Journal of Accounting Research

最新文章

• Timing Equity Issuance in Response to Information Asymmetry Arising from IFRS Adoption in Australia and Europe AI翻译
  作者：Wang, Shiheng; Welker, Michael
  作者单位：Hong Kong University of Science & Technology; Queens University - Canada
  摘要：This study examines the association between changes in reported financial performance resulting from mandatory adoption of International Financial Reporting Standards (IFRS) and equity issuance during the transition period leading up to IFRS adoption for listed firms in Australia and Europe. We hypothesize that firms affected by the accounting standards change strategically time equity issuance around the time the firm discloses the effects of IFRS adoption on reported financial performance. W...
• Do Firms Use Time-Vested Stock-Based Pay to Keep Research and Development Investments Secret? AI翻译
  作者：Erkens, David H.
  作者单位：University of Southern California
  摘要：I find that executives' unvested equity holdings are larger when executives are employed by R&D-intensive firms in industries that rely more on secrecy to profit from R&D. Moreover, I find that this relation is more pronounced for executives with a greater ability to exploit R&D-related information and also holds for nonexecutive employees. In addition, I find that these firms use option grants with longer vesting periods and that unvested equity holdings reduce the likelihood that their execu...
• Discussion of Consequences and Institutional Determinants of Unregulated Corporate Financial Statements: Evidence from Embedded Value Reporting AI翻译
  作者：Hail, Luzi
  作者单位：University of Pennsylvania
• The Impact of Financial Reporting Quality on Debt Contracting: Evidence from Internal Control Weakness Reports AI翻译
  作者：Costello, Anna M.; Wittenberg-Moerman, Regina
  作者单位：University of Chicago
  摘要：We examine the effect of financial reporting quality on the trade-off between monitoring mechanisms used by lenders. We rely on Sarbanes-Oxley internal control reports to measure financial reporting quality. We find that when a firm experiences a material internal control weakness, lenders decrease their use of financial covenants and financial-ratio-based performance pricing provisions and substitute them with alternatives, such as price and security protections and credit-rating-based perfor...
• Real Effects of Accounting Rules: Evidence from Multinational Firms' Investment Location and Profit Repatriation Decisions AI翻译
  作者：Graham, John R.; Hanlon, Michelle; Shevlin, Terry
  作者单位：Duke University; National Bureau of Economic Research; Massachusetts Institute of Technology (MIT); University of Washington; University of Washington Seattle
  摘要：We analyze survey responses from nearly 600 tax executives to better understand corporate decisions about real investment location and profit repatriation. Our evidence indicates that avoiding financial accounting income tax expense is as important as avoiding cash income taxes when corporations decide where to locate operations and whether to repatriate foreign earnings. This result is important in light of the recent research about whether financial accounting affects investment and in light...
• The Value of Financial Statement Verification in Debt Financing: Evidence from Private US Firms AI翻译
  作者：Minnis, Michael
  作者单位：University of Chicago
  摘要：I examine how verification of financial statements influences debt pricing. I use a large proprietary database of privately held U.S. firms, an important business sector in which the information environment is opaque and financial statement audits are not mandated. I find that audited firms have a significantly lower cost of debt and that lenders place more weight on audited financial information in setting the interest rate. Further, I provide evidence of a mechanism for this increased financ...
• Discussion of Large-Sample Evidence on Firms' Year-over-Year MD&A Modifications AI翻译
  作者：Roulstone, Darren T.
  作者单位：University System of Ohio; Ohio State University
• When Does Information Asymmetry Affect the Cost of Capital? AI翻译
  作者：Armstrong, Christopher S.; Core, John E.; Taylor, Daniel J.; Verrecchia, Robert E.
  作者单位：University of Pennsylvania; Massachusetts Institute of Technology (MIT)
  摘要：This paper examines when information asymmetry among investors affects the cost of capital in excess of standard risk factors. When equity markets are perfectly competitive, information asymmetry has no separate effect on the cost of capital. When markets are imperfect, information asymmetry can have a separate effect on firms' cost of capital. Consistent with our prediction, we find that information asymmetry has a positive relation with firms' cost of capital in excess of standard risk facto...
• Closing the Loop: Review Process Factors Affecting Audit Staff Follow-Through AI翻译
  作者：Lambert, Tamara A.; Agoglia, Christopher P.
  作者单位：University of Massachusetts System; University of Massachusetts Amherst
  摘要：The PCAOB recently expressed concern regarding the sufficiency and effectiveness of review and supervision of audit fieldwork. For the audit review process to succeed as a quality control mechanism, any issues or questions identified by a reviewer must be adequately resolved and documented in the workpapers. If audit review fails to correct for errors/biases in the work of reviewees, there can be serious detrimental effects on audit quality and, in turn, financial statement quality. Our study ...
• The Sarbanes-Oxley Act and the Choice of Bond Market by Foreign Firms AI翻译
  作者：Gao, Yu
  作者单位：University of Minnesota System; University of Minnesota Twin Cities
  摘要：This paper examines the economic impact of the Sarbanes-Oxley Act (SOX) by studying foreign firms' choice of whether to issue bonds in the U. S. public bond market or elsewhere before and after the law's enactment in 2002. After controlling for firm characteristics, bond features, home-country attributes, and market conditions, I find that foreign firms rely less on the U. S. public bond market after SOX. Additionally, some determinants of choosing the U. S. public bond market have changed sin...