Journal of Accounting Research

最新文章

• Amendment Thresholds and Voting Rules in Debt Contracts AI翻译
  作者：Caskey, Judson; Huang, Kanyuan; Saavedra, Daniel
  作者单位：Purdue University System; Purdue University; Chinese University of Hong Kong
  摘要：Most loan contracts in the United States contain a provision for lender voting rules. We study the optimal voting rule that allows lenders to waive a covenant violation. When lenders have heterogeneous preferences, lenient voting rules increase the probability of waivers that allow inefficient investments. Stringent voting rules tend to allocate the marginal vote to lenders who deny waivers after false alarms so that they can renegotiate the loan to extract value from the firm, which incurs de...
• How Does Financial-Reporting Regulation Affect Industry-Wide Resource Allocation? (vol 59, pg 59, 2021) AI翻译
  作者：Breuer, Matthias
  作者单位：Columbia University
  摘要：This correction describes errors in the program code of Breuer [2021] and presents revised results. The errors affect the construction of the standardized reporting and auditing scopes, the treatment variables of the primary research design in Breuer [2021]. The revised results show weaker evidence that reporting mandates facilitate ownership dispersion in capital markets compared to Breuer [2021]. They also show weaker evidence that reporting mandates spur competition in product markets, incl...
• The Determinants of ESG Ratings: Rater Ownership Matters AI翻译
  作者：Tang, Dragon Yongjun; Yan, Jiali; Yao, Yaqiong
  作者单位：University of Hong Kong; University of Exeter; Lancaster University
  摘要：We examine whether and how common ownership affects Environmental, Social, and Governance (ESG) ratings-an important research question given the increasing use of these ratings in investment decisions and corporate evaluations. We find that companies with major shareholders in common with the rating agency (sister firms) tend to receive higher ESG ratings. When a company becomes a sister firm through a change in the rating agency's ownership structure, its rating from that agency is subsequent...
• Freedom of Expression Protection and Corporate Concealment of Bad News: Evidence from State Anti-SLAPP Laws AI翻译
  作者：Lee, Jimmy; Ng, Shaphan; Yoo, Il Sun; Zhang, Liandong
  作者单位：Singapore Management University; University of Hawaii System; University of Hawaii Manoa
  摘要：The protection of free speech enhances the ability of various public stakeholders to disseminate privately observed adverse information about public firms, making it difficult for corporate managers to conceal negative information about their companies. Using the staggered enactment of anti-strategic lawsuit against public participation (anti-SLAPP) laws across U.S. states as a shock that strengthens free speech protection, we show that stronger protection is associated with less concealment o...
• Does Foreign Investors' Information Access Vary with Geopolitical Tensions? Evidence from Corporate Conference Calls AI翻译
  作者：Lu, Yifei; Wu, Joanna Shuang; Yang, Yucheng (John)
  作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University of Rochester; Chinese University of Hong Kong
  摘要：We study how foreign investors' access to corporate information varies with pairwise geopolitical tensions between the investor's and investee's countries. Using a sample of 1,760 country-pairs, we find that geopolitical tensions between a conference call host firm's country and a foreign country relate negatively with investor participation from that foreign country as well as the quality and tone of management responses in the call, suggesting reduced foreign investor information access with...
• Internal Forecasts in Multi-Location Firms AI翻译
  作者：Gallo, Lindsey; Labro, Eva; Omartian, James d.
  作者单位：University of Michigan System; University of Michigan; University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine
  摘要：We investigate the dynamics of internal forecasting in multi-location firms and the relations between forecast characteristics and investment. Using U.S. Census microdata on plant-level growth expectations, we find that plants within multi-location firms make forecasts that are both more certain and less accurate than those of standalone plants. We provide evidence suggesting that headquarters infers uncertainty from inter-plant forecast disagreement, and that headquarters is able to facilitat...
• Real Effects of Non-Streamlined Sales Tax Administration: Evidence from the Florida Hotel Industry AI翻译
  作者：Brown, Jennifer l.; Casas-arce, Pablo; Kenchington, David g.; White, Roger m.
  作者单位：Arizona State University; Arizona State University-Tempe
  摘要：We examine whether the local administration of sales taxes (as opposed to a more streamlined state administration) affects the real economy for businesses complying with the tax. We study this question in the Florida hotel industry, as counties in Florida can choose to locally administer the county-level tourist tax or have the state administer the county-level tax along with the state-level tourist tax. Local administration is popular because it supports local employment (of tax administrator...
• Consequences for Culpable Auditors AI翻译
  作者：Krishnan, Jagan; Li, Meng; Mehta, Mihir N.; Park, Hyun Jong
  作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; University of Texas System; University of Texas Arlington; University of Michigan System; University of Michigan
  摘要：We present the first comprehensive descriptive evidence on the labor market and personal consequences for audit professionals in the United States who are named in SEC or PCAOB enforcement actions. Three key findings emerge. First, between 38% and 73% of culpable auditors depart from their firms within one year after the enforcement event. These departure rates are three to four times higher compared with a sample of non-culpable auditors. Second, 83% of culpable auditors departing from Big 4 ...
• Corporate Litigation, Governance, and the Role of Law Firms AI翻译
  作者：Ferrell, Frank Allen; Manconi, Alberto; Neretina, Ekaterina; Powley, William; Renneboog, Luc
  作者单位：Harvard University; Bocconi University; Bocconi University; Tilburg University; European Corporate Governance Institute
  摘要：We study plaintiff law firms in corporate litigation, focusing on star firms that dominate settlement outcomes. Stars are associated with larger settlements; however, much of this effect is predicted by the defendant's litigation insurance coverage, suggesting assortative matching of stars with lawsuits that have ex ante larger expected payoffs. Moreover, stars charge higher fees for a given settlement size. Additional tests suggest that visibility and information asymmetry vis-& agrave;-vis l...
• Establishment of National Public Audit Oversight Boards: Descriptive Evidence and Implications for Audit Quality AI翻译
  作者：Carson, Elizabeth; Lamoreaux, Phillip; Simnett, Roger; Thurheimer, Ulrike; Vanstraelen, Ann
  作者单位：Royal Melbourne Institute of Technology (RMIT); Arizona State University; Arizona State University-Tempe; Deakin University; University of Amsterdam; Maastricht University; University of Antwerp
  摘要：We investigate the establishment of public audit oversight bodies (POBs) worldwide. We present descriptive evidence on POBs' characteristics and factors influencing the timing of their establishment, finding that countries with stronger institutions, civil law traditions, and higher media attention to audit quality adopt POBs faster. While countries may choose similar POB design features, these choices do not align with the factors driving adoption speed. We also explore whether the finding of...