Review of Accounting Studies

最新文章

• Anticipatory effects of accounting standards: the lease exposure draft AI翻译
  作者：Qiu, Lin; Ronen, Joshua
  作者单位：Purdue University System; Purdue University; New York University
  摘要：We examine the anticipatory effect triggered by the issuance of the lease exposure draft, which proposed capitalizing most operating leases, on the cost of debt of firms that rely heavily on operating leases. Employing a difference-in-differences design, we find a significant increase in loan spreads for firms with higher operating lease intensity after the issuance of the exposure draft, notably, even before the issuance of ASC 842. We explore potential channels through which this anticipator...
• Board bias, information, and investment efficiency AI翻译
  作者：Gregor, Martin; Michaeli, Beatrice
  作者单位：Charles University Prague; University of California System; University of California Los Angeles
  摘要：We identify a novel force behind the benefit of misaligned preferences in corporate governance. Our model entails a CEO who encounters a project and, after gathering information, decides whether to seek the approval of a corporate board. The CEO may be able to choose the properties of the collected information-this may happen if the project is novel, i.e., explores a new technology, business concept, or market and directors are less knowledgeable about it. We find that only sufficiently conser...
• US multinationals' foreign cash holdings: an empirical estimate and the impact of the tax cuts and jobs act of 2017 on the value of foreign cash AI翻译
  作者：Campbell, John L.; Dhaliwal, Dan S.; Krull, Linda K.; Schwab, Casey M.
  作者单位：University System of Georgia; University of Georgia; University of Arizona; University of Oregon; University of North Texas System; University of North Texas Denton
  摘要：We use publicly available information to estimate the country location of multinational firms' cash holdings, examine why investors discount the value of cash held overseas, and examine whether that discount changes after the Tax Cuts and Jobs Act (TCJA) of 2017. We provide three main results. First, our firm-year foreign cash estimates are reasonably accurate, evidenced by high correlations with simulated data and proprietary country-level data, high adjusted R-2 when explaining a firm's tota...
• Corporate responsibility and corporate misbehavior: are CSR reporting firms indeed responsible? AI翻译
  作者：Reitmaier, Christine; Schultze, Wolfgang; Vollmer, Julia
  作者单位：University of Augsburg
  摘要：We investigate whether firms that proclaim a commitment to corporate social responsibility (CSR) by CSR reporting indeed internalize such a commitment and behave more responsibly. We analyze the association of the issuance and quality of voluntary CSR reports with the occurrence, number, and severity of corporate misbehaviors, both preceding and subsequent to CSR reporting. We find a significantly positive association of CSR reporting with our measures of prior and future misbehavior. The resu...
• EPA scrutiny and voluntary environmental disclosures AI翻译
  作者：Zakota, Mark
  作者单位：University System of Maryland; University of Maryland College Park
  摘要：Market participants have called on the SEC to address the lack of disclosures about firms' environmental impacts, investments, and exposures. However, the frictions that obstruct the flow of environmental information are not well understood. I shed light on these frictions by examining whether scrutiny by the Environmental Protection Agency (EPA) restricts the firm's voluntary environmental disclosures in earnings conference calls. Consistent with the notion that EPA scrutiny gives rise to dis...
• Is accounting the English language of business? The role of language in IFRS adoption and information loss AI翻译
  作者：Guan, Jenny Xinjiao; Shafron, Emily; Ye, Kangtao; Zhuang, Wenzi
  作者单位：Monash University; Texas A&M University System; Texas A&M University College Station; Mays Business School; Dongbei University of Finance & Economics
  摘要：We examine whether and how language barriers influence a country's decision to adopt International Financial Reporting Standards (IFRS). Our findings reveal that as the distance between a country's official language and English (i.e., linguistic distance) increases, the likelihood and speed of a country adopting IFRS decrease. Our evidence is consistent with the notion that language barriers impose significant information costs on preparers and users of financial reporting, making IFRS costlie...
• Executive pay transparency and relative performance evaluation: evidence from the 2006 pay disclosure reforms AI翻译
  作者：Choi, Jung Ho; Gipper, Brandon; Shi, Shawn X.
  作者单位：Stanford University; University of Washington; University of Washington Seattle
  摘要：Early empirical evidence showed a lack of relative performance evaluation (RPE) for executive pay, a surprise given its theoretical appeal. We hypothesize that executive pay transparency can enhance the monitoring of pay practices and increase RPE use. We examine RPE over the two decades centered on the 2006 executive pay disclosure reforms in the United States, which stakeholders-including shareholders, proxy advisors, and compensation consultants-could use to monitor pay plans. Firms that in...
• Why did the Big Four get so large? Evidence from Australia AI翻译
  作者：Ferguson, Colin; Pinnuck, Matthew; Skinner, Douglas J.
  作者单位：University of Melbourne; University of Chicago
  摘要：We use a long time-series from Australia to shed light on economic factors that led to audit market concentration and the Big N. We show that increases in the size of a small number of public companies was an important factor that led to large audit firms and market concentration. We also show that emerging Big N firms made sunk cost investments, including in the ability to provide industry expertise and non-audit services, which allowed them to retain clients, differentiate, and grow. These c...
• An empirical analysis of gender differences in asymmetric labor adjustment: evidence from Korea AI翻译
  作者：Cho, Meeok; Hyeon, Jiwon; Lee, Woo-Jong; Sunwoo, Hee-Yeon
  作者单位：Kyung Hee University; Seoul National University of Science & Technology; Seoul National University (SNU); Sejong University
  摘要：This paper documents the difference in asymmetric labor adjustment between male and female employees, as alluded to in the labor economics literature. Based on detailed gender-specific employment disclosures of Korean-listed firms, we report a significant presence of labor cost stickiness. Breaking labor costs down, we further show that labor cost stickiness is mainly attributable to the asymmetric adjustment of employment rather than that of wages. More importantly, this adjustment is more sa...
• Foreign media slant, foreign investors, and informativeness of earnings AI翻译
  作者：Tsang, Albert; Wang, Kun Tracy; Zhu, Nathan Zhenghang
  作者单位：Southern University of Science & Technology; Australian National University; Zhejiang University
  摘要：Although foreign media outlets comprise a substantial proportion of the media covering U.S. financial markets, their characteristics and role in these financial markets have not been explored. Using a novel, manually collected dataset covering 1,126 media outlets from 48 countries, we explore whether there are systematic differences in the reporting properties of foreign and domestic media when they cover U.S. firm earnings announcements. We find that the coverage of foreign media outlets tend...