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Key audit matters and insider trading profitability: Evidence from China 关键审计事项与内幕交易盈利能力:来自中国的证据
IF 3.3 3区 管理学
Journal of Contemporary Accounting & Economics Pub Date : 2023-11-02 DOI: 10.1016/j.jcae.2023.100383
Hui Liu , Yufan Chang , Man Zuo
{"title":"Key audit matters and insider trading profitability: Evidence from China","authors":"Hui Liu ,&nbsp;Yufan Chang ,&nbsp;Man Zuo","doi":"10.1016/j.jcae.2023.100383","DOIUrl":"10.1016/j.jcae.2023.100383","url":null,"abstract":"<div><p>The debate as to whether or not an expanded audit report is informative to the market persists, either from experimental and empirical study perspectives. With the utilization of 4,336 firm-year Chinese observations from 2016 to 2017, this study investigates whether the mandatory disclosure of key audit matters (KAMs) restricts insider trading profitability in China. The main test and robustness tests confirm the significant and negative relationship between KAM disclosure and insider trading profitability in the Chinese capital market. The study further explores the impact of KAMs’ textual characteristics using the KAM data from 2017 to 2020. The results suggest that firm-specific KAMs, longer KAMs, more readable KAMs, and more accurate KAMs reduce the insider trading profitability. Supplementary analysis shows that this effect only exists for opportunistic insider trading. In addition, the effect of KAM disclosure on insider trading profitability is further amplified by high institutional ownership, auditor industry specialization, and KAM with goodwill impairment matter. Overall, the study presents some evidence of the communicative value of KAM disclosure and provides a practical means to restrict insiders’ opportunistic behavior, highlighting the decision-making usefulness of KAMs for external investors.</p></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"19 3","pages":"Article 100383"},"PeriodicalIF":3.3,"publicationDate":"2023-11-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135371617","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Covenant violation concern and investors’ pricing of Level 3 fair value adjustments 契约违约担忧与投资者对三级公允价值调整的定价
IF 3.3 3区 管理学
Journal of Contemporary Accounting & Economics Pub Date : 2023-10-13 DOI: 10.1016/j.jcae.2023.100382
Laura Mehnaz , Asheq Rahman , Humayun Kabir
{"title":"Covenant violation concern and investors’ pricing of Level 3 fair value adjustments","authors":"Laura Mehnaz ,&nbsp;Asheq Rahman ,&nbsp;Humayun Kabir","doi":"10.1016/j.jcae.2023.100382","DOIUrl":"10.1016/j.jcae.2023.100382","url":null,"abstract":"<div><p>We examine the influence of concerns relating to violation of the borrowing covenant on the investors’ valuation of Level 3 fair value adjustments. We reason that managerial bias in Level 3 fair value estimation is greater for firms approaching violation of the borrowing covenant. Based on a sample of Australian real estate firms, we find that managers report upward adjustments to Level 3 investment property values when they approach the threshold where the borrowing covenant is violated; and further find that this deliberate use of discretion is significant for firms closer to the interest coverage thresholds, but not for those approaching the gearing thresholds. We then find that, while fair value adjustments are priced positively, investors apply incremental discounts for firms closer to the violation threshold, or firms which are in technical default of borrowing covenants relative to those that are far from violation. Additionally, we show that the pricing discount on fair value adjustments attributable to the concern over covenant violation is significant only for the weaker governance sub-sample, indicating that effective monitoring mitigates faithful representation concerns about Level 3 fair value estimations.</p></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"19 3","pages":"Article 100382"},"PeriodicalIF":3.3,"publicationDate":"2023-10-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1815566923000322/pdfft?md5=27bb5cdc9551cc5868adce563af5539e&pid=1-s2.0-S1815566923000322-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135761073","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Brand capital on debt maturity structure 品牌资本对债务期限结构的影响
