机构投资者作为证券市场中的重要力量,越来越受到理论界和实务界的关注。论文对宾夕法尼亚大学沃顿商学院会计学教授布赖恩-布希（Brian Bushee）的论文＂The influence of institutional investors on myopic R＆D investment behavior＂（机构投资者对企业短视研发投资行为的影响,以下简称Bushee（1998））进行评价并提出相关的建议和研究方向。

《The influence of institutional investors on myopic R＆D investment behavior》述评

Survival Analysis: Techniques for Censored and Truncated Data (2nd ed.) (Book)

Value Maximization, Stakeholder Theory, and the Corporate Objective Function

Using a sample from 22 countries, I investigate the relations between the accuracy of analysts’ earnings forecasts and the level of annual report disclosure, and between forecast accuracy and the degree of enforcement of accounting standards. I document that firm-level disclosures are positively related to forecast accuracy, suggesting that such disclosures provide useful information to analysts. I construct a comprehensive measure of enforcement and find that strong enforcement is associated with higher forecast accuracy. This finding is consistent with the hypothesis that enforcement encourages managers to follow prescribed accounting rules, which, in turn, reduces analysts’ uncertainty about future earnings. I also find evidence consistent with disclosures being more important when analyst following is low and with enforcement being more important when more choice among accounting methods is allowed. ∗University of Toronto. I appreciate the helpful comments on various versions of this paper by Joel Amernic, Hollis Ashbaugh, Ray Ball (editor), Sudipta Basu, Jeff Callen, Bjørn Jørgensen, Peter Pope (referee), Beverly Walther, and participants at the 2001 EIASM Workshop on Accounting and Regulation, 2002 European Accounting Association Meeting, 2002 Journal of Accounting Research conference, 2002 Canadian Academic Accounting Association meeting, and 2002 American Accounting Association annual meeting. All errors are my own. I gratefully acknowledge the financial support of the Norwegian School of Economics and Business Administration. I thank IBES International Inc. for providing earnings forecast data.

Disclosure Practices, Enforcement of Accounting Standards, and Analysts' Forecast Accuracy: An International Study

Principles of Corporate Finance - 4/E

UK accounting practice differs from International Accounting Standards (IASs) particularly with regard to amortisation of goodwill, provision for deferred taxation and the accounting treatment of pension costs. Under the core standards programme of the IASC the IASs have emerged closer to US practice. This paper evaluates the profit of those UK companies reporting to the Securities and Exchange Commission (SEC) in 1988 and 1994, spanning a period which saw the establishment of the ASB and the implementation of the IASC's comparability project. An increasing gap was found between the reported profit under UK accounting principles and that restated under US GAAP. The difference lay most frequently in accounting for goodwill, provision for deferred tax, and the accounting treatment of pension costs, with accounting for goodwill showing a particularly significant impact in 1994. Notwithstanding the introduction of FRS 10, an overall impression of increasing disharmony could continue to cause reconcil...

Profit Measurement and UK Accounting Standards: a case of increasing disharmony in relation to US GAAP and IASs

Profit Measurement and UK Accounting Standards: A Case of Increasing Disharmony in Relation to US GAAP and IASs

The European Commission has long been concerned over the extensive disclosures required by the Securities and Exchange Commission (SEC) in form 20-F. As the IASC moves towards completing its core standards programme to the satisfaction of IOSCO, the debate has centred around the likelihood of its acceptance by the SEC. This paper examines aspects of the reconciliations to US GAAP, provided by UK registrant companies, and proposes an approach of selective disclosure focusing on material items. We find that goodwill was the dominant adjustment prior to the implementation of FRS 10. When goodwill is excluded there were on average 4.9 adjustments to net income and 5.8 adjustments to shareholders' equity per company reporting. Defining materiality as 10% or more of the reported US net income or shareholders' equity and disregarding immaterial items reduces these to an average of only 1.6 adjustments to the income statement and 0.6 adjustments to shareholders' equity per company. We find that the majority of ad...

Reducing the burden of US GAAP reconciliations by foreign companies listed in the United States: the key question of materiality

Although the impact of growth opportunities on company value has been recognized since Miller and Modigliani (1961), relatively little empirical work has been undertaken to value growth opportunities. In this study the validity of the KBM model (Kester (1984) and Brealey and Myers (1981)) is tested on a sample of 278 large UK companies for 1987–1995. Applying standard assumptions, the value of growth opportunities is found to account for a larger proportion of market values than assets-in-place. However, tests of the KBM model cast doubt on the credibility of these results and the validity of the model. The KBM model is highly sensitive to the inclusion of inflation in the risk free interest rate, and with a real interest rate (which on theoretical grounds is preferable), the model ceases to provide credible results. The model also fails to provide results consistent with expectations derived from option pricing theory regarding the relationship between the value of growth opportunities and the value of a...

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Measuring Growth Opportunities

Purpose – The purpose of this paper is to investigate Indian companies’ compliance with the mandatory and voluntary corporate governance disclosure requirements of the Stock Exchange Board of India’s Clause 49. Design/methodology/approach – The authors develop a corporate governance disclosure index and sub-indices based on Clause 49. Annual reports of listed Indian companies are scored according to their disclosures in two periods – pre and post amendments to Clause 49. Findings – Indian companies are highly compliant with corporate governance disclosure requirements of Clause 49. Disclosure increases significantly after amendments to Clause 49 as the penalties for non-compliance increase in severity. Government controlled firms disclose significantly less than privately owned firms. Research limitations/implications – The findings are consistent with bonding theory and the authors note that the presence of an independent regulator (with powers to take action against violators) provides corporate India w...

Edward Jones

Papers

Profit Measurement and UK Accounting Standards: a case of increasing disharmony in relation to US GAAP and IASs

Profit Measurement and UK Accounting Standards: A Case of Increasing Disharmony in Relation to US GAAP and IASs

Reducing the burden of US GAAP reconciliations by foreign companies listed in the United States: the key question of materiality

Measuring Growth Opportunities

Disclosure by Indian companies following corporate governance reform