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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 4.9 2区 管理学
Journal of Accounting Research Pub Date : 2024-11-06 DOI: 10.1111/1475-679X.12588
{"title":"Issue Information - Standing Call for Proposals for","authors":"","doi":"10.1111/1475-679X.12588","DOIUrl":"https://doi.org/10.1111/1475-679X.12588","url":null,"abstract":"","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"62 5","pages":"1573"},"PeriodicalIF":4.9,"publicationDate":"2024-11-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1475-679X.12588","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142588024","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
Do Commercial Ties Influence ESG Ratings? Evidence from Moody's and S&P 商业关系会影响 ESG 评级吗？穆迪和标准普尔的证据
IF 4.9 2区 管理学
Journal of Accounting Research Pub Date : 2024-11-06 DOI: 10.1111/1475-679X.12582
XUANBO LI, YUN LOU, LIANDONG ZHANG
{"title":"Do Commercial Ties Influence ESG Ratings? Evidence from Moody's and S&P","authors":"XUANBO LI,&nbsp;YUN LOU,&nbsp;LIANDONG ZHANG","doi":"10.1111/1475-679X.12582","DOIUrl":"https://doi.org/10.1111/1475-679X.12582","url":null,"abstract":"<p>We provide the first evidence that conflicts of interest arising from commercial ties lead to bias in environmental, social, and governance (ESG) ratings. Using the acquisitions of Vigeo Eiris and RobecoSAM by Moody's and S&amp;P as shocks to the commercial ties between ESG rating agencies and their rated firms, we show that, after their acquisitions by the credit rating agencies (CRAs), ESG rating agencies issue higher ratings to existing paying clients of the CRAs. This effect is greater for firms that have more intensive business relationships with the CRAs, but weaker for firms with more transparent ESG disclosures or higher long-term institutional ownership. The upwardly biased ESG ratings help client firms issue more green bonds and enable the CRAs to maintain credit rating business. Finally, the upwardly biased ESG ratings are less informative of future ESG news. Overall, the business incentives of rating providers appear to engender ESG rating bias.</p>","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"62 5","pages":"1901-1940"},"PeriodicalIF":4.9,"publicationDate":"2024-11-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1475-679X.12582","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142588025","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
How Does Judges’ Personal Exposure to Financial Fraud Affect White-Collar Sentencing? 法官个人对金融欺诈的接触如何影响白领量刑？
IF 4.9 2区 管理学
Journal of Accounting Research Pub Date : 2024-10-22 DOI: 10.1111/1475-679X.12584
TRUNG NGUYEN, ANEESH RAGHUNANDAN, ALEXANDRA SCHERF
{"title":"How Does Judges’ Personal Exposure to Financial Fraud Affect White-Collar Sentencing?","authors":"TRUNG NGUYEN,&nbsp;ANEESH RAGHUNANDAN,&nbsp;ALEXANDRA SCHERF","doi":"10.1111/1475-679X.12584","DOIUrl":"10.1111/1475-679X.12584","url":null,"abstract":"<div>\u0000 \u0000 <p>We study whether federal judges’ <i>personal</i> exposure to financial fraud affects their <i>professional</i> behavior, in the form of sentencing outcomes in white-collar cases. Following the methodology outlined in our registered report, we construct a novel measure of financial fraud exposure based on judges’ direct shareholdings in firms that commit financial fraud. Using this measure, we exploit the random assignment of cases to judges to examine whether judges exposed to fraud in one firm are (1) less likely to rule in favor of defendants in white-collar cases involving other firms and (2) less likely to grant favorable pretrial motions to defendants. We find minimal evidence in support of either (1) or (2), concluding that for all but the most serious frauds, judges are unlikely to let their personal victimhood experience affect their professional sentencing behavior with respect to related cases. Our study broadens our understanding of the spillover effects of financial fraud enforcement and contributes to the literature on how judges’ personal experiences can shape judicial decision-making.</p>\u0000 </div>","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"63 2","pages":"989-1029"},"PeriodicalIF":4.9,"publicationDate":"2024-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142486521","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
Disclosure, Patenting, and Trade Secrecy 信息披露、专利申请和商业秘密
IF 4.9 2区 管理学
Journal of Accounting Research Pub Date : 2024-10-22 DOI: 10.1111/1475-679X.12580
ARNOUD BOOT, VLADIMIR VLADIMIROV
{"title":"Disclosure, Patenting, and Trade Secrecy","authors":"ARNOUD BOOT,&nbsp;VLADIMIR VLADIMIROV","doi":"10.1111/1475-679X.12580","DOIUrl":"10.1111/1475-679X.12580","url":null,"abstract":"<p>Patent applications often reveal proprietary information to competitors, but does such disclosure harm firms or also benefit them? We develop and empirically support a theory showing that when firms patent enhancements to incumbent, nondisruptive technologies, they can cooperate more easily on these technologies, increasing their profitability. The downside of cooperating on nondisruptive technologies is that the investment in and commitment to disruptive technologies decline. To improve their commitment to disruptive technologies, some firms rely more on trade secrecy. We provide empirical support for these predictions. We document that after a patent reform that made information about patent applications widely accessible, firms cooperate more and charge higher markups. Furthermore, the nature of patented innovation has changed, with the proportion of nondisruptive patents increasing substantially. Finally, while some firms start patenting more, others patent less and rely more on trade secrecy, with the response depending on the attractiveness of firms' innovation prospects.</p>","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"63 1","pages":"5-56"},"PeriodicalIF":4.9,"publicationDate":"2024-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1475-679X.12580","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142486522","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 Role of Information in Building a More Sustainable Economy: A Supply and Demand Perspective 信息在建设更可持续的经济中的作用：供需视角
