Journal of Accounting and Economics

最新文章

• THE EFFECT OF THE INFORMATION ENVIRONMENT ON THE RELATIONSHIP BETWEEN FINANCIAL DISCLOSURE AND SECURITY PRICE VARIABILITY AI翻译
  作者：MCNICHOLS, M; MANEGOLD, JG
  作者单位：University of Southern California
• ANTICIPATION OF QUARTERLY EARNINGS ANNOUNCEMENTS - A TEST OF OPTION MARKET-EFFICIENCY AI翻译
  作者：WHALEY, RE; CHEUNG, JK
  作者单位：University of California System; University of California Berkeley
• Tracing investors' minds: Investors' inquiries and key audit matter reporting AI翻译
  作者：Chen, Songsheng; Li, Chan; Sun, Lili; Zhang, Xiren
  作者单位：Beijing Institute of Technology; University of Kansas; University of North Texas System; University of North Texas Denton; Beijing Institute of Technology
  摘要：This study investigates whether auditors incorporate investor information demand when determining key audit matter (KAM) disclosures. We measure investor information demand using a unique dataset of investor inquiries submitted through investor interactive platforms (IIPs) established by China's major stock exchanges. At the topic level, we find that auditors are more likely to disclose a given topic as a KAM when investors raise more inquiries on that topic. At the aggregate level, a higher p...
• Antitrust risk and voluntary M&A disclosure AI翻译
  作者：Oh, Jun
  作者单位：Purdue University System; Purdue University
  摘要：I examine how antitrust risk affects firms' voluntary disclosure of mergers and acquisitions (M&As). I hypothesize that firms face a trade-off between the benefits of disclosing M&As to capital markets-namely, incorporating product market benefits into stock prices in a timely manner-and the potential antitrust scrutiny such disclosure can invite, which increases the likelihood of agencies challenging the M&A. Using two quasi-exogenous sources of variations in antitrust enforcement that affect...
• Trading of emission allowances and reporting incentives AI翻译
  作者：N'Gatta, Donald; Ormazabal, Gaizka; Raney, Robert
  作者单位：University of Navarra; IESE Business School
  摘要：This paper examines the role of reporting incentives on the trading of emission allowances. Our tests are based on a wide international sample of firms and data from the European Union Emission Trading System (EU ETS), which is the most liquid and developed in the world. We find evidence consistent with the notion that excess allowances combined with historical cost accounting for emission rights provide firms the opportunity to obtain a reporting benefit from selling emission allowances. We o...
• New accounting standards and the performance of quantitative investors AI翻译
  作者：Dyer, Travis; Guest, Nicholas; Yu, Elisha
  作者单位：Brigham Young University; Cornell University; City University of New York (CUNY) System; Baruch College (CUNY)
  摘要：We examine quantitative investors' ability to navigate a common and occasionally material change to the financial data generating process: new accounting standards. Returns of quantitative mutual funds temporarily decrease relative to funds that rely more heavily on human discretion following the implementation of a few standards that significantly change key financial statement variables; however, other standards do not appear to have a differential effect. Our result is stronger for quantita...
• FOMC news and segmented markets AI翻译
  作者：Golez, Benjamin; Kelly, Peter; Matthies, Ben
  作者单位：University of Notre Dame; Claremont Colleges; Claremont McKenna College; Claremont Graduate University
  摘要：A growing body of evidence suggests that Federal Open Market Committee (FOMC) announcements can affect private sector beliefs about near-term macroeconomic conditions. We measure the impact of central bank policy on index option trader beliefs about near-term economic conditions using the return of short-term dividend strips around each FOMC announcement (we term this short-term dividend strip return, SDR). Consistent with the idea that these announcements contain valuable information about ma...
• Re-doing the audit AI翻译
  作者：Cho, Isabel J.; Lennox, Clive; Li, Xiangyu
  作者单位：University of Southern California
  摘要：This study investigates the practice of re-audits-where an incoming audit firm re-audits the prior year's financial statements previously examined by a predecessor audit firm. We examine the costs and benefits of such re-audits. We find that re-audits are more likely when the risks of misstatement are high and when incoming auditors can expect to win more clients by identifying material misstatements overlooked by predecessor auditors. Our results show that incoming auditors who perform re-aud...
• The future performance implications of Non-GAAP firms' investments AI翻译
  作者：Ahn, Minkwan; Christensen, Theodore E.; Johnson, Ryan G.; Lewis-Western, Melissa F.
  作者单位：Sungkyunkwan University (SKKU); University System of Georgia; University of Georgia; Indiana University System; Indiana University Bloomington; Brigham Young University
  摘要：We investigate whether consistent non-GAAP reporting is associated with investment efficiency. Prior research finds a positive association between non-GAAP reporting and investment levels, concluding that it represents overinvestment. We corroborate this positive association, but additional tests are not consistent with the conclusion of inefficient overinvestment. Specifically, we explore the relation between investment and future cash flows as a proxy for the realization of investments in po...
• Whispering progress: Fear of automation and voluntary disclosure AI翻译
  作者：Oh, Jun; She, Guoman
  作者单位：Purdue University System; Purdue University; National University of Singapore
  摘要：We examine how employee fears of automation-driven job displacement influence corporate disclosure of automation plans. Using a novel measure of local automation fear constructed from cable news transcripts, we document a robust negative relation between automation fear and firms' propensity to provide forward-looking disclosure about automation strategies. This effect strengthens when disclosure conveys incremental information, when automation substitutes for labor, and when firms face greate...