唧唧堂：TAR 会计评论2022年3月刊论文摘要17篇
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1.同行事件在公司治理中的作用——来自数据泄露的证据
经济理论表明，负面的同行事件可以导致整个市场的溢出效应，帮助未受影响的公司通过实际行动来加强公司治理。在美国证券交易委员会对网络安全的关注下，本文使用数据泄露数据来研究同行事件在公司治理中的作用。在控制公司特定的、随时间变化的不可观察特征后，本文发现同行数据泄露与未来非泄露公司内部控制重大缺陷的减少有关。这种关联在变化分析中是稳健的，并随违规事件、公司和董事会特征的变化、相互影响而发生变化。在只研究与IT相关的重大缺陷时，此结论也成立。最后，在发生同行违规事件后，未发生数据泄露的公司更有可能在高层管理团队中引进有一名网络安全专家。本研究结果对一般的强制性披露监管有重要意义，监管机构可以通过促进网络事件的披露来帮助减少整个市场的网络风险。
Economic theory suggests that negative peer events can result in market-wide spillovers that help unaffected firms take real actions to enhance corporate governance. Motivated by the SEC's concern about cybersecurity, I study the role of peer events in corporate governance using the setting of data breaches. While controlling for firm-specific time-varying unobservable characteristics, I find that peer data breaches are associated with a reduction in future internal control material weaknesses for non-breached firms. The association is robust to a changes analysis and varies cross-sectionally with breach, firm, and board characteristics. Inferences remain consistent when studying IT-related material weaknesses only. Finally, non-breached firms are more likely to have a cybersecurity expert on the top management team after a peer breach. My findings have important implications for mandatory disclosure regulation in general and, in particular, suggest that regulators can help reduce market-wide exposure to cyber risk by facilitating disclosure of cyber incidents.
论文原文：
Musaib Ashraf; The Role of Peer Events in Corporate Governance: Evidence from Data Breaches. The Accounting Review 1 March 2022; 97 (2): 1–24.
2.信用评级的监管作用和自愿性披露
本文研究发现，企业信用评级的变化对企业的自愿披露行为有影响，这种影响与企业基本面信息的传达无关。本研究利用了两个独立的准实验环境，外生的信用评级下调或信用评级升级（即信用评级标签的变化）。在这两种情况下，信用评级标签的变化方向与自愿披露行为提供之间存在负相关关系——企业通过增加自愿披露来应对外生的信用评级下调，通过减少自愿披露来应对外生的信用评级升级。这可归因于信用评级的监管作用而不是信息作用。总的来说，本文的分析表明，信用评级机构作为资本市场的守门人影响了企业自愿性披露行为。
We find that corporate credit rating changes have an effect on firms' voluntary disclosure behavior that is independent of the information they convey about firm fundamentals. Our analyses exploit two separate quasi-experimental settings that generate either exogenous credit rating downgrades or credit rating upgrades (i.e., credit rating label changes). We find evidence of a negative relation between the direction of the credit rating label change and the provision of voluntary disclosure in both settings—firms respond to exogenous downgrades by increasing voluntary disclosure and to exogenous upgrades by decreasing voluntary disclosure. The effects we document are attributable to the regulatory role rather than the information role of credit ratings. Overall, our analyses indicate that credit rating agencies as gatekeepers influence firms' provision of voluntary disclosure.
论文原文：
Riddha Basu, James P. Naughton, Clare Wang; The Regulatory Role of Credit Ratings and Voluntary Disclosure. The Accounting Review 1 March 2022; 97 (2): 25–50.
