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Processing inflation news: A discussion of Binz, Ferracuti, and Joos (2023) “投资、通货膨胀与内部信息系统作为传导渠道的作用”讨论
IF 5.9 1区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2023-11-01 DOI: 10.1016/j.jacceco.2023.101638
Lindsey A. Gallo

Binz, Ferracuti, and Joos (2023) examine whether better internal information systems can mitigate the association between inflation and investment. According to Real Business Cycle models, inflation should not impact real decisions like investment, yet empirically the two are positively related. Lucas (1972) theorizes that imperfect information can cause agents to rationally extrapolate from their local set of information to make conclusions about what is happening in aggregate. Motivated by this model, the authors argue that better internal information systems allow managers to disentangle firm-level real shocks from nominal shocks. My discussion evaluates the measurement of internal information quality and questions how distinct it is from external information quality. Next, I relate the findings to a growing literature that examines how individuals and firms form economic expectations. Finally, I consider whether and how these findings can inform policy.

Binz, Ferracuti和Joos(2023)研究了更好的内部信息系统是否可以缓解通货膨胀与投资之间的关联。根据实际商业周期模型,通货膨胀不应该影响像投资这样的实际决策,但从经验上看,两者呈正相关。Lucas(1972)的理论认为,不完善的信息可以使代理人从他们的局部信息集合中理性地推断出总的情况。在这一模型的推动下,作者认为,更好的内部信息系统可以让管理者区分公司层面的实际冲击和名义冲击。我的讨论评估了内部信息质量的度量,并质疑它与外部信息质量的区别。接下来,我将这些发现与越来越多的研究个人和企业如何形成经济预期的文献联系起来。最后,我考虑这些发现是否以及如何为政策提供信息。
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引用次数: 0
Spillover effects of mandatory portfolio disclosures on corporate investment 强制性投资组合披露对企业投资的溢出效应
IF 5.9 1区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2023-11-01 DOI: 10.1016/j.jacceco.2023.101641
Jalal Sani , Nemit Shroff , Hal White

This paper examines whether portfolio disclosure requirements for actively managed investment funds affect the investment decisions of the firms they own. We argue that mandatory portfolio disclosures reduce fund managers' incentive to collect and trade on private information, which reduces the stock price informativeness of their portfolio, and thus portfolio firm managers' ability to learn from their firms' stock prices. Using a difference-in-differences design around the May 2004 SEC regulation requiring more frequent fund disclosure, we find that investment sensitivity to stock price declines for firms with significant ownership held by actively managed funds affected by the regulation. The decline in investment-price sensitivity is concentrated among firms that are (i) owned by funds with larger expected proprietary costs and (ii) more likely to learn from price. Our results suggest that portfolio disclosure requirements have spillover effects on corporate investment by curtailing managers’ opportunities to learn from price.

本文考察了主动管理型投资基金的投资组合披露要求是否会影响其所属公司的投资决策。我们认为,强制性投资组合披露降低了基金经理收集和交易私人信息的动机,从而降低了其投资组合的股价信息,从而降低了投资组合公司经理从公司股价中学习的能力。在2004年5月美国证券交易委员会(SEC)要求更频繁地披露基金信息的规定周围,我们使用差异中的差异设计,发现受监管影响的积极管理基金持有大量股权的公司对股价下跌的投资敏感性。投资价格敏感性的下降集中在那些(i)由拥有较大预期专有成本的基金所拥有的公司和(ii)更有可能从价格中吸取教训的公司。我们的研究结果表明,投资组合披露要求通过减少经理人从价格中学习的机会而对公司投资产生溢出效应。
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引用次数: 0
Acknowledgement 确认
IF 5.9 1区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2023-11-01 DOI: 10.1016/j.jacceco.2023.101666
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引用次数: 0
Editorial data 编辑数据
IF 5.9 1区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2023-11-01 DOI: 10.1016/j.jacceco.2023.101665
John E. Core, Ed deHaan, Wayne Guay, Michelle Hanlon, Mark Lang, Joanna Wu
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引用次数: 0
Strategic complexity in disclosure 信息披露的战略复杂性
IF 5.9 1区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2023-11-01 DOI: 10.1016/j.jacceco.2023.101635
Cyrus Aghamolla , Kevin Smith

Extensive evidence suggests that managers strategically choose the complexity of their descriptive disclosures. However, their motives in doing so appear mixed, as complex disclosures are used to obfuscate in some cases and to provide information in others. Building on these observations, we first identify a novel stylized fact: disclosure complexity is non-monotonic in firm performance. We develop a model of disclosure complexity that incorporates the dual roles of complexity and can explain this stylized fact. In the model, a manager discloses to investors of heterogeneous sophistication and can adjust the complexity of the disclosure to either provide more precise information or to obfuscate. When the firm's investor base is largely unsophisticated, the manager issues a complex disclosure only upon observing negative news. In contrast, when the firm's investor base is more sophisticated, the manager issues a complex disclosure upon observing either highly positive or negative news. As a result, the market may react more positively to complex information releases than to simple releases, complex disclosures generate heightened return volatility, and firms with more inherently complex information are more likely to use their discretion to simplify their disclosures.

