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The Value of Investors Being in a Deliberative Mindset When Reading News Later Revealed to Be Fake 投资者在阅读后来被揭穿是假新闻的新闻时保持慎重心态的价值
IF 1.5
Journal of Financial Reporting Pub Date : 2023-12-01 DOI: 10.2308/jfr-2022-016
Stephanie M. Grant, F. Hodge, Samantha C. Seto
{"title":"The Value of Investors Being in a Deliberative Mindset When Reading News Later Revealed to Be Fake","authors":"Stephanie M. Grant, F. Hodge, Samantha C. Seto","doi":"10.2308/jfr-2022-016","DOIUrl":"https://doi.org/10.2308/jfr-2022-016","url":null,"abstract":"\u0000 Investors face a difficult challenge in determining whether news they read is true or fake and, according to psychology theory, an additional challenge of ceasing to rely on news subsequently revealed to be fake. To help address this latter challenge, we examine whether prompting investors to be in a deliberative mindset reduces their reliance on news after they learn that it is fake without affecting their reliance on news later revealed to be true. Consistent with theory, investors adjust their valuation assessments when news is later revealed to be fake, and this adjustment is magnified for investors in a deliberative mindset. Importantly, our results reveal that a deliberative mindset does not cause investors to discount news later revealed to be true.\u0000 Data Availability: Please contact the authors.\u0000 JEL Classifications: M41; G11; G4; C91; D83.","PeriodicalId":42044,"journal":{"name":"Journal of Financial Reporting","volume":"784 ","pages":""},"PeriodicalIF":1.5,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139018641","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}
引用次数: 0
Structural Equation Modeling in Archival Capital Markets Research: An Empirical Application to Disclosure and Cost of Capital 档案资本市场研究中的结构方程模型:披露与资本成本的实证应用
Journal of Financial Reporting Pub Date : 2023-11-01 DOI: 10.2308/jfr-2019-0021
Lisa A. Hinson, Steven Utke
{"title":"Structural Equation Modeling in Archival Capital Markets Research: An Empirical Application to Disclosure and Cost of Capital","authors":"Lisa A. Hinson, Steven Utke","doi":"10.2308/jfr-2019-0021","DOIUrl":"https://doi.org/10.2308/jfr-2019-0021","url":null,"abstract":"ABSTRACT Structural equation modeling (SEM), an empirical methodology underutilized in archival research, enables researchers to examine paths linking constructs. SEM consists of two components: a measurement model that generates common factors from observed variables and a path model that links the factors. We discuss SEM’s components, estimation, advantages, best practices, and limitations. We illustrate SEM with an application to disclosure research. Unlike some prior research, we find voluntary disclosure quality is negatively associated with cost of capital, both directly and indirectly through information asymmetry, even after controlling for earnings quality’s direct and indirect associations with cost of capital. We believe SEM offers fruitful avenues for future research because it allows flexibility in modeling relations guided by theory, enables tests of underlying theoretical mechanisms, provides tools to address measurement error and missing data, and estimates simultaneous equations. SEM may be useful in settings that currently use path analysis or principal component analysis. Data Availability: Data used in this study are available from public sources identified in the paper. JEL Classifications: M41; C30.","PeriodicalId":42044,"journal":{"name":"Journal of Financial Reporting","volume":"33 8","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136062613","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}
引用次数: 1
Editorial Policy 编辑政策
Journal of Financial Reporting Pub Date : 2023-11-01 DOI: 10.2308/2380-2154-8-2.175
{"title":"Editorial Policy","authors":"","doi":"10.2308/2380-2154-8-2.175","DOIUrl":"https://doi.org/10.2308/2380-2154-8-2.175","url":null,"abstract":"","PeriodicalId":42044,"journal":{"name":"Journal of Financial Reporting","volume":"53 9","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135455255","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}
引用次数: 0
Covers and Front Matter 封面及封面
Journal of Financial Reporting Pub Date : 2023-11-01 DOI: 10.2308/2380-2154-8-2.i
{"title":"Covers and Front Matter","authors":"","doi":"10.2308/2380-2154-8-2.i","DOIUrl":"https://doi.org/10.2308/2380-2154-8-2.i","url":null,"abstract":"","PeriodicalId":42044,"journal":{"name":"Journal of Financial Reporting","volume":"52 10","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135455261","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}
