Review of Accounting Studies

最新文章

• The persistence and pricing of changes in multinational firms' foreign cash holdings AI翻译
  作者：Chen, Novia X.; Chiu, Peng-Chia; Shevlin, Terry
  作者单位：University of Houston System; University of Houston; The Chinese University of Hong Kong, Shenzhen; University of California System; University of California Irvine
  摘要：Using a hand-collected sample of U.S. multinational firms' foreign and domestic cash holdings, we evaluate the earnings persistence implications of changes in foreign and domestic cash and whether stock prices reflect these implications. Building on the earnings decomposition approach in Dechow, Richardson, and Sloan 2008 Journal of Accounting Research, 46 (3): 537-566, we find that, in the overall sample, changes in foreign cash are as persistent for future earnings as changes in domestic cas...
• Trivialization of the bottom line and losing relevance of losses AI翻译
  作者：Srivastava, Anup
  作者单位：University of Calgary
  摘要：The purpose of this article is to illustrate the growing limitations of the current methods of calculating earnings, particularly when earnings is a negative number. Earnings, presumably the most important output of a financial reporting system, is not a singular metric. It is obtained by subtracting numerous expense line items from revenues, both of which are calculated after applying a diverse, and often inconsistent, set of accounting conventions. Despite this apparent deficiency, earnings ...
• CEO compensation and real estate prices: pay for luck or pay for action? AI翻译
  作者：Albuquerque, Ana; Bennett, Benjamin; Custodio, Claudia; Cvijanovic, Dragana
  作者单位：Boston University; Tulane University; Imperial College London
  摘要：This paper uses variation in real estate prices to study Chief Executive Officer (CEO) pay for luck. We distinguish between pay for luck and pay for responding to luck (action) by exploiting US GAAP accounting rules, which mandate that real estate used in the firm's operations is not marked-to-market. This setting allows us to empirically disentangle pay for luck from pay for action, as a change in the value of real estate is only accounted for when the CEO responds to changes in property valu...
• Brokerage relationships and analyst forecasts: evidence from the protocol for broker recruiting AI翻译
  作者：Coleman, Braiden; Drake, Michael; Pacelli, Joseph; Twedt, Brady
  作者单位：University System of Georgia; University of Georgia; Brigham Young University; Harvard University; University of Oregon
  摘要：We offer novel evidence on how the nature of brokerage-client relationships can influence the quality of equity research. We exploit a unique setting provided by the Protocol for Broker Recruiting to examine whether relaxed broker noncompete agreement enforcement generates spillover effects on sell-side analysts. Entry into this agreement reassigns ownership of the client relationship from the brokerage to individual brokers, potentially generating a greater standard of care. Using a generaliz...
• Is hiring fast a good sign? The informativeness of job vacancy duration for future firm profitability AI翻译
  作者：Chen, Ciao-Wei; Li, Laura Yue
  作者单位：University of Illinois System; University of Illinois Urbana-Champaign
  摘要：Job vacancy duration reflects the time a firm spends searching, selecting, and hiring for a job opening. Capturing vacancy duration using the creation and deletion dates of job postings by US public firms, we examine the informativeness of vacancy duration for future firm profitability. We find that while firms that quickly fill low-skill job vacancies exhibit higher future profitability, firms that take more time to fill high-skill jobs exhibit higher future profitability. Our cross-sectional...
• Does stock liquidity shape voluntary disclosure? Evidence from the SEC tick size pilot program AI翻译
  作者：Hope, Ole-Kristian; Liu, Junhao
  作者单位：University of Toronto; BI Norwegian Business School
  摘要：Employing the SEC Tick Size Pilot Program, which increases the minimum trading unit of a set of randomly selected small-capitalization stocks, we examine whether and how an exogenous change in stock liquidity affects corporate voluntary disclosure. Using difference-in-differences analyses with firm fixed effects, we find that treatment firms respond to the liquidity decline by issuing fewer management earnings forecasts, while, in contrast, control firms do not exhibit a significant change. Ne...
• Political information flow and management guidance AI翻译
  作者：Christensen, Dane M.; Morris, Arthur; Walther, Beverly R.; Wellman, Laura A.
  作者单位：University of Oregon; Hong Kong University of Science & Technology; Northwestern University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
  摘要：We examine whether politically connected firms play a role in disseminating political information via their management guidance. Using campaign financing activity or the presence of a government affairs office to proxy for firms' access to political information, we find that politically connected firms are more likely to issue management guidance, and their guidance is more likely to discuss government policies. Further, these relations are attenuated for firms facing high proprietary costs of...
• Do auditors charge a client business risk premium? Evidence from audit fees and derivative hedging in the US oil and gas industry AI翻译
  作者：Ranasinghe, Tharindra; Yi, Lin; Zhou, Ling
  作者单位：American University; University of Houston System; University of Houston Clear Lake; University of Houston; University of New Mexico
  摘要：The literature finds that auditors charge higher fees for riskier clients. One reason for this is that auditors expend greater effort on riskier clients. However, it is unclear whether they also charge an additional client business risk premium. We investigate this issue employing a detailed, hand-collected dataset of hedging derivative usage by U.S. oil and gas exploration and production firms. Even though the auditing of derivative instruments requires greater effort, hedging significantly r...
• The real effects of risk disclosures: evidence from climate change reporting in 10-Ks AI翻译
  作者：Kim, Jeong-Bon; Wang, Chong; Wu, Feng
  作者单位：City University of Hong Kong; Hong Kong Polytechnic University; Lingnan University
  摘要：We examine the economic impacts of risk disclosures in accounting reports on the real decisions made by information senders (i.e., managers of the disclosing firms). In so doing, we exploit the SEC rule enacted in 2010 regarding climate change risk (CCR) reporting in 10-Ks as a quasi-natural experimental setting in which to apply a difference-in-differences analysis. We focus on CCR because of its vast influence on economic activities and the relative ease of identifying managerial behaviors r...
• When doing good for society is good for shareholders: importance of alignment between strategy and CSR performance AI翻译
  作者：Banker, Rajiv D.; Ma, Xinjie; Pomare, Carol; Zhang, Yue
  作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; National University of Singapore; Mount Allison University; Lingnan University
  摘要：We investigate the association between firms' strategy and their corporate social responsibility (CSR) performance and whether the alignment between strategy and CSR activities affects firms' financial performance. We describe firms' strategies as innovation differentiation, marketing differentiation, and cost leadership Miller, (1986). We expect a higher benefit from CSR for firms that rely more on innovation differentiation and a lower benefit for firms that rely more on marketing differenti...