Journal of Accounting Research最新文献_第7页

Issue Information - Standing Call for Proposals for 发行信息--长期征集有关《世界文化多样性宣言》的提案

IF 4.4 2区管理学

Journal of Accounting Research Pub Date : 2024-05-11 DOI: 10.1111/1475-679X.12552

引用次数: 0

The Effects of Mandatory ESG Disclosure Around the World 全球强制披露环境、社会和公司治理信息的影响

IF 4.9 2区管理学

Journal of Accounting Research Pub Date : 2024-05-04 DOI: 10.1111/1475-679X.12548

PHILIPP KRUEGER, ZACHARIAS SAUTNER, DRAGON YONGJUN TANG, RUI ZHONG

引用次数: 0

Relative Performance Evaluation and Strategic Peer-Harming Disclosures 相对绩效评估和战略性同行危害披露

IF 4.4 2区管理学

Journal of Accounting Research Pub Date : 2024-05-02 DOI: 10.1111/1475-679X.12543

MATTHEW J. BLOOMFIELD, MIRKO S. HEINLE, OSCAR TIMMERMANS

引用次数: 0

The Capital Market Effects of Centralizing Regulated Financial Information 集中监管金融信息对资本市场的影响

IF 4.9 2区管理学

Journal of Accounting Research Pub Date : 2024-04-29 DOI: 10.1111/1475-679X.12544

GURPAL SRAN, MARCEL TUIJN, LAUREN VOLLON

{"title":"The Capital Market Effects of Centralizing Regulated Financial Information","authors":"GURPAL SRAN, MARCEL TUIJN, LAUREN VOLLON","doi":"10.1111/1475-679X.12544","DOIUrl":"10.1111/1475-679X.12544","url":null,"abstract":"<div>\u0000 \u0000 <p>We study the capital market effects of information centralization by exploiting the staggered implementation of digital storage and access platforms for regulated financial information (Officially Appointed Mechanisms, or OAMs) in the European Union. We find that the implementation of OAMs results in significant improvements in capital market liquidity, consistent with the notion that OAMs lower investors' processing costs. The findings are more pronounced when processing costs are high to begin with, that is, when firms (1) are small and receive low business press coverage and (2) have high levels of retail ownership. We then identify a mechanism through which centralization facilitates capital market effects: information spillovers. First, we find that liquidity improvements are larger when OAMs have features that easily allow investors to search for peer firm information. Second, liquidity improvements are larger for firms with a high share of industry peers operating on the same OAM and for firms with a high share of small, low-coverage peers on that OAM. Third, around the annual report release dates of peer firms, focal-firm liquidity improves and focal-peer stock return synchronicity increases. Overall, our evidence suggests that, even in a modern information age, information centralization improves capital market liquidity and facilitates the acquisition and use of peer firm information.</p></div>","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"62 4","pages":"1497-1532"},"PeriodicalIF":4.9,"publicationDate":"2024-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140820015","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

Bridging Theory and Empirical Research in Accounting 连接会计理论与实证研究

IF 4.4 2区管理学

Journal of Accounting Research Pub Date : 2024-04-26 DOI: 10.1111/1475-679X.12545

MATTHIAS BREUER, EVA LABRO, HARESH SAPRA, ANASTASIA A. ZAKOLYUKINA

引用次数: 0

Diversity Washing 多样性清洗

IF 4.9 2区管理学

Journal of Accounting Research Pub Date : 2024-04-25 DOI: 10.1111/1475-679X.12542

ANDREW C. BAKER, DAVID F. LARCKER, CHARLES G. McCLURE, DURGESH SARAPH, EDWARD M. WATTS

引用次数: 0

Innovation and Financial Disclosure 创新与财务披露

IF 4.4 2区管理学

Journal of Accounting Research Pub Date : 2024-04-25 DOI: 10.1111/1475-679X.12546

HUI CHEN, PIERRE JINGHONG LIANG, EVGENY PETROV

{"title":"Innovation and Financial Disclosure","authors":"HUI CHEN, PIERRE JINGHONG LIANG, EVGENY PETROV","doi":"10.1111/1475-679X.12546","DOIUrl":"10.1111/1475-679X.12546","url":null,"abstract":"<p>We examine how financial disclosure policy affects a firm manager's strategy to innovate within a two-period bandit problem featuring two production methods: an old method with a known probability of success, and a new method with an unknown probability. Exploring the new method in the first period provides the manager with decision-useful information for the second period, thus creating a real option that is unavailable under exploiting the old known production method. Voluntary disclosure of the firm's financial performance provides the manager with another option to potentially conceal initial failure from the market. The interaction of these two options determines the manager's incentive to explore. In equilibrium, a myopic manager who cares about the interim market price may over- or under-explore compared to the optimal exploration strategy that maximizes firm value. Our analysis shows that firms operating in an environment with voluntary disclosure early in the trial stage and mandated requirement later are most motivated to explore, while firms subject to early mandated disclosure and late voluntary disclosure are least likely to do so. We also provide empirical predictions about the link between the disclosure environment and the intensity and efficiency of corporate innovation.</p>","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"62 3","pages":"935-979"},"PeriodicalIF":4.4,"publicationDate":"2024-04-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1475-679X.12546","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140643127","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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

The Impact of Information Frictions Within Regulators: Evidence from Workplace Safety Violations 监管机构内部信息摩擦的影响：工作场所安全违规行为的证据

IF 4.4 2区管理学

Journal of Accounting Research Pub Date : 2024-04-01 DOI: 10.1111/1475-679X.12541

ANEESH RAGHUNANDAN, THOMAS G. RUCHTI

引用次数: 0

Algorithmic Trading and Forward-Looking MD&A Disclosures 算法交易和前瞻性 MD&A 披露

IF 4.9 2区管理学

Journal of Accounting Research Pub Date : 2024-04-01 DOI: 10.1111/1475-679X.12540

WAYNE B. THOMAS, YIDING WANG, LING ZHANG

{"title":"Algorithmic Trading and Forward-Looking MD&A Disclosures","authors":"WAYNE B. THOMAS, YIDING WANG, LING ZHANG","doi":"10.1111/1475-679X.12540","DOIUrl":"10.1111/1475-679X.12540","url":null,"abstract":"<div>\u0000 \u0000 <p>This study examines how algorithmic trading (AT) affects forward-looking disclosures in Management Discussion and Analysis (MD&A) of annual reports. We predict and find evidence that AT relates negatively to modifications in year-over-year forward-looking MD&A disclosures. This evidence is consistent with AT reducing investors’ demand for fundamental information, which reduces managers’ incentives to supply costly forward-looking disclosures. Cross-sectional tests provide additional evidence that this negative relation is more pronounced for firms with larger earnings surprises and those with losses. We further validate our conclusion by demonstrating that investors’ fundamental information searches are a channel through which AT affects forward-looking disclosures. The conclusion is robust to using the SEC's Tick Size Pilot Program as an exogenous shock to AT and to using alternative disclosure measures (e.g., tone revisions and number of sentences in forward-looking MD&A disclosures). Overall, our study demonstrates that AT is a contributing factor to regulators’ concerns over the diminishing usefulness of forward-looking information in MD&A disclosures.</p>\u0000 </div>","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"62 4","pages":"1533-1569"},"PeriodicalIF":4.9,"publicationDate":"2024-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140533249","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

Issue Information - Request for Registered Reports 发行信息 - 申请注册报告

IF 4.4 2区管理学

Journal of Accounting Research Pub Date : 2024-03-29 DOI: 10.1111/1475-679X.12537

引用次数: 0