Journal of Accounting & Economics最新文献

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Gone but not forgotten: Investor reaction to “excluded” recurring expenses 已逝但未被遗忘：投资者对“被排除在外”的经常性开支的反应

IF 6.8 1区管理学 Q1 BUSINESS, FINANCE

Journal of Accounting & Economics

Pub Date : 2025-08-01 Epub Date: 2025-05-03 DOI: 10.1016/j.jacceco.2025.101799

Laura Griffin , John McInnis

Roughly two decades ago, standard setters mandated recognition of two controversial expenses: stock-based compensation (SBC) and amortization of intangibles from acquisitions (AMT). Today, most firms “undo” GAAP by excluding these recurring expenses from earnings as part of their non-GAAP reporting. Do investors agree? Using short-window returns around quarterly earnings announcements, we find investors react similarly to unexpected SBC/AMT, regardless of firms' exclusion reporting. Further, among excluders, earnings that include SBC or AMT explain investor reaction better than earnings stripped of these items. Thus, these excluded expenses are an important exception to the well-known regularity that investors find non-GAAP earnings more useful than GAAP earnings. Additional tests reveal that exclusion is not informative about future persistence. Overall, our findings suggest that, in general, investors ignore firms’ exclusion of recurring expenses, which may offer reassurance to standard setters.

大约20年前，标准制定者强制要求确认两种有争议的费用：股票薪酬（SBC）和收购无形资产摊销（AMT）。如今，大多数公司通过将这些经常性费用从收益中剔除，作为非公认会计准则报告的一部分，“取消”了GAAP。投资者同意吗？使用季度收益公告的短窗口回报，我们发现投资者对意外的SBC/AMT的反应相似，无论公司的排除报告如何。此外，在排除因素中，包括SBC或AMT的收益比不包括这些项目的收益更能解释投资者的反应。因此，这些被排除在外的费用是众所周知的规律的一个重要例外，即投资者发现非公认会计准则收益比公认会计准则收益更有用。另外的测试表明，排除并不能说明未来的持久性。总体而言，我们的研究结果表明，通常情况下，投资者忽略了公司排除经常性费用的情况，这可能会让准则制定者放心。

引用次数: 0

The effect of limited tax loss carryforwards on corporate investment 有限税收损失结转对企业投资的影响

IF 6.8 1区管理学 Q1 BUSINESS, FINANCE

Journal of Accounting & Economics

Pub Date : 2025-08-01 Epub Date: 2024-11-22 DOI: 10.1016/j.jacceco.2024.101756

Lisa Hillmann , Martin Jacob

This paper examines the corporate investment effect of a time limit on the use of net operating losses (NOLs). We predict that when countries limit the use of NOLs to a few years instead of allowing indefinite use, managers of loss-making firms have an incentive to increase investments to utilize NOLs before they expire. Using exogenous shocks to profitability from two earthquakes in Italy and variation in the tax treatment of NOLs over time, we find support for this prediction: when the use of NOLs is time-restricted, firms facing losses increase investment. Moreover, this effect is more significant for firms with shorter investment horizons and those in more profitable industries. We provide external validity for this finding using a large panel of firms from European Union countries exploiting variation in tax regimes. These results indicate that restricting loss offsets can increase investments of loss-making firms.

本文考察了时间限制对净经营亏损（NOLs）使用的企业投资效应。我们预测，当国家将不良资产的使用限制在几年而不是无限期使用时，亏损公司的管理者有动力增加投资，以便在不良资产到期之前利用它们。利用意大利两次地震对盈利能力的外生冲击和nool税收待遇随时间的变化，我们发现了对这一预测的支持：当nool的使用受到时间限制时，面临亏损的公司会增加投资。此外，这种效应对于投资周期较短的公司和利润较高的行业更为显著。我们使用来自欧盟国家的大型公司小组，利用税收制度的变化，为这一发现提供外部有效性。这些结果表明，限制亏损抵销可以增加亏损企业的投资。

引用次数: 0

Equity-based compensation and the timing of share repurchases: the role of the corporate calendar 基于股权的薪酬和股票回购的时机：公司日历的作用

