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Private Equity and Local Public Finances 私募股权和地方公共财政
IF 4.4 2区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2023-05-11 DOI: 10.1111/1475-679x.12487
Marcel Olbert, Peter H. SEVERIN
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引用次数: 0
Flu Fallout: Information Production Constraints and Corporate Disclosure 流感影响:信息生产约束和公司披露
IF 4.4 2区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2023-05-02 DOI: 10.1111/1475-679X.12486
CHEN CHEN, LEONARD LEYE LI, LOUISE YI LU, RENCHENG WANG

Using influenza epidemic data, we examine how constraints on corporate information production affect disclosure policies. We find that firms in areas with higher flu activity are less likely to issue short-run earnings forecasts and more likely to issue long-run earnings forecasts. These results are more pronounced when the information production process is more complex, when managers face a greater reputational loss for issuing low-quality short-run forecasts, and when firms’ costs of switching the forecast horizon are lower. Further analysis implies that the effect of flu activity on these forecast issuance decisions is not driven by firm performance or information uncertainty. Our results suggest that managers do not simply avoid issuing forecasts in response to information production constraints. Instead, they shift the forecast horizon from short-run to long-run, appearing to balance the costs of issuing low-quality forecasts with those of not issuing forecasts at all.

利用流感流行数据,我们考察了企业信息生产的约束如何影响披露政策。我们发现,在流感活跃程度较高的地区,企业不太可能发布短期盈利预测,而更有可能发布长期盈利预测。当信息生产过程更复杂时,当管理者因发布低质量的短期预测而面临更大的声誉损失时,当公司转换预测范围的成本较低时,这些结果就更加明显。进一步的分析表明,流感活动对这些预测发布决策的影响不是由公司业绩或信息不确定性驱动的。我们的研究结果表明,管理者并不会因为信息生产的限制而简单地避免发布预测。相反,他们将预测范围从短期转向长期,似乎在发布低质量预测的成本与根本不发布预测的成本之间取得了平衡。
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引用次数: 1
Auditors’ Use of In-House Specialists 审计师使用内部专家
IF 4.4 2区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2023-04-23 DOI: 10.1111/1475-679X.12485
ALEKSANDRA “ALLY” B. ZIMMERMAN, DERECK BARR-PULLIAM, JOON-SUK LEE, MIGUEL MINUTTI-MEZA

Using Public Company Accounting Oversight Board (PCAOB) inspection data from 2006 to 2018, we examine the use of auditor-employed specialists in audit engagements. First, we find that the use of specialists is increasingly prevalent and related to clients’ size and complex accounting estimates. Second, the use of specialists is positively associated with the incidence of audit process deficiencies (identified by PCAOB inspections) but is not associated with output-based audit-quality proxies (restatements or absolute discretionary accruals). Hence, although process deficiencies are more likely to occur in engagements with higher use of specialists, financial reporting quality is not negatively impacted. Third, the use of specialists is positively associated with the likelihood of goodwill impairments and negatively associated with engagement profitability. Finally, cross-sectional tests suggest that board accounting expertise is a salient condition for more effective use of specialists. Collectively, our findings align with concerns noted by the PCAOB and prior experimental and survey studies. Although specialists assist auditors with the audit of complex estimates, engagements with comparatively high specialist use entail an incremental risk of audit process deficiencies.

