Journal of Accounting and Economics

最新文章

• Strategic silence, insider selling and litigation risk AI翻译
  作者：Billings, Mary Brooke; Cedergren, Matthew C.
  作者单位：New York University
  摘要：Prior work finds that managers beneficially time their purchases, but not sales, prior to forecasts. Focusing on if (as opposed to when) a forecast is given, we link insider selling to silence in advance of earnings disappointments. This raises the question of whether the absence of incriminating trading drives reductions in litigation risk potentially attributed to warnings. We find that the absence of a warning combined with the presence of selling exacerbates the consequences associated wit...
• The importance of the internal information environment for tax avoidance AI翻译
  作者：Gallemore, John; Labro, Eva
  作者单位：University of Chicago; University of North Carolina; University of North Carolina Chapel Hill
  摘要：We show that firms' ability to avoid taxes is affected by the quality of their internal information environment, with lower effective tax rates (ETRs) for firms that have high internal information quality. The effect of internal information quality on tax avoidance is stronger for firms in which information is likely to play a more important role. For example, firms with greater coordination needs because of a dispersed geographical presence benefit more from high internal information quality....
• Public pension accounting rules and economic outcomes AI翻译
  作者：Naughton, James; Petacchi, Reining; Weber, Joseph
  作者单位：Northwestern University; Massachusetts Institute of Technology (MIT)
  摘要：We find a negative association between a state's fiscal condition and the use of discretion in applying Governmental Accounting Standards Board (GASB) rules to understate pension funding gaps. We also find that the use of discretion is negatively associated with states' decisions to increase taxes and cut spending. In addition, we find that the funding gap understatement is positively associated with higher future labor costs. Importantly, this association is primarily attributable to the GASB...
• What is the value of sell-side analysts? Evidence from coverage initiations and terminations AI翻译
  作者：Li, Kevin K.; You, Haifeng
  作者单位：University of California System; University of California Riverside; Hong Kong University of Science & Technology
  摘要：We investigate three potential channels of analyst value creation: improving fundamental performance through monitoring, reducing information asymmetry, and increasing investor recognition. We show that changes in investor recognition have consistent explanatory power for the market reaction to coverage initiations and terminations but find mixed evidence for changes in information asymmetry and no evidence for changes in fundamental performance as determinants of the market reaction. These re...
• Market (in)attention and the strategic scheduling and timing of earnings announcements AI翻译
  作者：deHaan, Ed; Shevlin, Terry; Thornock, Jacob
  作者单位：Stanford University; University of California System; University of California Irvine; University of Washington; University of Washington Seattle
  摘要：We investigate whether managers hide bad news by announcing earnings during periods of low attention, or by providing less forewarning of an upcoming earnings announcement. Our findings are consistent with managers reporting bad news after market hours, on busy days, and with less advance notice, and with earnings receiving less attention in these settings. Paradoxically, our findings indicate that managers also report bad news on Fridays, but we do not find lower attention on Fridays. Further...
• Evidence that the zero-earnings discontinuity has disappeared AI翻译
  作者：Gilliam, Thomas A.; Heflin, Frank; Paterson, Jeffrey S.
  作者单位：IE University; State University System of Florida; Florida State University
  摘要：Discontinuities in earnings distributions at zero have been widely cited as evidence of earnings management but not without controversy. Recent research suggests discontinuities may be mere artifacts of certain research design choices. We find that the well-known zero-earnings discontinuity disappears soon after passage of the Sarbanes-Oxley Act (SOX) and has not returned. We also find that neither the discontinuity nor its disappearance require the effects of widely cited alternative (non-ear...
• Signaling through corporate accountability reporting AI翻译
  作者：Lys, Thomas; Naughton, James P.; Wang, Clare
  作者单位：Northwestern University
  摘要：We document that corporate social responsibility (CSR) expenditures are not a form of corporate charity nor do they improve future financial performance. Rather, firms undertake CSR expenditures in the current period when they anticipate stronger future financial performance. We show that the causality of the positive association between CSR expenditures and future firm performance differs from what is claimed in the vast majority of the literature and that corporate accountability reporting i...
• The economic effects of financial derivatives on corporate tax avoidance AI翻译
  作者：Donohoe, Michael P.
  作者单位：University of Illinois System; University of Illinois Urbana-Champaign
  摘要：This study estimates the corporate tax savings from financial derivatives. I document a 3.6 and 4.4 percentage point reduction in three-year current and cash effective tax rates (ETRs), respectively, after a firm initiates a derivatives program. The decline in cash ETR equates to $10.69 million in tax savings for the average firm and $4.0 billion for the entire sample of 375 new derivatives users. Of these amounts, $8.75 million and $3.3 billion, respectively, are incremental to tax savings th...
• Do rating agencies cater? Evidence from rating-based contracts AI翻译
  作者：Kraft, Pepa
  作者单位：New York University
  摘要：I examine whether rating agencies cater to borrowers with rating-based performance-priced loan contracts (PPrating firms). I use data from Moody's Financial Metrics on its quantitative adjustments for off-balance-sheet debt and qualitative adjustments for soft factors. In the cross-section and for borrowers experiencing adverse economic shocks, I find that these adjustments are more favorable for PPrating firms than for other firms, consistent with rating agencies catering to the PPrating borr...
• Textual analysis and international financial reporting: Large sample evidence AI翻译
  作者：Lang, Mark; Stice-Lawrence, Lorien
  作者单位：University of North Carolina; University of North Carolina Chapel Hill
  摘要：We examine annual report text for over 15,000 non-US companies from 42 countries over the period 1998-2011, focusing on the length of disclosure, presence of boilerplate, comparability with US and non-US firms, and complexity. We find that textual attributes are predictably associated with regulation and incentives for more transparent disclosure and are correlated with economic outcomes such as liquidity, institutional ownership, and analyst following. Using mandatory IFRS adoption as an exog...