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題名 審計品質與經理人能力對於分析師盈餘預測之相對有用性
The Relative Usefulness of Audit Quality and Managerial Ability on Financial Analysts’ Earnings Forecasts
作者 何國豪
Ho, Kuo Hao
貢獻者 俞洪昭
Yu, Hung Chao
何國豪
Ho, Kuo Hao
關鍵詞 審計品質
分析師預測準確度與離散度
產業專家
經理人能力
Audit quality
Analysts’ forecast accuracy and dispersion
Industry specialists
Managerial ability
日期 2013
上傳時間 12-Aug-2014 14:01:11 (UTC+8)
摘要 本研究檢測審計品質與經理人能力對於分析師盈餘預測行為之相對有用性。根據Compustat 及 I/B/E/S所蒐集之1996至2011年資料，本研究發現，相對於非四大會計師事務所或非產業專家，當公司被四大會計師事務所或產業專家查核時，分析師預測之準確度較高，且離散度較小。此外，本研究發現當公司經理人能力較高時，分析師預測之準確度亦愈高，而離散度亦愈小。最後，為探討沙賓法案對分析師預測行為之影響，本研究將樣本區分為沙賓法案前及沙賓法案後兩組。實證結果顯示，相對於沙賓法案前，在沙賓法案後，分析師較重視審計品質與經理人能力。整體而言，審計品質與經理人能力皆會為分析師的盈餘預測帶來正面影響，而經理人能力之影響較為顯著。
This study examines the relative usefulness of audit quality and managerial ability on financial analysts’ earnings forecast behavior. Based on data collected from Compustat and I/B/E/S from 1996 to 2011, the empirical results show that analysts` earnings forecast accuracy is higher and dispersion is smaller when firms are audited by a Big 4 auditor or an industry specialist. Similarly, analysts` earnings forecast accuracy is also higher and dispersion is also smaller when firms employ more capable managers. To investigate whether SOX affects analysts’ behavior, sample is divided into pre-SOX and post-SOX groups. The regression results from both groups show that analysts take audit quality and managerial ability into their earnings forecasts after SOX. Overall, the results suggest that both audit quality and managerial ability are associated with analysts’ earnings forecast properties. Importantly, the effect of managerial ability appears to be larger than the effect of audit quality.
參考文獻 Baginski, S. P., and J. M. Hassell. 1990. The market interpretation of management earnings forecasts as a predictor of subsequent financial analyst forecast revision. The Accounting Review 65 (January): 175-190.
Baik, B., D. Farber, and S. Lee. 2011. CEO ability and management earnings forecasts. Contemporary Accounting Research 28 (5): 1645-1668.
Balsam, S., J. Krishnan, and J. S. Yang. 2003. Auditor Industry Specialization and Earnings Quality. Auditing: a journal of practice & theory 22(2): 71-97.
Barr, R., and T. Siems. 1997. Bank failure prediction using DEA to measure management quality. R. Barr, R. Helgason, J. Kennington, eds. Interfaces in Computer Science and Operations Research: Advances in Metaheuristics, Optimization and Stochastic Modeling Technologies. Kluwer Acadmic Publishers, Boston, 341–366.
Barron. O. E., and P. S, Stuerke. 1998. Dispersion in analysts` earnings forecasts as a measure of uncertainty. Journal of Accounting, Auditing and Finance 13 (Summer): 245-270
_____, C. O. Kile, and T. B. O’Kcelo. 1999. MD&A quality as measured by the SEC and analysts’ earnings forecasts. Contemporary Accounting Research: 75-109.
Beasley, M. S., and K. Petroni. 2001. Board independence and audit firm type. Auditing: A Journal of Practice & Theory 20 (March): 97-114.
Becker, C. L., M. L. DeFond, and J. Jiambalvo. and K. R. Subramanyam. 1998. The effects of audit quality on earnings management. Contemporary Accounting Research 15 (Spring): 1-24.
Behn, B. K., J. H. Choi, and T. Kang. 2008. Audit quality and properties of analyst earnings forecasts. The Accounting Review 83 (March): 327-349.
Bertrand, M., and S. Mullainathan. 2003. Enjoying the quiet life? Corporate governance and managerial preferences. Journal of Political Economy 111(5):1043-1075.
Bertrand, M., and A. Schoar. 2003. Managing with style: The effects of managers on firm policies. Quarterly Journal of Economics 118(4): 1169-1208.
