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

{"title":"XBRL Taxonomy Design: Empirical Evidence from IFRS and U.S. GAAP Filers","authors":"D. Beerbaum","doi":"10.2139/ssrn.2385679","DOIUrl":"https://doi.org/10.2139/ssrn.2385679","url":null,"abstract":"Research Question/Issue: In the last twenty years a technological revolution occurred fueled by the widespread diffusion of the internet. With regard to Financial Reporting, this trend also generated the development of Extensible Business Reporting Language (XBRL), which many accounting experts expect to revolutionize financial reporting since it allows corporate financial information to be aggregated, transmitted and analyzed quicker and more accurately (Bovee, Srivastava, & Mak, 2003). Current theory about taxonomy implementation assumes that the extension rate of IFRS-filers in comparison to U.S. GAAP-filers is much higher and therefore the objectives of standardization, comparability and reusability of the information that is sought with the XBRL framework is limited for the IFRS XBRL implementation (Bonson, Cortijo, & Escobar, 2009). The Security Exchange Commission (SEC) has expressed similar concerns due to design difference, as the IFRS Taxonomy compared to U.S. GAAP only provides a reduced number of tags or elements so that the likelihood of companies creating extensions, or custom tags, in their XBRL submissions is much higher for IFRS than U.S. GAAP (Whitehouse, 2012). The research question is if these design difference can be confirmed based on empirical data for IFRS-filers in comparison to existing research findings on U.S. GAAP. Research Findings/Insights: The main research finding is that although the number of total elements within the U.S. GAAP taxonomy compared to the IFRS taxonomy is three times higher looking at empirical data it becomes obvious that this only represent a theoretical design difference and is misleading as in practice only a small portion of the U.S. GAAP taxonomy is really applied for XBRL taggings by corporations. Considering IFRS-filers, although the availability of data is limited, the average number of elements tagged and the average extension rate compared to U.S. GAAP considering factors such as industry, size and type of disclosures is similar. Methodology: An inductive quantitative method using public available IFRS XBRL filings is applied. For U.S. GAAP-filers available findings from XBRL studies are considered. To evaluate the impact of XBRL submission, this paper applies -- where indicated -- capital market theory and the concept of information efficiency. Theoretical/Academic implication: The study is based on the assumption that IFRS taxonomy extension rate is much higher than under U.S. GAAP. Practitioner/Policy implication: The study provides insights into XBRL for IFRS-filers listed on the NYSE and is relevant for practitioner, taxonomy developer as well as for the academic researcher.","PeriodicalId":355269,"journal":{"name":"CGN: Disclosure & Accounting Decisions (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-01-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126972823","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":"Information Disclosure and Stock Liquidity: Evidence from Borsa Italiana","authors":"Riccardo Palumbo, F. Capalbo, Dionigi Gerace, Vito Mollica","doi":"10.1111/abac.12014","DOIUrl":"https://doi.org/10.1111/abac.12014","url":null,"abstract":"This article examines the effect of increased corporate information disclosure on stock liquidity. Using the adoption of International Financial Reporting Standards (IFRS) in Italy as a natural experiment we extend previous work examining the effect on one measure of liquidity - bid‐ask spreads - to others, specifically depth and the price impact of transactions (or effective bid‐ask spreads). Consistent with previous research we find that bid‐ask spreads of stocks decline following the introduction of IFRS, which implies that stock liquidity increases for small traders. However, we also provide evidence that depth at the best quotes declines, which challenges the proposition that liquidity increases for large trades following an increase in disclosure. In additional tests, we find that effective bid‐ask spreads of block trades also decline following the introduction of IFRS. Overall, this evidence confirms that stock liquidity for both small and large trades increases following an increase in corporate information disclosure.","PeriodicalId":355269,"journal":{"name":"CGN: Disclosure & Accounting Decisions (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122045614","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":"Internet Corporate Financial Reporting – A Study of Quoted Nigerian Companies","authors":"I. Yusuf","doi":"10.1504/AJAAF.2013.057631","DOIUrl":"https://doi.org/10.1504/AJAAF.2013.057631","url":null,"abstract":"Internet financial disclosures is not a new phenomenon in developed countries, this cannot be said of developing countries like Nigeria. In contributing to the discourse in internet financial reporting in developing countries particularly in Nigeria, the companies quoted on the Nigerian Stock Exchange were studied using an internet financial reporting index (IFRI). Multiple regression analysis was used to determine the relationship between (IFRI) and profitability, leverage, size, foreign listing and industry type. The empirical result indicates that the only variable that significantly determines the level of internet financial reporting is the size