发布求助
文献互助 智能选刊 最新文献

International Journal of Economics Management and Accounting最新文献

筛选
英文 中文
Estimating Profitability Decomposition Frameworks via Machine Learning: Implications for Earnings Forecasting and Financial Statement Analysis 通过机器学习估计盈利能力分解框架：对盈利预测和财务报表分析的影响
IF 1.2
International Journal of Economics Management and Accounting Pub Date : 2025-06-21 DOI: 10.1016/j.jacceco.2025.101805
Oliver Binz, Katherine Schipper, Kevin R. Standridge
{"title":"Estimating Profitability Decomposition Frameworks via Machine Learning: Implications for Earnings Forecasting and Financial Statement Analysis","authors":"Oliver Binz, Katherine Schipper, Kevin R. Standridge","doi":"10.1016/j.jacceco.2025.101805","DOIUrl":"https://doi.org/10.1016/j.jacceco.2025.101805","url":null,"abstract":"We find that nonlinear estimation of profitability decomposition frameworks yields more accurate out-of-sample profitability forecasts than forecasts from both a random walk and linear estimation. The improvements derive from nonlinear estimation and synergies between nonlinear estimation and profitability decomposition frameworks. We analyze three essential financial statement analysis design choices to provide insights for the practice of fundamental analysis and find robust evidence that higher levels of profitability decomposition, focusing on core items, and using up to three years of historical information improve forecast accuracy. We find that our forecasts predict returns and profitability changes before and after controlling for analyst forecasts and common asset pricing factors.","PeriodicalId":42721,"journal":{"name":"International Journal of Economics Management and Accounting","volume":"244 1","pages":""},"PeriodicalIF":1.2,"publicationDate":"2025-06-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144337782","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
Trading of Emission Allowances and Reporting Incentives 排放配额交易和报告激励措施
IF 1.2
International Journal of Economics Management and Accounting Pub Date : 2025-06-14 DOI: 10.1016/j.jacceco.2025.101804
Donald N’Gatta, Gaizka Ormazabal, Robert Raney
{"title":"Trading of Emission Allowances and Reporting Incentives","authors":"Donald N’Gatta, Gaizka Ormazabal, Robert Raney","doi":"10.1016/j.jacceco.2025.101804","DOIUrl":"https://doi.org/10.1016/j.jacceco.2025.101804","url":null,"abstract":"This paper examines the role of reporting incentives on the trading of emission allowances. Our tests are based on a wide international sample of firms and data from the European Union Emission Trading System (EU ETS), which is the most liquid and developed in the world. We find evidence consistent with the notion that excess allowances combined with historical cost accounting for emission rights provide firms the opportunity to obtain a reporting benefit from selling emission allowances. We observe more frequent selling of allowances when the transactions are likely to boost earnings to avoid accounting losses. The documented trading activity increases in the ETS market towards the end of the year and is associated with selling imbalance and effects on carbon pricing, which in turn affect firms’ emission abatement incentives. Our results have implications for the debate on the institutional design of carbon markets and on the need to define an accounting standard for emission allowances.","PeriodicalId":42721,"journal":{"name":"International Journal of Economics Management and Accounting","volume":"13 1","pages":""},"PeriodicalIF":1.2,"publicationDate":"2025-06-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144304680","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
With a grain of salt: Investor reactions to uncertain news and (Non)disclosure 持保留意见：投资者对不确定消息和（非）披露的反应
IF 1.2
International Journal of Economics Management and Accounting Pub Date : 2025-06-13 DOI: 10.1016/j.jacceco.2025.101802
Jonathan Libgober, Beatrice Michaeli, Elyashiv Wiedman
