Contemporary Accounting Research最新文献_第10页

Private information and bank-loan pricing: The effect of upcoming corporate spinoffs 私人信息与银行贷款定价:即将到来的公司分拆的影响

IF 3.6 3区管理学

Contemporary Accounting Research Pub Date : 2023-06-10 DOI: 10.1111/1911-3846.12881

Ole-Kristian Hope, Vlad-Andrei Porumb, Simona Rusanescu, Dushyantkumar Vyas

{"title":"Private information and bank-loan pricing: The effect of upcoming corporate spinoffs","authors":"Ole-Kristian Hope, Vlad-Andrei Porumb, Simona Rusanescu, Dushyantkumar Vyas","doi":"10.1111/1911-3846.12881","DOIUrl":"10.1111/1911-3846.12881","url":null,"abstract":"Corporate spinoffs are important events that are accompanied by valuation and credit-risk implications for the parent firm. Among other benefits, spinoffs can improve corporate focus and enhance valuation transparency. In the debt-contracting context, however, spinoffs can also be associated with negative outcomes for the divesting firms. We examine whether banks, due to their timely access to material private information, are able to ascertain the likelihood and the implications of impending spinoffs for the parent firm before a formal public announcement of the spinoff. Our empirical analyses indicate that, in the 365-day pre-spinoff announcement period, banks charge incrementally higher (lower) spreads to borrowers with increased (decreased) post-spinoff riskiness relative to nondivesting firms. This suggests that, while lenders recognize the value- and transparency-enhancing effects of spinoffs, they are also able to foresee potentially negative implications of these divestitures. Cross-sectional analyses indicate that banks charge incrementally lower loan spreads if spinoffs result in high-risk borrowers having either higher reporting quality or lower reporting or operational complexity. These results suggest that the post-spinoff increase in riskiness is compensated by the divestiture benefits typically associated with spinoffs. Similarly, high-risk borrowers incur larger spreads if they do not undergo “focus-increasing” spinoffs. Overall, our findings suggest that banks are able to ex ante determine the implications of important corporate events such as spinoffs.","PeriodicalId":10595,"journal":{"name":"Contemporary Accounting Research","volume":null,"pages":null},"PeriodicalIF":3.6,"publicationDate":"2023-06-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135396766","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}

引用次数: 0

Strangers in the city: Spacing and social boundaries among accountants in the global city 城市中的陌生人:全球化城市中会计师之间的间隔和社会边界

IF 3.6 3区管理学

Contemporary Accounting Research Pub Date : 2023-06-04 DOI: 10.1111/1911-3846.12879

Rania Kamla

{"title":"Strangers in the city: Spacing and social boundaries among accountants in the global city","authors":"Rania Kamla","doi":"10.1111/1911-3846.12879","DOIUrl":"10.1111/1911-3846.12879","url":null,"abstract":"By conducting in-depth interviews with 40 migrant and local accountants living and working in Dubai, the paper demonstrates how individual accountants draw on the global city as they make sense of and reconstruct professional identities and social boundaries of inclusion/exclusion. The analysis builds on Zygmunt Bauman's three social spacing processes: cognitive, aesthetic, and moral. The findings from lived experiences show that through cognitive spacing, the construction of other nationality groups of accountants as “strangers” is essential to the construction of participants' professional identities. Boundaries between groups of accountants are constructed in professional spaces (e.g., offices, teams, departments, sectors, firms, senior positions) through stereotype-based identity work, stigmatizing accountants from different nationalities, as well as constructing cultures and qualifications as suitable or unsuitable for these spaces. In aesthetic spacing, boundaries and identities are constructed around the extent of freedom to be mobile, travel, and live pleasurably. This gives rise to the “tourist” and “vagabond” categories of accountants, constructing boundaries around who should be included/excluded in senior positions, based on the transitional power of their passports. In moral spacing, some accountants reflect and use their agency to transcend and resist boundaries constructed in cognitive and aesthetic spaces. They enact a moral self, where relationships with “stranger” accountants are based on moral responsibility and care for the Other. Attention to spacing processes in the global city demonstrates how individual accountants are active agents in reconstructing inclusion/exclusion boundaries and divisions in the profession. The findings indicate that if we are to foster a more open and inclusive profession, there is a need to consider spatial/spacing dimensions in both the city and the profession.","PeriodicalId":10595,"journal":{"name":"Contemporary Accounting Research","volume":null,"pages":null},"PeriodicalIF":3.6,"publicationDate":"2023-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1911-3846.12879","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44174101","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}

引用次数: 0

Audit partner identification, matching, and the labor market for audit talent 审计合作伙伴的识别、匹配和审计人才的劳动力市场

IF 3.6 3区管理学

Contemporary Accounting Research Pub Date : 2023-05-31 DOI: 10.1111/1911-3846.12878

Mingcherng Deng, Eunhee Kim, Minlei Ye

引用次数: 0

Reporting misstatements as revisions: An evaluation of managers' use of materiality discretion 作为修订报告错报:对管理人员使用重大裁量权的评价

IF 3.6 3区管理学

Contemporary Accounting Research Pub Date : 2023-05-22 DOI: 10.1111/1911-3846.12877

