CGN: Disclosure & Accounting Decisions (Topic)最新文献

{"title":"Information Asymmetry, Disclosure and Foreign Institutional Investment: An Empirical Investigation of the Impact of the Sarbanes-Oxley Act","authors":"Nida Abdioğlu, Vassiliki Bamiatzi, S. Cavusgil, A. Khurshed, K. Stathopoulos","doi":"10.2139/ssrn.2591256","DOIUrl":"https://doi.org/10.2139/ssrn.2591256","url":null,"abstract":"Do foreign institutional investors (FII) regard the introduction of rigorous disclosure requirements as a major incentive to invest in U.S. equities? We investigate the role of information asymmetry and the impact of firm-level disclosure on FII decisions. We use a unique context for analysis -- the enactment of the Sarbanes-Oxley Act (SOX), and find that foreign institutional investors increase their equity holdings in U.S. listed firms following the passage of SOX. The increase in U.S. equity holdings is largely accounted by passive, non-monitoring FII, who have the most to gain from the SOX-led reduction in the value of private information.","PeriodicalId":355269,"journal":{"name":"CGN: Disclosure & Accounting Decisions (Topic)","volume":"66 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123398805","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Accounting Conservatism and Creditor Recovery Rate","authors":"J. Donovan, Richard Frankel, Xiumin Martin","doi":"10.2139/ssrn.2205968","DOIUrl":"https://doi.org/10.2139/ssrn.2205968","url":null,"abstract":"ABSTRACT:  We examine the relation between accounting conservatism and creditor recovery rates for firms in default. We also test the link between conservatism and the length of bankruptcy resolutions. We find that creditors of firms with more conservative accounting before default have significantly higher recovery rates, and that this positive relation is more pronounced for default firms that violated covenants before the default. We also find that conservative firms have higher asset productivity, shorter bankruptcy resolution, and a significantly higher probability of emerging from bankruptcy. These results suggest that accounting conservatism preserves firm value, leading to higher creditor recovery upon borrower default. JEL Classifications: M4; G32; G33; G34.","PeriodicalId":355269,"journal":{"name":"CGN: Disclosure & Accounting Decisions (Topic)","volume":"85 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-12-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130787429","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Can Management Turnover Restore the Financial Statement Credibility of Restating Firms? Further Evidence","authors":"Mai Dao, H. Huang, Ken Y. Chen, Ting‐Chiao Huang","doi":"10.1111/jbfa.12081","DOIUrl":"https://doi.org/10.1111/jbfa.12081","url":null,"abstract":"This paper investigates the association between management turnover following financial restatements and the probability of subsequent restatements. We find that restating firms that replace management (CEO and/or CFO) are more likely to restate their financial statements again. We also find that subsequent restatements are mainly attributable to the new management. Overall, our results suggest that management turnover following restatements may not be an effective mechanism to remediate financial restatements, but the change to a new management results in a greater possibility of lower earnings quality (i.e., higher probability of subsequent financial restatements and accruals-based earnings management). Our study supports prior literature's findings that the change in the top management leads to organizational instability and higher accounting information risk. Our findings have implications for internal decisionmaking with regard to top executive replacement.","PeriodicalId":355269,"journal":{"name":"CGN: Disclosure & Accounting Decisions (Topic)","volume":"114 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"119689506","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Baltic Listed Companies’ Disclosure Quality – Far Ahead or Lagging Behind?","authors":"Imbi Karmo, Laivi Laidroo","doi":"10.2139/ssrn.2489096","DOIUrl":"https://doi.org/10.2139/ssrn.2489096","url":null,"abstract":"The objective of this paper is to determine the level of average quality of disclosures made in English by biggest companies listed on Baltic stock exchanges and to analyse it in the context of biggest companies listed on other Central and Eastern European (CEE) and three developed European (EU) stock exchanges. Content analysis reveals that the disclosure quality level of Baltic listed companies outperforms that of other CEE peers by at least 30% and in the context of stock exchange web page disclosures 50 to 80%. Compared to companies listed on developed EU stock exchanges, the disclosure quality of Baltic listed companies is slightly lower in the company home page category, however, it outperforms in the context of stock exchange web page disclosures. This result raises concerns about possibly too restrictive stock exchange web page disclosure regulations which may have a negative impact on the future outlook of Baltic stock exchanges.","PeriodicalId":355269,"journal":{"name":"CGN: Disclosure & Accounting Decisions (Topic)","volume":"89 