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Ethnic Minority Analysts’ Participation in Public Earnings Conference Calls 少数民族分析师参与公共收益电话会议
IF 4.4 2区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2023-08-08 DOI: 10.1111/1475-679X.12504
RACHEL W. FLAM, JEREMIAH GREEN, JOSHUA A. LEE, NATHAN Y. SHARP

We investigate ethnic minority and nonminority sell-side analysts’ participation in public earnings conference calls. We find that minority analysts are underrepresented in conference call Q&A sessions, and minority analysts who do participate on the calls experience lower levels of prioritization than do nonminority analysts. Minority analysts’ lower participation rates are partially but not fully mediated by characteristics such as experience, work environment, and stock rating favorability. Additionally, firm and conference call fixed effects mediate approximately half the magnitude of lower minority participation rates. Extroverted minority analysts participate at higher rates, but the negative association between minority status and conference call participation is exacerbated when calls are more time constrained, when executive teams are less diverse, and when analysts are from less prestigious brokerage houses. Overall, we document the underrepresentation of minority analysts on earnings conference calls and provide evidence suggesting both analysts’ and managers’ choices influence minority analysts’ participation rates.

我们调查了少数族裔和非少数族裔卖方分析师在公开收益电话会议中的参与情况。我们发现,少数族裔分析师在电话会议问答环节中的代表性不足,而参与电话会议的少数族裔分析师的优先级水平低于非少数族裔分析师。少数族裔分析师较低的参与率部分但不完全受经验、工作环境和股票评级好感度等特征的影响。此外,公司和电话会议固定效应对少数族裔参与率下降的影响约为一半。外向的少数族裔分析师参与电话会议的比例更高,但当电话会议的时间限制更大、高管团队的多样性较低、分析师来自声望较低的经纪公司时,少数族裔地位与电话会议参与之间的负相关关系就会加剧。总体而言,我们记录了少数族裔分析师在财报电话会议上的代表性不足,并提供证据表明分析师和经理的选择都会影响少数族裔分析师的参与率。这篇文章受版权保护。版权所有
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引用次数: 1
Externalities of Financial Statement Fraud on the Incoming Accounting Labor Force 财务报表舞弊对会计从业人员的外部性
IF 4.4 2区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2023-08-04 DOI: 10.1111/1475-679X.12501
ROBERT R. CARNES, DANE M. CHRISTENSEN, PAUL E. MADSEN

Financial statement fraud generates many negative effects, including reducing people's willingness to participate in the stock market. If it also stigmatizes accounting, it may similarly adversely affect the quantity and quality of workers willing to become accountants, thereby potentially creating negative effects for years to come. We examine the impact of fraud on the labor force entering the accounting profession, which is a key input into the production of accounting information (i.e., the output). Using data describing millions of college students across the United States, we find incoming students are actually more likely to major in accounting when local frauds occur during their formative years. These students are also more likely to have attributes desired by the accounting profession (e.g., high academic aptitude) and are more likely to subsequently serve in public accounting and become Certified Public Accountants. In the context of other fields (i.e., all college majors), we find that fraud similarly spurs interest in other business disciplines, but not in majors outside of business schools. Those attracted to other business disciplines, however, generally possess different traits. Specifically, students entering accounting are distinctively more likely to exhibit values espoused by the accounting profession, including a predisposition to public service and less commercial orientation. Thus, nonpecuniary motives appear to uniquely drive accounting student enrollment following fraud. Collectively, our findings suggest that, while fraud is unmistakably bad, it appears to have the positive unintended consequence of attracting labor into business disciplines and, in accounting, increasing the prevalence of desirable traits among entrants.

财务报表欺诈会产生许多负面影响,包括降低人们参与股市的意愿。如果它也污名化会计,同样可能对愿意成为会计师的工人的数量和质量产生不利影响,从而可能在未来几年产生负面影响。我们研究了欺诈对进入会计行业的劳动力的影响,会计行业是会计信息生产(即产出)的关键输入。使用描述美国数百万大学生的数据,我们发现,当当地欺诈行为发生在新生的成长期时,他们实际上更有可能主修会计。这些学生也更有可能具有会计专业所需的特质(例如,高学术能力),并更有可能随后在公共会计部门任职并成为注册会计师。在其他领域(即所有大学专业)的背景下,我们发现欺诈同样会激发人们对其他商业学科的兴趣,但对商学院以外的专业却没有。然而,那些被其他商业学科吸引的人通常都有不同的特点。具体而言,进入会计专业的学生更有可能表现出会计专业所信奉的价值观,包括倾向于公共服务和较少商业化。因此,非金钱动机似乎是欺诈后会计专业学生入学的唯一驱动因素。总的来说,我们的研究结果表明,虽然欺诈无疑是糟糕的,但它似乎具有积极的意外后果,吸引劳动力进入商业学科,并在会计领域增加了进入者中理想特质的普遍性。
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引用次数: 0
Reciprocity in Corporate Tax Compliance—Evidence from Ozone Pollution 企业纳税义务的互惠性——来自臭氧污染的证据
IF 4.4 2区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2023-07-26 DOI: 10.1111/1475-679X.12500
TRAVIS CHOW, ZHONGWEN FAN, LI HUANG, OLIVER ZHEN LI, SIMAN LI

