William M. Cready
University of Texas at Dallas
StatisticsFinancial economicsVolume (computing)AccountingSample size determinationBusinessLabour economicsPost-earnings-announcement driftEconometricsGermanPsychologyActuarial scienceEconomicsOrder (exchange)Valuation (finance)Earnings response coefficientCore (game theory)Institutional investorTransfer (computing)Equity (finance)CashEarnings surpriseAggregate (data warehouse)Earnings managementEvent (probability theory)EarningsInformation environmentSecurity marketMarket returnVolume responseComputer scienceSample (statistics)RestructuringAccrualShock (economics)Monetary economicsStock (geology)Database transaction
53Publications
18H-index
1,195Citations
Publications 42
Newest
#1William M. Cready (UTD: University of Texas at Dallas)H-Index: 18
In a highly influential analysis, Lawrence, Minutti-Meza, and Zhang (2011), LMZ henceforth, report that statistically significant relations between a firm’s choice of a Big N auditor and three audit quality metrics (discretionary accruals, cost equity capital, and analyst forecast accuracy) turn “insignificant” after application of matching (propensity score and size) designs. LMZ, however, in interpreting these outcomes mistakenly identify the difference between statistically significant and st...
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#1William M. Cready (UTD: University of Texas at Dallas)H-Index: 18
Most quasi-experimental empirical analyses in accounting involve determining a set of sample selection criteria and the then applying these criteria to obtain an exhaustive sample for analysis. By including all available observations, one might reasonably view such analyses as populations. In this article, I propose a structure and provide related interpretive guidance for conducting intentional focused replications of such such sample selection criteria defined population analyses.
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#1William M. Cready (UTD: University of Texas at Dallas)H-Index: 18
#2Bo Liu (Susquehanna University)
Last. Di Wang (UTD: University of Texas at Dallas)H-Index: 1
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This analysis advances faithful representation of statistical evidence as a substantive basis for assessing accounting journal research quality. The analysis builds upon recent work by Cready et al. (2019) indicating that accounting research articles commonly misrepresent null outcomes in their abstracts. Our analysis exploits this reporting deficiency to objectively assess journal reporting quality. The analysis determines misrepresentation rates for five leading general interest academic accou...
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#1William M. Cready (UTD: University of Texas at Dallas)H-Index: 18
A field report on the non-impact of the ASA Statement on Statistical Significance and P-Values on the broader research community. This article discusses the implications of a premier accounting journal’s dismissive response to a systematic application of the 2016 ASA Statement principles to its published content for the ASA statement’s likely success in achieving its objective of improving statistical practice.
5 CitationsSource
#1Rajib Hasan (UH: University of Houston)
#2William M. Cready (UTD: University of Texas at Dallas)H-Index: 18
Abstract This study examines the determinants of Facebook activity levels with a particular focus on Facebook activity around earnings announcements. Facebook activity is generally higher for firms with higher levels of analyst following, individual ownership, and trading volume, indicating that it is responsive to investor demand effects. Facebook activity also increases around earnings announcements, with the increase being largely attributable to posts containing earnings news. In general, th...
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#1Rajib Hasan (UHCL: University of Houston–Clear Lake)H-Index: 2
#2William M. Cready (UTD: University of Texas at Dallas)H-Index: 18
This study examines the determinants of Facebook activity levels with a particular focus on Facebook activity around earnings announcements. Facebook activity is generally higher for firms with higher levels of analyst following, individual ownership, and trading volume, indicating that it is responsive to investor demand effects. Facebook activity also increases around earnings announcements, with the increase being largely attributable to posts containing earnings news. In general, therefore, ...
#1William M. Cready (UTD: University of Texas at Dallas)H-Index: 18
#2Jiapeng He (UTD: University of Texas at Dallas)H-Index: 1
Last. Yang Zhang (UTD: University of Texas at Dallas)H-Index: 1
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This study evaluates how accounting researchers analyze and report null outcomes based on a large sample examination of recent accounting research publications. As null outcomes reflect an inability to reject a null they, unlike rejections, do not lend themselves to specifically conclusive interpretations. Rather, drawing useful inference from them requires fundamental descriptive analysis. In the 35 articles we identify as presenting substantive null outcomes, however, inappropriately conclusiv...
9 CitationsSource
This study examines the relation between both number and news content of earnings disclosures by firms and aggregate stock market trading activity. Consistent with the Hirshleifer, Lim, and Teoh (2009a) distraction hypothesis, among announcing firms the number of contemporaneous announcers reduces trading responses. However, among non-announcers the opposite holds. Trading in non-announcing stocks increases with number of announcers. Hence, while high numbers of announcing firms distract attenti...
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#1William M. Cready (UTD: University of Texas at Dallas)H-Index: 18
#2Abdullah Kumas (UR: University of Richmond)H-Index: 4
Last. Musa Subasi (MU: University of Missouri)H-Index: 6
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The use of observed transaction sizes to differentiate between �small� and �large� investor trading patterns is widespread. A significant concern in such studies is spurious effects attributable to misclassification of transactions, particularly those originating from large investors. Such effects can arise unintentionally, strategically, or endogenously. We examine comprehensive records of a sample of institutional investors (i.e., �large� traders), including their order sizes and overall posit...
28 CitationsSource
#1William M. Cready (UTD: University of Texas at Dallas)H-Index: 18
#2Zhonglan Dai (UTD: University of Texas at Dallas)H-Index: 9
Last. Guang
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Drawing on the extensive economics literature on wage rigidity, we examine CEO bonus rigidity and, in particular, the implications of downward bonus rigidity for future performance. We first document distributional support for downward rigidity in bonus payments. More importantly, we find that bonus cuts have distinct negative implications for future firm performance. Indeed, our evidence indicates that bonus rigidity is the primary driver of the positive relation between unexpected cash compens...
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