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123312772","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Substitution between Real and Accruals-Based Earnings Management after Voluntary Adoption of Compensation Clawback Provisions","authors":"Lilian H. Chan, Kevin C. W. Chen, Tai-Yuan Chen, Yangxin Yu","doi":"10.2308/ACCR-50862","DOIUrl":"https://doi.org/10.2308/ACCR-50862","url":null,"abstract":"ABSTRACT: To deter financial misstatements, many companies have recently adopted compensation recovery policies—commonly known as “clawbacks”—that authorize the board to recoup compensation paid to executives based on misstated financial reports. Clawbacks have been shown to reduce financial misstatements and increase investors' confidence on earnings information. We show that the benefits come with an unintended consequence of certain firms substituting for accruals management with real transactions management (e.g., reduce research and development [R&D] expenditures), especially firms with strong incentives to achieve short-term earnings targets, such as firms with high growth or high transient institutional ownership. As such, the total amount of earnings management does not decrease subsequent to clawback adoption. We further show that although real transactions management temporarily boosts those clawback adopters' short-term profitability and stock performance, this trend reverses after three years....","PeriodicalId":355269,"journal":{"name":"CGN: Disclosure & Accounting Decisions (Topic)","volume":"59 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126281999","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Mandatory Portfolio Disclosure, Stock Liquidity, and Mutual Fund Performance","authors":"V. Agarwal, Kevin Mullally, Yuehua Tang, Baozhong Yang","doi":"10.2139/ssrn.2261522","DOIUrl":"https://doi.org/10.2139/ssrn.2261522","url":null,"abstract":"We examine the impact of mandatory portfolio disclosure by mutual funds on stock liquidity and fund performance. We develop a model of informed trading with disclosure and test its predictions using the SEC regulation in May 2004 requiring more frequent disclosure. Stocks with higher fund ownership, especially those held by more informed funds or subject to greater information asymmetry, experience larger increases in liquidity after the regulation change. More informed funds, especially those holding stocks with greater information asymmetry, experience greater performance deterioration after the regulation change. Overall, mandatory disclosure improves stock liquidity but imposes costs on informed investors.","PeriodicalId":355269,"journal":{"name":"CGN: Disclosure & Accounting Decisions (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131306440","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Evidence for the Existence of Downward Real Earnings Management","authors":"Bill Francis, I. Hasan, Lingxiang Li","doi":"10.2139/ssrn.2022639","DOIUrl":"https://doi.org/10.2139/ssrn.2022639","url":null,"abstract":"​Prior studies of real-activity earnings management (REM) focus on earnings-inflating abnormal activities. We seek to establish the existence of downward REM by investigating several corporate events in which managers have incentives to temporarily deflate market valuations. Specifically, we focus on, and find downward REM before, share repurchases, management buyouts (MBOs), and CEO option awards. Large-sample evidence of downward REM is also found in our general analysis of earnings smoothing. Downward REM becomes much smaller or nonexistent when there is a lack of managerial incentives in those events, such as non-carry-through repurchases, incomplete MBOs, and unexpected option awards. Following the research design of Zang (2012), we find that various REM and AEM cost factors consistently influence the magnitude of downward REM and AEM around the three corporate events.","PeriodicalId":355269,"journal":{"name":"CGN: Disclosure & Accounting Decisions (Topic)","volume":"181 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-04-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115280738","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Corporate Transparency and Bond Liquidity","authors":"Falko Fecht, Roland Füss, Philipp B. Rindler","doi":"10.2139/ssrn.2406820","DOIUrl":"https://doi.org/10.2139/ssrn.2406820","url":null,"abstract":"To answer the question what causes an asset to be illiquid, we analyze the impact that transparency of corporate accounting information has on the liquidity of its traded bonds. In particular, we focus on how this relationship depends on aggregate liquidity and the financial state of the firm. We use an extensive panel data set comprising more than 40,000 quarterly bond observations between 2004Q4 and 2012Q4. We find a statistically and economically significant impact of transparency on bond liquidity. This relationship becomes stronger during times of financial distress. We also find that the impact of transparency on liquidity is much larger than the influence of credit risk. Finally, we also find that transparent accounting information has a strong effect on liquidity risk.","PeriodicalId":355269,"journal":{"name":"CGN: Disclosure & Accounting Decisions (Topic)","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-03-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133471670","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Social and Environmental Disclosure by Chinese Firms","authors":"Yingjun Lu, Indra Abeysekera","doi":"10.4324/9781315797434","DOIUrl":"https://doi.org/10.4324/9781315797434","url":null,"abstract":"Given the increased social and environmental problems in China, this study is to undertake a study of social and environmental (environmental) disclosure practices of socially responsible Chinese listed firms. Conducted in three parts, this study first explores the current status of social and environment disclosure practices of the firms studied that sets the background to the other two core research questions. Secondly, this study empirically examines the relationship between corporate social and environmental disclosure and various influencing factors (i.e. stakeholders power and corporate characteristics). Thirdly, this study empirically examines the link between corporate social responsibility (CSR) reporting (i.e. publishing a CSR report and the quality of the CSR report) and socially responsible reputation of the firms studied. The sample of firms chosen for this study is drawn from a social responsibility ranking list of Chinese listed firms. A social and environmental disclosure index (SEDI) based on the Global Reporting Initiative (GRI) Sustainability Reporting Guidelines (G3 version) is constructed to assess firms’ social and environmental disclosure in their annual reports and CSR reports. This index comprises three dimensions: the quantity measure, the quality measure relating to disclosure types, and the quality measure relating to GRI disclosure items. The quantity dimension of the index is approached by using content analysis to collect the data about the frequency of 121 GRI disclosure items from firms’ annual reports and CSR reports. The quality dimension relating to disclosure types is approached by conducting a questionnaire survey to collect the data about stakeholders’ perceptions on the preference of different disclosure types identified from the literature. The quality dimension relating to disclosure items is approached by conducting a stakeholder panel consultation to ascertain stakeholders’ perceptions on the relative importance of 121 GRI disclosure items. The model-testing method is then used with relevant statistical techniques to examine the relationship between stakeholder-relevant social and environmental disclosure (SEDI) and various influencing factors identified in this study. Similarly, an empirical model is also designed to examine the link between CSR reporting (publishing a CSR report and the quality of the CSR report) and firms’ socially responsible reputation. The results of the first part indicate that most firms in the social responsibility ranking list published CSR reports for the year 2008 but social and environmental disclosure in their annual reports and CSR reports widely varied among firms. It is also found that the CSR report provided more stakeholder-relevant social and environmental disclosure than the annual report. The results of the second part show that corporate characteristics such as firm size, profitability and industry classification are all statistically significant factors influenci","PeriodicalId":355269,"journal":{"name":"CGN: Disclosure & Accounting Decisions (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-03-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128999356","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Subjective Falsity Under Section 11 of the Securities Act: Protecting Statements of Opinion","authors":"Daniel Smith","doi":"10.2139/ssrn.2394241","DOIUrl":"https://doi.org/10.2139/ssrn.2394241","url":null,"abstract":"Subjective Falsity Under Section 11 of the Securities Act: Protecting Statements of Opinion discusses the Sixth Circuit’s strict liability decision in Indiana State District Council of Laborers & Hod Carriers Pension & Welfare Fund v. Omnicare, Inc. for statements of opinion contained in registration statements, and its express departure from both the Second and Ninth Circuits. Consistent with the Second, Third, and Ninth Circuits, this Article proposes that both objective and subjective falsity should be the requisite pleading standard for section 11 opinion statement cases. This Article reaches this conclusion by examining the history of the Securities Act and section 11, pleading requirements, decisions of other circuits, current legal scholarship, and recently-implemented statutes and regulations. Additionally, this Article examines the detrimental effects that a strict liability holding will have on highly-regulated industries such as healthcare and finance. This case is currently pending before the Supreme Court, sub nom. Omnicare, Inc. v. Laborers District Council Construction Industry Pension Fund, distributed for conference of February 21, 2014.","PeriodicalId":355269,"journal":{"name":"CGN: Disclosure & Accounting Decisions (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-02-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129435992","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}