大量证据表明,管理者会战略性地选择描述性信息披露的复杂性。然而,他们这样做的动机似乎很复杂,因为复杂的披露在某些情况下被用来混淆视听,而在另一些情况下被用来提供信息。在这些观察的基础上,我们首先确定了一个新的程式化事实:披露复杂性在公司绩效中是非单调的。我们开发了一个披露复杂性的模型,该模型结合了复杂性的双重角色,并可以解释这种程式化的事实。在该模型中,管理者向复杂程度各异的投资者披露信息,并可以调整披露的复杂程度,以提供更精确的信息或使信息模糊。当公司的投资者基础在很大程度上不成熟时,管理者只有在观察到负面消息时才会发布复杂的信息披露。相反,当公司的投资者基础更复杂时,经理会在观察到高度正面或负面的消息时发布复杂的信息披露。因此,市场对复杂信息发布的反应可能比简单信息发布的反应更积极,复杂的披露会产生更高的回报波动性,而拥有更复杂信息的公司更有可能使用其自由裁量权来简化其披露。
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引用次数: 0
Lost in standardization: Effects of financial statement database discrepancies on inference 标准化迷失:财务报表数据库差异对推理的影响
IF 5.9 1区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2023-08-01 DOI: 10.1016/j.jacceco.2022.101573
Kai Du , Steven Huddart , Xin Daniel Jiang

SEC-mandated, machine-readable structured filings are an alternative source to Compustat for companies' accounting data. Discrepancies between as-filed and Compustat data, potentially a result of Compustat's standardizations, are more pronounced for firms with complex financial reporting. We show that these data discrepancies affect inferences in four research settings: (i) properties of accrual accounting, including accruals-cash flow relationships and abnormal accruals; (ii) real earnings management; (iii) the existence and magnitude of six of 21 accounting-based anomalies examined, including the accruals anomaly; and (iv) disclosure quality assessments based on the hierarchical structure of financial statement items. FactSet data also exhibit significant and often larger discrepancies from as-filed data. Our findings demonstrate the importance of these data discrepancies for the interpretation of empirical tests.

美国证券交易委员会授权的机器可读结构化文件是Compustat公司会计数据的替代来源。对于财务报告复杂的公司来说,存档数据和Compustat数据之间的差异更为明显,这可能是Compustat标准化的结果。我们发现,这些数据差异影响了四种研究环境下的推断:(i)权责发生制会计的性质,包括应计项目现金流关系和异常应计项目;(ii)实际盈余管理;(iii)所检查的21个会计异常中有6个异常的存在和程度,包括应计项目异常;四根据财务报表项目的层次结构进行披露质量评估。FactSet数据也显示出与归档数据存在显著且往往更大的差异。我们的发现证明了这些数据差异对实证检验解释的重要性。
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引用次数: 0
Contracting in the Dark: The rise of public-side lenders in the syndicated loan market 黑暗中的契约:银团贷款市场中公共贷款机构的崛起
IF 5.9 1区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2023-08-01 DOI: 10.1016/j.jacceco.2023.101586
Hami Amiraslani , John Donovan , Matthew A. Phillips , Regina Wittenberg-Moerman

We document a novel trend in syndicated lending where some participants voluntarily waive their rights to borrowers' private information. We posit that “public-side” lending emerged to facilitate broad lender participation in the syndicated loan market by mitigating concerns about the leakage of borrowers' private information into public securities markets. In line with this proposition, we find that public-side lending facilitates the loan market participation of lenders for which maintaining robust information barriers is particularly costly. Furthermore, while public-side lending increases within-syndicate information asymmetry, our findings indicate that it does not materially increase interest spreads and is associated with lower coordination costs among syndicate participants. Collectively, we document how debt contracting practices evolved to address frictions associated with the protection of borrowers’ private information and the related changes in loan contracting equilibria.

我们记录了银团贷款的一个新趋势,一些参与者自愿放弃对借款人私人信息的权利。我们认为,“公共方”贷款的出现是为了缓解对借款人私人信息泄露到公共证券市场的担忧,从而促进贷款人广泛参与银团贷款市场。根据这一主张,我们发现公共借贷促进了贷款人的贷款市场参与,而保持强大的信息壁垒尤其昂贵。此外,尽管银团内部的公共借贷信息不对称增加,但我们的研究结果表明,它不会显著增加息差,并且与银团参与者之间较低的协调成本有关。我们共同记录了债务契约实践是如何演变的,以解决与保护借款人私人信息相关的摩擦以及贷款契约平衡的相关变化。
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引用次数: 3
Locked-in at home: The gender difference in analyst forecasts after the COVID-19 school closures 封闭在家:新冠肺炎学校关闭后分析师预测的性别差异
IF 5.9 1区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2023-08-01 DOI: 10.1016/j.jacceco.2023.101603
Mengqiao Du

This paper explores the shock of school closures caused by the COVID-19 pandemic to study the effect of childcare responsibilities on analyst forecasts. With manually collected data on whether analysts have children, I find that female analysts with children (mother analysts) are less likely to issue timely forecasts after school closures, compared to male analysts with children (father analysts). Mother analysts’ forecasts also become less accurate after school closures, but the negative effect only exists among forecasts for firms with relatively low institutional ownership, suggesting that mother analysts prioritize maintaining the forecast accuracy for firms that are more important to their careers. Additionally, mother analysts shift forecast release times to avoid childcare hours. My findings imply that childcare responsibilities hurt the productivity of mother analysts more than that of father analysts, even though these women have established themselves in a competitive industry.