3.保证在股权众筹中的作用
美国证券交易委员会要求股权众筹公司提供有保证的财务报表。保证可以通过管理层认证或独立会计师的审计或审查来提供。本研究利用股权众筹公司背景来分析自愿保证是否能促资本的形成。研究发现，在资本活动中提供经审核或审计的财务报表的公司，筹集到目标资本的可能性略高；相对于只提供管理层认证财务报表的公司，能筹集到更多的资金并吸引更多的投资者。然而，相对于审查，除了吸引更多的投资者之外，审计与股权众筹公司的成功可能没有很大关系。保证与公司股权众筹之后的生存能力和未来融资能力有间接关系。研究表明，公司股权众筹期间的保证对公司在股权众筹之后的成功有影响。
The SEC requires equity crowdfunding (ECF) companies to provide assured financial statements. Assurance can be provided with certification by management or an audit or review by an independent accountant. We utilize the ECF setting to examine whether voluntary assurance facilitates capital formation. We find that companies that provide either reviewed or audited financial statements during a capital campaign are marginally more likely to raise their target capital.
They also raise more funds and attract more investors relative to companies that only provide management-certified financial statements. However, relative to reviews, audits are not associated with a greater likelihood of success in an ECF offering other than attracting more investors. Finally, we find that assurance is indirectly associated with a company's post-ECF survival and its ability to raise future capital. This suggests that assurance at the time of ECF has implications for a company's success beyond ECF.
论文原文：
Evisa Bogdani, Monika Causholli, W. Robert Knechel; The Role of Assurance in Equity Crowdfunding. The Accounting Review 1 March 2022; 97 (2): 51–76.
4.投资者关系、参与和股东激进主义
专门的投资者关系职能有助于推进管理层和股东之间的直接和持续对话。本文研究了这种形式的参与是否会减轻依赖其他股东支持的激进主义。研究发现，投资者参与和投资者对管理层和董事会信心的增加有关，同时也降低了激进主义的可能性，当公司与投资者间相互理解、相互信任且摩擦较少时，这种作用效果会变得更加明显。此外，当公司确实经历过激进主义运动时，与那些没有这种承诺的公司相比，有投资者关系参与的公司的运动成本较低，争议也较少，包括CEO离职的可能性也较低。综上所述，研究表明，直接和持续的投资者参与是公司和股东之间相互理解和信任的重要因素，这可以阻止激进的投资者，并减轻发起的运动的成本升级。
A dedicated investor relations (IR) function facilitates direct and ongoing dialog between management and shareholders. This paper examines whether this form of engagement mitigates activism that relies upon support from other shareholders. We find that IR engagement is associated with increased investor confidence in management and the board, as well as a lower likelihood of activism, with this deterrent effect becoming stronger when there are fewer frictions surrounding the development of mutual understanding and trust with investors. We also find that when firms do experience an activist campaign, firms with IR engagement have less costly and contentious campaigns, including a lower likelihood of CEO turnover, than those without such a commitment. Taken together, our findings suggest that direct and ongoing IR engagement is an important factor in achieving mutual understanding and trust between the firm and its shareholders, which deters activist investors and mitigates the costly escalation of initiated campaigns.
论文原文：
Kimball L. Chapman, Gregory S. Miller, Jed J. Neilson, Hal D. White; Investor Relations, Engagement, and Shareholder Activism. The Accounting Review 1 March 2022; 97 (2): 77–106.
5.全球预期股票收益：对数线性现值法
本研究首次提供了国际上关于预期收益表现的大规模研究。基于分析师预测的隐含资本成本方法使用较少，且与未来收益率没有较强的关联。基于收益预测模型的隐含资本成本方法使用较多，但在美国以外的地区并不可靠。本文调整并扩展了对数线性和现值框架，将会计估值锚点、预期增长和市场价格结合起来估计国际股票预期收益，并对使用陈旧的会计数据进行了修正。在29个股票市场中，有26个股票市场的以股票账面价值为基础的对数线性现值与未来预期收益正相关，并且在很大程度上涵盖了以前被证明与预期收益有关的一系列公司特征的预测能力。
This study provides the first large-scale study of the performance of expected-return proxies (ERPs) internationally. Analyst-forecast-based ICCs are sparsely populated and not robustly associated with future returns. Earnings-model-forecast-based ICCs are well-populated, but are unreliable outside the U.S. We adapt and extend the log-linear and present-value (LPV) framework—combining an accounting valuation anchor, its expected growth, and market prices—for estimating ERPs internationally, and implement a correction for the use of stale accounting data. An LPV ERP anchored on the book value of equity is positively associated with future returns in 26 of 29 equity markets, and largely subsumes the predictive ability of a broad set of firm characteristics previously shown to be associated with expected returns.
