Journal of Accounting Research最新文献

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Issue Information - Request for Papers 发布信息-申请论文
IF 4.4 2区 管理学
Journal of Accounting Research Pub Date : 2025-01-21 DOI: 10.1111/1475-679x.12599
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引用次数: 0
Issue Information - Standing Call for Proposals for 发布信息-长期征求建议书
IF 4.4 2区 管理学
Journal of Accounting Research Pub Date : 2025-01-21 DOI: 10.1111/1475-679x.12600
{"title":"Issue Information - Standing Call for Proposals for","authors":"","doi":"10.1111/1475-679x.12600","DOIUrl":"https://doi.org/10.1111/1475-679x.12600","url":null,"abstract":"Click on the article title to read more.","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"26 1","pages":""},"PeriodicalIF":4.4,"publicationDate":"2025-01-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142991838","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
Financial Reporting Around Private Firms' Securities Offerings 关于私人公司证券发行的财务报告
IF 4.4 2区 管理学
Journal of Accounting Research Pub Date : 2025-01-16 DOI: 10.1111/1475-679x.12598
YIRAN KANG
{"title":"Financial Reporting Around Private Firms' Securities Offerings","authors":"YIRAN KANG","doi":"10.1111/1475-679x.12598","DOIUrl":"https://doi.org/10.1111/1475-679x.12598","url":null,"abstract":"This paper investigates how U.S. private firms communicate with investors around private securities offerings. Using multiple research methods including survey, interview, and archival analysis, I provide systematic evidence on private firms' public and private disclosure practices. I find that despite engaging in a low level of public disclosures, private firms actively communicate with investors through private communication channels, with notable variation across firms in terms of content and frequency. Consistent with managers providing relevant information, financial information is disclosed when it is particularly useful for investors' decision-making. Furthermore, I explore the relation between private communication and public disclosure preferences and find a substitutive effect, suggesting that private firms may strategically manage communication channels to effectively engage with investors. This study contributes to the literature by describing the existing disclosure landscape of private firms.","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"68 1","pages":""},"PeriodicalIF":4.4,"publicationDate":"2025-01-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142987133","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
Redaction as Cross-Regulatory Disclosure Avoidance 作为跨监管披露规避的修订
IF 4.4 2区 管理学
Journal of Accounting Research Pub Date : 2025-01-09 DOI: 10.1111/1475-679x.12596
IOANNIS V. FLOROS, SHANE A. JOHNSON, WANJIA ZHAO
{"title":"Redaction as Cross-Regulatory Disclosure Avoidance","authors":"IOANNIS V. FLOROS, SHANE A. JOHNSON, WANJIA ZHAO","doi":"10.1111/1475-679x.12596","DOIUrl":"https://doi.org/10.1111/1475-679x.12596","url":null,"abstract":"We introduce the idea of cross-regulatory disclosure avoidance, whereby firms attempt to counteract expansions of disclosure under one regulation through actions that reduce disclosure under a different one. We study whether firms redact information from material contracts when they face new rules to disclose segment information. Using SFAS No. 131 as a plausibly exogenous shock to segment disclosure, we find that firms increasing the number of reported segments after the rule change exhibit a greater increase in redaction than firms maintaining the same number of segments. Consistent with proprietary cost motives, the increases are concentrated among firms with greater divergence in profitability across segments, higher abnormal segment profitability, and more negative abnormal stock returns in response to the finalization of the rule. Also, treated firms that redact after the rule change have abnormally profitable segments that they previously did not disclose. Firms that observables predict would increase redaction but did not experience declines in sales growth and profit margin. We find no evidence that agency cost motives drive the increases in redaction or, more generally, nondisclosure of segment performance before SFAS No. 131.","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"45 1","pages":""},"PeriodicalIF":4.4,"publicationDate":"2025-01-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142940278","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
Silent Suffering: Using Machine Learning to Measure CEO Depression 无声的痛苦:用机器学习来衡量CEO的抑郁
IF 4.4 2区 管理学
Journal of Accounting Research Pub Date : 2025-01-08 DOI: 10.1111/1475-679x.12590
SUNG-YUAN (MARK) CHENG, NARGESS M. GOLSHAN