引用次数: 0
The Effect of Personalized Communication on Investor Earnings Fixation 个性化沟通对投资者收益固定性的影响
IF 1.5
Journal of Financial Reporting Pub Date : 2023-11-01 DOI: 10.2308/jfr-2022-017
Paul W. Black, Kevin E. Jackson, Stephen P. Rowe, Aaron F. Zimbelman
{"title":"The Effect of Personalized Communication on Investor Earnings Fixation","authors":"Paul W. Black, Kevin E. Jackson, Stephen P. Rowe, Aaron F. Zimbelman","doi":"10.2308/jfr-2022-017","DOIUrl":"https://doi.org/10.2308/jfr-2022-017","url":null,"abstract":"Technology makes it possible for management to personalize communication with individual investors on a broad scale. Building on information processing research, we predict and find that personalized communication prompts investors to process financial information more systematically and rely less on summary measures, such as earnings. Investors receiving more (as opposed to less) personalized communication respond less to management’s myopic decisions that boost short-term performance in their assessments of investment attractiveness, such that they assess a company that increases R&D (at the expense of net income) as more attractive and a company that decreases R&D as less attractive. Further analysis suggests this result is driven by investors with greater experience evaluating financial statements processing the longer-term implications of R&D expenditures for performance more fully when personalization is present. Our paper speaks to investor earnings fixation and myopic behavior from management and provides insights for implementing investor communication strategies. JEL Classifications: O33; O31; L14; M41; D12; D83.","PeriodicalId":42044,"journal":{"name":"Journal of Financial Reporting","volume":"27 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2023-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139297668","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}
引用次数: 0
Goodwill Impairment after M&A: Acquisition-Level Evidence 并购后的商誉减值:收购层面的证据
Journal of Financial Reporting Pub Date : 2023-11-01 DOI: 10.2308/jfr-2020-026
James Potepa, Jacob Thomas
{"title":"Goodwill Impairment after M&A: Acquisition-Level Evidence","authors":"James Potepa, Jacob Thomas","doi":"10.2308/jfr-2020-026","DOIUrl":"https://doi.org/10.2308/jfr-2020-026","url":null,"abstract":"ABSTRACT To provide a fuller picture of compliance with ASC 350-20, we hand-collect data to track 893 large acquisitions across time. Our model, which links impairments to post-acquisition accounting and market performance declines as well as acquisition-year attributes, identifies 349 acquisitions as likely to impair. We provide evidence that 65 percent of these at-risk acquisitions impair in the next two years. Our study should be useful to future research as it clarifies the role of hand-collection, market to book ratios, segment-level data, and volatility. We also offer descriptive evidence on impairment patterns. Overall, we find high levels of compliance and little opportunism.","PeriodicalId":42044,"journal":{"name":"Journal of Financial Reporting","volume":"40 9","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136169047","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}
引用次数: 0
Do CDP’s Disclosure Requests Constitute Selective Disclosures? CDP的披露要求是否构成选择性披露?
Journal of Financial Reporting Pub Date : 2023-10-01 DOI: 10.2308/jfr-2023-023
Xiumin Martin
{"title":"Do CDP’s Disclosure Requests Constitute Selective Disclosures?","authors":"Xiumin Martin","doi":"10.2308/jfr-2023-023","DOIUrl":"https://doi.org/10.2308/jfr-2023-023","url":null,"abstract":"ABSTRACT As the awareness of environmental, social, and governance (ESG) issues increases, many data vendors have emerged to meet society’s demand for ESG information. Among many roles that CDP plays, an important one is to serve as an information intermediary facilitating the communication between companies and their stakeholders. This study discusses the practices at CDP intended to enhance firm disclosure of ESG information by focusing on its disclosure request policy. It raises the concern that such practice might constitute selective disclosures of material information, thereby violating Regulation Fair Disclosure. JEL Classifications: M14; M41; M48.","PeriodicalId":42044,"journal":{"name":"Journal of Financial Reporting","volume":"134 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136127506","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}
引用次数: 0
How Do Individual Analyst Characteristics Affect Analyst Performance? 分析师个人特征如何影响分析师绩效?
