-
作者：Axenrod, Michael; Kisser, Michael
作者单位：heSam Universite; ESCP Business School; BI Norwegian Business School
摘要：The Statement of Financial Accounting Standards (SFAS) No. 158 mandates the recognition of previously disclosed off-balance sheet liabilities (OBLs) for sponsors of defined benefit (DB) retirement plans. This recognition significantly increases reported liabilities, with notable variation across DB plan sponsors. We find that unrated DB plan sponsors reduce financial leverage following OBLs recognition, driven by net debt retirements and net equity issuances. These adjustments appear optimal b...
-
作者：Chen, Yong; Kim, Minjae; Mcinnis, John; Zhao, Wuyang
作者单位：Texas A&M University System; Texas A&M University College Station; Analysis Group Inc.; University of Texas System; University of Texas Austin; McGill University
摘要：Short interest is currently required to be disclosed twice per month, but regulators have sought to increase this frequency. Meanwhile, short interest information from private third-party vendors has emerged to meet investor demand on a daily basis. We find that daily private-sector data strongly predict bimonthly regulatory disclosure. Furthermore, private-sector data help price discovery, albeit with modest economic magnitude. Investors tend to underreact to the information content of privat...
-
作者：Lind, Gary; Ramesh, K.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Rice University
摘要：This study examines whether a simple measure of internet search intensity for publicly traded retail firms can enhance the capital market's firm-level revenue expectations and provide insights into economy-wide retail sales. At the firm level, the search index is predictive of analyst nowcast and forecast errors after controlling for past sales, deferred revenue, firm characteristics, and firm and time fixed effects. An implementable trading strategy generates abnormal returns of roughly 2% to...
-
作者：Aaron, Aurelius; Jia, Xiaoli; Ng, Jeffrey; Zhang, Janus Jian
作者单位：Hong Kong Polytechnic University; Southwestern University of Finance & Economics - China; University of Hong Kong; Hong Kong Baptist University
摘要：The mandatory switch from the incurred loss model to the more forward-looking current expected credit loss (CECL) model was originally scheduled to begin in 2020. However, when the COVID-19 pandemic started in early 2020, US regulators made the switch voluntary. Our study investigates how banks' exposure to the pandemic affects their decision to adopt CECL as well as adopting banks' pandemic-era pattern of loan loss provisions. First, consistent with pandemic-driven economic uncertainty reduci...
-
作者：Heater, John C.; Liu, Ye; Tan, Qin; Zhang, Frank
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Fudan University; City University of Hong Kong; Yale University
摘要：We document strikingly opposite time-series patterns of analyst forecast errors (FEs) and associated market reactions, illustrating that analyst forecasts have become a less useful benchmark of the market's earnings expectations in recent years. The mean FE has increased from negative one to two cents in the 1990s to positive one to two cents in the 2010s, whereas average earnings announcement returns have declined from 0.30% in the 1990s to -0.30% in the 2010s, turning negative in the past 17...
-
作者：Blum, Emily S.; Hatfield, Richard C.
作者单位：Texas A&M University System; Texas A&M University College Station; Mays Business School; University of Alabama System; University of Alabama Tuscaloosa
摘要：Professional skepticism is an essential element of a healthy audit. In this study, we present a framework in which the two elements of professional skepticism-skeptical judgment and skeptical action-differ in that skeptical judgment involves paying attention to audit risks, whereas skeptical action often involves overcoming personal risks. This distinction suggests that the optimal conditions for skeptical judgment may differ from the optimal conditions for converting that judgment to skeptica...
-
作者：Cheng, Qiang; Wang, Brian Yutao; Yang, Holly; Zhang, Zheyuan
作者单位：Singapore Management University; Renmin University of China; Capital University of Economics & Business
摘要：While prior studies have examined whether financial analysts affect corporate innovation, there is little research on the mechanism through which this occurs. In this paper, we examine whether and how analysts' questions about innovation during site visits affect corporate innovation. Using a sample of corporate site visits in China, we find that when analysts ask questions about innovation during site visits, firms invest more in R&D in the future. Consistent with knowledge diffusion across f...
-
作者：Seidman, Jeri K.; Sinha, Roshan K.; Stomberg, Bridget
作者单位：University of Virginia; Indiana University System; Indiana University Bloomington; IU Kelley School of Business
摘要：We interview public company tax executives to provide new evidence on how corporate taxpayers experience and navigate the income tax audit process. Interviewees describe being targeted by tax police and having to defend their positions. Thus, we adopt a structural metaphor of tax audits as police investigations and use a framework from the policing literature to explain what influences taxpayers' perceptions of fairness during audits. Perceptions of fairness are important as targets of investi...
-
作者：Steccolini, Ileana; Barbera, Carmela
作者单位：University of Essex; University of Bologna; University of Bergamo
摘要：This article examines the role of accounting in the recursive processes of continuous adjustment to programs that emerge when programs are imposed by central government on local government. Focusing on the Italian context and adopting the conceptual lens of governmentality, our study contributes to the extant literature by highlighting the role of accounting in the power dynamics and transactional realities at the intersection between the governors and the governed. In doing so, it considers h...
-
作者：Rilke, Rainer Michael; van Pelt, Victor; Lehnen, Sebastian; Guenther, Christina
作者单位：WHU - Otto Beisheim School of Management
摘要：A significant challenge firms face is providing performance feedback that effectively motivates low-performing employees. In our field experiment, we examine the impact of an often-overlooked form of relative performance feedback (RPF) that emphasizes comparing employees based on their inputs. Our results indicate that input-based RPF enhances the input performance of low performers without adversely affecting high performers. Furthermore, our field experiment demonstrates that selecting the r...