IF 6.8 1区管理学 Q1 BUSINESS, FINANCE

Journal of Accounting & Economics

Pub Date : 2025-08-01 Epub Date: 2025-04-25 DOI: 10.1016/j.jacceco.2025.101798

Ingolf Dittmann , Amy Yazhu Li , Stefan Obernberger , Jiaqi (Jacky) Zheng

We examine whether CEOs use share repurchases to sell their equity at inflated prices. We document that share repurchases, like equity-based compensation, are affected by the corporate calendar—the firm's schedule of earnings announcements and insider trading restrictions. The corporate calendar can fully explain why share repurchases and equity-based compensation coincide. The alignment with the corporate calendar is stricter in firms with strong internal governance or high external monitoring. When CEOs sell equity, firms are actually less likely to repurchase. Our findings reconcile earlier studies and highlight the importance of the corporate calendar for the timing of share repurchases.

我们检查ceo是否使用股票回购以虚高的价格出售他们的股权。我们的研究表明，股票回购和基于股权的薪酬一样，受到公司日历的影响——公司公布收益的时间表和内幕交易限制。公司日历可以充分解释为什么股票回购和基于股权的薪酬同时发生。在具有强大内部治理或高度外部监督的公司中，与公司日历的一致性更为严格。当首席执行官出售股票时，公司实际上不太可能回购股票。我们的发现与早期的研究相一致，并强调了公司日历对股票回购时机的重要性。

引用次数: 0

Current Expected Credit Losses and consumer loans 当前预期信贷损失和消费贷款

IF 6.8 1区管理学 Q1 BUSINESS, FINANCE

Journal of Accounting & Economics

Pub Date : 2025-08-01 Epub Date: 2025-03-13 DOI: 10.1016/j.jacceco.2025.101781

João Granja , Fabian Nagel

We use data from TransUnion, a large U.S. credit bureau covering millions of individual consumer loans, to examine the transition to the Current Expected Credit Loss (CECL) accounting standard and to provide novel evidence about the impact that raising reserve requirements has on banks’ pricing and lending decisions in the U.S. consumer lending market. We find that greater reserve requirements following the adoption of CECL induce a statistically significant but economically moderate increase in loan interest rates. The effects are more pronounced for weakly-capitalized banks and even more so for underprivileged individuals borrowing from weakly-capitalized banks. Our evidence informs the ongoing policy debate between standard setters and members of the financial industry about the potential effects of CECL on credit markets.

我们使用来自TransUnion（一家覆盖数百万个人消费贷款的大型美国信用机构）的数据，来研究向当前预期信贷损失（CECL）会计准则的过渡，并提供有关提高准备金要求对美国消费贷款市场中银行定价和贷款决策的影响的新证据。我们发现，采用CECL后，更高的存款准备金率会导致统计上显著但经济上温和的贷款利率上升。这种影响对资本薄弱的银行更为明显，对从资本薄弱的银行借款的弱势个人影响更大。我们的证据为标准制定者和金融行业成员之间关于CECL对信贷市场的潜在影响的持续政策辩论提供了信息。

引用次数: 0

The impact of generative AI on information processing: Evidence from the ban of ChatGPT in Italy 生成式人工智能对信息处理的影响：来自意大利ChatGPT禁令的证据

IF 6.8 1区管理学 Q1 BUSINESS, FINANCE

Journal of Accounting & Economics

Pub Date : 2025-08-01 Epub Date: 2025-02-28 DOI: 10.1016/j.jacceco.2025.101782

Jeremy Bertomeu , Yupeng Lin , Yibin Liu , Zhenghui Ni

This paper explores how the emergence of generative artificial intelligence is reshaping the information environment in capital markets. Leveraging an unexpected ban on ChatGPT in Italy, we examine its impact on the information processing capabilities of market participants. We employ metrics for AI-generated text detection to show that the ban coincides with decreased AI usage by domestic financial analysts and fewer earnings forecasts issued relative to foreign analysts covering the same firm. The negative effects are more pronounced among analysts whose pre-ban reports are more consistent with AI use or analysts with a technical background. The ban also diminishes forecast accuracy, increases reliance on industry-specific information, and reduces information efficiency. Furthermore, investor reactions to earnings announcements become more pronounced, and bid–ask spreads widen, reflecting lower market efficiency.