IF 3.3 3区 管理学
Journal of Contemporary Accounting & Economics Pub Date : 2023-10-06 DOI: 10.1016/j.jcae.2023.100381
Tongxia Li , Chun Lu , James Routledge
{"title":"Brand capital on debt maturity structure","authors":"Tongxia Li ,&nbsp;Chun Lu ,&nbsp;James Routledge","doi":"10.1016/j.jcae.2023.100381","DOIUrl":"10.1016/j.jcae.2023.100381","url":null,"abstract":"<div><p>This study examines whether brand capital is associated with debt maturity choice. For listed firms in the U.S. over the period from 1975 to 2019, we find that investment in brand capital through ongoing advertising outlays is positively related to the use of short-term debt. The result is consistent with the hypothesis that high brand capital firms use short-term debt because of beneficial signaling effects. We also find the positive effect of brand capital on the use of short-term debt is more pronounced for higher quality firms and firms with lower financial constraints, which provides further support for the signaling explanation. Finally, we show that brand capital decreases the extent to which investments are financed by using long-term debt and increases the extent to which investments are financed by using short-term debt and equity.</p></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"19 3","pages":"Article 100381"},"PeriodicalIF":3.3,"publicationDate":"2023-10-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135605661","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Uncertain tone, asset volatility and credit default swap spreads 不确定的基调，资产波动和信用违约互换价差
IF 3.3 3区 管理学
Journal of Contemporary Accounting & Economics Pub Date : 2023-09-22 DOI: 10.1016/j.jcae.2023.100380
Hitesh Doshi , Saurin Patel , Srikanth Ramani , Matthew Sooy
{"title":"Uncertain tone, asset volatility and credit default swap spreads","authors":"Hitesh Doshi ,&nbsp;Saurin Patel ,&nbsp;Srikanth Ramani ,&nbsp;Matthew Sooy","doi":"10.1016/j.jcae.2023.100380","DOIUrl":"10.1016/j.jcae.2023.100380","url":null,"abstract":"<div><p>We examine the relationship between uncertain linguistic tone and credit default swap<span> (CDS) spreads. Using an event study approach, we first show that uncertain linguistic tone in 10-Q/K filings is positively associated with CDS spread changes incremental to positive and negative tone and incremental to the response implied by equity market reactions to the same information. We further demonstrate that the relationship of uncertain tone to CDS spreads manifests largely through its impact on asset volatility. We show that this effect is driven by firms with high leverage and is stronger among firms with shorter relative to longer maturities. Our findings contribute to growing research into credit market reactions to non-quantitative information by demonstrating a positive relationship between credit market responses and uncertainty disclosure language, and that this relationship is mediated by investors’ implied asset volatility estimates.</span></p></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"19 3","pages":"Article 100380"},"PeriodicalIF":3.3,"publicationDate":"2023-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135429472","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Pre-and-aftermarket IPO underpricing: Does use of proceeds disclosure matter? IPO上市前和上市后的低定价:收益披露的使用是否重要?
