The Accounting Review

最新文章

• An Analysis of Multiple Consecutive Years of Material Weaknesses in Internal Control (vol 87, pg 2027, 2013) AI翻译
  作者：Gordon, Lawrence A.; Wilford, Amanda L.
• R2 and Idiosyncratic Risk Are Not Interchangeable AI翻译
  作者：Li, Bin; Rajgopal, Shivaram; Venkatachalam, Mohan
  作者单位：University of Texas System; University of Texas Dallas; Emory University; Duke University
  摘要：A growing literature investigates the association between stock return variation and several aspects of information and governance structures, in both a cross-country setting and a cross-firm setting within the U.S. Papers use either idiosyncratic stock return volatility (sigma(2)(e)) or R-2 as interchangeable measures of firm-specific return variation but report inconsistent results. An important reason for the differing interpretations is the assumption about whether lower R-2 (or higher sig...
• Accounting Anomalies, Risk, and Return AI翻译
  作者：Penman, Stephen H.; Zhu, Julie Lei
  作者单位：Columbia University; Boston University; Shanghai Jiao Tong University
  摘要：This paper investigates whether so-called anomalous returns predicted by accounting numbers reflect normal returns for risk or abnormal returns. It does so via a model showing how accounting numbers inform about normal returns if pricing were rational. The model equates expected returns to expectations of earnings and earnings growth, so that any variable that forecasts earnings and earnings growth also indicates the required return if the market prices those outcomes as risky. The empirical r...
• The Nature of Accounting Regulation AI翻译
  作者：Dewing, Ian; Georgiou, Omiros
  作者单位：University of East Anglia; University of London; London School Economics & Political Science
• A Field Study on the Use of Process Mining of Event Logs as an Analytical Procedure in Auditing AI翻译
  作者：Jans, Mieke; Alles, Michael G.; Vasarhelyi, Miklos A.
  作者单位：Hasselt University; Rutgers University System; Rutgers University Newark; Rutgers University New Brunswick
  摘要：There is a large body of accounting research literature examining the use of analytical procedures by auditors and proposing either new types of analytical procedures or more effective ways of implementing existing procedures. In this paper, we demonstrate using procurement data from a leading global bank the value added in an audit setting of a new type of analytical procedure: process mining of event logs. In particular, using process mining, we are able to identify numerous transactions tha...
• Ratcheting and the Role of Relative Target Setting AI翻译
  作者：Aranda, Carmen; Arellano, Javier; Davila, Antonio
  作者单位：University of Navarra; University of Navarra; IESE Business School
  摘要：Managers use a variety of information to set performance targets. Using data from 376 branches of a large travel retailer over five years, this study documents supervisors considering the relative performance of comparable units in target setting, which we term relative target setting (RTS). We find evidence of RTS after controlling for individual past performance in the form of ratcheting. Our findings also indicate that RTS partially shapes the use of other information on past performance. S...
• Debt Analysts' Views of Debt-Equity Conflicts of Interest AI翻译
  作者：De Franco, Gus; Vasvari, Florin P.; Vyas, Dushyantkumar; Wittenberg-Moerman, Regina
  作者单位：University of Toronto; University of London; London Business School; University of Chicago
  摘要：We investigate how the tone of sell-side debt analysts' discussions about debt-equity conflict events affects the informativeness of debt analysts' reports in debt markets. Conflict events such as mergers and acquisitions, debt issuance, share repurchases, or dividend payments potentially generate asset substitution or wealth expropriation by equity holders. We document that debt analysts routinely discuss these conflict events in their reports. More importantly, discussions about conflict eve...
• Affiliated Banker on Board and Conservative Accounting AI翻译
  作者：Erkens, David H.; Subramanyam, K. R.; Zhang, Jieying
  作者单位：University of Southern California; Indian School of Business (ISB); University of Texas System; University of Texas Dallas
  摘要：We examine the effect of lender monitoring through board representation, which we label affiliated banker on board (AFB) on conservative accounting. We hypothesize that monitoring reduces lenders' demand for conservatism-facilitated control transfers through debt covenants by reducing the information asymmetry that underlies the agency problem of debt. Consistent with our hypothesis, we find that AFB firms have markedly lower conservative accounting than non-AFB firms. This result is robust to...
• A Theory of Participative Budgeting AI翻译
  作者：Heinle, Mirko S.; Ross, Nicholas; Saouma, Richard E.
  作者单位：University of Pennsylvania
  摘要：This paper complements the ongoing empirical discussion surrounding participative budgeting by comparing its economic merits relative to a top-down budgeting alternative. In both budgeting regimes, private information is communicated vertically between a principal and a manager. We show that top-down budgeting incurs fewer agency costs than bottom-up budgeting whenever the level of information asymmetry is relatively low. Although the choice between top-down and bottom-up budgeting ultimately ...
• The Neuroscience Behind the Stock Market's Reaction to Corporate Earnings News AI翻译
  作者：Barton, Jan; Berns, Gregory S.; Brooks, Andrew M.
  作者单位：Emory University
  摘要：Using functional magnetic resonance imaging, we capture neural activity in the ventral striatum a key area in the human brain's reward processing circuit of 35 adult investors learning the earnings per share disclosed by 60 publicly traded companies. Before imaging, investors forecasted each company's earnings and took either a long or a short position in its stock. Consistent with prospect theory, we find strong neurobiological evidence of an asymmetric reaction to positive and negative earni...