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The asset pricing and real implications of relationship intensity disclosure
IF 1.2
International Journal of Economics Management and Accounting Pub Date : 2025-02-24 DOI: 10.1016/j.jacceco.2025.101770
Xu Jiang, Jordi Mondria, Liyan Yang
{"title":"The asset pricing and real implications of relationship intensity disclosure","authors":"Xu Jiang, Jordi Mondria, Liyan Yang","doi":"10.1016/j.jacceco.2025.101770","DOIUrl":"https://doi.org/10.1016/j.jacceco.2025.101770","url":null,"abstract":"Investors in financial markets are often uncertain about the relationship intensity between firms and have to rely on firms’ disclosure of such relationship intensity. We analytically study the asset pricing implications of this relationship intensity uncertainty and how such uncertainty affects firms’ incentives to form and disclose their relationship intensities (i.e., the real implications). We find that while such disclosure has a positive price impact by increasing the expected cash flow, it also has a negative impact by reducing the diversification benefit of investing in multiple firms that have more correlated cash flows. The price impact upon relationship intensity disclosure is therefore not monotone: it increases with the expected benefit of relationship and decreases with the risk of the underlying relationship. Our analysis implies that mandatory disclosure of firm relationship intensities may both destroy relationship development and reduce investor welfare, i.e., has adverse real consequences.","PeriodicalId":42721,"journal":{"name":"International Journal of Economics Management and Accounting","volume":"5 1","pages":""},"PeriodicalIF":1.2,"publicationDate":"2025-02-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143532986","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
Partisan regulatory actions: Evidence from the SEC 党派监管行动：来自美国证券交易委员会的证据
IF 1.2
International Journal of Economics Management and Accounting Pub Date : 2025-02-18 DOI: 10.1016/j.jacceco.2025.101777
Vivek Pandey, Xingyu Shen, Joanna Shuang Wu
{"title":"Partisan regulatory actions: Evidence from the SEC","authors":"Vivek Pandey, Xingyu Shen, Joanna Shuang Wu","doi":"10.1016/j.jacceco.2025.101777","DOIUrl":"https://doi.org/10.1016/j.jacceco.2025.101777","url":null,"abstract":"We study the influence of political partisanship in SEC investigations and AAER enforcement actions against financial misconduct. We find that the SEC is more likely to launch an investigation against a firm that is misaligned with the agency’s political ideology than other firms. The likelihood of an AAER appears unaffected by political misalignment, but once named in an AAER, a misaligned firm faces harsher penalties than other firms. We find evidence that collectively points to potential misallocation of scarce enforcement resources due to partisanship: conditional on investigation, misaligned firms are less likely to receive an enforcement action, and conditional on misreporting, non-misaligned firms are less likely to be investigated.","PeriodicalId":42721,"journal":{"name":"International Journal of Economics Management and Accounting","volume":"23 1","pages":""},"PeriodicalIF":1.2,"publicationDate":"2025-02-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143477811","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
Signaling long-term information using short-term forecasts
IF 1.2
International Journal of Economics Management and Accounting Pub Date : 2025-02-07 DOI: 10.1016/j.jacceco.2025.101768
Mirko S. Heinle, Chongho Kim, Daniel J. Taylor, Frank S. Zhou
{"title":"Signaling long-term information using short-term forecasts","authors":"Mirko S. Heinle, Chongho Kim, Daniel J. Taylor, Frank S. Zhou","doi":"10.1016/j.jacceco.2025.101768","DOIUrl":"https://doi.org/10.1016/j.jacceco.2025.101768","url":null,"abstract":"This paper shows theoretically and empirically that the decision to disclose a short-term earnings forecast can reveal managers’ private information about long-term performance. Consistent with the predictions of our model, we find that the decision to disclose a short-term earnings forecast predicts long-term performance for up to three years. The relation strengthens when current period performance is poor, when managers have longer horizons, and when competitive threats are lower. Endogenizing the proprietary costs of disclosure, our analysis suggests that––despite the short horizon––the decision to provide an earnings forecast contains significant information about long-term performance and thus can entail proprietary costs.","PeriodicalId":42721,"journal":{"name":"International Journal of Economics Management and Accounting","volume":"22 1","pages":""},"PeriodicalIF":1.2,"publicationDate":"2025-02-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143477812","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
FOMC news and segmented markets
IF 1.2
International Journal of Economics Management and Accounting Pub Date : 2025-01-20 DOI: 10.1016/j.jacceco.2025.101767
Benjamin Golez, Peter Kelly, Ben Matthies