{"title":"With a grain of salt: Investor reactions to uncertain news and (Non)disclosure","authors":"Jonathan Libgober, Beatrice Michaeli, Elyashiv Wiedman","doi":"10.1016/j.jacceco.2025.101802","DOIUrl":"https://doi.org/10.1016/j.jacceco.2025.101802","url":null,"abstract":"We examine how external news with uncertain precision influences investor beliefs, market prices, and corporate disclosures. We find that good external (and public) news is taken with a grain of salt—specifically, it is perceived as unlikely to be precise—confirming investor beliefs that nondisclosing managers are hiding unfavorable (private) information. As a result, better external news may paradoxically lead to lower market valuation. Overall, we find that, amid management silence, equilibrium stock prices are nonmonotonic in (and react asymmetrically to) external news. We also predict that the probability of disclosure depends on the timing of the disclosure, the positivity of external news, and the financial strength of the industry.","PeriodicalId":42721,"journal":{"name":"International Journal of Economics Management and Accounting","volume":"21 1","pages":""},"PeriodicalIF":1.2,"publicationDate":"2025-06-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144304958","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 major corporate customers deter supplier misconduct? 大公司客户是否能阻止供应商的不当行为？
IF 1.2
International Journal of Economics Management and Accounting Pub Date : 2025-05-14 DOI: 10.1016/j.jacceco.2025.101801
Jie Chen, Xunhua Su, Xuan Tian, Bin Xu, Luo Zuo
{"title":"Do major corporate customers deter supplier misconduct?","authors":"Jie Chen, Xunhua Su, Xuan Tian, Bin Xu, Luo Zuo","doi":"10.1016/j.jacceco.2025.101801","DOIUrl":"https://doi.org/10.1016/j.jacceco.2025.101801","url":null,"abstract":"We examine whether major corporate customers can deter misconduct among their suppliers. Our findings indicate that firms with concentrated customer bases are less likely to commit misconduct and face lower penalties in equilibrium. We also observe a significant decline in supplier misconduct following the establishment of a major customer relationship. Furthermore, the deterrent effect of major customers is more pronounced when customer pressure to reduce supplier misconduct risk is higher. Additional analyses suggest that major customers exercise their exit option to penalize suppliers after acute violations. Overall, our results suggest that major customers play a crucial role in deterring supplier misconduct.","PeriodicalId":42721,"journal":{"name":"International Journal of Economics Management and Accounting","volume":"18 1","pages":""},"PeriodicalIF":1.2,"publicationDate":"2025-05-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144133753","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
Does observability of ratings shopping improve ratings quality? 评价购物的可观察性是否提高了评价质量？
IF 1.2
International Journal of Economics Management and Accounting Pub Date : 2025-05-13 DOI: 10.1016/j.jacceco.2025.101800
Sanjay Kallapur, Abdul Khizer, Hariom Manchiraju, Rajesh Vijayaraghavan
{"title":"Does observability of ratings shopping improve ratings quality?","authors":"Sanjay Kallapur, Abdul Khizer, Hariom Manchiraju, Rajesh Vijayaraghavan","doi":"10.1016/j.jacceco.2025.101800","DOIUrl":"https://doi.org/10.1016/j.jacceco.2025.101800","url":null,"abstract":"Ratings shopping is a well-documented cause for ratings inflation by credit rating agencies (CRAs). Its unobservability makes it difficult for market participants to undo it. In this paper, we exploit a unique regulation in India that requires CRAs to disclose ratings that were solicited but were eventually rejected by issuers. This regulation, which aims to enhance the transparency in the ratings process, allows us to empirically examine whether these disclosures influence ratings shopping and, consequently, ratings inflation. We find that the disclosure requirements result in an increase in the incidence of future downgrades and type 1 errors and a decrease in the occurrence of type 2 errors. These results are consistent with the view that the enhanced disclosure requirement did not reduce shopping and instead led to unintended consequences, such as an increase in implicit shopping, where issuers selectively engage lenient CRAs to obtain favorable ratings.","PeriodicalId":42721,"journal":{"name":"International Journal of Economics Management and Accounting","volume":"157 1","pages":""},"PeriodicalIF":1.2,"publicationDate":"2025-05-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144133752","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
Muni Disclosure: All talk and no trade? 穆尼披露：光说不做？
IF 1.2
International Journal of Economics Management and Accounting Pub Date : 2025-04-26 DOI: 10.1016/j.jacceco.2025.101797
Christine Cuny, Ken Li, Anya Nakhmurina, Edward M. Watts