{"title":"Silent Suffering: Using Machine Learning to Measure CEO Depression","authors":"SUNG-YUAN (MARK) CHENG, NARGESS M. GOLSHAN","doi":"10.1111/1475-679x.12590","DOIUrl":"https://doi.org/10.1111/1475-679x.12590","url":null,"abstract":"We introduce a novel measure of CEO depression by applying machine learning models that analyze vocal acoustic features from CEOs' conference call recordings. Our research was preregistered via the <i>Journal of Accounting Research</i>'s registration-based editorial process. In this study, we validate this measure and examine associated factors. We find that greater firm risk is positively associated with CEO depression, whereas higher job demands are negatively associated with CEO depression. Female and older CEOs show a lower likelihood of depression. Using this novel measure, we then explore the relationship between CEO depression and career outcomes. Although we do not find any evidence that CEO depression is associated with CEO turnover, we find some evidence that turnover-performance sensitivity is higher among depressed CEOs. We also find limited evidence of higher compensation and higher pay-performance sensitivity for depressed CEOs. This study provides new insights into the relationship between CEO mental health and career outcomes.","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"1 1","pages":""},"PeriodicalIF":4.4,"publicationDate":"2025-01-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142936443","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 U.S. Country-by-Country Reporting on U.S. Multinationals’ Tax-Motivated Income Shifting and Real Activities 美国国别报告对美国跨国公司税收激励收入转移和实际活动的影响
IF 4.4 2区 管理学
Journal of Accounting Research Pub Date : 2025-01-06 DOI: 10.1111/1475-679x.12594
MICHELLE L. NESSA, ANH V. PERSSON, JANE Z. SONG, ERIN M. TOWERY, MARY E. VERNON
{"title":"The Effect of U.S. Country-by-Country Reporting on U.S. Multinationals’ Tax-Motivated Income Shifting and Real Activities","authors":"MICHELLE L. NESSA, ANH V. PERSSON, JANE Z. SONG, ERIN M. TOWERY, MARY E. VERNON","doi":"10.1111/1475-679x.12594","DOIUrl":"https://doi.org/10.1111/1475-679x.12594","url":null,"abstract":"The Organization for Economic Cooperation and Development introduced country-by-country reporting (CbCR) for multinational enterprises (MNEs) to help tax authorities combat tax-motivated income shifting. This study uses confidential U.S. tax administrative data from 2011 to 2018 to examine the effect of U.S. CbCR adoption on the tax-motivated income shifting and real activities of U.S. MNEs. We first document that while U.S. CbCR provides the Internal Revenue Service with incremental information about the location of U.S. MNEs’ global activities relative to existing U.S. tax return disclosures, substantial overlap exists between U.S. CbCR and existing disclosures. In contrast with prior CbCR studies in cross-country settings, we fail to find evidence of a change in U.S. MNEs’ tax-motivated income shifting or a reallocation of real activities based on tax incentives in response to U.S. CbCR using multiple empirical approaches. Overall, our study leverages U.S. tax administrative data to provide insights into the impact of the CbCR initiative on U.S. MNEs.","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"16 1","pages":""},"PeriodicalIF":4.4,"publicationDate":"2025-01-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142935104","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
Short Squeezes After Short-Selling Attacks 卖空攻击后的空头挤压
IF 4.4 2区 管理学
Journal of Accounting Research Pub Date : 2025-01-06 DOI: 10.1111/1475-679x.12595
LORIEN STICE-LAWRENCE, YU TING FORESTER WONG, WUYANG ZHAO
{"title":"Short Squeezes After Short-Selling Attacks","authors":"LORIEN STICE-LAWRENCE, YU TING FORESTER WONG, WUYANG ZHAO","doi":"10.1111/1475-679x.12595","DOIUrl":"https://doi.org/10.1111/1475-679x.12595","url":null,"abstract":"We estimate the prevalence and drivers of short squeezes after short-selling attacks. Positive returns after attacks have a disproportionate tendency to fully reverse and are accompanied by heightened short covering, consistent with the presence of short squeezes. We assess and find no support for non-squeeze drivers of these positive return reversals and show they are more likely to be accompanied by squeeze-related news articles, increased stock volatility, and disruptions in the stock lending market. Using positive return reversals as a proxy for short squeezes, we estimate that 15% of short attacks experience squeezes, and squeeze risk increases with short sellers’ visibility but decreases with the credibility of their evidence. Additionally, squeezes appear to be precipitated by actions of firms and investors, including insider purchases, share recalls, retail investor trading, and firm disclosures. Our findings quantify a material risk and check on activist short selling and are especially timely given recent proposed short-selling restrictions.","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"17 1","pages":""},"PeriodicalIF":4.4,"publicationDate":"2025-01-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142935105","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
What Happens to Partners Who Issue Adverse Internal Control Opinions? 发表不利内部控制意见的合伙人怎么办?