本文探讨了新冠肺炎大流行造成的学校关闭的冲击,以研究儿童保育责任对分析师预测的影响。通过手动收集分析师是否有孩子的数据,我发现与有孩子的男性分析师(父亲分析师)相比,有孩子的女性分析师(母亲分析师)在学校关闭后不太可能及时发布预测。在学校关闭后,母分析师的预测也变得不那么准确,但负面影响只存在于机构所有权相对较低的公司的预测中,这表明母分析师优先考虑保持对其职业生涯更重要的公司的预报准确性。此外,母亲分析人士改变了预测发布时间,以避免育儿时间。我的研究结果表明,尽管这些女性已经在一个竞争激烈的行业中站稳了脚跟,但照顾孩子的责任对母亲分析师的生产力的伤害要大于对父亲分析师的伤害。
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引用次数: 0
Executive compensation, individual-level tax rates, and insider trading profits 高管薪酬、个人税率和内幕交易利润
IF 5.9 1区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2023-08-01 DOI: 10.1016/j.jacceco.2022.101574
Nathan C. Goldman , Naim Bugra Ozel

We examine whether individual-level taxes affect executives' propensity to use nonpublic information in insider trades. We predict and find a positive relation between abnormal insider trading profitability and income tax rates. Using plausibly exogenous variation in state income tax rates, we estimate that the average executive uses insider trading profits to offset between 12.2% and 19.6% of the effect that income taxes have on their net compensation. We show that the sensitivity of these profits to tax rates varies predictably with the executives' compensation and shareholdings, firm monitoring effectiveness, and information asymmetry between insiders and outside investors. We also demonstrate a positive association between SEC enforcement actions and tax rates, suggesting that tax-rate-driven changes in abnormal trading profits expose insiders to legal risk. We find that insider trading volume exhibits little sensitivity to tax rates. Our findings show that income taxes affect executives’ tendency to use private information in their trades.

我们研究了个人层面的税收是否会影响高管在内幕交易中使用非公开信息的倾向。我们预测并发现异常内幕交易盈利能力与所得税税率之间存在正相关关系。利用州所得税税率看似外生的变化,我们估计,普通高管利用内幕交易利润抵消了所得税对其净薪酬的12.2%至19.6%的影响。我们发现,这些利润对税率的敏感性随着高管的薪酬和持股、公司监控有效性以及内部和外部投资者之间的信息不对称而变化,这是可以预测的。我们还证明了美国证券交易委员会的执法行动与税率之间的正相关,这表明税率驱动的异常交易利润变化使内部人士面临法律风险。我们发现,内幕交易量对税率的敏感性很小。我们的研究结果表明,所得税会影响高管在交易中使用私人信息的倾向。
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引用次数: 0
Delegated leadership at public accounting firms 公共会计师事务所的委派领导
IF 5.9 1区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2023-08-01 DOI: 10.1016/j.jacceco.2022.101572
Clive Lennox , Chunfei Wang , Xi Wu

Public accounting firms are owned by all equity partners, but day-to-day management is generally delegated to a team of leaders. Using data from China, this study examines which equity partners are selected to the firm's national leadership team, and whether firmwide audit quality is related to leadership attributes. We find that a partner is more likely to be selected as a leader if the partner is more experienced in public company auditing and has attracted more new clients to the firm. Firmwide audit quality is higher when leaders are more experienced in public company audits or have a past record of larger audit adjustments, and is lower when leaders have attracted more high-risk new clients to the firm. Leadership attributes exhibit a relatively strong (weak) association with audit quality at the headquarters (branch offices). Moreover, audit quality is higher when a firm has more leaders in an audit-quality role.

公共会计师事务所由所有股权合伙人所有,但日常管理通常委托给一个领导团队。利用来自中国的数据,本研究考察了哪些股权合伙人被选入公司的国家领导团队,以及公司范围内的审计质量是否与领导属性有关。我们发现,如果合伙人在上市公司审计方面更有经验,并吸引了更多的新客户,那么合伙人更有可能被选为领导者。当领导者在上市公司审计方面更有经验或过去有过较大审计调整的记录时,整个公司的审计质量会更高,当领导者吸引了更多高风险的新客户加入公司时,审计质量会更低。领导才能与总部(分支机构)的审计质量有着相对较强(较弱)的关联。此外,当一家公司有更多的领导者担任审计质量角色时,审计质量就会更高。
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引用次数: 0
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Journal of Accounting & Economics
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