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Review of Accounting Studies最新文献

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Can executives predict how firm news maps to stock price? A field study at the onset of COVID-19 高管们能预测新闻对股价的影响有多大吗?COVID-19发病时的实地研究
IF 4.2 3区 管理学
Review of Accounting Studies Pub Date : 2023-08-19 DOI: 10.1007/s11142-023-09790-9
Darren Bernard, Elsa Maria Juliani, A. Lawrence
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引用次数: 0
Is tax return information useful to equity investors? 纳税申报信息对股权投资者有用吗?
3区 管理学
Review of Accounting Studies Pub Date : 2023-08-12 DOI: 10.1007/s11142-023-09792-7
Paul Demeré
{"title":"Is tax return information useful to equity investors?","authors":"Paul Demeré","doi":"10.1007/s11142-023-09792-7","DOIUrl":"https://doi.org/10.1007/s11142-023-09792-7","url":null,"abstract":"Abstract I examine whether tax return information is useful to equity investors. I do so indirectly, by exploiting unique features of the syndicated loan market, as evidence shows that lenders obtain tax returns from borrowers and that lenders’ private information is transmitted to equity markets when institutional investors are part of a loan syndicate. I find significant increases in tax expense valuation and decreases in tax-related market anomalies following the issuance of institutional syndicated loans, suggesting that equity investors find information about firm performance in tax returns that is useful for their trading decisions. I also find evidence suggesting that institutional investors may determine their loan syndicate participation in part based on the value of tax return information. This study extends prior research and informs policy debates over public disclosure of corporate tax return information by providing evidence to support that tax returns can be useful to investor decision making.","PeriodicalId":48120,"journal":{"name":"Review of Accounting Studies","volume":"112 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134977847","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
Selection bias in audit firm tenure research 审计事务所任期研究中的选择偏差
IF 4.2 3区 管理学
Review of Accounting Studies Pub Date : 2023-08-10 DOI: 10.1007/s11142-023-09787-4
Ying Zhou, David P. Weber, Ce Wen
{"title":"Selection bias in audit firm tenure research","authors":"Ying Zhou, David P. Weber, Ce Wen","doi":"10.1007/s11142-023-09787-4","DOIUrl":"https://doi.org/10.1007/s11142-023-09787-4","url":null,"abstract":"","PeriodicalId":48120,"journal":{"name":"Review of Accounting Studies","volume":" ","pages":""},"PeriodicalIF":4.2,"publicationDate":"2023-08-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48204927","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
Is hiring fast a good sign? The informativeness of job vacancy duration for future firm profitability 招聘速度快是个好兆头吗？职位空缺持续时间对未来企业盈利能力的信息性
IF 4.2 3区 管理学
Review of Accounting Studies Pub Date : 2023-08-09 DOI: 10.1007/s11142-023-09797-2
Ciao-Wei Chen, L. Li
{"title":"Is hiring fast a good sign? The informativeness of job vacancy duration for future firm profitability","authors":"Ciao-Wei Chen, L. Li","doi":"10.1007/s11142-023-09797-2","DOIUrl":"https://doi.org/10.1007/s11142-023-09797-2","url":null,"abstract":"","PeriodicalId":48120,"journal":{"name":"Review of Accounting Studies","volume":"28 1","pages":"1316 - 1353"},"PeriodicalIF":4.2,"publicationDate":"2023-08-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47826358","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: 2
Trivialization of the bottom line and losing relevance of losses 轻视底线，失去损失的相关性
3区 管理学
Review of Accounting Studies Pub Date : 2023-08-08 DOI: 10.1007/s11142-023-09794-5
Anup Srivastava
{"title":"Trivialization of the bottom line and losing relevance of losses","authors":"Anup Srivastava","doi":"10.1007/s11142-023-09794-5","DOIUrl":"https://doi.org/10.1007/s11142-023-09794-5","url":null,"abstract":"Abstract The purpose of this article is to illustrate the growing limitations of the current methods of calculating earnings, particularly when earnings is a negative number. Earnings, presumably the most important output of a financial reporting system, is not a singular metric. It is obtained by subtracting numerous expense line items from revenues, both of which are calculated after applying a diverse, and often inconsistent, set of accounting conventions. Despite this apparent deficiency, earnings could be informative of recurring profits, if revenues are measured correctly and expenses are traced to revenues. However, both principles are increasingly violated for the cohorts of firms listed in the last 30 years, which now constitute over 80% of the set of listed firms. Revenues of recent cohorts do not capture many events that create recurring cash flows. Their operating expenses are dominated by intangible outlays that are unmatched to current revenues. As a result, newer cohorts’ profits and profit margins, especially when negative, offer little to inform future profits. Given that revenue and expense recognition rules are unlikely to change anytime soon, the current developments raise a question: Should the reporting of the summary measure of earnings be voluntary instead of mandatory?","PeriodicalId":48120,"journal":{"name":"Review of Accounting Studies","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135796145","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
Dividends, trust, and firm value 分红、信任和公司价值
IF 4.2 3区 管理学
Review of Accounting Studies Pub Date : 2023-08-03 DOI: 10.1007/s11142-023-09795-4
