4期

最新文章

• Expected Losses, Unexpected Costs? Evidence from SME Credit Access under IFRS 9 AI翻译
  作者：Ertan, Aytekin
  作者单位：University of London; London Business School
  摘要：This paper examines lending effects of European banks switching to an expected credit loss (ECL) model under IFRS 9. I find evidence that ECL transition deteriorates the credit landscape for SMEs-as risky, opaque, and bank-dependent borrowers. Post-ECL, affected banks reduced SME lending by over 10 percent, and these effects persisted during the most recent downturn during the COVID-19 pandemic. Banks' financial reporting objectives and implementation difficulties seem to explain these finding...
• Do Apprenticeship Norms Encourage Supervisors' Audit Quality Enhancing Behaviors? AI翻译
  作者：Blum, Emily S.; Hatfield, Richard C.
  作者单位：Texas A&M University System; Texas A&M University College Station; Mays Business School; University of Alabama System; University of Alabama Tuscaloosa
  摘要：The audit environment operates using an apprenticeship model, where more experienced auditors are responsible for the training and development of junior auditors. Academic research has investigated this model primarily as a quality control mechanism for the subordinate's work product. In contrast, we investigate what effect the apprenticeship model has on supervising auditors. We theorize that coaching an apprentice activates norms that are accompanied by an ideal audit quality focus. In an ex...
• Auditor Scrutiny of Loan Loss Estimates and Bank Lending: Evidence from PCAOB Inspections AI翻译
  作者：Ege, Matthew; Nicoletti, Allison; Stuber, Sarah B.
  作者单位：Texas A&M University System; Texas A&M University College Station; Mays Business School; University of Pennsylvania
  摘要：We examine whether auditor scrutiny over the allowance for loan losses (ALL) is associated with bank lending decisions. Using PCAOB inspection findings over the ALL to capture increases in auditor scrutiny, we find that auditor scrutiny is associated with a larger ALL for homogeneous loans (i.e., residential mortgages and consumer loans) but not for heterogeneous loans (i.e., commercial real estate; commercial and industrial loans). We next find that auditor scrutiny is associated with a shift...
• Economic Consequences of Public Pension Accounting Regulation Changes: Evidence from Housing Markets and Local Economies AI翻译
  作者：Fan, Grace Haoqing
  作者单位：Singapore Management University
  摘要：I examine whether, and through which channels, government pension accounting regulations affect local housing markets and economies. Using both a contiguous border-county approach across multiple states and a single-state study in California, I find that regions exposed to more severe state-level pension underfunding experience lower housing market growth after the introduction of Government Accounting Standards Board (GASB) regulations 67 and 68, which significantly enhance the transparency o...
• Does Meeting Financial Expectations Boost Employee Satisfaction? AI翻译
  作者：Hilary, Gilles; Tian, Xiaoli (Shaolee); Yu, Miaomiao
  作者单位：Georgetown University; University of North Carolina; University of North Carolina Charlotte
  摘要：We investigate whether meeting Wall Street's expectations affects rank-and-file employees' satisfaction. Controlling for firms' underlying financial performance, we find that those currently working for firms that meet or marginally beat analysts' forecasts experience increased job satisfaction. This positive effect is concentrated among employees who are less transient, receive more nonexecutive stock options, or are more unionized. Furthermore, the positive effect exists only when employees ...
• Are Lessons Well Learned? Evidence from SEC Enforcement Releases AI翻译
  作者：Cao, Wenjiao
  作者单位：Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam
  摘要：This paper investigates the impact of accounting and auditing enforcement releases (AAERs) on the compensation policies of nonaccused firms. The investigation focuses on releases in which the SEC mentions top executives' pursuit of wealth through compensation schemes (i.e., compensation mentioned releases (CMRs)). Using a sample of AAERs from 1992 to 2021, I find that peer firms learn from these CMRs and significantly reduce their CEO's delta and vega following CMRs. Peer firms also decrease t...
• Global versus Local ESG Ratings: Evidence from China AI翻译
  作者：Zeyun, Jeff; Li, Zengquan; Mao, Ting; Yoon, Aaron
  作者单位：Texas Christian University; Shanghai University of Finance & Economics; Northwestern University
  摘要：We compare the ESG ratings of MSCI, a global rater, with those of SINO, a local Chinese rater, to evaluate their effectiveness in capturing ESG risks within the Chinese context. Using ESG issues revealed in negative incidents as a proxy for ESG risk, we find that the ratings from the two raters often diverge, with SINO generally outperforming MSCI in predicting ESG risks in China. This divergence is more pronounced for firms with extensive ESG disclosures and when there are significant differe...