{"title":"Muni Disclosure: All talk and no trade?","authors":"Christine Cuny, Ken Li, Anya Nakhmurina, Edward M. Watts","doi":"10.1016/j.jacceco.2025.101797","DOIUrl":"https://doi.org/10.1016/j.jacceco.2025.101797","url":null,"abstract":"This paper examines which municipal disclosures provide informational value to investors. Using the entire universe of post-issuance financial and event disclosures from 2009 to 2022, we find that most municipal bonds do not trade in the weeks following a disclosure. However, some disclosures do provide enough new information to increase trading. Investors trade more on credit-relevant disclosures, such as adverse credit event disclosures, and less on required annual financial statements. Trading after disclosures also increases more when a bond is large or risky. Moreover, we find that credit rating agencies respond to disclosures, lending support to the idea that some disclosures have informational value. In further analyses, we find that trading before the disclosure, lack of timeliness, illiquidity, and information processing constraints contribute to the limited trading on the average disclosure. The findings suggest that reconsidering a one-size-fits-all approach to regulating post-issuance municipal disclosures may be worthwhile.","PeriodicalId":42721,"journal":{"name":"International Journal of Economics Management and Accounting","volume":"08 1","pages":""},"PeriodicalIF":1.2,"publicationDate":"2025-04-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143903139","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
Equity-based compensation and the timing of share repurchases: the role of the corporate calendar 基于股权的薪酬和股票回购的时机：公司日历的作用
IF 1.2
International Journal of Economics Management and Accounting Pub Date : 2025-04-25 DOI: 10.1016/j.jacceco.2025.101798
Ingolf Dittmann, Amy Yazhu Li, Stefan Obernberger, Jiaqi (Jacky) Zheng
{"title":"Equity-based compensation and the timing of share repurchases: the role of the corporate calendar","authors":"Ingolf Dittmann, Amy Yazhu Li, Stefan Obernberger, Jiaqi (Jacky) Zheng","doi":"10.1016/j.jacceco.2025.101798","DOIUrl":"https://doi.org/10.1016/j.jacceco.2025.101798","url":null,"abstract":"We examine whether CEOs use share repurchases to sell their equity at inflated prices. We document that share repurchases, like equity-based compensation, are affected by the corporate calendar—the firm's schedule of earnings announcements and insider trading restrictions. The corporate calendar can fully explain why share repurchases and equity-based compensation coincide. The alignment with the corporate calendar is stricter in firms with strong internal governance or high external monitoring. When CEOs sell equity, firms are actually less likely to repurchase. Our findings reconcile earlier studies and highlight the importance of the corporate calendar for the timing of share repurchases.","PeriodicalId":42721,"journal":{"name":"International Journal of Economics Management and Accounting","volume":"280 1","pages":""},"PeriodicalIF":1.2,"publicationDate":"2025-04-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143903124","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
Assessing the objective function of the SEC against financial misconduct: A structural approach 评估美国证券交易委员会对金融不端行为的目标功能：一种结构方法
IF 1.2
International Journal of Economics Management and Accounting Pub Date : 2025-04-09 DOI: 10.1016/j.jacceco.2025.101794
Chuan Chen, Yanrong Jia, Xiumin Martin, Bernardo Silveira
{"title":"Assessing the objective function of the SEC against financial misconduct: A structural approach","authors":"Chuan Chen, Yanrong Jia, Xiumin Martin, Bernardo Silveira","doi":"10.1016/j.jacceco.2025.101794","DOIUrl":"https://doi.org/10.1016/j.jacceco.2025.101794","url":null,"abstract":"We examine the objective function of the SEC against financial misconduct by estimating a structural model of the interactions between the SEC and a regulated firm. The SEC considers social costs, enforcement costs, and firms' compliance costs when making enforcement decisions. Identification exploits SOX as a shock to enforcement intensity. Four insights emerge from counterfactual analyses. First, marginal social costs have a greater impact on the SEC's perceived welfare than marginal enforcement costs. Second, the SEC's current enforcement mitigates earnings management to a level close to the first-best scenario. Third, a “hawkish” regulator, who perceives high social costs of financial misconduct, would impose excessive costs on society. Lastly, removing regulatory discretion would result in higher penalties and lower welfare, with little effect on earnings management.","PeriodicalId":42721,"journal":{"name":"International Journal of Economics Management and Accounting","volume":"31 1","pages":""},"PeriodicalIF":1.2,"publicationDate":"2025-04-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143877893","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 enforcement and R&D credits 税收执法和研发信贷
