Journal of Accounting and Economics

最新文章

• Learning about risk-factor exposures from earnings: Implications for asset pricing and manipulation* AI翻译
  作者：Beyer, Anne; Smith, Kevin C.
  作者单位：Stanford University
  摘要：When valuing a firm, investors must assess not only its expected future cash flows but also the systematic risk inherent in these cash flows. In this paper, we model the process by which investors may learn about firms' betas from earnings and how this learning process affects the relationship between earnings, announcement returns, and expected future returns. The model's main predictions are: (i) earnings response coefficients vary with macroeconomic conditions and are lower in upswings than...
• Tax incidence in loan pricing AI翻译
  作者：Kang, Ya; Li, Oliver Zhen; Lin, Yupeng
  作者单位：Chinese University of Hong Kong; Shanghai Lixin University of Accounting & Finance; National University of Singapore
  摘要：We investigate tax incidence reflected in the pricing of syndicated loans and argue that loan spread increases in bank income taxes of borrowers' home states. We compare bor-rowers in states with differing bank tax rates and demonstrate the presence of tax inci-dence on borrowers with causality coming from bank taxes. Tax incidence on borrowers increases with local loan market concentration and pre-existing lending relationships. Further, a lack of tax deductibility of loan loss provisions enh...
• Contrasting the information demands of equity- and debt-holders: Evidence from pension liabilities AI翻译
  作者：Anantharaman, Divya; Henderson, Darren
  作者单位：Rutgers University System; Rutgers University Newark; Rutgers University New Brunswick; Wilfrid Laurier University
  摘要：In the setting of defined-benefit pension liabilities, we hypothesize that equity and debt investors value these liabilities differently. As expected, we find that investors' valuations of equity more closely align with a going concern perspective that emphasizes the longterm funding needs of pension plans. In contrast, as expected, we find that investors' pricing of short-term and unsecured debt more closely aligns with a settlement perspective that emphasizes pension termination costs. For b...
• The distraction effect of non-audit services on audit quality AI翻译
  作者：Beardsley, Erik L.; Imdieke, Andrew J.; Omer, Thomas C.
  作者单位：University of Notre Dame; University of Nebraska System; University of Nebraska Lincoln
  摘要：The effect of auditor-provided non-audit services (NAS) on audit quality has been a long-standing debate among academics, practitioners, and regulators. Academic research on this topic primarily examines client-level data to evaluate the tradeoff between independence and knowledge spillover related to providing NAS to a particular client.1 However, prior studies have not examined whether an emphasis on providing NAS to audit clients more generally (i.e., not just to a specific client) can dist...
• Peer effects in corporate disclosure decisions* AI翻译
  作者：Seo, Hojun
  作者单位：Purdue University System; Purdue University
  摘要：Economic theory suggests that peer effects are present in various contexts: the average behavior of a group influences the behavior of individual group members (Manski,1993). An implicit assumption in most disclosure studies is that a firm's disclosure decision is primarily based on firm-specific factors (Leuz and Wysocki, 2016). However, since firms in the same industry are interdependent (Devenow and Welch,1996; Lieberman and Asaba, 2006; Leary and Roberts, 2014), corporate disclosure decisi...
• Product market competition, disclosure framing, and casting in earnings conference calls AI翻译
  作者：Allee, Kristian D.; Do, Chuong; Sterin, Mikhail
  作者单位：University of Arkansas System; University of Arkansas Fayetteville; Nevada System of Higher Education (NSHE); University of Nevada Reno; Texas State University System; Texas State University San Marcos
  摘要：An extensive stream of literature investigates how product market competition, by increasing the proprietary costs of disclosure, influences corporate disclosure policy. We hypothesize that the proprietary costs incurred by firms are associated with how a disclosure is framed and structured. We predict and find that the intensity of competition in the product market is associated with more negative and uncertain earnings conference calls. We also find evidence of firms casting calls by emphasi...
• Public audit oversight and the originate-to-distribute model AI翻译
  作者：Aobdia, Daniel; Dou, Yiwei; Kim, Jungbae
  作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; New York University; Singapore Management University
  摘要：The originate-to-distribute (OTD) model, in which the originators of mortgages sell or securitize the mortgages to third parties, likely contributed to the 2008 financial crisis. Auditors were blamed for permitting clients to understate the risks of the model in their financial reports, fostering undisciplined lending. We investigate whether public audit oversight influences OTD lending by promoting more vigilant audits of the financial reports of originators. Using a difference-in-differences...
• Economic consequences of mandatory auditor reporting to bank regulators AI翻译
  作者：Balakrishnan, Karthik; De George, Emmanuel T.; Ertan, Aytekin; Scobie, Hannah
  作者单位：Rice University; University of Miami; University of London; London Business School; University of London
  摘要：We study the economic consequences of mandates that require bank auditors to report to bank regulators. Based on survey responses from the European Central Bank, all 28 national bank regulators within the European Union, and a review of national banking regulations, we create a novel dataset on these mandates. Exploiting the cross-sectional and time-series variation in these mandates, we find evidence that auditor reporting to bank regulators reduces bank riskiness, as measured by counterparty...
• The impact of IP box regimes on the M&A market AI翻译
  作者：Bradley, Sebastien; Robinson, Leslie; Ruf, Martin
  作者单位：Drexel University; Dartmouth College; Eberhard Karls University of Tubingen
  摘要：Intellectual property (IP) box regimes reward ownership of successful technology by imposing lower tax rates on income derived from IP relative to other sources of business income. Coupled with explicit provisions regarding the eligibility of acquired IP, IP boxes may affect merger and acquisition (M&A) incentives through multiple channels. Applying panel difference-in-differences, triple-differencing, and event study methods, we examine the effects of these modified incentives on the volume o...
• Analysts' estimates of the cost of equity capital AI翻译
  作者：Balakrishnan, Karthik; Shivakumar, Lakshmanan; Taori, Peeyush
  作者单位：Rice University; University of London; London Business School; University of Hong Kong
  摘要：We explore a large sample of analysts' estimates of the cost of equity capital (CoE) to evaluate their usefulness as expected return proxies (ERP). We find that the CoE estimates are significantly related to a firm's beta, size, book-to-market ratio, leverage, and idio-syncratic volatility but not other risk proxies. Even after controlling for the popular return predictors, the CoE estimates incrementally predict future stock returns. This predictive ability is better explained as the CoE esti...