Journal of Accounting Research

最新文章

• The Economic Consequences of Financial Audit Regulation in the Charitable Sector AI翻译
  作者：Duguay, Raphael
  作者单位：Yale University
  摘要：I provide evidence on the effects of financial audit mandates in the charitable sector, in particular their influence on donor behavior. My empirical strategy relies on variation in size-based exemption thresholds across states and differences in size driven by the nature of charities' activities. Consistent with audit mandates reducing donors' reliance on charity reputation, I find audit mandates are associated with a lower concentration of donations on the largest, most well-known charities....
• Delays in Banks' Loan Loss Provisioning and Economic Downturns: Evidence from the US Housing Market AI翻译
  作者：Kim, Sehwa
  作者单位：Columbia University
  摘要：I study whether banks' loan loss provisioning contributes to economic downturns, by examining the U.S. housing market. Specifically, I examine the aggregate effects of banks' delayed loan loss recognition (DLR) on house prices during the Great Recession and the channels through which these potential effects arose. I construct ZIP-code-level exposure to banks' DLR before the crisis and compare high- and low-exposure ZIP codes during the crisis to examine the aggregate effects of banks' DLR on t...
• Auditors Under Fire: The Association Between Audit Errors and the Career Setbacks of Individual Auditors AI翻译
  作者：Chen, Kevin C. W.; Chen, Tai-yuan; Han, Weifang; Yuan, Hongqi
  作者单位：Hong Kong University of Science & Technology; Shanghai University of Finance & Economics; Fudan University
  摘要：This paper examines whether and how individual auditors are disciplined for audit errors. Taking advantage of the long history of auditor identity data from China, we find that signing auditors with client restatements are likely to lose the privilege of signing the audit reports of public clients. However, auditors can avoid this consequence by issuing a modified audit opinion to warn of the potential misstatement. We show that auditors are more likely to bedisciplined when their firms operat...
• How Do Disclosure Repetition and Interactivity Influence Investors' Judgments? AI翻译
  作者：Brown, Nerissa C.; Gale, Brian T.; Grant, Stephanie M.
  作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; University of Washington; University of Washington Seattle
  摘要：Recent regulatory amendments aimed at modernizing disclosures and enhancing their usefulness focus on repetition and interactivity within firms' disclosure filings. We use two experiments to provide evidence on the effects of disclosure repetition (repeating of information in the filing) and disclosure interactivity (user involvement in directing the form or content of the information displayed) on investors' information processing and investment judgments. Results show that repetition increas...
• How Do Firms Respond to Corporate Taxes? AI翻译
  作者：Coles, Jeffrey L.; Patel, Elena; Seegert, Nathan; Smith, Matthew
  作者单位：Utah System of Higher Education; University of Utah; United States Department of the Treasury
  摘要：Using a novel empirical approach and newly available administrative data on U.S. tax filings, we estimate the corporate elasticity of taxable income, decompose the elasticity into economic responses versus other tax-motivated accounting transactions, and determine how responsiveness varies depending on accounting method, firm size, and interest rate. In response to a 10% increase in the expected marginal tax rate, private U.S. firms decrease taxable income by 9.1%, which indicates a discernibl...
• Do Mandatory Disclosure Requirements for Private Firms Increase the Propensity of Going Public? AI翻译
  作者：Aghamolla, Cyrus; Thakor, Richard T.
  作者单位：University of Minnesota System; University of Minnesota Twin Cities
  摘要：This paper investigates the effect of mandatory disclosure requirements for private firms on their decision to go public. Using detailed project-level data for biopharmaceutical firms, we explore the effects of a legal reform that exogenously required firms to publicly disclose information regarding clinical trials. Exploiting cross-sectional heterogeneity in firms' exposure to the regulation based on their internal development portfolios, we find that affected firms are significantly more lik...
• The Long-Term Consequences of Short-Term Incentives AI翻译
  作者：Edmans, Alex; Fang, Vivian W.; Huang, Allen H.
  作者单位：University of London; London Business School; Centre for Economic Policy Research - UK; European Corporate Governance Institute; University of Minnesota System; University of Minnesota Twin Cities; Hong Kong University of Science & Technology
  摘要：This paper studies the long-term consequences of actions induced by vesting equity, a measure of short-term incentives. Vesting equity is positively associated with the probability of a firm repurchasing shares, the amount of shares repurchased, and the probability of the firm announcing a merger and acquisition (M&A). However, it is also associated with more negative long-term returns over two to three years following repurchases and four years following M&A, as well as future M&A goodwill im...
• How is Earnings News Transmitted to Stock Prices? AI翻译
  作者：Gregoire, Vincent; Martineau, Charles
  作者单位：Universite de Montreal; HEC Montreal; University of Toronto; University Toronto Scarborough
  摘要：We examine the speed and mechanism of the price discovery process following earnings announcements in the after-hours market, a very illiquid trading environment. Prices reflect earnings surprises mostly through changes in quotes rather than through trades. Following positive announcement surprises, ask prices adjust quickly while bid prices are slower to adjust, and vice versa for negative surprises. Returns computed from trade prices underestimate the speed and magnitude of price reactions f...
• Managerial Optimism and Debt Covenants AI翻译
  作者：Infuehr, Jakob; Laux, Volker
  作者单位：University of Southern Denmark; University of Texas System; University of Texas Austin
  摘要：This paper studies the effects of managerial optimism on the optimal design of debt covenants. We find that managers who are more optimistic about the future success of their investment ideas provide lenders with greater control rights via tighter covenants. This is optimal for optimistic managers even though they understand that tighter covenants increase the probability of covenant violations and lead to excessive lender intervention. The broad reason for this result is that optimists wish t...
• It's a Small World: The Importance of Social Connections with Auditors to Mutual Fund Managers' Portfolio Decisions AI翻译
  作者：Chen, Yangyang; Huang, Jun; Li, Ting; Pittman, Jeffrey
  作者单位：City University of Hong Kong; Shanghai University of Finance & Economics; Shanghai University of International Business & Economics; Virginia Polytechnic Institute & State University
  摘要：We find that mutual funds whose managers are socially connected with firm auditors hold more shares of these firms and generate superior portfolio returns. Cross-sectional results reveal that the relation between social connections and mutual fund stockholdings is more pronounced: when the social connections are stronger, when the auditor is in a better position or has stronger incentives to acquire private information, when the fund manager exercises more power, for small audit firms, for aud...