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作者：Blankespoor, Elizabeth; deHaan, Ed; Guay, Wayne; Lang, Mark; Shroff, Nemit; Wu, Joanna
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作者：Kapons, Martin; Veenman, David
作者单位：INSEAD Business School; University of Amsterdam
摘要：This paper examines the function of accruals in measuring quarterly firm performance. We show that operating accruals play a pronounced role in offsetting quarterly cash flow fluctuations and that this timing role is much stronger than concluded based on annual measurements in the recent literature. A fundamental driver of this timing role of accruals is the significant seasonal variation in operating cash flows, which is determined by the interaction between sales seasonality and working capi...
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作者：Cuny, Christine; Kim, Jungbae; Mehta, Mihir N.
作者单位：New York University; Singapore Management University; University of Chicago
摘要：When subject to public scrutiny, do firms strategically use advertising to reduce expected political costs? Advertising can ease public concerns, thereby reducing the pressure on politicians to act harshly against scrutinized firms and their industries. We use repeated congressional testimony by industry members as a novel way to identify political scrutiny. Our central finding is that scrutinized industries increase their advertising spending 132 percent more in the electorates of politicians...
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作者：Liu, Lisa Yao; Tong, Lijing
作者单位：Columbia University; Beijing Jiaotong University
摘要：We study a regulatory spillover in which audit regulations for public firms can affect auditing practices for private firms through the channel of common partners-partners who audit both public and private firm clients. We exploit a regulation in China that applies only to public firm auditing and aims to enhance transparency and rigor in audit procedures. We find that audit partners are more inclined to issue modified opinions for private firm clients following the implementation of the regul...
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作者：Bhattacharya, Nilabhra; Chakrabarty, Bidisha; Ma, Matthew; Pan, Jing
作者单位：Southern Methodist University; Saint Louis University; Rutgers University System; Rutgers University Camden; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Southern Methodist University
摘要：As markets replace contractual liquidity providers (designated market makers; DMMs) with voluntary liquidity provision through cutting-edge technology, we investigate how this affects price discovery. Research suggests that endogenous liquidity provision is not always optimal. We investigate how DMMs affect the incorporation of earnings news into prices. Using a regression discontinuity design, we show that increased DMM participation facilitates earnings news discovery-lower JUMP, lower Synch...
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作者：Kim, Jinhwan; Valentine, Kristen
作者单位：Stanford University; University System of Georgia; University of Georgia
摘要：Innovative public firms sell significantly more patents in the last month of their fiscal year compared to earlier in the year. Consistent with reporting incentives driving these sales, final month patent sales are disproportionately internally generated, non-core patents with high potential accounting gains. Strategic patent sales are more pronounced among firms with incentives to meet earnings expectations-especially in periods when firms narrowly beat expectations and when executive incenti...
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作者：Weber, David P.; Xu, Nina; Zhang, Kangkang
作者单位：University of Connecticut; University of Illinois System; University of Illinois Urbana-Champaign
摘要：We examine whether heightened SEC scrutiny of financial reporting affects corporate risk-taking. Because managers are risk-averse, tightened regulatory oversight could increase risk-taking by strengthening accounting's governance role, or reduce it by constraining managers' ability to shield themselves from risky outcomes through earnings management. In 2007, the SEC elevated six district offices to the regional level, expanding their authority and enforcement resources. Using this reorganizat...
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作者：deHaan, Ed; Huang, Allen H.; Kannan, Srijith; Qiu, Lu
作者单位：Stanford University; Hong Kong University of Science & Technology; Southwestern University of Finance & Economics - China
摘要：We analyze over 27,000 social media livestreams by Chinese mutual funds to investigate whether they achieve regulators' goal of improving retail investment decisions. Our findings indicate that livestreams generate significant inflows, often within minutes of their start times. Yet rather than educating investors, livestreams amplify return-chasing behavior and predict sharp declines in fund performance. Investors who buy in response to livestreams would earn higher returns by holding index fu...
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作者：Behn, Markus; Couaillier, Cyril
作者单位：European Central Bank
摘要：We analyse how capital management motives and accounting discretion have affected euro area banks' provisioning behaviour since the adoption of expected credit loss accounting (IFRS 9). Using granular loan-level data, we investigate provisioning dynamics around firm-level credit events and the macroeconomic shock induced by the COVID-19 pandemic. We find that capital management motives have a strong impact on provisioning under IFRS 9, with less capitalised banks generally provisioning less th...