IF 4.9 2区 管理学
Journal of Accounting Research Pub Date : 2024-10-18 DOI: 10.1111/1475-679X.12581
HENRY L. FRIEDMAN, GAIZKA ORMAZABAL
{"title":"The Role of Information in Building a More Sustainable Economy: A Supply and Demand Perspective","authors":"HENRY L. FRIEDMAN,&nbsp;GAIZKA ORMAZABAL","doi":"10.1111/1475-679X.12581","DOIUrl":"10.1111/1475-679X.12581","url":null,"abstract":"<div>\u0000 \u0000 <p>Interest in sustainability information, from investors, managers, researchers, and others, has been expanding rapidly. We discuss recent advances and open questions related to sustainability reporting and disclosure through the lens of a supply and demand framework. Our discussion builds on prior research on financial reporting and highlights unique aspects of the provision of sustainability information.</p>\u0000 </div>","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"62 5","pages":"1575-1609"},"PeriodicalIF":4.9,"publicationDate":"2024-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142448563","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
Comply or Explain: Do Firms Opportunistically Claim Trade Secrets in Mandatory Environmental Disclosure Programs? 遵守还是解释？企业在强制性环境信息披露计划中是否伺机索取商业秘密？
IF 4.9 2区 管理学
Journal of Accounting Research Pub Date : 2024-10-15 DOI: 10.1111/1475-679X.12583
YILE (ANSON) JIANG
{"title":"Comply or Explain: Do Firms Opportunistically Claim Trade Secrets in Mandatory Environmental Disclosure Programs?","authors":"YILE (ANSON) JIANG","doi":"10.1111/1475-679X.12583","DOIUrl":"10.1111/1475-679X.12583","url":null,"abstract":"<p>This paper studies whether firms opportunistically make proprietary claims in mandatory environmental disclosure programs with trade secret exemption rules. Examining the mandatory chemical disclosure program in the fracking industry, I find evidence of opportunistic withholding of information among operators that are less likely to have trade secrets. Specifically, I find that these operators claim fewer chemicals as trade secrets when the operating site is in close proximity to water quality monitors. This is only observed among publicly traded operators that face a higher cost of societal backlash when disclosing pollutant information. Further analyses suggest that these operators are concerned about external environmental monitoring, which deters them from opportunistic information withholding. Regarding public and private operators that are more likely to have trade secrets, I do not find strong evidence that their information withholding varies with the monitoring conditions.</p>","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"62 5","pages":"1755-1794"},"PeriodicalIF":4.9,"publicationDate":"2024-10-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1475-679X.12583","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142440356","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
Measuring the Prevalence of Earnings Manipulations: A Novel Approach 衡量收益操纵的普遍性：一种新方法
IF 4.9 2区 管理学
Journal of Accounting Research Pub Date : 2024-10-08 DOI: 10.1111/1475-679X.12578
NICOLE L. CADE, JOSHUA L. GUNN, ALEX J. VANDENBERG
{"title":"Measuring the Prevalence of Earnings Manipulations: A Novel Approach","authors":"NICOLE L. CADE,&nbsp;JOSHUA L. GUNN,&nbsp;ALEX J. VANDENBERG","doi":"10.1111/1475-679X.12578","DOIUrl":"10.1111/1475-679X.12578","url":null,"abstract":"<p>We provide prevalence estimates for five forms of earnings manipulation based on executives’ reports about their firms’ actual reporting practices. After preregistering our methods and analyses via the <i>Journal of Accounting Research</i>’s registration-based editorial process, we recruit nearly a thousand executives from firms listed in the Russell 3000 Index to participate in either a survey or a list experiment; the hallmark of the latter being additional privacy protections designed to promote honest disclosure about self-incriminating information. In our survey, 26.8% of executives disclose at least one form of earnings manipulation at their firm in the 2018–2023 period: 18.0% report changing an operational activity to meet a near-term earnings target at the expense of long-term value (i.e., real earnings management), 8.8% report intentionally obfuscating unfavorable information, 6.6% report manipulating accruals, 3.9% report withholding material information, and 0.0% report accounting fraud. Our list experiment produces an economically higher result in two cases, estimating that 29.9% of firms engaged in real earnings management and 12.4% committed accounting fraud over the same time period. We conclude that while a traditional survey can provide credible lower-bound estimates for the prevalence of many forms of earnings manipulation, list experiments encourage more honest disclosure in some cases.</p>","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"63 1","pages":"113-164"},"PeriodicalIF":4.9,"publicationDate":"2024-10-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1475-679X.12578","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142386277","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
