Review of Accounting Studies

最新文章

• Exogenous stock liquidity improvements and voluntary disclosure AI翻译
  作者：Hagenberg, Thomas C.; Miller, Brian P.; Sharma, Anish; Yohn, Teri Lombardi
  作者单位：Northwestern University; State University System of Florida; University of Florida; University System of Georgia; University of Georgia; Emory University
  摘要：We study whether exogenous improvements in stock liquidity, unrelated to the information environment, affect managers' disclosure choices. We exploit the 1997 Nasdaq reforms, which exogenously improved stock liquidity by reducing the non-information asymmetry components of the bid-ask spread, and find that Nasdaq firms reduced voluntary disclosure relative to a control group of unaffected firms. This evidence is consistent with managers substituting between components of the bid-ask spread whe...
• User anonymity and the informativeness of social media: evidence from a natural experiment AI翻译
  作者：Huang, Kanyuan; Wang, Yakun; Wong, T. J.; Zhang, Tianyu
  作者单位：The Chinese University of Hong Kong, Shenzhen; University of Southern California
  摘要：We examine how removing user anonymity affects social media's ability to generate value-relevant information for the stock market. Using a difference-in-differences design that exploits the differential timing of adopting real-name verification policies by the two most popular investment-related social media websites in China, we find that content on the treated site becomes significantly more informative about future stock returns and earnings after the policy takes effect. This effect is pri...
• 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...
• Green patenting and voluntary innovation disclosure AI翻译
  作者：Skinner, A. Nicole; Valentine, Kristen
  作者单位：University of Colorado System; University of Colorado Boulder; University System of Georgia; University of Georgia
  摘要：We investigate whether green innovators voluntarily provide innovation disclosure to reduce processing costs for stakeholders and gain green-specific disclosure benefits. We observe that green patenting firms provide more innovation disclosure in conference calls than do other innovating peers, controlling for patent value. Using a patent-call unit of analysis, we also provide within-firm evidence that managers highlight their green inventions more on conference calls relative to their other i...
• Misinformation regulations: early evidence on corporate social media strategy AI翻译
  作者：Crowley, Richard M.; Lou, Yun; Tan, Samuel T.; Zhang, Liandong
  作者单位：Singapore Management University
  摘要：Against the backdrop of an increasing threat of misinformation on social media, several countries have enacted regulations to curb the spread of misinformation. This study examines how corporate social media strategy responds to misinformation regulations. Using a large cross-country dataset of corporate tweets and a stacked regression analysis, we show that misinformation regulations lead to less corporate social media disclosure. This result suggests that, by deterring misinformation, these ...
• Gender bias and female analyst performance: evidence from the #MeToo movement AI翻译
  作者：Hao, Rubin; Luo, Shikong (Scott); Xue, Jing; Yang, Haoyi
  作者单位：University of Macau; University of New Mexico; Nanjing University of Science & Technology; Wenzhou-Kean University
  摘要：This study investigates the impact of changing gender bias on the career advancement and forecasting performance of female analysts. By using the #MeToo movement as a shock to the prevailing gender-based discrimination, we find that women experience improvements in participation and promotion in the equity research profession. #MeToo has fostered a more gender-inclusive environment both in the brokerages where analysts work and the firms they cover, as evidenced by more performance based promo...
• Attention to detail: how do information users process exhibits in Form 10-K? AI翻译
  作者：Cheng, Stephanie F.; Li, Yimeng; Lin, Pengkai
  作者单位：Tulane University; Tsinghua University; Tsinghua University; Singapore Management University
  摘要：Form 10-K offers a setting for studying how users process complex, multi-layered disclosures: managerial narratives in the main file alongside separate exhibits, such as contracts and certifications, that provide unfiltered detail. Drawing on rational inattention theory, we investigate how users allocate limited attention across these components. Users typically begin with the main file and selectively access exhibits when the main file appears shorter, less readable, or less confident, indica...
• Individual investors' paid news subscriptions AI翻译
  作者：Green, Jeremiah; Kim, Eunjee; Lourie, Ben; Zhu, Chenqi
  作者单位：Texas A&M University System; Texas A&M University College Station; Mays Business School; University of California System; University of California Irvine
  摘要：We study individual investors' paid news subscriptions. Among individual investors, only 4% of individual-quarters include a news subscription, and 1.2% include a financial news subscription. These low rates mask substantial variation across news sources and over time. Within financial news, approximately 30% of aggregate subscription dollars are spent on crowdsourced news, with the remaining 70% spent on traditional financial news. Subscription dollars vary over time, with crowdsourced news a...