Journal of Accounting Research

最新文章

• Limited Attention: Implications for Financial Reporting AI翻译
  作者：Lu, Jinzhi
  作者单位：City University of Hong Kong
  摘要：I develop a theory to study the consequences of providing more detailed information to rationally inattentive investors. I first consider a simple data-provision problem and show that adding more data or detail in financial statements can make it more difficult for investors to extract information. Consequently, investors who have limited information-processing capacity may prefer less detailed information. I also show that when investors' decisions are complements, providing details in additi...
• Do US Investors Value Foreign Component Auditors? AI翻译
  作者：Chen, Bingyi; Conaway, Jenelle K.
  作者单位：Suffolk University; George Mason University
  摘要：We examine whether investors consider foreign component auditors when assessing the value of U.S. multinational corporations (MNCs) using two sets of Public Company Accounting Oversight Board (PCAOB) international regulatory events. We find investors react negatively when the PCAOB is denied access to inspect foreign component auditors in jurisdictions where a U.S. MNC has significant operations and positively when those countries later allow inspection. For foreign component auditors that are...
• The Roles of Data Providers and Analysts in the Production, Dissemination, and Pricing of Street Earnings AI翻译
  作者：Bochkay, Khrystyna; Markov, Stan; Subasi, Musa; Weisbrod, Eric
  作者单位：University of Miami; University of Texas System; University of Texas Dallas; University System of Maryland; University of Maryland College Park; University of Kansas
  摘要：In September 2009, Thomson Reuters (TR) discontinued its practice of relying on analysts to determine the treatment of unexpected charges and gains in favor of their immediate exclusion from GAAP earnings. Adopting a difference-in-differences approach, we show that this plausibly exogenous change in TR's methodology resulted in street earnings that are more predictive of future performance; and timelier, more accurate, and less dispersed analyst forecasts of future earnings, consistent with TR...
• The Innovation and Reporting Consequences of Financial Regulation for Young Life-Cycle Firms AI翻译
  作者：Allen, Abigail; Lewis-Western, Melissa F.; Valentine, Kristen
  作者单位：Brigham Young University; University System of Georgia; University of Georgia
  摘要：Firm life-cycle stage reflects a firm's current strategic direction toward exploration independent of age or size. We provide evidence that young life-cycle firms are particularly vulnerable to negative innovation consequences from financial regulation but do not appear to experience any compensating financial reporting quality (FRQ) benefits. Using a generalized difference-in-differences design around Sarbanes Oxley Act of 2002 (SOX), we document a significant reduction in both research and d...
• Observing Enforcement: Evidence from Banking AI翻译
  作者：Kleymenova, Anya; Tomy, Rimmy E.
  作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; University of Chicago
  摘要：This paper finds that the disclosure of supervisory actions by bank regulators is associated with changes in their enforcement behavior. Using a novel sample of enforcement decisions and orders (EDOs) and a change in the disclosure regime, we find that regulators issue more EDOs, intervene sooner, and rely more on publicly observable signals following the regime change. EDO documents become longer, more complex, and contain more boilerplate language. Our results also indicate that intervention...
• Personal Financial Distress, Limited Attention AI翻译
  作者：Aslan, Hadiye
  作者单位：University System of Georgia; Georgia State University
  摘要：By linking sell-side equity analysts to their deed records and LinkedIn profiles, I show that analysts with higher exposure to negative wealth shocks issue more pessimistic and less accurate forecasts. The effects are stronger when analysts have higher leverage in their homes and face career concerns. I also find that stocks recommended by exposed analysts underperform those of nonexposed counterparts, by an amount that is significant and economically large in magnitude. The results remain rob...
• The Role of Disclosure and Information Intermediaries in an Unregulated Capital Market: Evidence from Initial Coin Offerings AI翻译
  作者：Bourveau, Thomas; De George, Emmanuel T.; Ellahie, Atif; Macciocchi, Daniele
  作者单位：Columbia University; University of Miami; Utah System of Higher Education; University of Utah
  摘要：Using an international sample of 2,113 initial coin offerings (ICOs), we explore the role of disclosure and information intermediaries in the unregulated crypto-tokens market. First, we document substantial cross-sectional variation in the voluntary disclosure practices of ventures seeking to raise capital through ICOs, such as the extent of information released in a prospectus-type document called a white paper; releasing the technical source code; and communicating through social media platf...
• The Joint Influence of Information Push and Value Relevance on Investor Judgments and Market Efficiency AI翻译
  作者：Elliott, W. Brooke; Gale, Brian T.; Hobson, Jessen L.
  作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University of Washington; University of Washington Seattle
  摘要：We use experimental markets to examine how pushing investment information and the value relevance of that information interact to influence investors' value estimate accuracy and market price efficiency. Developments in technology allow information to be pushed to investors anytime and anywhere. However, in addition to value-relevant information, pushed information often includes information that is irrelevant for assessing firm value. Drawing on psychology theory, we find that pushing informa...
• Public Firm Presence, Financial Reporting, and the Decline of US Manufacturing AI翻译
  作者：Glaeser, Stephen; Omartian, James D.
  作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of Michigan System; University of Michigan
  摘要：We examine the relation between public firm presence and import competition. The information created by public firm presence may provide importers with insights they can use for competing with domestic firms. Consistent with this possibility, we document a positive relation between public firm presence and import competition. We find similar results when using differences in the expected costs of the Sarbanes-Oxley Act as a source of plausibly exogenous variation in public firm presence after ...
• Audit Implications of Non-GAAP Reporting AI翻译
  作者：Hallman, Nicholas J.; Schmidt, Jaime J.; Thompson, Anne M.
  作者单位：University of Texas System; University of Texas Austin; University of Illinois System; University of Illinois Urbana-Champaign
  摘要：We investigate whether non-GAAP reporting affects the audit process and thereby the quality of the related financial statements. First, we provide evidence that auditors in numerous countries, including the United States and the United Kingdom, rely to varying degrees on non-GAAP profit before tax as a benchmark for determining quantitative materiality. Then, using Premium Listed companies on the London Stock Exchange, we document that U.K. auditor reliance on non-GAAP materiality benchmarks o...