Bhushan, R. 1989. Firm characteristics and analyst following. Journal of Accounting and Economics 11: 255-274.
Brown. L. D., G. Richardson, and S. Schwager. 1987. An information interpretation of financial analyst superiority in forecasting earnings. Journal of Accounting Research 25 (Spring): 49-67.
_____. 2001. How important is past analyst forecast accuracy? Financial Analyst Journal (November/December): 44-49.
Byard, D., and K. W. Shaw. 2003. Corporate disclosure quality and properties of analysts’ information environment. Journal of Accounting, Auditing & Finance 18(3): 355-378.
_____, Y. Li, and J. Weintrop. 2006. Corporate governance and the quality of financial analysts’ information. Journal of Accounting and Public Policy 25(5): 609-625.
Carcello, J. V., and A. L. Nagy. 2004. Auditor industry specialization and fraudulent financial reporting. Managerial Auditing Journal 19(5): 651-668.
Choi. J-H., and R. Doogar. 2005. Auditor tenure and audit quality: Evidence from going-concern qualifications issued during 1996-2001. Hong Kong University of Science and Technology.
Clement, M. B. 1999. Analyst forecast accuracy: Do ability, resources, and portfolio complexity matter? Journal of Accounting and Economics 27: 285-303
Craswell, A., J. Francis, and S. Taylor. 1995. Auditor brand name reputations and industry specializations. Journal of Accounting and Economics 20 (December): 297-322.
Dechow, P., and C. Schrand. 2004. Earnings Quality. Charlottesville, VA: The Research Foundation of CFA Institute.
DeFond, M. L., and J. Jiambalvo. 1993. Factors related to auditor-client disagreements over income increasing accounting methods. Contemporary Accounting Research 9 (Spring): 415-431
_____, and J. R. Fransis. 2005. Audit Research after Sarbanes-Oxley. Auditing: A Journal of Practice & Theory 24(Supplement): 5-30
Demerjian, P., B. Lev, and S. McVay. 2012. Quantifying managerial ability: A new measure and validity tests. Management Science 58 (July): 1229-1248.
Demerjian, P., B. Lev, M. F. Lewis, and S. McVay. 2013. Managerial ability and earnings quality. The Accounting Review 88 (March): 463-498.
Doyle, J. T., W. Ge, and S. Mcvay. 2007. Accruals quality and internal control over financial reporting. The Accounting Review 82 (October): 1141-1170.
Dunn, K. A., B. W. Mayhew, and S. G. Morsfield. 2004. Audit firm industry specialization and client disclosure quality. Review of Accounting Studies 9(1): 35-58.
Eames. M., and S. Glover. 2003. Earnings predictability and the directing of analysts` earnings forecast errors. The Accounting Review 78 (July): 707-724.
Fee, C., and C. Hadlock. 2003. Raids, rewards, and reputations in the market for managerial talent. Review of Financial Studies 16(4): 1315-1357.
Francis, J. R. 2004. What do we know about audit quality? The British Accounting Review 36 (4): 345-368.
Frankel, R. M., M. F. Johnson, and K. K. Nelson. 2001. Auditor Independence and Earnings Quality. Research Paper No. 1696R. Graduate School of Business, Stanford University.
Gul, F. A., S. Y. K. Fung, and B. Jaggi. 2009. Earnings quality: Some evidence on the role of auditor tenure and auditors’ industry expertise. Journal of Accounting and Economics 47(30): 265-287.
Hagerman, R. L. and W. Ruland. 1979. The accuracy of management forecasts and forecasts of simple alternative models. Journal of Economics and Business 31: 172-179.
Hassell, J. M., and R. H. Jennings. 1986. Relative forecast accuracy and the timing of earnings forecast announcements. The Accounting Review 61 (January): 58-75.
Heckman, J. J. 1979. Sample selection bias as a specification error. Econometrica 47 (1): 153-162.
Hermalin, B., and M. Weisbach. 1998. Endogenously chosen boards of directors and their monitoring of the CEO. American Economic Review 88(1): 96-118.
Heflin, F., and K. R. Subramanyam Yuan Zhang. Regulation FD and the Financial Information Environment: Early Evidence. The Accounting Review 78 (1):1–37.
Holthausen, R., and R. Watts. 2001. The relevance of the value-relevance literature for financial accounting standard setting. Journal of Accounting and Economics 31 (September): 3-75.