Discontinuous Distribution of Test Statistics Around Significance Thresholds in Empirical Accounting Studies 实证会计研究中检验统计量在显著性阈值附近的不连续分布
IF 4.9 2区 管理学
Journal of Accounting Research Pub Date : 2024-09-30 DOI: 10.1111/1475-679X.12579
XIN CHANG, HUASHENG GAO, WEI LI
{"title":"Discontinuous Distribution of Test Statistics Around Significance Thresholds in Empirical Accounting Studies","authors":"XIN CHANG,&nbsp;HUASHENG GAO,&nbsp;WEI LI","doi":"10.1111/1475-679X.12579","DOIUrl":"10.1111/1475-679X.12579","url":null,"abstract":"<div>\u0000 \u0000 <p>Examining test statistics from articles in six leading accounting journals, we detect discontinuities in their distributions around conventional significance thresholds (<i>p-</i>values of 0.05 and 0.01) and find an unusual abundance of test statistics that are just significant. Further analysis reveals that these discontinuities are more prominent in studies with smaller samples and are more salient in experimental than in archival studies. The discontinuity discrepancy between experimental and archival studies relates to several proxies for researcher degrees of freedom. Nevertheless, this evidence does not imply that experimental research is more prone to questionable research practices than archival studies. Overall, our findings speak to the concern of whether accounting researchers could exercise undisclosed discretion to obtain and report statistically significant results. Based on our results, a healthy skepticism of some just-significant test statistics is warranted.</p>\u0000 </div>","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"63 1","pages":"165-206"},"PeriodicalIF":4.9,"publicationDate":"2024-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142384049","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
Court Disclosures of Firms in Chapter 11 Bankruptcy 法院对处于破产保护程序中的公司的披露*
IF 4.9 2区 管理学
Journal of Accounting Research Pub Date : 2024-09-25 DOI: 10.1111/1475-679X.12576
Ilona Bastiaansen, Alina Lerman, Frank Murphy, Dushyant Vyas
{"title":"Court Disclosures of Firms in Chapter 11 Bankruptcy","authors":"Ilona Bastiaansen,&nbsp;Alina Lerman,&nbsp;Frank Murphy,&nbsp;Dushyant Vyas","doi":"10.1111/1475-679X.12576","DOIUrl":"10.1111/1475-679X.12576","url":null,"abstract":"<div>\u0000 \u0000 <p>Stakeholders in the Chapter 11 reorganization process face significant information uncertainty about the post-emergence prospects of the firm. The U.S. Bankruptcy Code requires a debtor to provide a disclosure statement containing “adequate information” about its financial status and a proposed reorganization plan but stops short of rigidly defining the adequacy standard. We document the heterogeneity in disclosure statement information across 16 distinct attributes and examine the variation in disclosures along several dimensions that reflect agency costs and coordination problems. We observe that Chapter 11 disclosure correlates more with claimant- and case-specific characteristics than pre-bankruptcy debtor characteristics. Our results illustrate the importance of institutional features in specific disclosure settings such as bankruptcy court filings. The research questions and methods of this study were registered via the <i>Journal of Accounting Research</i>’s registration-based editorial process.</p>\u0000 </div>","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"63 1","pages":"57-112"},"PeriodicalIF":4.9,"publicationDate":"2024-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142317616","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
Tax Policy Expectations and Investment 税收政策预期与投资
IF 4.9 2区 管理学
Journal of Accounting Research Pub Date : 2024-09-25 DOI: 10.1111/1475-679X.12577
John Gallemore, Stephan Hollander, Martin Jacob, Xiang Zheng
{"title":"Tax Policy Expectations and Investment","authors":"John Gallemore,&nbsp;Stephan Hollander,&nbsp;Martin Jacob,&nbsp;Xiang Zheng","doi":"10.1111/1475-679X.12577","DOIUrl":"10.1111/1475-679X.12577","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper examines how firms’ tax policy expectations (TPE) evolve around and relate to their investment responses to changes in tax policy. Using a text-based approach to measuring TPE, we find that two recent tax policy–changing events—namely, the 2016 U.S. presidential election and the enactment of the Tax Cuts and Jobs Act (TCJA)—spawned considerable between- and within-firm variation in TPE, with aggregate time-series patterns in TPE occasionally challenging prevailing assumptions in previous research. Further, we observe that event-induced TPE relate to investment both before and in response to the TCJA's passage in 2017, with offsetting associations between its first and second moments, and that these TPE moderate the TCJA's intended investment-stimulating effect. Furthermore, we document a difference between domestic and multinational firms in their TPE-investment response, with the former (latter) more likely to adjust the level (shift the country location) of their investment. Overall, our findings support the idea that TPE can impact investment behavior in the face of a tax policy change and suggest that our methodology can be used by future research to incorporate TPE into analyses of tax policy effects.</p>\u0000 </div>","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"63 1","pages":"363-412"},"PeriodicalIF":4.9,"publicationDate":"2024-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142317570","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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