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Earnings Quality Choices: Proprietary Costs and the Cost of Capital
No full text盈餘為一項重要的財務資訊，其雖為強制揭露項目且認列受會計準則所規範，企業仍可透過認列收入費用的時點、會計原則的選擇等，達成其裁量性揭露的目的。本文以Modified Dechow & Dichev Model (McNichols 2002)為基礎建立盈餘品質指標，從應計項目實現的可能性來定義盈餘品質，並藉由盈餘品質的衡量探究企業資訊揭露的決策行為。
本文以私有資訊成本(Proprietary Cost)詮釋公司因資訊揭露而使其失去市場競爭優勢等負面影響。由私有資訊成本的角度出發，從成本面探討公司的揭露行為，建立公司揭露之決策模型。實證結果發現公司的資訊揭露決策不僅受到資本市場評價的影響，也會同時考量揭露的結果是否會影響其商品市場之競爭地位。若公司所面對之私有資訊成本愈大，其盈餘品質也較差。
盈餘品質與資金成本關聯性之研究，則參考Cohen(2003)之研究方法，將揭露成本出發的決策模型作為盈餘品質之工具變數，藉此降低存在於揭露變數與資金成本之相關實證模型中的內生性問題(Endogeneity)。實證結果發現在同時考量資訊揭露之成本(私有資訊成本增加)及效益(資金成本降低)後，公司不一定會為了享受資本市場評價的利益而提升其揭露水準。即在考量私有資訊成本後，揭露水準與資金成本間的負向相關不復存在。同時由本文的實證看來，在排除盈餘品質與資金成本模型之內生性偏誤後，資訊風險非為不可分散的系統性風險，僅為各別公司的風險，投資人未對資訊風險要求額外的風險貼水。“Earnings” is one of the most important financial information. Even though it is one of the mandatory disclosure items, managers can still use their discretion about when to recognize revenue and expense and about the application choices of accounting principles. This paper bases on the Modified Dechow & Dichev Model (McNichols 2002) to measure the earnings quality indicator. This model mapped earnings quality by the magnitude of accrual estimation errors. I use this indicator to explore managers’ disclosure behavior.
I consider the associated costs determinants that may affect a firm’s disclosure decisions and put the emphasis on proprietary costs. Proprietary costs take place when a firm discloses some information will reduce the present value of cash flows of the firm. The evidence I present suggests that reporting strategy depends not only on the valuation benefits from capital market firms expect to derive from disclosure, but also on the proprietary costs firms face. I find that higher proprietary costs are associated with poor earnings quality.
As for the research on the relationship between earnings quality and the cost of capital, I refer to Cohen’s method (2003) which took a vector of determinants variables as instrument variables to solve the endogeneity bias in the relation between cost of capital and disclosure policy. After considering costs (increasing a firm’s proprietary costs) and benefits (lower a firm’s cost of capital) of higher level of disclosure, I do not find evidence that firms choosing to provide high-quality earnings necessarily enjoy a lower cost of equity capital. My analysis implies that the information risk associated with the earnings quality does not necessarily constitute an additional risk factor, but rather is a firm-specific risk, which investors do not price.第一章 緒論 1
第一節 研究動機與目的 1
第二節 研究架構 3
第二章 文獻探討 4
第一節 揭露水準與資金成本 4
第二節 揭露水準與資金成本之內生性問題 10
第三節 私有資訊成本 15
第三章 研究方法 20
第一節 盈餘品質之衡量 20
第二節 研究假說及實證模型 26
第四章 樣本選擇與敘述統計 38
第五章 實證結果與分析 42
第一節 盈餘品質之決策模型 42
第二節 盈餘品質對資金成本之影響 46
第六章 結論 55
參考文獻 5
An integrated modeling approach to evaluate the performance of an oxygen enhancement device in the Hwajiang wetland, Taiwan
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Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Variations on the Author
Full text link“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Full text linkWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
Dispelling the Myths Behind First-author Citation Counts
Full text linkWe conducted a full-scale evaluative citation analysis study of scholars in the XML research field to explore just how different from each other author rankings resulting from different citation counting methods actually are, and to demonstrate the capability of emerging data and tools on the Web in supporting more realistic citation counting methods. Our results contest some common arguments for the continued
use of first-author citation counts in the evaluation of scholars, such as high correlations between author rankings by first-author citation counts and other citation
counting methods, and high costs of using more realistic citation counting methods that are not well-supported by the ISI databases. It is argued that increasingly available digital full text research papers make it possible for citation analysis studies to go beyond what the ISI databases have directly supported and to employ more
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koamabayili/VECTRON-author-checklist: VECTRON author checklist
No full textWe have done our best to complete the author checklist relating to the use of animals in the hut study. Note that the objective for the hut study was to evaluate the IRS treatment applications for residual efficacy against Anopheles mosquitoes, including the local An. coluzzii mosquito population. Cows were only used to attract mosquitoes into the huts and no tests were carried out directly on the cows. The author checklist is intended for use with studies where experiments are carried out on animals, which is why we have had such difficulty in completing this for the hut study, as many of the questions do not relate to how the cows were used
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