{"title":"FOMC news and segmented markets","authors":"Benjamin Golez, Peter Kelly, Ben Matthies","doi":"10.1016/j.jacceco.2025.101767","DOIUrl":"https://doi.org/10.1016/j.jacceco.2025.101767","url":null,"abstract":"A growing body of evidence suggests that Federal Open Market Committee (FOMC) announcements can affect private sector beliefs about near-term macroeconomic conditions. We measure the impact of central bank policy on index option trader beliefs about near-term economic conditions using the return of short-term dividend strips around each FOMC announcement (we term this short-term dividend strip return, “SDR”). Consistent with the idea that these announcements contain valuable information about macroeconomic conditions, we find that <ce:italic>SDR</ce:italic> predicts both future firm-level earnings and firm-level earnings announcement returns. Furthermore, using analyst earnings forecasts, we provide evidence of belief underreaction to FOMC announcements. We discuss how investor specialization and segmented markets can generate our empirical results.","PeriodicalId":42721,"journal":{"name":"International Journal of Economics Management and Accounting","volume":"12 1","pages":""},"PeriodicalIF":1.2,"publicationDate":"2025-01-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143049704","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
Vocal delivery quality in earnings conference calls 收益电话会议的声音传递质量
IF 1.2
International Journal of Economics Management and Accounting Pub Date : 2024-12-28 DOI: 10.1016/j.jacceco.2024.101763
Bok Baik, Alex G. Kim, David S. Kim, Sangwon Yoon
{"title":"Vocal delivery quality in earnings conference calls","authors":"Bok Baik, Alex G. Kim, David S. Kim, Sangwon Yoon","doi":"10.1016/j.jacceco.2024.101763","DOIUrl":"https://doi.org/10.1016/j.jacceco.2024.101763","url":null,"abstract":"We study the economic consequences of managers’ vocal delivery quality during earnings conference calls. We introduce a novel measure, vocal delivery quality, that captures the acoustic comprehensibility of audio information for an average listener. Our measure relies on a deep-learning algorithm applied to a large sample of earnings call audio files. Consistent with predictions from the psychology and accounting literatures, we find evidence that the quality of managers’ vocal delivery deteriorates when they deliver negative news, such as a decrease in earnings or negative narrative information, and positive but transitory earnings news. We show that the stock market reacts in real time to managers’ vocal delivery quality. We also document that the vocal delivery quality has an effect on information intermediaries such as analysts and the media. Overall, our findings underscore the role of vocal dimensions in corporate oral disclosures.","PeriodicalId":42721,"journal":{"name":"International Journal of Economics Management and Accounting","volume":"27 1","pages":""},"PeriodicalIF":1.2,"publicationDate":"2024-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142929393","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
Tax havens and reputational costs 避税天堂和声誉成本
IF 1.2
International Journal of Economics Management and Accounting Pub Date : 2024-12-12 DOI: 10.1016/j.jacceco.2024.101761
Adrienne DePaul, Frank Murphy, Mary E. Vernon
{"title":"Tax havens and reputational costs","authors":"Adrienne DePaul, Frank Murphy, Mary E. Vernon","doi":"10.1016/j.jacceco.2024.101761","DOIUrl":"https://doi.org/10.1016/j.jacceco.2024.101761","url":null,"abstract":"In 2017, the European Commission (EC) published a list of non-cooperative tax havens. We study whether country-level tourism and foreign direct investment (FDI) change as a result of this list. Consistent with a reputational cost of the EC's “name and shame” campaign, there is a modest reduction in EU tourism among listed countries compared to unlisted ones. This relative reduction is concentrated among tourists from countries that view cheating on taxes as less justifiable. In contrast, listed countries experience a general increase in FDI following the list, a benefit potentially offsetting the costs of reduced tourism.","PeriodicalId":42721,"journal":{"name":"International Journal of Economics Management and Accounting","volume":"24 1","pages":""},"PeriodicalIF":1.2,"publicationDate":"2024-12-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142874774","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
Reflections on the founding of the journal of accounting andeconomics 《会计与经济》杂志创刊的思考
IF 1.2
International Journal of Economics Management and Accounting Pub Date : 2024-12-10 DOI: 10.1016/j.jacceco.2024.101762
Jerold L. Zimmerman
{"title":"Reflections on the founding of the journal of accounting andeconomics","authors":"Jerold L. Zimmerman","doi":"10.1016/j.jacceco.2024.101762","DOIUrl":"https://doi.org/10.1016/j.jacceco.2024.101762","url":null,"abstract":"","PeriodicalId":42721,"journal":{"name":"International Journal of Economics Management and Accounting","volume":"2 1","pages":""},"PeriodicalIF":1.2,"publicationDate":"2024-12-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142874776","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 future performance implications of Non-GAAP firms’ investments 非公认会计准则公司投资对未来业绩的影响
IF 1.2
International Journal of Economics Management and Accounting Pub Date : 2024-12-07 DOI: 10.1016/j.jacceco.2024.101760
