Journal of Accounting and Economics

最新文章

• The impact of the SEC's regulation of non-GAAP disclosures AI翻译
  作者：Heflin, Frank; Hsu, Charles
  作者单位：State University System of Florida; Florida State University; Hong Kong University of Science & Technology
  摘要：Roles implemented by the U.S. Securities and Exchange Commission in 2003 impose additional disclosure and filing requirements oil firms publicly disclosing non-GAAP earnings. We find the regulations produced (1) modest declines in the frequency of special- and other item exclusions, (2) a decline in exclusion magnitude, (3) a modest decline in the probability disclosed earnings meet or beat forecasts, and (4) a decline in the association between returns and forecast errors. Our results suggest...
• Earnings quality at initial public offerings AI翻译
  作者：Ball, Ray; Shivakumar, Lakshmanan
  作者单位：University of Chicago; University of London; London Business School
  摘要：We show that, contrary to popular belief, initial public offering (IPO) firms report more conservatively. We attribute this to the higher quality reporting demanded of public firms by financial statement users and consequentially higher monitoring by auditors, boards, analysts, rating agencies, press, and litigants, and to greater regulatory scrutiny [Ball, R., Shivakumar, L., 2005. Earnings quality in UK private firms: comparative loss recognition timeliness. Journal of Accounting and Economi...
• Using tax return data to simulate corporate marginal tax rates AI翻译
  作者：Graham, John R.; Mills, Lillian F.
  作者单位：Duke University; National Bureau of Economic Research; University of Texas System; University of Texas Austin
  摘要：We document that simulated corporate marginal tax rates based on financial statement data [Shevlin. T., 1990. Estimating corporate marginal tax rates with asymmetric tax treatment of gains and losses. The Journal of the American Taxation Association 11, 51-67; Graham, J., 1996a. Debt and the marginal tax rate. Journal of Financial Economics 41, 41-73] are highly correlated with simulated rates based on corporate tax return data. We provide algorithms that can be used to estimate the book or ta...
• Conservatism and debt AI翻译
  作者：Beatty, Anne; Weber, Joseph; Yu, Jeff Jiewei
  作者单位：Massachusetts Institute of Technology (MIT); University System of Ohio; Ohio State University
  摘要：Despite the unquestionable influence of conservatism, disagreement remains about what economic demands lead to financial reporting conservatism. Research examining lenders' demands for reporting conservatism has been questioned for ignoring conservative contract modifications. We document that these modifications exist but are not ubiquitous. We find contract modifications are more likely when agency costs are higher and litigation, tax and equity demands for conservatism are lower. However, w...
• Audit effort and earnings management AI翻译
  作者：Caramanis, Constantinos; Lennox, Clive
  作者单位：Hong Kong University of Science & Technology; Athens University of Economics & Business
  摘要：We test the effect of audit effort on earnings management using a unique database of hours worked by auditors on 9,738 audits in Greece between 1994 and 2002. When audit hours are lower, (1) abnormal accruals are more often positive than negative, (2) positive abnormal accruals are larger, and (3) companies are more likely to manage earnings upwards in order to meet or beat the zero earnings benchmark. These results persist after we control for endogeneity between audit hours and earnings mana...
• A positive theory of flexibility in accounting standards AI翻译
  作者：Dye, Ronald A.; Sridhar, Sri S.
  作者单位：Northwestern University
  摘要：We develop a positive theory of accounting standards when standards generate network externalities and differ in the amount of reporting discretion, or flexibility, they provide firms. We evaluate expected value-maximizing firms' preferences between two standards regimes, rigid and flexible, as the number of firms subject to each standard varies, as the organization of the securities market varies, and as the mapping from the underlying economics of the firms' transactions to the accounting re...
• Economic consequences of increasing the conformity in accounting for uncertain tax benefits AI翻译
  作者：Frischmann, Peter J.; Shevlin, Terry; Wilson, Ryan
  作者单位：University of Washington; University of Washington Seattle; Idaho State University; University of Iowa
  摘要：Commentary during the development of FASB Interpretation no. 48 suggests the interpretation could be costly for firms because new disclosure requirements could be used by the IRS to more effectively challenge uncertain tax positions. Stock returns around FIN 48 pronouncements suggest investors were not concerned about an increase in tax costs, and investors responded favorably to initial disclosures required Under FIN 48. However, we document a significant negative market reaction to subsequen...
• The role of information asymmetry and financial reporting quality in debt trading: Evidence from the secondary loan market AI翻译
  作者：Wittenberg-Moerman, Regina
  作者单位：University of Chicago
  摘要：I explore which firm and loan characteristics decrease or exacerbate information asymmetry in the trading of private debt. I find that loans of public firms, loans with an available credit rating, loans of profit firms and loans syndicated by more reputable arrangers are traded at lower bid-ask spreads, while revolvers, distressed loans and loans issued by institutional investors are associated with higher information costs. I also find that timely loss recognition reduces the bid-ask spread. ...
• Do accounting measurement regimes matter? A discussion of mark-to-market accounting and liquidity pricing AI翻译
  作者：Sapra, Haresh
  作者单位：University of Chicago
  摘要：Using a model with banking and insurance sectors, Allen and Carletti show that marking-to-market interacts with liquidity pricing to exacerbate the likelihood of financial contagion between the two sectors. In this discussion, I lay out the main ingredients of their model and explain how they interact with liquidity pricing to generate financial contagion. I then discuss some limitations of their model and propose an interesting extension. (c) 2007 Elsevier B.V. All rights reserved.
• Is accruals quality a priced risk factor? AI翻译
  作者：Core, John E.; Guay, Wayne R.; Verdi, Rodrigo
  作者单位：University of Pennsylvania; Massachusetts Institute of Technology (MIT)
  摘要：In a recent and influential empirical paper, Francis, LaFond, Olsson, and Schipper (FLOS) [2005. The market pricing of accruals quality. Journal of Accounting and Economics 39, 295-327] conclude that accruals quality (AQ) is a priced risk factor. We explain that FLOS' regressions examining a contemporaneous relation between excess returns and factor returns do not test the hypothesis that AQ is a priced risk factor. We conduct appropriate asset-pricing tests for determining whether a potential...