Anticipatory effects of accounting standards: the lease exposure draft

• 成果类型: Article
• 署名作者: Qiu, Lin; Ronen, Joshua
• 署名单位: Purdue University System; Purdue University; New York University
• 刊物名称: REVIEW OF ACCOUNTING STUDIES
• ISSN/ISSBN: 1380-6653
• DOI: 10.1007/s11142-024-09861-5
• 发表日期: 2025
• 页码: 1543-1591
• 关键词: operating leases; economic consequences; equity prices; risk-aversion; debt; INFORMATION; IMPACT; RECOGNITION; FIRMS; cost

摘要

We examine the anticipatory effect triggered by the issuance of the lease exposure draft, which proposed capitalizing most operating leases, on the cost of debt of firms that rely heavily on operating leases. Employing a difference-in-differences design, we find a significant increase in loan spreads for firms with higher operating lease intensity after the issuance of the exposure draft, notably, even before the issuance of ASC 842. We explore potential channels through which this anticipatory effect occurs and find evidence supporting a perceived default risk channel and a Hirshleifer effect channel. We further investigate the real effects of the exposure draft, finding both an operating lease substitution effect and a decrease in investments. Our results highlight the importance of the anticipatory effects of accounting standards.