Journal of Accounting and Economics

最新文章

• Client restatement announcement, audit office human capital investment, and audit quality improvements AI翻译
  作者：Aobdia, Daniel; Liu, Xuejiao; Na, Ke; Wu, Hong
  作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of International Business & Economics; Fudan University; Shanghai Institute of International Finance & Economics
  摘要：This paper examines audit offices' human capital investment in response to client restatement announcements and the resulting effects on audit quality and audit office client base. We find that audit offices attempt to acquire human capital and talent by posting more audit-related job positions just after a client announces a restatement. The increase in job postings follows restatements with more negative announcement returns and restatements of annual financial statements, and is concentrate...
• Equity-based compensation and the timing of share repurchases: the role of the corporate calendar AI翻译
  作者：Dittmann, Ingolf; Li, Amy Yazhu; Obernberger, Stefan; Zheng, Jiaqi (Jacky)
  作者单位：Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; The Chinese University of Hong Kong, Shenzhen; Peking University; Peking University Shenzhen Graduate School (PKU Shenzhen)
  摘要：We examine whether CEOs use share repurchases to sell their equity at inflated prices. We document that share repurchases, like equity-based compensation, are affected by the corporate calendar-the firm's schedule of earnings announcements and insider trading restrictions. The corporate calendar can fully explain why share repurchases and equity-based compensation coincide. The alignment with the corporate calendar is stricter in firms with strong internal governance or high external monitorin...
• Green innovation and firms' financial and environmental performance: The roles of pollution prevention versus control AI翻译
  作者：Cheng, Qiang; Lin, An-Ping; Yang, Mengjie
  作者单位：Singapore Management University; Monash University
  摘要：This study examines the effects of firms' green innovation on their future financial and environmental performance. If pollution is primarily a manifestation of wasted resources, then investments in pollution prevention technologies can both reduce the environmental impact of production and improve financial performance. In contrast, investments in pollution control technologies likely reduce the environmental impact of production without improving financial performance. Using green patents to...
• Mitigating risk-shifting in corporate pension plans: Evidence from stakeholder constituency statutes AI翻译
  作者：Garman, Amy D.; Kubick, Thomas R.
  作者单位：Kansas State University; University of Nebraska System; University of Nebraska Lincoln
  摘要：We use staggered enactments of state stakeholder constituency laws as a natural experiment to examine the effect of such laws on corporate pension risk shifting. Our analysis encompasses three components of pension risk shifting: funding risk, investment risk, and benefit risk. We observe a reduction in all three elements of pension risk shifting following the enactment of stakeholder orientation laws that promote greater consideration of stakeholder interests. We also find that the post-enact...
• Gone but not forgotten: Investor reaction to excluded recurring expenses AI翻译
  作者：Griffin, Laura; Mcinnis, John
  作者单位：University of Colorado System; University of Colorado Boulder; University of Texas System; University of Texas Austin
  摘要：Roughly two decades ago, standard setters mandated recognition of two controversial expenses: stock-based compensation (SBC) and amortization of intangibles from acquisitions (AMT). Today, most firms undo GAAP by excluding these recurring expenses from earnings as part of their nonGAAP reporting. Do investors agree? Using short-window returns around quarterly earnings announcements, we find investors react similarly to unexpected SBC/AMT, regardless of firms' exclusion reporting. Further, amon...
• Contract contingencies and uncertainty: Evidence from product market contracts AI翻译
  作者：Hui, Kai Wai; Oh, Jun; She, Guoman; Yeung, P. Eric
  作者单位：University of Hong Kong; Purdue University System; Purdue University; Cornell University
  摘要：We study contingencies written in firms' material product market contracts, focusing on the theoretical prediction of uncertainty as an important determinant. We identify contract contingencies from firms' public regulatory filings and examine the effects of general business uncertainty and specific innovation-related uncertainty. To enhance causal inference, we utilize two major business shocks (i.e., the 2008 Financial Crisis and the COVID pandemic) and the diffusion of 29 disruptive innovat...
• Tax enforcement and R&D credits AI翻译
  作者：Cowx, Mary
  作者单位：Arizona State University; Arizona State University-Tempe
  摘要：Tax enforcement deters noncompliance, increasing tax revenue, but may also discourage taxpayer investment in activities that policymakers aim to incentivize through tax credits and deductions. This paper investigates this investment-revenue trade-off through the lens of the research and development (R&D) tax credit, a federal tax incentive that is highly scrutinized by the Internal Revenue Service (IRS). My results suggest that expectations about IRS corporate tax scrutiny are negatively assoc...
• The role of accounting information in an era of fake news AI翻译
  作者：Liu, Betty; Moss, Austin
  作者单位：Indiana University System; IU Kelley School of Business; Indiana University Bloomington; University of Colorado System; University of Colorado Boulder
  摘要：We offer empirical evidence on the role of accounting information in shaping the incentives to produce fake news. We document that fake news authors strategically (1) publish their articles near earnings announcements, leveraging the widespread market attention these events attract, and (2) within the near-announcement window, avoid publishing post-announcement when investors are less susceptible to fake news due to the disclosure of accounting information. In extending our analyses to the bro...
• Early-life experience and CEOs' reactions to COVID-19 AI翻译
  作者：Ru, Hong; Yang, Endong; Zou, Kunru
  作者单位：Nanyang Technological University; University of Macau; University of Macau; Hong Kong Baptist University
  摘要：This study investigates how CEOs' experience of natural disasters and severe disease outbreaks in their formative years influences their firms' responses to the COVID-19 pandemic in the United States. We observe that firms whose CEOs experienced disease outbreaks akin to COVID-19 early in their lives demonstrated more conservative responses to the emergence of the COVID-19 in late February 2020, notably through a substantial slowdown in capital expenditure growth. Moreover, firms led by CEOs w...
• Preference dynamics and risk-taking incentives AI翻译
  作者：Cen, Xiao; Li, Nan; Tang, Chao; Wang, Juanting
  作者单位：Texas A&M University System; Texas A&M University College Station; University of Minnesota System; University of Minnesota Twin Cities; Hong Kong University of Science & Technology; Shanghai University of Finance & Economics
  摘要：This study explores the relationship between executive compensation and the preference dynamics of managers and shareholders. Our analysis centers on the theoretical prediction that changes in firms' asset value can differentially affect the risk-taking preferences of the two groups, potentially influencing the optimal compensation policy. Utilizing local real estate price changes to identify variations in firms' asset value, we find that a decrease in asset value leads to more risk-taking inc...