The Experts below are selected from a list of 360 Experts worldwide ranked by ideXlab platform

Mary Harris Stanford - One of the best experts on this subject based on the ideXlab platform.

  • managers motives to withhold segment disclosures and the effect of sfas no 131 on analysts Information Environment
    The Accounting Review, 2005
    Co-Authors: Christine A Botosan, Mary Harris Stanford
    Abstract:

    Using retroactive disclosures required by Statement of Financial Accounting Standards (SFAS) No. 131, we examine managers' incentives for withholding segment Information under SFAS No. 14 and the impact of SFAS No. 131 on analysts' Information Environment for a sample of firms that previously reported as single‐segment firms and initiated segment disclosure with SFAS No. 131. We examine this set of firms because they likely had the strongest incentives to withhold segment Information and analysts potentially had the most to gain when these firms were forced to begin providing segment disclosures under SFAS No. 131. We find that these firms used the latitude in SFAS No. 14 to hide profitable segments operating in less competitive industries than their primary operations. However, we find no evidence to suggest that these firms used the latitude in SFAS No. 14 to mask poor performance. In contrast, our results suggest that by withholding segment Information, these firms allowed themselves to appear as if th...

  • managers motives to withhold segment disclosures and the effect of sfas no 131 on analysts Information Environment
    Social Science Research Network, 2005
    Co-Authors: Christine A Botosan, Mary Harris Stanford
    Abstract:

    Using retroactive disclosures required by Statement of Financial Accounting Standards (SFAS) No. 131, we examine managers' incentives for withholding segment Information under SFAS No. 14 and the impact of SFAS No. 131 on analysts' Information Environment for a sample of firms that previously reported as single-segment firms and initiated segment disclosure with SFAS No. 131. We examine this set of firms because they likely had the strongest incentives to withhold segment Information and analysts potentially had the most to gain when these firms were forced to begin providing segment disclosures under SFAS No. 131. We find that these firms used the latitude in SFAS No. 14 to hide profitable segments operating in less competitive industries than their primary operations. However, we find no evidence to suggest that these firms used the latitude in SFAS No. 14 to mask poor performance. In contrast, our results suggest that by withholding segment Information, these firms allowed themselves to appear as if they were underperforming their competition when this was not the case. Thus, their decision to withhold segment disclosures under SFAS No. 14 appears to be motivated by a desire to protect profits in less competitive industries. In terms of the impact of SFAS No. 131 on analysts' Information Environment, our evidence suggests that SFAS No. 131 increased analysts' reliance on public data, but we provide weak evidence to suggest that this shift may have come at the cost of a marginal increase in overall uncertainty and squared error in the mean forecast.

Dan Segal - One of the best experts on this subject based on the ideXlab platform.

  • the long term effects of cross listing investor recognition and ownership structure on valuation
    Review of Financial Studies, 2009
    Co-Authors: Michael R King, Dan Segal
    Abstract:

    The authors show that the widening of a foreign firm's U.S. investor base and the improved Information Environment associated with cross-listing on a U.S. exchange each have a separately identifiable effect on a firm's valuation.

  • the Information content of sec filings and Information Environment a variance decomposition analysis
    The Accounting Review, 2006
    Co-Authors: Jeffrey L Callen, Joshua Livnat, Dan Segal
    Abstract:

    Using the Vuolteenaho (2002) variance decomposition methodology, this study assesses the relative value relevance of cash flow, accrual, and expected return news on SEC and preliminary earnings filing dates, as measured by their contribution to the volatility of unexpected returns. Cash flow news is found to be more valuerelevant than accrual news. Although expected return (risk) news is the least valuerelevant, it is significantly correlated with changes in betas and returns at the preliminary and SEC filing dates, indicating association with changes in firm risk and discount rates. This study also documents that these Informational components contain less (more) value‐relevant Information at the SEC filing date for firms with a higher proportion of long‐term (short‐term) sophisticated investors after controlling for other dimensions of the Information Environment.

  • the Information content of sec filings and Information Environment a variance decomposition analysis
    The Accounting Review, 2006
    Co-Authors: Jeffrey L Callen, Joshua Livnat, Dan Segal
    Abstract:

    Using the Vuolteenaho (2002) variance decomposition methodology, this study assesses the relative value relevance of cash flow, accrual, and expected return news on SEC and preliminary earnings filing dates, as measured by their contribution to the volatility of unexpected returns. Cash flow news is found to be more valuerelevant than accrual news. Although expected return (risk) news is the least valuerelevant, it is significantly correlated with changes in betas and returns at the preliminary and SEC filing dates, indicating association with changes in firm risk and discount rates. This study also documents that these Informational components contain less (more) value‐relevant Information at the SEC filing date for firms with a higher proportion of long‐term (short‐term) sophisticated investors after controlling for other dimensions of the Information Environment.