Martin M. Kapons, Peter Kelly, Robert C. Stoumbos, Rafael Zambrana
{"title":"Dividends, trust, and firm value","authors":"Martin M. Kapons, Peter Kelly, Robert C. Stoumbos, Rafael Zambrana","doi":"10.1007/s11142-023-09795-4","DOIUrl":"https://doi.org/10.1007/s11142-023-09795-4","url":null,"abstract":"","PeriodicalId":48120,"journal":{"name":"Review of Accounting Studies","volume":"28 1","pages":"1354 - 1387"},"PeriodicalIF":4.2,"publicationDate":"2023-08-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48430452","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 effect of retrospective versus modified retrospective application of accounting changes on financial statement usefulness 会计变更追溯应用与修正追溯应用对财务报表有用性的影响
3区 管理学
Review of Accounting Studies Pub Date : 2023-08-01 DOI: 10.1007/s11142-023-09788-3
Jing Wang, Michael Welker
{"title":"The effect of retrospective versus modified retrospective application of accounting changes on financial statement usefulness","authors":"Jing Wang, Michael Welker","doi":"10.1007/s11142-023-09788-3","DOIUrl":"https://doi.org/10.1007/s11142-023-09788-3","url":null,"abstract":"","PeriodicalId":48120,"journal":{"name":"Review of Accounting Studies","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136022234","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 impact of foreign laws on U.S. firms: evidence from the U.K. Bribery Act 外国法律对美国公司的影响：来自英国《反贿赂法》的证据
IF 4.2 3区 管理学
Review of Accounting Studies Pub Date : 2023-07-28 DOI: 10.1007/s11142-023-09783-8
Amanda Sanseverino
{"title":"The impact of foreign laws on U.S. firms: evidence from the U.K. Bribery Act","authors":"Amanda Sanseverino","doi":"10.1007/s11142-023-09783-8","DOIUrl":"https://doi.org/10.1007/s11142-023-09783-8","url":null,"abstract":"","PeriodicalId":48120,"journal":{"name":"Review of Accounting Studies","volume":" ","pages":""},"PeriodicalIF":4.2,"publicationDate":"2023-07-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44614015","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 importance of individual-pair lending relationships 个人配对借贷关系的重要性
3区 管理学
Review of Accounting Studies Pub Date : 2023-07-26 DOI: 10.1007/s11142-023-09782-9
Omri Even-Tov, Xinlei Li, Hui Wang, Christopher Williams
{"title":"The importance of individual-pair lending relationships","authors":"Omri Even-Tov, Xinlei Li, Hui Wang, Christopher Williams","doi":"10.1007/s11142-023-09782-9","DOIUrl":"https://doi.org/10.1007/s11142-023-09782-9","url":null,"abstract":"Abstract We examine the significance and uniqueness of individual-pair relationships cultivated through repeated loan interactions. Using a hand-collected dataset compiled of borrowing manager and loan officer information, we find that individual-pair relationship loans are associated with a cost-of-debt reduction of between seven to 13 basis points. We also document that the relationship has an economic impact even when other affiliations, for example, institutional pairs, social ties, cultural proximity, and gender, are considered. Individual-pair relationships matter because they furnish lenders with useful soft information, especially when the firm has a poor hard information environment or when the bank and loan officer rely less on hard information. In addition, we find that individual-pair relationship loans have fewer rating downgrades, suggesting that accumulated soft information leads to better loan quality. Collectively, our results highlight the unique value of sustained professional engagement between two individuals in the lending process.","PeriodicalId":48120,"journal":{"name":"Review of Accounting Studies","volume":"11 7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-07-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135800783","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
Bankruptcy in groups 集体破产
3区 管理学
Review of Accounting Studies Pub Date : 2023-07-26 DOI: 10.1007/s11142-023-09779-4
William H. Beaver, Stefano Cascino, Maria Correia, Maureen F. McNichols
{"title":"Bankruptcy in groups","authors":"William H. Beaver, Stefano Cascino, Maria Correia, Maureen F. McNichols","doi":"10.1007/s11142-023-09779-4","DOIUrl":"https://doi.org/10.1007/s11142-023-09779-4","url":null,"abstract":"Abstract We examine bankruptcy within business groups. Groups have incentives to support financially distressed subsidiaries, as the bankruptcy of a subsidiary may impose severe costs on the group as a whole. This is in part because, in several countries, bankruptcy courts often “pierce the corporate veil” and hold groups liable for their distressed subsidiaries’ obligations as if they were their own. Using a large cross-country sample of group-affiliated firms, we show that, by reallocating resources within the corporate structure, business groups actively manage intra-group credit risk to prevent costly within-group insolvencies. Moreover, we document that recent regulatory changes in the approval and disclosure of related party transactions are costly for business groups in that they constrain their ability to shield their subsidiaries from credit-risk shocks. Our study informs the current regulatory debate on related party transactions by highlighting an important cost of anti-self-dealing regulation.","PeriodicalId":48120,"journal":{"name":"Review of Accounting Studies","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-07-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135800792","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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