IF 4.4 2区 管理学
Journal of Accounting Research Pub Date : 2025-01-06 DOI: 10.1111/1475-679x.12597
ASHLEIGH L. BAKKE, ELIZABETH N. COWLE, STEPHEN P. ROWE, MICHAEL S. WILKINS
{"title":"What Happens to Partners Who Issue Adverse Internal Control Opinions?","authors":"ASHLEIGH L. BAKKE, ELIZABETH N. COWLE, STEPHEN P. ROWE, MICHAEL S. WILKINS","doi":"10.1111/1475-679x.12597","DOIUrl":"https://doi.org/10.1111/1475-679x.12597","url":null,"abstract":"We investigate how audit firms balance the tension between professional responsibility and client service by examining changes in partner assignments following adverse internal control opinions (ICOs). We find that partners are significantly more likely to be reassigned when they issued an adverse ICO to any of their clients in the previous year. Further, partners issuing adverse ICOs experience unfavorable changes in their client portfolios in the form of lower fees and less prestigious assignments. We find that consequences are more negative when adverse ICOs are issued to clients that are more important to the local office and that there are no consequences when partners issue continuing adverse opinions to clients they have “inherited” from an original adverse ICO partner. We also find that the consequences are stronger for partners of non-Big 4 audit firms that are likely to be more sensitive to client service considerations. The negative portfolio effects we observe persist for at least three years, and our findings are robust to restrictions involving mandatory partner rotation and adverse ICOs that lead to client loss. Overall, our results are consistent with adverse ICO partners experiencing negative consequences as audit firms respond to client service incentives in the area of internal controls over financial reporting.","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"28 1","pages":""},"PeriodicalIF":4.4,"publicationDate":"2025-01-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142935095","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
Context-Based Interpretation of Financial Information 基于上下文的财务信息解释
IF 4.4 2区 管理学
Journal of Accounting Research Pub Date : 2024-12-18 DOI: 10.1111/1475-679x.12593
ALEX G. KIM, VALERI V. NIKOLAEV
{"title":"Context-Based Interpretation of Financial Information","authors":"ALEX G. KIM, VALERI V. NIKOLAEV","doi":"10.1111/1475-679x.12593","DOIUrl":"https://doi.org/10.1111/1475-679x.12593","url":null,"abstract":"To what extent does the narrative context surrounding the numbers in financial statements alter the informativeness of these numbers, that is, contextualize them? Answering this question empirically presents a methodological challenge. Leveraging recent advances in deep learning, we propose a method to uncover the value of contextual information learned from the (deep) interactions between numeric and narrative disclosures. We show that the contextualization of accounting numbers makes them substantially more informative in shaping beliefs about a firm's future, especially when numeric data are less reliable. In fact, the informational value of interactions dominates the direct informational value of the narrative context. We corroborate this finding by showing that stock markets and financial analysts incorporate the interactions between narrative and numeric information when making forecasts. We also demonstrate the value of our approach by identifying rich firm-year–specific heterogeneity in earnings persistence. We discuss a number of avenues for future research.","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"13 1","pages":""},"PeriodicalIF":4.4,"publicationDate":"2024-12-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142841940","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
Does Access to Patent Information Help Technological Acquisitions? Evidence from Patent Library Openings 专利信息的获取是否有助于技术收购?来自专利图书馆开放的证据
IF 4.4 2区 管理学
Journal of Accounting Research Pub Date : 2024-12-13 DOI: 10.1111/1475-679x.12592
CONNIE X. MAO, YUERU QIN, XUAN TIAN, CHI ZHANG
{"title":"Does Access to Patent Information Help Technological Acquisitions? Evidence from Patent Library Openings","authors":"CONNIE X. MAO, YUERU QIN, XUAN TIAN, CHI ZHANG","doi":"10.1111/1475-679x.12592","DOIUrl":"https://doi.org/10.1111/1475-679x.12592","url":null,"abstract":"Technology acquirers face significant information asymmetry when identifying appropriate acquisition targets. We exploit plausibly exogenous variation in the costs of gathering technological information as the result of patent library openings. We find that, after local patent libraries open, firms become more active in technological acquisitions, acquirers prefer targets that are geographically or technologically close to a lesser extent, completion rates for technology M&amp;A increase, and performance improves. Post-merger innovation output is enhanced through more collaboration between inventors of acquirers and their targets. Overall, our study sheds new light on the importance of information-gathering costs in corporate takeovers and on the search for human capital synergies.","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"14 1","pages":""},"PeriodicalIF":4.4,"publicationDate":"2024-12-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142816141","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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