課程大綱及進度表
開課系所
會博
開課學年
財務會計理論研討（一）
開課學期
96
課程名稱(中文)
上
課程名稱（英文）
Doctoral seminar in financial
Accounting
課程碼
R1 102
R170210
分班碼
先修科目或先備能力
學分數
3
開課教師
王萬成
e-mail
wangw@mail.ncku.edu.tw
電話
X53430
Office Hours
By appointment
課程概述
This course will include the state of art knowledge in financial accounting research.
The subjects will mostly focus on the use of accounting information in equity
valuation. This will include subjects in accounting and finance valuation models,
taxation, debt contracts, earnings management, employee stock options. Most of the
class will center on the discussion of the latest literature in these areas.
教學目標
The purpose of this course is to acquaint students with the fundamental tools and
concepts for rigorous accounting research. This course is also intended to advance
the students’ understanding of how this field evolves and the relationship to other
fields. This includes an understanding of the state of the art research in financial
accounting, finance and economics. After this course, the students are expected to be
able to rigorously integrate the institutional framework of accounting in research on
equity valuation, earnings management, employee stock options, taxation, and other
numerous research issues.
授課課程大綱明細
I. Valuation of Equity
1. K. R. Subramanyam and Mohan Venkatachalam. 2007. Earnings, Cash Flows,
and Ex Post Intrinsic Value of Equity. AR: 457
2. Barth, M. E., D. Cram, and K. Nelson. 2001. Accruals and the prediction of
future cash flows. The Accounting Review 76: 27–58.
3.
Dechow, P. M. , S. P. Kothari, and R. Watts. 1998. The relation between
4.
5.
6.
earnings and cash flows. Journal of Accounting and Economics 25: 133–168.
Morton Pincus, Shivaram Rajgopal and Mohan Venkatachalam. 2007. The
Accrual Anomaly: International Evidence AR: 169
Frank Ecker, Jennifer Francis, Irene Kim, Per M. Olsson and Katherine
Schipper. 2006. A Returns-Based Representation of Earnings Quality. AR: 749
Sunil Dutta and Stefan Reichelstein. 2006.Stock Price, Earnings, and Book
Value in Managerial Performance Measures AR: 1069
II. CEO compensations and accounting information
1. Mary Ellen Carter, Luann J. Lynch and İrem Tuna. 2007. The Role of
Accounting in the Design of CEO Equity Compensation AR: 327-357
2. James R. Frederickson, Frank D. Hodge and Jamie H. Pratt. 2006. The Evolution
of Stock Option Accounting: Disclosure, Voluntary Recognition, Mandated
Recognition, and Management Disavowals AR: 1073
3. Aboody, D. 1996. Market valuation of employee stock options. Journal of
Accounting and Economics. 22 (1-3): 357-391.
4. Core, J., Guay, W., and Kothari S., 2002, The Economic dilution of employee
stock options: diluted EPS for valuation and financial reporting, The Accounting
Review 77: 627-652
5. Kulatilaka, N. and A. J. Marcus. 1994. Valuing employee stock options.
Financial Analysts Journal (Nov-Dec) 46--56.
6. Hemmer, T, S. Matsunaga, and E. Shevlin. 1994. Estimating the "fair value" of
employee stock options with expected early exercise. Accounting Horizon 8
(Dec) 23-42.
III. Earnings Management
1. Sarah Elizabeth McVay Sarah Elizabeth McVay. 2006. Earnings Management
Using Classification Shifting: An Examination of Core Earnings and Special
Items. AR: 501
2. Scott A. RichardsonRichard G. SloanMark T. Soliman and İrem Tuna. 2006. The
Implications of Accounting Distortions and Growth for Accruals and
Profitability. AR: 713
3. James E. Hunton, Robert Libby and Cheri L. Mazza. 2006. Financial Reporting
Transparency and Earnings Management AR: 135
4. Jennifer W. Tucker and Paul A. Zarowin. 2006.
Improve Earnings Informativeness? AR: 251
Does Income Smoothing
5. Shivakumar, Lakshmanan. 2000 Do firms mislead investors by overstating
earnings before seasoned equity offerings? JAE 29L 339-371.
6. * Barton, J. 2001. Does the Use of Financial Derivatives Affect Earnings
Management Decisions? The Accounting Review 76(January): 1-26.
7. * Beatty, A. and J. Webber. 2003. The effects of debt contracting on voluntary
accounting methods change. AR (78): 119-142.
8. * Burgstahler, David; Dichev, Ilia . 1997. Earnings management to avoid
earnings decreases and losses JAE, (Dec) :99-126
9. Healy, Paul. 1985. The effect of bonus schemes on accounting decisions. JAE 7:
85-107.
IV. Taxation
1. Andrew P. Schmidt .2006. The Persistence, Forecasting, and Valuation
Implications of the Tax Change Component of Earnings. AR: 589
2.
3.
4.
5.
6.