of the company.","PeriodicalId":355269,"journal":{"name":"CGN: Disclosure & Accounting Decisions (Topic)","volume":"392 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-11-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133500255","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":"External Corporate Governance and Misreporting","authors":"William R. Baber, Sok-Hyon Kang, Lihong Liang, Zinan Zhu","doi":"10.2139/ssrn.760324","DOIUrl":"https://doi.org/10.2139/ssrn.760324","url":null,"abstract":"This study investigates how external corporate governance provisions, specifically statutory and corporate charter provisions that limit direct shareholder participation in the governance process, affect the likelihood of an accounting restatement. The analysis indicates that strong external governance (fewer restrictions on shareholder participation) is associated with a relatively low incidence of accounting restatements. The effect of external governance is incremental to that of internal governance, which is considered as provisions that foster effective board oversight of management. Such evidence supports the premise that shareholder participation improves financial reporting quality.","PeriodicalId":355269,"journal":{"name":"CGN: Disclosure & Accounting Decisions (Topic)","volume":"72 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-11-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120971877","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":"The Relation between Bank Resolutions and Information Environment: Evidence from the Auctions for Failed Banks","authors":"João Granja","doi":"10.2139/ssrn.1973705","DOIUrl":"https://doi.org/10.2139/ssrn.1973705","url":null,"abstract":"This study examines the impact of disclosure requirements on the resolution costs of failed banks. Consistent with the hypothesis that disclosure requirements mitigate information asymmetries in the auctions for failed banks, I find that, when failed banks are subject to more comprehensive disclosure requirements, regulators incur lower costs of closing a bank and retain a lower portion of the failed bank's assets, while bidders that are geographically more distant are more likely to participate in the bidding for the failed bank. The paper provides new insights into the relation between disclosure and the reorganization of a banking system when the regulators' preferred plan of action is to promote the acquisition of undercapitalized banks by healthy ones. The results suggest that disclosure regulation policy influences the cost of resolution of a bank and, as a result, could be an important factor in the definition of the optimal resolution strategy during a banking crisis event.","PeriodicalId":355269,"journal":{"name":"CGN: Disclosure & Accounting Decisions (Topic)","volume":"66 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133934423","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":"An Improved Test for Earnings Management Using Kernel Density Estimation","authors":"Henry Lahr","doi":"10.2139/ssrn.1587969","DOIUrl":"https://doi.org/10.2139/ssrn.1587969","url":null,"abstract":"This paper improves methods developed by Burgstahler and Dichev (1997) and Bollen and Pool (2009) to test for earnings management by identifying discontinuities in distributions of scaled earnings or earnings forecast errors. While existing methods use preselected bandwidths for kernel density estimation and histogram construction, the proposed test procedure addresses the key problem of bandwidth selection by endogenizing the selection step using a bootstrap test. The main advantage offered by the bootstrap test over prior methods is that it provides a reference distribution that cannot be globally distinguished from the empirical distribution instead of assuming a correct reference distribution. This procedure limits the researcher's degrees of freedom and offers a simple procedure to find and test a local discontinuity. I apply the bootstrap density estimation to earnings, earnings changes, and earnings forecast errors in U.S. firms over the period 1976–2010. Significance levels found in earlier studies are greatly reduced, often to insignificant values. Discontinuities cannot be detected in analysts' forecast errors, while such findings of discontinuities in earlier research can be explained by a simple rounding mechanism. Earnings data show a large drop in loss aversion after 2003 that cannot be detected in changes of earnings.","PeriodicalId":355269,"journal":{"name":"CGN: Disclosure & Accounting Decisions (Topic)","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-08-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128003403","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":"Real Activities Manipulation and Auditors’ Client Retention Decisions","authors":"Yongtae Kim, M. Park","doi":"10.2308/ACCR-50586","DOIUrl":"https://doi.org/10.2308/ACCR-50586","url":null,"abstract":"ABSTRACT: In this study, we examine the effect of clients' real activities manipulation (RAM) on auditors' client-retention decisions. We find that, with the exception of RAM through overproduction, clients' opportunistic operating decisions are positively associated with the likelihood of auditor resignations. We also provide evidence that auditors are especially sensitive to clients' RAM to just meet or beat earnings benchmarks in their client-retention decisions. In addition, we find that clients whose auditors resign from engagements tend to hire smaller auditors and these clients