Journal of Accounting and Public Policy最新文献

Creditor governance and mandatory information disclosure quality 债权人治理与强制性信息披露质量

IF 3.3 3区管理学

Journal of Accounting and Public Policy Pub Date : 2025-05-01 DOI: 10.1016/j.jaccpubpol.2025.107314

Yuqi Gu , Bo Ouyang , Jian Zhou

引用次数: 0

Press freedom and stock price crash risk 新闻自由与股价崩盘风险

IF 3.3 3区管理学

Journal of Accounting and Public Policy Pub Date : 2025-05-01 DOI: 10.1016/j.jaccpubpol.2025.107323

Zhiyang Hui , Yizhe Dong , Haoyu Li

{"title":"Press freedom and stock price crash risk","authors":"Zhiyang Hui , Yizhe Dong , Haoyu Li","doi":"10.1016/j.jaccpubpol.2025.107323","DOIUrl":"10.1016/j.jaccpubpol.2025.107323","url":null,"abstract":"<div><div>This paper examines the impact of press freedom, an important institutional factor, on stock price crash risk. Using a large international sample of firms across 52 economies between 2002 and 2021, we find that firms in economies with higher degrees of press freedom are associated with lower levels of future stock price crash risk. Our analysis further shows that press freedom helps to deter the hoarding of bad news by increasing the intensity of reporting, extending the reporting period, and broadening local media coverage. Firms operating in economies with press freedom demonstrate stronger corporate governance and lower levels of firm-specific and long-term overvaluation, which are likely mechanisms through which press freedom mitigates crash risk. The negative impact of press freedom on crash risk is weakened by corruption but strengthened for firms facing higher short interest and less analyst coverage. Additional tests reveal that this negative relationship is driven by a collective influence from multiple dimensions of press freedom. Our results survive a battery of robustness checks. In sum, our findings suggest that press freedom enhances the stability of the global stock market by discouraging the concealment of negative information.</div></div>","PeriodicalId":48070,"journal":{"name":"Journal of Accounting and Public Policy","volume":"51 ","pages":"Article 107323"},"PeriodicalIF":3.3,"publicationDate":"2025-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143888138","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

Accounting for wrongdoing. The financial consequences of bank misconduct 为不法行为负责。银行不当行为的财务后果

IF 3.3 3区管理学

Journal of Accounting and Public Policy Pub Date : 2025-04-29 DOI: 10.1016/j.jaccpubpol.2025.107317

Jose Fernandez de Bilbao , Isabel Catalina Figuerola-Ferretti , Ioannis Paraskevopoulos , Álvaro Santos

{"title":"Accounting for wrongdoing. The financial consequences of bank misconduct","authors":"Jose Fernandez de Bilbao , Isabel Catalina Figuerola-Ferretti , Ioannis Paraskevopoulos , Álvaro Santos","doi":"10.1016/j.jaccpubpol.2025.107317","DOIUrl":"10.1016/j.jaccpubpol.2025.107317","url":null,"abstract":"<div><div>This paper investigates the determinants influencing banks’ decisions to disclose P&L misconduct-related charges and assesses the extent to which these P&L charges can predict future misconduct penalty announcements. Previous research has largely focused on the penalty announcements as the primary indicator for the financial consequences of bank misconduct. However, the P&L impact of misconduct is influenced by accounting rules that drive banks to disclose a provision or cost ahead of the announcement of a future penalty. Using a sample of hand collected data for Global Systemically Important Banks, we establish that disclosure of misconduct provisions is primarily determined by accounting standards. We also demonstrate that misconduct provisions are accrued prior to a penalty being announced and provide advance indication of the amount of forthcoming penalties. While misconduct provisions, when available, could be considered the optimal measure of misconduct, the empirical evidence shows that their disclosure is limited. On the other hand, banks often make known their misconduct-related P&L costs on their quarterly financial documents. These disclosures are frequent, comprehensive and pervasive across different accounting standards, with expected penalty size as the primary determinant of their disclosure. P&L misconduct costs also share the forward-looking nature of provisions. This implies that, when P&L misconduct related costs are disclosed, markets react accordingly, anticipating a future penalty. Our research provides the first analysis of the accounting elements of bank misconduct, the interaction between misconduct disclosures and penalty announcements and the influence of these disclosures on stock returns.</div></div>","PeriodicalId":48070,"journal":{"name":"Journal of Accounting and Public Policy","volume":"51 ","pages":"Article 107317"},"PeriodicalIF":3.3,"publicationDate":"2025-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143881579","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