In a tax—public goods reciprocity framework between citizens and the state, managers view taxes as a payment to the government in exchange for public goods, and hence they adjust their willingness to pay taxes as public good quality changes. We show that corporate tax planning intensity increases with ground-level ozone pollution. Revisions in ozone pollution regulations cause counties that failed the revised and more stringent standards to reduce ozone pollution. Consequently, firms headquartered in these counties reduced corporate tax planning intensity relative to firms in other counties. The ozone-tax link varies in the predicted directions with public attention to pollution, potential welfare loss due to ozone, managers’ stakeholder orientation, taxpayers’ polluting status, political preferences, and civic norms. We also find consistent results for Superfund cleanups of hazardous waste sites. Our research sheds light on reciprocity as a potential mechanism influencing corporate tax compliance.

在公民和国家之间的税收-公共产品互惠框架中,管理者将税收视为对政府的支付,以换取公共产品,因此他们会随着公共产品质量的变化而调整纳税意愿。我们发现,企业税收规划强度随着地面臭氧污染而增加。臭氧污染法规的修订导致未达到修订后的更严格标准的县减少臭氧污染。因此,与其他县的公司相比,总部位于这些县的公司降低了公司税规划强度。臭氧税的联系在预测的方向上有所不同,公众对污染的关注、臭氧造成的潜在福利损失、管理者的利益相关者导向、纳税人的污染状况、政治偏好和公民规范。我们还发现,超级基金清理危险废物场地的结果是一致的。我们的研究揭示了互惠作为影响企业税收合规性的潜在机制。
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引用次数: 0
Issue Information - Request for Papers 问题信息-论文征集
IF 4.4 2区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2023-07-25 DOI: 10.1111/1475-679X.12446
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引用次数: 0
The Financially Material Effects of Mandatory Nonfinancial Disclosure 强制性非财务披露的财务实质性影响
IF 4.9 2区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2023-07-18 DOI: 10.1111/1475-679X.12499
BRIAN GIBBONS

Complaints from institutional investors suggest that principles-based disclosure regimes that rely on financial materiality standards produce inadequate nonfinancial environmental and social (E&S) information. Using the staggered introduction of 40 country-level regulations that mandate disclosure, I document that reporting E&S information relates to increased investment from institutional owners and has material effects on firms’ investment and financing decisions. Firms mandated to disclose E&S information allocate more investment toward long-term, innovative projects and raise more equity capital. Evidence indicates that disclosure attracts long-term–oriented institutional clientele with E&S preferences, which then feeds back on firm decision making. Although the effects of nonfinancial disclosure are similar to those of improved financial disclosure, this clientele mechanism is unique. Taken together, these results suggest that jurisdictions that rely solely on financial materiality disclosure standards create nonfinancial information frictions with material effects on investors and firm decision making.

机构投资者的抱怨表明,基于原则的信息披露制度依赖于财务重要性标准,会产生不充分的非财务环境和社会(E&S)信息。通过交错引入 40 项强制披露的国家级法规,我记录了报告 E&S 信息与机构所有者增加投资的关系,并对企业的投资和融资决策产生了重大影响。被强制要求披露 E&S 信息的企业会将更多的投资分配给长期的创新项目,并筹集更多的股权资本。有证据表明,信息披露吸引了具有 E&S 偏好的长期导向型机构客户,进而反馈到公司决策中。虽然非财务信息披露的效果与改进财务信息披露的效果相似,但这种客户机制是独特的。综上所述,这些结果表明,仅依赖财务重要性披露标准的司法管辖区会产生非财务信息摩擦,对投资者和公司决策产生重大影响。
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引用次数: 0
Economic Consequences of Transparency Regulation: Evidence from Bank Mortgage Lending 透明度监管的经济后果:来自银行抵押贷款的证据
IF 4.4 2区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2023-06-23 DOI: 10.1111/1475-679X.12498
ALLISON NICOLETTI, CHRISTINA ZHU

