Contemporary Accounting Research最新文献

{"title":"Out of the Office: Market Impacts of Institutional Investor Distraction\u0000 Absence du bureau : la distraction des grands investisseurs et ses impacts sur le marché","authors":"S. Owen Davidson,&nbsp;Michael S. Drake,&nbsp;James R. Moon Jr.,&nbsp;James D. Warren","doi":"10.1111/1911-3846.70051","DOIUrl":"https://doi.org/10.1111/1911-3846.70051","url":null,"abstract":"<div>\u0000 \u0000 <p>Research has long recognized that institutional investors possess significant information processing advantages. Yet even these investors face limited-attention constraints, implying that periods of distraction may attenuate their advantage. We examine the effects of a plausibly exogenous shock to institutional attention arising from the annual buy-side-focused Equity Research and Valuation (ERV) conference for Chartered Financial Analysts on institutions' information processing at earnings announcements. Validation tests using conference call data indicate that fewer buy-side analysts are present on earnings calls during ERV conferences and that questions are shorter, consistent with the presence of substitute or backup analysts. In our main analyses, we find that buy-side analyst inattention reduces information asymmetry among investors and improves liquidity at these earnings announcements, consistent with theory, and observe similar results for non–earnings announcement events. In additional tests, we document slower price formation, but also more profitable retail trading, during these periods. Collectively, we provide novel evidence on the market consequences of institutional inattention during key information events.</p>\u0000 </div>","PeriodicalId":10595,"journal":{"name":"Contemporary Accounting Research","volume":"43 3","pages":"1376-1405"},"PeriodicalIF":4.9,"publicationDate":"2026-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149011573","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"SEC Attention, A to Z\u0000 L'attention de la SEC, de A à Z","authors":"Lorien Stice-Lawrence","doi":"10.1111/1911-3846.70057","DOIUrl":"https://doi.org/10.1111/1911-3846.70057","url":null,"abstract":"<div>\u0000 \u0000 <p>I use downloads of regulatory filings by SEC employees as a measure of SEC attention and find that SEC employees are disproportionately less likely to review the filings of firms with names later in the alphabet. Additional tests show that alphabetical order determines a firm's priority when the SEC follows up on common shocks among peer firms and that the strength of the SEC's alphabetical bias does not vary with the intensity of resource constraints. Further, the SEC appears to be more surprised by the restatements of end-of-the-alphabet firms. These results are consistent with a cognitive bias that leads SEC employees to pay more attention to firms at the top of alphabetically sorted lists. Last, using shocks to alphabetical order caused by firm name changes, I find that alphabetically induced increases in SEC attention are linked with lower future noncompliance, suggesting that the regulatory effects of alphabetical order are material. Overall, this study highlights the “human” element of regulatory attention.</p>\u0000 </div>","PeriodicalId":10595,"journal":{"name":"Contemporary Accounting Research","volume":"43 3","pages":"1594-1627"},"PeriodicalIF":4.9,"publicationDate":"2026-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149011619","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Product Market Threats: Implications for Future Performance and Use by Market Participants\u0000 Menaces sur le marché des produits : incidences sur le rendement futur et utilisation par les participants au marché","authors":"Marcus Kirk,&nbsp;Zhenhao (Jeffery) Piao,&nbsp;Diana L. Weng","doi":"10.1111/1911-3846.70059","DOIUrl":"https://doi.org/10.1111/1911-3846.70059","url":null,"abstract":"<div>\u0000 \u0000 <p>This study examines whether competition in the form of emerging threats from rivals' overlapping product strategies has explanatory power for future performance and volatility, beyond existing competition measures and firm life cycle proxies. We proxy for emerging threats using product market fluidity, which captures competitive pressures and instability arising from rivals' evolving product overlap. Specifically, higher fluidity (i.e., higher product market threats) is negatively associated with future profitability and operating cash flows and positively associated with the variability of future profitability and operating cash flows. We also find fluidity is negatively associated with future asset turnover, margins, and expenses, and only moderately positively associated with future sales, shedding light on the mechanisms through which product market threats manifest in future performance. However, capital market participants do not fully incorporate this information, leading to predictable future stock returns and analyst forecast errors. Overall, our findings suggest that the dynamism and fluidity in a firm's product market space convey valuable and distinct information to capital market participants.