4期

最新文章

• Gross versus net balance sheet presentation of offsetting derivatives assets and liabilities AI翻译
  作者：Ryan, Stephen; Seitz, Barbara
  作者单位：New York University
  摘要：Accounting principles state that the net presentation of offsetting assets and liabilities on the balance sheet is improper unless the right of setoff exists. Derivatives dealers and their frequent counterparties enter into master netting agreements (MNAs) that provide a limited right of setoff that is insufficient (sufficient) for net presentation under IFRS (US GAAP). To remedy this presentation difference, as of 2013, IFRS and US GAAP require dealers to disclose the gross, reported, and net...
• Is silence golden sometimes? Management guidance withdrawals during the COVID-19 pandemic AI翻译
  作者：Hope, Ole-Kristian; Li, Congcong; Ma, Mark Shuai; Su, Xijiang
  作者单位：University of Toronto; BI Norwegian Business School; Duquesne University; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
  摘要：The many management guidance withdrawals during the COVID-19 pandemic have attracted considerable attention from the media, investors, and regulators. This study analyzes the determinants and consequences of these withdrawals. We find that guidance withdrawals are due to economic uncertainty, resulting from firms' exposure to the COVID-19 pandemic rather than poor financial performance. Also, the effect of COVID-19 exposure on guidance withdrawals is stronger when firms face higher litigation ...
• The persistence and pricing of changes in multinational firms' foreign cash holdings AI翻译
  作者：Chen, Novia X.; Chiu, Peng-Chia; Shevlin, Terry
  作者单位：University of Houston System; University of Houston; The Chinese University of Hong Kong, Shenzhen; University of California System; University of California Irvine
  摘要：Using a hand-collected sample of U.S. multinational firms' foreign and domestic cash holdings, we evaluate the earnings persistence implications of changes in foreign and domestic cash and whether stock prices reflect these implications. Building on the earnings decomposition approach in Dechow, Richardson, and Sloan 2008 Journal of Accounting Research, 46 (3): 537-566, we find that, in the overall sample, changes in foreign cash are as persistent for future earnings as changes in domestic cas...
• CEO compensation and real estate prices: pay for luck or pay for action? AI翻译
  作者：Albuquerque, Ana; Bennett, Benjamin; Custodio, Claudia; Cvijanovic, Dragana
  作者单位：Boston University; Tulane University; Imperial College London
  摘要：This paper uses variation in real estate prices to study Chief Executive Officer (CEO) pay for luck. We distinguish between pay for luck and pay for responding to luck (action) by exploiting US GAAP accounting rules, which mandate that real estate used in the firm's operations is not marked-to-market. This setting allows us to empirically disentangle pay for luck from pay for action, as a change in the value of real estate is only accounted for when the CEO responds to changes in property valu...
• Brokerage relationships and analyst forecasts: evidence from the protocol for broker recruiting AI翻译
  作者：Coleman, Braiden; Drake, Michael; Pacelli, Joseph; Twedt, Brady
  作者单位：University System of Georgia; University of Georgia; Brigham Young University; Harvard University; University of Oregon
  摘要：We offer novel evidence on how the nature of brokerage-client relationships can influence the quality of equity research. We exploit a unique setting provided by the Protocol for Broker Recruiting to examine whether relaxed broker noncompete agreement enforcement generates spillover effects on sell-side analysts. Entry into this agreement reassigns ownership of the client relationship from the brokerage to individual brokers, potentially generating a greater standard of care. Using a generaliz...
• Does stock liquidity shape voluntary disclosure? Evidence from the SEC tick size pilot program AI翻译
  作者：Hope, Ole-Kristian; Liu, Junhao
  作者单位：University of Toronto; BI Norwegian Business School
  摘要：Employing the SEC Tick Size Pilot Program, which increases the minimum trading unit of a set of randomly selected small-capitalization stocks, we examine whether and how an exogenous change in stock liquidity affects corporate voluntary disclosure. Using difference-in-differences analyses with firm fixed effects, we find that treatment firms respond to the liquidity decline by issuing fewer management earnings forecasts, while, in contrast, control firms do not exhibit a significant change. Ne...
• The real effects of risk disclosures: evidence from climate change reporting in 10-Ks AI翻译
  作者：Kim, Jeong-Bon; Wang, Chong; Wu, Feng
  作者单位：City University of Hong Kong; Hong Kong Polytechnic University; Lingnan University
  摘要：We examine the economic impacts of risk disclosures in accounting reports on the real decisions made by information senders (i.e., managers of the disclosing firms). In so doing, we exploit the SEC rule enacted in 2010 regarding climate change risk (CCR) reporting in 10-Ks as a quasi-natural experimental setting in which to apply a difference-in-differences analysis. We focus on CCR because of its vast influence on economic activities and the relative ease of identifying managerial behaviors r...
• 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...
• 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...