2期

最新文章

• Spillover Effects of the SEC's Regulatory Oversight on Private Debt Contracting: Evidence from Cross-listed Foreign Firms AI翻译
  作者：Chy, Mahfuz; Khurana, Inder K.; Kyung, Hoyoun
  作者单位：University of Missouri System; University of Missouri Columbia
  摘要：We examine the effect of the Securities and Exchange Commission's (SEC) regulatory oversight on private debt contracting outcomes, using the signing of the multilateral memorandum of understanding (MMoU) as a natural experiment. The MMoU enables the SEC to take stricter punitive actions against wealth expropriation by cross-listed firms' insiders and enforce better compliance with applicable rules and regulations. We find that enhanced SEC oversight in the post-MMoU regime lowers loan spreads ...
• How Does Financial-Reporting Regulation Affect Industry-Wide Resource Allocation? (vol 59, pg 59, 2021) AI翻译
  作者：Breuer, Matthias
  作者单位：Columbia University
  摘要：This correction describes errors in the program code of Breuer [2021] and presents revised results. The errors affect the construction of the standardized reporting and auditing scopes, the treatment variables of the primary research design in Breuer [2021]. The revised results show weaker evidence that reporting mandates facilitate ownership dispersion in capital markets compared to Breuer [2021]. They also show weaker evidence that reporting mandates spur competition in product markets, incl...
• Financial Reporting Around Private Firms' Securities Offerings AI翻译
  作者：Kang, Yiran
  作者单位：City University of Hong Kong
  摘要：This paper investigates how U.S. private firms communicate with investors around private securities offerings. Using multiple research methods including survey, interview, and archival analysis, I provide systematic evidence on private firms' public and private disclosure practices. I find that despite engaging in a low level of public disclosures, private firms actively communicate with investors through private communication channels, with notable variation across firms in terms of content a...
• Silent Suffering: Using Machine Learning to Measure CEO Depression AI翻译
  作者：Cheng, Sung-yuan (mark); Golshan, Nargess m.
  作者单位：University of Kentucky; Indiana University System; Indiana University Bloomington
  摘要：We introduce a novel measure of CEO depression by applying machine learning models that analyze vocal acoustic features from CEOs' conference call recordings. Our research was preregistered via the Journal of Accounting Research's registration-based editorial process. In this study, we validate this measure and examine associated factors. We find that greater firm risk is positively associated with CEO depression, whereas higher job demands are negatively associated with CEO depression. Female...
• Redaction as Cross-Regulatory Disclosure Avoidance AI翻译
  作者：Floros, Ioannis, V; Johnson, Shane A.; Zhao, Wanjia
  作者单位：University of Wisconsin System; University of Wisconsin Milwaukee; Texas A&M University System; Texas A&M University College Station; Mays Business School; Monash University
  摘要：We introduce the idea of cross-regulatory disclosure avoidance, whereby firms attempt to counteract expansions of disclosure under one regulation through actions that reduce disclosure under a different one. We study whether firms redact information from material contracts when they face new rules to disclose segment information. Using SFAS No. 131 as a plausibly exogenous shock to segment disclosure, we find that firms increasing the number of reported segments after the rule change exhibit a...
• The Effect of US Country-by-Country Reporting on US Multinationals' Tax-Motivated Income Shifting and Real Activities AI翻译
  作者：Nessa, Michelle l.; Persson, Anh v.; Song, Jane z.; Towery, Erin m.; Vernon, Mary e.
  作者单位：Michigan State University; University of Illinois System; University of Illinois Urbana-Champaign; University of Missouri System; University of Missouri Columbia; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
  摘要：The Organization for Economic Cooperation and Development introduced country-by-country reporting (CbCR) for multinational enterprises (MNEs) to help tax authorities combat tax-motivated income shifting. This study uses confidential U.S. tax administrative data from 2011 to 2018 to examine the effect of U.S. CbCR adoption on the tax-motivated income shifting and real activities of U.S. MNEs. We first document that while U.S. CbCR provides the Internal Revenue Service with incremental informati...
• What Happens to Partners Who Issue Adverse Internal Control Opinions? AI翻译
  作者：Bakke, Ashleigh l.; Cowle, Elizabeth n.; Rowe, Stephen p.; Wilkins, Michael s.
  作者单位：Oklahoma State University System; Oklahoma State University - Stillwater; Colorado State University System; Colorado State University Fort Collins; University of Arkansas System; University of Arkansas Fayetteville; University of Kansas
  摘要：We investigate how audit firms balance the tension between professional responsibility and client service by examining changes in partner assignments following adverse internal control opinions (ICOs). We find that partners are significantly more likely to be reassigned when they issued an adverse ICO to any of their clients in the previous year. Further, partners issuing adverse ICOs experience unfavorable changes in their client portfolios in the form of lower fees and less prestigious assig...