4期

最新文章

• Voluntary Disclosure and Informed Trading* AI翻译
  作者：Petrov, Evgeny
  作者单位：Hong Kong University of Science & Technology
  摘要：This study analyzes the impact of informed trading on voluntary corporate disclosure in the presence of two factors: the cost of disclosure and the value of a manager's informedness. In the absence of both factors, informed trading has no impact on disclosure even when traders are not certain whether the manager has information. When disclosure is costly, informed trading serves as a free substitute for the disclosure of favorable information, and reduces disclosure. Surprisingly, when the man...
• The Commitment to Income-Decreasing Accounting Choices as a Credible Signal to Reducing Information Asymmetry: The Case of Asset Revaluations AI翻译
  作者：Da Costa, Fabio Moraes; Liu, Carol; Rosa, Gina Cavalier; Tiras, Samuel L.
  作者单位：FUCAPE Business School; Arizona State University; Arizona State University-Tempe; University of Louisiana System; University of New Orleans; Indiana University System; Indiana University Bloomington
  摘要：Bagnoli and Watts (2005) proposed that a manager could reduce information asymmetry by choosing an income-decreasing accounting choice that signals the firm's relatively good future prospects. A limitation in testing this theory is that most income-decreasing accounting choices over time reverse such that aggregated earnings would be the same, regardless of the choice. One income-decreasing accounting choice that never reverses is the choice of upward asset revaluation, where the resulting gai...
• Contracting and Reporting Conservatism around a Change in Fiduciary Duties* AI翻译
  作者：Bens, Daniel; Huang, Sterling; Tan, Liang; Wongsunwai, Wan
  作者单位：INSEAD Business School; Singapore Management University; Virginia Polytechnic Institute & State University; Chinese University of Hong Kong
  摘要：We exploit an influential 1991 Delaware court ruling to examine simultaneously two types of conservatism that play important roles in resolving creditor-owner agency conflicts: contracting conservatism and reporting conservatism. The ruling expanded managerial fiduciary duties in favor of creditors for Delaware-incorporated firms in the vicinity of insolvency. In those firms, following the ruling, debt contracts are less likely to include conservative adjustments to accounting numbers used for...
• The Interplay of Core and Peripheral Actors in the Trajectory of an Accounting Innovation: Insights from Beyond Budgeting AI翻译
  作者：Becker, Sebastian D.; Messner, Martin; Schaeffer, Utz
  作者单位：Hautes Etudes Commerciales (HEC) Paris; University of Innsbruck
  摘要：Previous studies on accounting innovations emphasize the key role played by innovators and other core actors in theorizing and popularizing such innovations. This paper extends this literature by drawing attention to the role of actors who occupy a more peripheral position within the innovation-based field. We regard accounting innovations as strategic action fields, in which core and peripheral actors interact to shape the trajectory of the innovation. In contrast to core actors, peripheral a...
• The Effects of Creative Culture on Real Earnings Management AI翻译
  作者：Guggenmos, Ryan D.; van der Stede, Wim A.
  作者单位：Cornell University; University of London; London School Economics & Political Science; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; Peking University
  摘要：Creativity and innovation have been identified by senior executives as some of the most desired characteristics of corporate culture. Accordingly, managers strive to build these cultures within their organizations. However, research in psychology suggests that these attempts may have unintended negative consequences. In this study, I predict and find that managers in a more (versus less) innovative company culture will engage in higher levels of real earnings management (REM). I then test two ...
• Does Accounting Conservatism Discipline Qualitative Disclosure? Evidence From Tone Management in the MD&A AI翻译
  作者：D'Augusta, Carlo; DeAngelis, Matthew D.
  作者单位：Middle Tennessee State University; University System of Georgia; Georgia State University
  摘要：We investigate whether accounting conservatism, which has been found to be effective in constraining management opportunism in other settings, constrains upward tone management (UTM) in the Management's Discussion and Analysis (MD&A) portion of the 10-K filing. We hypothesize that conservatism makes it harder for managers to opportunistically downplay bad news and magnify good news when discussing current performance. Consistent with this hypothesis, we find that UTM is negatively associated w...
• Bank Monitoring and Financial Reporting Quality: The Case of Accounts Receivable-Based Loans AI翻译
  作者：Frankel, Richard; Kim, Bong H.; Ma, Tao; Martin, Xiumin
  作者单位：Washington University (WUSTL); Seoul National University (SNU); Texas Tech University System; Texas Tech University
  摘要：Using novel receivable-based loan data, we study the effect of aging-report loan covenants on borrowers' accounts receivable reporting quality. Our purpose is to highlight a channel that lenders use to obtain private information and to understand whether lenders' information acquisition affects the financial reporting quality of borrowers. Compared to receivable-based borrowers without aging-report requirements (control firms), borrowers with such requirements (test firms) increase their recei...
• Endogeneity and the Dynamics of Voluntary Disclosure Quality: Is there Really an Effect on the Cost of Equity Capital? AI翻译
  作者：Eugster, Florian
  作者单位：Stockholm School of Economics
  摘要：Research on the effects of voluntary disclosure quality on the cost of equity capital is often plagued by endogeneity concerns. In this paper, I use a dynamic panel system GMM estimator, which provides internal instruments from the firm's history that directly address endogeneity arising from unobserved heterogeneity and simultaneity. By using hand-collected voluntary disclosure scores for firms listed in the Swiss stock exchange, I examine the dynamic relation between voluntary disclosure qua...
• Debt Covenant Restriction, Financial Misreporting, and Auditor Monitoring AI翻译
  作者：Pittman, Jeffrey; Zhao, Yuping
  作者单位：Memorial University Newfoundland; Virginia Polytechnic Institute & State University; University of Houston System; University of Houston
  摘要：Theory suggests that financial report-based debt covenants engender incentives for the manager to relax covenant constraints through accounting choices in order to avoid costly covenant violations. Prior studies directly testing this hypothesis in the context of financial misreporting fail to find consistent evidence. Using a more refined measure of debt covenant restriction, we find that debt covenant restriction is positively associated with the probability of financial statement misstatemen...
• R&D Investments and Tax Incentives: The Role of Intra-Firm Cross-Border Collaboration AI翻译
  作者：Huang, Jing; Krull, Linda; Ziedonis, Rosemarie
  作者单位：Virginia Polytechnic Institute & State University; University of Oregon; Boston University
  摘要：U.S. multinational corporations increasingly use intra-firm, cross-border research collaboration to disperse R&D across different countries. This paper investigates the implications of such collaboration on the abilities of firms to garner benefits from R&D tax incentives. We find that the association between R&D intensity and tax incentives is three to five times larger when firms have extensive cross-border collaboration connected to a country. We also find that the effect is stronger when l...