IF 1.2
International Journal of Economics Management and Accounting Pub Date : 2025-04-01 DOI: 10.1016/j.jacceco.2025.101784
Mary Cowx
{"title":"Tax enforcement and R&D credits","authors":"Mary Cowx","doi":"10.1016/j.jacceco.2025.101784","DOIUrl":"https://doi.org/10.1016/j.jacceco.2025.101784","url":null,"abstract":"Tax enforcement deters noncompliance, increasing tax revenue, but may also discourage taxpayer investment in activities that policymakers aim to incentivize through tax credits and deductions. This paper investigates this investment-revenue trade-off through the lens of the research and development (R&D) tax credit, a federal tax incentive that is highly scrutinized by the Internal Revenue Service (IRS). My results suggest that expectations about IRS corporate tax scrutiny are negatively associated with both R&D tax credits and R&D investment, on average. I estimate each $1 of aggregate enforcement spending is associated with a reduction in R&D tax credits of $2.64. In terms of elasticities, a 1 % increase in my estimate of IRS corporate tax scrutiny is associated with a decline in R&D tax credits and R&D investment of 0.4 % and 0.2 %, respectively. A survey of 116 managers further supports that the risk of IRS scrutiny affects both R&D tax credit take-up and R&D investment decisions. Moreover, both the survey responses and archival evidence underscore the importance of internal information quality in claiming R&D tax credits, suggesting tax policy simplification as a means to address enforcement-related declines in R&D investment.","PeriodicalId":42721,"journal":{"name":"International Journal of Economics Management and Accounting","volume":"26 1","pages":""},"PeriodicalIF":1.2,"publicationDate":"2025-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143824978","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
Mandatory disclosures and opportunism: Evidence from repurchases 强制性披露和机会主义：来自回购的证据
IF 1.2
International Journal of Economics Management and Accounting Pub Date : 2025-03-16 DOI: 10.1016/j.jacceco.2025.101783
Brian Bratten, Meng Huang, Nicole Thorne Jenkins, Hong Xie
{"title":"Mandatory disclosures and opportunism: Evidence from repurchases","authors":"Brian Bratten, Meng Huang, Nicole Thorne Jenkins, Hong Xie","doi":"10.1016/j.jacceco.2025.101783","DOIUrl":"https://doi.org/10.1016/j.jacceco.2025.101783","url":null,"abstract":"We examine the effect of disclosure requirements on managers' stock repurchase decisions. In 2003, the SEC amended Rule 10b-18, significantly increasing the disclosure requirements for and transparency of stock repurchases for all issuers. While stock repurchases are often used by firms to efficiently return capital to shareholders, they can also be used opportunistically to increase earnings per share. We find that the 2003 SEC amendment enables investors to detect and discount opportunistic repurchases, curtails the extent to which firms use opportunistic repurchases, and reduces or eliminates the negative real effects stemming from opportunistic repurchases (reduced employment, reduced capital expenditures, and reduced R&D expenditures). Our evidence suggests that disclosures aimed at increasing the transparency of firms’ activities can significantly reduce the extent to which firms use these activities opportunistically to manage earnings, thereby reducing the accompanying real consequences of opportunistic behavior.","PeriodicalId":42721,"journal":{"name":"International Journal of Economics Management and Accounting","volume":"16 1","pages":""},"PeriodicalIF":1.2,"publicationDate":"2025-03-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143744706","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
下一页 尾页
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整，为了账户安全，请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们：info@booksci.cn Book学术提供免费学术资源搜索服务，方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号：604180095
Book学术官方微信