We examine the economic consequences of a rule designed to improve consumers' understanding of mortgage information. The 2015 TILA-RESPA Integrated Disclosures rule (TRID) simplifies the mortgage disclosures provided to consumers. As a consequence, TRID-affected mortgages become a less attractive investment opportunity to banks. Our main results document that mortgage applications affected by TRID are less likely to be approved following the rule's effective date. We find evidence consistent with both a decrease in consumers' information processing costs and an increase in banks' secondary market frictions, providing insight into the potential channels through which this reduction in mortgage credit operates. We also find that banks partially compensate for reduced mortgage lending by increasing small business lending, and that fintechs absorb mortgage demand in areas with reduced mortgage lending by banks. Our study documents real actions that firms take in response to disclosure transparency regulation and contributes to the literature on the economic consequences of such regulation.

我们研究了一项旨在提高消费者对抵押贷款信息理解的规则的经济后果。2015年TILA-RESPA综合披露规则(TRID)简化了向消费者提供的抵押贷款披露。因此,受TRID影响的抵押贷款对银行的吸引力降低。我们的主要结果表明,受TRID影响的抵押贷款申请在规则生效后不太可能获得批准。我们发现了与消费者信息处理成本下降和银行二级市场摩擦增加一致的证据,从而深入了解了抵押贷款信贷减少的潜在渠道。我们还发现,银行通过增加小企业贷款来部分补偿抵押贷款的减少,金融科技公司吸收了银行抵押贷款减少地区的抵押贷款需求。我们的研究记录了企业为应对披露透明度监管而采取的实际行动,并为有关此类监管的经济后果的文献做出了贡献。
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引用次数: 0
Do Governments Hide Resources from Unions? The Influence of Public Sector Unions on Reported Discretionary Fund Balance Ratios 政府是否向工会隐瞒资源?公共部门工会对报告的可自由支配基金余额比率的影响
IF 4.4 2区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2023-06-21 DOI: 10.1111/1475-679X.12497
ANGELA K. GORE, YUAN JI, SUSAN L. KULP

We explore whether municipalities with public sector unions exploit aspects of governmental (or “fund”) accounting to obscure the availability of discretionary resources in fund balance accounts, relative to municipalities without public sector unions. We first investigate whether governments with unions report higher proportions of discretionary resources outside of the general fund, a primary measure of financial health, and instead within less prominent fund types. Second, we explore whether governments with unions report lower ratios within accessible general fund balance account categories – that is, report lower proportions of unreserved fund balance. Primary findings are consistent with both hypotheses. Although somewhat mixed, cross-sectional analyses reveal that effects are magnified when unions have more bargaining power, as proxied by the ability to strike or the absence of state right-to-work laws. Further analysis corroborates cross-sectional findings by examining difference-in-differences specifications surrounding the quasi-exogenous shock of Wisconsin's 2011 weakening of state public sector union laws and Ohio's time-varying union contract negotiations. Overall, the evidence suggests that governments with unions shelter resources to avoid the appearance of large discretionary amounts available.

我们探讨了与没有公共部门工会的城市相比,有公共部门工会的城市是否利用政府(或“基金”)会计方面来模糊基金余额账户中可自由支配资源的可用性。我们首先调查了拥有工会的政府是否报告了普通基金(财务健康的主要衡量标准)之外的较高比例的可自由支配资源,而不是在不太突出的基金类型中。其次,我们探讨了有工会的政府是否报告了较低的可获取普通基金余额账户类别的比率,即报告了较低的非预留基金余额比例。初步发现与两种假设一致。虽然有些混合,但横断面分析表明,当工会拥有更多的议价能力时,影响会被放大,就像罢工的能力或缺乏州工作权法一样。进一步的分析证实了横断面研究结果,通过检查围绕威斯康星州2011年削弱州公共部门工会法律和俄亥俄州随时间变化的工会合同谈判的准外生冲击的差异规范。总的来说,有证据表明,拥有工会的政府庇护资源,以避免出现大量可自由支配的资金。
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引用次数: 1
Price Rigidities and the Value of Public Information 价格刚性与公共信息的价值
IF 4.4 2区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2023-06-08 DOI: 10.1111/1475-679X.12495
LIFENG GU, JIN XIE

Firms' inflexibility in adjusting output prices to economic shocks exacerbates information asymmetry with respect to firms' profits, but public information on firms' cost structure mitigates this problem. We construct a novel form of public information from economic statistics disclosed by the government and find that such public information significantly reduces inflexible-price firms' bid–ask spreads, the probability of informed trading, and analyst forecast dispersions, but these results do not hold for flexible-price firms. Security analysts seek more cost-related information during conference calls about inflexible-price firms, but such a phenomenon is observed less frequently if a firm's input cost is more publicly observable. In addition, stock markets react more strongly to earning news announced by inflexible-price firms, consistent with our intuition.

