi":"10.1111/j.1468-5957.2010.02211.x","DOIUrl":"https://doi.org/10.1111/j.1468-5957.2010.02211.x","url":null,"abstract":"In this paper we examine whether information risk affects underwriter switching in a seasoned equity offering (SEO) process. Building on previous research, we hypothesize that SEO firms and underwriters associate with one another by mutual choice, and firms with a low degree of information risk tend to match up with prestigious underwriters. Using a sample of SEO firms in China and employing accruals quality as a proxy of information risk, we find evidence consistent with our hypothesis: the information risk and the initial public offering (IPO) underwriters' reputation at the time of the SEO jointly determine the probability that the firms will switch their underwriters. A mismatch between information risk and underwriter reputation increases the probability of an underwriter switching. Furthermore, if the firms decide to switch underwriters, then a lower degree of information risk is associated with a greater likelihood of changing to a more reputable underwriter. We also find that the relationship between information risk and the choice of underwriter reputation primarily exists in non-state-controlled companies. Copyright (c) 2010 Blackwell Publishing Ltd.","PeriodicalId":23644,"journal":{"name":"Wiley-Blackwell: Journal of Business Finance & Accounting","volume":"21 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2010-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78702938","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: 14

Cash Flow Disaggregation and the Prediction of Future Earnings 现金流量分解与未来收益预测

Wiley-Blackwell: Journal of Business Finance & Accounting Pub Date : 2010-03-01 DOI: 10.1111/j.1467-629X.2009.00316.x

N. Arthur, Marco Cheng, Robert Czernkowski

引用次数: 51

Tax-Induced Dividend Capturing 税收诱导股息获取

Wiley-Blackwell: Journal of Business Finance & Accounting Pub Date : 2010-03-01 DOI: 10.1111/j.1468-5957.2010.02210.x

Oliver Zhen Li

引用次数: 15

How Do Restatements Begin? Evidence of Earnings Management Preceding Restated Financial Reports 重述如何开始?重述财务报告前盈余管理的证据

Wiley-Blackwell: Journal of Business Finance & Accounting Pub Date : 2010-02-18 DOI: 10.1111/j.1468-5957.2010.02199.x

Michael L. Ettredge, Susan Scholz, Kevin R. Smith, Lili Sun

{"title":"How Do Restatements Begin? Evidence of Earnings Management Preceding Restated Financial Reports","authors":"Michael L. Ettredge, Susan Scholz, Kevin R. Smith, Lili Sun","doi":"10.1111/j.1468-5957.2010.02199.x","DOIUrl":"https://doi.org/10.1111/j.1468-5957.2010.02199.x","url":null,"abstract":"Most earnings restatements are blamed on error, or misunderstanding of GAAP, but suspicion persists that many of these restatements are instead due to intentional earnings management. We analyze balance sheet bloat, or unusually high levels of working capital account balances, for evidence of sustained, income-increasing earnings management \"prior\" to initial non-GAAP financial reports. We establish a pattern of systematically increasing balance sheet bloat for firms later issuing clearly fraudulent financial reports. Next, we compare bloat for apparently non-fraud restatements to fraud and control samples. We find non-fraud restatement companies' bloat is higher than control companies for two years preceding the initial misstated financial report. But, these firms accumulate less balance sheet bloat than companies with restatements clearly involving fraud. This suggests meaningful, but not pervasive, earnings management underlying even apparently non-fraudulent restatements. We extend our analysis to discretionary accruals and real activity earnings management. Copyright (c) 2010 Blackwell Publishing Ltd.","PeriodicalId":23644,"journal":{"name":"Wiley-Blackwell: Journal of Business Finance & Accounting","volume":"37 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2010-02-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89593908","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: 152

Reporting Frequency, Information Precision and Private Information Acquisition 报告频率、信息精度与私人信息获取

Wiley-Blackwell: Journal of Business Finance & Accounting Pub Date : 2010-02-02 DOI: 10.1111/j.1468-5957.2009.02180.x

