2025

最新文章

• The changing macroeconomic information content of aggregate earnings AI翻译
  作者：Kottimukkalur, Badrinath; Nallareddy, Suresh; Venkatachalam, Mohan
  作者单位：University of Washington; University of Washington Seattle; Duke University
  摘要：We examine the dynamic nature of the information content of aggregate earnings. Specifically, we examine how changes in supply elasticity affect the relation between aggregate earnings and future inflation. Using total capacity utilization to capture supply elasticity, we find that aggregate earnings are more informative about inflation when the supply is inelastic. This finding aligns with the investment demand hypothesis-higher aggregate earnings drive increased investment, pushing inflation...
• Legislators' demand for firms' financial statements: evidence from US congressional redistricting events AI翻译
  作者：Ma, Matthew; Pan, Jing; Rouen, Ethan; Wellman, Laura
  作者单位：Rutgers University System; Rutgers University New Brunswick; Rutgers University Camden; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Harvard University; University of Oregon
  摘要：We investigate whether U.S. House representatives and their staff seek financial information from constituent firms to inform their legislative decisions. We exploit shifts in U.S. congressional districts (i.e., the reconfiguration of federal district lines or redistricting) that introduce new constituent firms to legislators' districts. To the extent that legislators and their staff collect and rely on firms' financial statement information, we expect that a change in representation as a resu...
• Regulatory consulting and banks' financial reporting quality: evidence from the Dodd-Frank Act AI翻译
  作者：Ballew, Hailey B.; Sheneman, Amy G.
  作者单位：Rice University; University System of Ohio; Ohio State University
  摘要：The Dodd-Frank Act expands bank managers' reporting requirements to federal agencies, particularly relating to banks' financial losses should common market and macroeconomic shocks occur. To comply with this regulation, bank managers have engaged in consulting arrangements (referred to as regulatory consulting). We examine the financial reporting quality implications associated with hiring external auditors for these services. We find banks with auditor-provided regulatory consulting, relative...
• CFO narcissism and the power of persuasion over analysts: a mixed-methods approach AI翻译
  作者：Ham, Charles; Piorkowski, Mark; Seybert, Nick; Wang, Sean
  作者单位：Indiana University System; IU Kelley School of Business; Indiana University Bloomington; University System of Maryland; University of Maryland College Park; Southern Methodist University
  摘要：We study the role of CFO narcissism in the intent and ability to positively influence sell-side analysts' perceptions of the firm. Consistent with narcissists casting favorable impressions on others, we find CFO narcissism is associated with overly optimistic analyst valuations. We then study public persuasion attempts by analyzing conference call transcripts and private persuasion attempts through a laboratory study. In the conference call setting, we show that narcissistic CFOs use more pers...
• The first half-century of empirical capital markets research in accounting in pictures AI翻译
  作者：Kothari, S. P.; Schonberger, Bryce; Wasley, Charles; Xiao, Jason J.
  作者单位：Massachusetts Institute of Technology (MIT); University of Colorado System; University of Colorado Boulder; University of Rochester; State University of New York (SUNY) System; Binghamton University, SUNY
  摘要：Seminal papers by Ball and Brown (1968) and Beaver (1968) spawned a vast literature on the role of accounting numbers in capital markets. This literature, often referred to as capital markets research in accounting (CMRA), is now more than a half-century old. In light of numerous changes to the economic and financial reporting environments over this time, we estimate CMRA's major relations using a comprehensive sample period. We illustrate each relation using plots, allowing us to efficiently ...
• The opportunity for partner industry knowledge sharing within audit offices and audit quality AI翻译
  作者：Michas, Paul N.; Russomanno, Dan; Zhao, Meiling
  作者单位：University of Arizona; Chinese University of Hong Kong
  摘要：We conjecture that a greater opportunity for audit partners to share personal industry knowledge with each other within audit offices is associated with higher audit quality. Using Public Company Accounting Oversight Board (PCAOB) Form AP data, we analyze each partner's client portfolio and construct sharing measures. First, we find extant measures of an audit office's industry market share, industry portfolio share, and industry diversity are quite noisy in inferring our sharing measures. Nex...
• Regulation takes a back seat to business concerns: international evidence from stock exchange demutualization AI翻译
  作者：Huang, Shawn X.; Kim, Min; Rykaczewski, Maria; Vulcheva, Maria
  作者单位：Arizona State University; Arizona State University-Tempe; Sogang University; State University System of Florida; Florida International University
  摘要：In recent decades, increasing globalization and rapid technological development have caused many stock exchanges to change their ownership structure from mutually owned (broker/dealer-owned) to demutualized (for-profit, shareholder-owned). This study investigates whether increased for-profit focus weakens exchanges' monitoring incentives. Using multiple financial reporting quality metrics to capture monitoring efforts, we find that monitoring of listed firms declines post demutualization. Addi...
• EPA scrutiny and voluntary environmental disclosures AI翻译
  作者：Zakota, Mark
  作者单位：University System of Maryland; University of Maryland College Park
  摘要：Market participants have called on the SEC to address the lack of disclosures about firms' environmental impacts, investments, and exposures. However, the frictions that obstruct the flow of environmental information are not well understood. I shed light on these frictions by examining whether scrutiny by the Environmental Protection Agency (EPA) restricts the firm's voluntary environmental disclosures in earnings conference calls. Consistent with the notion that EPA scrutiny gives rise to dis...
• Is accounting the English language of business? The role of language in IFRS adoption and information loss AI翻译
  作者：Guan, Jenny Xinjiao; Shafron, Emily; Ye, Kangtao; Zhuang, Wenzi
  作者单位：Monash University; Texas A&M University System; Texas A&M University College Station; Mays Business School; Dongbei University of Finance & Economics
  摘要：We examine whether and how language barriers influence a country's decision to adopt International Financial Reporting Standards (IFRS). Our findings reveal that as the distance between a country's official language and English (i.e., linguistic distance) increases, the likelihood and speed of a country adopting IFRS decrease. Our evidence is consistent with the notion that language barriers impose significant information costs on preparers and users of financial reporting, making IFRS costlie...
• Executive pay transparency and relative performance evaluation: evidence from the 2006 pay disclosure reforms AI翻译
  作者：Choi, Jung Ho; Gipper, Brandon; Shi, Shawn X.
  作者单位：Stanford University; University of Washington; University of Washington Seattle
  摘要：Early empirical evidence showed a lack of relative performance evaluation (RPE) for executive pay, a surprise given its theoretical appeal. We hypothesize that executive pay transparency can enhance the monitoring of pay practices and increase RPE use. We examine RPE over the two decades centered on the 2006 executive pay disclosure reforms in the United States, which stakeholders-including shareholders, proxy advisors, and compensation consultants-could use to monitor pay plans. Firms that in...