Journal of Accounting and Economics

最新文章

• The role of financial reporting in resolving uncertainty about corporate investment opportunities AI翻译
  作者：Ferracuti, Elia; Stubben, Stephen R.
  作者单位：Duke University; Utah System of Higher Education; University of Utah
  摘要：This discussion of the survey of the literature on financial reporting and corporate investment by Roychowdhury et al. (2019) focuses on an area in this literature that has received less attention-how financial reporting helps managers allocate capital across investment opportunities within their firms in the presence of uncertainty. We discuss the theory on investment under uncertainty and offer suggestions for future research. (C) 2019 Elsevier B.V. All rights reserved.
• EDITORIAL DATA AI翻译
  作者：Holthausen, Robert W.; Core, John E.; Hanlon, Michelle; Guay, Wayne; Wu, Joanna; Lang, Mark
• Publisher's Note AI翻译
  作者：Wesselius, Tobias
• Accounting quality and the transmission of monetary policy AI翻译
  作者：Armstrong, Christopher S.; Glaeser, Stephen; Kepler, John D.
  作者单位：University of Pennsylvania; University of North Carolina; University of North Carolina Chapel Hill; Stanford University
  摘要：We examine how firms' accounting quality affects their reaction to monetary policy. The balance sheet channel of monetary policy predicts that the quality of firms' accounting reports plays a role in transmitting monetary policy by affecting information asymmetries between firms and capital providers. Consistent with this prediction, we find that accounting quality moderates firms' equity market response and future investment sensitivity to unexpected changes in monetary policy. Moreover, the ...
• Disclosure incentives when competing firms have common ownership AI翻译
  作者：Park, Jihwon; Sani, Jalal; Shroff, Nemit; White, Hal
  作者单位：Harvard University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Massachusetts Institute of Technology (MIT)
  摘要：This paper examines whether common ownership - i.e., instances where investors simultaneously own significant stakes in competing firms - affects voluntary disclosure. We argue that common ownership (i) reduces proprietary cost concerns of disclosure, and (ii) incentivizes firms to internalize the externality benefits of their disclosure for co-owned peer firms. Accordingly, we find a positive relation between common ownership and disclosure. Evidence from cross-sectional tests and a quasi-nat...
• Making sense of soft information: interpretation bias and loan quality AI翻译
  作者：Campbell, Dennis; Loumioti, Maria; Wittenberg-Moerman, Regina
  作者单位：Harvard University; University of Texas System; University of Texas Dallas; University of Southern California
  摘要：We explore whether cognitive constraints and behavioral biases impede the processing and interpretation of soft information in private lending. Using data from a credit union's internal reporting system, we delineate three constraints and biases likely to affect lending decisions: limited attention, task-specific human capital and common identity. We find that soft information leads to worse loan quality when loan officers are busy or before weekends and around national holidays; when they hav...
• Accrual Reliability, Earnings Persistence and Stock Prices (vol 39, pg 437, 2019) AI翻译
  作者：Richardson, S. A.; Sloan, R. G.; Soliman, M. T.; Tuna, I
• Discussion of Modeling the determinants of meet-or-just-beat behavior in distribution discontinuity tests AI翻译
  作者：Burgstahler, David
  作者单位：University of Washington; University of Washington Seattle
• Do practitioner assessments agree with academic proxies for audit quality? Evidence from PCAOB and internal inspections AI翻译
  作者：Aobdia, Daniel
  作者单位：Northwestern University
  摘要：This study investigates the degree of concordance between fifteen measures of audit quality used in academia and two measures of audit process quality determined either by audit firms' internal inspections or by Public Company Accounting Oversight Board inspections of individual engagements. Using two confidential datasets of these assessments of audit process quality, I find that three of the measures of audit quality used by academics have significant associations with both measures of audit...
• Foreign competition for shares and the pricing of information asymmetry: Evidence from equity market liberalization AI翻译
  作者：Balakrishnan, Karthik; Vashishtha, Rahul; Verrecchia, Robert E.
  作者单位：University of London; London Business School; Duke University; University of Pennsylvania
  摘要：Using the equity market liberalization of 23 emerging market countries between 1996 and 2006, we examine how the degree of competition for a firm's shares affects the price of information asymmetry. We find evidence of a significant decline in the pricing of information asymmetry as countries remove regulatory restrictions on foreign ownership. Our study provides novel evidence on the link between the degree of competitiveness of equity markets and the price of information asymmetry. The work ...