论文原文：
Akash Chattopadhyay, Matthew R. Lyle, Charles C. Y. Wang; Expected Stock Returns Worldwide: A Log-Linear Present-Value Approach. The Accounting Review 1 March 2022; 97 (2): 107–133.
6.外部机会、管理者风险承担与CEO的报酬
利用美国各州法院交错采用“不可避免的披露原则”（IDD）的背景，研究了外部就业机会的准外生限制如何影响CEO薪酬结构。IDD限制了高管为竞争对手工作的能力，这很可能通过增加失业的成本和减少风险承担回报来降低CEO风险承担倾向。本文预计董事会会通过提高CEO财富对股票波动的敏感度来鼓励风险承担。研究发现，在采用IDD之后，CEO财富对股票波动的敏感度有明显的增加，这种效应在有更多职业顾虑的CEO中更为明显。这种影响也随着CEO的事前流动性和商业秘密的重要性而增加，表明当CEO外部机会减少较多时，董事会会更多地增加CEO财富对股票波动的敏感度。总的来说，本文提供了外部劳动力市场摩擦如何影响CEO报酬凸性的新证据。
Exploiting the setting of staggered adoption of the Inevitable Disclosure Doctrine (IDD) in U.S. state courts, we examine how quasi-exogenous restrictions of outside employment opportunities affect CEO compensation structure. The IDD adoption constrains executives' ability to work for competitors, which likely decreases CEOs' tendency to take risks by increasing the cost of job loss and reducing the reward to risk taking. We expect the board to respond by increasing the sensitivity of CEO wealth to stock volatility (vega) to encourage risk taking. We find a significant increase in vega post-IDD adoption. The effect is stronger among CEOs with greater career concerns. The effect also increases with the ex-ante CEO mobility and the importance of trade secrets, suggesting the board increases vega more when there is a greater reduction in CEO outside opportunities. Overall, we provide new evidence on how external labor market frictions affect the convexity of CEO compensation.
论文原文：
Wen Chen, Sumi Jung, Xiaoxia Peng, Ivy Xiying Zhang; Outside Opportunities, Managerial Risk Taking, and CEO Compensation. The Accounting Review 1 March 2022; 97 (2): 135–160.
7.审计员任期和强制性审计轮换的惩戒作用
本文讨论了是否应该强制审计事务所轮换的国际争论。欧盟已经采用了强制轮换规则，但美国还没有。强制审计事务所轮换政策的支持者认为，审计师与客户间的长期关系可能会使审计师与客户建立过度的经济联系，从而削弱审计师的独立性。在这一主张的激励下，本文建立了一个理论模型，比较了在有无强制轮换制度下审计师发布独立报告的动机。研究表明，与主流观点相反，强制轮换实际上会损害审计师的独立性。
This study addresses the international debate over whether the rotation of audit firms should be mandatory. Mandatory rotation rules have been adopted by the European Union, but these rules have not been established in the United States. Proponents of the policy believe that a long-tenure auditor-client relationship leads to the auditor building an excessive economic bond with the client, which may then erode auditor independence. Motivated by this claim, I build a theoretical model that compares auditor incentives to issue independent reports under regimes with and without mandatory rotation. The model demonstrates conditions under which mandatory rotation could actually impair auditor independence, contrary to the popular view.
论文原文：
Aysa Dordzhieva; Disciplining Role of Auditor Tenure and Mandatory Auditor Rotation. The Accounting Review 1 March 2022; 97 (2): 161–182.