Rachel A. Thompson

引用次数: 0

Peer effects in subjective performance evaluation 主观绩效评价中的同伴效应

IF 3.6 3区管理学

Contemporary Accounting Research Pub Date : 2023-05-21 DOI: 10.1111/1911-3846.12876

Gavin Cassar, Taeho Ko

引用次数: 0

CEO career concerns in early tenure and corporate social responsibility reporting CEO早期任职的职业关注和企业社会责任报告

IF 3.6 3区管理学

Contemporary Accounting Research Pub Date : 2023-05-16 DOI: 10.1111/1911-3846.12874

Long Chen, Chih-Hsien Liao, Albert Tsang, Li Yu

引用次数: 0

Throwing in the towel: What happens when analysts' recommendations go wrong? 认输：当分析师的建议出错时会发生什么？

IF 3.6 3区管理学

Contemporary Accounting Research Pub Date : 2023-05-12 DOI: 10.1111/1911-3846.12875

Kenneth Lee, Mark Aleksanyan, Elaine Harris, Melina Manochin

{"title":"Throwing in the towel: What happens when analysts' recommendations go wrong?","authors":"Kenneth Lee, Mark Aleksanyan, Elaine Harris, Melina Manochin","doi":"10.1111/1911-3846.12875","DOIUrl":"10.1111/1911-3846.12875","url":null,"abstract":"Every analyst will experience stock recommendation failures during their career. Unlike many other professions, these pivotal moments occur in the full glare of clients, colleagues, equity-sales teams, and the media. This research explores the practices of analysts up to and beyond the point where, faced with a failing recommendation, they contemplate “throwing in the towel” on their recommendation. Based on empirical evidence gathered from interviews with sell-side analysts and their key interlocutors—equity-sales specialists, investors, and investor relations officers—this paper uncovers several new empirical insights into the recommendation practices of analysts. The main argument made in the paper is that capitulation practices emerge from the specific contextual framework of individual recommendations and the analyst's conduct as a knowledgeable, emotional human agent. We identify several contextual contingencies of stock recommendations that underpin how a capitulation episode unfolds, including the temporal proximity of the capitulation to the original recommendation; the importance and profile of the stock to the analyst's reputation (“franchise intensity”); the level of interest/reaction from clients, equity-sales teams and corporates; the nature/cause of recommendation failure; and recommendation boldness. Our study provides evidence that what an analyst does when faced with a failing recommendation cannot be reduced to a predictable, rational process and informs our understanding of observed practices such as the reluctance of analysts to capitulate and why “recommendation paralysis” often follows a recommendation capitulation.","PeriodicalId":10595,"journal":{"name":"Contemporary Accounting Research","volume":null,"pages":null},"PeriodicalIF":3.6,"publicationDate":"2023-05-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1911-3846.12875","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49552812","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}

引用次数: 0

Enterprise system implementation and cash flow volatility 企业系统实施与现金流波动

IF 3.6 3区管理学

Contemporary Accounting Research Pub Date : 2023-05-09 DOI: 10.1111/1911-3846.12872

Alfred Z. Liu, Morton Pincus, Sean Xin Xu

引用次数: 0

Managerial performance evaluation and organizational form 管理绩效评估和组织形式

IF 3.6 3区管理学

Contemporary Accounting Research Pub Date : 2023-05-09 DOI: 10.1111/1911-3846.12873

Michael Krapp, Wolfgang Schultze, Andreas Weiler

引用次数: 0

Technological peer pressure and skill specificity of job postings 技术同行压力与职位的技能特异性

IF 3.6 3区管理学

Contemporary Accounting Research Pub Date : 2023-05-02 DOI: 10.1111/1911-3846.12870

Yi Cao, Shijun Cheng, Jennifer Wu Tucker, Chi Wan

{"title":"Technological peer pressure and skill specificity of job postings","authors":"Yi Cao, Shijun Cheng, Jennifer Wu Tucker, Chi Wan","doi":"10.1111/1911-3846.12870","DOIUrl":"10.1111/1911-3846.12870","url":null,"abstract":"Human capital is a major impetus for technological innovation. We examine the relation between the technological dimension of product market competition and the disclosure of skill requirements in job postings. On the one hand, technological competition may raise the urgency of recruiting tech talent and make firms provide more specific skill requirements. On the other hand, technological competition can increase the proprietary costs of skill requirement disclosure. Using technological peer pressure as a measure of technological competition, we find that firms facing intense technological competition provide more specific skill requirements for tech positions, suggesting that the disclosure benefits outweigh the proprietary costs when firms face pressure to innovate. The effect of technological peer pressure is more pronounced among firms that make only incremental innovations and less pronounced among firms that rely on trade secrets or have greater industry peer presence in close geographical proximity. Our study documents a distinct relationship between technological competition and voluntary disclosure targeted to labor market participants.","PeriodicalId":10595,"journal":{"name":"Contemporary Accounting Research","volume":null,"pages":null},"PeriodicalIF":3.6,"publicationDate":"2023-05-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48637764","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}

引用次数: 1