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如何写好一篇会计学留学论文

论文作者:www.51lunwen.org论文属性:硕士毕业论文 dissertation登出时间:2014-09-20编辑:felicia点击率:20191

论文字数:11433论文编号:org201409150920518923语种:英语 English地区:中国价格:免费论文

关键词:信息不对称accounting disclosuresManagement earnings forecasts信息披露预测盈利公告家族企业family firmspreannouncementsearnings warnings季度盈利预测

摘要:会计学是一门极其专业、极其细致的学科,想要写好一篇会计学留学论文,就需要考虑很多方面,考虑很多问题。本文为留学海外的留学生提供了一篇比较规范的会计学论文范文,希望可以对大家有所启发。

家族企业做出的季度业绩预测决定及市场对此的反应


摘要

我们通过检查家族企业的季度盈利预测的特点及分析师和投资者的反应,对家族企业的信息披露动机进行研究。标准普尔500指数覆盖的所有公司,会在季度末提供财政预测,这些财政预测比非标准普尔500指数覆盖的非家族成员公司的数据更为具体,更为及时,特别是当他们传达坏消息或证实分析师目前预期的时候。此外,家族企业指导使分析师和投资者产生了强烈的反应。虽然,在季末预测提供以后,这些差异很大程度上会消失,预测盈利公告(预估)也不会影响整体结果,但是在遇到坏消息的时候,家族企业的预估仍然包含更具体的预测信息。这些更具体的预估也会在分析师方面表现得很明显,使其产生更明显的更强的反应。总体而言,我们的研究结果表明,可见的家族企业使用经理创造收益预期来创建一个更透明的信息环境,这些预测看来是极为有用的,这些预测可能在减少信息不对称和代理成本的基础上促进公司的稳定发展。


We study the disclosure incentives for family firms by examining the characteristics of their quarterly earnings forecasts and analysts' and investors' responses to them. Forecasts offered before the fiscal quarter-end (guidance) by S&P 500 family firms are generally more specific and timely than those offered by S&P 500 non-family firms, particularly when they convey bad news or confirm analysts' current expectations. Further, family firm guidance elicits a stronger response from both analysts and investors. While many of these differences largely disappear when the forecasts are offered after the quarter-end but before the earnings announcement itself (preannouncements), family firm preannouncements still tend to be more specific when they contain bad news. These more specific preannouncements also generate a significantly stronger response from analysts. Overall, our results suggest that large, visible family firms use manager-generated earnings forecasts to create a more transparent information environment, and that these forecasts are likely to be most useful in reducing information asymmetry and agency costs when they are issued as guidance.


Key Words: Management earnings forecasts, family firms, preannouncements, earnings warnings.


Data Availability: Data are available from the sources listed in the text.


Introduction.

Family firms are generally defined as companies that are significantly influenced by founding family members or their descendants, through large shareholdings and/or operational control.[1]


Anderson and Reeb (2003a, 2003b) report that family members hold approximately 18% of the equity of the family firms in the S&P 500, on average, and control 45% of the CEO positions. In addition, family members often hold seats on the board of directors or are part of upper-level management in these firms (“Family Inc.”, Business Week, November 10, 2003). The structure inherent in these family firms gives rise to different agency problems than those in firms with much greater separation of ownership and control. Specifically, the family firm structure significantly limits the agency problems that arise from the separation of ownership and control (often referred to as Type I agency problems) while exacerbating those that arise in the conflict between controlling and non-controlling shareholders (often referred to as Type II agency problems, see Ali et al. 2007, Chen et al. 2007, Wang 2006 and Anderson and Reeb 2003a). It is well known that 论文英语论文网提供整理,提供论文代写英语论文代写代写论文代写英语论文代写留学生论文代写英文论文留学生论文代写相关核心关键词搜索。

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