Accounting Theory and Practice最新文献

英文中文

In customer we trust: Supplier investment when customer misreports 我们信任客户：当客户报错时，供应商的投资

Accounting Theory and Practice

Pub Date : 2025-01-01 DOI: 10.1016/j.accoth.2025.100008

Vivek Pandey , K.R. Subramanyam

We hypothesize that suppliers use customers’ financial statement information when making capital investment decisions but are misled into overinvesting when a major customer misstates their financial statements. Consistent with our hypothesis, we find that suppliers make higher investments in PP&E and inventory when a major customer misstates their financial statements than otherwise, compared to matched suppliers that do not experience customer misstatements over similar periods. The overinvestment is confined to suppliers that depend heavily on their misstating customer. We verify that suppliers are misled into overinvesting by showing that while customer earnings do not predict future customer orders when they are misstated, suppliers continue to weight customer earnings when making capital investments. To support the overinvestment claim, we show that suppliers with misstating customers impair a disproportionately higher share of their assets in the future.

我们假设供应商在做出资本投资决策时使用客户的财务报表信息，但当一个主要客户错报其财务报表时，供应商被误导而过度投资。与我们的假设一致，我们发现，当一个主要客户错报其财务报表时，供应商在pp&e和库存方面的投资比其他情况下要高，相比之下，在类似时期内没有经历客户错报的匹配供应商。过度投资仅限于严重依赖错误客户的供应商。我们通过显示当客户收益被错报时并不能预测未来的客户订单，从而验证供应商被误导过度投资，而供应商在进行资本投资时继续考虑客户收益。为了支持过度投资的说法，我们表明，错误陈述客户的供应商在未来损害了不成比例的更高的资产份额。

引用次数: 0

Credit rating agencies’ assessments of related party transactions 信用评级机构对关联交易的评估

Accounting Theory and Practice

Pub Date : 2025-01-01 DOI: 10.1016/j.accoth.2024.100005

Sonakshi Agrawal , Hariom Manchiraju , Sumeet Rajput

This study examines the impact of Related Party Transactions (RPTs) on credit risk assessments by credit rating agencies (CRAs). Using a comprehensive dataset and a fixed effects regression model, we find that CRAs differentiate between financing and operating RPTs, generally assigning lower credit ratings to firms with financing RPTs while awarding higher ratings to those with operating RPTs. Further analysis reveals that CRAs distinguish between equity and debt-related financing RPTs, with firms engaging in debt-related RPTs receiving lower ratings, likely due to the potential risk that these transactions create by facilitating cash tunneling and strategic defaults. Conversely, equity-related RPTs do not significantly impact ratings. Additionally, CRAs assess RPTs within group-affiliated firms and material RPTs of firm with superior governance structures favorably. CRAs favorably view material RPTs by group firms in financial distress suggesting these RPTs reduce default risk. Overall, this study demonstrates that CRAs integrate RPT information into credit risk assessments and thus contributes to the understanding of CRA rating processes and the role of RPTs in credit risk assessments.

本研究探讨关联方交易（RPTs）对信用评级机构信用风险评估的影响。利用综合数据集和固定效应回归模型，我们发现信用评级机构区分了融资性和经营性rpt，通常对融资性rpt的公司给予较低的信用评级，而对经营性rpt的公司给予较高的评级。进一步的分析表明，评级机构区分了股权和债务相关融资rpt，从事债务相关融资rpt的公司获得较低的评级，可能是因为这些交易通过促进现金隧道和战略性违约而产生的潜在风险。相反，与股票相关的rpt对评级没有显著影响。此外，评级机构对集团关联公司的rpt和具有更优治理结构的公司的材料rpt评价有利。评级机构对处于财务困境的集团公司的重大rpt持积极看法，表明这些rpt降低了违约风险。总体而言，本研究表明评级机构将RPT信息整合到信用风险评估中，从而有助于理解评级机构评级过程和RPT在信用风险评估中的作用。

