2-3期

最新文章

• Just BEAT it do firms reclassify costs to avoid the base erosion and anti-abuse tax (BEAT) of the TCJA? AI翻译
  作者：Kelley, Stacie O.; Lewellen, Christina M.; Lynch, Daniel P.; Samuel, David M. P.
  作者单位：University of Wisconsin System; University of Wisconsin Madison; North Carolina State University; Singapore Management University
  摘要：This study empirically examines whether firms reclassify related-party payments to avoid the base erosion and anti-abuse tax (BEAT) of the Tax Cuts and Jobs Act (TCJA). We leverage the BEAT filing threshold and use both a difference-in-differences design among U.S. firms and a tripledifference design utilizing the parent company's location to provide evidence that firms reclassify related-party payments to avoid the BEAT. This effect is stronger in firms with greater preTCJA income shifting in...
• Accounting information and risk shifting with asymmetrically informed creditors AI翻译
  作者：Baldenius, Tim; Deng, Mingcherng; Li, Jing
  作者单位：City University of New York (CUNY) System; Baruch College (CUNY); University of Hong Kong
  摘要：This paper explores the effects of public information such as accounting earnings in a competitive lending setting with risk shifting. Debt financing creates incentives for borrowers to take on excessive risks, in particular in bad states of the world. If a privately informed inside creditor bids against outside creditors to extend a loan, public information levels the playing field, which affects the bidding and risk shifting. Nonetheless, a perfect public signal would yield the least efficie...
• Editorial Data AI翻译
  作者：[Anonymous]
• 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...
• 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...
• 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...