8.国外就业、收入转移与税收不确定性
本文研究了国外就业对收入转移和国外交易中税收不确定性的影响。利用手工收集的就业信息样本，本研究将样本分为较高和较低程度的国外就业两组。通过使用两个不同的收入转移模型，研究发现，平均而言，较高的国外就业与以税收为动机的收入转移有关，高程度的国外就业强化了国外交易的经济实质，减少了与国外收入相关的税收不确定性。此外，考虑到选择性偏差问题，进一步使用了国外就业转移收入的成本、收益的外生变化来加强识别。研究结果强调了企业利用雇员作为税收效率供应链的一部分，以及国外就业是如何加强司法管辖区之间的收入转移机会。
We examine the effect of foreign employment on two outcomes—income shifting and the tax uncertainty of foreign transactions. Using a hand-collected sample of employment disclosures, we partition our sample into firm-years with a higher or lower degree of foreign employment. Using two distinct income shifting models, we document that, on average, a high degree of foreign employment is associated with greater tax-motivated income shifting out of the U.S. We also posit and find that a high degree of foreign employment enhances the economic substance of foreign transactions, reducing the tax uncertainty associated with foreign income. We conduct additional analyses to mitigate selection bias concerns, and we use exogenous changes to the costs and benefits of income shifting using foreign employment to strengthen identification.
Our results highlight firms' use of employees as part of a tax-efficient supply chain and how foreign employment enhances income shifting opportunities between jurisdictions.
论文原文：
Katharine D. Drake, Nathan C. Goldman, Francis Murphy; Foreign Employment, Income Shifting, and Tax Uncertainty. The Accounting Review 1 March 2022; 97 (2): 183–212.
9.初创企业基于证券的众筹融资——审计师证明是否重要？
本文研究了在信息高度不对称、审计师参与要求不高以及完全没有资深审计师的情况下，小企业寻求出售公共证券的筹资结果。根据美国证券交易委员会的众筹条例下，发行人通过众筹向小型、不成熟的投资者筹集资金时，通常不需要审计师的证明，或者只需要以审查（而不是审计）的形式对其财务报表进行较弱的证明。研究发现，审计师审查与众筹成功的概率和筹集的总金额都有正相关关系。此外，进一步比较了发行人自愿和强制选择审计师审查的筹资结果，研究发现选择自愿审查的发行人有更好的筹资结果。本文猜想，对于自愿选择审查的发行人来说，审查可以作为企业未来发展前景较好的信号。最后，审查的积极作用集中在美国公众公司会计监督委员会PCAOB注册的审计师上。
We examine financing outcomes for small businesses seeking to sell public securities in a setting characterized by high information asymmetry, weak requirements for auditor participation, and a complete absence of Big N auditors. Issuers that raise capital from small, unsophisticated investors through crowdfunding, under the Securities and Exchange Commission's Regulation Crowdfunding (RegCF), often need no auditor attestation or need only weak attestation in the form of reviews, not audits, of their financial statements. We find that auditor reviews are positively associated with both the probability of crowdfunding success and the total amount raised. Further, we compare outcomes for issuers that procure auditor reviews voluntarily and mandatorily, and document that issuers with voluntary reviews have better outcomes. We conjecture that for issuers that voluntarily procure reviews, the reviews serve as signals of high future prospects. Finally, the positive effect of reviews is concentrated in PCAOB-registered auditors.
论文原文：
Jing Gong, Jayanthi Krishnan, Yi Liang; Securities-Based Crowdfunding by Startups: Does Auditor Attestation Matter?. The Accounting Review 1 March 2022; 97 (2): 213–239.
10.有组织的劳动和库存储存
管理者高库存决策可能减轻工会带来的经营风险，并使企业在劳资谈判中保持议价能力。在与工会重新就集体谈判协议进行谈判之前，工会企业的库存水平已经越来越高。当资本市场信息透明度压力或同行信息溢出限制了管理者披露策略时，工会企业的库存囤积会变得更加突出。此外，虽然过量的库存储备与企业未来盈利能力负相关，但却能避免断货或罢工产生的负面结果，因此，管理者会权衡库存储备的成本和收益。本研究强调了企业主要利益相关者，即劳工，在管理者的投资决策中的重要性。
We document that managers stockpile excess inventory to mitigate the operational risk posed by labor unions and to maintain bargaining power in labor negotiations. Inventory levels are higher for union firms and are incrementally higher preceding the renegotiation of collective bargaining agreements with unions. Inventory stockpiling at union firms is more salient when capital market pressure for transparency or information spillover from peers constrains managers from using disclosure strategies. We further show that managers weigh the costs and benefits of inventory stockpiling, as holding excess inventory due to the presence of a union is negatively associated with future profitability, but provides the benefits of avoiding a stockout and mitigating negative outcomes from a strike. Our findings highlight the importance of a major stakeholder, i.e., labor, in managers' investment decision making.