利用上市公司会计监督委员会(PCAOB)2006年至2018年的检查数据,我们检查了审计师聘请的专家在审计业务中的使用情况。首先,我们发现专家的使用越来越普遍,并且与客户的规模和复杂的会计估计有关。其次,专家的使用与审计流程缺陷的发生率呈正相关(由PCAOB检查确定),但与基于产出的审计质量代理(重述或绝对酌情应计项目)无关。因此,尽管在专家使用率较高的业务中更有可能出现流程缺陷,但财务报告质量不会受到负面影响。第三,专家的使用与商誉减值的可能性呈正相关,与业务盈利能力负相关。最后,横断面测试表明,董事会会计专业知识是更有效地利用专家的一个突出条件。总的来说,我们的发现与PCAOB以及之前的实验和调查研究所关注的问题一致。尽管专家协助审计师审计复杂的估计,但专家使用率相对较高的审计业务会带来审计流程缺陷的风险增加。
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引用次数: 0
Racial Diversity Exposure and Firm Responses Following the Murder of George Floyd 乔治·弗洛伊德谋杀案后种族多样性暴露与坚定回应
IF 4.4 2区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2023-04-13 DOI: 10.1111/1475-679X.12484
KARTHIK BALAKRISHNAN, RAFAEL COPAT, DANIELA DE LA PARRA, K. RAMESH

George Floyd's murder caused many firms to reveal how exposed they are to racial diversity issues. We examine investor and firm behaviors after this socially significant event to provide evidence on the valuation effects of the exposure and ensuing corporate responses. We develop a text-based measure of a firm's exposure to racial diversity issues from conference call transcripts and find that, after the murder of George Floyd, firms with diversity exposure experience a stock price decrease of approximately 0.7% around the date of the conference call. We provide evidence that this effect is attributable to race-related exposure and not gender-related exposure. Initiatives taken by firms mitigate the negative market reaction. We document that firms with racial diversity exposure respond by appointing Black directors. The stock market views appointments of Black directors more favorably after George Floyd's murder, except when they are perceived as symbolic. We also find that firms with greater exposure to racial diversity are more likely to establish diversity, equity, and inclusion (DEI) departments, appoint DEI leaders, specify diversity goals, increase supply chain diversity, and donate to racial justice causes. Our paper provides evidence that exposure to racial diversity issues adversely affects firm value, and companies address the exposure by taking actions.

乔治·弗洛伊德(George Floyd)的谋杀案让许多公司披露了他们面临的种族多样性问题。我们研究了投资者和公司在这一具有社会意义的事件后的行为,以提供风险敞口的估值效应和随后的公司反应的证据。我们从电话会议记录中开发了一种基于文本的衡量公司对种族多样性问题的敞口的方法,发现在乔治·弗洛伊德被谋杀后,有多样性敞口的公司在电话会议召开前后股价下跌了约0.7%。我们提供的证据表明,这种影响可归因于种族相关的暴露,而不是性别相关的暴露。企业采取的举措缓解了市场的负面反应。我们记录了具有种族多样性风险的公司通过任命黑人董事来做出回应。乔治·弗洛伊德被谋杀后,股市对黑人董事的任命更为看好,除非他们被视为象征性的。我们还发现,更容易接触种族多样性的公司更有可能建立多样性、公平和包容(DEI)部门,任命DEI领导人,指定多样性目标,增加供应链多样性,并为种族正义事业捐款。我们的论文提供了证据,证明暴露在种族多样性问题上会对公司价值产生不利影响,公司通过采取行动来应对这种暴露。
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引用次数: 0
Gaming the IRS’ Third-Party Reporting System: Evidence from Pari-Mutuel Wagering 利用美国国税局的第三方报告系统:Pari Mutuel Wagering的证据
IF 4.4 2区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2023-04-06 DOI: 10.1111/1475-679X.12483
DUKE FERGUSON

This study examines whether taxpayers intentionally avoid Internal Revenue Service (IRS) third-party reports. In 2017 an IRS amendment created a quasi-exogenous shock that reduced third-party tax reporting of pari-mutuel gambling winnings from certain types of wagers. I consider the effect that this rule change had on taxpayer behavior. Using a difference-in-differences research design comparing thoroughbred racing in the United States to Canada, I find a 27% increase in gambler's investment into wager-types that became less likely to trigger third-party reports. Further, I provide evidence that this effect was because of third-party reporting, not withholding, and was stronger in more informed gambling populations. These findings suggest that taxpayers knowingly avoid third-party reports, enabling underreporting of income to the IRS. This has important policy implications because underreported individual income is the largest driver of the $496 billion annual gap between legal tax liability and actual tax collections in the United States.

