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作者：Iqbal, Aneel; Srivastava, Anup
作者单位：Arizona State University; Arizona State University-Downtown Phoenix; University of Calgary
摘要：We examine whether accrual accounting loses relevance with the rise of knowledge firms. Investigating a large sample of U.S. firms from 1990 to 2022, we compare magnitudes, components, quality, and pricing of accruals across knowledge-and physical-asset firms. Knowledge firms report lower accruals and poorer accrual quality, but the gap is concentrated in small knowledge firms. Their low-quality accruals reflect largely innate, volatile, uncertain, early-stage operations, not discretionary rep...
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作者：Bernard, Darren; Blankespoor, Elizabeth; de Kok, Ties; Toynbee, Sara
作者单位：University of Washington; University of Washington Seattle; University of Texas System; University of Texas Austin
摘要：Business complexity involves important tradeoffs for managers and investors, but empirical evidence is limited by measurement issues. We construct and validate a measure of business complexity using a GPT model fine-tuned on narrative disclosures and inline XBRL tags. We first show that our measure is associated with slower price formation in capital markets, consistent with complexity increasing processing costs. Next, we apply our measure to study the complexity of debt, an economically impo...
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作者：Choy, Siu Kai; Lobo, Gerald J.; Tan, Yongxian
作者单位：University of London; King's College London; University of Houston System; University of Houston; Curtin University
摘要：Seasonal fluctuations in a firm's business activities can affect its balance sheet and give rise to seasonally predictable accruals. We find that seasonal patterns in accruals are associated with future stock returns. Specifically, we find that firms with historically lower (higher) accruals in a given fiscal quarter have higher (lower) stock returns in the months when those accruals are expected to be announced. Our results suggest that investors do not fully understand and price historical i...
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作者：Burd, Carlyle S.; Ferguson, Duke
作者单位：North Carolina State University; University of Kentucky
摘要：We examine how foreign non-income tax shocks affect U.S. product markets. Our setting is the politically motivated tariffs on U.S. whiskey exports levied during the 2018 trade war, which created an exogenous negative foreign demand shock for domestic producers. Using a difference-in-differences design we show that, on average, U.S. whiskey producers decrease U.S. product prices and thus increase domestic sales volume following the export tariffs. However, we find evidence of strategic pricing,...
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作者：Kim, Yongtae; Sun, Chengzhu; Xiang, Yi; Zeng, Cheng
作者单位：Santa Clara University; Hong Kong Polytechnic University; Hong Kong Polytechnic University
摘要：This study examines whether and how mandating environmental, social, and governance (ESG) disclosure affects firms' competitiveness for foreign government procurement contracts. Exploiting staggered enactment of ESG disclosure mandates across countries, we find that firms attain more and larger contracts from foreign governments after their home countries mandate ESG disclosure. We show that the ESG disclosure mandate affects the global allocation of government procurements through two channel...
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作者：Nan, Lin; Zheng, Ronghuo
作者单位：Purdue University System; Purdue University; University of Texas System; University of Texas Austin
摘要：We investigate how incentives provided by whistleblowing programs affect the likelihood of whistleblowing, firm value, and social welfare in the presence of endogenous internal communication. Specifically, we focus on a myopic manager's ex post decision on internal communication with the employee. An informed employee plays a dual role: working to fix the defect internally or acting as a whistleblower to expose the misconduct if the manager withholds defect information from the public. We find...
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作者：Bik, Olof; Bouwens, Jan; Knechel, W. Robert; Zou, Yuxia
作者单位：University of Groningen; University of Amsterdam; State University System of Florida; University of Florida; University of Auckland; Nanyang Technological University
摘要：We examine how audit firms changed their policies regarding audit partner performance measurement, career development, and compensation during a period of heightened public scrutiny of audit quality (2007 to 2017). We theorize how implementing policy changes requires a delicate transition in the organizational design and internal processes of the firms and may not effectively translate into their day-to-day practices. Our access to proprietary performance management policies and individual par...
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作者：Chen, Xi (Novia); Koester, Allison
作者单位：University of Houston System; University of Houston; Georgetown University
摘要：We examine the implications of GAAP earnings forecast quality for accounting research. Using a tax law change with an estimable and material GAAP earnings impact, we find that analysts' GAAP forecasts generally fail to incorporate this impact, whereas investors respond promptly, suggesting that GAAP forecasts omit earnings information deemed relevant by investors and are of low quality. Analyzing quarterly GAAP forecasts from 2004-2019 and classifying GAAP forecasts that equal their street cou...
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作者：Gallemore, John; Jacob, Martin; Marangoni, Jesse; Peters, Christian P. H.
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of Navarra; IESE Business School; Tilburg University; University of Wisconsin System; University of Wisconsin Madison
摘要：Policymakers claim that combating tax avoidance can help reduce industry concentration by leveling the playing field between industry leaders and their competitors. We test the validity of this claim by using administrative data on industry concentration and exploiting the staggered introduction of anti-tax avoidance regulations across 17 European countries. Although these regulations significantly reduce tax avoidance, we find no statistically or economically meaningful effect on industry con...
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作者：Paraskevas, Kosmas I.; Veith, Frank J.
作者单位：Medical University of Warsaw; NYU Langone Medical Center; New York University; Cleveland Clinic Foundation
