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58 records from EconBiz based on author Name
1. Decoding social disclosure decisions : a field experiment with workforce diversity data
Choi, Jung Ho; McNichols, Maureen; Muhn, Maximilian;2024
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability: Link
2. Bankruptcy in groups
Beaver, William H.; Cascino, Stefano; Correia, Maria; McNichols, Maureen;2024
Type: Aufsatz in Zeitschrift; Article in journal;
Availability:
Link 3. Conservatism correction for the market-to-book ratio and Tobin's q
abstractWe decompose the market-to-book ratio into two additive components: a conservatism correction factor and a future-to-book ratio. The conservatism correction factor exceeds the benchmark value of one whenever the accounting for past transactions has been subject to an (unconditional) conservatism bias. The observed history of a firm's past investments allows us to calculate the magnitude of its conservatism correction factor, resulting in an average value that is about two-thirds of the overall market-to-book ratio. We demonstrate that our measure of Tobin's q, obtained as the market-to-book ratio divided by the conservatism correction factor, has greater explanatory power in predicting future investments than the market-to-book ratio by itself. Our model analysis derives a number of structural properties of the conservatism correction factor, including its sensitivity to growth in past investments, the percentage of investments in intangibles, and the firm's cost of capital. We provide empirical support for these hypothesized structural properties
McNichols, Maureen; Rajan, Madhav V.; Reichelstein, Stefan;2014
Type: Arbeitspapier; Working Paper; Graue Literatur; Non-commercial literature;
Availability: Link Link
4. Conservatism correction for the market-to-book ratio and Tobin's q
abstractWe decompose the market-to-book ratio into two additive components: a conservatism correction factor and a future-to-book ratio. The conservatism correction factor exceeds the benchmark value of one whenever the accounting for past transactions has been subject to an (unconditional) conservatism bias. The observed history of a firmś past investments allows us to calculate the magnitude of its conservatism correction factor, resulting in an average value that is about two-thirds of the overall market-to-book ratio. We demonstrate that our measure of Tobinś q, obtained as the market-to-book ratio divided by the conservatism correction factor, has greater explanatory power in predicting future investments than the market-to-book ratio by itself. Our model analysis derives a number of structural properties of the conservatism correction factor, including its sensitivity to growth in past investments, the percentage of investments in intangibles, and the firmś cost of capital. We provide empirical support for these hypothesized structural properties.
McNichols, Maureen; Rajan, Madhav V.; Reichelstein, Stefan;2014
Type: Arbeitspapier; Working Paper; Graue Literatur; Non-commercial literature;
Availability: Link Link
5. Research Design Issues in Studies Using Discretionary Accruals
abstractBecause discretionary accruals are known to be noisy proxies of earnings management that often produce biased results, we argue that a correlation between discretionary accruals and a hypothesized factor is generally not an adequate basis for valid inferences about earnings management. In this commentary, we propose and discuss a set of suggestions for improving the research design of studies on earnings management that use discretionary accruals. Specifically, we discuss suggestions for developing predictions about earnings management, choosing among discretionary accrual proxies, estimating discretionary accruals, addressing potential bias in the estimates, and critically evaluating the results obtained
McNichols, Maureen; Stubben, Stephen;2018
Availability: Link Link
6. Group affiliation and default prediction
abstractUsing a large sample of business groups from more than one hundred countries around the world, we show that group information matters for parent and subsidiary default prediction. Group firms may support each other when in financial distress. Potential group support represents an off-balance sheet asset for the receiving firm and an off-balance sheet liability for the firm offering support. We find that subsidiary information improves parent default prediction over and above group-level consolidated information possibly because intra-group exposures are netted out upon consolidation. Moreover, we document that the improvements in parent default prediction are decreasing in the extent of parent-country financial reporting transparency which suggests that within-group information matters most when consolidated financial statements are expected to be of lower quality. We also show that parent and other group-firms' default risk exhibits predictive power for subsidiary default. Lastly, we find that within-group information explains cross-sectional variation in CDS spreads. Taken together, our findings contribute to prior literature on default prediction and have direct relevance to investors, credit-rating agencies and accounting regulators
Beaver, William H.; Cascino, Stefano; Correia, Maria; McNichols, Maureen;2018
Type: Arbeitspapier; Working Paper; Graue Literatur; Non-commercial literature;
Availability: Link Link
Citations: 2 (based on OpenCitations)
7. Increased information content of earnings announcements in the 21st century : an empirical investigation
abstractWe examine the role of concurrent information in the striking increase in investor response to earnings announcements from 2001 to 2016, as measured by return variability and volume following Beaver (1968). We find management guidance, analyst forecasts, and disaggregated financial statement line items are more frequently bundled with earnings announcements, and each of these items explains part of the increase in market response. Furthermore, collectively, these concurrent information releases explain a substantial fraction of the increase in market response to earnings announcements since 2001. This is in contrast to the decline in market response to management guidance issued separately from earnings and the much smaller increase in market response to analyst forecasts issued separately from earnings over this time. The findings indicate that information arrival at earnings announcement dates has increased significantly over the past two decades, and that key components of this are increased disclosures by management and forecasts by analysts
Beaver, William H.; McNichols, Maureen; Wang, Zach Z.;2018
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability: Link Link
Citations: 4 (based on OpenCitations)
8. Bankruptcy in groups
Beaver, William H.; Cascino, Stefano; Correia, Maria; McNichols, Maureen;2018
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability:
Link 9. Bankruptcy in groups
abstractWe examine bankruptcy within business groups. Groups have incentives to support financially distressed subsidiaries as the bankruptcy of a subsidiary may impose severe costs on the group as a whole. In several countries around the world, bankruptcy courts often “pierce the corporate veil” and hold groups liable for their distressed subsidiaries' obligations as if these were their own. Using a large cross-country sample of group-affiliated firms, we show that, by reallocating resources within the corporate structure, business groups actively manage intra-group credit risk to prevent costly within-group insolvencies. We find that large and diversified groups are more effective at insulating their subsidiaries from credit-risk shocks. Moreover, the pattern of capital reallocation appears consistent with groups supporting subsidiaries that are easier to monitor and whose insolvencies may spill over to other group firms. Finally, we document that recent regulatory changes on approval and disclosure of related-party transactions may limit groups' ability to shield their subsidiaries from credit-risk shocks
Beaver, William H.; Cascino, Stefano; Correia, Maria M.; McNichols, Maureen;2016
Type: Arbeitspapier; Working Paper; Graue Literatur; Non-commercial literature;
Availability: Link Link
Citations: 3 (based on OpenCitations)
10. The costs and benefits of long-short investing : a perspective on the market efficiency literature
Beaver, William H.; McNichols, Maureen; Price, Richard A.;2016
Type: Aufsatz in Zeitschrift; Article in journal;
Availability: Link
Citations: 4 (based on OpenCitations)