Pub Date : 2023-08-22DOI: 10.1007/s11142-023-09798-1
George Foster
{"title":"Real earnings management in the motion picture industry: strengthening the inferences from academic research","authors":"George Foster","doi":"10.1007/s11142-023-09798-1","DOIUrl":"https://doi.org/10.1007/s11142-023-09798-1","url":null,"abstract":"","PeriodicalId":48120,"journal":{"name":"Review of Accounting Studies","volume":null,"pages":null},"PeriodicalIF":4.2,"publicationDate":"2023-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43175649","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-08-19DOI: 10.1007/s11142-023-09790-9
Darren Bernard, Elsa Maria Juliani, A. Lawrence
{"title":"Can executives predict how firm news maps to stock price? A field study at the onset of COVID-19","authors":"Darren Bernard, Elsa Maria Juliani, A. Lawrence","doi":"10.1007/s11142-023-09790-9","DOIUrl":"https://doi.org/10.1007/s11142-023-09790-9","url":null,"abstract":"","PeriodicalId":48120,"journal":{"name":"Review of Accounting Studies","volume":null,"pages":null},"PeriodicalIF":4.2,"publicationDate":"2023-08-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43712715","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-08-12DOI: 10.1007/s11142-023-09792-7
Paul Demeré
Abstract I examine whether tax return information is useful to equity investors. I do so indirectly, by exploiting unique features of the syndicated loan market, as evidence shows that lenders obtain tax returns from borrowers and that lenders’ private information is transmitted to equity markets when institutional investors are part of a loan syndicate. I find significant increases in tax expense valuation and decreases in tax-related market anomalies following the issuance of institutional syndicated loans, suggesting that equity investors find information about firm performance in tax returns that is useful for their trading decisions. I also find evidence suggesting that institutional investors may determine their loan syndicate participation in part based on the value of tax return information. This study extends prior research and informs policy debates over public disclosure of corporate tax return information by providing evidence to support that tax returns can be useful to investor decision making.
{"title":"Is tax return information useful to equity investors?","authors":"Paul Demeré","doi":"10.1007/s11142-023-09792-7","DOIUrl":"https://doi.org/10.1007/s11142-023-09792-7","url":null,"abstract":"Abstract I examine whether tax return information is useful to equity investors. I do so indirectly, by exploiting unique features of the syndicated loan market, as evidence shows that lenders obtain tax returns from borrowers and that lenders’ private information is transmitted to equity markets when institutional investors are part of a loan syndicate. I find significant increases in tax expense valuation and decreases in tax-related market anomalies following the issuance of institutional syndicated loans, suggesting that equity investors find information about firm performance in tax returns that is useful for their trading decisions. I also find evidence suggesting that institutional investors may determine their loan syndicate participation in part based on the value of tax return information. This study extends prior research and informs policy debates over public disclosure of corporate tax return information by providing evidence to support that tax returns can be useful to investor decision making.","PeriodicalId":48120,"journal":{"name":"Review of Accounting Studies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-08-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134977847","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-08-10DOI: 10.1007/s11142-023-09787-4
Ying Zhou, David P. Weber, Ce Wen
{"title":"Selection bias in audit firm tenure research","authors":"Ying Zhou, David P. Weber, Ce Wen","doi":"10.1007/s11142-023-09787-4","DOIUrl":"https://doi.org/10.1007/s11142-023-09787-4","url":null,"abstract":"","PeriodicalId":48120,"journal":{"name":"Review of Accounting Studies","volume":null,"pages":null},"PeriodicalIF":4.2,"publicationDate":"2023-08-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48204927","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-08-09DOI: 10.1007/s11142-023-09797-2
Ciao-Wei Chen, L. Li
{"title":"Is hiring fast a good sign? The informativeness of job vacancy duration for future firm profitability","authors":"Ciao-Wei Chen, L. Li","doi":"10.1007/s11142-023-09797-2","DOIUrl":"https://doi.org/10.1007/s11142-023-09797-2","url":null,"abstract":"","PeriodicalId":48120,"journal":{"name":"Review of Accounting Studies","volume":null,"pages":null},"PeriodicalIF":4.2,"publicationDate":"2023-08-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47826358","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-08-08DOI: 10.1007/s11142-023-09794-5
Anup Srivastava
Abstract The purpose of this article is to illustrate the growing limitations of the current methods of calculating earnings, particularly when earnings is a negative number. Earnings, presumably the most important output of a financial reporting system, is not a singular metric. It is obtained by subtracting numerous expense line items from revenues, both of which are calculated after applying a diverse, and often inconsistent, set of accounting conventions. Despite this apparent deficiency, earnings could be informative of recurring profits, if revenues are measured correctly and expenses are traced to revenues. However, both principles are increasingly violated for the cohorts of firms listed in the last 30 years, which now constitute over 80% of the set of listed firms. Revenues of recent cohorts do not capture many events that create recurring cash flows. Their operating expenses are dominated by intangible outlays that are unmatched to current revenues. As a result, newer cohorts’ profits and profit margins, especially when negative, offer little to inform future profits. Given that revenue and expense recognition rules are unlikely to change anytime soon, the current developments raise a question: Should the reporting of the summary measure of earnings be voluntary instead of mandatory?