Hope, O. K. 2003. Accounting policy disclosures and analysts’ forecasts. Contemporary Accounting Research 20 (2): 295-321.
Hwang. L., C. Jan. and S. Basu. 1996. Loss firms and analysts` earnings forecast errors. Journal of Financial Statement Analysis 1 (Winter): 18-31.
Imhoff. E. A., and G. J. Lobo. 1992. The effects of ex ante earnings uncertainty on earnings response coefficients. The Accounting Review 67 (April): 427-439.
Ireland, J. C., and C. S. Lennox. 2002. The large audit firm fee premium : A case of selectivity bias? Journal of Accounting, Auditing and Finance 17 (1): 73-91.
Khurana. I. K., and K. K. Raman. 2004. Litigation risk and the financial reporting credibility of Big 4 versus Non-Big 4 audits: Evidence from Anglo-American countries. The Accounting Review 79 (April): 473-495.
Krishnan. G. 2003. Audit quality and the pricing of discretionary accruals. Auditing: A Journal of Practice & Theory 22 (March): 109-126.
Kross. W., B. T. Ro, and D. Schroeder. 1990. Earnings expectations: the analysts` information advantage. The Accounting Review 65 (April): 461-476.
Kross, W. J., and Inho Suk. 2012. Journal of Accounting and Economics 53 :225–248.
Lang, M., and R. Lundholm. 1996. Corporate disclosure policy and analyst behavior. The Accounting Review 71 (October): 467-92.
Lennox, C. S., J. R. Francis, and Z. Wang. 2012. Selection models in accounting research. The Accounting Review 87 (2): 589–616.
Leverty, T., and M. Grace. 2012. Dupes or incompetents? An examination of management’s impact on firm distress. Journal of Risk and Insurance 79(3): 751-783.
Lys, T., and R. L. Watts. 1994. Lawsuits against auditors. Journal of Accounting Research 32: 65-93.
Malmendier, U., and G. Tate. 2005. CEO overconfidence and corporate investment. The Journal of Finance 60(6): 2661-2700.
Milbourn, T. 2003. CEO reputation and stock-based compensation. The Journal of Financial Economics 68(2):233-262.
O’Keefe, T. B., R. D. King, and K. M. Gaver. 1994. Audit fees, industry specialization, and compliance with GAAS reporting standards. Auditing: A Journal of Practice & Theory 13 (Fall): 41-55.
Owhoso, V. E., W. F. Messier, Jr., and J. G. Lynch, Jr. 2002. Error detection by industry-specialized teams during sequential audit review. Journal of Accounting Research 40 (June): 883-900.
Palmrose, Z-V. 1986. Audit fees and auditor size: Further evidence. Journal of Accounting 24 (Spring): 97-110.
_____, V. J. Richardson, and S. Scholz. 2004. Determinants of market reactions to restatement announcements. Journal of Accounting and Economics 37(1): 59-89.
Rajgopal, S., T. Shevlin, and V. Zamora. 2006. CEOs’ outside employment opportunities and the lack of relative performance evaluation in compensation contracts. The Journal of Finance 61(4): 1813-1844.
Ramnath, S., S. Rock, and P. Shane. 2008. The financial analyst forecasting literature: A taxonomy with suggesting for further research. International Journal of Forecasting 24: 1-28.
Rose, N., and A. Shepard. 1997. Firm diversification and CEO compensation: Managerial ability or executive entrenchment? The RAND Journal of Economics 28(3): 489-514.
Teoh, S. H., and T J. Wong. 1993. Perceived auditor quality and the earnings response coefficient. The Accounting Review 68 (April): 346-366.
Trueman, B. 1986. Why do managers voluntarily release earnings forecasts? Journal of Accounting and Economics 8(1): 53–71.
Zmijewski, M. E. 1984. Methodological issues related to the estimation of financial distress prediction models. Journal of Accounting Research 22 (Supplement): 59-82.
