Review of Accounting Studies

最新文章

• Conference calls and information spillover: the role of analyst participation AI翻译
  作者：Awyong, Amanda; Cho, Young Jun; Yang, Holly
  作者单位：Hong Kong Baptist University; Singapore Management University
  摘要：We examine the role of conference calls in creating information spillover within firms. We find that analyst participation in conference calls is positively associated with subsequent revisions in management forecasts, consistent with analysts' questions prompting managers to collect additional information. We find that this effect strengthens when analysts pose more questions on new topics and when they ask questions with abnormally positive or negative tones. We also find that analyst partic...
• Using narrative disclosures to predict tax outcomes AI翻译
  作者：Bogachek, Olga; De Vito, Antonio; Demere, Paul; Grossetti, Francesco
  作者单位：Free University of Bozen-Bolzano; University of Bologna; Bocconi University; Bocconi University
  摘要：We examine whether narrative discussion in financial disclosures can help corporate stakeholders better predict tax outcomes. To measure qualitative discussion, we use topic modeling analysis to create measures of the thematic content of 10-K disclosures. We find that qualitative discussion in financial disclosures can substantially improve prediction of tax outcomes in in- and out-of-sample tests. We also find that prediction-relevant discussion is distributed throughout the 10-K, supporting ...
• News-based investor disagreement and stock returns AI翻译
  作者：Li, Sophia Zhengzi; Luan, Zeyao
  作者单位：Rutgers University System; Rutgers University New Brunswick; Rutgers University Newark
  摘要：We estimate investors' disagreement regarding firm news and assess its ability to predict stock returns. Specifically, we quantify firm-level investor disagreement through the volume-volatility elasticity surrounding firm news; higher elasticity is associated with less investor disagreement. Intuitively, disagreement introduces additional trading motives that are not driven by price changes, weakening the connection between volume and volatility. Our findings indicate that investor disagreemen...
• Returnee directors and corporate fraud AI翻译
  作者：Usman, Muhammad; Gyapong, Ernest; Agyei-Boapeah, Henry; Yin, Junming
  作者单位：Xijing University; Alfaisal University; University of Essex; Nanjing University of Information Science & Technology
  摘要：Using a dataset of Chinese listed firms, we examine the relationship between Chinese nationals with foreign experience serving as directors (i.e., returnee directors) and the incidence of corporate fraud. We find a significantly negative relationship between returnee directors and fraud. Further, relative to foreign and independent directors, returnee directors do more than other directors in constraining firms' fraud. These results are robust to endogeneity concerns addressed through propensi...
• Controlling the narrative: managers' topic-shifting behavior in conference calls AI翻译
  作者：Dai, Lili; Gong, Ping; Jackson, Andrew B.; Peng, Zihang
  作者单位：University of New South Wales Sydney; Yale University
  摘要：This study implements topical analysis to identify the extent to which managers shift their responses from analysts' questions in earnings conference calls. We refer to this behavior as managerial topic-shifting. Using a sample of conference calls from 2002 to 2017, we find that managers in firms with better performance, more powerful CEOs, and a weaker information environment shift more from the topics of analysts' inquiries. Managers are also more likely to shift topics when analysts' questi...
• 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 ...
• The informativeness of stock price at dual-class firms AI翻译
  作者：Bangert, Jason; Myers, Linda A.; Schmardebeck, Roy
  作者单位：University System of Ohio; University of Cincinnati; University of Tennessee System; University of Tennessee Knoxville
  摘要：We examine whether disproportionate insider control, or the divergence between insider voting and cash flow rights at dual-class firms, influences the extent to which stock price reflects information about future firm performance. We find that current returns incorporate less information about future earnings and cash flows as disproportionate insider control increases. However, monitoring by influential institutional investors, strong board oversight, and high-quality disclosure significantly...
• Capital market regulation and human capital investment: evidence from SOX and accounting major choice AI翻译
  作者：Li, Yinghua; Shi, Haotian; Sun, Stephen Teng; Xiao, Xiao
  作者单位：Arizona State University; Arizona State University-Tempe; University of International Business & Economics; City University of Hong Kong; Wuhan University
  摘要：This paper analyzes the impact of the Sarbanes-Oxley (SOX) Act on individuals' decisions to invest their human capital in regulatory compliance. Exploiting geographic variation in SOX-induced growth in the demand for accounting labor and rich survey data on college students, we find that freshmen from regions with greater public company presence exhibit a more marked increase in the propensity to major in accounting after the enactment of SOX. Consistent with the financial incentives mechanism...
• Algorithmic trading and intra-industry information transfer AI翻译
  作者：Zhang, Xiaori; Jiang, Christine; Young, Danqing
  作者单位：Guangdong University of Technology; Fudan University; Chinese University of Hong Kong
  摘要：We examine the role of algorithmic trading in transmitting intra-industry information. Using a comprehensive U.S. sample, we find that algorithmic trading amplifies the stock price reactions of non-announcing firms to the earnings announcements of industry peers that report earlier in the same fiscal quarter. Further analyses reveal that sector exchange-traded funds serve as an important channel through which algorithmic trading facilitates the diffusion of industry information. Moreover, the ...
• Why do critical audit matters lack teeth? Insights from auditors' implementation experiences AI翻译
  作者：Griffith, Emily E.; Rousseau, Linette M.; Zehms, Karla M.
  作者单位：University of Wisconsin System; University of Wisconsin Madison; University of Houston System; University of Houston
  摘要：The PCAOB adopted critical audit matters (CAMs) to meet public demand for informative audit disclosure, but stakeholders are concerned this goal has not been achieved. We explore this disconnect via interviews with 30 highly experienced auditors. We find that audit firms expended considerable resources to implement CAM best practices. However, overwhelming institutional pressure gave rise to informal rules of thumb that prioritize symbolic comfort over substantive change. The first is don't be...