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Blockholder Heterogeneity And Corporate Textual Disclosure Quality, Xiaoxiao Yu
Blockholder Heterogeneity And Corporate Textual Disclosure Quality, Xiaoxiao Yu
Accounting Dissertations
This study investigates whether and how different types of blockholders affect a firm’s textual disclosure quality. Using a hand-collected blockholder-firm panel sample from 2011 to 2016, I find that, on average, both the aggregate blockholder ownership and the total number of blockholders are negatively associated with the readability of firms’ 10-K reports, after controlling for the numerical quality of earnings. When blockholders are categorized into different groups based on their filing choices and their affiliations with management, I find that firms with greater number of unaffiliated 13D filers write more readable 10-K reports while firms with both greater number and …
An Empirical Test Of Learning In Management Earnings Forecasts, Yuan Shi
An Empirical Test Of Learning In Management Earnings Forecasts, Yuan Shi
Accounting Dissertations
My dissertation examines whether managers issuing earnings guidance learn from the forecast errors in prior earnings guidance issued by them. Using data on quarterly earnings forecasts issued by managers during the period from 2001 to 2016, I find results that are consistent with managers learning from their previous forecast errors to improve their forecast accuracy. However, the intensity of the managers' reactions to previous forecast errors is asymmetric. Consistent with prior literature that emphasizes the importance of meeting or beating forecasts for managers, certain managers that miss their own forecasts tend to be conservative enough in their future forecasts to …