</p>\u0000 </div>","PeriodicalId":10595,"journal":{"name":"Contemporary Accounting Research","volume":"43 3","pages":"1528-1561"},"PeriodicalIF":4.9,"publicationDate":"2026-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149011623","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Cost Information, Insider Trading, and Product Market Equilibrium\u0000 Renseignements sur les coûts, opération d'initié et équilibre du marché des produits","authors":"Dingwei Gu,&nbsp;Hanwen Sun","doi":"10.1111/1911-3846.70061","DOIUrl":"https://doi.org/10.1111/1911-3846.70061","url":null,"abstract":"<p>We study how insider trading based on private cost information affects product market outcomes when firms differ in cost variance. In our model, managers exploit firm-specific cost information to pursue short-term trading gains, leading them to adjust output decisions and reshape product market competition. We show that trading opportunities have heterogeneous effects on firms' production and value: firms with high cost variance overproduce, whereas those with low cost variance underproduce; correspondingly, the value of firms with high cost variance rises, while that of firms with low cost variance declines. These results demonstrate how heterogeneous costs and private cost information create real economic consequences by linking insider trading incentives to distortions in product market competition and firm value.</p>","PeriodicalId":10595,"journal":{"name":"Contemporary Accounting Research","volume":"43 3","pages":"1628-1650"},"PeriodicalIF":4.9,"publicationDate":"2026-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1911-3846.70061","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149011563","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Do Key Audit Matters in Hong Kong and Mainland China Provide Incremental Information and Improve Audit Quality?\u0000 Les questions clés de l'audit à Hong Kong et en Chine continentale fournissent-elles des renseignements supplémentaires et améliorent-elles la qualité de l'audit?","authors":"Lin Liao,&nbsp;Miguel Minutti-Meza,&nbsp;Valbona Sulcaj,&nbsp;Yun Zhang,&nbsp;Youli Zou","doi":"10.1111/1911-3846.70072","DOIUrl":"https://doi.org/10.1111/1911-3846.70072","url":null,"abstract":"<p>We examine the adoption of expanded audit reports that include key audit matters (KAMs) in Hong Kong (2016) and mainland China (2017). These jurisdictions are highly integrated and together constitute one of the largest economies to adopt the IAASB's reporting standards in a staggered fashion, while also differing in investor protection and legal enforcement. Using matched samples, pre-post tests, and staggered difference-in-differences analyses with company fixed effects, we do not find compelling evidence that expanded audit reports affect market reactions or audit quality. These findings suggest a substantial gap between regulatory intent and implementation—on average, in these markets, KAMs do not appear to meet investors' demand for incremental information or to improve audit quality substantially. At the same time, our cross-sectional evidence on KAM characteristics is more nuanced. A higher number of KAMs and the presence of novel or transaction-specific KAMs are associated with stronger pricing of fundamentals, consistent with investors perceiving the related financial statements as better vetted. Yet a higher number of KAMs and novel KAMs are also associated with lower profitability persistence, consistent with these disclosures reflecting company risk and volatility. In contrast, industry-common KAMs appear less relevant for valuation, consistent with investors discounting routine disclosures, even though they are associated with more persistent performance likely reflecting more stable industry conditions. Overall, our evidence suggests that mandating expanded audit reports alone may be of limited value, whereas better tailored KAM disclosures may still serve as signals of firm fundamentals and future performance.