本文探讨了生成式人工智能的出现如何重塑资本市场的信息环境。利用意大利对ChatGPT的意外禁令，我们研究了其对市场参与者信息处理能力的影响。我们采用人工智能生成文本检测的指标来表明，禁令恰逢国内金融分析师使用人工智能的减少，以及相对于覆盖同一家公司的外国分析师发布的收益预测更少。在禁令前报告与人工智能使用更一致的分析师或具有技术背景的分析师中，负面影响更为明显。禁令还降低了预测的准确性，增加了对行业特定信息的依赖，降低了信息效率。此外，投资者对收益公告的反应变得更加明显，买卖价差扩大，反映出市场效率下降。

引用次数: 0

Muni Disclosure: All talk and no trade? 穆尼披露：光说不做？

IF 6.8 1区管理学 Q1 BUSINESS, FINANCE

Journal of Accounting & Economics

Pub Date : 2025-08-01 Epub Date: 2025-04-26 DOI: 10.1016/j.jacceco.2025.101797

Christine Cuny , Ken Li , Anya Nakhmurina , Edward M. Watts

This paper examines which municipal disclosures provide informational value to investors. Using the entire universe of post-issuance financial and event disclosures from 2009 to 2022, we find that most municipal bonds do not trade in the weeks following a disclosure. However, some disclosures do provide enough new information to increase trading. Investors trade more on credit-relevant disclosures, such as adverse credit event disclosures, and less on required annual financial statements. Trading after disclosures also increases more when a bond is large or risky. Moreover, we find that credit rating agencies respond to disclosures, lending support to the idea that some disclosures have informational value. In further analyses, we find that trading before the disclosure, lack of timeliness, illiquidity, and information processing constraints contribute to the limited trading on the average disclosure. The findings suggest that reconsidering a one-size-fits-all approach to regulating post-issuance municipal disclosures may be worthwhile.

本文考察了哪些市政信息披露对投资者提供了信息价值。利用2009年至2022年发行后财务和事件披露的整个领域，我们发现大多数市政债券在披露后的几周内没有交易。然而，一些披露确实提供了足够的新信息来增加交易。投资者更多地依赖与信用相关的披露，如不良信用事件披露，而较少依赖所需的年度财务报表。当债券规模较大或风险较大时，披露后的交易也会增加。此外，我们发现信用评级机构对披露做出了回应，从而支持了某些披露具有信息价值的观点。进一步分析发现，信息披露前的交易、时效性不足、非流动性和信息处理约束是导致平均披露交易受限的原因。研究结果表明，重新考虑一种“一刀切”的方式来监管发行后的市政信息披露可能是值得的。

引用次数: 0

Mandatory disclosures and opportunism: Evidence from repurchases 强制性披露和机会主义：来自回购的证据

IF 6.8 1区管理学 Q1 BUSINESS, FINANCE

Journal of Accounting & Economics

Pub Date : 2025-08-01 Epub Date: 2025-03-16 DOI: 10.1016/j.jacceco.2025.101783

Brian Bratten , Meng Huang , Nicole Thorne Jenkins , Hong Xie

We examine the effect of disclosure requirements on managers' stock repurchase decisions. In 2003, the SEC amended Rule 10b-18, significantly increasing the disclosure requirements for and transparency of stock repurchases for all issuers. While stock repurchases are often used by firms to efficiently return capital to shareholders, they can also be used opportunistically to increase earnings per share. We find that the 2003 SEC amendment enables investors to detect and discount opportunistic repurchases, curtails the extent to which firms use opportunistic repurchases, and reduces or eliminates the negative real effects stemming from opportunistic repurchases (reduced employment, reduced capital expenditures, and reduced R&D expenditures). Our evidence suggests that disclosures aimed at increasing the transparency of firms’ activities can significantly reduce the extent to which firms use these activities opportunistically to manage earnings, thereby reducing the accompanying real consequences of opportunistic behavior.