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引用次数: 0

Bankruptcy law and equity capital: Evidence from India 破产法与股权资本：来自印度的证据

Accounting Theory and Practice

Pub Date : 2025-01-01 DOI: 10.1016/j.accoth.2025.100007

Bitan Chakraborty , Sanjay Kallapur , Sriniwas Mahapatro , Prasanna Tantri

We examine the impact of a stringent creditor-in-control bankruptcy law on the equity capital of firms in India. Exploiting the within-country differences in court efficiency for identification using a differences-in-difference framework, we find that higher exposure to the bankruptcy law leads to a higher inflow of new equity investments into firms. Additional investments by non-controlling outside shareholders drive the increase. Reduction in agency costs due to the disciplining impact of the law seems to be the mechanism. The incremental equity flows lead to a higher level of investments and innovation.

我们研究了严格的债权人控制破产法对印度公司股权资本的影响。利用差异中的差异框架，利用法院效率的国内差异进行识别，我们发现，破产法的暴露程度越高，新股权投资流入公司的数量就越多。非控股外部股东的额外投资推动了这一增长。由于法律的约束作用，代理成本的降低似乎是其机制。增加的股权流动导致更高水平的投资和创新。

引用次数: 0

Reflections on my service as the Chief Economist of the US securities and exchange commission and implications for India 对我担任美国证券交易委员会首席经济学家的反思以及对印度的影响

Accounting Theory and Practice

Pub Date : 2024-01-01 DOI: 10.1016/j.accoth.2024.100002

S.P. Kothari

This manuscript offers an insider's perspective on the role of the Chief Economist and the Division of Economic and Risk Analysis (DERA) at the US Securities and Exchange Commission (SEC) during the author's tenure from March 2019 to January 2021. It begins with a brief history of the SEC, highlighting its mission to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation. The manuscript elaborates on the SEC's organizational structure, detailing the functions of its rulemaking divisions, enforcement division, and compliance division, with a special focus on DERA.

本文从内部人士的角度介绍了作者在2019年3月至2021年1月任职期间，美国证券交易委员会（SEC）首席经济学家和经济与风险分析部门（DERA）的作用。本文首先简要介绍了SEC的历史，强调了其保护投资者、维护公平、有序和高效的市场以及促进资本形成的使命。该手稿详细阐述了SEC的组织结构，详细介绍了其规则制定部门、执法部门和合规部门的职能，并特别关注了DERA。

引用次数: 0

Rethinking innovation policy in India: Amplifying spillovers through contracting-out 反思印度的创新政策：通过外包扩大溢出效应

Accounting Theory and Practice

Pub Date : 2024-01-01 DOI: 10.1016/j.accoth.2024.100004

R.A. Mashelkar , Ajay Shah , Susan Thomas

At independence, India committed itself fully to foster, promote and sustain the creation of science and scientific research in all aspects. In this paper, we present first principles reasoning on the case for state action, and the optimal mechanisms for using taxpayer resources, to fulfil this commitment. We argue in favour of a reorientation of public spending on innovation: away from building vertical government organizations, and in favour of a contracting-out strategy. Such a strategy would induce knowledge and capabilities in the society, and through this, induce greater gains for the people of India. We present a preliminary sketch of the path to implementation.

在独立时，印度充分承诺在所有方面培育、促进和维持科学的创造和科学研究。在本文中，我们提出了国家行动的首要原则推理，以及使用纳税人资源来履行这一承诺的最佳机制。我们主张重新定位公共创新支出：远离建立垂直的政府组织，并支持外包战略。这样的战略将在社会中引入知识和能力，并通过这种方式为印度人民带来更大的收益。我们提出了实施路径的初步草图。

引用次数: 0

Principles of corporate governance and practices in India-an Appraisal 印度的公司治理原则和实践--评析

Accounting Theory and Practice

Pub Date : 2024-01-01 DOI: 10.1016/j.accoth.2024.100001

U.K. Sinha

引用次数: 0

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