* Hanlon, Michelle; Myers, James N.; Shevlin, Terry. 2003. Dividend taxes
and firm valuation: a reexamination JAE 35 (2): 119-153
* Dhaliwal, Dan; Zhen Li, Oliver; Trezevant, Robert. 2003. Is a dividend tax
penalty incorporated into the return on a firm's common stock? JAE 35 (2)pp.
155-178
* Dhaliwal, Dan; Erickson, Merle; Frank, Mary Margaret; Banyi, Monica.
2003. Are shareholder dividend taxes on corporate retained earnings
impounded in equity prices? Additional evidence and analysis JAE 35 (2):
179-200
Plesko, George A. 2003. An evaluation of alternative measures of corporate tax
rates. JAE 35 (2): 201-226
Shi, Charles. 2003. On the trade-off between the future benefits and riskiness
of R&D: a bondholders’ perspective. JAE 35 (2): 227-254
V. Relation between Earnings and Prices (ERC):
1.
2.
Ball, R. and P. Brown, 1968. An Empirical Evaluation of Accounting Income
Numbers, JAR (Autumn): 159-178.
D. Craig Nichols and James M Wahlen. 2004. How Do Earnings Numbers
Relate to Stock Returns? A Review of Classic Accounting Research with
Updated Evidence. Accounting Horizons. 18, Iss. 4:
p. 263 -
3.
Brennan, Michael J. 1991. A Perspective on Accounting and Stock Prices
The Accounting Review 66: p. 67 -
4.
Fan, Joseph P.H. and Wong, T.J. 2002. Corporate ownership structure and the
informativeness of accounting earnings in East Asia. Journal of Accounting and
Economics Volume: 33, Issue: 3, August, 2002, pp. 401-425
5.
Charles M. C. Lee. 1999. Accounting-Based Valuation: Impact on Business
Practices and Research. Accounting Horizons Vol. 13 No. 4: pp. 413–425
6.
Ball, Ray; Bartov, Eli. 1996. How naive is the stock market's use of earnings
information? Journal of Accounting and Economics Volume: 21, Issue: 3, June,
1996, pp. 319-337
7.
Penman, S. and X. Zhang. 2002. Accounting conservatism, the quality of
earnings, and stock returns. AR 77: 237-264.
8.
Beaver, W., R. Lambert and D. Morse, "The Information Content of Prices,"
JAE, March 1980.
9.
Beaver, W., M. McAnally and C. Stinson, "The Information Content of Prices:
A simultaneous Equations Approach,” JAE, 1997.
VI. Research Design Issues:
1.
Beaver, W. 2002. Perspectives on recent capital market research. AR. 77
2.
Landsman, W., and J. Magliolo, "Cross-sectional Capital Market Research and
Model Specification," AR, October 1988.
3.
Easton, P., T. Harris and J. Ohlson, "Aggregate Accounting Earnings Can
Explain Most of Security Returns: The Case of Long Return Intervals," JAE
June/Sept 1992
4.
Barth, M., and S. Kallapur, “Effects of cross-sectional scale differences on
regression results in empirical accounting research. CAR, 1996.
5.
Teets, Walter R. and Charles E. Wasley. 1996. Estimating earnings response
coefficients: pooled versus firm-specific models. JAE 21: 279-295.
6.
Beaver, W., "The Properties of Sequential Regressions and Multiple
Explanatory Variables," AR, January 1987.
VII. Cross Sectional Valuation Models and Accounting Information:
Earnings-based Approaches
* Stephen G. Ryan and Paul A. Zarowin. 2003. Why Has the Contemporaneous
Linear Returns-Earnings Relation Declined?
AR 78: 523-553.
* Miller, M., and F. Modigliani, "Some Estimates of the Cost of Capital to the
Electric Utility Industry," AER, June 1966.
Barth, M., W. Beaver, and W. Landsman, "The Market Valuation Implications of Net
Periodic Pension Cost Components," JAE, March 1992.
Balance-Sheet Approaches
Barth, M., "Relative Measurement Errors Among Alternative Pension Asset and
Liability Measures," AR, July 1991.
* Barth, M., W. Beaver, and W. Landsman, “Value Relevance of Banks’ Fair Value
Disclosures under SFAS No. 107” AR, October 1996.
Book Value and Earnings-based Approaches
* Ohlson, J., "Earnings, Book Values, and Dividends in Security Valuation, CAR,
Spring 1995.
Bernard, V., “The Feltham-Ohlson Framework: Implications for Empiricists,” CAR
Spring 1995.
Fundamental Issues Related to Using Fair Value Accounting for Financial
Reporting” (with Mary E. Barth), Accounting Horizons, December 1995.
Barth, M., W. Beaver, and W. Landsman, “Structural Analysis of SFAS 87 Pension
Disclosures and Their Relation to Share Prices, FAJ, January/February 1993.
Collins, D., E. Maydew, and S. Weiss, “Changes in the Value-Relevance of Earnings
and Book Values over the Past Forty Years,” JAE, December 1997.
Barth, M., W. Beaver, and W. Landsman, “Relative Valuation Roles of Equity Book
Value and Net Income as a Function of Financial Health”, JAE, 1998.
