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Limits to Political Capture: Evidence from Patent Grants, Disclosures, and Litigation
IF 4.4 2区 管理学
Journal of Accounting Research Pub Date : 2025-03-19 DOI: 10.1111/1475-679x.12607
CHRISTINE CUNY, MIHIR N. MEHTA, WANLI ZHAO
{"title":"Limits to Political Capture: Evidence from Patent Grants, Disclosures, and Litigation","authors":"CHRISTINE CUNY, MIHIR N. MEHTA, WANLI ZHAO","doi":"10.1111/1475-679x.12607","DOIUrl":"https://doi.org/10.1111/1475-679x.12607","url":null,"abstract":"Substantial evidence suggests that regulatory agencies in the United States can be captured by the politicians who oversee them. We provide novel evidence of a federal agency in which capture is limited: the United States Patent and Trademark Office. Although patent applications from politically connected applicants are slightly more likely to be approved despite being of lower ex post quality, additional analyses suggest these outcomes are not indicative of capture. In particular, the disclosure quality of connected patents' legal claims increases more than unconnected patents during the review process, narrowing the scope of the patents and constraining the intellectual property rights. Furthermore, connected patents are no more likely than others to be litigated ex post, suggesting these patent grants are not spurious. Our findings provide insights into how the design of a regulator can limit the benefits that accrue to politically connected firms.","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"17 1","pages":""},"PeriodicalIF":4.4,"publicationDate":"2025-03-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143653360","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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 Information Usage and Trading by Retail Investors: Evidence from Integrated Trading Platform
IF 4.4 2区 管理学
Journal of Accounting Research Pub Date : 2025-03-17 DOI: 10.1111/1475-679x.12606
JACKY CHAU
{"title":"Accounting Information Usage and Trading by Retail Investors: Evidence from Integrated Trading Platform","authors":"JACKY CHAU","doi":"10.1111/1475-679x.12606","DOIUrl":"https://doi.org/10.1111/1475-679x.12606","url":null,"abstract":"This registered report investigates self-directed retail investors' information choices and trading decisions on an integrated trading platform that provides timely and convenient access to accounting information. The analyses reveal that these investors access a mosaic of information, with a high proportion not firm-specific. In accessing accounting disclosures, retail investors are more interested in media articles providing summaries or expert analyses than original filings. Retail trades on this integrated trading platform are more informed than another retail trading platform providing little information services while exhibiting no significant differences in informativeness compared with institutional trades using <i>Bulge Bracket</i> platforms. In particular, trade informativeness is more pronounced when there are accounting disclosures. The evidence suggests that self-directed retail investors can benefit from a trading environment that provides rich and convenient access to a mosaic of information, particularly timely accounting disclosures.","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"24 1","pages":""},"PeriodicalIF":4.4,"publicationDate":"2025-03-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143635112","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Dynamic Information Acquisition, Investment, and Disclosure
IF 4.4 2区 管理学
Journal of Accounting Research Pub Date : 2025-03-17 DOI: 10.1111/1475-679x.12610
SEUNG Y. LEE, IVÁN MARINOVIC
{"title":"Dynamic Information Acquisition, Investment, and Disclosure","authors":"SEUNG Y. LEE, IVÁN MARINOVIC","doi":"10.1111/1475-679x.12610","DOIUrl":"https://doi.org/10.1111/1475-679x.12610","url":null,"abstract":"We present a dynamic model of information acquisition and disclosure. The manager seeks to maximize future stock prices and collects information privately about the firm's fundamentals. Information acquisition increases the arrival rate of private information. The manager can choose to disclose his private information or withhold it in perpetuity. We study the impact of information acquisition on the accumulation of private information, disclosure, and the firm's initial investment.","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"124 1","pages":""},"PeriodicalIF":4.4,"publicationDate":"2025-03-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143635113","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Racial Disparities in Financial Complaints and the Role of Corporate Social Attitudes
IF 4.4 2区 管理学
Journal of Accounting Research Pub Date : 2025-03-17 DOI: 10.1111/1475-679x.12612
RACHEL M. HAYES, FENG JIANG, YIHUI PAN, HUAYI TANG
{"title":"Racial Disparities in Financial Complaints and the Role of Corporate Social Attitudes","authors":"RACHEL M. HAYES, FENG JIANG, YIHUI PAN, HUAYI TANG","doi":"10.1111/1475-679x.12612","DOIUrl":"https://doi.org/10.1111/1475-679x.12612","url":null,"abstract":"Using consumer complaints filed with the Consumer Financial Protection Bureau as a measure for the quality of financial products and services, we present evidence of racial disparities in the service quality received by consumers. Consumers in high-minority communities file more complaints than those in low-minority communities, and the racial gap in financial complaints increased by more than 60% during the COVID-19 pandemic. Using a triple-difference approach, we establish the role of corporate social attitudes, reflected in, for example, inclusive promotion practices and diversity in leadership, in mitigating the complaint racial gap and its pandemic-period increase. Our results shed light on how inclusive corporate culture filters through an organization to benefit minority communities and underscore the effect of corporate social attitudes on important stakeholder outcomes.","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"96 1","pages":""},"PeriodicalIF":4.4,"publicationDate":"2025-03-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143635150","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Correction to “How Does Financial-Reporting Regulation Affect Industry-Wide Resource Allocation?”