IF 3.3 3区 管理学
Journal of Contemporary Accounting & Economics Pub Date : 2023-09-17 DOI: 10.1016/j.jcae.2023.100379
Kavitha Ranganathan, Madhu Veeraraghavan
{"title":"Pre-and-aftermarket IPO underpricing: Does use of proceeds disclosure matter?","authors":"Kavitha Ranganathan,&nbsp;Madhu Veeraraghavan","doi":"10.1016/j.jcae.2023.100379","DOIUrl":"10.1016/j.jcae.2023.100379","url":null,"abstract":"<div><p>Exploiting a unique regulatory framework for IPO pricing in India, which allows us to estimate voluntary and aftermarket underpricing, we answer whether specific use of proceeds explains underpricing in the pre- and aftermarket. Our main findings are as follows. First, we document that disclosure of specific use of proceeds increases actual voluntary underpricing (i.e., offer price being lower) in the premarket and lowers aftermarket underpricing (i.e., the first-day closing price is lower). Second, the premarket effect is pronounced for firms with greater information asymmetry, whereas the aftermarket effect is pronounced for firms with higher investor sentiment. Our core findings are robust to tests that mitigate endogeneity concerns. Collectively, we show that disclosure impacts underpricing differently in the pre- and aftermarket.</p></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"19 3","pages":"Article 100379"},"PeriodicalIF":3.3,"publicationDate":"2023-09-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135348354","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Financial reporting quality and investment efficiency: The role of strategic alliances 财务报告质量与投资效率:战略联盟的作用
IF 3.3 3区 管理学
Journal of Contemporary Accounting & Economics Pub Date : 2023-09-07 DOI: 10.1016/j.jcae.2023.100377
Huichi Huang , David Weinbaum , Nir Yehuda
{"title":"Financial reporting quality and investment efficiency: The role of strategic alliances","authors":"Huichi Huang ,&nbsp;David Weinbaum ,&nbsp;Nir Yehuda","doi":"10.1016/j.jcae.2023.100377","DOIUrl":"10.1016/j.jcae.2023.100377","url":null,"abstract":"<div><p>We study firms that engage in strategic alliances and investigate the link between a firm’s investment and the accounting quality of its partners. Given the view of the firm as a nexus of contractual relationships, we expect that alliance partner information will help investors monitor the firm. In line with this expectation, we show that partner firms’ accounting quality reduces both over- and underinvestment in the focal firm. We also test the role of partner firms’ accounting quality in multisegment firms, in which agency conflicts are more acute. We find that the accounting quality of partner firms reduces the diversification discount in these firms.</p></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"19 3","pages":"Article 100377"},"PeriodicalIF":3.3,"publicationDate":"2023-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130819550","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
CEO overconfidence: A dual-detriment to investment-price sensitivity via market negligence and reduced informed trading CEO过度自信:市场疏忽和知情交易减少对投资-价格敏感性的双重损害
IF 3.3 3区 管理学
Journal of Contemporary Accounting & Economics Pub Date : 2023-09-02 DOI: 10.1016/j.jcae.2023.100378
Heung-Jae Jeon
{"title":"CEO overconfidence: A dual-detriment to investment-price sensitivity via market negligence and reduced informed trading","authors":"Heung-Jae Jeon","doi":"10.1016/j.jcae.2023.100378","DOIUrl":"10.1016/j.jcae.2023.100378","url":null,"abstract":"<div><p>This study investigates the impact of the direct and indirect effects of CEO overconfidence on investment-price sensitivity (IPS). Using a large sample of U.S. S&amp;P 1500 firms from 1993 to 2020, I find a significant negative relationship between CEO overconfidence and investment-price sensitivity. Furthermore, the findings demonstrate that the relationship is partially mediated by the level of informed trading. This implies that overconfident CEOs not only resist using external information (direct effect) but also unintentionally diminish their chances to learn from the market by reducing informed trading (indirect effect). This study contributes to the existing literature by highlighting the role of CEO characteristics in shaping the information environment and establishing a causal link between CEO personality traits and corporate decisions.</p></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"19 3","pages":"Article 100378"},"PeriodicalIF":3.3,"publicationDate":"2023-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128555577","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Redrawing the line: Narrowly beating analyst forecasts and journalists’ co-coverage choices in earnings-related news articles 重新划定界限:勉强超过分析师预测和记者在收益相关新闻文章中的共同报道选择
IF 3.3 3区 管理学
Journal of Contemporary Accounting & Economics Pub Date : 2023-08-06 DOI: 10.1016/j.jcae.2023.100376
Jingjing Xia