Are climate scenario analysis disclosures valued by investors? 气候情景分析披露是否受到投资者的重视？

IF 3.3 3区管理学

Journal of Accounting and Public Policy Pub Date : 2025-04-22 DOI: 10.1016/j.jaccpubpol.2025.107313

Tongqing Ding , Jonathan Jona , Brad Potter , Naomi Soderstrom

引用次数: 0

Audit committee governance practices at investment companies: Do they provide substantive oversight? 投资公司的审计委员会治理实践：它们提供了实质性的监督吗？

IF 3.3 3区管理学

Journal of Accounting and Public Policy Pub Date : 2025-04-21 DOI: 10.1016/j.jaccpubpol.2025.107319

J. Gregory Jenkins , Jonathan S. Pyzoha , Mark H. Taylor

{"title":"Audit committee governance practices at investment companies: Do they provide substantive oversight?","authors":"J. Gregory Jenkins , Jonathan S. Pyzoha , Mark H. Taylor","doi":"10.1016/j.jaccpubpol.2025.107319","DOIUrl":"10.1016/j.jaccpubpol.2025.107319","url":null,"abstract":"<div><div>To study audit committee (AC) governance practices within investment companies’ unique governance environment, we extend corporate governance theory and collect data using a dual-method, three stage research approach. We collect data from a survey of 107 investment company AC members and 38 semi-structured interviews with 20 individuals involved in investment company governance, consisting of ten AC members and ten members of management. Using the survey data, our empirical analysis of governance operations quality (composition and diligence) and governance oversight quality (knowledge of the audit process, investment company risks, and valuation issues) indicates that, consistent with agency theory, ACs play a substantive role, and that management does not significantly influence the quality of these governance areas. Furthermore, the AC chair drives governance operations quality, and the other AC members significantly influence oversight quality. Evidence from the semi-structured interview data provide further supporting evidence for our measures.</div></div>","PeriodicalId":48070,"journal":{"name":"Journal of Accounting and Public Policy","volume":"51 ","pages":"Article 107319"},"PeriodicalIF":3.3,"publicationDate":"2025-04-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143851370","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

The spillover effects of accounting scandals in business groups 企业集团会计丑闻的溢出效应

IF 3.3 3区管理学

Journal of Accounting and Public Policy Pub Date : 2025-04-15 DOI: 10.1016/j.jaccpubpol.2025.107315

Guilong Cai , Rui Ge , Jeffrey Pittman , Leon Zolotoy

引用次数: 0

The impact of capping the SALT deduction on municipal bond pricing 限制SALT扣除对市政债券定价的影响

IF 3.3 3区管理学

Journal of Accounting and Public Policy Pub Date : 2025-04-11 DOI: 10.1016/j.jaccpubpol.2025.107312

Mikhail Pevzner , Alan Reinstein , Matthew Wynter , Tong Yao

引用次数: 0

The real effects of disclosure in going private deals 披露对私有化交易的真正影响

IF 3.3 3区管理学

Journal of Accounting and Public Policy Pub Date : 2025-04-11 DOI: 10.1016/j.jaccpubpol.2025.107316

