3期

最新文章

• 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...
• Why did the Big Four get so large? Evidence from Australia AI翻译
  作者：Ferguson, Colin; Pinnuck, Matthew; Skinner, Douglas J.
  作者单位：University of Melbourne; University of Chicago
  摘要：We use a long time-series from Australia to shed light on economic factors that led to audit market concentration and the Big N. We show that increases in the size of a small number of public companies was an important factor that led to large audit firms and market concentration. We also show that emerging Big N firms made sunk cost investments, including in the ability to provide industry expertise and non-audit services, which allowed them to retain clients, differentiate, and grow. These c...
• Analysts' forecasting models and uncertainty about the past AI翻译
  作者：Park, Min; Zach, Tzachi
  作者单位：University of Kansas; University System of Ohio; Ohio State University
  摘要：We study the dynamics of information demand and supply in capital markets, focusing on how firms' disclosures align with analysts' information needs. Using a novel dataset from Visible Alpha, we analyze granular data from analysts' forecasting models to understand the breadth of information they seek and how firms meet these demands through mandatory and voluntary disclosures. We document significant variation in the complexity of analysts' models and the extent of firms' disclosures, leading ...
• Creditor control rights and executive bonus plans AI翻译
  作者：Armstrong, Christopher S.; Kepler, John D.; Kim, Chongho; Tsui, David
  作者单位：Stanford University; Seoul National University (SNU); Analysis Group Inc.
  摘要：We study the extent to which creditors shape the executive bonus plans of their financially distressed borrowers. Financial distress can exacerbate agency conflicts between creditors and borrowers as concerns with underinvestment become more acute due to managerial myopia and debt overhang. Consequently, we expect creditors to exert their influence to ensure that these managers' incentive-compensation plans encourage longer-term investments and directly reward outcomes that benefit creditors w...
• Information acquisition costs and price informativeness: global evidence AI翻译
  作者：McClure, Charles G.; Shi, Shawn X.; Watts, Edward M.
  作者单位：University of Chicago; University of Washington; University of Washington Seattle; Yale University
  摘要：We study how global changes in information acquisition costs through disclosure technologies affect price informativeness. To explore this issue, we examine worldwide adoptions of centralized electronic disclosure systems, which significantly reduce the cost of and broaden access to financial disclosures. Consistent with theory, we show a significant reduction in private information acquisition around earnings announcements as a result of these adoptions. These effects are most pronounced in c...
• Are US GAAP-based and IFRS-based accounting amounts more comparable after the revised lease standards? Evidence from ASC 842 and IFRS 16 AI翻译
  作者：Altamuro, Jennifer; Chen, Lucy Huajing; Li, Yiwen
  作者单位：Villanova University
  摘要：This study examines whether the revised lease standards (ASC 842 and IFRS 16) make U.S. GAAP-based accounting amounts more comparable with IFRS-based accounting amounts. Our study is motivated by the FASB and the IASB's call for research on the comparability of the revised lease standards. We find that U.S. GAAP and IFRS pairs that are high operating lease users experience a larger increase in accounting comparability after the adoption of revised lease standards than low operating lease U.S. ...
• Innovation incentives and competition for corporate resources AI翻译
  作者：Dutta, Sunil; Fan, Qintao
  作者单位：University of California System; University of California Berkeley; University of Oregon
  摘要：This paper investigates how competition for scarce corporate resources impacts innovation incentives within multidivisional firms and, consequently, shapes firms' preferences for fostering or restricting intra-firm competition. In our model, divisions become privately informed about the potential value of new investment opportunities generated through their innovation initiatives. We demonstrate that intra-firm competition unambiguously reduces divisions' ex ante innovation incentives. However...
• The benefits of article 11 pro forma disclosure AI翻译
  作者：Kubic, Matthew
  作者单位：University of Texas System; University of Texas Austin
  摘要：The U.S. Securities and Exchange Commission (SEC) mandates disclosure of Article 11 pro forma financial statements (pro formas) for acquisitions that exceed one of three bright-line materiality thresholds. Motivated by two theories of mandated disclosure, I investigate the conditions under which mandated pro forma disclosure improves forecast accuracy and mitigates incentive alignment problems. My findings indicate that pro formas reduce post-acquisition forecast errors when there is a weak pr...
• Variable leases under ASC 842: first evidence on properties and consequences AI翻译
  作者：Heese, Jonas; Shin, Albert; Wang, Charles C. Y.
  作者单位：Harvard University
  摘要：The new lease standard (ASC 842) allows firms to keep variable leases off balance sheet, in part based on the assumption that future expenses are difficult to estimate reliably. We show that variable lease expenses are both prevalent and substantial, exhibiting persistence and predictability comparable to operating lease expenses while showing limited sensitivity to revenue changes. These patterns are consistent with variable lease payments being based on stable drivers. Following ASC 842 adop...