Review of Accounting Studies

最新文章

• Moving toward consensus: an examination of trends in investment fair values AI翻译
  作者：Hogan, Chris E.; Stein, Sarah E.; Stuber, Sarah B.
  作者单位：Michigan State University; Michigan State University's Broad College of Business; Virginia Polytechnic Institute & State University; Texas A&M University System; Texas A&M University College Station; Mays Business School
  摘要：A primary argument against fair value measurement is the lack of verifiability, where verifiability is defined as consensus in measurement by independent parties. We evaluate this argument by investigating trends in the consensus of reported fair values. Our findings indicate that consensus increased between 2005 and 2019, as evidenced by reductions in the fair value range and standard deviation. Further analyses suggest that enhanced data availability-driven by public dissemination of trade i...
• The use of client-engaged specialists to support opportunistic estimates: evidence from the insurance industry AI翻译
  作者：Ege, Matthew S.; Imdieke, Andrew J.; Stuber, Sarah B.
  作者单位：Texas A&M University System; Texas A&M University College Station; Mays Business School; University of Notre Dame
  摘要：We use unique disclosures in the insurance industry to examine whether client-engaged specialists (i.e., external actuaries) affect opportunism within the claim loss reserve. Using a fixed-effects approach, we find that external actuaries significantly affect the opportunism in the claim loss reserve, approaching half the effect of the auditor. With respect to actuary characteristics, we find a positive (negative) association between actuary permissiveness (actuary size) and opportunism in the...
• Air pollution and managers' forecasting ability AI翻译
  作者：Ali, Ashiq; Fan, Zhongwen; Li, Siman
  作者单位：University of Texas System; University of Texas Dallas; City University of Hong Kong; Lingnan University; Xiamen University
  摘要：This study examines the relation between U.S. managers' short-term exposure to air pollution and their forecasting ability. We focus on air pollution due to PM2.5, a fine particulate matter that can easily penetrate an indoor, climate-controlled environment. We show that the short-term ambient PM2.5 level at the firm's headquarters before a management earnings forecast issuance is negatively associated with the accuracy of the forecast. Also, the short-term ambient PM2.5 level before an earnin...
• A rating system to evaluate non-GAAP exclusion quality AI翻译
  作者：Dechow, Patricia M.; Loh, Wei Ting; Wang, Annika Yu
  作者单位：University of Southern California; Singapore Management University; University of Houston System; University of Houston
  摘要：We develop a rating system to evaluate the quality of individual non-GAAP exclusions. Our perspective is that high-quality exclusions reflect nonrecurring economic transactions, are transitory accounting adjustments, or have little usefulness in forecasting cash flows. We use four approaches to rate exclusions. We evaluate the serial correlation of the exclusion, survey accounting academics' views, obtain practitioner ratings from the CFA Institute, and identify the exclusions approved by the ...
• The changing nature of financial analysis in the presence of ETFs AI翻译
  作者：Lundholm, Russell; Zheng, Xin
  作者单位：University of British Columbia
  摘要：We study how the launch of an electronically traded fund (ETF) that holds firms in a specific industry changes the behavior of analysts who follow that firms in that industry. An industry ETF allows investors to trade the firm-specific payoff separately from the industry payoff. This causes significant changes in the value of different types of information. In particular, following an increase in a firm's industry ETF coverage, the firm's analyst coverage increases in the following year, and t...
• Labor market peer firms: understanding firms' labor market linkages through employees' internet also viewed firms AI翻译
  作者：Li, Nan
  作者单位：University of Toronto
  摘要：This paper studies the grouping of firms based on their labor-market connections, a significant departure from the traditional approach of grouping based on product-market connections. It also proposes a measure of labor market peers by analyzing the also viewed companies on two major online labor market platforms, LinkedIn and Glassdoor. Using the labor market peer measure, I examine whether firms that hire employees with similar skills and that are presumably exposed to the same labor-relate...
• Distribution channels of analyst research: new evidence AI翻译
  作者：Amiram, Dan; Bozanic, Zahn; Bradshaw, Mark; Rozenbaum, Oded
  作者单位：Tel Aviv University; State University System of Florida; Florida State University; Boston College; George Washington University
  摘要：The channels through which analyst research data are distributed are complex. The I/B/E/S database is the dominant source for analyst earnings estimates for academics, but there are numerous other channels, some of which are cost prohibitive for many investors. We describe the distribution of analyst research and examine whether a high-cost alternative distribution channel, TR Research, is characterized by higher quality estimates than those available from I/B/E/S. We examine analyst forecast ...
• Disclosure standards and communication norms: evidence of voluntary sustainability standards as a coordinating device for capital markets AI翻译
  作者：Bochkay, Khrystyna; Hales, Jeffrey; Serafeim, George
  作者单位：University of Miami; University of Texas System; University of Texas Austin; Harvard University
  摘要：We examine how the development of voluntary sustainability standards has affected the nature of information covered in earnings calls. Using industry-specific dictionaries of sustainability terms contained in the disclosure standards developed by the Sustainability Accounting Standards Board (SASB), we find an increase in coverage of sustainability topics identified as relevant to investors in SASB standards, particularly for companies that had little or no coverage of sustainability issues hi...
• The consequences of reputation-damaging events for Big Four auditors: evidence from 110 cases with media coverage between 2007 and 2019 AI翻译
  作者：Ege, Matthew; Wang, Dechun; Xu, Nina
  作者单位：Texas A&M University System; Texas A&M University College Station; University of Connecticut
  摘要：We make a collective assessment of the consequences of 110 auditor reputation-damaging events with media coverage (negative events) from 2007 to 2019 for the U.S. Big Four. First, we fail to find systematic evidence that investors react negatively to negative events. Second, while auditors experience statistically significant client loss after negative events, the effects are short-lived and economically negligible. Furthermore, we find statistically greater effects in situations where theory ...
• Something in the air: does air pollution affect fund managers' carbon divestment? AI翻译
  作者：Huynh, Thanh D.; Li, Frank Weikai; Xia, Ying
  作者单位：Monash University; Singapore Management University
  摘要：We examine whether mutual fund managers overestimate carbon risk when they are exposed to local air pollution. We find that air pollution near fund managers induces them to underweight stocks of high-emission firms. The effects strengthen among environmentally conscious fund managers and among those likely to be surprised by air pollution-consistent with the idea that managers revise their beliefs about carbon risk following exposure to air pollution. A firm's carbon-emissions disclosures and ...