engage in RAM more aggressively. Our additional analysis shows that, with the exception of RAM through overproduction, clients' abnormal operating decisions are significantly associated with litigation risk against auditors. Overall, our evidence suggests that auditors drop clients with aggressive RAM to avoid excessive risk. Data Availability: Data used in this study are available from public sources identified in the study.","PeriodicalId":355269,"journal":{"name":"CGN: Disclosure & Accounting Decisions (Topic)","volume":"2009 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-08-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130218320","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":"The Role of Transitory Earnings for Managerial Effort Allocation to Intangibles","authors":"Yoshie Saito","doi":"10.2139/ssrn.2312217","DOIUrl":"https://doi.org/10.2139/ssrn.2312217","url":null,"abstract":"There is a concern about the ability of earnings to adequately reflect managerial efforts to intangible-based activities. Agency theory suggests that when core earnings relay little information about managerial effort to certain activities, effort allocation will be insufficient. Risk averse managers consider costs of investing in RD they can send signals about the future and security prices reflect information about them. This means that even though the accounting system creates weak value relevant core earnings concerning intangibles, if transitory earnings can provide some additional information, they can play a vital incentive role. For example, unsuccessful prior intangible investments or obsolete inventory would be reported as transitory earnings (e.g., disposal of a poorly performing line of operation, asset write-downs, inventory write-offs), which can send signals to markets about managerial effort to tackle problems. These can be useful to convey information about managerial efforts exerted on intangibles. I show that under these conditions, market-based compensation helps to mitigate inefficient effort allocation to intangible-based activities. However, the reflection of transitory earnings in market-based compensation can also encourage earnings management. Managers may allocate their effort to a nonproductive activity such as shifting operating expenses to non-operation expenses to avoid a sharp decline in security price or/and meet analyst forecasts. Such activities do not increase economic value. Thus, the ability of transitory earnings to produce proper managerial effort allocation has to be weighed against the possibility of encouraging earnings manipulation.","PeriodicalId":355269,"journal":{"name":"CGN: Disclosure & Accounting Decisions (Topic)","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-08-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131034087","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":"Principles vs. Rules and the Information Environment: The Case of SFAS 95","authors":"Stephen J. Brown, Stephen A. Hillegeist, S. Orpurt","doi":"10.2139/ssrn.2320070","DOIUrl":"https://doi.org/10.2139/ssrn.2320070","url":null,"abstract":"We provide evidence on the “principles vs. rules” standards debate by examining how changes in cash flow reporting methods required by SFAS 95 Statement of Cash Flows affected firms’ information environments. We argue that adoption of SFAS 95 represented a change from a principle based standard (APB 19) to a rules based standard. Using a difference-in-difference research design, we find for firms required to adopt its provisions (mandatory switchers), SFAS 95 resulted in a deterioration in their information environments, as evidenced by increases in bid-ask spreads and stock return synchronicity as well as decreases in trading volume and analyst coverage. Firms with richer information environments exhibit a mitigated response. Information environments deteriorated more when cash flow information is arguably more important. In addition, the evidence does not indicate the deterioration is mitigated when firms are in industries that experienced greater increases in industry reporting conformity. Together, these findings are consistent with firms, on average, using their reporting discretion to convey private information to investors.","PeriodicalId":355269,"journal":{"name":"CGN: Disclosure & Accounting Decisions (Topic)","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126069515","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":"Regression-Based Earnings Forecasts","authors":"Joseph J. Gerakos, R. Gramacy","doi":"10.2139/ssrn.2112137","DOIUrl":"https://doi.org/10.2139/ssrn.2112137","url":null,"abstract":"We provide a comprehensive examination of regression-based earnings forecasts. Specifically, we evaluate forecasts of scaled and unscaled net income along a number of relevant dimensions including variable selection, estimation methods, estimation windows, and Winsorization. Overall, we find that forecasts generated using ordinary least squares and lagged net income are broadly more accurate for both earnings constructs. Moreover, at a one year horizon, the random walk model performs as well as modern sophisticated methods that use larger predictor sets. This finding echoes an old result that, given recent applications of forecasts in the literature, may have been forgotten.","PeriodicalId":355269,"journal":{"name":"CGN: Disclosure & Accounting Decisions (Topic)","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123371302","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}