企业在根据经济冲击调整产出价格时缺乏灵活性,这加剧了企业利润方面的信息不对称,但有关企业成本结构的公共信息却能缓解这一问题。我们从政府披露的经济统计数据中构建了一种新形式的公共信息,并发现这种公共信息显著降低了非灵活定价企业的买卖价差、知情交易概率和分析师预测的离差,但这些结果在灵活定价企业中并不成立。证券分析师在电话会议上寻求更多与非弹性定价公司的成本相关信息,但如果公司的投入成本更容易被公开观测到,这种现象就不那么常见。此外,股票市场对非灵活定价公司公布的盈利消息反应更强烈,这与我们的直觉一致。
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引用次数: 0
The Real Effects of Modern Information Technologies: Evidence from the EDGAR Implementation 现代信息技术的实际效果:来自EDGAR实施的证据
IF 4.4 2区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2023-06-08 DOI: 10.1111/1475-679X.12496
ITAY GOLDSTEIN, SHIJIE YANG, LUO ZUO

Using the implementation of the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system from 1993 to 1996 as a shock to information dissemination technologies, we examine how a significant reduction in disclosure processing costs affects the real economy. We find that the EDGAR implementation leads to an increase in corporate investment and that this effect is concentrated in value firms. We provide evidence that improved equity financing and enhanced managerial incentives are likely the underlying mechanisms. Specifically, the EDGAR implementation leads to an increase in a firm's stock liquidity, a decrease in the cost of equity capital, and an increase in the level of equity financing. Consistent with the monitoring effect of broad information dissemination, the EDGAR implementation leads to an increase in a firm's operating performance. Our findings suggest that it is important to consider information dissemination beyond information production when examining the real effects of corporate disclosures.

利用1993年至1996年实施的电子数据收集、分析和检索(EDGAR)系统对信息传播技术的冲击,我们研究了披露处理成本的大幅降低如何影响实体经济。我们发现,EDGAR的实施导致了企业投资的增加,这种影响集中在价值型企业中。我们提供的证据表明,改善股权融资和加强管理激励可能是根本机制。具体而言,EDGAR的实施会增加公司的股票流动性,降低股本成本,提高股权融资水平。与广泛信息传播的监测效果一致,EDGAR的实施会提高公司的经营业绩。我们的研究结果表明,在考察公司披露的真实影响时,重要的是要考虑信息生产之外的信息传播。
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引用次数: 5
Does Public Firms’ Mandatory IFRS Reporting Crowd Out Private Firms’ Capital Investment? 上市公司的强制性IFRS报告是否排挤了私营公司的资本投资?
IF 4.4 2区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2023-05-26 DOI: 10.1111/1475-679X.12494
JIANCHENG (DUNCAN) LIU, WEI SHI, CHENG ZENG, GUOCHANG ZHANG

We investigate how the mandatory adoption of International Financial Reporting Standards (IFRS) by publicly listed firms in the European Union affects peer private firms. We find that private firms’ capital investment decreases significantly after the IFRS mandate, relative to public firms. Private firms also display decreased investment when benchmarked against firms relatively insulated from the impact of the IFRS mandate, but the magnitude of the effect is smaller in this case. These results are consistent with the hypothesis that mandatory IFRS reporting (combined with other reforms), while increasing public firms’ financing and investment, crowds out funding for private firms. The effect is more pronounced for larger private firms and in industries where public peers have greater external financing needs. Our evidence suggests that financial reporting regulations cause shifts in resource allocation in an economy.

我们调查了欧盟上市公司强制采用国际财务报告准则(IFRS)对同行私营公司的影响。我们发现,与上市公司相比,《国际财务报告准则》授权后,私营公司的资本投资大幅下降。与相对不受《国际财务报告准则》规定影响的公司相比,私营公司的投资也有所减少,但在这种情况下,影响的幅度较小。这些结果与以下假设一致:强制性《国际财务报告准则》报告(与其他改革相结合)在增加上市公司融资和投资的同时,挤占了私营公司的资金。这种影响在大型私营公司和公共同行有更大外部融资需求的行业更为明显。我们的证据表明,财务报告法规会导致经济中资源分配的变化。
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引用次数: 0
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Journal of Accounting Research
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