This paper examines the characteristics of management forecasts available on Thomson First Call’s Company Issued Guidance (CIG) database relative to a sample of forecasts hand-collected through a search of company press releases. Due to the significantly lower cost of using CIG (relative to...

This paper examines the characteristics of management forecasts available on Thomson First Call’s Company Issued Guidance (CIG) database relative to a sample of forecasts hand-collected through a search of company press releases. Due to the significantly lower cost of using CIG (relative to...

I examine whether firms alter their behavior in response to changes in accounting standards mandating new financial statement disclosures. While prior research suggests that new recognition rules lead to changes in firm behavior, there is limited evidence that disclosure rules can impact firm...

Pension experts have long conjectured that pension accounting rules encourage firms to invest pension assets in risky asset classes (Zion and Carcache 2003, Gold 2005). The recent passage of IAS 19 Employee Benefits (Revised) (hereafter, “IAS 19R”) marks a fundamental shift in pension...

The low estimates of earnings response coefficients (hereafter, ERCs) reported in the literature have sometimes been interpreted as indicating that earnings information is relatively unimportant (Beaver, Lambert, and Morse 1980; Lev 1989). Prior literature typically documents ERCs in the range of 1...

Our study examines the determinants and consequences of reverse factoring. Despite the increasing popularity of reverse factoring, neither US GAAP nor IFRS offers any guidance for the financial reporting of obligations owed under reverse factoring. Using a sample of UK firms from 2018 to 2020,...

A common corporate cash management strategy is to delay payments owed to suppliers. We examine whether buyers pay suppliers faster in response to a recent regulatory change in the United Kingdom that mandates the public disclosure of buyers’ payment practices. We find that after the regulatory...

The accounting literature includes numerous examples of discontinuities at prominent benchmarks that are widely interpreted as evidence that earnings are managed to meet those benchmarks. However, there are also a few examples where discontinuities do not exist, which are sometimes interpreted...