Minkwan Ahn, Theodore E. Christensen, Ryan G. Johnson, Melissa F. Lewis-Western
{"title":"The future performance implications of Non-GAAP firms’ investments","authors":"Minkwan Ahn, Theodore E. Christensen, Ryan G. Johnson, Melissa F. Lewis-Western","doi":"10.1016/j.jacceco.2024.101760","DOIUrl":"https://doi.org/10.1016/j.jacceco.2024.101760","url":null,"abstract":"We investigate whether consistent non-GAAP reporting is associated with investment efficiency. Prior research finds a positive association between non-GAAP reporting and investment levels, concluding that it represents overinvestment. We corroborate this positive association, but additional tests are not consistent with the conclusion of inefficient overinvestment. Specifically, we explore the relation between investment and future cash flows as a proxy for the realization of investments in positive net present value projects. We find that the investments of firms that consistently report non-GAAP metrics are associated with similar or higher future cash flows than the investments of firms reporting only GAAP earnings, which is consistent with efficient investment. We observe similar associations in multiple specifications, performance horizons, and outcome variables, including future returns and earnings. Given the prevalence of non-GAAP reporting and the SEC's ongoing concern with the consequences of non-GAAP disclosure, our analyses offer timely evidence relevant to this important discussion.","PeriodicalId":42721,"journal":{"name":"International Journal of Economics Management and Accounting","volume":"1 1","pages":""},"PeriodicalIF":1.2,"publicationDate":"2024-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142874777","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
Generalist managers and firm innovation worldwide: The role of innovation-specific institutions 全球通才经理人与企业创新：创新机构的角色
IF 1.2
International Journal of Economics Management and Accounting Pub Date : 2024-11-19 DOI: 10.1016/j.jacceco.2024.101755
Yue Rio Wu, Sterling Huang, Albert Tsang, Kun Tracy Wang
{"title":"Generalist managers and firm innovation worldwide: The role of innovation-specific institutions","authors":"Yue Rio Wu, Sterling Huang, Albert Tsang, Kun Tracy Wang","doi":"10.1016/j.jacceco.2024.101755","DOIUrl":"https://doi.org/10.1016/j.jacceco.2024.101755","url":null,"abstract":"We examine how generalist CEOs influence innovation outcomes across 25 countries from 2001 to 2019. We assemble a novel, extended dataset of generalist CEOs and find that generalist CEOs positively affect innovation, particularly in countries with abundant innovation resources. This finding aligns with the notion that generalist CEOs leverage their broad knowledge and cross-industry experience to integrate resources across institutional environments, thereby fostering innovation activities. However, in countries with stricter patent systems, the increased need for specialized knowledge and resources limits the value that generalist CEOs can contribute, leading to decreased innovation activities. Our research highlights how institutional environments shape the efficacy of CEO human capital in driving innovation, thus offering insights for the design of innovation policies that maximize leadership potential across different institutional contexts.","PeriodicalId":42721,"journal":{"name":"International Journal of Economics Management and Accounting","volume":"209 1","pages":""},"PeriodicalIF":1.2,"publicationDate":"2024-11-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142758707","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
Global evidence on profit shifting within firms and across time 企业内部和不同时期利润转移的全球证据
IF 1.2
International Journal of Economics Management and Accounting Pub Date : 2024-10-30 DOI: 10.1016/j.jacceco.2024.101744
Fotis Delis, Manthos D. Delis, Luc Laeven, Steven Ongena
{"title":"Global evidence on profit shifting within firms and across time","authors":"Fotis Delis, Manthos D. Delis, Luc Laeven, Steven Ongena","doi":"10.1016/j.jacceco.2024.101744","DOIUrl":"https://doi.org/10.1016/j.jacceco.2024.101744","url":null,"abstract":"We provide estimates of profit shifting for over 2 million firm-year observations in 100 countries over the period 2009–2020. Employing nonparametric estimation techniques within a mainstay model of profit shifting, we examine how the profits of both parent and subsidiary firms within a multinational group respond to marginal changes in the composite tax indicator. The key advantage of this approach is that it yields firm-year estimates of profit shifting. Multinational firms engage in extensive profit shifting by maintaining affiliates in low-tax countries and zero-tax havens. Multinational groups with an ultimate tax-haven owner exhibit the largest profit response to tax incentives. Our new database opens important avenues for analyzing the sources and effects of profit shifting.","PeriodicalId":42721,"journal":{"name":"International Journal of Economics Management and Accounting","volume":"13 1","pages":""},"PeriodicalIF":1.2,"publicationDate":"2024-10-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142670431","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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