VIII. Testing Equilibrium Relationships and Market Efficiency:
Bernard, V., and J. Thomas, "Post-earnings Announcement Drift:
Delayed Price
Response or Risk Premium," JAR, Supplement 1989.
Bernard, V., and J. Thomas, "Evidence that Stock Prices do not Fully Reflect the
Implications of Current Earnings for Future Earnings," JAE, December 1990.
IX. Others
Properties of Earnings Forecasts:
Brown, L., P. Griffin, R. Hagerman, and M. Zmijewski, "An Evaluation of
Alternative Proxies for the Market's Assessment of Unexpected Earnings," JAE,
July 1987.
Cornell, B., and W. Landsman, "Security Price Response to Quarterly Earnings
Announcements," AR, October 1989.
Brown, L. D., "Earnings Forecasting Research: Its Implications for Capital Markets
Research," International Journal of Forecasting, December 1993.
Financial Statement Analysis:
Ou, J., and S. Penman, "Financial Statement Analysis and the Prediction of Stock
Returns," JAE, 1989.
Abarbanell, J., and B. Bushee, “Fundamental Analysis, Future Earnings, and Stock
Prices,” JAR, Spring 1997.
* Abarbanell, J., and B. Bushee, “Abnormal Returns to a Fundamental Analysis
Strategy,” AR, January 1998.
Residual, Comprehensive Income Valuation
Ohlson, J. 1991. The Theory and Value of Earnings and An Introduction to the
Ball-Brown Analysis. Contemporary Accounting Research.
* Frankel, Richard and Charles Lee. 1998. Accounting valuation, market
expectation, and cross-sectional stock returns. JAE 25: 283-319.
* Dechow, P. M., A. P. Hutton, and R. G. Sloan, "An Empirical Assessment of the
Residual Income Valuation Model," JAE, 26, 1999. 1-34.
Beaver, W. H., "Comments on ' An Empirical Assessment of the Residual Income
Valuation Model'," JAE, 26, 1999, 35-42.
Ashiq Ali, Lee-Seok Hwang, and Mark A. 2003. Residual-Income-Based Valuation
Predicts Future Stock Returns: Evidence on Mispricing vs. Risk Explanations. AR
78: 377-396
Failure Predictions
Altman, E. I., "Financial Ratios, Discriminant Analysis and Prediction of Corporate
Bankruptcy Using Capital Market Data." Journal of Finance, 22, 1968, 589-610.
Altman, E. I., R. G. Haldeman and P. Narayanan, "Zeta Analysis: A New Model to
Identify Bankruptcy Risk of Corporations." Journal of Banking and Finance 10,
June 1977, 29-64.
* Palepu, K. G., "Predicting Takeover Targets: A Methodological and Empirical
Analysis, " JAE, 8, 1986, 3-35.
Jones, F. L., "Current Techniques in Bankruptcy Prediction," JAL, 6, 1987, 131-164.
Disclosures
Espahbodi, Hassan; Espahbodi, Pouran; Rezaee, Zabihollah; Tehranian, Hassan.
2002. Stock price reaction and value relevance of recognition versus disclosure: the
case of stock-based compensation, JAE 33:
Elliott, R. K. and P. D. Jacobson. 1994. Costs and benefits of business information
disclosure. Accounting Horizon 8 (Dec) 80-96.
Rajgopal, S. 1999. Early evidence on the informativeness of the SEC's market risk
disclosures: the case of commodity price risk exposure of oil and gas producers. 74
(July) 251--280. Accounting Review 74 (July): 251--280.
Quality of Earnings
* Jan Barton and Paul J. Simko. 2002. The Balance Sheet as an Earnings
Management Constraint. AR 77:1-27
* Patricia M. Dechow and Ilia D. Dichev. 2002. The Quality of Accruals and
Earnings: The Role of Accrual Estimation Errors. AR 77:35-59
Judy Land and Mark H. Lang. 2002.Empirical Evidence on the Evolution of
International Earnings. AR: 115-133.
* Fan, Joseph P.H.; Wong, T.J. 2002. Corporate ownership structure and the
informativeness of accounting earnings in East Asia. JAE: 401-425.
Bushman, Robert; Chen, Qi; Engel, Ellen; Smith, Abbie. 2004. Financial accounting
information, organizational complexity and corporate governance systems . JAE: pp.
167-201
參考書目
Beaver, W. 1998. Financial Reporting: An accounting revolution 3rd edition. Upper
Saddle River, NJ: Prentice hall. (新月)
Scott, W. Financial Accounting Theory 3rd edition. Scarborough, Ontario: Prentice
Hall Cananda Inc. (滄海)
Wolk, H. I., J. L. Dodd, and M. G. Tearney. 2004. Accounting Theory—conceptual
issues in political and economic environment 6th edition. Thomson.
Research papers in academic accounting and finance journals
課程要求
Class participants need to have the basic knowledge in accounting, finance and
quantitative methods.
評量方式
Presentation, examinations and class participation.
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