Pietro A. Bianchi , Miguel Minutti-Meza , Maria Vulcheva , Yini Wang

引用次数: 0

Initial evidence on the content and market implications of stablecoin reserve reporting 关于稳定币储备报告内容和市场影响的初步证据

IF 3.3 3区管理学

Journal of Accounting and Public Policy Pub Date : 2025-04-10 DOI: 10.1016/j.jaccpubpol.2025.107309

Steven A. Maex , Stefan Slavov

{"title":"Initial evidence on the content and market implications of stablecoin reserve reporting","authors":"Steven A. Maex , Stefan Slavov","doi":"10.1016/j.jaccpubpol.2025.107309","DOIUrl":"10.1016/j.jaccpubpol.2025.107309","url":null,"abstract":"<div><div>Stablecoins are cryptocurrencies intended to maintain consistent value against a reference asset (e.g., pegged 1:1 to the US dollar). Their rapid adoption in the absence of federal regulation has raised concerns about the risks they pose to financial markets. In this study, we describe the evolving stablecoin ecosystem and explore the content and market implications of stablecoin reserve reporting. We hand-collect reserve reports issued since 2018 by the largest US dollar-backed stablecoins and develop a transparency index that captures the extent to which disclosures address the sufficiency of issuer assets available for redemption. We find that reserve report transparency varies across stablecoins and over time. Additionally, after enactment of the first state-level reserve report disclosure regulation in 2022, transparency increases for both coins subject and not subject to this regulation. Lastly, despite the relative nascency of the stablecoin marketplace and the reserve report as a disclosure medium, we find that reserve report transparency is associated with greater stablecoin price stability and higher stablecoin adoption (i.e., market capitalization). These effects are pronounced in periods of cryptocurrency market volatility. This early evidence suggests that reserve reporting serves a valuable function in the stablecoin ecosystem.</div></div>","PeriodicalId":48070,"journal":{"name":"Journal of Accounting and Public Policy","volume":"51 ","pages":"Article 107309"},"PeriodicalIF":3.3,"publicationDate":"2025-04-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143807129","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 as insights into auditors’ professional judgement: Evidence from the European Union 关键审计事项对审计师职业判断的洞察：来自欧盟的证据

IF 3.3 3区管理学

Journal of Accounting and Public Policy Pub Date : 2025-04-01 DOI: 10.1016/j.jaccpubpol.2025.107311

Mara Cameran , Domenico Campa

{"title":"Key audit matters as insights into auditors’ professional judgement: Evidence from the European Union","authors":"Mara Cameran , Domenico Campa","doi":"10.1016/j.jaccpubpol.2025.107311","DOIUrl":"10.1016/j.jaccpubpol.2025.107311","url":null,"abstract":"<div><div>The European Union (EU) Regulation 537/2014 introduced the mandatory disclosure of Key Audit Matters (KAMs) within an auditor’s report, with the aim of increasing the informational value of these reports. Extant research, however, shows contrasting results as to whether KAM disclosure is providing relevant information to stakeholders. Moreover, concerns have been raised about unintended consequences from KAM disclosure, with respect to the process that leads to the issuance of the audit report. Using a sample of 6,164 firm-year observations for the period 2017–2021, related to 1,660 unique firms listed in all EU Member States, we find that the number of KAMs is positively associated with audit fees, audit report lags and the probability that an opinion different from the standard unqualified opinion is issued. Moreover, we document that both KAMs related to entity-level and account-level risks are positively associated with audit fees, whereas only entity-level KAMs drive the positive association with audit report lags and the issuance of a modified opinion. Our research speaks directly to EU legislators, the International Auditing and Assurance Standards Board, the US Public Company Accounting Oversight Board, and any other regulators around the globe that have mandated the disclosure of KAMs within audit reports.</div></div>","PeriodicalId":48070,"journal":{"name":"Journal of Accounting and Public Policy","volume":"51 ","pages":"Article 107311"},"PeriodicalIF":3.3,"publicationDate":"2025-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143738258","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