{"title":"Redrawing the line: Narrowly beating analyst forecasts and journalists’ co-coverage choices in earnings-related news articles","authors":"Jingjing Xia","doi":"10.1016/j.jcae.2023.100376","DOIUrl":"10.1016/j.jcae.2023.100376","url":null,"abstract":"<div><p>Do journalists use editorial tools to help investors clarify uncertain earnings performance? This study examines this question in the context of WSJ reporters’ co-coverage choices. Using narrowly beating consensus analyst forecasts as a proxy for earnings evaluation uncertainty, I find that journalists tend to co-cover peers that are more economically related to the announcing firm when it reported earnings that narrowly beat consensus analyst forecasts (“beaters”) than when discussing the earnings of non-beaters. Using intra-day data, I further find that stock investors appear to use the co-covered peers as a benchmark to evaluate the earnings of the beaters but not the earnings of the non-beaters. These findings highlight the usefulness of media’s editorial content to investors.</p></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"19 3","pages":"Article 100376"},"PeriodicalIF":3.3,"publicationDate":"2023-08-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115211055","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Modeling board governance, environmental expertise, and social engagement effects on firm environmental performance: Panel data evidence 模拟董事会治理、环境专业知识和社会参与对公司环境绩效的影响:面板数据证据
IF 3.3 3区 管理学
Journal of Contemporary Accounting & Economics Pub Date : 2023-08-01 DOI: 10.1016/j.jcae.2023.100364
Daehyun Kim , Michael J. Marin , Gordon D. Richardson , Steven E. Salterio , Albert Tsang
{"title":"Modeling board governance, environmental expertise, and social engagement effects on firm environmental performance: Panel data evidence","authors":"Daehyun Kim ,&nbsp;Michael J. Marin ,&nbsp;Gordon D. Richardson ,&nbsp;Steven E. Salterio ,&nbsp;Albert Tsang","doi":"10.1016/j.jcae.2023.100364","DOIUrl":"https://doi.org/10.1016/j.jcae.2023.100364","url":null,"abstract":"<div><p>Prior research establishes that board governance quality measures positively impact firm environmental performance. In this study, we propose an empirical model using structural equation modeling (SEM) to explore additional enhancements to board governance, namely board environmental expertise (BEE) and board social engagement (BSE) and show that they incrementally improve firm environmental performance (EN). Our proposed latent construct measure, BEE, goes beyond traditionally dichotomous measures used in the literature. BEE has a total effect on firm environmental performance that is over two thirds the size of effects arising from traditional governance quality measures (GOV). The second enhancement of our model is the focus on BSE, a novel construct to the CSR literature. In addition to possessing environmental knowledge enabling expertise, we demonstrate that a board with a deeper commitment to society will further improve firm environmental performance. Using SEM, we find that the indirect effects of GOV, BEE, and BSE on EN represent a substantial portion of the total effects on EN. Hence, ignoring these indirect effects would result in substantial understatement of the effects of improvements to governance on environmental performance.</p></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"19 2","pages":"Article 100364"},"PeriodicalIF":3.3,"publicationDate":"2023-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49888451","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Place attachment, audit pricing and audit quality 地方附件，审核价格和审核质量
IF 3.3 3区 管理学
Journal of Contemporary Accounting & Economics Pub Date : 2023-08-01 DOI: 10.1016/j.jcae.2023.100365
Shuai Yuan , Wuxue Zhang , Kaiwen Zhu
{"title":"Place attachment, audit pricing and audit quality","authors":"Shuai Yuan ,&nbsp;Wuxue Zhang ,&nbsp;Kaiwen Zhu","doi":"10.1016/j.jcae.2023.100365","DOIUrl":"https://doi.org/10.1016/j.jcae.2023.100365","url":null,"abstract":"<div><p>Place attachment is an affective bond whereby people interact with and describe themselves as belonging to specific places. This study investigates the presence of place attachment in the auditing process. Using a large sample of listed clients in China, the findings reveal that auditors are likely to charge higher fees if their colleges are located in the same cities or provinces as their clients, supporting the familiarity bias hypothesis. This effect is more concentrated among smaller auditors, non-state-owned clients, and clients who switch auditors between years. In addition, a negative relationship is found between audit quality and geographical connections between auditors and clients. Overall, the results indicate the existence of place attachment in the auditing process.</p></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"19 2","pages":"Article 100365"},"PeriodicalIF":3.3,"publicationDate":"2023-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49888453","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
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