Journal of Accounting and Economics

最新文章

• On guidance and volatility AI翻译
  作者：Billings, Mary Brooke; Jennings, Robert; Lev, Baruch
  作者单位：New York University; Indiana University System; Indiana University Bloomington
  摘要：In contrast to theoretical and empirical evidence linking disclosure to information environment benefits, recent research concludes that guidance increases volatility, but leaves open the question of whether volatility plays a role in prompting the issuance of guidance. Consistent with the notion that managers react to rising volatility by providing guidance, we document a link between abnormal run-ups in volatility and the decision to issue a forecast after controlling for the market's abilit...
• Corporate governance, incentives, and tax avoidance AI翻译
  作者：Armstrong, Christopher S.; Blouin, Jennifer L.; Jagolinzer, Alan D.; Larcker, David F.
  作者单位：University of Pennsylvania; University of Colorado System; University of Colorado Boulder; Stanford University
  摘要：We examine the link between corporate governance, managerial incentives, and corporate tax avoidance. Similar to other investment opportunities that involve risky expected cash flows, unresolved agency problems may lead managers to engage in more or less corporate tax avoidance than shareholders would otherwise prefer. Consistent with the mixed results reported in prior studies, we find no relation between various corporate governance mechanisms and tax avoidance at the conditional mean and me...
• Mandatory disclosure and asymmetry in financial reporting AI翻译
  作者：Bertomeu, Jeremy; Magee, Robert P.
  作者单位：City University of New York (CUNY) System; Baruch College (CUNY); Northwestern University
  摘要：This paper examines the demand for disclosure rules by informed managers interested in increasing the market price of their firms. Within a model of political influence, a majority of managers chooses disclosure rules with which all firms must comply. In equilibrium, disclosure rules are asymmetric with greater levels of disclosure over adverse events. This asymmetry is positively associated with the informativeness of the measurement and increasing in the level of verifiability and ex-ante un...
• Do baths muddy the waters or clear the air? AI翻译
  作者：Haggard, K. Stephen; Howe, John S.; Lynch, Andrew A.
  作者单位：Missouri State University; University of Missouri System; University of Missouri Columbia; State University of New York (SUNY) System; Binghamton University, SUNY
  摘要：We examine the information environments of firms following large, non-recurring charges (baths). We test competing hypotheses about the consequences of a bath a bath either improves the information environment (the transparency hypothesis) or degrades it (the opacity hypothesis). Difference-in-differences analysis suggests that after a bath (I) earnings become smoother, (2) firm-level information asymmetry decreases, and (3) stock returns become more responsive to unexpected earnings. We inter...
• Discretionary disclosures using a certifier AI翻译
  作者：Marinovic, Ivan; Sridhar, Sri S.
  作者单位：Stanford University; Northwestern University
  摘要：This paper studies two disclosure regimes when a firm with superior private information must rely on a strategic certifier to disclose credibly its prospects. In the ex ante (ex post) disclosure regime, the firm must decide on whether to hire the certifier before (after) observing the certifier's noisy assessment. Endogenously determined certification fees can actually cause the disclosure probability to decrease in disclosure precision. In the ex ante regime, favorable disclosures are more in...
• The revolving door and the SEC's enforcement outcomes: Initial evidence from civil litigation AI翻译
  作者：deHaan, Ed; Kedia, Simi; Koh, Kevin; Rajgopal, Shivaram
  作者单位：Stanford University; Nanyang Technological University; Rutgers University System; Rutgers University New Brunswick; Columbia University
  摘要：We investigate the consequences of the revolving door for trial lawyers at the SEC's enforcement division. If future job opportunities motivate SEC lawyers to develop and/or showcase their enforcement expertise, then the revolving door phenomenon will promote more aggressive regulatory activity (the human capital hypothesis). In contrast, SEC lawyers can relax enforcement efforts in order to develop networking skills and/or curry favor with prospective employers at private law firms (the rent ...
• Broker-hosted investor conferences AI翻译
  作者：Green, T. Clifton; Jame, Russell; Markov, Stanimir; Subasi, Musa
  作者单位：Emory University; University of Kentucky; Southern Methodist University; University of Missouri System; University of Missouri Columbia
  摘要：We examine the determinants and consequences of broker-hosted investor conferences. We find the number of brokers hosting a firm at conferences is positively related to institutional ownership and intangible assets, consistent with greater client demand for management access among hard-to-value firms. Younger firms and those that issue equity in the future attend more conferences, suggesting firms view conference participation as a means to enhance investor recognition. Hosting brokers are rew...
• Why have measures of earnings quality changed over time? AI翻译
  作者：Srivastava, Anup
  作者单位：Northwestern University
  摘要：The properties of earnings have changed dramatically over the past 40 years. Prior studies interpret this trend as a decline in earnings quality but disagree on whether it results from changes in the real economy or changes in accounting standards. I find that each new cohort of listed firms exhibits lower earnings quality than its predecessors, mainly because of higher intangible intensity. I conclude that the trend of decline in earnings quality is due more to changes in the sample of firms ...
• Accounting earnings and gross domestic product AI翻译
  作者：Konchitchki, Yaniv; Patatoukas, Panos N.
  作者单位：University of California System; University of California Berkeley
  摘要：We document that aggregate accounting earnings growth is an incrementally significant leading indicator of growth in nominal Gross Domestic Product (GDP). Professional macro forecasters, however, do not fully incorporate the predictive content embedded in publicly available accounting earnings data. As a result, future nominal GDP growth forecast errors are predictable based on accounting earnings data that are available to professional macro forecasters in real time. (C) 2013 The Authors. Pub...
• The role of bank monitoring in borrowers' discretionary disclosure: Evidence from covenant violations AI翻译
  作者：Vashishtha, Rahul
  作者单位：Duke University
  摘要：This study uses covenant violations to provide evidence on how firms make disclosure decisions in the presence of enhanced bank monitoring. Using a regression discontinuity design, I find that firms reduce disclosure following covenant violations. A series of analyses suggest that part of this decline in disclosure reflects a delegation of monitoring to banks by shareholders who consequently demand less disclosure. (C) 2014 Elsevier B.V. All rights reserved.