The Accounting Review

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• Private Loan Issuance and Risk Factor Disclosure AI翻译
  作者：Dai, Lili; Landsman, Wayne R.; Peng, Zihang
  作者单位：University of New South Wales Sydney; University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine
  摘要：This study provides evidence that private loan issuance offers opportunities for borrowers to learn new information about their own risks and subsequently disclose such information in their risk factor disclosures (RFDs) to satisfy lenders' demand for transparency about borrowers' risks. This loan issuance effect on risk disclosures is more pronounced when greater learning opportunities are present and when lenders have a stronger demand for borrowers' risk information transparency. Further an...
• An Examination of the Listing of Analyst Coverage on Corporate Websites AI翻译
  作者：Bradshaw, Mark T.; Lee, Lian Fen; Peterson, Kyle
  作者单位：Boston College; University of Oregon
  摘要：We examine firm decisions to provide listings of sell -side analyst coverage on corporate investor relations (IR) websites. These listings are related to three major areas of financial research-voluntary disclosure, investor relations, and analysts. Our hand -collected data permit cross-sectional and time -series analyses. Firms are more likely to have such listings when analysts are more important information intermediaries and when firms are directly involved in managing their IR websites. F...
• Do Auditors View Off-the-Clock Misbehavior by Company Leadership as a Signal of Tone at the Top? AI翻译
  作者：Christensen, Brant E.; Cline, Brandon N.; Lundstrom, Nathan G.; Yore, Adam S.
  作者单位：Brigham Young University; Mississippi State University; University of Kansas; University of Missouri System; University of Missouri Columbia
  摘要：We study off-the-clock indiscretion accusations against corporate officers and directors and examine the extent, effectiveness, and context of auditors' response. In the year that indiscretion allegations are first publicized, auditors charge higher fees and are more likely to resign. Auditors respond to allegations against both top executives and board members. Further, reactions are strongest when allegations demonstrate a lack of individual integrity and, separately, when the audit office h...
• Revealed Proprietary Information Disclosure AI翻译
  作者：Zufarov, Rustam
  作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
  摘要：I examine whether and to what extent firms credibly disclose proprietary private information ahead of seasoned equity offerings. I assess proprietary information disclosures based on the magnitude of the association between a private information-based proxy and stock returns. Using a difference-in-differences design around the Securities Offering Reform (SOR) of 2005, which relaxed restrictions on disclosures, I find that equity-issuing firms disclose more than twice as much proprietary inform...
• How Large Is the Pay Premium from Executive Incentive Compensation? AI翻译
  作者：Albuquerque, Ana; Albuquerque, Rui; Carter, Mary Ellen; Dong, Qi (Flora)
  作者单位：Boston University; Boston College; Boston College; University System of Georgia; Kennesaw State University
  摘要：We estimate the pay premium associated with CEO incentive compensation. Using explicit detailed U.S. CEO compensation contract data and simulation analysis, we find that CEOs with riskier pay packages receive a premium for pay at risk that represents 13.5 percent of total pay. The premium is positively correlated with proxies for CEO risk aversion, but implied risk aversion values suggest that the premium is economically smaller than suggested by prior studies. We perform our tests using a var...
• Financial Analysis on Social Media and Disclosure Processing Costs: Evidence from Seeking Alpha AI翻译
  作者：Gomez, Enrique A.; Heflin, Frank; Moon Jr, James R.; Warren, James D.
  作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; University System of Georgia; University of Georgia; University System of Georgia; Georgia Institute of Technology; Texas A&M University System; Texas A&M University College Station; Mays Business School
  摘要：Less-informed investors face greater costs of processing earnings news into actionable information. Our findings suggest financial analysis on social media reduces less-informed investors' disclosure processing costs. We document an attenuated spike in earnings announcement (EA) information asymmetry for quarters containing more financial analysis on social media in the weeks prior to the EA. Cross-sectional evidence suggests this finding is stronger when coverage from traditional intermediari...
• In Financial Statements We Trust: Institutional Investors' Stockholdings after Restatements AI翻译
  作者：Cahan, Steven F.; Chen, Chen; Chen, Li
  作者单位：University of Auckland; Monash University; Australian National University
  摘要：How prior trust moderates investor responses to restatements is unknown. We examine how societal trust affects the changes in institutional investors' shareholdings around a restatement. We consider two competing hypotheses based on the erosion of trust and confirmatory bias. We find the change in institutional investors' shareholdings around a restatement is more negative for investors from high trust areas compared to low trust areas, consistent with an erosion of trust where high trust inst...
• Two Sides of the Same Coin: The Good and Bad of Alumni Affiliation during Auditor Evidence Collection AI翻译
  作者：Earley, Christine E.; Kuselias, Stephen G.; MacKenzie, Nikki L.
  作者单位：Providence College; University System of Georgia; Georgia Institute of Technology
  摘要：Regulators and researchers express concern about auditors who leave their firms for employment at their clients, due to lingering relationships which might represent a threat to audit quality. These relationships could negatively impact audit quality through undue influences of the client personnel on auditor judgment. We examine how these relationships influence novice auditors during evidence collection. Understanding the effects of alumni affiliation on evidence collection is important beca...
• The Effect of the Current Expected Credit Loss Model on Conditional Conservatism of Banks and Its Spillover Effect on Borrower Conservatism AI翻译
  作者：Qiang, Xinrong; Wang, Jing
  作者单位：Dongbei University of Finance & Economics; Queens University - Canada; University of Sussex
  摘要：Under the Current Expected Credit Loss (CECL) model, banks should fully recognize expected lifetime credit losses upon loan origination while gradually recognizing interest revenues. This timelier recognition of losses versus gains (i.e., conditional conservatism) makes banks more capital constrained. To mitigate this, banks may (1) offset timelier credit losses by lowering conservatism in other earnings components and (2) reduce credit losses by demanding greater borrower conservatism. We fin...
• Stock Price Reactions to the Information and Bias in Analyst-Expected Returns AI翻译
  作者：Loudis, Johnathan A.
  作者单位：University of Notre Dame
  摘要：I use a novel decomposition to estimate information and bias components from the returns implied by analyst price targets and provide evidence that prices simultaneously under -react to information and over -react to bias. Price reactions to information are permanent, and prices drift in the direction of their initial reaction for up to 12 months. Price reactions to bias are transitory, and prices reverse their initial reaction after about three months. Price reactions are relatively efficient...