Journal of Accounting Research

最新文章

• Made in the USA? A Study of Firm Responses to Domestic Production Incentives AI翻译
  作者：Lester, Rebecca
  作者单位：Stanford University
  摘要：How do U.S. companies respond to incentives intended to encourage domestic manufacturing? I study the Domestic Production Activities Deduction (DPAD), which was enacted in the American Jobs Creation Act (AJCA) of 2004 and was the third largest U.S. corporate tax expenditure as of 2017. Using confidential data from the U.S. Bureau of Economic Analysis, I find greater average domestic investment spending of $95.5-$143.6 million, but only within the sample of domestic-only firms and not until 201...
• Auditors' Quantitative Materiality Judgments: Properties and Implications for Financial Reporting Reliability AI翻译
  作者：Choudhary, Preeti; Merkley, Kenneth; Schipper, Katherine
  作者单位：University of Arizona; Indiana University System; Indiana University Bloomington; Duke University
  摘要：We analyze data made available through the PCAOB (Public Company Accounting Oversight Board) to provide descriptive evidence on the properties of auditors' actual quantitative materiality judgments and the implications of those judgments for financial reporting. Auditors' quantitative materiality judgments do not appear to result simply from applying conventional rules of thumb (e.g., 5% of pretax income), but instead are associated with size-related financial statement outcomes (income, reven...
• Effects of Increasing Enforcement on Financial Reporting Quality and Audit Quality AI翻译
  作者：Ewert, Ralf; Wagenhofer, Alfred
  作者单位：University of Graz
  摘要：A widely held assumption in policy making and empirical research is that increasing the strength of public enforcement improves financial reporting quality and audit quality. This paper provides a more nuanced view. In a model with a manager who can manage earnings, a strategic auditor, and an enforcement institution, we show that enforcement and auditing are complements in a weak enforcement regime but can be substitutes in a strong regime. Although stronger enforcement always mitigates earni...
• Credit Default Swaps and Managers' Voluntary Disclosure AI翻译
  作者：Kim, Jae B.; Shroff, Pervin; Vyas, Dushyantkumar; Wittenberg-Moerman, Regina
  作者单位：Lehigh University; University of Minnesota System; University of Minnesota Twin Cities; University of Toronto; University of Toronto; University of Southern California
  摘要：We investigate how the availability of traded credit default swaps (CDSs) affects the referenced firms' voluntary disclosure choices. CDSs enable lenders to hedge their credit risk exposure, weakening their incentives to monitor borrowers. We predict that reduced lender monitoring in turn leads shareholders to intensify their monitoring and demand increased voluntary disclosure from managers. Consistent with this expectation, we find that managers are more likely to issue earnings forecasts an...
• Bridging the Gap: Evidence from Externally Hired CEOs AI翻译
  作者：Ertimur, Yonca; Rawson, Caleb; Rogers, Jonathan L.; Zechman, Sarah L. C.
  作者单位：University of Colorado System; University of Colorado Boulder
  摘要：We investigate executive employment gaps (hereafter, gaps) between the appointment of an external CEO at a public firm and the individual's prior executive position at a public company. These gaps cannot be reliably obtained from common databases. We hand-collect data for externally hired CEOs at public companies from 1992 to 2014. These CEOs represent approximately 40% of the 5,095 CEO successions and have a mean gap of 1.9 years. The gap increases to 3.2 years for the subset of new hires wit...
• Corporate Loan Securitization and the Standardization of Financial Covenants AI翻译
  作者：Bozanic, Zahn; Loumioti, Maria; Vasvari, Florin P.
  作者单位：University System of Ohio; Ohio State University; University of Texas System; University of Texas Dallas; University of London; London Business School
  摘要：We examine whether syndicated loans securitized through collateralized loan obligations (CLOs) have more standardized financial covenants. We proxy for the standardization of covenants using the textual similarity of their contractual definitions. We find that securitized loans are associated with higher covenant standardization than nonsecuritized institutional loans. In addition, we show that CLOs with more diverse or frequently rebalanced portfolios are more likely to purchase loans with st...
• Non-GAAP Earnings Disclosure in Loss Firms AI翻译
  作者：Leung, Edith; Veenman, David
  作者单位：Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; University of Amsterdam
  摘要：This study examines the incremental information in loss firms' non-GAAP earnings disclosures relative to GAAP earnings. Using a large sample obtained through textual analysis and hand-collection, we posit and find that loss firms' non-GAAP earnings exclusions offset the low informativeness of GAAP losses for forecasting and valuation. Loss firms' non-GAAP earnings are highly predictive of future performance and are valued by investors, while the expenses excluded from GAAP earnings are not. Ad...
• Shareholder Litigation and Corporate Disclosure: Evidence from Derivative Lawsuits AI翻译
  作者：Bourveau, Thomas; Lou, Yun; Wang, Rencheng
  作者单位：Hong Kong University of Science & Technology; Singapore Management University; University of Melbourne
  摘要：Using the staggered adoption of universal demand (UD) laws in the United States, we study the effect of shareholder litigation risk on corporate disclosure. We find that disclosure significantly increases after UD laws make it more difficult to file derivative lawsuits. Specifically, firms issue more earnings forecasts and voluntary 8-K filings, and increase the length of management discussion and analysis (MD&A) in their 10-K filings. We further assess the direct and indirect channels through...
• Disclosure Regulation in the Commercial Banking Industry: Lessons from the National Banking Era AI翻译
  作者：Granja, Joao
  作者单位：University of Chicago
  摘要：I exploit variation in the adoption of disclosure and supervisory regulation across U.S. states to examine their impact on the development and stability of commercial banks. The empirical results suggest that the adoption of state-level requirements to report financial statements in local newspapers is associated with greater stability and development of commercial banks. I also examine which political constituencies influence the adoption of disclosure and supervisory regulation. I find that ...
• Debt Contract Enforcement and Conservatism: Evidence from a Natural Experiment AI翻译
  作者：Aghamolla, Cyrus; Li, Nan
  作者单位：University of Minnesota System; University of Minnesota Twin Cities
  摘要：This study provides evidence that the use of conservative accounting in debt contracting depends on the enforceability of the contract. To test the effect of debt contract enforcement on borrowers' timely loss recognition, we exploit the staggered introduction of enhanced debt contract enforcement in Indian states as a natural experiment, where the implementation of the enforcement is exogenous to the accounting choices and borrowing behavior of firms. The main results show that enhanced enfor...