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Retail investors and ESG news 散户投资者与 ESG 新闻
IF 5.4 1区 管理学
Journal of Accounting & Economics Pub Date : 2024-11-01 DOI: 10.1016/j.jacceco.2024.101719
Qianqian Li , Edward M. Watts , Christina Zhu
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引用次数: 0
Retail investors and ESG news: A discussion 散户投资者与 ESG 新闻：讨论
IF 5.4 1区 管理学
Journal of Accounting & Economics Pub Date : 2024-11-01 DOI: 10.1016/j.jacceco.2024.101730
Richard G. Sloan
{"title":"Retail investors and ESG news: A discussion","authors":"Richard G. Sloan","doi":"10.1016/j.jacceco.2024.101730","DOIUrl":"10.1016/j.jacceco.2024.101730","url":null,"abstract":"<div><div>Li, Watts, and Zhu (2024) provide evidence that retail investors trade in response to financially material ESG news. This evidence is consistent with retail investors trading in response to the financial implications of ESG-related information in much the same way that they trade in response to the financial implications of other information. The authors suggest that their evidence is inconsistent with retail investors making investment decisions based on their nonpecuniary preferences. I suggest that their research design is constructed to identify financially motivated trading and is not well suited to drawing inferences about retail investors’ nonpecuniary investment decisions.</div></div>","PeriodicalId":48438,"journal":{"name":"Journal of Accounting & Economics","volume":"78 2","pages":"Article 101730"},"PeriodicalIF":5.4,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141994714","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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
Acknowledgement 鸣谢
IF 5.4 1区 管理学
Journal of Accounting & Economics Pub Date : 2024-11-01 DOI: 10.1016/j.jacceco.2024.101746
{"title":"Acknowledgement","authors":"","doi":"10.1016/j.jacceco.2024.101746","DOIUrl":"10.1016/j.jacceco.2024.101746","url":null,"abstract":"","PeriodicalId":48438,"journal":{"name":"Journal of Accounting & Economics","volume":"78 2","pages":"Article 101746"},"PeriodicalIF":5.4,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142670432","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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 statements vs. FinTech: A discussion of Minnis, Sutherland, and Vetter 财务报表与金融科技：关于 Minnis、Sutherland 和 Vetter 的讨论
IF 5.4 1区 管理学
Journal of Accounting & Economics Pub Date : 2024-11-01 DOI: 10.1016/j.jacceco.2024.101716
Peter Demerjian
{"title":"Financial statements vs. FinTech: A discussion of Minnis, Sutherland, and Vetter","authors":"Peter Demerjian","doi":"10.1016/j.jacceco.2024.101716","DOIUrl":"10.1016/j.jacceco.2024.101716","url":null,"abstract":"<div><div>Minnis, Sutherland, and Vetter (MSV) documents a sharp decline in lenders’ collection of attested financial statements (including unqualified audits, reviews, and compilations) over the period 2002 to 2017. They attribute this change to lenders adopting new technology and new non-bank lenders entering the lending market. In this discussion, I explore several dimensions of their findings. First, I provide a framework for usefulness of financial statement information in debt contracting. Using this framework, I consider how financial statements may be useful for the small and medium loans the authors study, and how this role could be disrupted. Second, I consider how financial technology (FinTech) has disrupted traditional lending and potentially changed the role of financial statements. Finally, I consider the implications for this change on the accounting profession.</div></div>","PeriodicalId":48438,"journal":{"name":"Journal of Accounting & Economics","volume":"78 2","pages":"Article 101716"},"PeriodicalIF":5.4,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141768936","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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
Fraudulent financial reporting and the consequences for employees 虚假财务报告及对员工造成的后果
IF 5.4 1区 管理学
Journal of Accounting & Economics Pub Date : 2024-08-01 DOI: 10.1016/j.jacceco.2024.101673
