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Foreign bank branch participation and U.S. syndicated loan contract design 外国银行分行参与和美国银团贷款合同设计
IF 5.4 1区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2025-02-01 DOI: 10.1016/j.jacceco.2024.101714
Daniel G. Yang
I examine whether and how foreign bank branch participation in U.S. loan syndicates influences loan contract design. I predict that foreign bank branches’ dollar funding liquidity risk and information frictions increase renegotiation costs and affect loan contract design. I find that loan contracts with greater foreign bank branch participation include fewer flexibility-reducing covenants, such as capital expenditure and balance sheet covenants, that restrict borrowers from making positive net present value investments. I document similar results using matched sample and plausibly exogenous variation in foreign bank branch participation. Additionally, loan contracts with greater foreign bank branch participation are more likely to feature split control rights, which give banks in revolving lines of credit the exclusive right to renegotiate. In contrast, foreign bank branches are more likely to be included in covenant-lite term loans. Overall, I show that foreign bank branch participation affects U.S. syndicated loan contract design through renegotiation costs.
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引用次数: 0
Transaction-level transparency and portfolio mimicking 交易层面的透明度和投资组合模仿
IF 5.4 1区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2025-02-01 DOI: 10.1016/j.jacceco.2024.101713
Thomas C. Hagenberg
This study examines whether an increase in the transparency of investment transactions facilitates portfolio mimicking. While there are reported benefits of transparency in enhancing regulatory monitoring and discipline, an increase in the transparency of investment transactions can also facilitate mimicking of peer firms’ investment strategies. I exploit an exogenous increase in the broad dissemination of transaction-level investment disclosures of U.S.-based insurers and find a significant increase in portfolio similarity at the individual security level. Increases in portfolio similarity are more pronounced in smaller, less sophisticated insurers mimicking their larger, more sophisticated peers. Shared asset positions and common exposures to risk can exacerbate collective risk across firms. Accordingly, I find that the detectable increases in portfolio similarity are positively associated with measures of systemic risk, especially in those smaller insurers mimicking their peers. This study adds to a nascent literature on portfolio mimicking and highlights a potential negative externality of increased transparency.
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引用次数: 0
Do signatory auditors with tax expertise facilitate or curb tax aggressiveness? 具有税务专业知识的签字审计员会促进还是抑制税收积极性?
IF 5.4 1区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2025-02-01 DOI: 10.1016/j.jacceco.2024.101715
Mark DeFond , Baolei Qi , Yi Si , Jieying Zhang
Prior research concludes that tax-expert auditors facilitate tax aggressiveness. However, these studies examine auditors who also provide non-audit tax services to their clients, creating conflicting incentives. We predict that tax-expert auditors, who do not provide non-audit tax services, reduce tax aggressiveness, because tax aggressiveness imposes costs on them. We test our prediction using Chinese data, allowing us to identify Certified Tax Agents as tax-expert auditors. We find that companies are less tax aggressive when their signatory auditor is a tax-expert who does not provide non-audit tax services. Consistent with a causal relation, a decrease in tax rates, which reduces clients’ incentives to be tax aggressive, weakens the effect of tax-expertise on tax aggressiveness. Moreover, tax-expert auditors attenuate the type of tax aggressiveness that results in tax-related misstatements. Overall, by examining auditors who do not provide non-audit tax services, we find that tax-expert auditors curb tax aggressiveness, contrary to prior research.
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引用次数: 0
Early-life experience and CEOs’ reactions to COVID-19 早年经历和首席执行官对 COVID-19 的反应
IF 5.4 1区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2025-02-01 DOI: 10.1016/j.jacceco.2024.101734
Hong Ru , Endong Yang , Kunru Zou
This study investigates how CEOs' experience of natural disasters and severe disease outbreaks in their formative years influences their firms' responses to the COVID-19 pandemic in the United States. We observe that firms whose CEOs experienced disease outbreaks akin to COVID-19 early in their lives demonstrated more conservative responses to the emergence of the COVID-19 in late February 2020, notably through a substantial slowdown in capital expenditure growth. Moreover, firms led by CEOs with early-life disease experience exhibit a more negative tone in their corporate disclosures and heightened pessimism in their earnings forecasts following the COVID-19 outbreak. These effects are more pronounced for firms in industries that were hit hard by the pandemic. Our findings suggest that severe events early in life leave indelible imprints on memory, thereby impacting CEOs’ decision-making when managing similar crises in their professional careers.