这项研究考察了纳税人是否有意回避美国国税局(IRS)的第三方报告。2017年,美国国税局的一项修正案引发了一场准外生冲击,减少了对某些类型赌注的彩池博彩奖金的第三方纳税申报。我认为这一规则的改变对纳税人的行为产生了影响。通过比较美国和加拿大纯种赛马的差异研究设计,我发现赌徒对不太可能引发第三方报告的投注类型的投资增加了27%。此外,我提供的证据表明,这种影响是因为第三方报告,而不是扣缴,而且在更知情的赌博人群中更为严重。这些发现表明,纳税人有意避免第三方报告,从而导致向美国国税局少报收入。这具有重要的政策意义,因为少报的个人收入是美国法定纳税义务与实际税收之间每年4960亿美元差距的最大驱动因素。
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引用次数: 0
The Impact of Open Data on Public Procurement 开放数据对公共采购的影响
IF 4.4 2区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2023-04-04 DOI: 10.1111/1475-679X.12479
RAPHAEL DUGUAY, THOMAS RAUTER, DELPHINE SAMUELS

We examine how open procurement data affect the competitiveness of award procedures and the execution of government contracts. The European Union recently made its historical procurement notices available for bulk download in a cohesive and user-friendly database. Comparing government contracts above and below EU procurement size thresholds, we find that, after the open data initiative, procurement officials are more likely to award treated contracts through open bidding. In cross-sectional analyses, we document variation in the open bidding effect consistent with two underlying mechanisms: (1) increased scrutiny by NGOs and investigative journalists and (2) learning by national procurement regulators. However, treated contracts are also more likely to experience costly modifications because the shift to open bidding introduces rigidity that limits officials’ discretion in selecting suppliers based on private information. Overall, our evidence indicates that open procurement data promote competitive bidding but lead to contracts with weaker execution performance. These inferences also hold in an alternative open data setting.

我们研究了公开采购数据如何影响授予程序的竞争力和政府合同的执行。欧洲联盟最近在一个统一和用户友好的数据库中提供了其历史采购通知,可供批量下载。比较高于和低于欧盟采购规模阈值的政府合同,我们发现,在开放数据倡议之后,采购官员更有可能通过公开招标授予经过处理的合同。在横断面分析中,我们记录了公开招标效应的变化,这与两种基本机制一致:(1)非政府组织和调查记者加强了审查;(2)国家采购监管机构进行了学习。然而,经过处理的合同也更有可能经历代价高昂的修改,因为向公开招标的转变带来了僵化,限制了官员根据私人信息选择供应商的自由裁量权。总体而言,我们的证据表明,公开采购数据促进了竞争性投标,但会导致合同执行绩效较差。这些推论也适用于另一种开放数据设置。
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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 : 2023-04-03 DOI: 10.1111/1475-679X.12440
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引用次数: 0
Executive Compensation Tied to ESG Performance: International Evidence 高管薪酬与ESG绩效挂钩:国际证据
IF 4.4 2区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2023-03-30 DOI: 10.1111/1475-679X.12481
SHIRA COHEN, IGOR KADACH, GAIZKA ORMAZABAL, STEFAN REICHELSTEIN

Using a wide sample of international publicly traded firms, this paper studies the rapidly increasing practice of incorporating Environmental, Social, and Governance (ESG) metrics in executive compensation contracts. Our evidence suggests that this compensation practice varies at the country, industry, and firm levels in ways that are consistent with efficient incentive contracting. We also observe that reliance on ESG metrics in executive compensation arrangements is associated with engagement, voting, and trading by institutional investors, which suggests that firms could be adopting this practice to align their management's objectives with the preferences of certain shareholder groups. Finally, we find that the adoption of ESG Pay is accompanied by improvements in key ESG outcomes, but not by improvements in financial performance.

