Journal of Accounting and Economics

最新文章

• The turn-of-the-year effect and tax-loss-selling by institutional investors AI翻译
  作者：Sikes, Stephanie A.
  作者单位：University of Pennsylvania
  摘要：Prior studies attribute the turn-of-the-year effect whereby small capitalization stocks earn unusually high returns in early January to tax-loss-selling by individual investors and window-dressing by institutional investors. My results suggest that a significant portion of the effect on turn-of-the-year returns that prior studies attribute to window-dressing is actually attributable to tax-loss-selling by institutional investors. Among small capitalization stocks, I find that institutional inv...
• Audit committee financial expertise and earnings management: The role of status AI翻译
  作者：Badolato, Patrick G.; Donelson, Dain C.; Ege, Matthew
  作者单位：University of Texas System; University of Texas Austin; State University System of Florida; University of Florida
  摘要：Regulatory pressure to increase both audit committee financial expertise and board independence has resulted in lower status for audit committees relative to management. This status differential is relevant because expertise and relative status are important determinants of each party's ability to influence outcomes, particularly when parties face conflicting goals. We find that audit committees with both financial expertise and high relative status are associated with lower levels of earnings...
• Macro to micro: Country exposures, firm fundamentals and stock returns AI翻译
  作者：Li, Ningzhong; Richardson, Scott; Tuna, Irem
  作者单位：University of Texas System; University of Texas Dallas; University of London; London Business School
  摘要：We outline a systematic approach to incorporate macroeconomic information into firm level forecasting from the perspective of an equity investor. Using a global sample of 198,315 firm-years over the 1998-2010 time period, we find that combining firm level exposures to countries (via geographic segment data) with forecasts of country level performance, is able to generate superior forecasts for firm fundamentals. This result is particularly evident for purely domestic firms. We further find tha...
• Discussion of Audit committee financial expertise and earnings management: The role of status by Badolato, Donelson, and Ege (2014) AI翻译
  作者：Hayes, Rachel M.
  作者单位：Utah System of Higher Education; University of Utah
  摘要：Badolato et al. (2014) (BDE) examine the effectiveness of audit committee financial expertise. They find that financial expertise does not deter irregularities unless the audit committee also has high status. I review prior research on financial expertise to place the current study in the literature and for guidance in assessing the paper's assumptions and empirical specifications. BDE's conclusions run counter to many of the prior findings and to broad patterns in the data. I discuss how empi...
• Large shareholders and disclosure strategies: Evidence from IPO lockup expirations AI翻译
  作者：Ertimur, Yonca; Sletten, Ewa; Sunder, Jayanthi
  作者单位：University of Colorado System; University of Colorado Boulder; Boston College; University of Arizona
  摘要：We examine the effect of large shareholders' ex ante selling incentives on firms' voluntary disclosure choices in the setting of IPO lockup expirations. We find evidence that managers delay disclosures of bad news, not for their own benefit, but to enable influential pre-IPO shareholders to sell their shares at more favorable prices. Delays are more pronounced when aggregate selling incentives are greater, when uncertainty is high, and when venture capitalists, influential investors with stron...
• Discussion of Cash flow asymmetry: Causes and implications for conditional conservatism research AI翻译
  作者：Schrand, Catherine
  作者单位：University of Pennsylvania
  摘要：Accounting researchers should not view CHT's analysis as the solution to our collective problem of being able to measure conditional conservatism. CHT provide evidence about earnings asymmetric timeliness and an accruals-based measure of asymmetric timeliness that is useful for evaluating construct validity. In some cases, CHT's evidence will translate directly to another researcher's setting. In other cases, CHT provide useful guidance for researchers to follow in conducting their own constru...
• Accounting misstatements following lawsuits against auditors AI翻译
  作者：Lennox, Clive; Li, Bing
  作者单位：Nanyang Technological University; City University of Hong Kong
  摘要：This study investigates whether an auditor's experience of litigation in the recent past affects subsequent financial reporting quality. At the audit firm level, we find accounting misstatements occur significantly less (more) often after audit firms are sued (not sued). At the audit office level, the negative association between past litigation and future misstatements is stronger for offices who were directly implicated in the litigation than for the non-accused offices of sued audit firms. ...
• Differences in the information environment prior to seasoned equity offerings under relaxed disclosure regulation AI翻译
  作者：Clinton, Sarah B.; White, Joshua T.; Woidtke, Tracie
  作者单位：University of Tennessee System; University of Tennessee Knoxville; University System of Georgia; University of Georgia; University of Tennessee System; University of Tennessee Knoxville
  摘要：The SEC promulgated the Securities Offering Reform (SOR) in 2005 to ease disclosure restrictions prior to seasoned equity offerings (SEOs). The SEC argued that SOR would improve the information environment, but critics claimed it would allow firms to hype their stock. This paper is the first to examine the information environment at the time of capital formation under SOR. We find more frequent and accurate management earnings forecasts, more 8-K filings, greater absolute market-adjusted retur...
• Linking industry concentration to proprietary costs and disclosure: Challenges and opportunities AI翻译
  作者：Lang, Mark; Sul, Edward
  作者单位：University of North Carolina; University of North Carolina Chapel Hill
  摘要：Despite a substantial literature linking industry concentration, proprietary costs and disclosure, existing evidence is mixed. We discuss three challenges to the literature: lack of strong theoretical predictions, difficulty in measuring relevant aspects of industry concentration and difficulty in identifying disclosures that are likely to carry significant proprietary costs. We link each of the issues to the findings in Ali et al. (2014) and identify potential opportunities for future researc...
• Does freezing a defined benefit pension plan affect firm risk? AI翻译
  作者：Choy, Helen; Lin, Juichia; Officer, Micah S.
  作者单位：Drexel University; National Taiwan University; Loyola Marymount University
  摘要：This paper examines the impact of a defined benefit (DB) pension plan freeze on the sponsoring firm's risk and risk-taking activities. Using a sample of firms declaring a hard freeze on their DB plans between 2002 and 2007, we observe an increase in total risk (proxied by the standard deviation of EBITDA and asset beta), equity risk (standard deviation of returns), and credit risk following a DB-plan freeze. The increase in credit risk is reflected in a decline in credit ratings and an increas...