</p>","PeriodicalId":10595,"journal":{"name":"Contemporary Accounting Research","volume":"43 3","pages":"1439-1473"},"PeriodicalIF":4.9,"publicationDate":"2026-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1911-3846.70072","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149011585","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"L'envolée épistémique de la recherche comptable en économie financière : une étude historique sur la conception de l'utilité de la comptabilité*The Epistemic Rise of Accounting Research in Financial Economics: A Historical Study on the Conception of the Usefulness of Accounting","authors":"Pier-Luc Lajoie,&nbsp;Yves Gendron","doi":"10.1111/1911-3846.70065","DOIUrl":"https://doi.org/10.1111/1911-3846.70065","url":null,"abstract":"<p>The study published by Ball and Brown in 1968 is mainly recognized for its assertion that the accounting of the time was useful to investors, which contradicted the normative accounting literature then considered the authority. This idea was not self-evident, and we aim in this paper to better understand how the assertion initially introduced in Ball and Brown's article became firmly established in an important stream of academic accounting literature: “empirical” accounting research in financial economics. We conduct a historical study, drawing on some concepts from the “sociology of translation,” to examine the rise of accounting research in financial economics, which unfolded through several reinterpretations of the concept of utility—shifting from stock market valuation to the framing of contractual clauses, in addition to the discovery of market anomalies. Our analyses highlight, on the one hand, the social processes surrounding the emergence and development of accounting research in financial economics and, on the other hand, the fragility and vagueness of the foundations upon which this type of research was built. Contradicting the claim that accounting research in financial economics naturally prevailed due to its superiority in terms of knowledge, we argue that the fragility and vagueness of that perspective, instead of undermining its credibility, contributed to establishing a climate of conceptual ambiguity that was conducive to its propagation. This ambiguity is expressed at two levels: ambiguous mobilization of the efficient market hypothesis, and semantic ambiguity in the conception of the usefulness of accounting information. More generally, our article adds to the discussion of “travels of ideas” and “boundary gatekeeping” surrounding established ideas.</p>","PeriodicalId":10595,"journal":{"name":"Contemporary Accounting Research","volume":"43 3","pages":"1283-1337"},"PeriodicalIF":4.9,"publicationDate":"2026-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1911-3846.70065","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149011588","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Analysts' Cultural Long-Term Orientation and Their Information Production\u0000 Orientation culturelle à long terme des analystes et production d'information","authors":"Shuping Chen,&nbsp;Jay Heon Jung,&nbsp;Sonya S. Lim,&nbsp;Yong Yu","doi":"10.1111/1911-3846.70058","DOIUrl":"https://doi.org/10.1111/1911-3846.70058","url":null,"abstract":"<p>We study how analysts' inherited cultural attitudes to time orientation affect their production of long-term information and the profitability of their stock recommendations. We find that analysts from long-term-oriented cultures exhibit a longer forecast horizon and issue more long-term forecasts. They also produce more accurate long-term forecasts and ask more long-term-focused questions during conference calls, eliciting greater long-term disclosure from managers. In addition, they are more likely to use discounted valuation models that explicitly incorporate expectations about firms' long-term prospects. Further, their stock recommendations are more profitable, consistent with their production of long-term information enhancing valuation. Our findings highlight the role of cultural long-term orientation in shaping analysts' information production in capital markets.</p>","PeriodicalId":10595,"journal":{"name":"Contemporary Accounting Research","volume":"43 3","pages":"1474-1503"},"PeriodicalIF":4.9,"publicationDate":"2026-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1911-3846.70058","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149011642","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Does Mobile Communication Technology Have Capital Market Consequences? Evidence From Worldwide Launches of 3G Networks\u0000 La technologie cellulaire a-t-elle des incidences sur les marchés financiers? Données issues du déploiement mondial des réseaux 3G","authors":"Jinshuai Hu,&nbsp;Yongtae Kim,&nbsp;Siqi Li,&nbsp;Yibing Wu","doi":"10.1111/1911-3846.70062","DOIUrl":"https://doi.org/10.1111/1911-3846.70062","url":null,"abstract":"<div>\u0000 \u0000 <p>Exploiting the staggered rollout of third-generation (3G) mobile broadband networks across 40 countries between 1999 and 2012, we examine how technological progress affects capital markets. We find that the introduction of 3G networks is followed by a reduction in bid-ask spreads and an increase in price informativeness. These effects are more pronounced among firms with lower institutional ownership, indicating that information access through mobile broadband networks disproportionally benefits retail investors. We further show that these effects are concentrated in countries with well-functioning markets, as characterized by transparent accounting information, broad investor participation, and strong legal protections for investors. Taken together, our findings suggest that mobile broadband connectivity reduces information frictions and improves price informativeness. They further highlight the institutional conditions under which these benefits materialize.