描述 碩士
國立政治大學
會計研究所
101353044
102
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0101353044
資料類型 thesis
dc.contributor.advisor 俞洪昭zh_TW
dc.contributor.advisor Yu, Hung Chaoen_US
dc.contributor.author (Authors) 何國豪zh_TW
dc.contributor.author (Authors) Ho, Kuo Haoen_US
dc.creator (作者) 何國豪zh_TW
dc.creator (作者) Ho, Kuo Haoen_US
dc.date (日期) 2013en_US
dc.date.accessioned 12-Aug-2014 14:01:11 (UTC+8)-
dc.date.available 12-Aug-2014 14:01:11 (UTC+8)-
dc.date.issued (上傳時間) 12-Aug-2014 14:01:11 (UTC+8)-
dc.identifier (Other Identifiers) G0101353044en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/68524-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 會計研究所zh_TW
dc.description (描述) 101353044zh_TW
dc.description (描述) 102zh_TW
dc.description.abstract (摘要) 本研究檢測審計品質與經理人能力對於分析師盈餘預測行為之相對有用性。根據Compustat 及 I/B/E/S所蒐集之1996至2011年資料，本研究發現，相對於非四大會計師事務所或非產業專家，當公司被四大會計師事務所或產業專家查核時，分析師預測之準確度較高，且離散度較小。此外，本研究發現當公司經理人能力較高時，分析師預測之準確度亦愈高，而離散度亦愈小。最後，為探討沙賓法案對分析師預測行為之影響，本研究將樣本區分為沙賓法案前及沙賓法案後兩組。實證結果顯示，相對於沙賓法案前，在沙賓法案後，分析師較重視審計品質與經理人能力。整體而言，審計品質與經理人能力皆會為分析師的盈餘預測帶來正面影響，而經理人能力之影響較為顯著。zh_TW
dc.description.abstract (摘要) This study examines the relative usefulness of audit quality and managerial ability on financial analysts’ earnings forecast behavior. Based on data collected from Compustat and I/B/E/S from 1996 to 2011, the empirical results show that analysts` earnings forecast accuracy is higher and dispersion is smaller when firms are audited by a Big 4 auditor or an industry specialist. Similarly, analysts` earnings forecast accuracy is also higher and dispersion is also smaller when firms employ more capable managers. To investigate whether SOX affects analysts’ behavior, sample is divided into pre-SOX and post-SOX groups. The regression results from both groups show that analysts take audit quality and managerial ability into their earnings forecasts after SOX. Overall, the results suggest that both audit quality and managerial ability are associated with analysts’ earnings forecast properties. Importantly, the effect of managerial ability appears to be larger than the effect of audit quality.en_US
dc.description.tableofcontents 第一章 緒論 1
第二章 文獻探討與假說建立 4
第一節 文獻探討 4
一、分析師盈餘預測行為 4
二、財務報表品質 7
三、經理人能力 11
第二節 假說建立 14
第三章 研究設計 18
第一節 實證模型 18
一、Heckman第一階段模型–修正自我選擇問題 18
二、Heckman第二階段模型-分析師盈餘預測行為 19
三、進一步分析—區分為沙賓法案施行前後 27
第二節 樣本篩選 33
第四章 實證結果 37
第一節 敘述性統計與單變量分析 37
一、敘述性統計 37
二、單變量分析 38
三、相關係數 44
第二節 迴歸結果 49
一、Heckman第一階段–會計師自我選擇模型 49
二、Heckman第二階段–分析師預測準確度模型 49
三、Heckman第二階段–分析師預測離散度模型 50
四、進一步分析—區分為沙賓法案施行前後 56
第五章 結論與建議 61
參考文獻 63

表目錄
表 1 變數定義表 29
表 2 樣本篩選表 33
表 3 樣本分佈表 34
表 4 敘述性統計 38
表 5 平均數與中位數檢定 41
表 6 相關係數矩陣 45
表 7 Heckman第一階段–會計師自我選擇模型 52
表 8 Heckman第二階段–分析師預測準確度模型 53
表 9 Heckman第二階段–分析師預測離散度模型 55
表 10 分析師預測準確度模型-區分為沙賓法案前後 58
表 11 分析師預測離散度模型-區分為沙賓法案前後 60		zh_TW
dc.format.extent 765148 bytes-
dc.format.mimetype application/pdf-
dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0101353044en_US
dc.subject (關鍵詞) 審計品質zh_TW
dc.subject (關鍵詞) 分析師預測準確度與離散度zh_TW
dc.subject (關鍵詞) 產業專家zh_TW
dc.subject (關鍵詞) 經理人能力zh_TW
dc.subject (關鍵詞) Audit qualityen_US
dc.subject (關鍵詞) Analysts’ forecast accuracy and dispersionen_US
dc.subject (關鍵詞) Industry specialistsen_US
dc.subject (關鍵詞) Managerial abilityen_US
dc.title (題名) 審計品質與經理人能力對於分析師盈餘預測之相對有用性zh_TW
dc.title (題名) The Relative Usefulness of Audit Quality and Managerial Ability on Financial Analysts’ Earnings Forecastsen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) Baginski, S. P., and J. M. Hassell. 1990. The market interpretation of management earnings forecasts as a predictor of subsequent financial analyst forecast revision. The Accounting Review 65 (January): 175-190.