Christine A Botosan - One of the best experts on this subject based on the ideXlab platform.

  • managers motives to withhold segment disclosures and the effect of sfas no 131 on analysts Information Environment
    The Accounting Review, 2005
    Co-Authors: Christine A Botosan, Mary Harris Stanford
    Abstract:

    Using retroactive disclosures required by Statement of Financial Accounting Standards (SFAS) No. 131, we examine managers' incentives for withholding segment Information under SFAS No. 14 and the impact of SFAS No. 131 on analysts' Information Environment for a sample of firms that previously reported as single‐segment firms and initiated segment disclosure with SFAS No. 131. We examine this set of firms because they likely had the strongest incentives to withhold segment Information and analysts potentially had the most to gain when these firms were forced to begin providing segment disclosures under SFAS No. 131. We find that these firms used the latitude in SFAS No. 14 to hide profitable segments operating in less competitive industries than their primary operations. However, we find no evidence to suggest that these firms used the latitude in SFAS No. 14 to mask poor performance. In contrast, our results suggest that by withholding segment Information, these firms allowed themselves to appear as if th...

  • managers motives to withhold segment disclosures and the effect of sfas no 131 on analysts Information Environment
    Social Science Research Network, 2005
    Co-Authors: Christine A Botosan, Mary Harris Stanford
    Abstract:

    Using retroactive disclosures required by Statement of Financial Accounting Standards (SFAS) No. 131, we examine managers' incentives for withholding segment Information under SFAS No. 14 and the impact of SFAS No. 131 on analysts' Information Environment for a sample of firms that previously reported as single-segment firms and initiated segment disclosure with SFAS No. 131. We examine this set of firms because they likely had the strongest incentives to withhold segment Information and analysts potentially had the most to gain when these firms were forced to begin providing segment disclosures under SFAS No. 131. We find that these firms used the latitude in SFAS No. 14 to hide profitable segments operating in less competitive industries than their primary operations. However, we find no evidence to suggest that these firms used the latitude in SFAS No. 14 to mask poor performance. In contrast, our results suggest that by withholding segment Information, these firms allowed themselves to appear as if they were underperforming their competition when this was not the case. Thus, their decision to withhold segment disclosures under SFAS No. 14 appears to be motivated by a desire to protect profits in less competitive industries. In terms of the impact of SFAS No. 131 on analysts' Information Environment, our evidence suggests that SFAS No. 131 increased analysts' reliance on public data, but we provide weak evidence to suggest that this shift may have come at the cost of a marginal increase in overall uncertainty and squared error in the mean forecast.

Michael Delli X Carpini - One of the best experts on this subject based on the ideXlab platform.

Jeffrey L Callen - One of the best experts on this subject based on the ideXlab platform.

  • the Information content of sec filings and Information Environment a variance decomposition analysis
    The Accounting Review, 2006
    Co-Authors: Jeffrey L Callen, Joshua Livnat, Dan Segal
    Abstract:

    Using the Vuolteenaho (2002) variance decomposition methodology, this study assesses the relative value relevance of cash flow, accrual, and expected return news on SEC and preliminary earnings filing dates, as measured by their contribution to the volatility of unexpected returns. Cash flow news is found to be more valuerelevant than accrual news. Although expected return (risk) news is the least valuerelevant, it is significantly correlated with changes in betas and returns at the preliminary and SEC filing dates, indicating association with changes in firm risk and discount rates. This study also documents that these Informational components contain less (more) value‐relevant Information at the SEC filing date for firms with a higher proportion of long‐term (short‐term) sophisticated investors after controlling for other dimensions of the Information Environment.

  • the Information content of sec filings and Information Environment a variance decomposition analysis
    The Accounting Review, 2006
    Co-Authors: Jeffrey L Callen, Joshua Livnat, Dan Segal
    Abstract:

    Using the Vuolteenaho (2002) variance decomposition methodology, this study assesses the relative value relevance of cash flow, accrual, and expected return news on SEC and preliminary earnings filing dates, as measured by their contribution to the volatility of unexpected returns. Cash flow news is found to be more valuerelevant than accrual news. Although expected return (risk) news is the least valuerelevant, it is significantly correlated with changes in betas and returns at the preliminary and SEC filing dates, indicating association with changes in firm risk and discount rates. This study also documents that these Informational components contain less (more) value‐relevant Information at the SEC filing date for firms with a higher proportion of long‐term (short‐term) sophisticated investors after controlling for other dimensions of the Information Environment.