Journal of Accounting and Economics

最新文章

• Mandatory investor disclosure, sustainability commitments, and portfolio decarbonization AI翻译
  作者：Dai, Jiyuan; Ormazabal, Gaizka; Penalva, Fernando; Raney, Robert
  作者单位：University of Cyprus; University of Navarra; IESE Business School; Centre for Economic Policy Research - UK
  摘要：We study the decarbonization effects of imposing sustainability regulation on investors. Our focus is the EU Sustainable Finance Disclosure Regulation (SFDR), which requires funds domiciled or marketed in the EU to classify themselves based on different degrees of sustainability commitment and imposes disclosure requirements based on such classification. Using a broad sample of international investment funds, we document that the SFDR was followed by a significant decarbonization (around 10 pe...
• Global evidence on profit shifting within firms and across time☆ AI翻译
  作者：Delis, Fotis; Delis, Manthos D.; Laeven, Luc; Ongena, Steven
  作者单位：Audencia; European Central Bank; University of Zurich; Swiss Finance Institute (SFI); KU Leuven; Norwegian University of Science & Technology (NTNU); Centre for Economic Policy Research - UK
  摘要：We provide estimates of profit shifting for over 2 million firm-year observations in 100 countries over the period 2009-2020. Employing nonparametric estimation techniques within a mainstay model of profit shifting, we examine how the profits of both parent and subsidiary firms within a multinational group respond to marginal changes in the composite tax indicator. The key advantage of this approach is that it yields firm-year estimates of profit shifting. Multinational firms engage in extensi...
• Board risk oversight and environmental and social performance☆ AI翻译
  作者：Amiraslani, Hami; Deller, Carolyn; Ittner, Christopher D.; Keusch, Thomas
  作者单位：INSEAD Business School; University of Pennsylvania; University of Pennsylvania; INSEAD Business School
  摘要：We examine the relation between board risk oversight and environmental and social (E&S) performance. Our study is motivated by heightened awareness of E&S risks and growing calls for their inclusion in the purview of board risk oversight. Using a novel proprietary dataset on board risk oversight for an international sample, we find that firms with more extensive board risk oversight are more likely to institute E&S compensation, set environmental (but not social) targets, adopt policies that a...
• Sell-side analysts' assessment of ESG risk AI翻译
  作者：Park, Min; Yoon, Aaron; Zach, Tzachi
  作者单位：University of Kansas; Northwestern University; University System of Ohio; Ohio State University
  摘要：We assess whether and how financial analysts incorporate information about downside ESG risk. Using a unique dataset on firm-day level negative ESG incidents, we find that analysts' outputs (i.e., stock recommendations, EPS forecasts, and target prices) are associated with negative future ESG risk events, especially those that are financially material. Further investigation suggests that analysts incorporate ESG risk not only through adjusting future cash flow expectations (i.e. the numerator)...
• Generalist managers and firm innovation worldwide: The role of innovation-specific institutions☆ AI翻译
  作者：Wu, Yue Rio; Huang, Sterling; Tsang, Albert; Wang, Kun Tracy
  作者单位：Xiamen University; New York University; NYU Shanghai; Southern University of Science & Technology; Australian National University
  摘要：We examine how generalist CEOs influence innovation outcomes across 25 countries from 2001 to 2019. We assemble a novel, extended dataset of generalist CEOs and find that generalist CEOs positively affect innovation, particularly in countries with abundant innovation resources. This finding aligns with the notion that generalist CEOs leverage their broad knowledge and cross-industry experience to integrate resources across institutional environments, thereby fostering innovation activities. Ho...
• Audit partners' cultural trust and audit outcomes AI翻译
  作者：Khurana, Inder K.; Li, Bing; Yeung, Kelvin; Yu, Elisha J.
  作者单位：University of Missouri System; University of Missouri Columbia; City University of Hong Kong; City University of New York (CUNY) System; Baruch College (CUNY)
  摘要：Building on economic theories of cultural transmission, we examine how audit partners' cultural trust influences audit outcomes. Based on the presumptive doubt perspective of professional skepticism, we propose that audit partners from trusting cultures are more likely to rely on management's assertions, while still exercising a high degree of caution and not naively trusting management. Consistent with our prediction, we find that audit partners from trusting cultures commit fewer Type I erro...
• Internal information quality and performance metric selection AI翻译
  作者：Guay, Wayne; Kim, Chongho; Timmermans, Oscar
  作者单位：University of Pennsylvania; Seoul National University (SNU); University of London; London School Economics & Political Science
  摘要：We examine the role of firms' internal information quality (IIQ) in designing executive incentive contracts. We find that higher IIQ is associated with a greater number of performance metrics and increased dissimilarity from peer firms' contracts, particularly along non-financial dimensions. These relations hold when we examine changes in IIQ that are likely induced by plausibly exogenous shifts in two financial accounting standards. We further find that incorporating more numerous and more di...
• Do designated market makers facilitate earnings news discovery?☆ AI翻译
  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...
• Estimating profitability decomposition frameworks via machine learning: Implications for earnings forecasting and financial statement analysis AI翻译
  作者：Binz, Oliver; Schipper, Katherine; Standridge, Kevin R.
  作者单位：European School of Management & Technology; Duke University; Utah System of Higher Education; University of Utah
  摘要：We find that nonlinear estimation of profitability decomposition frameworks yields more accurate out-of-sample profitability forecasts than forecasts from both a random walk and linear estimation. The improvements derive from nonlinear estimation and synergies between nonlinear estimation and profitability decomposition frameworks. We analyze three essential financial statement analysis design choices to provide insights for the practice of fundamental analysis and find robust evidence that hi...
• Accounting standards and antidumping investigations AI翻译
  作者：Sun, Stephen Teng; Wei, Shang-Jin; Xie, Jin
  作者单位：City University of Hong Kong; Columbia University; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; Peking University Shenzhen Graduate School (PKU Shenzhen); Peking University
  摘要：We uncover a new real effect of harmonizing accounting standards on international trade: following a mandatory adoption of International Financial Reporting Standards, exporters experiencing a greater change in reporting requirements become more successful in defending against foreign antidumping cases. The effect is also stronger with better reporting enforcement and is robust to excluding exporters from non-market economies. We discuss channels through which accounting-standards globalizatio...