The relevance of GAAP vs. non-GAAP net assets to creditors: An examination of the credit default swap market

IF 1.2 Q3 BUSINESS, FINANCE Advances in Accounting Pub Date : 2022-03-01 DOI:10.1016/j.adiac.2021.100580
Kelsey R. Brasel , Mary S. Hill , Gary K. Taylor
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引用次数: 2

Abstract

Recent empirical research examines the credit relevance of non-GAAP net assets in low and high default risk settings and finds that the credit relevance of non-GAAP net assets increases when default risk is high (Eberhart, Maxwell, & Siddique 2008; Plumlee Xie, Yan, & Yu 2015). Using the implication of debt contracting theory (Kothari, Ramanna, & Skinner 2010), we extend this research to compare and contrast the credit relevance of GAAP and non-GAAP net assets in low and high default risk settings. We evaluate the change in reliance creditors place on GAAP net assets relative to that placed on non-GAAP net assets. Using data from the credit default swap (CDS) market, we find that the reliance creditors place on GAAP net assets, relative to the reliance placed on non-GAAP net assets, increases with increases in the probability of default. These results contribute to the growing literature examining the relevance of information beyond that provided on the balance sheet.

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GAAP与非GAAP净资产对债权人的相关性:对信用违约掉期市场的考察
最近的实证研究检验了非公认会计准则净资产在低违约风险和高违约风险环境下的信用相关性,发现非公认会计准则净资产的信用相关性在违约风险高时增加(Eberhart, Maxwell, &克2008;谢佩丽,严,&;于2015年)。运用债务契约理论(Kothari, Ramanna, &Skinner 2010),我们扩展了这项研究,以比较和对比在低和高违约风险设置下GAAP和非GAAP净资产的信用相关性。我们评估债权人对GAAP净资产的依赖程度与对非GAAP净资产的依赖程度的变化。利用信用违约互换(CDS)市场的数据,我们发现,相对于对非GAAP净资产的依赖,债权人对GAAP净资产的依赖随着违约概率的增加而增加。这些结果促使越来越多的文献研究资产负债表上提供的信息之外的信息的相关性。
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来源期刊
Advances in Accounting
Advances in Accounting BUSINESS, FINANCE-
CiteScore
2.50
自引率
6.20%
发文量
29
期刊介绍: Advances in Accounting, incorporating Advances in International Accounting continues to provide an important international forum for discourse among and between academic and practicing accountants on the issues of significance. Emphasis continues to be placed on original commentary, critical analysis and creative research.
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