Contemporary Accounting Research

最新文章

• Expensing Versus Capitalization AI翻译
  作者：Lu, Tong; Sivaramakrishnan, Konduru
  作者单位：University of Houston System; University of Houston; Rice University
  摘要：We develop a theoretical framework to study the effects of expensing versus capitalization of investment expenditures on capital market asset prices, corporate investment, and investment efficiency. We use a two-period model in which the financial reports at the end of the first period influence the price of the firm. In the first period, the current owner makes an investment decision that yields returns during the first and the second periods. We highlight the benefits and costs of the matchi...
• Relating Product Prices to Long-Run Marginal Cost: Evidence from Solar Photovoltaic Modules AI翻译
  作者：Reichelstein, Stefan; Sahoo, Anshuman
  作者单位：Stanford University; University of Mannheim
  摘要：A basic tenet of microeconomics is that for a competitive industry in equilibrium the market price of a product will be equal to its marginal cost. This paper develops a model framework and a corresponding empirical inference procedure for estimating long-run marginal cost in industries where production costs decline over time. In the context of the solar photovoltaic (PV) module industry, we rely primarily on firm-level financial accounting data to estimate the long-run marginal cost of PV mo...
• Conditional Conservatism and Debt versus Equity Financing AI翻译
  作者：Goh, Beng Wee; Lim, Chee Yeow; Lobo, Gerald J.; Tong, Yen H.
  作者单位：Singapore Management University; University of Houston System; University of Houston; Nanyang Technological University
  摘要：Extant research suggests that conditional conservatism reduces information asymmetry between a firm and its shareholders as well as its debtholders. However, there is little evidence on whether conditional conservatism reduces information asymmetry differentially for shareholders and debtholders. We use the setting of a firm's choice between equity versus debt when it seeks a significant amount of external financing to examine this research question. We find that when firms raise a significant...
• Accounting Comparability and Economic Outcomes of Mandatory IFRS Adoption AI翻译
  作者：Neel, Michael
  作者单位：University of Houston System; University of Houston
  摘要：This study examines the associations between four economic outcomes of the 2005 mandatory adoption of International Financial Reporting Standards (IFRS) and concurrent changes in two important accounting constructs, accounting comparability and reporting quality. My primary purpose is to evaluate the relative importance of cross-country accounting comparability and firm-specific reporting quality in explaining previously documented increases in Tobin's Q, stock liquidity, analyst forecast accu...
• Discussion of Aggregate Margin Debt and the Divergence of Price from Accounting Fundamentals AI翻译
  作者：Hutton, Amy P.
  作者单位：Boston College
  摘要：Burger and Curtis (2017) is an empirical investigation of whether aggregate margin debt correlates with aggregate stock prices and aggregate accounting-based fundamentals. While the paper convincingly documents a significant relation: aggregate margin debt is higher when aggregate fundamentals-to-price ratios are low, it fails to document why. The documented relation could exist because margin traders are the overly exuberant noise traders that push stock prices higher away from fundamental va...
• Enterprise Risk Management and the Financial Reporting Process: The Experiences of Audit Committee Members, CFOs, and External Auditors AI翻译
  作者：Cohen, Jeffrey; Krishnamoorthy, Ganesh; Wright, Arnold
  作者单位：Boston College; Northeastern University
  摘要：The recent financial crisis has brought to the forefront the need for companies to effectively manage their risks. In this regard, one approach that has gained prominence is enterprise risk management (ERM). Importantly, little is known about the link between ERM and the financial reporting process. This link is critical, because it is imperative that financial reporting adequately depicts the financial status (e.g., valuations, estimates) and associated risks of a company as revealed by ERM. ...
• The Market's Assessment of the Probability of Meeting or Beating the Consensus AI翻译
  作者：Ma, Guang; Markov, Stanimir
  作者单位：National University of Singapore; Southern Methodist University
  摘要：We investigate to what extent the market uses information that is predictive of whether earnings will meet or beat the analyst consensus forecast of earnings (MBE henceforth): measures of a firm's incentives to engage in MBE behavior, measures of constraints on MBE, measures of past MBE practices by firm and industry, and other variables. Using the Mishkin test framework and Bonferroni-adjusted p-values, we document that of a total of 21 variables, the market inefficiently uses information in ...
• What Have We Learned About Earnings Management? Integrating Discontinuity Evidence AI翻译
  作者：Burgstahler, David; Chuk, Elizabeth
  作者单位：University of Washington; University of Washington Seattle; University of California System; University of California Irvine
  摘要：The accounting literature includes numerous examples of discontinuities at prominent benchmarks that are widely interpreted as evidence that earnings are managed to meet those benchmarks. However, there are a few examples where discontinuities do not exist, which are sometimes interpreted as inconsistent with earnings management. Alternative explanations for discontinuities have also been suggested. This paper reviews, evaluates, and integrates the available evidence and concludes that the the...
• Example-Based Reasoning and Fact-Weighting Guidance in Accounting Standards AI翻译
  作者：Capps, Greg; Koonce, Lisa; White, Brian J.
  作者单位：University of Texas System; University of Texas Austin
  摘要：The provision of examples as implementation guidance is pervasive in accounting standards. Prior research has established that preparers engage in example-based reasoning, a tendency to favor the accounting treatment in an example, even when the example does not exactly match the transaction at hand. In this paper, we investigate whether fact-weighting guidance counteracts this tendency. Such guidance, now found in some accounting standards, indicates whether particular transaction facts are m...
• The Relation Between Earnings Management and Non-GAAP Reporting AI翻译
  作者：Black, Ervin L.; Christensen, Theodore E.; Joo, T. Taylor; Schmardebeck, Roy
  作者单位：University of Oklahoma System; University of Oklahoma - Norman; University System of Georgia; University of Georgia; New Mexico State University; University of Missouri System; University of Missouri Columbia
  摘要：Managers have a variety of tools at their disposal to influence stakeholder perceptions. Earnings management and the strategic reporting of non-GAAP earnings are just two of the available menu choices. We explore how real earnings management and accruals management influence the probability that a company will disclose a non-GAAP adjusted earnings metric in its earnings press release and the likelihood that it will do so aggressively. We first investigate situations where managers already meet...