{"title":"Fraudulent financial reporting and the consequences for employees","authors":"","doi":"10.1016/j.jacceco.2024.101673","DOIUrl":"10.1016/j.jacceco.2024.101673","url":null,"abstract":"<div><p>We combine U.S. Census data with SEC enforcement actions to examine employees' outcomes, such as wages and turnover, before, during, and after periods of fraudulent financial reporting. We find that fraud firms’ employees lose about 50% of cumulative annual wages, compared to a matched sample, and the separation rate is much higher after fraud periods. Yet, employment growth at fraud firms is positive during fraud periods; these firms overbuild and hire new, lower-paid employees concurrent with the fraud, unlike firms in distress which tend to contract. When the fraud is revealed, firms shed workers, unwinding this abnormal growth and resulting in most of the negative wage consequences. Wage outcomes are particularly unfavorable in thin labor markets, and lower-wage employees, though unlikely to have perpetrated the fraud, experience more severe wage losses compared to higher-wage employees.</p></div>","PeriodicalId":48438,"journal":{"name":"Journal of Accounting & Economics","volume":"78 1","pages":"Article 101673"},"PeriodicalIF":5.4,"publicationDate":"2024-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S016541012400003X/pdfft?md5=056cb210ed7bf1b9b8a7c97ffc07bea4&pid=1-s2.0-S016541012400003X-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139573899","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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
Institutional trading, news, and accounting anomalies 机构交易、新闻和会计异常
IF 5.4 1区 管理学
Journal of Accounting & Economics Pub Date : 2024-08-01 DOI: 10.1016/j.jacceco.2024.101686
{"title":"Institutional trading, news, and accounting anomalies","authors":"","doi":"10.1016/j.jacceco.2024.101686","DOIUrl":"10.1016/j.jacceco.2024.101686","url":null,"abstract":"<div><p>Previous studies find mixed evidence on whether institutional investors exploit capital market anomalies. Examining a large sample of accounting-based anomalies, we find that institutions trade in the wrong direction of overreaction anomalies, but in the right direction of underreaction anomalies. These heterogenous trading patterns, rather than reflecting institutions' differential anomaly trading skills, can be simply explained by institutions’ tendency to trade in the same direction as the sentiment of news. Examining earnings news and a comprehensive sample of newswire releases, we find strong support for this explanation. Finally, institutional trading appears to exacerbate (mitigate) mispricing associated with overreaction (underreaction) anomalies.</p></div>","PeriodicalId":48438,"journal":{"name":"Journal of Accounting & Economics","volume":"78 1","pages":"Article 101686"},"PeriodicalIF":5.4,"publicationDate":"2024-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140279272","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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
Quants and market anomalies 经济学家和市场反常现象
IF 5.4 1区 管理学
Journal of Accounting & Economics Pub Date : 2024-08-01 DOI: 10.1016/j.jacceco.2024.101688
{"title":"Quants and market anomalies","authors":"","doi":"10.1016/j.jacceco.2024.101688","DOIUrl":"10.1016/j.jacceco.2024.101688","url":null,"abstract":"<div><p>Sell-side quantitative equity research analysts (Quants) conduct econometric analyses of stock returns to uncover market anomalies and assist equity analysts and institutional clients with stock selection. We present novel evidence that establishes their role in helping analysts and mutual fund clients discover market anomalies and capital markets evolve toward greater pricing efficiency. Specifically, we find that analysts and mutual fund clients with greater access to Quants make recommendations and trades that reveal greater knowledge of anomalous cross-sectional return predictability. More importantly, cross-sectional return predictability is weaker in stocks that have higher coverage (ownership) by analysts (mutual fund clients) with access to Quants, and strengthens when quasi-exogenous brokerage house closures reduce the availability of Quants.</p></div>","PeriodicalId":48438,"journal":{"name":"Journal of Accounting & Economics","volume":"78 1","pages":"Article 101688"},"PeriodicalIF":5.4,"publicationDate":"2024-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0165410124000181/pdfft?md5=e3e6567b1a00a6539f00c03388ffc452&pid=1-s2.0-S0165410124000181-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140280343","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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
Rank-and-file accounting employee compensation and financial reporting quality 普通会计员工薪酬与财务报告质量
IF 5.4 1区 管理学
Journal of Accounting & Economics Pub Date : 2024-08-01 DOI: 10.1016/j.jacceco.2024.101672
