2024

最新文章

• Litigation risk and strategic M&A & A valuations AI翻译
  作者：Imperatore, Claudia; Pundrich, Gabriel; Verdi, Rodrigo S.; Yost, Benjamin P.
  作者单位：Bocconi University; State University System of Florida; University of Florida; Massachusetts Institute of Technology (MIT); Boston College
  摘要：We study the role of litigation risk in M&A &A valuations. Specifically, we hypothesize that litigation risk leads to strategic valuations in fairness opinions (FOs) obtained in M&A &A transactions. Employing a regulatory shock to merger litigation risk and focusing on the most common valuation techniques - peer firm comparables and DCF analysis - we find that target-sought FOs exhibit lower valuations when litigation risk is high. The effect is concentrated in deals with greater agency confli...
• The managerial perception of uncertainty and cost elasticity AI翻译
  作者：Chen, Jason V.; Kama, Itay; Lehavy, Reuven
  作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; University of Michigan System; University of Michigan
  摘要：Theoretical research demonstrates the important role of uncertainty in shaping a firm's cost elasticity. We contribute to this literature by analyzing the inherent tension between the effects of uncertainty about unit contribution margin (CM) and sales volume on cost elasticity. We identify the occurrence of words implying uncertainty in managerial forward -looking statements and employ a novel methodology to construct distinct measures of the managerial perceptions of overall, unit CM, and vo...
• Does accounting information identify bubbles for Fama? Evidence from accruals AI翻译
  作者：Arif, Salman; Sul, Edward
  作者单位：University of Minnesota System; University of Minnesota Twin Cities; George Washington University
  摘要：Economists have long observed that stock price bubbles are associated with corporate over- investment. We study the ex-ante identification of bubbles (i.e. stock price booms followed by busts) by examining industry-level investments in net operating asset (NOA) accruals and stock returns for 49 countries around the world. Consistent with overinvestment in operating assets being key to bubble formation, we document five findings: (1) NOA accruals positively forecast the eventual crash of an ind...
• Rank-and-file accounting employee compensation and financial reporting quality AI翻译
  作者：Armstrong, Christopher S.; Kepler, John D.; Larcker, David F.; Shi, Shawn X.
  作者单位：Stanford University; University of Washington
  摘要：We use a proprietary database with detailed, employee-specific compensation contract information for rank-and-file corporate accountants who are directly involved in the financial reporting process to assess their influence on their firms' financial reporting quality. Theory predicts that paying above-market wages can both attract employees with more human capital and subsequently encourage better performance. Consistent with audit committees structuring accountants' compensation to mitigate f...
• Long-term firm gains from short-term managerial focus: Myopia and voluntary disclosures AI翻译
  作者：Arya, Anil; Ramanan, Ram N. V.
  作者单位：University System of Ohio; Ohio State University; Indian School of Business (ISB)
  摘要：A CEO's short horizon and associated myopic actions are typically viewed as detrimental to the firm. In contrast, studying a voluntary disclosure model wherein capital market and product market strategic considerations are in play, we show that the CEO's myopic behavior can improve a firm's long-term value. In particular, the disclosures of a longhorizon CEO are seen as being entirely focused on the firm's interests and thus as being exploitative of customers. A short -horizon CEO myopically f...
• The SEC's September spike: Regulatory inconsistency within the fiscal year AI翻译
  作者：Donelson, Dain C.; Kubic, Matthew; Toynbee, Sara
  作者单位：University of Iowa; University of Texas System; University of Texas Austin
  摘要：We examine whether performance reporting leads to inconsistent enforcement at the Securities and Exchange Commission (SEC). In a sample of over 13,000 SEC enforcement actions, we show that SEC staff respond to performance -reporting pressures and file more enforcement actions in September, the final month of the SEC's fiscal year, than in any other month. The increase in case volume in September is not fully explained by staff filing more procedural cases or accelerating case filings. Instead,...
• Accounting and innovation: Paths forward for research☆ AI翻译
  作者：Barth, Mary E.; Gee, Kurt H.
  作者单位：Stanford University; University System of Ohio; Ohio State University
  摘要：Glaeser and Lang (2024; GL) reviews the accounting literature on innovation, which has increased substantially in recent years. GL makes an important contribution to accounting research by bringing into the literature the implications of Romer's Nobel Prize winning endogenous growth theory and by explaining how accounting research addresses questions related to innovation. We contribute to accounting research by building on GL's foundation to suggest three main paths forward for future innovat...
• The unicorn quest: Deriving empirical predictions from theory AI翻译
  作者：Beyer, Anne; Jeong, Junyoung
  作者单位：Stanford University
  摘要：We discuss Feng et al. (2024), which studies a dynamic model of delegated investment. The paper provides novel insights into the optimal contract between a principal and an agent who obtains private information about both the timing and profitability of investment opportunities. While the analytical analysis provides interesting findings, we have concerns about the validity of the paper's empirical predictions. We extend the conceptualand operationallevels of Libby boxes by adding an analytica...
• Whistleblowing bounties and informational effects AI翻译
  作者：Nan, Lin; Tang, Chao; Zhang, Gaoqing
  作者单位：Purdue University System; Purdue University; Hong Kong University of Science & Technology; University of Minnesota System; University of Minnesota Twin Cities
  摘要：We examine the impact of increasing whistleblowing bounties on whistleblowers' strategy and regulatory efficiency in detecting fraud. Our analysis shows the regulator extracts information about the incidence of fraud from whistleblowers' actions, and the quality of such information depends on the size of whistleblowing bounties. With a larger bounty, upon receiving a whistleblowing report, the quality of the regulator's information about fraud deteriorates, whereas upon observing no whistleblo...
• Accounting for bubbles: A discussion of Arif and Sul (2024) AI翻译
  作者：Ellahie, Atif
  作者单位：Utah System of Higher Education; University of Utah
  摘要：A signal that identifies asset pricing bubbles would be valuable so investors could reposition their portfolios to weather the bubble, yet ex ante bubble identification has proven illusory. Arif and Sul (2024) study whether industry-level investment in net operating asset (NOA) accruals is an ex ante accounting-based signal that predicts bubbles. Using industry-level price run-ups across 49 countries, they find that NOA accruals predict a higher likelihood of a future crash, lower future retur...