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The Risk Management Role of Accounting Conservatism for Operating Cash Flows
16 references·1 citing·38 second hop
The Risk Management Role of Accounting Conservatism for Operating Cash Flows (2010)The Risk Management Role of Accounting Co…Why Do U.S. Firms Hold So Much More Cash than They Used To? (2009)Why Do U.S. Firms Hold So Muc…The economic implications of corporate financial reporting (2005)The economic implications of …Earnings management and investor protection: an international comparison (2003)Earnings management and inves…Conservatism in Accounting Part I: Explanations and Implications (2003)Conservatism in Accounting Pa…The determinants and implications of corporate cash holdings (1999)The determinants and implicat…The conservatism principle and the asymmetric timeliness of earnings1 (1997)The conservatism principle an…Industry costs of equity (1997)Industry costs of equityLoss Aversion in Riskless Choice: A Reference-Dependent Model (1991)Loss Aversion in Riskless Cho…Agency Costs, Net Worth, And Business Fluctuations (1988)Agency Costs, Net Worth, And …Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers (1986)Agency Costs of Free Cash Flo…The Determinants of Firms' Hedging Policies (1985)The Determinants of Firms' He…Positive Accounting Theory (1985)Positive Accounting TheoryMoral Hazard and Observability (1979)Moral Hazard and ObservabilityRisk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…FINANCIAL RATIOS, DISCRIMINANT ANALYSIS AND THE PREDICTION OF CORPORATE BANKRUPTCY (1968)FINANCIAL RATIOS, DISCRIMINAN…The Cost of Capital, Corporation Finance and the Theory of Investment (1958)The Cost of Capital, Corporat…Does banking deregulation affect accounting conservatism? (2021)Does banking deregulation aff…The Theory of Syndicates (1968)Essays in the Theory of Risk-Bearing. (1972)Markets and Hierarchies: Analysis and Antitrust Implications. (1976)Good News and Bad News: Representation Theorems and Applications (1981)Financial Intermediation and Delegated Monitoring (1984)Prospect theory: An analysis of decision under risk (1988)Status quo bias in decision making (1988)Advances in prospect theory: Cumulative representation of uncertainty (1992)A Theory of Fairness, Competition, and Cooperation (1999)Time Discounting and Time Preference: A Critical Review (2002)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Cross-Section of Expected Stock Returns (1992)Common risk factors in the returns on stocks and bonds (1993)Multifactor Explanations of Asset Pricing Anomalies (1996)Measuring Mutual Fund Performance with Characteristic‐Based Benchmarks (1997)Conditional Skewness in Asset Pricing Tests (2000)The Behavior of Stock-Market Prices (1965)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)On Persistence in Mutual Fund Performance (1997)DISTRIBUTION OF INCOMES OF CORPORATIONS AMONG DIVIDENDS, RETAINED EARNINGS AND TAXES (1956)The Pricing of Options and Corporate Liabilities (1973)Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Earnings Management During Import Relief Investigations (1991)Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature (2001)The theory and practice of corporate finance: evidence from the field (2001)Earnings Management through Real Activities Manipulation (2003)Understanding earnings quality: A review of the proxies, their determinants and their consequences (2010)Voluntary Nonfinancial Disclosure and the Cost of Equity Capital: The Initiation of Corporate Social Responsibility Reporting (2010)A Survey of Corporate Governance (1997)Law and Finance (1998)Corporate Ownership Around the World (1999)International Accounting Standards and Accounting Quality (2008)Performance matched discretionary accrual measures (2005)Financial Ratios and the Probabilistic Prediction of Bankruptcy (1980)Managerial incentives and risk-taking☆ (2005)How does financial reporting quality relate to investment efficiency? (2009)The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems (1993)Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints? (1997)
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References

  • 1986Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers17,216 cited
  • 1968FINANCIAL RATIOS, DISCRIMINANT ANALYSIS AND THE PREDICTION OF CORPORATE BANKRUPTCY14,869 cited
  • 1958The Cost of Capital, Corporation Finance and the Theory of Investment14,494 cited
  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 1979Moral Hazard and Observability8,358 cited
  • 1991Loss Aversion in Riskless Choice: A Reference-Dependent Model6,428 cited
  • 2005The economic implications of corporate financial reporting6,337 cited
  • 1985Positive Accounting Theory5,837 cited
  • 1997Industry costs of equity5,793 cited
  • 2003Earnings management and investor protection: an international comparison5,395 cited
  • 1988Agency Costs, Net Worth, And Business Fluctuations4,382 cited
  • 1997The conservatism principle and the asymmetric timeliness of earnings13,988 cited
  • 1999The determinants and implications of corporate cash holdings3,910 cited
  • 1985The Determinants of Firms' Hedging Policies3,270 cited
  • 2009Why Do U.S. Firms Hold So Much More Cash than They Used To?2,896 cited
  • 2003

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Conservatism in Accounting Part I: Explanations and Implications
2,768 cited

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  • 2021Does banking deregulation affect accounting conservatism?20 cited