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Information Asymmetry, Corporate Disclosure and the Capital Markets: A Review of the Empirical Disclosure Literature
Corporate disclosure is critical for the functioning of an efficient capital market. Firms provide disclosure through regulated financial reports, including the financial statements, footnotes,… Expand
The effects of bonus schemes on accounting decisions
- Paul Healy
- 5 September 2015
Studies examining managerial accounting decisions postulate that executives rewarded by earnings-based bonuses select accounting procedures that increase their compensation. The empirical results of… Expand
OF THE EARNINGS MANAGEMENT LITERATURE AND ITS IMPLICATIONS FOR STANDARD SETTING
In this paper we review the academic evidence on earnings management and its implications for accounting standard setters and regulators. We structure our review around a rich set of questions likely… Expand
Does Corporate Performance Improve after Mergers?
We examine the post-acquisition operating performance of merged firms using a sample of the 50 largest mergers between U.S. public industrial firms completed in the period 1979 to 1983. The results… Expand
Stock Performance and Intermediation Changes Surrounding Sustained Increases in Disclosure
This paper investigates whether firms benefit from expanded voluntary disclosure by examining changes in capital market factors associated with increases in analyst disclosure ratings for 97 firms.… Expand
Which Types of Analyst Firms Are More Optimistic
Abstract Research optimism among securities analysts has been attributed to incentives provided by underwriting activities. We examine how analysts’ forecast and recommendation optimism varies with… Expand
What Drives Sell-Side Analyst Compensation at High-Status Investment Banks?
We use proprietary data from a major investment bank to investigate factors associated with analysts’ annual compensation. We find compensation to be positively related to "All-Star" recognition,… Expand
Business analysis and valuation : using financial statements
This text is divided into concise learning parts that cover both the why and how of accounting. The text introduces and develops a framework for business analysis and valuation using financial… Expand
The Effect of Firms' Financial Disclosure Strategies on Stock Prices
Discussion of a market-based evaluation of discretionary accrual models
- Paul Healy
The use of accrual models has been pervasive in accounting research in the past ten years. This literature has sought to examine whether and why managers use discretion in financial reporting. The… Expand