Journal of Financial Reporting Pub Date : 2023-09-01 DOI: 10.2308/jfr-2020-024
Brian Bratten, Stephannie Larocque
{"title":"How Do Individual Analyst Characteristics Affect Analyst Performance?","authors":"Brian Bratten, Stephannie Larocque","doi":"10.2308/jfr-2020-024","DOIUrl":"https://doi.org/10.2308/jfr-2020-024","url":null,"abstract":"ABSTRACT Motivated by research from the late 1990s and early 2000s, researchers often examine analyst performance as a function of individual analyst characteristics using variables representing analysts’ experience, busyness, and resources. Studies make different choices for variable construction and fixed effects, sometimes with varying results, suggesting there is no standard approach to evaluating the effect of analyst characteristics. We reproduce analyses from two early studies (Clement (1999) and Clement and Tse (2003)) and extend these analyses to a more recent sample period and across different methodological approaches and alternative analyst performance measures. We provide robust evidence that analyst experience is positively associated with earnings forecast accuracy but that associations for analyst resources and busyness are sensitive to variable measurement and fixed effect choices. Our results can inform accounting and finance scholars examining analyst performance as they consider which analyst characteristics to include and how to test the robustness of their findings.","PeriodicalId":42044,"journal":{"name":"Journal of Financial Reporting","volume":"192 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135248639","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}
引用次数: 0
Understanding Private Equity Funds: A Guide to Private Equity Research in Accounting 了解私募股权基金:私募股权研究会计指南
IF 1.5
Journal of Financial Reporting Pub Date : 2023-08-23 DOI: 10.2308/jfr-2022-012
Maria Nykyforovych Borysoff, Paul J. Mason, Steven Utke
{"title":"Understanding Private Equity Funds: A Guide to Private Equity Research in Accounting","authors":"Maria Nykyforovych Borysoff, Paul J. Mason, Steven Utke","doi":"10.2308/jfr-2022-012","DOIUrl":"https://doi.org/10.2308/jfr-2022-012","url":null,"abstract":"\u0000 Private equity (PE) funds are increasingly important to the economy and now serve as the primary vehicle for raising new capital. However, a limited understanding of the unique PE fund setting among accounting academics inhibits accounting research in this area. In this paper, we first describe the PE fund setting and explain how fundamental differences between PE and previously studied settings make it difficult to infer PE fund behavior from research performed using other settings. We then discuss how PE funds provide researchers with the ability to explore fundamental questions related to agency costs, governance, compensation, disclosure, and fair value accounting. Finally, we provide guidance on PE data sources available for use in future research. Because of the volume of economic activity currently funneled through PE and the unique aspects of the PE setting, it is important for researchers to explore when, why, and how accounting matters for PE funds.\u0000 Data Availability: Data used in this study are available from the public sources identified in the text.\u0000 JEL Classifications: G1; G14; G30; M4; M41.","PeriodicalId":42044,"journal":{"name":"Journal of Financial Reporting","volume":"7 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2023-08-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72712159","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}
引用次数: 0
What Can Bayesian Inference Do for Accounting Research? 贝叶斯推理对会计研究有何启示?
IF 1.5
Journal of Financial Reporting Pub Date : 2023-08-18 DOI: 10.2308/jfr-2021-002
H. Schütt
{"title":"What Can Bayesian Inference Do for Accounting Research?","authors":"H. Schütt","doi":"10.2308/jfr-2021-002","DOIUrl":"https://doi.org/10.2308/jfr-2021-002","url":null,"abstract":"\u0000 Bayesian statistics is a framework for combining new data with existing forms of information to yield more precise inferences than are possible using the data alone. Its greatest practical advantages are the flexibility it offers in incorporating prior information and beliefs, modeling heterogeneity, modeling latent constructs, and combining multiple data sources. There are two goals of this paper: to introduce accounting researchers to Bayesian inference and distinguish it from classical frequentist inference and to showcase when Bayesian modeling can improve inferences in many applications that are of interest to accounting researchers.\u0000 Data Availability: Data are available from the public sources described in the text.\u0000 JEL Classifications: C11; C53; G17; M40.","PeriodicalId":42044,"journal":{"name":"Journal of Financial Reporting","volume":"9 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2023-08-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87587637","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}
引用次数: 0
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