本研究探讨了首席执行官在其成长时期经历的自然灾害和严重疾病爆发如何影响其公司对美国 COVID-19 大流行病的反应。我们观察到,首席执行官早年经历过类似于 COVID-19 的疾病爆发的公司,在 2020 年 2 月底 COVID-19 出现时表现出更保守的反应,特别是资本支出增长大幅放缓。此外,在 COVID-19 爆发后,有早期疾病经历的首席执行官所领导的公司在企业信息披露中表现出更消极的基调,其盈利预测也更加悲观。这些影响对于受大流行病严重打击的行业的公司更为明显。我们的研究结果表明,生命早期发生的严重事件会在记忆中留下不可磨灭的烙印,从而影响首席执行官在职业生涯中管理类似危机时的决策。
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引用次数: 0
Measuring firm exposure to government agencies 衡量公司与政府机构的关系
IF 5.4 1区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2025-02-01 DOI: 10.1016/j.jacceco.2024.101703
Daphne M. Armstrong, Stephen Glaeser, Jeffrey L. Hoopes
We use textual analysis of mandatory accounting filings to develop firm-level, time-varying measures of exposure to individual government agencies including the Securities Exchange Commission (SEC) and Internal Revenue Service (IRS). The measures vary predictably across industries and with agency-specific events such as the Sarbanes Oxley Act at the SEC and budget cuts at the IRS. The measures positively relate to undisclosed agency investigations and financial statement downloads. Firms' total exposure across government agencies negatively relates to their profitability, consistent with exposure to government agencies imposing net costs. Consistent with a causal interpretation of these results, the positive stock market reaction to the surprise election of Donald Trump, who promised to reduce the power of government agencies, positively varies with firms' exposure to government agencies. As initial applications of our measures, we demonstrate that expanded SEC oversight increases firms' stock liquidity and reduced IRS oversight decreases firms’ effective tax rates.
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引用次数: 0
Mitigating risk-shifting in corporate pension plans: Evidence from stakeholder constituency statutes 减轻企业养老金计划中的风险转移:利益相关者选区规约的证据
IF 5.4 1区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2025-02-01 DOI: 10.1016/j.jacceco.2024.101704
Amy D. Garman , Thomas R. Kubick
We use staggered enactments of state stakeholder constituency laws as a natural experiment to examine the effect of such laws on corporate pension risk shifting. Our analysis encompasses three components of pension risk shifting: funding risk, investment risk, and benefit risk. We observe a reduction in all three elements of pension risk shifting following the enactment of stakeholder orientation laws that promote greater consideration of stakeholder interests. We also find that the post-enactment reduction in pension risk-shifting is greater for firms with fewer investment opportunities. Overall, our results provide insight into how stakeholder constituency can mitigate an important form of risk-shifting.
我们利用交错颁布的州利益相关者选区法作为自然实验,研究此类法律对企业养老金风险转移的影响。我们的分析包括养老金风险转移的三个组成部分:资金风险、投资风险和福利风险。我们观察到,在促进更多考虑利益相关者利益的利益相关者导向法颁布后,养老金风险转移的所有三个要素都有所减少。我们还发现,对于投资机会较少的公司来说,颁布法律后养老金风险转移的减少幅度更大。总之,我们的研究结果让我们深入了解了利益相关者如何减轻一种重要的风险转移形式。
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引用次数: 0
Green innovation and firms’ financial and environmental performance: The roles of pollution prevention versus control 绿色创新与企业财务和环境绩效:污染预防与控制的作用
IF 5.4 1区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2025-02-01 DOI: 10.1016/j.jacceco.2024.101706
Qiang Cheng , An-Ping Lin , Mengjie Yang
This study examines the effects of firms' green innovation on their future financial and environmental performance. If pollution is primarily a manifestation of wasted resources, then investments in pollution prevention technologies can both reduce the environmental impact of production and improve financial performance. In contrast, investments in pollution control technologies likely reduce the environmental impact of production without improving financial performance. Using green patents to capture firms' investments in these two types of technologies, we find that the value of a firm's pollution prevention patents is positively associated with its future financial and environmental performance, and that the positive impact on future financial performance is achieved through improvements in sales growth and cost efficiency. In contrast, the value of a firm's pollution control patents is not associated with its future financial or environmental performance. Overall, these findings shed light on the future implications of green innovation.
