2023

最新文章

• Regulatory interventions in response to noncompliance with mandatory derivatives disclosure rules AI翻译
  作者：Bhattacharya, Nilabhra; Chang, Hye Sun; Chiorean, Raluca
  作者单位：Southern Methodist University; Singapore Management University; Lehigh University
  摘要：We investigate regulatory actions in response to violations of mandatory derivatives disclosure rules (SFAS 161) and the outcomes of these regulatory interventions using a hand-collected sample of derivatives disclosures. Derivatives are used by nearly two-thirds of U.S. nonfinancial firms, and they are one of the most complex types of financial contracts. Consequently, inadequate derivatives disclosures could pose significant challenges to financial statement users in assessing the risk and f...
• The economic consequences of ceasing option backdating AI翻译
  作者：Chen, Szu-fan
  作者单位：Hong Kong University of Science & Technology
  摘要：The 2002 enactment of Section 403(a) of the Sarbanes-Oxley Act (SOX403) made option backdating less viable for firms. I examine whether the loss of the benefits obtained from option backdating is associated with more fraud after the enactment of SOX403. For firms suspected of backdating options (suspect firms), I find an increase in fraudulent financial reporting after the enactment of SOX403. The increase in fraud is more prominent for suspect firms more affected by SOX403. I also find an inc...
• Real earnings management in the motion picture industry: strengthening the inferences from academic research AI翻译
  作者：Foster, George
  作者单位：Stanford University
  摘要：The Gong, Young, and Zhou (GYZ) (Gong et al. 2023) paper examines potential earnings management by movie studio companies. Using a large sample of 3094 US-produced English-language movies released between 1997 and 2019, they find that movie studio companies, when faced with a below expected US box office revenue yield from their movies in a specific quarter, move up the release dates of movies with high expected revenues. This move-up release is an example of what the accounting research liter...
• SEC comment letters on form S-4 and M&A accounting quality AI翻译
  作者：Johnson, Bret A.; Lisic, Ling Lei; Moon, Joon Seok; Wang, Mengmeng
  作者单位：George Mason University; Virginia Polytechnic Institute & State University; California State University System; California State University Northridge; University of North Carolina; University of North Carolina Greensboro
  摘要：Prior research on SEC comment letters has almost exclusively focused on reviews of periodic filings, such as 10-Ks. Transactional filing reviews, such as those related to mergers and acquisitions (M&A), are a priority of the SEC to which it dedicates significant resources. We help fill the void in the literature by examining the influence of SEC comment letters on one type of transactional filing, Form S-4, on the accounting quality of a newly merged entity. We find that S-4s that receive an S...
• Collusive versus coercive corporate corruption: evidence from demand-side shocks and supply-side disclosures AI翻译
  作者：Kim, Jeong-Bon; Lee, Edward; Tang, Xiaojian; Zhang, Junsheng
  作者单位：City University of Hong Kong; University of Manchester; Alliance Manchester Business School; Nanjing Agricultural University; Sun Yat Sen University
  摘要：We examine whether and how collusive and coercive forms of corporate corruption influence firm value. Our identification strategy exploits (i) the exogenous criminal prosecutions of regional government officials as part of China's anti-corruption campaign as demand-side shocks and (ii) the unique reporting of entertainment and travel costs by Chinese firms as supply-side disclosure of corruption-related spending. Among firms for which corruption is likely to be perceived as collusive (coercive...
• Private disclosure and myopia: evidence from the JOBS act AI翻译
  作者：Alhusaini, Badryah; Chapman, Kimball L.; White, Hal D.
  作者单位：Arizona State University; Arizona State University-Tempe; Washington University (WUSTL); University of Notre Dame
  摘要：In this paper, we examine whether a regulatory shift allowing more private firm disclosure leads to less myopia. The Jumpstart Our Business Startups (JOBS) Act of 2012 permits a subset of firms to meet privately with potential investors in the months before an IPO, allowing them to provide information without proprietary cost concerns, leading to more complete disclosure. Consistent with a reduction in myopia, we find that these firms are less likely to manage earnings to beat short-term bench...
• Earnings forecasts of female CEOs: quality and consequences AI翻译
  作者：Francoeur, Claude; Li, Yuntian; Singer, Zvi; Zhang, Jing
  作者单位：Universite de Montreal; HEC Montreal; University of Colorado System; University of Colorado Denver
  摘要：This study examines the voluntary disclosure of earnings forecasts by female CEOs. We find that in the backdrop of increased pressure to perform from investors and other stakeholders, female CEOs tend to issue more earnings forecasts than male CEOs, and those forecasts are more accurate. We also find that while financial analysts generally prefer to follow companies headed by male CEOs, female CEOs' efforts to issue accurate earnings forecasts pay off, as these efforts help them close the anal...
• Trust, social capital, and the bond market benefits of ESG performance AI翻译
  作者：Amiraslani, Hami; Lins, Karl V.; Servaes, Henri; Tamayo, Ane
  作者单位：INSEAD Business School; Utah System of Higher Education; University of Utah; Centre for Economic Policy Research - UK; University of London; London Business School; University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK
  摘要：We investigate whether a firm's social capital and the trust that it engenders are viewed favorably by bondholders. Using firms' environmental and social (E&S) performance to proxy for social capital, we find no relation between social capital and bond spreads over the period 2006-2019. However, during the 2008-2009 financial crisis, which represents a shock to trust and default risk, high-social-capital firms benefited from lower bond spreads. These effects are stronger for firms with higher ...
• Revenue-expense matching and performance measure choice AI翻译
  作者：Huang, Rong; Marquardt, Carol; Zhang, Bo
  作者单位：Fudan University; City University of New York (CUNY) System; Baruch College (CUNY); Renmin University of China
  摘要：Recent research shows that matching between contemporaneous revenues and expenses has declined over the past 40 years. We argue that this decline in matching reduces the contracting usefulness of earnings and affects managerial effort allocation and performance measure choice. Based on a theoretical model, we predict that firms with poor matching benefit from contracting on sales revenue instead of earnings. Using hand-collected CEO performance measure data from S&P 500 firms, we document a si...
• Earnings announcement delays and implications for the auditor-client relationship AI翻译
  作者：Chapman, Kimball; Drake, Michael; Schroeder, Joseph H.; Seidel, Timothy
  作者单位：Washington University (WUSTL); Brigham Young University; Indiana University System; Indiana University Bloomington; IU Kelley School of Business
  摘要：We examine whether delays in the expected release of annual earnings have implications for the future auditor-client relationship. Managers have strong incentives to release earnings on schedule, and auditors play an important role in helping their clients avoid costly earnings announcement delays. We find an increased likelihood of subsequent auditor-client realignments after earnings announcement delays. We further find that clients changing auditors realign with audit firms that better meet...