论文原文：
Sophia J. W. Hamm, Boochun Jung, Woo-Jong Lee, Daniel G. Yang; Organized Labor and Inventory Stockpiling. The Accounting Review 1 March 2022; 97 (2): 241–266.
11.净营业损失结转和公司储蓄政策
本文研究了企业现金持有量与税收净经营亏损结转之间的关系。现有文献表明，企业应该将现金分配给股东，而不是保留现金并产生在公司和投资者层面上征税的被动投资收入。然而，如果企业被动收入的税率低于股东（即，企业存在税收净经营亏损结转时），研究表明企业应该保留现金并代表股东进行投资。与此相一致的是，本研究发现企业税收净经营亏损结转与较高的企业储蓄水平有关，企业每获得一美元的税收净经营亏损结转，就能额外节省0.12到0.17美元。此外，投资者对税收损失公司的企业现金持有有更高的评价，这与税收净经营亏损结转增加被动投资的税后回报相一致。本文补充了研究公司财务政策对税收反应的文献，并量化了净经营亏损结转在公司储蓄决策中的作用。
We examine the relation between corporate cash holdings and tax net operating loss carryforwards (NOLs). The literature demonstrates that firms should distribute cash to shareholders rather than retain it and generate passive investment income taxed at both corporate and investor levels. However, if the firm's tax rate on passive income is lower than shareholders'—as when the firm has NOLs—theory also shows that the firm should retain cash and invest on the shareholders' behalf. Consistent with this, we find that NOLs are associated with higher levels of savings; firms save an additional $0.12 to $0.17 per dollar of tax-effected NOL benefit. Furthermore, investors place a higher value on corporate cash in tax loss firms, consistent with NOLs increasing the after-tax returns on passive investments. The paper adds to the literature studying corporate financial policy responses to taxation and quantifies the role of NOLs in corporate savings decisions.
论文原文：
Shane Heitzman, Rebecca Lester; Net Operating Loss Carryforwards and Corporate Savings Policies. The Accounting Review 1 March 2022; 97 (2): 267–289.
12.财务报告自由裁量权、管理者短视与投资效率
本文在一个投资环境中对财务报告自由裁量权和盈余管理进行了明确的建模，在这个环境中，管理者有产生短视行为的动机。研究发现，当经理人存在短视行为，但不是过度短视时，给予他们一些对强制性财务报告的自由裁量权可以导致更好的投资决策。这与一些传统的观点相反，即财务报告自由裁量权促进了盈余管理，加剧了管理者短视，降低了投资效率。虽然盈余管理可以通过减少低财务报告的发生率为管理者提供一些事后保护，但也减少了事前高财务报告的预期净收益。因此，拥有负面私人信息的经理人发现模仿拥有正面私人信息的经理人的成本太高了，从而促进管理者通过有效的投资进行分离。因此，通过取消或过度限制盈余管理来遏制管理者的短视，可能会产生损害投资效率的意外后果。
We explicitly model financial reporting discretion and earnings management in an investment setting where managers have incentives to behave myopically. We show that when managers are sufficiently, but not excessively, myopic, granting them some discretion over the mandatory financial reports can lead to better investment decisions. This finding contrasts with the conventional argument that financial reporting discretion facilitates earnings management and exacerbates managerial myopia, leading to inefficient investments. Costly earnings management, while offering managers some ex post protection against bad luck by decreasing the incidence of low financial reports, reduces the expected net benefit of high financial reports ex ante. Consequently, managers with negative private information find it too costly to mimic those with positive private information, facilitating separation of managers through efficient investment. Thus, curbing managerial myopia by removing or overly restricting earnings management may have the unintended consequence of impairing investment efficiency.
