2期

最新文章

• The impact of governmental accounting standards on public-sector pension funding AI翻译
  作者：Anantharaman, Divya; Chuk, Elizabeth
  作者单位：Rutgers University System; Rutgers University New Brunswick; Rutgers University Newark; University of California System; University of California Irvine
  摘要：The funding policy for defined benefit pension plans covering government employees represents an important decision for governments sponsoring those plans. Many state and local government plans have become severely underfunded (e.g., New Jersey, Illinois, and Detroit), raising concerns about whether governments are contributing enough to their pensions. Governmental Accounting Standards Board Statements 67/68 (GASB 67/68) fundamentally alter the financial reporting of pension liabilities, by (...
• Financial reporting for cryptocurrency AI翻译
  作者：Luo, Mei; Yu, Shuangchen
  作者单位：Tsinghua University
  摘要：This study compares and contrasts US and international accounting and financial reporting practices for cryptocurrency. We analyze the financial statements of 40 global companies that have exposure to cryptocurrencies, including cryptocurrency purchases, mining, payments, trading, and investments in ICOs and early-stage blockchain ventures. We document inconsistency between Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS), as well as distor...
• The nail that sticks out: corporate social responsibility and shareholder proposals AI翻译
  作者：Barnett, Michael L.; Dimitrov, Valentin; Gao, Feng
  作者单位：Rutgers University System; Rutgers University New Brunswick; Rutgers University Newark; Rutgers University System; Rutgers University New Brunswick
  摘要：We investigate whether shareholders consider firms' performance in corporate social responsibility (CSR) when submitting proxy proposals. We find that share-holders are more likely to propose governance changes when a firm has more CSR strengths and more CSR concerns. The results hold across popular proposal types, different sponsors, and different categories of CSR. We find similar results for social proposals. Although CSR strengths and concerns are not associated with the percentage of vote...
• Measurement error, fixed effects, and false positives in accounting research AI翻译
  作者：Jennings, Jared; Kim, Jung Min; Lee, Joshua; Taylor, Daniel
  作者单位：Washington University (WUSTL); Northwestern University; Brigham Young University; University of Pennsylvania
  摘要：We show theoretically and empirically that measurement error can bias in favor of falsely rejecting a true null hypothesis (i.e., a false positive) and that regression models with high-dimensional fixed effects can exacerbate measurement error bias and increase the likelihood of false positives. We replicate inferences from prior work in a setting where we can directly observe the amount of measurement error and show that the combination of measurement error and fixed effects materially inflat...
• Going digital: implications for firm value and performance AI翻译
  作者：Chen, Wilbur; Srinivasan, Suraj
  作者单位：Hong Kong University of Science & Technology; Harvard University
  摘要：We examine firm value and performance implications of the growing trend of nontechnology companies engaging in activities relating to digital technologies. We measure digital activities in firms based on the disclosure of digital words in the business description section of 10-Ks. Digital activities are associated with a market-to-book ratio 8%-26% higher than industry peers, and only 25% of the differences in market-to-book is explained by accounting capitalization restrictions. To control fo...
• Proprietary costs and the equity financing choice AI翻译
  作者：Floros, Ioannis V.; Sivaramakrishnan, Konduru; Zufarov, Rustam
  作者单位：University of Wisconsin System; University of Wisconsin Milwaukee; Rice University; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
  摘要：We develop a firm-level private information index with three unique features. First, the index is a direct measure of the nature and magnitude of private information that is proprietary. Second, it is multi-dimensional. Third, it is not specific to any setting. We conduct several tests to validate this index against firm-specific and industry-level proprietary cost proxies. We then use it to examine the role of proprietary information in a firm's equity financing choice between private investm...
• Taxing multinational income based on value creation versus value realization: an industry perspective AI翻译
  作者：Sansing, Richard
  作者单位：Dartmouth College; Tilburg University
  摘要：The taxation of multinational income is the subject of important policy debates. For example, the recent Pillar One proposal by the Organisation for Economic Development and Cooperation (OECD) would shift taxing rights from countries in which value is created to countries where it is realized. This study develops and analyzes a model in which a multinational firm creates a valuable intangible asset, referred to as a brand. The brand is developed in one country and generates future positive res...
• When are concurrent quarterly reports useful for investors? Evidence from ASC 606 AI翻译
  作者：Glaze, Jesse L. L.; Skinner, A. Nicole; Stephan, Andrew
  作者单位：University System of Georgia; University of Georgia; University of Colorado System; University of Colorado Boulder
  摘要：Prior research suggests that quarterly reports released concurrently with earnings depress trading due to information overload. In this study, we predict that concurrent reports help investors trade when they face uncertainty about how to interpret earnings news. We rely on the implementation of ASC 606 as a quasi-exogenous increase in uncertainty about how to trade in response to earnings news. Specifically, we find that when uncertainty is high in the first quarter of ASC 606 implementation,...
• Do sophisticated investors follow fundamental analysis strategies? Evidence from hedge funds and mutual funds AI翻译
  作者：Wang, Feifei; Yan, Xuemin Sterling; Zheng, Lingling
  作者单位：University System of Ohio; Miami University; Lehigh University; Renmin University of China
  摘要：Using fund returns and fund stockholdings, we investigate whether fund managers follow fundamental analysis strategies. We show that hedge fund and mutual fund returns tend to load negatively on the long-short returns of a comprehensive sample of fundamental strategies (i.e., accounting anomalies), suggesting that fund managers are prone to trade in the opposite direction of what fundamental strategies prescribe. The negative loadings are primarily driven by the short-leg of the anomalies, mor...
• Earnings prediction with DuPont components and calibration by life cycle AI翻译
  作者：Anderson, Mark; Hyun, Soonchul; Muslu, Volkan; Yu, Dongning
  作者单位：University of Calgary; University of North Carolina; University of North Carolina Greensboro; University of Houston System; University of Houston; Toronto Metropolitan University
  摘要：(Soliman, The Accounting Review 83:823-853, 2008) finds that separating return on net operating assets (RNOA) into DuPont components-profit margin and asset turnover-improves prediction of future RNOA. (Dickinson, The Accounting Review 86:1969-1994, 2011) finds that a firm's life-cycle stage explains changes in future RNOA. (Vorst and Yohn, The Accounting Review 93:357-381, 2018) find that life cycle calibration improves prediction more than industry grouping in prediction models that do not i...