Review of Accounting Studies

最新文章

• Regulatory leniency and the cost of deposits AI翻译
  作者：Iselin, Michael; Nicoletti, Allison; Ott, Jacob; Zhang, Haiwen (Helen)
  作者单位：University of Minnesota System; University of Minnesota Twin Cities; University of Pennsylvania; Purdue University System; Purdue University
  摘要：We examine whether variation in regulatory leniency is associated with the cost of deposits in the banking industry. We predict that lenient regulatory supervision allows for greater bank risk-taking due to delayed intervention, resulting in a higher cost of deposits. Our main finding is a positive association between banks' cost of uninsured deposits and the leniency of their state regulators, incremental to observable measures of risk and performance. We further show that this result is stro...
• Creditor control rights and executive bonus plans AI翻译
  作者：Armstrong, Christopher S.; Kepler, John D.; Kim, Chongho; Tsui, David
  作者单位：Stanford University; Seoul National University (SNU); Analysis Group Inc.
  摘要：We study the extent to which creditors shape the executive bonus plans of their financially distressed borrowers. Financial distress can exacerbate agency conflicts between creditors and borrowers as concerns with underinvestment become more acute due to managerial myopia and debt overhang. Consequently, we expect creditors to exert their influence to ensure that these managers' incentive-compensation plans encourage longer-term investments and directly reward outcomes that benefit creditors w...
• Accounting choice in measurement and comparability: an examination of the effect of the fair value option AI翻译
  作者：Fontes, Joana C.; Panaretou, Argyro; Shakespeare, Catherine
  作者单位：Universidade Catolica Portuguesa; Lancaster University; University of Michigan System; University of Michigan
  摘要：The choice between historical cost and fair value measurement is one of the most debated issues among accounting academics and practitioners. We use the election of the fair value option (FVO) to study the effects of entities' measurement choices on accounting comparability. The FVO enables entities to use different measurement bases for similar assets and liabilities, raising questions about whether the FVO compromises or enhances comparability. Using a sample of US banks, we find that FVO el...
• The effect of the FASB-IASB convergence project on the rules- and principles-based nature of US GAAP and IFRS AI翻译
  作者：Lin, Steve; Pownall, Grace; Sawani, Assma; Wang, Changjiang
  作者单位：University of Memphis; Emory University; University of Colorado System; University of Colorado at Colorado Springs; University System of Ohio; University of Cincinnati
  摘要：This paper investigates if the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) convergence project changed the underlying natures of both sets of accounting standards. Using the rules-based continuum score and a new principles-based continuum score, we find that before convergence, US Generally Accepted Accounting Principles (US GAAP) contained more rules-based standards, while International Financial Reporting Standards (IFRS) contained more...
• Customers' response to firms' disclosure of social stances: evidence from voting reform laws AI翻译
  作者：Jin, Hengda; Merkley, Kenneth; Sharma, Anish; Ton, Karen
  作者单位：Texas A&M University System; Texas A&M University College Station; Indiana University System; Indiana University Bloomington; University System of Georgia; University of Georgia; Villanova University
  摘要：We examine customer responses to publicly traded firms speaking out in response to the state of Georgia's voting reform laws. For firms that speak out, we find that customer visits and visitors at their stores decrease relative to the stores of firms that do not speak out. The decrease in customer traffic is stronger for stores in Georgia, predominantly Republican counties, and for firms whose speaking out was emphasized by conservative media sources. The results are weaker for stores in count...
• Inventory planning and tax incentives for charitable giving AI翻译
  作者：Arya, Anil; Atanasov, Tyler; Mittendorf, Brian; Yoon, Dae-Hee
  作者单位：University System of Ohio; Ohio State University; Purdue University System; Purdue University; Yonsei University
  摘要：Many of America's top corporate donors share a common feature: the bulk of their giving is in the form of in-kind products, not cash. This phenomenon is not a coincidence but rather closely tied to the tax code creating such a preference due to an enhanced deduction for inventory donations. We examine a model of inventory choice under uncertainty and demonstrate that enhanced tax deductions not only promote giving, they also notably influence inventory planning and accelerate learning of custo...
• The role of equity underwriters in shaping corporate disclosure AI翻译
  作者：Cheng, Mei; Zhang, Yuan; Zhao, Meiling
  作者单位：University of Arizona; University of Texas System; University of Texas Dallas; Chinese University of Hong Kong
  摘要：We find that the exogenous shock of the collapse of Lehman Brothers leads to significant increases in the disclosure of management earnings forecasts and voluntary 8-K items by equity underwriting clients of Lehman relative to clients of other underwriters of similar status. The increases in disclosure are more pronounced among Lehman clients with stronger underwriting relationships with Lehman or those that experienced more negative stock returns at the time of the collapse. Additional analys...
• How government procurement shapes corporate climate disclosures, commitments, and actions AI翻译
  作者：Even-Tov, Omri; She, Guoman; Wang, Lynn Linghuan; Yang, Detian
  作者单位：University of California System; University of California Berkeley; University of Hong Kong; Fudan University
  摘要：This study examines how government procurement impacts firms' environmental disclosures and whether they have tangible effects. Using a triple-difference research design that exploits the exogenous increase in federal funding allocations to counties based on population census revisions, we find that firms with high exposure to government contracts significantly increase climate disclosure following expanded procurement opportunities. We also document that enhanced disclosure is characterized b...
• Retail investor trade and the pricing of earnings AI翻译
  作者：Michels, Jeremy
  作者单位：Purdue University System; Purdue University
  摘要：Using the number of Robinhood users holding a firm's shares, I examine how novice retail investors respond to earnings announcements and the implications of their responses for the price-earnings relation. I do not find evidence of informed trading among these investors. Changes in their holdings also do not resemble random, uncorrelated noise trading. Instead I find that the number of retail investors holding a firm's shares increases in response to both more positive and more negative earnin...
• Predictable EPS growth and the performance of value investing AI翻译
  作者：Sloan, Richard G.; Wang, Annika Yu
  作者单位：University of Southern California; University of Houston System; University of Houston
  摘要：Previous research finds that EPS growth rates are difficult to predict and reasons that much of the observed cross-sectional variation in valuation ratios is due to variation in implied future stock returns. Yet the observed cross-sectional relation between valuation ratios and realized future stock returns is weak. We revisit these findings using a refined measure of expected EPS growth rates and document robust evidence of predictability in EPS growth rates. Moreover, we find that this predi...