Rick Cuijpers, E. Peek

{"title":"Reporting Frequency, Information Precision and Private Information Acquisition","authors":"Rick Cuijpers, E. Peek","doi":"10.1111/j.1468-5957.2009.02180.x","DOIUrl":"https://doi.org/10.1111/j.1468-5957.2009.02180.x","url":null,"abstract":"This study examines whether the choice between quarterly and semiannual reporting affects the precision of investors' information and their private information acquisition activities. In the first part of this study, we show that a firm's reporting frequency has no effect on the average precision of investors' information. However, our analysis of announcement-period price variance and share turnover shows that an increase in reporting frequency does make interim and annual financial reports a more important component of investors' information set, relative to other sources of information. In particular, the results of this analysis suggest that investors of semiannual reporters hold more precise pre-announcement information than investors of quarterly reporters. In the second part of our study, we test one explanation for this finding. We argue that an increase in a firm's reporting frequency reduces investors' incentives to acquire private information between consecutive announcement dates and, consequently, should reduce information asymmetry among investors, increase share liquidity, and stimulate trading. Consistent with this reasoning, we find that quarterly reporters have lower average bid-ask spreads and higher abnormal share turnover than semiannual reporters.","PeriodicalId":23644,"journal":{"name":"Wiley-Blackwell: Journal of Business Finance & Accounting","volume":"20 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2010-02-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89424261","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: 41

An Exploratory Study of Operational Reasons to Budget 经营原因预算探析

Wiley-Blackwell: Journal of Business Finance & Accounting Pub Date : 2009-11-24 DOI: 10.1111/j.1467-629X.2009.00305.x

P. Sivabalan, P. Booth, T. Malmi, D. Brown

引用次数: 82

Liquidity Provision of Limit Order Trading in the Futures Market Under Bull and Bear Markets 牛市和熊市下期货市场限价单交易的流动性供给

Wiley-Blackwell: Journal of Business Finance & Accounting Pub Date : 2009-09-01 DOI: 10.1111/j.1468-5957.2009.02140.x

Min-Hsien Chiang, Tsai-Yin Lin, C. Yu

引用次数: 7

The Relation Among Targets’ R&D Activities, Acquirers’ Returns, and In-Process R&D in the Us 美国被并购企业研发活动、收购方回报与在研研发的关系

Wiley-Blackwell: Journal of Business Finance & Accounting Pub Date : 2009-05-08 DOI: 10.1111/j.1468-5957.2009.02158.x

Kathy H. Y. Hsu, Young Sang Kim, K. Song

{"title":"The Relation Among Targets’ R&D Activities, Acquirers’ Returns, and In-Process R&D in the Us","authors":"Kathy H. Y. Hsu, Young Sang Kim, K. Song","doi":"10.1111/j.1468-5957.2009.02158.x","DOIUrl":"https://doi.org/10.1111/j.1468-5957.2009.02158.x","url":null,"abstract":"Using a sample of 129 mergers and acquisitions (M&As) in the US between publicly traded acquirers and targets in research and development (R&D) intensive industries over the period of 1994-2004 and a size- and industry-matched sample, we examine the relation among targets' R&D activities, the probability of acquirers' writing-off in-process R&D (IPRD), and acquirers' returns around the time of M&A announcements. We find that firms acquiring targets with higher R&D investments tend to write off some of the acquired R&D assets upon the completion of the M&As. We also find that the median cumulative abnormal return during the three days around M&A announcements for acquirers with subsequent IPRD write-offs is - 2.73% while the return for acquirers without IPRD write-offs is - 0.60%. This suggests that acquirers' stock returns around M&A announcements are much lower when investors expect acquirers to expense IPRD. The results are consistent with our conjecture that acquirers tend to write-off IPRD when they acquire overvalued targets. We also find that IPRD write-offs do not increase earnings or stock returns of acquirers after M&As, which is inconsistent with an earnings management hypothesis. Copyright (c) 2009 The Authors Journal compilation (c) 2009 Blackwell Publishing Ltd.","PeriodicalId":23644,"journal":{"name":"Wiley-Blackwell: Journal of Business Finance & Accounting","volume":"75 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2009-05-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82571477","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: 9