本文使用国际上市公司的广泛样本,研究了在高管薪酬合同中纳入环境、社会和治理(ESG)指标的快速增长的做法。我们的证据表明,这种薪酬做法在国家、行业和公司层面有所不同,与有效的激励合同相一致。我们还观察到,高管薪酬安排中对ESG指标的依赖与机构投资者的参与、投票和交易有关,这表明公司可能会采用这种做法,以使其管理层的目标与某些股东群体的偏好相一致。最后,我们发现,ESG薪酬的采用伴随着关键ESG结果的改善,而不是财务业绩的改善。
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引用次数: 0
Did the FASB Codification Reduce the Complexity of Applying U.S. GAAP? FASB法典化是否降低了应用美国公认会计准则的复杂性?
IF 4.4 2区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2023-03-27 DOI: 10.1111/1475-679X.12480
Oliver Binz, Robert Hills, Matthew Kubic

We examine whether the Financial Accounting Standards Board (FASB) Codification made it easier for preparers and auditors to locate relevant accounting guidance. We find that areas of U.S. GAAP with more dispersed and voluminous guidance before the Codification experience a larger post-Codification reduction in restatements. We find a similar decline in SEC comment letter questions referencing areas of U.S. GAAP with more dispersed and voluminous pre-Codification guidance. Our results suggest that before the Codification, preparers and auditors had difficulty in locating the appropriate accounting guidance and that the Codification mitigated this difficulty.

我们研究了财务会计准则委员会(FASB)的编纂是否使编制者和审计师更容易找到相关的会计指南。我们发现,在法典编纂之前,美国公认会计原则中指导更分散、内容更丰富的领域在法典编纂后的重述减少幅度更大。我们发现,美国证券交易委员会关于美国公认会计原则领域的评论信问题也出现了类似的下降,这些领域的法典编纂前指南更加分散和丰富。我们的研究结果表明,在编纂之前,编制人和审计师很难找到适当的会计指南,编纂减轻了这一困难。
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引用次数: 0
How Do Firms Respond to Political Uncertainty? Evidence from U.S. Gubernatorial Elections 企业如何应对政治不确定性?美国州长选举的证据
IF 4.4 2区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2023-03-27 DOI: 10.1111/1475-679X.12482
ANDREW BIRD, STEPHEN A. KAROLYI, THOMAS G. RUCHTI

We examine the joint response to political uncertainty along two margins: changes in real activity and voluntary disclosure. We focus on within-firm variation in exposure to ex ante competitive U.S. gubernatorial elections using data on preelection poll margins and firms’ state exposures. Despite real activity falling in the years leading up to a close election, we find that voluntary disclosure increases both in frequency and content, including mentions of risk in filings that reference states holding elections. Our tests use a decomposition of 8-K filings into real activity and voluntary disclosure to address the endogenous complementarity between these two responses. These results hold when using alternative ex ante measures of political uncertainty based on term-limited incumbents, historically competitive offices, or state legislature gridlock. Both effects of political uncertainty are stronger for firms in highly regulated industries and weaker for those least exposed to the local market, linking the real activity and disclosure responses to uncertainty.

我们从两个方面考察了对政治不确定性的共同反应:实际活动的变化和自愿披露。我们利用选举前民调优势和公司在各州的风险敞口数据,关注公司内部在竞争激烈的美国州长选举前的风险敞口差异。尽管实际活动在临近选举的年份有所下降,但我们发现,自愿披露的频率和内容都有所增加,包括在提及举行选举的州的文件中提到的风险。我们的测试将8-K文件分解为实际活动和自愿披露,以解决这两种响应之间的内生互补性。当使用基于任期有限的现任者、历史上竞争激烈的职位或州立法机构僵局的政治不确定性的替代事前测量方法时,这些结果成立。政治不确定性对高度监管行业的公司的影响更大,对那些与当地市场接触最少的公司的影响更弱,将实际活动和披露反应与不确定性联系起来。
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引用次数: 0
期刊
Journal of Accounting Research
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