Journal of Accounting and Economics

最新文章

• The effect of economic policy uncertainty on investor information asymmetry and management disclosures AI翻译
  作者：Nagar, Venky; Schoenfeld, Jordan; Wellman, Laura
  作者单位：University of Michigan System; University of Michigan; Georgetown University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
  摘要：Investor uncertainty about firm value drives investors' information collection and trading activities, as well as managers' disclosure choices. This study examines an important source of uncertainty that likely cannot be influenced by most managers and investors: uncertainty about government economic policy. We find that this uncertainty is associated with increased bid-ask spreads and decreased stock price reactions to earnings surprises. Managers respond to this uncertainty by increasing the...
• Complexity of financial reporting standards and accounting expertise AI翻译
  作者：Chychyla, Roman; Leone, Andrew J.; Minutti-Meza, Miguel
  作者单位：University of Miami; Northwestern University
  摘要：This study tests whether firms seek to mitigate the adverse effects of Financial Reporting Complexity (FRC) by investing in accounting expertise. We develop a measure of FRC based on the complexity of accounting standards that govern annual disclosures. We find that FRC is positively related to the accounting expertise on a firm's board of directors and audit committee. We also find that accounting expertise mitigates the relation between FRC and negative reporting outcomes. Collectively, this...
• Strategic reactions in corporate tax planning 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 find that firms' tax planning exhibits strategic reactions: firms respond to changes in their industry-competitors' tax planning by changing their own tax planning in the same direction. We document evidence of these strategic reactions in two distinct research settings that entail an exogenous increase and decrease in competitors' tax planning. We also find evidence that strategic reactions stem from concerns about appearing more tax aggressive than industry competitors, some evidence that...
• Portfolio performance manipulation in collateralized loan obligations AI翻译
  作者：Loumioti, Maria; Vasvari, Florin P.
  作者单位：University of Texas System; University of Texas Dallas; University of London; London Business School
  摘要：We examine the discretionary activities that CLO managers engage in to pass monthly over-collateralization (OC) tests. These tests require a CLO's loan portfolio value, scaled by the CLO notes' principal balance, to be above a certain threshold. Using CLOs' granular disclosures, we develop model-free estimates for discretionary loan fair valuation and transaction-based proxies for strategic loan trading. We find a positive association between these discretionary activities and the probability ...
• The value relevance of taxes: International evidence on the proxy for profitability role of tax surprise AI翻译
  作者：Kerr, Jon N.
  摘要：Despite evidence that tax surprise is incrementally value relevant, the literature has done little to broaden the investigation beyond the United States or examine circumstances that affect informativeness. After extending to the international setting, I examine the impact of tax enforcement. I report strong results of greater value relevance when tax enforcement is high and that the value relevance of tax surprise is mostly contained within its interaction with tax enforcement. These findings...
• Managing the narrative: Investor relations officers and corporate disclosure AI翻译
  作者：Brown, Lawrence D.; Call, Andrew C.; Clement, Michael B.; Sharp, Nathan Y.
  作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; Arizona State University; Arizona State University-Tempe; University of Texas System; University of Texas Austin; Texas A&M University System; Texas A&M University College Station
  摘要：Investor relations officers (IROs) play a central role in corporate communications with Wall Street. We survey 610 IROs at U.S. public companies and conduct 14 follow-up interviews to deepen our understanding of the role of IROs in corporate disclosure events. Three important themes emerge from our results: (i) the value, nature, and timing of private communication between IROs, analysts, and investors; (ii) the significant influence IROs have on corporate disclosures; and (iii) the degree of ...
• Who likes jargon? The joint effect of jargon type and industry knowledge on investors' judgments AI翻译
  作者：Tan, Hun-Tong; Wang, Elaine Ying; Yoo, G-Song
  作者单位：Nanyang Technological University; University of Massachusetts System; University of Massachusetts Amherst; University of Sydney
  摘要：We experimentally investigate how jargon affects investment willingness for investors with different industry knowledge, and whether such effects vary with good or bad jargon. We find that for investors without industry knowledge, jargon decreases investment willingness because it decreases understanding. However, for investors with some but low industry knowledge, jargon increases investment willingness because it increases perceived product premium. Such effects exist whether good or bad jar...
• Loan loss accounting and procyclical bank lending: The role of direct regulatory actions AI翻译
  作者：Wheeler, P. Barrett
  作者单位：Tulane University
  摘要：I provide evidence that loan loss accounting affects procyclical lending through its impact on regulatory actions. Regulators are more likely to place banks with inadequate loan loss allowances under enforcement actions that restrict lending, leading these banks to lend less during downturns. Further, I find that banks with lower regulatory ratings lend less when they have more timely provisions, consistent with research theorizing that timely provisions increase transparency and inhibit regul...
• Is skin in the game a game changer? Evidence from mandatory changes of D&O insurance policies AI翻译
  作者：Lin, Chen; Officer, Micah S.; Schmid, Thomas; Zou, Hong
  作者单位：University of Hong Kong; Loyola Marymount University
  摘要：This paper examines the incentive effects of a mandatory personal deductible in liability insurance contracts for directors and officers (D&Os). Exploiting a novel German law that mandates personal deductibles for executives, we document positive returns for affected firms around the first announcement of the plan to impose a personal deductible. We also find evidence of long-run effects: affected firms decrease risk taking in operational activities and financial reporting, and improve the qua...
• Threat of entry and the use of discretion in banks' financial reporting AI翻译
  作者：Tomy, Rimmy E.
  作者单位：University of Chicago
  摘要：This paper studies managers' use of accounting discretion to deter entry. Using state-level changes in branching regulation under the Interstate Banking and Branching Efficiency Act, I find geographically-constrained community banks increased their loan loss provisions to appear less profitable when faced with the threat of entry by competitors. Additional tests rule out alternative explanations that firm economics or regulators drove the increase. I complement my analyses with survey-based ev...