Does reporting quality affect systematic risk? Evidence from a regulatory lottery

IF 3.3 3区管理学 Q1 BUSINESS, FINANCE

Journal of Accounting and Public Policy Pub Date : 2023-07-01 DOI:10.1016/j.jaccpubpol.2023.107116

Linus Siming

引用次数: 0

Abstract

On June 1, 1976, the Swedish parliament voted on a legislative bill that, if approved, would have substantially increased the quality of the corporate information disclosed to the public. Since parliament was hung, the outcome of the vote was decided by a lottery. The winning lottery ticket was a “No”, which meant that the bill was rejected. I exploit this lottery as an exogenous event to study if reporting quality affects systematic risk. I find that the rejection of the bill resulted in a negative abnormal return that persisted in the following day. This result suggests that there is a causal relationship between reporting quality and equity prices through its impact on systematic risk.

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报告质量是否会影响系统风险？来自监管彩票的证据

1976年6月1日，瑞典议会投票通过了一项立法法案，如果该法案获得批准，将大大提高向公众披露的公司信息的质量。由于议会处于悬浮状态，投票结果由摇号决定。中奖的彩票是“No”，这意味着该法案被拒绝了。我利用这种抽奖作为外生事件来研究报告质量是否会影响系统风险。我发现拒付导致了一个负的异常回报，并持续到第二天。这一结果表明，通过报告质量对系统性风险的影响，报告质量与股价之间存在因果关系。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Accounting and Public Policy Multiple-

CiteScore

4.80

自引率

2.80%

发文量

期刊介绍： The Journal of Accounting and Public Policy publishes research papers focusing on the intersection between accounting and public policy. Preference is given to papers illuminating through theoretical or empirical analysis, the effects of accounting on public policy and vice-versa. Subjects treated in this journal include the interface of accounting with economics, political science, sociology, or law. The Journal includes a section entitled Accounting Letters. This section publishes short research articles that should not exceed approximately 3,000 words. The objective of this section is to facilitate the rapid dissemination of important accounting research. Accordingly, articles submitted to this section will be reviewed within fours weeks of receipt, revisions will be limited to one, and publication will occur within four months of acceptance.