IF 4.4 2区 管理学
Journal of Accounting Research Pub Date : 2025-03-14 DOI: 10.1111/1475-679x.12609
Matthias Breuer
{"title":"Correction to “How Does Financial-Reporting Regulation Affect Industry-Wide Resource Allocation?”","authors":"Matthias Breuer","doi":"10.1111/1475-679x.12609","DOIUrl":"https://doi.org/10.1111/1475-679x.12609","url":null,"abstract":"This correction describes errors in the program code of Breuer [2021] and presents revised results. The errors affect the construction of the standardized reporting and auditing scopes, the treatment variables of the primary research design in Breuer [2021]. The revised results show weaker evidence that reporting mandates facilitate ownership dispersion in capital markets compared to Breuer [2021]. They also show weaker evidence that reporting mandates spur competition in product markets, including mixed evidence on product-market entry. Consistent with Breuer [2021], the revised results continue to show no unambiguous evidence that reporting mandates improve the efficiency of industry-wide resource allocation. With respect to audit mandates, the revised results continue to show evidence that the mandates impose a barrier to entry. Overall, the correction indicates that the impacts of reporting and auditing mandates are even more uncertain than reported in Breuer [2021] and that further research on these impacts is called for.","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"23 1","pages":""},"PeriodicalIF":4.4,"publicationDate":"2025-03-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143619009","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Strategic Scientific Disclosure: Evidence from the Leahy–Smith America Invents Act
IF 4.4 2区 管理学
Journal of Accounting Research Pub Date : 2025-03-12 DOI: 10.1111/1475-679x.12605
KRISTEN VALENTINE, JENNY LI ZHANG, YUXIANG ZHENG
{"title":"Strategic Scientific Disclosure: Evidence from the Leahy–Smith America Invents Act","authors":"KRISTEN VALENTINE, JENNY LI ZHANG, YUXIANG ZHENG","doi":"10.1111/1475-679x.12605","DOIUrl":"https://doi.org/10.1111/1475-679x.12605","url":null,"abstract":"We examine the impact of technological competition on voluntary innovation disclosure around the enactment of the Leahy–Smith America Invents Act of 2011 (“AIA”). The AIA moves the US patent system from the first‐to‐invent to first‐inventor‐to‐file system and induces a patent race that increases technological competition. Firms that are slow to file a patent are disadvantaged in this race. We find that focal firms with lagging patent classes strategically increase scientific publications in their lagging technology areas in an attempt to block competitors from obtaining a patent. This effect is more pronounced in technology areas where the firm has better information about their relative competitive position (proxied by greater inventor mobility), in technology classes with constraints on increasing patent filing timeliness (proxied by fewer experienced attorneys), and areas characterized by more intense competition. We find that the peers of firms with lagging classes experience greater patent filing rejections for lack of novelty and obviousness reasons after the AIA, suggesting that strategic scientific disclosure is effective.","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"32 1","pages":""},"PeriodicalIF":4.4,"publicationDate":"2025-03-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143607822","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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 Intangible Asset Classification on Professional Financial Statement Users’ Assessments
IF 4.4 2区 管理学
Journal of Accounting Research Pub Date : 2025-03-04 DOI: 10.1111/1475-679x.12604
Spencer B. Anderson, Kim I. Mendoza, Cassie Mongold
{"title":"The Effect of Intangible Asset Classification on Professional Financial Statement Users’ Assessments","authors":"Spencer B. Anderson, Kim I. Mendoza, Cassie Mongold","doi":"10.1111/1475-679x.12604","DOIUrl":"https://doi.org/10.1111/1475-679x.12604","url":null,"abstract":"Classification of financial statement elements into categories is an inherent, integral part of the financial reporting system. Although prior research documents that categories influence users’ perceptions of included items, we explore the reverse effect—how classifying items in a category can impact perceptions of the category itself and its other members. Using categorization theory from psychology and accounting literature and exploiting the classification challenges inherent to the crypto asset setting, we predict and find that classifying individual items into a category can impact equity analysts’ perceptions of the category itself and perceptions of the category's other members. We also explore the boundaries of this effect and find that categories like intangibles, with fewer common prototypical features, are more susceptible to these classification effects. Our results show several ways in which balance sheet classification could lead to unintended consequences for users.","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"67 1","pages":""},"PeriodicalIF":4.4,"publicationDate":"2025-03-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143545852","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Public Disclosure of Private Meetings: Does Observing Peers’ Information Acquisition Affect Analysts’ Attention Allocation?