</p>\u0000 </div>","PeriodicalId":10595,"journal":{"name":"Contemporary Accounting Research","volume":"43 3","pages":"1406-1438"},"PeriodicalIF":4.9,"publicationDate":"2026-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149011561","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Questioning of Special Items During Conference Calls: High Quality or Highly Questionable?\u0000 Réexaminer des éléments exceptionnels lors des conférences téléphoniques : une pratique d'excellence ou très contestable?","authors":"Jiajia Fu,&nbsp;Yuan Ji,&nbsp;James Potepa","doi":"10.1111/1911-3846.70060","DOIUrl":"https://doi.org/10.1111/1911-3846.70060","url":null,"abstract":"<p>Accounting standards require firms to distinguish recurring revenues and expenses from nonrecurring gains and losses, which are often referred to as special items. However, not all special items are genuinely nonrecurring. Exploiting the setting of earnings conference calls, we explore whether analysts can identify opportunistic special items, as evidenced by asking for more information about them. We find evidence that managers' discussions of special items more often relate to predicted special items, whereas analysts have more questions about potentially opportunistic special items. Managers adopt a relatively more negative tone and use more words when answering questions about potentially opportunistic special items. Finally, we find that analysts who question potentially opportunistic special items have fewer opportunities to speak in the subsequent call, consistent with managerial retaliation.</p>","PeriodicalId":10595,"journal":{"name":"Contemporary Accounting Research","volume":"43 3","pages":"1651-1681"},"PeriodicalIF":4.9,"publicationDate":"2026-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1911-3846.70060","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149011570","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Black Representation Through the University to Audit Firm Pipeline\u0000 Représentation des personnes noires dans le parcours universitaire menant aux cabinets d'audit","authors":"Paul E. Madsen","doi":"10.1111/1911-3846.70070","DOIUrl":"https://doi.org/10.1111/1911-3846.70070","url":null,"abstract":"<div>\u0000 \u0000 <p>This study evaluates the auditing profession's diversity outcomes by comparing diversity along the university to job pipeline for auditing and other comparison disciplines. My tests show consistently anomalous outcomes for Black people in the audit labor pipeline, and therefore, I focus the study on them. I find that, among college freshmen planning to major in accounting, Black college freshmen are significantly <i>overrepresented</i> relative to freshmen planning to major in other business disciplines or nonbusiness disciplines. I find evidence of Black <i>underrepresentation</i> in the audit labor pipeline at every subsequent point: among accounting bachelor's and master's degree recipients, in the audit firm recruiting process, and among young professional auditors. My evidence of especially sharp Black attrition from accounting degree programs is, to my knowledge, novel. Although I lack sufficient data to pinpoint the mechanisms causing this sharp Black attrition from accounting degree programs, my findings are inconsistent with the popular theory that Black college students are distinctively uninterested in pursuing accounting education. It is not yet possible to make well-targeted and data-driven policy prescriptions to counter Black attrition from accounting degree programs because its causes are not well understood. Universities could contribute to the diagnosis process by systematically collecting and distributing data characterizing when and why students select away from accounting. My findings on audit firm recruiting are inconsistent with popular theories that Black underrepresentation in audit firms is attributable to overtly racially biased recruiters or lower interest among Black accounting graduates in pursuing careers in audit firms. Rather, my findings conform best with unintentionally biased recruiting by audit firms, which appear to make recruiting investments using outdated definitions of school quality. My evidence suggests that campus-recruiting leaders within audit firms have the opportunity to hire more Black auditors without reducing the quality of the schools from which they recruit.</p>\u0000 </div>","PeriodicalId":10595,"journal":{"name":"Contemporary Accounting Research","volume":"43 3","pages":"1804-1838"},"PeriodicalIF":4.9,"publicationDate":"2026-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149011625","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}