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Tax-loss harvesting with cryptocurrencies 利用加密货币获取税收损失
IF 5.9 1区 管理学
Journal of Accounting & Economics Pub Date : 2023-11-01 DOI: 10.1016/j.jacceco.2023.101607
Lin William Cong , Wayne Landsman , Edward Maydew , Daniel Rabetti
{"title":"Tax-loss harvesting with cryptocurrencies","authors":"Lin William Cong ,&nbsp;Wayne Landsman ,&nbsp;Edward Maydew ,&nbsp;Daniel Rabetti","doi":"10.1016/j.jacceco.2023.101607","DOIUrl":"10.1016/j.jacceco.2023.101607","url":null,"abstract":"<div><p>We describe the taxation landscape in the cryptocurrency markets, especially concerning U.S. taxpayers, and examine how recent increases in tax scrutiny have led to changes in crypto investors' trading behavior. We argue conceptually and then empirically document that increased tax scrutiny leads crypto investors to utilize conventional tax planning with tax-loss harvesting as an alternative to non-compliance. In particular, domestic traders increase tax-loss harvesting following the increase in tax scrutiny, and U.S. exchanges exhibit a significantly greater amount of wash trading. Additional findings suggest that broad-based and targeted changes in tax scrutiny can differentially affect crypto traders’ preference for U.S.-based exchanges. We also discuss other gray areas for tax regulation related to new crypto assets, such as Non-Fungible Tokens and Decentralized Finance protocols, that further highlight the importance of coordinating tax policy and other regulations.</p></div>","PeriodicalId":48438,"journal":{"name":"Journal of Accounting & Economics","volume":"76 2","pages":"Article 101607"},"PeriodicalIF":5.9,"publicationDate":"2023-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0165410123000319/pdfft?md5=abf84c4b6f4f0f2eba3d85eb4e38b520&pid=1-s2.0-S0165410123000319-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135703357","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 investors, climate disclosure, and carbon emissions 机构投资者、气候信息披露和碳排放
IF 5.9 1区 管理学
Journal of Accounting & Economics Pub Date : 2023-11-01 DOI: 10.1016/j.jacceco.2023.101640
Shira Cohen , Igor Kadach , Gaizka Ormazabal
{"title":"Institutional investors, climate disclosure, and carbon emissions","authors":"Shira Cohen ,&nbsp;Igor Kadach ,&nbsp;Gaizka Ormazabal","doi":"10.1016/j.jacceco.2023.101640","DOIUrl":"10.1016/j.jacceco.2023.101640","url":null,"abstract":"<div><p>Exploiting the unique features of the CDP, the world-leading platform of corporate climate risk disclosures, we study the relationship between institutional investors' demand for climate-related information (as reflected in their CDP signatory status), firms' decision to disclose this information, and corporate carbon emissions. We provide systematic international evidence that ownership by CDP signatories is positively associated with the probability of disclosing information to the CDP, and that such disclosure is associated with subsequent lower carbon emissions. We also observe that CDP signatories are more likely to engage with and divest from top emitters disclosing to the CDP. Overall, these results are consistent with the notion that investor demand for climate-related information results in greater corporate disclosure and contributes to firms’ decisions to lower future carbon emissions.</p></div>","PeriodicalId":48438,"journal":{"name":"Journal of Accounting & Economics","volume":"76 2","pages":"Article 101640"},"PeriodicalIF":5.9,"publicationDate":"2023-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0165410123000642/pdfft?md5=8f4a473ad4b5ed865c6c67b8131bdecc&pid=1-s2.0-S0165410123000642-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88875160","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: 5
Unlikely sabotage: Comment on Bloomfield, Marvão, and Spagnolo 不可能的破坏:对布卢姆菲尔德、marv<e:1>和意大利面条的评论
IF 5.9 1区 管理学
Journal of Accounting & Economics Pub Date : 2023-11-01 DOI: 10.1016/j.jacceco.2023.101606
Jonathan M. Karpoff
{"title":"Unlikely sabotage: Comment on Bloomfield, Marvão, and Spagnolo","authors":"Jonathan M. Karpoff","doi":"10.1016/j.jacceco.2023.101606","DOIUrl":"10.1016/j.jacceco.2023.101606","url":null,"abstract":"<div><p>Bloomfield, Marvão, and Spagnolo (2023) establish an interesting yet puzzling finding: Firms in concentrated industries that form cartels are more likely to use relative performance evaluation (RPE) compensation arrangements for their top managers. The paper interprets this as evidence that cartel members constrain managers' incentives to engage in costly sabotage when their compensation depends on their peer firms' performance. I argue that successful costly sabotage to gain an RPE advantage is extremely unlikely and that costly sabotage is more likely among cartel firms than non-cartel firms. It therefore is an unlikely explanation of the paper's main finding. I propose an alternative explanation, that RPE benchmarks include firms that are not cartel member firms.</p></div>","PeriodicalId":48438,"journal":{"name":"Journal of Accounting & Economics","volume":"76 2","pages":"Article 101606"},"PeriodicalIF":5.9,"publicationDate":"2023-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89112063","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
