Review of Accounting Studies

最新文章

• A double-edged sword: materiality classifications of sustainability topics AI翻译
  作者：Gottsche, Max; Griffin, Paul A.; Habermann, Florian; Schiemann, Frank; Spandel, Theresa
  作者单位：University of California System; University of California Davis; University of Lausanne; Otto Friedrich University Bamberg; University of Hamburg
  摘要：The Sustainability Accounting Standards Board (SASB) has classified sustainability topics as material or not material for investors. We leverage the staggered release of the SASB classifications from 2013 to 2016 to examine whether and how they prompt changes in U.S. firms' sustainability performance. We measure sustainability performance using RepRisk scores, which reflect environmental, social, and governance (ESG) incidents. We find that RepRisk scores on sustainability topics classified as...
• The gender effects of COVID: evidence from equity analysts AI翻译
  作者：Li, Frank Weikai; Wang, Baolian
  作者单位：Singapore Management University; State University System of Florida; University of Florida
  摘要：We use COVID-19 and sell-side analysts as an experiment to study the effects of gender on labor productivity. We find that the forecast accuracy of female analysts declined more than that of male analysts, especially when schools were closed and among analysts who were more likely to have young children, were inexperienced, were busier, or lived in southern states of the US. Relative to male analysts, females also reduced their forecast timeliness and resorted to more heuristic forecasts but d...
• Investors' information acquisition and the manager's value-risk tradeoff AI翻译
  作者：Xue, Hao
  作者单位：Duke University
  摘要：This paper studies a model in which investors' information acquisition and the manager's investment choice (hence the moments of the firm's cash flow) are jointly determined. I show that a lower information acquisition cost alters the information environment in a way that motivates the manager to prioritize reducing the variance of cash flow over improving its mean. I present conditions under which a decrease in the cost of information acquisition reduces stock valuations and investors' welfar...
• Information acquisition costs and price informativeness: global evidence AI翻译
  作者：McClure, Charles G.; Shi, Shawn X.; Watts, Edward M.
  作者单位：University of Chicago; University of Washington; University of Washington Seattle; Yale University
  摘要：We study how global changes in information acquisition costs through disclosure technologies affect price informativeness. To explore this issue, we examine worldwide adoptions of centralized electronic disclosure systems, which significantly reduce the cost of and broaden access to financial disclosures. Consistent with theory, we show a significant reduction in private information acquisition around earnings announcements as a result of these adoptions. These effects are most pronounced in c...
• Industry classification misfits: identification, consequences and guidance AI翻译
  作者：Colas, Baptiste; Brousseau, Carl
  作者单位：Universidad Carlos III de Madrid; Laval University
  摘要：We exploit differences in two industry classification schemes to distinguish between industry classification misfits and industry core firms. We posit that misfits differ from their industry peers, and we document consequences of this heterogeneity. Misfits have larger absolute abnormal accruals, firms in industries with a greater proportion of misfits have larger absolute abnormal accruals, and contemporaneous abnormal accruals are associated with future restatements for industry core firms b...
• Are US GAAP-based and IFRS-based accounting amounts more comparable after the revised lease standards? Evidence from ASC 842 and IFRS 16 AI翻译
  作者：Altamuro, Jennifer; Chen, Lucy Huajing; Li, Yiwen
  作者单位：Villanova University
  摘要：This study examines whether the revised lease standards (ASC 842 and IFRS 16) make U.S. GAAP-based accounting amounts more comparable with IFRS-based accounting amounts. Our study is motivated by the FASB and the IASB's call for research on the comparability of the revised lease standards. We find that U.S. GAAP and IFRS pairs that are high operating lease users experience a larger increase in accounting comparability after the adoption of revised lease standards than low operating lease U.S. ...
• Born to behave: Home CEOs and financial misconduct* AI翻译
  作者：Lei, Zicheng; Petmezas, Dimitris; Rau, P. Raghavendra; Yang, Chen
  作者单位：University of London; King's College London; Durham University; University of Cambridge; University of Glasgow
  摘要：We examine the association between CEO birthplace proximity and financial misconduct. We find that CEOs managing firms near their birthplaces (home CEOs) are associated with less financial misconduct compared to other CEOs. This association is not attributable to differences in corporate governance. The relationship strengthens in areas with a strong local investment presence and greater religious commitment as well as among CEOs with longer tenures in their home state. Our findings are robust...
• Innovation incentives and competition for corporate resources AI翻译
  作者：Dutta, Sunil; Fan, Qintao
  作者单位：University of California System; University of California Berkeley; University of Oregon
  摘要：This paper investigates how competition for scarce corporate resources impacts innovation incentives within multidivisional firms and, consequently, shapes firms' preferences for fostering or restricting intra-firm competition. In our model, divisions become privately informed about the potential value of new investment opportunities generated through their innovation initiatives. We demonstrate that intra-firm competition unambiguously reduces divisions' ex ante innovation incentives. However...
• Unexpected defaults: the role of information opacity AI翻译
  作者：Ertan, Aytekin; Lee, Yun; Wittenberg-Moerman, Regina
  作者单位：University of London; London Business School; Singapore Management University; University of Southern California
  摘要：Bond defaults are undesirable yet natural outcomes of risky investments. What is also crucial but hitherto underexplored is the unexpectedness of defaults. We develop a parsimonious measure of default unexpectedness and highlight its economic importance by demonstrating that unexpected defaults are associated with unfavorable recovery outcomes and adverse price changes in peer firm bonds. We then examine how default unexpectedness relates to information opacity. We find that firms with opaque ...
• ESG assurance in the United States AI翻译
  作者：Gipper, Brandon; Ross, Samantha; Shi, Shawn X.
  作者单位：Stanford University; University of California System; University of California San Francisco; University of Washington; University of Washington Seattle
  摘要：We provide the first large-sample evidence on third-party verification of firms' environmental and social metrics in ESG reports (ESG assurance) in the United States. Focusing on the S&P 500 from 2010-2020, we document a striking increase in not only the number of firms with ESG assurance-in 2020 (2010), 76% (38%) of the S&P 500 had an ESG report and 46% (16%) involved assurance-but also the number of metrics assured. Unlike financial audits, ESG assurance varies widely in form and substance, ...