论文原文：
Xu Jiang, Baohua Xin; Financial Reporting Discretion, Managerial Myopia, and Investment Efficiency. The Accounting Review 1 March 2022; 97 (2): 291–316.
13.会计师事务所-劳动力市场接近度与审计质量
本研究探讨了四大会计师事务所的审计质量是否受到会计师事务所与潜在员工所在大学的距离的影响。本文利用四大审计事务所的招聘地图和从领英上手工收集的事务所招聘数据来确定这些目标大学。研究发现，距离目标学校和拥有认证商学院大学更近的会计师事务所与更高的审计质量有关，从较低的财务会计错报可能性就可以看出。在更换关键变量的度量指标、敏感性测试、控制顾客与目标大学的距离后，本文的研究结果仍然稳健。总的来说，研究表明，会计师事务所能从接近更多的潜在雇员中获益。
This study examines whether the audit quality of Big 4 audit firms is affected by an audit office's proximity to more target universities for appointing staff auditors. We identify these target universities using a recruitment map of a Big 4 audit firm and unique office-level hiring data hand-collected from LinkedIn. Our findings suggest that audit offices closer to more of their key feeder schools and universities with accredited business schools are associated with higher audit quality, as observed by a lower likelihood of financial accounting misstatements. Our results are robust across alternative measures of labor market proximity and audit quality, and to a battery of sensitivity tests, including controlling for client firms' proximity to universities.
Overall, our results suggest that audit offices benefit from being proximate to more key suppliers of staff auditors.
论文原文：
Gladys Lee, Vic Naiker, Christopher R. Stewart; Audit Office Labor Market Proximity and Audit Quality. The Accounting Review 1 March 2022; 97 (2): 317–347.
14. 激励不可逆转的投资
现有的动态投资模型表明，基于公司在一个不断扩大的产品市场中运营的假设，管理者可以被激励去执行最优的投资策略。本文提出了一个可分析的、离散的、新古典主义的模型。该模型考虑了不可逆转的投资和发生不利需求事件的可能性。研究表明，即使管理者对公司产出的需求变化一无所知，也存在一个业绩衡量系统，对管理者产生目标一致的投资激励。如果管理者能够观察到不利事件，那么一致的目标就可以通过非常简单的权责发生制会计规则来实现，比如直线折旧法。
Existing dynamic investment models that show that a manager can be incentivized to implement the optimal investment policy rely on the assumption that the firm is operating in an ever-expanding product market. This paper presents an analytically tractable, discrete-time, neoclassical model with irreversible investment and the possibility of unfavorable demand events. We show that even when the principal is uninformed about changes in demand for the firm's output, there exists a performance measurement system that leads to goal congruent investment incentives for the manager. If the principal can observe the unfavorable demand events, then goal congruence can be achieved using very simple accrual accounting rules, such as straight-line depreciation.
论文原文：
Dmitry Livdan, Alexander Nezlobin; Incentivizing Irreversible Investment. The Accounting Review 1 March 2022; 97 (2): 349–371.
