Journal of Accounting and Economics

最新文章

• Firm performance, reporting goals, and language choices in narrative disclosures AI翻译
  作者：Asay, H. Scott; Libby, Robert; Rennekamp, Kristina
  作者单位：University of Iowa; Cornell University
  摘要：We use an experiment with experienced managers to provide more-direct evidence on how reporting goals and firm performance influence language choices. We find that bad news disclosures are less readable than good news, but only when managers have a stronger self-enhancement motive. Our results suggest that this difference is driven mainly by attempts to write more readable good news reports as opposed to intentional obfuscation of poor performance. In order to frame poor performance in a posit...
• Enforceability of non-compete covenants, discretionary investments, and financial reporting practices: Evidence from a natural experiment AI翻译
  作者：Chen, Tai-Yuan; Zhang, Guochang; Zhou, Yi
  作者单位：Hong Kong University of Science & Technology; University of Hong Kong; Fudan University
  摘要：Non-compete covenants are widely used in employment contracts to promote employee stability. Using legal amendments of non-compete enforceability as a natural experiment, we find that as non-compete enforceability increases, firms display an increased likelihood of meeting short-term earnings benchmarks, lower discretionary expenditures, and declining future performance. These effects are more pronounced when CEOs have lower ability or shorter tenures, and when firms have more growth opportuni...
• Transaction costs and competition among audit firms in local markets AI翻译
  作者：Chu, Ling; Simunic, Dan A.; Ye, Minlei; Zhang, Ping
  作者单位：Wilfrid Laurier University; University of British Columbia; University of Toronto
  摘要：We develop a measure to capture an, audit firm's competitive position in a local audit market based on the transaction costs of changing audit firms included in DeAngelo's (1981) multi-period audit pricing model. Our competition measure reflects the size difference between the largest audit firm in a market specified by client industry at the city level and the other audit firms operating in that market. We find that audit fees of a client decrease as this size difference increases. This resul...
• Public tax-return disclosure AI翻译
  作者：Hoopes, Jeffrey L.; Robinson, Leslie; Slemrod, Joel
  作者单位：University of North Carolina; University of North Carolina Chapel Hill; Dartmouth College; University of Michigan System; University of Michigan
  摘要：We investigate the consequences of public disclosure of information from company income tax returns filed in Australia. Supporters of more disclosure argue that increased transparency will improve tax compliance, while opponents argue that it will divulge sensitive information that is, in many cases, misunderstood. Our results show that in Australia large private companies experienced some consumer backlash and, perhaps partly in anticipation, some acted to avoid disclosure. We detect a small ...
• Accounting standards, regulatory enforcement, and innovation AI翻译
  作者：Laux, Volker; Stocken, Phillip C.
  作者单位：University of Texas System; University of Texas Austin; Dartmouth College
  摘要：We examine the effects of accounting standards and regulatory enforcement on entrepreneurial innovation and social welfare. When the entrepreneur issues a financial report that violates the accounting standards, a regulatory agency may detect the violation and bring charges. We find that when regulatory penalties are relatively insensitive to the magnitude of the violation, optimal standards are sufficiently low that they induce full compliance, and increase as the intensity of enforcement inc...
• Size management by European private firms to minimize proprietary costs of disclosure AI翻译
  作者：Bernard, Darren; Burgstahler, David; Kaya, Devrimi
  作者单位：University of London; London Business School; University of Washington; University of Washington Seattle; Ruhr University Bochum
  摘要：We examine size management by European private firms for which disclosure requirements increase at size thresholds. Our estimates suggest at least 8% of firms near thresholds that impose income statement disclosure manage size downward, and the average firm that manages size sacrifices more than 6% of its assets. We find that multiple determinants of proprietary costs predict this behavior, and that size management to avoid mandatory audits, which are similarly imposed at size thresholds, is o...
• Unionization, product market competition, and strategic disclosure AI翻译
  作者：Aobdia, Daniel; Cheng, Lin
  作者单位：Northwestern University; University of Arizona
  摘要：We examine the disclosure policies of non-unionized firms operating in unionized industries. We test the hypothesis that non-unionized firms have an incentive to disclose more information when their unionized rivals are engaged in labor renegotiations; that is, to weaken them. We find that non-unionized firms disclose more information and more good news when renegotiations are ongoing. This behavior is stronger for larger firms, firms with fewer peers in the industry, and firms more similar to...
• Discussion of earnings announcement promotions: A Yahoo Finance field experiment AI翻译
  作者：Engelberg, Joseph
  作者单位：University of California System; University of California San Diego
  摘要：Lawrence et al. run a field experiment on Yahoo Finance which randomly promotes some earnings stories. They find that firms in promoted stories have higher contemporaneous returns. I begin by reviewing the media and finance literature and discuss the difficulty in solving the identification problem Lawrence et al. wish to solve. I then discuss how their results fit with existing theories of attention and suggest some changes that could help pin down which theory best explains the results. Fina...
• The effect of mandatory CSR disclosure on firm profitability and social externalities: Evidence from China AI翻译
  作者：Chen, Yi-Chun; Hung, Mingyi; Wang, Yongxiang
  作者单位：Hong Kong University of Science & Technology; University of Southern California
  摘要：We examine how mandatory disclosure of corporate social responsibility (CSR) impacts firm performance and social externalities. Our analysis exploits China's 2008 mandate requiring firms to disclose CSR activities, using a difference-in-differences design. Although the mandate does not require firms to spend on CSR, we find that mandatory CSR reporting firms experience a decrease in profitability subsequent to the mandate. In addition, the cities most impacted by the disclosure mandate experie...
• When knowledge is power: Evidence from the municipal bond market AI翻译
  作者：Cuny, Christine
  作者单位：New York University
  摘要：I investigate whether access to fundamental information enhances retail investors' bargaining power, reducing the premium that small municipal bond investors pay over large investors. I find a reduction in this small trade premium after the introduction of an online disclosure repository that lowers retail investors' information acquisition costs. This finding is limited to issuers whose disclosures are disseminated through the repository. The finding is pronounced for issuers that impose high...