Baik, B., D. Farber, and S. Lee. 2011. CEO ability and management earnings forecasts. Contemporary Accounting Research 28 (5): 1645-1668.
Balsam, S., J. Krishnan, and J. S. Yang. 2003. Auditor Industry Specialization and Earnings Quality. Auditing: a journal of practice & theory 22(2): 71-97.
Barr, R., and T. Siems. 1997. Bank failure prediction using DEA to measure management quality. R. Barr, R. Helgason, J. Kennington, eds. Interfaces in Computer Science and Operations Research: Advances in Metaheuristics, Optimization and Stochastic Modeling Technologies. Kluwer Acadmic Publishers, Boston, 341–366.
Barron. O. E., and P. S, Stuerke. 1998. Dispersion in analysts` earnings forecasts as a measure of uncertainty. Journal of Accounting, Auditing and Finance 13 (Summer): 245-270
_____, C. O. Kile, and T. B. O’Kcelo. 1999. MD&A quality as measured by the SEC and analysts’ earnings forecasts. Contemporary Accounting Research: 75-109.
Beasley, M. S., and K. Petroni. 2001. Board independence and audit firm type. Auditing: A Journal of Practice & Theory 20 (March): 97-114.
Becker, C. L., M. L. DeFond, and J. Jiambalvo. and K. R. Subramanyam. 1998. The effects of audit quality on earnings management. Contemporary Accounting Research 15 (Spring): 1-24.
Behn, B. K., J. H. Choi, and T. Kang. 2008. Audit quality and properties of analyst earnings forecasts. The Accounting Review 83 (March): 327-349.
Bertrand, M., and S. Mullainathan. 2003. Enjoying the quiet life? Corporate governance and managerial preferences. Journal of Political Economy 111(5):1043-1075.
Bertrand, M., and A. Schoar. 2003. Managing with style: The effects of managers on firm policies. Quarterly Journal of Economics 118(4): 1169-1208.
Bhushan, R. 1989. Firm characteristics and analyst following. Journal of Accounting and Economics 11: 255-274.
Brown. L. D., G. Richardson, and S. Schwager. 1987. An information interpretation of financial analyst superiority in forecasting earnings. Journal of Accounting Research 25 (Spring): 49-67.
_____. 2001. How important is past analyst forecast accuracy? Financial Analyst Journal (November/December): 44-49.
Byard, D., and K. W. Shaw. 2003. Corporate disclosure quality and properties of analysts’ information environment. Journal of Accounting, Auditing & Finance 18(3): 355-378.
_____, Y. Li, and J. Weintrop. 2006. Corporate governance and the quality of financial analysts’ information. Journal of Accounting and Public Policy 25(5): 609-625.
Carcello, J. V., and A. L. Nagy. 2004. Auditor industry specialization and fraudulent financial reporting. Managerial Auditing Journal 19(5): 651-668.
Choi. J-H., and R. Doogar. 2005. Auditor tenure and audit quality: Evidence from going-concern qualifications issued during 1996-2001. Hong Kong University of Science and Technology.
Clement, M. B. 1999. Analyst forecast accuracy: Do ability, resources, and portfolio complexity matter? Journal of Accounting and Economics 27: 285-303
Craswell, A., J. Francis, and S. Taylor. 1995. Auditor brand name reputations and industry specializations. Journal of Accounting and Economics 20 (December): 297-322.
Dechow, P., and C. Schrand. 2004. Earnings Quality. Charlottesville, VA: The Research Foundation of CFA Institute.
