Journal of Accounting & Economics最新文献

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The value of lending to bellwether firms by institutional investors 机构投资者向风向标企业提供贷款的价值

IF 5.4 1区管理学 Q1 BUSINESS, FINANCE

Journal of Accounting & Economics

Pub Date : 2025-04-01 DOI: 10.1016/j.jacceco.2024.101735

Wayne R. Landsman , F. Dimas Peña-Romera , Jianxin (Donny) Zhao

We predict that institutional investors in loan syndicates charge bellwether firms lower loan spreads as compensation for having access to private information that can help identify trading opportunities in other firms' public market securities. Consistent with this prediction, when lending to bellwether firms, institutional investors charge a loan premium that is between 17 and 25 bps lower relative to non-bellwether firms, and earn annualized excess returns of 1.5–2.2% from trading in other firms' securities. Findings from cross-sectional analyses reveal that the reduction in loan spread is larger when the value of private information from bellwether firms is higher. Additionally, institutional lenders' excess returns are lower when lending to more transparent bellwether borrowers and when they pay a lower price—as reflected in loan spreads—in exchange for the private information, supporting the notion that the value of private information relates to institutional investors’ trading performance.

我们预测，贷款银团中的机构投资者会向风向标企业收取较低的贷款利差，作为对其获取私人信息的补偿，这些信息有助于识别其他企业公开市场证券的交易机会。与这一预测相一致的是，在向钟点企业贷款时，机构投资者收取的贷款溢价比非钟点企业低 17-25 个基点，并从其他企业的证券交易中获得 1.5-2.2% 的年化超额回报。横截面分析结果显示，当来自风向标企业的私人信息价值较高时，贷款利差的降幅更大。此外，当机构贷款人贷款给透明度更高的风向标借款人时，以及当他们支付较低的价格--如贷款利差所反映的那样--以换取私人信息时，他们的超额收益较低，这支持了私人信息的价值与机构投资者的交易表现有关这一观点。

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Editorial Data 编辑数据

IF 5.4 1区管理学 Q1 BUSINESS, FINANCE

Journal of Accounting & Economics

Pub Date : 2025-04-01 DOI: 10.1016/j.jacceco.2025.101785

引用次数: 0

Creditor protection and government procurement contracting 债权人保护和政府采购合同

IF 5.4 1区管理学 Q1 BUSINESS, FINANCE

Journal of Accounting & Economics

Pub Date : 2025-04-01 DOI: 10.1016/j.jacceco.2024.101742

Xiao Liu , Zhiming Ma , Lufei Ruan

This paper examines the effect of creditor protection on the choice of government procurement contract types. We use the staggered adoption of anti-recharacterization laws (ARLs) as a quasi-natural experiment to investigate the research question. ARLs strengthen creditors’ rights to repossess collateral in bankruptcy and thus enhance creditor protection. Using a dataset of U.S. government contracts, we find a significant shift from the use of fixed-price contracts to cost-plus contracts after the adoption of ARLs. The effect is more pronounced for firms with higher default risk and stronger firm-government ties. We also find that the government is more likely to switch away or reduce the contract value for contractors affected by ARLs. Overall, our findings point to an important relation between debt contracts and government contracts.

本文考察了债权人保护对政府采购合同类型选择的影响。我们使用交错采用反重新表征定律（ARLs）作为准自然实验来调查研究问题。ARLs加强了债权人在破产中收回抵押品的权利，从而加强了债权人的保护。使用美国政府合同的数据集，我们发现采用ARLs后，从使用固定价格合同到使用成本加成合同的重大转变。对于违约风险较高、公司与政府关系较强的公司，这种影响更为明显。我们还发现，政府更有可能放弃或减少受ARLs影响的承包商的合同价值。总的来说，我们的研究结果指出了债务合同和政府合同之间的重要关系。

引用次数: 0

The role of accounting information in an era of fake news 假新闻时代会计信息的作用

IF 5.4 1区管理学 Q1 BUSINESS, FINANCE

Journal of Accounting & Economics

Pub Date : 2025-04-01 DOI: 10.1016/j.jacceco.2024.101764

Betty Liu , Austin Moss

We offer empirical evidence on the role of accounting information in shaping the incentives to produce fake news. We document that fake news authors strategically (1) publish their articles near earnings announcements, leveraging the widespread market attention these events attract, and (2) within the near-announcement window, avoid publishing post-announcement when investors are less susceptible to fake news due to the disclosure of accounting information. In extending our analyses to the broader accounting information environment, we find that fake news authors are less likely to target firms with more robust accounting information and elicit lower market reactions when doing so. These results highlight both ex-ante and ex-post roles that accounting information plays in safeguarding firms from financial disinformation.

