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Textual disclosure complexity and analysts’ weighting of information 文本披露复杂性与分析师的信息权重
IF 3.3 3区 管理学
Journal of Contemporary Accounting & Economics Pub Date : 2023-12-15 DOI: 10.1016/j.jcae.2023.100395
Xiaoxiao Yu , Lei Zhao
{"title":"Textual disclosure complexity and analysts’ weighting of information","authors":"Xiaoxiao Yu ,&nbsp;Lei Zhao","doi":"10.1016/j.jcae.2023.100395","DOIUrl":"10.1016/j.jcae.2023.100395","url":null,"abstract":"<div><p>This study investigates the influence of textual complexity in firms’ annual reports (Form 10-K) on financial analysts’ weighting of information. Drawing on a sample of U.S.-listed companies spanning from 1994 through 2020, we demonstrate that analysts tend to under-weight private information when 10-K reports are more readable, especially when the disclosed events indicate positive news, and when analysts face high workloads. Additionally, we find that analysts can identify managers’ opportunistic disclosure practices and rationally allocate weight between private and public information. Our findings suggest that analysts are affected by the underlying reporting and business complexity but not misled by the discretionary readability of 10-K reports when weighting information.</p></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"20 1","pages":"Article 100395"},"PeriodicalIF":3.3,"publicationDate":"2023-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1815566923000450/pdfft?md5=baf0d74e82218c50c504a0b66720e360&pid=1-s2.0-S1815566923000450-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138679767","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
Proving their mettle: Managerial ability and firm performance in trying times 证明自己的能力艰难时期的管理能力与公司业绩
IF 3.3 3区 管理学
Journal of Contemporary Accounting & Economics Pub Date : 2023-12-14 DOI: 10.1016/j.jcae.2023.100393
Barry Hettler , James Cordeiro , Arno Forst
{"title":"Proving their mettle: Managerial ability and firm performance in trying times","authors":"Barry Hettler ,&nbsp;James Cordeiro ,&nbsp;Arno Forst","doi":"10.1016/j.jcae.2023.100393","DOIUrl":"10.1016/j.jcae.2023.100393","url":null,"abstract":"<div><p><span><span>This study investigates the impact of trying economic times, i.e., periods of economic decline and uncertainty, on managerial ability. We find that trying economic times positively moderate the association between managerial ability and firm profitability. Consistent with these primary findings, we also find that the positive moderating </span>role of economic decline and uncertainty on the ability-performance relationship is most salient in procyclical </span>industries. Our results are robust across multiple measures of economically trying times and managerial ability. Further analyses indicate that in trying times more capable managers generate stronger performance through both improved asset turnover and profit margins.</p></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"20 1","pages":"Article 100393"},"PeriodicalIF":3.3,"publicationDate":"2023-12-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138680124","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
U.S. airline responses to mandated disclosure of non-financial performance 美国航空公司对强制披露非财务业绩的回应
IF 3.3 3区 管理学
Journal of Contemporary Accounting & Economics Pub Date : 2023-12-13 DOI: 10.1016/j.jcae.2023.100394
Xiaozhe Gu , Nandu J. Nagarajan , Akin Sayrak , Dhinu Srinivasan
{"title":"U.S. airline responses to mandated disclosure of non-financial performance","authors":"Xiaozhe Gu ,&nbsp;Nandu J. Nagarajan ,&nbsp;Akin Sayrak ,&nbsp;Dhinu Srinivasan","doi":"10.1016/j.jcae.2023.100394","DOIUrl":"10.1016/j.jcae.2023.100394","url":null,"abstract":"<div><p>This paper provides evidence on US airlines’ responses to the U.S. Department of Transportation’s (DOT) mandated disclosure of non-financial performance. We find that while all three DOT measures are associated with customer complaints, airlines are more likely to improve on-time performance rather than mishandled bags and ticket over-sales following poor prior period performance. We also find that on-time performance is the only DOT measure that is associated with future accounting performance and is significantly associated with CEO compensation after controlling for financial performance and load factor. We also provide preliminary results to show that airlines incorporate the more informative component of the on-time measure in CEO compensation. Overall, we provide new understanding of how organizations react to the disclosure of non-financial performance and use incentives to improve these measures.</p></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"20 1","pages":"Article 100394"},"PeriodicalIF":3.3,"publicationDate":"2023-12-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138679926","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
Carbon emission trading scheme and firm debt financing 碳排放交易计划与企业债务融资
IF 3.3 3区 管理学
Journal of Contemporary Accounting & Economics Pub Date : 2023-11-07 DOI: 10.1016/j.jcae.2023.100384
Nan Huang , Rong He , Le Luo , Hongtao Shen
{"title":"Carbon emission trading scheme and firm debt financing","authors":"Nan Huang ,&nbsp;Rong He ,&nbsp;Le Luo ,&nbsp;Hongtao Shen","doi":"10.1016/j.jcae.2023.100384","DOIUrl":"10.1016/j.jcae.2023.100384","url":null,"abstract":"<div><p>This study examines the impact of firms’ participation in an emissions trading scheme (ETS) on their debt financing. Using a unique quasi-natural experimental setting in China, we find that the cost of debt increases and firm access to debt decreases when firms participate in an ETS, which indicates that lenders interpret firms’ participation in an ETS as a potential risk compared to nonparticipation. Further analyses show that the negative effect of participation in an ETS on firm debt financing is more significant for ETS participants that are less able to pass costs on, that operate in regions with less financial marketization, and that are less innovative. For firms that are covered by the national ETS, the restricted access to debt is alleviated for those with experience in a pilot ETS.</p></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"20 1","pages":"Article 100384"},"PeriodicalIF":3.3,"publicationDate":"2023-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135509555","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
Historical institution and corporate Innovation: Evidence from China’s Civil-service Examination 历史制度与企业创新：中国公务员考试的证据
IF 3.3 3区 管理学
Journal of Contemporary Accounting & Economics Pub Date : 2023-11-07 DOI: 10.1016/j.jcae.2023.100385
Ruilin Liu , Zheyuan Zhang , Dan Li
{"title":"Historical institution and corporate Innovation: Evidence from China’s Civil-service Examination","authors":"Ruilin Liu ,&nbsp;Zheyuan Zhang ,&nbsp;Dan Li","doi":"10.1016/j.jcae.2023.100385","DOIUrl":"10.1016/j.jcae.2023.100385","url":null,"abstract":"<div><p><span>Previous research indicates that historical institutions are crucial to the functioning and development of an economy. However, little is known about whether and how a historical institution affects current entrepreneurial activities. In ancient China, the Civil-service Examination (CSE), also known as </span><em>keju</em>, was the most important institution for selecting scholar-officials and had long-lasting effects. Using the variation in the historical success in <em>keju</em> across prefectures, this paper empirically examines the impact of the CSE on local corporate innovation. We find that the density of <em>jinshi</em>, which is the highest achievement in <em>keju</em><span>, is positively correlated with the innovation productivity of local firms as measured by patent applications and citations. To determine causality, we employ an instrumental variable<span> and a quasi-experiment in early Qing period. Further tests suggest that the CSE promotes corporate innovation by fostering a forward-looking stance in firms, enhancing firms’ human capital level, and increasing local social capital. Overall, our results indicate that the CSE has a real and long-lasting impact on today’s firm innovation.</span></span></p></div>","PeriodicalId":46693,"journal":{"name":"Journal of Contemporary Accounting & Economics","volume":"20 1","pages":"Article 100385"},"PeriodicalIF":3.3,"publicationDate":"2023-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135510630","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
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
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