本文研究披露要求对经理人股票回购决策的影响。2003年，美国证券交易委员会修订了10b-18规则，大大提高了所有发行人股票回购的披露要求和透明度。虽然股票回购经常被公司用来有效地将资本返还给股东，但它们也可以被投机地用来增加每股收益。我们发现，2003年美国证券交易委员会修正案使投资者能够发现和贴现机会性回购，限制了公司使用机会性回购的程度，并减少或消除了机会性回购带来的负面实际影响（减少就业、减少资本支出和减少研发支出）。我们的证据表明，旨在提高公司活动透明度的披露可以显著降低公司利用这些活动投机地管理收益的程度，从而减少投机行为带来的实际后果。

引用次数: 0

Does observability of ratings shopping improve ratings quality? 评价购物的可观察性是否提高了评价质量？

IF 6.8 1区管理学 Q1 BUSINESS, FINANCE

Journal of Accounting & Economics

Pub Date : 2025-08-01 Epub Date: 2025-05-13 DOI: 10.1016/j.jacceco.2025.101800

Sanjay Kallapur , Abdul Khizer , Hariom Manchiraju , Rajesh Vijayaraghavan

Ratings shopping is a well-documented cause for ratings inflation by credit rating agencies (CRAs). Its unobservability makes it difficult for market participants to undo it. In this paper, we exploit a unique regulation in India that requires CRAs to disclose ratings that were solicited but were eventually rejected by issuers. This regulation, which aims to enhance the transparency in the ratings process, allows us to empirically examine whether these disclosures influence ratings shopping and, consequently, ratings inflation. We find that the disclosure requirements result in an increase in the incidence of future downgrades and type 1 errors and a decrease in the occurrence of type 2 errors. These results are consistent with the view that the enhanced disclosure requirement did not reduce shopping and instead led to unintended consequences, such as an increase in implicit shopping, where issuers selectively engage lenient CRAs to obtain favorable ratings.

评级购物是信用评级机构（CRAs）评级膨胀的一个充分证明的原因。它的不可观察性使得市场参与者很难撤销它。在本文中，我们利用了印度的一项独特法规，该法规要求评级机构披露被征求但最终被发行人拒绝的评级。这一规定旨在提高评级过程的透明度，使我们能够实证地检查这些披露是否影响评级购买，从而影响评级通胀。我们发现，披露要求导致未来降级和第一类错误的发生率增加，而第二类错误的发生率减少。这些结果与以下观点一致，即增强的披露要求并没有减少购买，而是导致了意想不到的后果，例如隐性购买的增加，即发行人选择性地与宽松的评级机构合作以获得有利评级。

引用次数: 0

Reporting regulation and corporate innovation 报告监管与企业创新

IF 6.8 1区管理学 Q1 BUSINESS, FINANCE

Journal of Accounting & Economics

Pub Date : 2025-08-01 Epub Date: 2025-03-12 DOI: 10.1016/j.jacceco.2025.101769

Matthias Breuer , Christian Leuz , Steven Vanhaverbeke

We investigate the impact of reporting regulation on corporate innovation. Exploiting thresholds in Europe's regulation, we find that forcing firms to disclose financial statements reduces the number of innovating firms and the average firm's innovation spending, but it does not reduce industry-wide total innovation spending. Our results suggest that the regulation imposes proprietary costs on firms, which discourages innovation activity, especially by smaller firms. We also show that the regulation provides positive information spillovers to other firms (e.g., competitors, suppliers, and customers), especially larger ones. We complement our analysis with alternative innovation measures, including patents, and corroborate the results with an analysis of reporting changes due to an enforcement reform in Germany. In sum, the European reporting regulation has aggregate and distributional effects on corporate innovation. Importantly, it appears to concentrate innovative activities among fewer, mostly larger firms, which could reflect institutional features of our setting or more general economic forces.

我们研究了报告制度对企业创新的影响。利用欧洲监管的阈值，我们发现强迫企业披露财务报表减少了创新企业的数量和平均企业的创新支出，但并没有减少全行业的总创新支出。我们的研究结果表明，监管给企业带来了专有成本，这阻碍了创新活动，尤其是小公司的创新活动。我们还表明，监管对其他公司（如竞争对手、供应商和客户），尤其是大公司，提供了积极的信息溢出效应。我们用包括专利在内的替代创新措施来补充我们的分析，并通过对德国执法改革导致的报告变化的分析来证实结果。总之，欧洲报告制度对企业创新具有总量效应和分配效应。重要的是，它似乎将创新活动集中在更少的、主要是更大的公司中，这可能反映了我们环境的制度特征或更普遍的经济力量。

引用次数: 0

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IF 6.8 1区管理学 Q1 BUSINESS, FINANCE

Journal of Accounting & Economics

Pub Date : 2025-08-01 Epub Date: 2025-07-31 DOI: 10.1016/j.jacceco.2025.101818

引用次数: 0

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