我们提供了关于会计信息在形成制造假新闻动机方面所起作用的经验证据。我们记录了假新闻作者的策略：(1) 在财报公布前发表文章，利用这些事件吸引的广泛市场关注；(2) 在财报公布前发表文章，避免在财报公布后发表文章，因为此时由于会计信息的披露，投资者不太容易受到假新闻的影响。在将我们的分析扩展到更广泛的会计信息环境时，我们发现假新闻作者不太可能以会计信息更健全的公司为目标，并且在这样做时引起的市场反应更低。这些结果凸显了会计信息在保护公司免受财务虚假信息影响方面的事前和事后作用。

引用次数: 0

The future performance implications of Non-GAAP firms’ investments 非公认会计准则公司投资对未来业绩的影响

IF 5.4 1区管理学 Q1 BUSINESS, FINANCE

Journal of Accounting & Economics

Pub Date : 2025-04-01 DOI: 10.1016/j.jacceco.2024.101760

Minkwan Ahn , Theodore E. Christensen , Ryan G. Johnson , Melissa F. Lewis-Western

We investigate whether consistent non-GAAP reporting is associated with investment efficiency. Prior research finds a positive association between non-GAAP reporting and investment levels, concluding that it represents overinvestment. We corroborate this positive association, but additional tests are not consistent with the conclusion of inefficient overinvestment. Specifically, we explore the relation between investment and future cash flows as a proxy for the realization of investments in positive net present value projects. We find that the investments of firms that consistently report non-GAAP metrics are associated with similar or higher future cash flows than the investments of firms reporting only GAAP earnings, which is consistent with efficient investment. We observe similar associations in multiple specifications, performance horizons, and outcome variables, including future returns and earnings. Given the prevalence of non-GAAP reporting and the SEC's ongoing concern with the consequences of non-GAAP disclosure, our analyses offer timely evidence relevant to this important discussion.

我们调查一致的非公认会计准则报告是否与投资效率有关。先前的研究发现，非公认会计准则报告与投资水平之间存在正相关关系，结论是它代表了过度投资。我们证实了这种正相关，但额外的测试与低效过度投资的结论不一致。具体而言，我们探讨了投资与未来现金流量之间的关系，作为正净现值项目投资实现的代理。我们发现，与仅报告GAAP收益的公司相比，一贯报告非GAAP指标的公司的投资与类似或更高的未来现金流相关，这与有效投资一致。我们观察到类似的关联存在于多个规格、绩效范围和结果变量，包括未来回报和收益。鉴于非公认会计准则报告的盛行以及美国证券交易委员会对非公认会计准则披露后果的持续关注，我们的分析为这一重要讨论提供了及时的证据。

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引用次数: 0

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

Journal of Accounting & Economics

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.

我研究外国银行分支机构参与美国贷款辛迪加是否以及如何影响贷款合同设计。我预测外资银行分支机构的美元资金流动性风险和信息摩擦会增加再谈判成本，影响贷款合同设计。我发现，外国银行分支机构参与程度较高的贷款合同中，降低灵活性的条款（如资本支出和资产负债表条款）较少，这些条款限制了借款人进行正净现值投资。我使用匹配的样本和外国银行分支机构参与的似是而非的外生变化记录了类似的结果。此外，外资银行分支机构参与程度较高的贷款合同更有可能出现控制权分割的情况，这使得处于循环信贷额度的银行拥有重新谈判的独家权利。相比之下，外国银行分支机构更有可能被纳入免契约定期贷款。总体而言，我表明外国银行分支机构的参与通过重新谈判成本影响美国银团贷款合同的设计。

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

Journal of Accounting & Economics

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。

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

Journal of Accounting & Economics

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.

本研究考察了投资交易透明度的提高是否会促进投资组合的模仿。虽然据报道，透明度在加强监管监督和纪律方面有好处，但投资交易透明度的提高也可以促进模仿同行公司的投资策略。我利用了美国保险公司交易级投资披露广泛传播的外生增长，并发现个人安全级别的投资组合相似性显著增加。在规模较小、不太成熟的保险公司模仿规模较大、更成熟的同行时，投资组合相似性的增加更为明显。共同的资产头寸和共同的风险敞口会加剧企业的集体风险。因此，我发现可检测到的投资组合相似性的增加与系统性风险的度量呈正相关，特别是在那些模仿同行的小型保险公司中。这项研究增加了对投资组合模仿的新生文献，并强调了透明度增加的潜在负面外部性。

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

Journal of Accounting & Economics

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.

先前的研究得出结论，税务专家审计师促进了税收侵略性。然而，这些研究考察的审计人员也为其客户提供非审计税务服务，从而产生相互矛盾的激励。我们预测，不提供非审计税务服务的税务专家审计师会降低税收侵略性，因为税收侵略性会给他们带来成本。我们使用中国的数据来检验我们的预测，从而确定注册税务师是税务专家审计人员。我们发现，当公司的签约审计师是不提供非审计税务服务的税务专家时，公司的税收侵略性会降低。与因果关系一致的是，税率的降低降低了客户积极纳税的动机，削弱了税收专业知识对积极纳税的影响。此外，税务专家审计人员削弱了导致税务相关错报的税收侵略性。总体而言，通过检查不提供非审计税务服务的审计师，我们发现税务专家审计师抑制了税收侵略性，这与先前的研究相反。

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

Journal of Accounting & Economics

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.

我们使用强制性会计文件的文本分析来开发公司层面的、随时间变化的暴露于各个政府机构的措施，包括证券交易委员会（SEC）和美国国税局（IRS）。可以预见，不同行业的措施会有所不同，也会随着SEC的《萨班斯-奥克斯利法案》（Sarbanes - Oxley Act）和IRS的预算削减等特定机构的事件而有所不同。这些措施与未公开的机构调查和财务报表下载呈正相关。企业在政府机构的总敞口与其盈利能力呈负相关，与施加净成本的政府机构敞口一致。与对这些结果的因果解释一致，股市对唐纳德·特朗普（Donald Trump）意外当选的积极反应与公司对政府机构的敞口呈正相关。特朗普承诺减少政府机构的权力。作为我们措施的初步应用，我们证明了扩大的SEC监管增加了公司的股票流动性，减少的IRS监管降低了公司的有效税率。

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