Review of Accounting Studies

最新文章

• Bank financial reporting opacity and regulatory intervention AI翻译
  作者：Gallemore, John
  作者单位：University of North Carolina; University of North Carolina Chapel Hill
  摘要：I study the association between bank financial reporting opacity, measured by delayed expected loan loss recognition, and the intervention decisions made by bank regulators. Examining U.S. commercial banks during the 2007-09 financial crisis, I find that delayed expected loan loss recognition is negatively associated with the likelihood of regulatory intervention (measured by either severe enforcement action or closure). This result is robust to using various specifications and research design...
• Social media analysts and sell-side analyst research AI翻译
  作者：Drake, Michael S.; Moon, James R., Jr.; Twedt, Brady J.; Warren, James D.
  作者单位：Brigham Young University; University System of Georgia; Georgia Institute of Technology; University of Oregon; University of Connecticut
  摘要：We examine how research posted by social media analysts (SMAs)-individuals posting equity research online via social media investment platforms-is related to research subsequently produced by professional sell-side equity analysts. Using data from Seeking Alpha, we find that the market reaction to sell-side analyst research is substantially reduced when the analyst research is preceded by the report of an SMA, and that this is particularly true of sell-side analysts' earnings forecasts. We fur...
• Accounting for uncertainty: an application of Bayesian methods to accruals models AI翻译
  作者：Breuer, Matthias; Schutt, Harm H.
  作者单位：Columbia University; Tilburg University
  摘要：We provide an applied introduction to Bayesian estimation methods for empirical accounting research. To showcase the methods, we compare and contrast the estimation of accruals models via a Bayesian approach with the literature's standard approach. The standard approach takes a given model of normal accruals for granted and neglects any uncertainty about the model and its parameters. By contrast, our Bayesian approach allows incorporating parameter and model uncertainty into the estimation of ...
• Empirical implications of incorrect special item tax rate assumptions AI翻译
  作者：Cready, William M.; Lopez, Thomas J.; Sisneros, Craig A.; Stinson, Shane R.
  作者单位：University of Texas System; University of Texas Dallas; University of Alabama System; University of Alabama Tuscaloosa; Oklahoma State University System; Oklahoma State University - Stillwater
  摘要：The use of assumed tax rates to adjust special items (e.g., restructuring charges, asset writedowns, etc.) is common in empirical accounting research as these items are reported pre-tax and are often used in research designs that include after-tax earnings. This study explores the potential empirical consequences of assuming an incorrect tax rate in adjusting special items. We focus on special items given their prevelance in the literature as well as the wide variation in tax rate assumptions ...
• Stock price reactions to ESG news: the role of ESG ratings and disagreement AI翻译
  作者：Serafeim, George; Yoon, Aaron
  作者单位：Harvard University; Northwestern University
  摘要：We investigate whether environmental, social, and governance (ESG) ratings predict future ESG news and the associated market reactions. We find that the consensus rating predicts future news, but its predictive ability diminishes for firms with large disagreement between raters. The relation between news and market reaction is moderated by the consensus rating. In the presence of high disagreement between raters, the relation between news and market reactions weakens, while the rating with the...
• Other comprehensive income, its components, and analysts' forecasts AI翻译
  作者：Anderson, Joshua; Cao, Yiting; Riedl, Edward J.; Song, Scarlett Xiaotong
  作者单位：California State University System; California Polytechnic State University San Luis Obispo; California State University System; California State University Los Angeles; Boston University; University System Of New Hampshire; University of New Hampshire
  摘要：This paper examines how analysts incorporate other comprehensive income (OCI) and its components into their earnings forecasts. We first document that analysts' 1-year-ahead earnings forecasts are associated with OCI and OCI components having predictive ability; this suggests analysts (at least partially) incorporate this information into their forecasting. We then show that analysts are neither complete nor timely in incorporating OCI information into their forecasts, as several OCI component...
• Knowing that you know: incentive effects of relative performance disclosure AI翻译
  作者：Casas-Arce, Pablo; Deller, Carolyn; Martinez-Jerez, F. Asis; Narciso, Jose Manuel
  作者单位：Arizona State University; Arizona State University-Downtown Phoenix; University of Pennsylvania; Cornell University
  摘要：This paper studies differential employee responses to the public disclosure of individual performance information throughout an organization. We argue that, to the extent that employees care about their colleagues' perceptions of their productivity, public disclosure will increase motivation. Moreover, the effect should be stronger for employees whose colleagues expect them to have higher performance. We obtained data from a bank that transitioned from private to public disclosure of employee ...
• Differences in government accounting conservatism across jurisdictions, their determinants, and consequences: the case of Canada and the United States AI翻译
  作者：Cziffra, Johnathon; Fortin, Steve; Singer, Zvi
  作者单位：University of New Brunswick; Universite de Montreal; HEC Montreal; University of Waterloo; Universite de Montreal; HEC Montreal
  摘要：We use the year-end adjustments to the provisions for student loan losses of state and provincial governments in the United States and Canada to study government accounting conservatism and how it varies between these adjacent and highly integrated countries. Building on Canada's more conservative cultural attributes, we hypothesize and find that Canadian provincial governments report more conservative provisions for student loan losses than U.S. state governments. Moreover, the year-end adjus...
• The disclosure function of the US patent system: evidence from the PTDL program and extreme snowfall AI翻译
  作者：Martens, Tim
  作者单位：Bocconi University
  摘要：Are retail investors using uncurated disclosures in form of patents for their investment decisions? This study uses the investment decisions of retail investors and variation in the local availability of patent information to answer this question. The variation comes from changes in the locations of U.S. Patent and Trademark Depository Libraries over time. I find a strong increase in the local trading volume of stocks after the release of a patent in counties that have easier access to patent ...
• Do firms follow the SEC's confidential treatment protocols? Evidence from credit agreements AI翻译
  作者：Saavedra, Daniel
  作者单位：University of California System; University of California Los Angeles
  摘要：I examine whether firms follow the Securities and Exchange Commission's confidential treatment protocols when redacting potentially material information from their credit agreements. My findings suggest that most firms may not comply with SEC directives: they withhold potentially material information without following the SEC's confidential treatment protocols and without making interested parties aware of their information disadvantage. I also find evidence consistent with lender and borrower...