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引用次数: 0
Fair value accounting standards and securities litigation 公允价值会计准则与证券诉讼
IF 5.4 1区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2025-02-01 DOI: 10.1016/j.jacceco.2024.101705
Musaib Ashraf , Dain C. Donelson , John McInnis , Richard D. Mergenthaler
We examine the effect of fair value standards on firms' litigation risk. The discretion required by fair value allows plaintiffs to “second guess” managers' judgments, potentially increasing litigation risk. Alternatively, the complexity of fair value may decrease litigation risk if it's more difficult to demonstrate scienter. Our evidence suggests firms that rely more on fair value standards are relatively less likely to be sued. We find no evidence of a relation between fair value and the risk of misstatements or fraud, but do find evidence of a slight increase in firms' litigation risk via an increase in volatility. However, the primary effect of fair value standards in reducing litigation risk dominates the volatility effect. Finally, we find average litigation rates increase after the passage of new standards, but less so for fair value standards. On balance, our evidence suggests fair value is a relatively low litigation risk area in GAAP.
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引用次数: 0
Executive compensation: The trend toward one-size-fits-all 高管薪酬:一刀切的趋势
IF 5.4 1区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2025-02-01 DOI: 10.1016/j.jacceco.2024.101708
Felipe Cabezon
I report and analyze a recent “one-size-fits-all” trend in the structure of executive compensation plans. Since 2006, 24% of the variation in the distribution of CEO compensation across pay components — salary, bonus, stock awards, options, non-equity incentives, pensions, and perquisites — disappeared. This uniformity might come at the expense of optimal incentives, as increases in pay structure similarity translate into lower shareholder value. Using panel data regressions and plausibly exogenous shocks, I find that institutional investors’ influence, proxy advisors’ recommendations, and expanded compensation disclosure are salient drivers of this standardization. The findings highlight an unintended consequence of recent regulations enhancing shareholders’ participation and expanding compensation disclosure.
{"title":"Executive compensation: The trend toward one-size-fits-all","authors":"Felipe Cabezon","doi":"10.1016/j.jacceco.2024.101708","DOIUrl":"10.1016/j.jacceco.2024.101708","url":null,"abstract":"<div><div>I report and analyze a recent “one-size-fits-all” trend in the structure of executive compensation plans. Since 2006, 24% of the variation in the distribution of CEO compensation across pay components — salary, bonus, stock awards, options, non-equity incentives, pensions, and perquisites — disappeared. This uniformity might come at the expense of optimal incentives, as increases in pay structure similarity translate into lower shareholder value. Using panel data regressions and plausibly exogenous shocks, I find that institutional investors’ influence, proxy advisors’ recommendations, and expanded compensation disclosure are salient drivers of this standardization. The findings highlight an unintended consequence of recent regulations enhancing shareholders’ participation and expanding compensation disclosure.</div></div>","PeriodicalId":48438,"journal":{"name":"Journal of Accounting & Economics","volume":"79 1","pages":"Article 101708"},"PeriodicalIF":5.4,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141615127","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
EDITORIAL DATA
IF 5.4 1区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2025-02-01 DOI: 10.1016/j.jacceco.2025.101766
{"title":"EDITORIAL DATA","authors":"","doi":"10.1016/j.jacceco.2025.101766","DOIUrl":"10.1016/j.jacceco.2025.101766","url":null,"abstract":"","PeriodicalId":48438,"journal":{"name":"Journal of Accounting & Economics","volume":"79 1","pages":"Article 101766"},"PeriodicalIF":5.4,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143507926","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
期刊
Journal of Accounting & Economics
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