Review of Accounting Studies

最新文章

• Real effects of auditor conservatism AI翻译
  作者：Chy, Mahfuz; Hope, Ole-Kristian
  作者单位：University of Missouri System; University of Missouri Columbia; University of Toronto; BI Norwegian Business School
  摘要：We examine the effect of auditor conservatism on corporate innovation. We hypothesize that, because conservative auditors constrain income-increasing accounting discretion, managers may sacrifice long-term investments in innovation to boost current earnings and meet short-term performance targets. Exploiting state-level auditor legal liability shocks as a means of identification, we find evidence consistent with this hypothesis. Cross-sectional analyses reveal that the negative effect of incre...
• Monitoring or payroll maximization? What happens when workers enter the boardroom? AI翻译
  作者：Gleason, Cristi A.; Kieback, Sascha; Thomsen, Martin; Watrin, Christoph
  作者单位：University of Iowa; University of Munster
  摘要：We examine whether worker representation on corporate boards results in improved monitoring or payroll maximization. Several economic theories predict that worker representatives would use control and voting rights in the boardroom to transform firm assets into private benefits and increased wages, but labor contract models suggest that workers' inside information should permit improved monitoring. To investigate this conflict, we use mandatory worker representation on corporate boards in Germ...
• Mandatory CSR and sustainability reporting: economic analysis and literature review AI翻译
  作者：Christensen, Hans B.; Hail, Luzi; Leuz, Christian
  作者单位：University of Chicago; University of Pennsylvania; National Bureau of Economic Research
  摘要：This study collates potential economic effects of mandated disclosure and reporting standards for corporate social responsibility (CSR) and sustainability topics. We first outline key features of CSR reporting. Next, we draw on relevant academic literatures in accounting, finance, economics, and management to discuss and evaluate the potential economic consequences of a requirement for CSR and sustainability reporting for U.S. firms, including effects in capital markets, on stakeholders other ...
• The value of board commitment AI翻译
  作者：Baldenius, Tim; Meng, Xiaojing; Qiu, Lin
  作者单位：Columbia University; New York University; University of Hong Kong
  摘要：Boards can learn about the environment of their firms through information gathering and communicating with the CEO. In the post-Sarbanes-Oxley environment, some boards have taken steps to shape the communication more proactively by committing to decision rules, such as spending limits, before eliciting a report from the CEO. All else equal, such commitment power on the part of the board improves its communication with the CEO. However, taking into consideration the endogeneity of board composi...
• Non-random sampling and association tests on realized returns and risk proxies AI翻译
  作者：Ecker, Frank; Francis, Jennifer; Olsson, Per; Schipper, Katherine
  作者单位：Frankfurt School Finance & Management; Duke University; European School of Management & Technology
  摘要：This paper investigates how data requirements often encountered in archival accounting research can produce a data-restricted sample that is a non-random selection of observations from the reference sample to which the researcher wishes to generalize results. We illustrate the effects of non-random sampling on results of association tests in a setting with data on one variable of interest for all observations and frequently-missing data on another variable of interest. We develop and validate ...
• Criminals, bankruptcy, and cost of debt AI翻译
  作者：Regenburg, Kasper; Seitz, Morten Nicklas Bigler
  作者单位：Copenhagen Business School
  摘要：We examine whether criminal records of CEOs and rank-and-file employees are associated with firms' likelihood of bankruptcy, and whether lenders adjust their required cost of debt accordingly. We use a nationwide sample of private firms and criminal registers covering all firm employees. We find that the likelihood of bankruptcy is positively associated with the CEO's criminal record and the proportion of employees with criminal records. We find some, though less robust, evidence that lenders ...
• Does litigation change managers' beliefs about the value of voluntarily disclosing bad news? AI翻译
  作者：Billings, Mary Brooke; Cedergren, Matthew C.; Dube, Svenja
  作者单位：New York University; Santa Clara University; Fordham University
  摘要：Research suggests that earnings-disclosure-related litigation causes managers to reduce subsequent disclosure, perhaps stemming from a belief that even their good faith disclosures will cause them trouble. This paper considers unexplored dimensions of disclosure and alternative channels of disclosure to provide additional evidence that speaks to how litigation shapes managers' disclosure strategies. Consistent with Skinner (1994)'s classic legal liability hypothesis, we find that, while manage...
• Analysts' role in shaping non-GAAP reporting: evidence from a natural experiment AI翻译
  作者：Christensen, Theodore E.; Gomez, Enrique; Ma, Matthew; Pan, Jing
  作者单位：University System of Georgia; University of Georgia; Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; Southern Illinois University System; Southern Illinois University; Southern Methodist University
  摘要：We examine how exogenous changes in analyst coverage influence (1) thelikelihoodthat managers will voluntarily disclose customized (non-GAAP) performance metrics and (2) the relativequalityof their non-GAAP disclosures. Specifically, we use a quasi-natural-experimental setting in which brokerage firms terminate analyst coverage and find that, following an unanticipated decrease in analyst coverage, managers are more likely to disclose non-GAAP earnings per share (EPS) numbers. We also find tha...
• IAS 7 and value relevance: the direct method versus the indirect method AI翻译
  作者：Kent, Richard; Birt, Jacqueline
  作者单位：University of Michigan System; University of Michigan; University of Western Australia
  摘要：We identify and predict circumstances where the direct method statement of cash flows is expected to provide more value relevant information to financial statement users. We predict the direct method is more informative when earnings are of lower quality (earnings are less permanent or companies report losses), companies are in a more stable state (proxied by small absolute changes in accruals/operating cash flow), and when cash flows/accruals are measured with more error using the indirect me...
• What moves stock prices around credit rating changes? AI翻译
  作者：Even-Tov, Omri; Ozel, Naim Bugra
  作者单位：University of California System; University of California Berkeley; University of Texas System; University of Texas Dallas; University of Pennsylvania
  摘要：Using monthly and multi-day return windows, research shows that credit rating downgrades often reveal new information and lead to significant stock price reactions but that upgrades do not. Using intraday data, we revisit these findings and extend them by examining the possibility of informed trading ahead of the announcement of credit rating changes. Credit rating agencies delay public announcements of rating changes to provide issuers with time to review and respond to rating reports, which ...