DeFond, M. L., and J. Jiambalvo. 1993. Factors related to auditor-client disagreements over income increasing accounting methods. Contemporary Accounting Research 9 (Spring): 415-431
_____, and J. R. Fransis. 2005. Audit Research after Sarbanes-Oxley. Auditing: A Journal of Practice & Theory 24(Supplement): 5-30
Demerjian, P., B. Lev, and S. McVay. 2012. Quantifying managerial ability: A new measure and validity tests. Management Science 58 (July): 1229-1248.
Demerjian, P., B. Lev, M. F. Lewis, and S. McVay. 2013. Managerial ability and earnings quality. The Accounting Review 88 (March): 463-498.
Doyle, J. T., W. Ge, and S. Mcvay. 2007. Accruals quality and internal control over financial reporting. The Accounting Review 82 (October): 1141-1170.
Dunn, K. A., B. W. Mayhew, and S. G. Morsfield. 2004. Audit firm industry specialization and client disclosure quality. Review of Accounting Studies 9(1): 35-58.
Eames. M., and S. Glover. 2003. Earnings predictability and the directing of analysts` earnings forecast errors. The Accounting Review 78 (July): 707-724.
Fee, C., and C. Hadlock. 2003. Raids, rewards, and reputations in the market for managerial talent. Review of Financial Studies 16(4): 1315-1357.
Francis, J. R. 2004. What do we know about audit quality? The British Accounting Review 36 (4): 345-368.
Frankel, R. M., M. F. Johnson, and K. K. Nelson. 2001. Auditor Independence and Earnings Quality. Research Paper No. 1696R. Graduate School of Business, Stanford University.
Gul, F. A., S. Y. K. Fung, and B. Jaggi. 2009. Earnings quality: Some evidence on the role of auditor tenure and auditors’ industry expertise. Journal of Accounting and Economics 47(30): 265-287.
Hagerman, R. L. and W. Ruland. 1979. The accuracy of management forecasts and forecasts of simple alternative models. Journal of Economics and Business 31: 172-179.
Hassell, J. M., and R. H. Jennings. 1986. Relative forecast accuracy and the timing of earnings forecast announcements. The Accounting Review 61 (January): 58-75.
Heckman, J. J. 1979. Sample selection bias as a specification error. Econometrica 47 (1): 153-162.
Hermalin, B., and M. Weisbach. 1998. Endogenously chosen boards of directors and their monitoring of the CEO. American Economic Review 88(1): 96-118.
Heflin, F., and K. R. Subramanyam Yuan Zhang. Regulation FD and the Financial Information Environment: Early Evidence. The Accounting Review 78 (1):1–37.
Holthausen, R., and R. Watts. 2001. The relevance of the value-relevance literature for financial accounting standard setting. Journal of Accounting and Economics 31 (September): 3-75.
Hope, O. K. 2003. Accounting policy disclosures and analysts’ forecasts. Contemporary Accounting Research 20 (2): 295-321.
Hwang. L., C. Jan. and S. Basu. 1996. Loss firms and analysts` earnings forecast errors. Journal of Financial Statement Analysis 1 (Winter): 18-31.
Imhoff. E. A., and G. J. Lobo. 1992. The effects of ex ante earnings uncertainty on earnings response coefficients. The Accounting Review 67 (April): 427-439.
Ireland, J. C., and C. S. Lennox. 2002. The large audit firm fee premium : A case of selectivity bias? Journal of Accounting, Auditing and Finance 17 (1): 73-91.
Khurana. I. K., and K. K. Raman. 2004. Litigation risk and the financial reporting credibility of Big 4 versus Non-Big 4 audits: Evidence from Anglo-American countries. The Accounting Review 79 (April): 473-495.
Krishnan. G. 2003. Audit quality and the pricing of discretionary accruals. Auditing: A Journal of Practice & Theory 22 (March): 109-126.
Kross. W., B. T. Ro, and D. Schroeder. 1990. Earnings expectations: the analysts` information advantage. The Accounting Review 65 (April): 461-476.
Kross, W. J., and Inho Suk. 2012. Journal of Accounting and Economics 53 :225–248.
Lang, M., and R. Lundholm. 1996. Corporate disclosure policy and analyst behavior. The Accounting Review 71 (October): 467-92.
Lennox, C. S., J. R. Francis, and Z. Wang. 2012. Selection models in accounting research. The Accounting Review 87 (2): 589–616.
Leverty, T., and M. Grace. 2012. Dupes or incompetents? An examination of management’s impact on firm distress. Journal of Risk and Insurance 79(3): 751-783.
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