Managers’ choice of disclosure complexity 管理者对信息披露复杂性的选择
IF 5.9 1区 管理学
Journal of Accounting & Economics Pub Date : 2023-11-01 DOI: 10.1016/j.jacceco.2023.101637
Jeremy Bertomeu
{"title":"Managers’ choice of disclosure complexity","authors":"Jeremy Bertomeu","doi":"10.1016/j.jacceco.2023.101637","DOIUrl":"10.1016/j.jacceco.2023.101637","url":null,"abstract":"<div><p>Aghamolla and Smith (2023) make a significant contribution to enhancing our understanding of how managers choose financial reporting complexity. I outline the key assumptions and implications of the theory, and discuss two empirical implications: (1) a U-shaped relationship between complexity and returns, and (2) a negative association between complexity and investor sophistication. However, the robust equilibrium also implies a counterfactual positive market response to complexity. I develop a simplified approach in which simple disclosures indicate positive surprises, and show that this implies greater investor skepticism toward complexity and a positive association between investor sophistication and complexity. More work is needed to understand complexity as an interaction of reporting and economic transactions, rather than solely as a reporting phenomenon.</p></div>","PeriodicalId":48438,"journal":{"name":"Journal of Accounting & Economics","volume":"76 2","pages":"Article 101637"},"PeriodicalIF":5.9,"publicationDate":"2023-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90925739","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: 1
Investment, inflation, and the role of internal information systems as a transmission channel 投资、通货膨胀和内部信息系统作为传导渠道的作用
IF 5.9 1区 管理学
Journal of Accounting & Economics Pub Date : 2023-11-01 DOI: 10.1016/j.jacceco.2023.101632
Oliver Binz , Elia Ferracuti , Peter Joos
{"title":"Investment, inflation, and the role of internal information systems as a transmission channel","authors":"Oliver Binz ,&nbsp;Elia Ferracuti ,&nbsp;Peter Joos","doi":"10.1016/j.jacceco.2023.101632","DOIUrl":"10.1016/j.jacceco.2023.101632","url":null,"abstract":"<div><p>We examine whether the quality of firms' internal information systems influences the relation between inflation shocks and corporate investment, as posited by imperfect information models. Inconsistent with RBC models’ prediction that nominal variables (e.g., inflation) do not affect real variables (e.g., corporate investment) but consistent with the presence of information frictions, we first document a positive relation between inflation shocks and firm-level investment. Next, we show that higher internal information system quality, measured through responses to the World Management Survey, mitigates the positive relation between inflation shocks and firm-level investment. This result suggests that internal information quality serves as a channel through which aggregate-level nominal variables affect firm-level real variables. We then document that firms with higher internal information system quality make relatively more efficient investment decisions following inflation shocks. Our inferences are robust to using the 8th EU Company Law Directive as a shock to internal information system quality and to several additional tests.</p></div>","PeriodicalId":48438,"journal":{"name":"Journal of Accounting & Economics","volume":"76 2","pages":"Article 101632"},"PeriodicalIF":5.9,"publicationDate":"2023-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136260590","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
Comment on Cong et al., “Tax loss harvesting with cryptocurrencies” 对cong等人的“用加密货币获取税收损失”的评论
IF 5.9 1区 管理学
Journal of Accounting & Economics Pub Date : 2023-11-01 DOI: 10.1016/j.jacceco.2023.101612
Reuven Avi-Yonah
{"title":"Comment on Cong et al., “Tax loss harvesting with cryptocurrencies”","authors":"Reuven Avi-Yonah","doi":"10.1016/j.jacceco.2023.101612","DOIUrl":"10.1016/j.jacceco.2023.101612","url":null,"abstract":"<div><p>This comment explains that while taxpayers may increase loss harvesting in crypto, they are wrong if they believe such losses will be upheld if challenged by the IRS.</p></div>","PeriodicalId":48438,"journal":{"name":"Journal of Accounting & Economics","volume":"76 2","pages":"Article 101612"},"PeriodicalIF":5.9,"publicationDate":"2023-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87728223","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
Everything changes: A look at sustainable investing and disclosure over time and a discussion of “Institutional investors, climate disclosure, and carbon emissions” 一切都在改变:可持续投资和信息披露的长期展望及“机构投资者、气候信息披露和碳排放”的讨论
IF 5.9 1区 管理学
Journal of Accounting & Economics Pub Date : 2023-11-01 DOI: 10.1016/j.jacceco.2023.101645
Jeffrey Hales