{"title":"Trivialization of the bottom line and losing relevance of losses","authors":"Anup Srivastava","doi":"10.1007/s11142-023-09794-5","DOIUrl":"https://doi.org/10.1007/s11142-023-09794-5","url":null,"abstract":"Abstract The purpose of this article is to illustrate the growing limitations of the current methods of calculating earnings, particularly when earnings is a negative number. Earnings, presumably the most important output of a financial reporting system, is not a singular metric. It is obtained by subtracting numerous expense line items from revenues, both of which are calculated after applying a diverse, and often inconsistent, set of accounting conventions. Despite this apparent deficiency, earnings could be informative of recurring profits, if revenues are measured correctly and expenses are traced to revenues. However, both principles are increasingly violated for the cohorts of firms listed in the last 30 years, which now constitute over 80% of the set of listed firms. Revenues of recent cohorts do not capture many events that create recurring cash flows. Their operating expenses are dominated by intangible outlays that are unmatched to current revenues. As a result, newer cohorts’ profits and profit margins, especially when negative, offer little to inform future profits. Given that revenue and expense recognition rules are unlikely to change anytime soon, the current developments raise a question: Should the reporting of the summary measure of earnings be voluntary instead of mandatory?","PeriodicalId":48120,"journal":{"name":"Review of Accounting Studies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-08-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135796145","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-08-03DOI: 10.1007/s11142-023-09795-4
Martin M. Kapons, Peter Kelly, Robert C. Stoumbos, Rafael Zambrana
{"title":"Dividends, trust, and firm value","authors":"Martin M. Kapons, Peter Kelly, Robert C. Stoumbos, Rafael Zambrana","doi":"10.1007/s11142-023-09795-4","DOIUrl":"https://doi.org/10.1007/s11142-023-09795-4","url":null,"abstract":"","PeriodicalId":48120,"journal":{"name":"Review of Accounting Studies","volume":null,"pages":null},"PeriodicalIF":4.2,"publicationDate":"2023-08-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48430452","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-08-01DOI: 10.1007/s11142-023-09788-3
Jing Wang, Michael Welker
{"title":"The effect of retrospective versus modified retrospective application of accounting changes on financial statement usefulness","authors":"Jing Wang, Michael Welker","doi":"10.1007/s11142-023-09788-3","DOIUrl":"https://doi.org/10.1007/s11142-023-09788-3","url":null,"abstract":"","PeriodicalId":48120,"journal":{"name":"Review of Accounting Studies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136022234","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-07-28DOI: 10.1007/s11142-023-09783-8
Amanda Sanseverino
{"title":"The impact of foreign laws on U.S. firms: evidence from the U.K. Bribery Act","authors":"Amanda Sanseverino","doi":"10.1007/s11142-023-09783-8","DOIUrl":"https://doi.org/10.1007/s11142-023-09783-8","url":null,"abstract":"","PeriodicalId":48120,"journal":{"name":"Review of Accounting Studies","volume":null,"pages":null},"PeriodicalIF":4.2,"publicationDate":"2023-07-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44614015","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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