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作者：Bertomeu, Jeremy
作者单位：Washington University (WUSTL)
摘要：Machine learning has been growing in importance in empirical accounting research. In this opinion piece, I review the unique challenges of going beyond prediction and leveraging these tools into generalizable conceptual insights. Taking as springboard Machine learning improves accounting estimates presented at the 2019 Conference of the Review of Accounting Studies, I propose a conceptual framework with various testable implications. I also develop implementation considerations panels with acc...
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作者：He, Jing; Plumlee, Marlene A.
作者单位：University of Delaware; Utah System of Higher Education; University of Utah
摘要：We construct four voluntary and two mandatory disclosure measures for 260,880 firm-quarters from 2005 through 2016 using 8-K data. The first voluntary disclosure measure is the count of 8-Ks, a proxy used in prior studies. The second and third are the count and word count of the 8-K items classified as voluntary (Items 2.02, 7.01, and 8.01) and the associated exhibits. The final voluntary disclosure measure is the count of the voluntary 8-K items and exhibits that include management guidance, ...
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作者：Amiram, Dan; Huang, Serene; Rajgopal, Shiva
作者单位：Tel Aviv University; Columbia University
摘要：Experts and popular belief contend that it pays to engage in financial misconduct. We hand-collect data on three subsamples of severe misconduct cases, between 2003 and 2016: a sample of 37 (100) SEC enforcement actions (class action lawsuits) that explicitly allege fraud and a sample of 100 restatements with the most negative stock price reaction in which investors presumably suspect fraud. We then compare estimates of the benefits from reporting misconduct to top managers against estimates o...
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作者：Ru, Yi; Xue, Jian; Zhang, Yuan; Zhou, Xin
作者单位：Renmin University of China; Tsinghua University; University of Texas System; University of Texas Dallas
摘要：We study how social connections between top executives of media and listed firms affect the properties of media reporting. We find that socially connected media are significantly more likely to cover a firm than their unconnected counterparts. Their reporting is significantly more optimistically toned and contains significantly less information, and both of these effects are significantly mitigated when the firm has better information environment as represented by greater analyst coverage and ...
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作者：Bhattacharya, Nilabhra; Chakrabarty, Bidisha; Wang, Xu (Frank)
作者单位：Southern Methodist University; Saint Louis University
摘要：High frequency traders (HFTs) account for a significant fraction of the total market volume. Prompted by concerns that HFTs reap unfair advantages over other traders by using super-fast trading technologies, some regulatory proposals aim to curb HFTs' ultra-low-latency activities. However, research suggests that HFTs also play beneficial roles in financial markets, including liquidity provision as voluntary market makers. Currently, little is known about their role in incorporating firm-specif...
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作者：Bhojraj, Sanjeev
作者单位：Cornell University
摘要：This paper reviews the statement of cash flow implications of stock compensation expense and the effect it can have on valuations. The paper suggests that treating stock compensation as a noncash item in the statement of cash flows can be misleading from internal decision-making and external valuation perspectives. This is important, given the increasing role of non-GAAP cash flow disclosures in financial reporting as well as their use internally by managers. The paper quantifies the potential...
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作者：Ding, Kexing; Lev, Baruch; Peng, Xuan; Sun, Ting; Vasarhelyi, Miklos A.
作者单位：Rutgers University System; Rutgers University New Brunswick; New York University; College of New Jersey
摘要：Managerial estimates are ubiquitous in accounting: most balance sheet and income statement items are based on estimates; some, such as the pension and employee stock options expenses, derive from multiple estimates. These estimates are affected by objective estimation errors as well as by managerial manipulation, thereby harming the reliability and relevance of financial reports. We show that machine learning can substantially improve managerial estimates. Specifically, using insurance compani...
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作者：Fang, Bingxu; Hope, Ole-Kristian; Huang, Zhongwei; Moldovan, Rucsandra
作者单位：University of Toronto; BI Norwegian Business School; City St Georges, University of London; Concordia University - Canada
摘要：This paper provides early but broad empirical evidence on MiFID II, which requires investment firms to unbundle investment research from other costs they charge to clients. Employing difference-in-differences matched-sample research designs with firm fixed effects, we find a decrease in the number of sell-side analysts covering European firms after MiFID II implementation, particularly for firms that are less important to the sell-side. However, research quality improves; specifically, individ...
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作者：Mohanram, Partha; White, Brian; Zhao, Wuyang
作者单位：University of Toronto; University of Texas System; University of Texas Austin
摘要：Stock-based compensation (SBC) reduces the value of shareholder equity, ceteris paribus, and is a significant and growing expense for many firms. Despite its valuation implications and its growing importance, anecdotal evidence suggests that market participants ignore SBC in valuation. We first find that firms with higher SBC exhibit both higher valuation ratios and lower returns, suggesting overvaluation. This pattern is stronger for firms with larger analyst coverage, implying that the sell-...
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作者：Chen, Xia; Cheng, Qiang; Hao, Ying; Liu, Qiang
作者单位：Singapore Management University; Beijing Normal University; Zhejiang University
摘要：Using data from China, we examine whether and how the incentive to boost GDP growth at the government level affects earnings management at the firm level. We find that firms in provinces with GDP growth lower than the national level or the average of the adjacent provinces are more likely to engage in earnings management than firms in other provinces. Specifically, they are more likely to inflate revenues, overproduce, and delay asset impairment losses. The aggregate earnings management induce...
