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当前位置:首页 > 财经/贸易 > 资产评估/会计 > :来自于加拿大和美国管理层预测的经验证据(会计评论)
TheEffectofLegalEnvironmentonVoluntaryDisclosure:EvidencefromManagementEarningsForecastsIssuedinU.S.andCanadianMarketsAuthor(s):StephenP.Baginski,JohnM.Hassell,MichaelD.KimbroughSource:TheAccountingReview,Vol.77,No.1(Jan.,2002),pp.25-50Publishedby:AmericanAccountingAssociationStableURL::07/01/201010:43YouruseoftheJSTORarchiveindicatesyouracceptanceofJSTOR'sTermsandConditionsofUse,availableat://=aaasoc.EachcopyofanypartofaJSTORtransmissionmustcontainthesamecopyrightnoticethatappearsonthescreenorprintedpageofsuchtransmission.JSTORisanot-for-profitservicethathelpsscholars,researchers,andstudentsdiscover,use,andbuilduponawiderangeofcontentinatrusteddigitalarchive.Weuseinformationtechnologyandtoolstoincreaseproductivityandfacilitatenewformsofscholarship.FormoreinformationaboutJSTOR,pleasecontactsupport@jstor.org.AmericanAccountingAssociationiscollaboratingwithJSTORtodigitize,preserveandextendaccesstoTheAccountingReview.:EvidencefromManagementEarningsForecastsIssuedinU.S.andCanadianMarketsStephenP.BaginskiJohnM.HassellMichaelD.KimbroughIndianaUniversityABSTRACT:Citingfearoflegalliabilityasapartialexplanation,priorresearchdocuments(1)managers'reluctancetovoluntarilydisclosemanagementearn-ingsforecasts,and(2)greaterforecastdisclosurefrequenciesinperiodsofbadnews.Weprovideevidenceonhowmanagementearningsforecastdis-closurediffersbetweentheUnitedStates(U.S.)andCanada,twootherwisesimilarbusinessenvironmentswithdifferentlegalregimes.CanadiansecuritieslawsandjudicialinterpretationscreateafarlesslitigiousenvironmentthanexistsintheU.S.Wefindagreaterfrequencyofmanagementearningsfore-castdisclosureinCanadarelativetotheU.S.Further,althoughU.S.managersarerelativelymorelikelytoissueforecastsduringinterimperiodsinwhichearningsdecrease,Canadianmanagersdonotexhibitthattendency.Instead,Canadianmanagersissuemoreforecastswhenearningsareincreasing,andtheirforecastsareofannualratherthaninterimearnings.Alsoconsistentwithalesslitigiousenvironment,Canadianmanagersissuemorepreciseandlonger-termforecasts.Thesefindingsholdaftercontrollingforotherdetermi-nantsofmanagementearningsforecastdisclosurethatmightdifferbetweenWethankworkshopparticipantsattheUniversityofGeorgia,WashingtonUniversity,andIndianaUniversityforcommentsonearlierversionsofthispaper.WealsobenefitedfromdiscussionswithJamiePratt,JerrySalamon,JimWahlen,GracePownall,JimSeida,anddiscussants'commentsbyPaquitaDavis-FridayandLennySofferinconjunctionwithourpresentationsofthispaperattheSecondGlobalizationConference(2000),jointlysponsoredbytheAmericanAccountingAssociationandtheBritishAccountingAssociation,andthe2000AmericanAc-countingAssociationAnnualMeeting,respectively.ProfessorBaginskithankstheCenterforInternationalBusinessEducationResearch(CIBER)atIndianaUniversityforsupportofthestudy.WealsogratefullyacknowledgethecontributionofI/B/E/SInternationalInc.forprovidingearningspershareforecastdata.Thesedatahavebeenprovidedaspartofabroadacademicprogramtoencourageearningsexpectationsresearch.SubmittedAugust2000AcceptedJune2001THEACCOUNTINGREVIEWVol.77,No.1January2002pp.25-50TheEffectofLegalEnvironmentonVoluntaryDisclosure:EvidencefromManagementEarningsForecastsIssuedinU.S.andCanadianMarketsStephenP.BaginskiJohnM.HassellMichaelD.KimbroughIndianaUniversityABSTRACT:Citingfearoflegalliabilityasapartialexplanation,priorresearchdocuments(1)managers'reluctancetovoluntarilydisclosemanagementearn-ingsforecasts,and(2)greaterforecastdisclosurefrequenciesinperiodsofbadnews.Weprovideevidenceonhowmanagementearningsforecastdis-closurediffersbetweentheUnitedStates(U.S.)andCanada,twootherwisesimilarbusinessenvironmentswithdifferentlegalregimes.CanadiansecuritieslawsandjudicialinterpretationscreateafarlesslitigiousenvironmentthanexistsintheU.S.Wefindagreaterfrequencyofmanagementearningsfore-castdisclosureinCanadarelativetotheU.S.Further,althoughU.S.managersarerelativelymorelikelytoissueforecastsduringinterimperiodsinwhichearningsdecrease,Canadianmanagersdonotexhibitthattendency.Instead,Canadianmanagersissuemoreforecastswhenearningsareincreasing,andtheirforecastsareofannualratherthaninterimearnings.Alsoconsistentwithalesslitigiousenvironment,Canadianmanagersissuemorepreciseandlonger-termforecasts.Thesefindingsholdaftercontrollingforotherdetermi-nantsofmanagementearningsforecastdisclosurethatmightdifferbetweenWethankworkshopparticipantsattheUniversityofGeorgia,WashingtonUniversity,andIndianaUniversityforcommentsonearlierversio
本文标题::来自于加拿大和美国管理层预测的经验证据(会计评论)
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