Journal of Accounting and Economics

最新文章

• New accounting standards and the performance of quantitative investors AI翻译
  作者：Dyer, Travis; Guest, Nicholas; Yu, Elisha
  作者单位：Brigham Young University; Cornell University; City University of New York (CUNY) System; Baruch College (CUNY)
  摘要：We examine quantitative investors' ability to navigate a common and occasionally material change to the financial data generating process: new accounting standards. Returns of quantitative mutual funds temporarily decrease relative to funds that rely more heavily on human discretion following the implementation of a few standards that significantly change key financial statement variables; however, other standards do not appear to have a differential effect. Our result is stronger for quantita...
• FOMC news and segmented markets AI翻译
  作者：Golez, Benjamin; Kelly, Peter; Matthies, Ben
  作者单位：University of Notre Dame; Claremont Colleges; Claremont McKenna College; Claremont Graduate University
  摘要：A growing body of evidence suggests that Federal Open Market Committee (FOMC) announcements can affect private sector beliefs about near-term macroeconomic conditions. We measure the impact of central bank policy on index option trader beliefs about near-term economic conditions using the return of short-term dividend strips around each FOMC announcement (we term this short-term dividend strip return, SDR). Consistent with the idea that these announcements contain valuable information about ma...
• The future performance implications of Non-GAAP firms' investments AI翻译
  作者：Ahn, Minkwan; Christensen, Theodore E.; Johnson, Ryan G.; Lewis-Western, Melissa F.
  作者单位：Sungkyunkwan University (SKKU); University System of Georgia; University of Georgia; Indiana University System; Indiana University Bloomington; Brigham Young University
  摘要：We investigate whether consistent non-GAAP reporting is associated with investment efficiency. Prior research finds a positive association between non-GAAP reporting and investment levels, concluding that it represents overinvestment. We corroborate this positive association, but additional tests are not consistent with the conclusion of inefficient overinvestment. Specifically, we explore the relation between investment and future cash flows as a proxy for the realization of investments in po...
• Sell-by-plan mandate and opportunistic insider selling: Evidence from China AI翻译
  作者：Ye, Pengfei; Zeng, Qingsheng; Zhang, Cheng
  作者单位：Virginia Polytechnic Institute & State University; Shanghai University of Finance & Economics
  摘要：We examine whether requiring insiders to sell their stock shares based on pre-disclosed plans can mitigate opportunistic insider selling activities and, more importantly, to what extent insiders can circumvent this regulation. Using China's mandate enacted in 2017 as the setting, we demonstrate that a sell-by-plan mandate can reduce opportunistic selling activities. However, insiders can circumvent this mandate by strategically initiating their plans before bad news. We find that this gaming p...
• Do personal income taxes affect corporate tax-motivated profit shifting? AI翻译
  作者：De Vito, Antonio; Hillmann, Lisa; Jacob, Martin; Vossebuerger, Robert
  作者单位：University of Bologna; WHU - Otto Beisheim School of Management; University of Navarra; IESE Business School
  摘要：This paper examines the role of personal income taxes on multinationals' corporate tax-induced profit shifting. As mandated in most OECD countries, firms need economic substance in low corporate-tax countries to justify profit shifting to these countries. Because high personal income taxes raise labor costs and thus the cost of providing economic substance, we predict that personal income taxes mute profit shifting. Using data from 26 European countries, we find that personal income taxes subs...
• Do signatory auditors with tax expertise facilitate or curb tax aggressiveness? AI翻译
  作者：Defond, Mark; Qi, Baolei; Si, Yi; Zhang, Jieying
  作者单位：University of Southern California; Xi'an Jiaotong University; Xi'an Jiaotong University; University of Texas System; University of Texas Dallas
  摘要：Prior research concludes that tax-expert auditors facilitate tax aggressiveness. However, these studies examine auditors who also provide non-audit tax services to their clients, creating conflicting incentives. We predict that tax-expert auditors, who do not provide non-audit tax services, reduce tax aggressiveness, because tax aggressiveness imposes costs on them. We test our prediction using Chinese data, allowing us to identify Certified Tax Agents as tax-expert auditors. We find that comp...
• The value of lending to bellwether firms by institutional investors AI翻译
  作者：Landsman, Wayne R.; Pena-Romera, F. Dimas; Zhao, Jianxin (Donny)
  作者单位：University of North Carolina; University of North Carolina Chapel Hill; Arizona State University; Arizona State University-Tempe; Emory University
  摘要：We predict that institutional investors in loan syndicates charge bellwether firms lower loan spreads as compensation for having access to private information that can help identify trading opportunities in other firms' public market securities. Consistent with this prediction, when lending to bellwether firms, institutional investors charge a loan premium that is between 17 and 25 bps lower relative to non-bellwether firms, and earn annualized excess returns of 1.5-2.2% from trading in other ...
• Foreign bank branch participation and US syndicated loan contract design☆ AI翻译
  作者：Yang, Daniel G.
  作者单位：Hong Kong University of Science & Technology
  摘要：I examine whether and how foreign bank branch participation in U.S. loan syndicates influences loan contract design. I predict that foreign bank branches' dollar funding liquidity risk and information frictions increase renegotiation costs and affect loan contract design. I find that loan contracts with greater foreign bank branch participation include fewer flexibility-reducing covenants, such as capital expenditure and balance sheet covenants, that restrict borrowers from making positive net...
• Creditor protection and government procurement contracting☆ AI翻译
  作者：Liu, Xiao; Ma, Zhiming; Ruan, Lufei
  作者单位：Nankai University; Peking University; California State University System; San Francisco State University
  摘要：This paper examines the effect of creditor protection on the choice of government procurement contract types. We use the staggered adoption of anti-recharacterization laws (ARLs) as a quasi-natural experiment to investigate the research question. ARLs strengthen creditors' rights to repossess collateral in bankruptcy and thus enhance creditor protection. Using a dataset of U.S. government contracts, we find a significant shift from the use of fixed-price contracts to cost-plus contracts after ...
• Do sell-side analysts react too pessimistically to bad news for minority-led firms? Evidence from target price valuations AI翻译
  作者：Rupar, Kathy; Wang, Sean; Yoon, Hayoung
  作者单位：University System of Georgia; Georgia Institute of Technology; Southern Methodist University
  摘要：We find that the adverse impact of bad news on analysts' valuations is 57% larger when the CEO is Non-White, resulting in more pessimistic valuations for Non-White CEOs relative to their White counterparts. Non-White CEO firms are more likely to surpass analysts' valuation targets in the subsequent 12 months, suggesting that this racial gap lacks economic justification. To provide further evidence of a racial bias: (1) we triangulate our empirical findings with corroborating evidence from a co...