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Board Interlocks and Earnings Management Contagion
Chiu, Peng-Chia - 2013
We test whether earnings management (like a virus) spreads from firm to firm via board connections of shared directors (virus carriers). We use earnings restatements to identify firms that managed earnings and to identify the period when these firms manipulated earnings. We consider firms as...
Persistent link: https://www.econbiz.de/10013094062
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Cater to Thy Client : Analyst Responsiveness to Institutional Investor Attention
Chiu, Peng-Chia - 2020
We study how institutional investor attention to a firm affects the timeliness of analysts' forecasts for that firm. We measure abnormal institutional attention (AIA) using Bloomberg news search activity for the firm on earnings announcement days. We find that analysts issue more timely...
Persistent link: https://www.econbiz.de/10012847939
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The Promise and Challenges of New Datasets for Accounting Research
Teoh, Siew Hong - 2018
I describe a brief summary of the development of databases used in accounting research and discuss the research questions addressed in traditional databases and ‘new' databases. The new data include online searches such as Google Trends data; textual data from corporate disclosures, analyst...
Persistent link: https://www.econbiz.de/10012925671
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Private Firm Investment and Public Peer Misvaluation
Badertscher, Brad A. - 2020
-held firms. An economic competition hypothesis predicts a negative relation because misvaluation-induced new investment by public … firms crowds out investment by private firms when they share common input or output markets. An alternative shared sentiment …-peer misvaluation and private firm investment. Our results indicate that private firms finance misvaluation-induced investment primarily …
Persistent link: https://www.econbiz.de/10012855895
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The Psychological Attraction Approach to Accounting and Disclosure Policy
Hirshleifer, David; Teoh, Siew Hong - 2009
We offer here the psychological attraction approach to accounting and disclosure rules, regulation, and policy as a program for positive accounting research. We suggest that psychological forces have shaped and continue to shape rules and policies in two different ways. (1) Good Rules for Bad...
Persistent link: https://www.econbiz.de/10015216059
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Are Overconfident CEOs Better Innovators?
Hirshleifer, David; Low, Angie; Teoh, Siew Hong - 2010
Using options- and press-based proxies for CEO overconfidence (Malmendier and Tate 2005a, 2005b, 2008), we find that over the 1993-2003 period, firms with overconfident CEOs have greater return volatility, invest more in innovation, obtain more patents and patent citations, and achieve greater...
Persistent link: https://www.econbiz.de/10015221408
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The Psychological Attraction Approach to Accounting and Disclosure Policy
Hirshleifer, David; Teoh, Siew Hong - Volkswirtschaftliche Fakultät, … - 2009
We offer here the psychological attraction approach to accounting and disclosure rules, regulation, and policy as a program for positive accounting research. We suggest that psychological forces have shaped and continue to shape rules and policies in two different ways. (1) Good Rules for Bad...
Persistent link: https://www.econbiz.de/10005835730
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Are Overconfident CEOs Better Innovators?
Hirshleifer, David; Low, Angie; Teoh, Siew Hong - Volkswirtschaftliche Fakultät, … - 2010
Using options- and press-based proxies for CEO overconfidence (Malmendier and Tate 2005a, 2005b, 2008), we find that over the 1993-2003 period, firms with overconfident CEOs have greater return volatility, invest more in innovation, obtain more patents and patent citations, and achieve greater...
Persistent link: https://www.econbiz.de/10008560965
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Limited Attention, Statement of Cash Flow Disclosure, and the Valuation of Accruals
Miao, Bin - 2015
We test for the effect of limited attention on the valuation of accruals by comparing the immediate and long-term market reactions to earnings announcements between a subsample of firms that disclose only the balance sheet with a subsample of firms that disclose both the balance sheet and the...
Persistent link: https://www.econbiz.de/10013034793
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SHORT ARBITRAGE, RETURN ASYMMETRY AND THE ACCRUAL ANOMALY
Hirshleifer, David; Teoh, Siew Hong; Yu, Jeff Jiewei - 2009
We find a positive association between short-selling and accruals during 1988-2003. Short arbitrage occurs primarily among firms in the top accrual decile, and firms with sufficiently high supply of loanable shares (proxied by institutional holdings). Consistent with limits to short arbitrage,...
Persistent link: https://www.econbiz.de/10015217722