{"title":"Everything changes: A look at sustainable investing and disclosure over time and a discussion of “Institutional investors, climate disclosure, and carbon emissions”","authors":"Jeffrey Hales","doi":"10.1016/j.jacceco.2023.101645","DOIUrl":"10.1016/j.jacceco.2023.101645","url":null,"abstract":"<div><p>This paper summarizes and discusses Cohen et al. (2023), including how their results fit into a larger set of open questions about how sustainability-oriented information gets used in capital markets. Two key messages emerge. The first is that investors are not a monolith. The second message is that the information environment in which investors have been operating has changed dramatically over the past two decades and is likely to continue to evolve for the foreseeable future. Both messages have important implications for researchers when thinking about how to design empirical tests of theoretical relationships.</p></div>","PeriodicalId":48438,"journal":{"name":"Journal of Accounting & Economics","volume":"76 2","pages":"Article 101645"},"PeriodicalIF":5.9,"publicationDate":"2023-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134995248","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
Processing inflation news: A discussion of Binz, Ferracuti, and Joos (2023) “投资、通货膨胀与内部信息系统作为传导渠道的作用”讨论
IF 5.9 1区 管理学
Journal of Accounting & Economics Pub Date : 2023-11-01 DOI: 10.1016/j.jacceco.2023.101638
Lindsey A. Gallo
{"title":"Processing inflation news: A discussion of Binz, Ferracuti, and Joos (2023)","authors":"Lindsey A. Gallo","doi":"10.1016/j.jacceco.2023.101638","DOIUrl":"10.1016/j.jacceco.2023.101638","url":null,"abstract":"<div><p>Binz, Ferracuti, and Joos (2023) examine whether better internal information systems can mitigate the association between inflation<span> and investment. According to Real Business Cycle models, inflation should not impact real decisions like investment, yet empirically the two are positively related. Lucas (1972) theorizes that imperfect information can cause agents to rationally extrapolate from their local set of information to make conclusions about what is happening in aggregate. Motivated by this model, the authors argue that better internal information systems allow managers to disentangle firm-level real shocks from nominal shocks. My discussion evaluates the measurement of internal information quality and questions how distinct it is from external information quality. Next, I relate the findings to a growing literature that examines how individuals and firms form economic expectations. Finally, I consider whether and how these findings can inform policy.</span></p></div>","PeriodicalId":48438,"journal":{"name":"Journal of Accounting & Economics","volume":"76 2","pages":"Article 101638"},"PeriodicalIF":5.9,"publicationDate":"2023-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87161783","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
Spillover effects of mandatory portfolio disclosures on corporate investment 强制性投资组合披露对企业投资的溢出效应
IF 5.9 1区 管理学
Journal of Accounting & Economics Pub Date : 2023-11-01 DOI: 10.1016/j.jacceco.2023.101641
Jalal Sani , Nemit Shroff , Hal White
{"title":"Spillover effects of mandatory portfolio disclosures on corporate investment","authors":"Jalal Sani ,&nbsp;Nemit Shroff ,&nbsp;Hal White","doi":"10.1016/j.jacceco.2023.101641","DOIUrl":"10.1016/j.jacceco.2023.101641","url":null,"abstract":"<div><p><span><span>This paper examines whether portfolio disclosure requirements for actively managed investment funds affect the investment decisions of the firms they own. We argue that mandatory portfolio disclosures reduce fund managers' incentive to collect and trade on private information, which reduces the stock price informativeness of their portfolio, and thus portfolio firm managers' ability to learn from their firms' stock prices. Using a difference-in-differences design around the May 2004 SEC regulation requiring more frequent fund disclosure, we find that investment sensitivity to stock price declines for firms with significant ownership held by actively managed funds affected by the regulation. The decline in investment-price sensitivity is concentrated among firms that are (i) owned by funds with larger expected proprietary costs and (ii) more likely to learn from price. Our results suggest that portfolio disclosure requirements have </span>spillover effects on </span><em>corporate</em> investment by curtailing managers’ opportunities to learn from price.</p></div>","PeriodicalId":48438,"journal":{"name":"Journal of Accounting & Economics","volume":"76 2","pages":"Article 101641"},"PeriodicalIF":5.9,"publicationDate":"2023-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134951144","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 确认
IF 5.9 1区 管理学
Journal of Accounting & Economics Pub Date : 2023-11-01 DOI: 10.1016/j.jacceco.2023.101666
{"title":"Acknowledgement","authors":"","doi":"10.1016/j.jacceco.2023.101666","DOIUrl":"10.1016/j.jacceco.2023.101666","url":null,"abstract":"","PeriodicalId":48438,"journal":{"name":"Journal of Accounting & Economics","volume":"76 2","pages":"Article 101666"},"PeriodicalIF":5.9,"publicationDate":"2023-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0165410123000903/pdfft?md5=e777cf7cbdc697cbdad1609cc25b28cc&pid=1-s2.0-S0165410123000903-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136127361","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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