15.不仅仅是你说什么......沟通风格和团队文化如何影响审计问题的跟进和审计师绩效评估
在等级森严的团队工作中，审计师有效的向上沟通对审计质量至关重要。在审计团队中，下级可以选择他们沟通的内容和风格。本文报告了审计团队文化背景下，员工沟通风格重要性的调查和实验证据。前两项研究的证据表明，审计人员认为自信的向上沟通是有风险的，他们更喜欢被动的沟通，尤其是在自主性较差的团队文化中。第三项研究的证据表明，当下属自信地沟通时，审计主管会考虑更多的跟进程序，并对下属进行更高的评价，特别是在更自主的团队文化中。综合来看，审计主管和员工之间存在着沟通脱节，前者对自信沟通给予更多的奖励和跟进，而后者则喜欢被动的沟通。研究表明，更好地调节主管与下属的沟通方式偏好可能提高审计质量，特别是在更自主的团队文化中。
Auditors work in hierarchical teams in which effective upward communication is critical to audit quality. In these teams, subordinates choose both the content, as well as the style, of their communications. We report survey and experimental evidence of the importance of communication style in the context of audit team culture. Our first two studies provide evidence that audit staff perceive assertive upward communication as risky and prefer to communicate passively, especially in less autonomous team cultures. Our third study provides evidence that audit seniors consider more follow-up procedures and rate staff higher when staff communicate assertively, especially in more autonomous team cultures. Combined, these studies indicate a disconnect between audit seniors, who reward and follow up more on assertive communication, and their staff, who prefer passive communication. Our results suggest the potential for audit quality improvements by better alignment of supervisor-subordinate communication-style preferences, especially in more autonomous team cultures.
论文原文：
Chad A. Proell, Yuepin (Daniel) Zhou, Mark W. Nelson; It's Not Only What You Say … How Communication Style and Team Culture Affect Audit Issue Follow-Up and Auditor Performance Evaluations. The Accounting Review 1 March 2022; 97 (2): 373–395.
16.董事网络能帮助管理者更好地预测吗？
本文研究了董事通过其董事会网络获取信息的优势是否能提高公司预测的准确性。管理者可能会从良好的董事关系（即董事中心度）中受益，因为管理者对其他公司（除自己公司之外）的市场发展或决策过程的洞察力有限。通过一个美国上市公司的样本，本文分别研究了公司内部直接和间接的董事会关系的变化对管理层盈余预测准确性的影响。研究表明，无论公司的董事会是否存在紧密关联，较高程度的董事关联对管理层预测准确性有经济层面的重大影响。进一步的分析表明，有良好关系网络的董事有能力在预测方面为管理者提供有价值的建议，这补充了董事在防止管理者侵占方面所发挥的更为广泛的研究作用。
I examine whether directors' superior access to information through their board network improves the accuracy of firms' forecasting. Managers may benefit from well-connected directors (i.e., board centrality) as they may have limited insight into market developments or decision-making processes of other firms beyond knowledge specific to their firm. Employing a sample of U.S.-listed companies, I separately examine the effect of within-firm variation in direct and indirect board connections on management earnings forecast accuracy. The study contributes by showing that higher-degree connections can have an economically significant effect on the accuracy of management forecasts, regardless of firms' board interlocks. Further analyses point toward well-connected directors' ability to provide managers with valuable advice in a forecasting context, which complements directors' more extensively studied role in preventing managerial expropriation.
论文原文：
Mario Schabus; Do Director Networks Help Managers Forecast Better?. The Accounting Review 1 March 2022; 97 (2): 397–426.
17.卖空方威胁下的内幕销售——新的假说和测试
利用卖空交易规则作为准自然实验，研究发现卖空威胁对机会主义内幕交易数量有负面影响，对每笔交易的盈利能力有正面影响。这些影响在诉讼风险较高、媒体报道较多、高管持有较多公司股票的公司中更为明显。当把范围扩大到中国和香港证券交易所的卖空管制放松背景下时，进一步发现了强有力的证据。总的来说，研究表明，卖空者在机会主义内幕交易中扮演着规制角色。
Using the Regulation SHO program as a quasi-experiment, we document that the threat of short selling has a negative effect on the volume of opportunistic insider selling and a positive effect on its profitability for each transaction. These effects are stronger among firms with higher litigation risk, greater media coverage, and executives who have more of their firms' stock-related holdings.
We further find robust evidence when we extend the analyses to short selling deregulations in the Chinese and Hong Kong stock exchanges. Overall, our findings suggest that short sellers play a disciplinary role in opportunistic insider selling.
论文原文：
Kemin Wang, Rencheng Wang, K. C. John Wei, Bohui Zhang, Yi Zhou; Insider Sales under the Threat of Short Sellers: New Hypothesis and New Tests. The Accounting Review 1 March 2022; 97 (2): 427–451.
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