IF 4.4 2区 管理学
Journal of Accounting Research Pub Date : 2025-03-03 DOI: 10.1111/1475-679x.12603
Yi Ru, Ronghuo Zheng, Yuan Zou
{"title":"Public Disclosure of Private Meetings: Does Observing Peers’ Information Acquisition Affect Analysts’ Attention Allocation?","authors":"Yi Ru, Ronghuo Zheng, Yuan Zou","doi":"10.1111/1475-679x.12603","DOIUrl":"https://doi.org/10.1111/1475-679x.12603","url":null,"abstract":"We investigate the impact of observing peers’ information acquisition on financial analysts’ allocation of attention. Using the timely disclosure mandate by the Shenzhen Stock Exchange as a setting, we find that, shortly after analysts observe that a firm has been visited by peer analysts, they reduce short-term attention to that firm, as indicated by a reduced tendency to conduct follow-up visits. Nonvisiting analysts who do not conduct follow-up visits are more likely to discontinue coverage of the visited firm. These findings are consistent with the conjecture that the timely disclosure reveals the first-mover advantage of visiting analysts, leading nonvisiting ones to reallocate their limited attention. We also find that, compared with the pre-mandate period, the information environments of visited firms deteriorate immediately after an analyst's visit but not over the longer term. Further evidence suggests that the timely disclosure mandate has positive externalities in the form of increased immediate attention to and improved short-term information environments of unvisited peer firms.","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"20 1","pages":""},"PeriodicalIF":4.4,"publicationDate":"2025-03-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143532761","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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 Effect of Liquidity Transparency on Liquidity Holdings
IF 4.4 2区 管理学
Journal of Accounting Research Pub Date : 2025-02-27 DOI: 10.1111/1475-679x.12602
YAO LU
{"title":"The Spillover Effect of Liquidity Transparency on Liquidity Holdings","authors":"YAO LU","doi":"10.1111/1475-679x.12602","DOIUrl":"https://doi.org/10.1111/1475-679x.12602","url":null,"abstract":"I study how the disclosure of the liquidity coverage ratio mandated for a group of systemically important U.S. banks affects peer banks' liquidity holdings. I predict that the disclosure mitigates uncertainty about aggregate liquidity risk by providing insight into the likelihood of market-wide liquidity shocks and specific sources of liquidity stress. This uncertainty resolution, in turn, reduces nondisclosing banks' precautionary demand for liquidity. Using bank business interactions to measure the treatment intensity of the disclosure, I find that more treated nondisclosing banks cut their liquidity significantly more in response to the disclosure. In addition, the disclosure rule was followed by lower overall liquidity and a build-up of systemic risk, indicating an economically considerable disclosure spillover effect in the aggregate. My paper reveals a new economic force, the spillover effect of mandated liquidity disclosure, that shapes banks' liquidity holdings.","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"2 1","pages":""},"PeriodicalIF":4.4,"publicationDate":"2025-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143528361","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Upward Influencers in Teams
IF 4.4 2区 管理学
Journal of Accounting Research Pub Date : 2025-02-07 DOI: 10.1111/1475-679x.12601
Wei Cai, Yaxuan Chen, Jee-Eun Shin
{"title":"Upward Influencers in Teams","authors":"Wei Cai, Yaxuan Chen, Jee-Eun Shin","doi":"10.1111/1475-679x.12601","DOIUrl":"https://doi.org/10.1111/1475-679x.12601","url":null,"abstract":"Upward influencers, employees who are more favorably perceived by their supervisors than their peers and subordinates, are predicted by economic and accounting theories and are found to be ubiquitous in many organizations. Despite their prevalence, the role of upward influencers in teams remains underexplored. This paper fills this void by using proprietary data from a service-providing organization that allows for the identification of upward influencers based on its 360-degree person evaluation. We find an inverted U-shaped relationship between the fraction of upward influencers in a team and team performance. In cross-sectional analyses, we show that this relationship is driven by conditions when the need for collaboration and information sharing is high and when managers are less experienced. Additional tests exploring the mechanisms for the role of upward influencers in teams suggest that they impair team horizontal relationships through lowering the willingness to communicate, share knowledge, and offer mutual assistance among team members. Yet, teams with upward influencers build better vertical relationships with supervisors, which, in return, is associated with supervisors allocating more of their time to provide team members with feedback and guidance. Taken together, this study contributes to the understanding of upward influencers in teams.","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"47 1","pages":""},"PeriodicalIF":4.4,"publicationDate":"2025-02-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143258354","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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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