{"title":"Rank-and-file accounting employee compensation and financial reporting quality","authors":"","doi":"10.1016/j.jacceco.2024.101672","DOIUrl":"10.1016/j.jacceco.2024.101672","url":null,"abstract":"<div><p><span>We use a proprietary database with detailed, employee-specific compensation contract information for rank-and-file corporate accountants who are directly involved in the financial reporting process to assess their influence on their firms' financial reporting quality. Theory predicts that paying above-market wages can both attract employees with more </span>human capital and subsequently encourage better performance. Consistent with audit committees structuring accountants' compensation to mitigate financial misreporting that might otherwise occur, we find that firms with relatively well-paid accountants tend to issue higher-quality financial reports. Moreover, this relationship is more pronounced when firms’ senior executives have stronger contractual incentives to misreport and when the audit committee is more independent from management.</p></div>","PeriodicalId":48438,"journal":{"name":"Journal of Accounting & Economics","volume":"78 1","pages":"Article 101672"},"PeriodicalIF":5.4,"publicationDate":"2024-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139379622","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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
Labor supply and M&A in the audit market 审计市场的劳动力供应与并购
IF 5.4 1区 管理学
Journal of Accounting & Economics Pub Date : 2024-08-01 DOI: 10.1016/j.jacceco.2024.101700
{"title":"Labor supply and M&A in the audit market","authors":"","doi":"10.1016/j.jacceco.2024.101700","DOIUrl":"10.1016/j.jacceco.2024.101700","url":null,"abstract":"<div><p>Using labor supply shocks from the 150-Hour Rule, I find that a reduction in the labor supply of accountants increases audit firms' mergers and acquisitions (M&amp;A) and the audit market concentration. These M&amp;A deals connect audit firms serving clients in the same states and lead to greater industry specialization of the merging firms. Although both small and large auditors generally engage in labor supply–driven M&amp;A deals, large audit firms’ engagement in M&amp;A is restricted to markets with a tight supply of accounting labor. Attenuations of the labor supply restrictions tend to limit the heightened M&amp;A activities and mitigate the rise in the audit-market concentration from the 150-Hour Rule. I conclude that labor supply reductions affect the boundaries of audit firms, potentially changing the structure of the entire audit market.</p></div>","PeriodicalId":48438,"journal":{"name":"Journal of Accounting & Economics","volume":"78 1","pages":"Article 101700"},"PeriodicalIF":5.4,"publicationDate":"2024-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0165410124000302/pdfft?md5=8a00009650808f673d26ea17173049df&pid=1-s2.0-S0165410124000302-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140791967","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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
Competence vs. Independence: Auditors' connections with members of their clients’ business community 胜任与独立：审计师与客户企业界成员的联系*
IF 5.4 1区 管理学
Journal of Accounting & Economics Pub Date : 2024-08-01 DOI: 10.1016/j.jacceco.2024.101702
{"title":"Competence vs. Independence: Auditors' connections with members of their clients’ business community","authors":"","doi":"10.1016/j.jacceco.2024.101702","DOIUrl":"10.1016/j.jacceco.2024.101702","url":null,"abstract":"<div><p>Prior research finds that auditors' social connections with their clients harms audit quality. We examine auditors' social connections with members of their clients' business community, a setting in which auditors' connections may improve audit quality. While social ties within a client's business community should improve auditor competency, they also threaten auditor independence. We test the effects of auditors' network connections on audit quality using data from China, where data on social connections and individual auditors are available. Auditors' business connections should be particularly beneficial in a relational economy like China, where clients heavily rely on social networks for contracting. We find that auditors with strong local business and government connections deliver higher quality audits as evidenced by fewer financial irregularities among their clients. Our findings are consistent with the improved competency that arises from auditors' business connections outweighing the potential costs of impaired auditor independence.</p></div>","PeriodicalId":48438,"journal":{"name":"Journal of Accounting & Economics","volume":"78 1","pages":"Article 101702"},"PeriodicalIF":5.4,"publicationDate":"2024-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0165410124000326/pdfft?md5=02b1e000e47144f088cf19e426e105eb&pid=1-s2.0-S0165410124000326-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141028678","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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
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