Journal of Accounting and Economics | 2017年第1期目录摘要

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Journal of Accounting and Economics

（第1期，第63卷）

February 2017

Volume 63, Issue1

1.Earnings management and annual report readability

Kin Lo, Felipe Ramos, Rafael Rogo

2.Does managerial sentiment affect accrual estimates? Evidence from the banking industry

Paul Hribar, Samuel J. Melessa, R. Christopher Small, Jaron H. Wilde

3.The effect of voluntary disclosure on stock liquidity: New evidence from index funds

Jordan Schoenfeld

4.Conditionally conservative fair value measurements

Marc Badia, Miguel Duro, Fernando Penalva, Stephen Ryan

5.Perverse incentives of special purpose acquisition companies, the “poor man's private equity funds”

Lora Dimitrova

6.Earnings expectations and employee safety

Judson Caskey, N. Bugra Ozel

7.Takeover defenses: Entrenchment and efficiency

Sanjeev Bhojraj, Partha Sengupta, Suning Zhang

 Journal of Accounting and Economics

（第1期，第63卷）

February 2017

Volume 63, Issue1

1.Earnings management and annual report readability

Kin Lo, Felipe Ramos, Rafael Rogo

Journal of Accounting and Economics,2017,63(1):1-25

ABSTRACT

We explore how the readability of annual reports varies with earnings management. Using the Fog Index to measure readability (Li, 2008), and focusing on the management discussion and analysis section of the annual report (MD&A), we predict and find that firms most likely to have managed earnings to beat the prior year's earnings have MD&As that are more complex. This disruption of the overall pattern of readability increasing with the level of earnings found in Li (2008) challenges the ontological explanation that good news is inherently easier to communicate, and shows that obfuscation contributes to making disclosures more complex.

2.Does managerial sentiment affect accrual estimates? Evidence from the banking industry

Paul Hribar, Samuel J. Melessa, R. Christopher Small, Jaron H. Wilde

Journal of Accounting and Economics,2017,63(1):26-50

ABSTRACT

We examine whether managerial sentiment is associated with errors in accrual estimates. Using public banks we find (1) managerial sentiment is negatively associated with loan loss provision estimates, (2) future charge-offs per dollar of provision are positively associated with sentiment when the provision is estimated, and (3) the effects of sentiment are greater for firms with more uncertain charge-offs. Results are similar for private banks, suggesting accrual manipulation related to capital market incentives is unlikely to explain the results. Although economic fundamentals explain most of the variation in the provision, we find sentiment has an incremental and economically meaningful effect.

3.The effect of voluntary disclosure on stock liquidity: New evidence from index funds

Jordan Schoenfeld

Journal of Accounting and Economics,2017,63(1):51-74

ABSTRACT

This study tests whether voluntary disclosure affects stock liquidity. I argue that index funds fit the profile of nonstrategic traders who, according to theory, are unambiguously more likely than managers and strategic investors to prefer high stock liquidity and thus high disclosure. This suggests that I can use index funds' disclosure preferences to construct an empirical model of voluntary disclosure that abstracts away from managers' strategic disclosure motives. Accordingly, I use an index-fund setting to construct a recursive structural equation model of voluntary disclosure, index fund ownership, and liquidity. I find that when a firm joins the S&P 500 index, voluntary disclosure increases with the level of ownership assumed by index funds, and this increase in disclosure is associated with increased stock liquidity. These results imply that voluntary disclosure increases stock liquidity.

4.Conditionally conservative fair value measurements

Marc Badia, Miguel Duro, Fernando Penalva, Stephen Ryan

Journal of Accounting and Economics,2017,63(1):75-98

ABSTRACT

Firms measure fair values using Level 2 or 3 inputs when items do not trade in liquid markets, limiting market discipline over the measurements. We provide evidence that firms holding higher proportions of financial instruments measured at Level 2 and 3 fair values report more conditionally conservative comprehensive income attributable to fair value measurements, consistent with firms trying to mitigate investors' discounting of the measurements. We further predict and find that this conditional conservatism (1) increases with governance mechanisms that increase the strength and persistence of firms' incentives to report conservatively and (2) decreases with firms’ earnings management incentives.

5.Perverse incentives of special purpose acquisition companies, the “poor man's private equity funds”

Lora Dimitrova

Journal of Accounting and Economics,2017,63(1):99-120

ABSTRACT

Special purpose acquisition companies (SPACs) are an alternative investment, structured as a one-shot private equity (PE) deal. Significant cross-sectional variation exists in SPACs' performance, which can be explained by the strong implicit incentives embedded in contracts. SPAC performance is worse for acquisitions announced near the predetermined two-year deadline, for acquisitions with deferred initial public offering underwriting fees, and for acquisitions with market value close to the required 80% threshold. Also, sponsors' involvement in the merged firm's governance improves long-term performance. This evidence has important implications given SPACs' high popularity in recent years and the new PE industry's trend toward deal-by-deal fund-raising.

6.Earnings expectations and employee safety

Judson Caskey, N. Bugra Ozel

Journal of Accounting and Economics,2017,63(1):121-141

ABSTRACT

We examine the relation between workplace safety and managers’ attempts to meet earnings expectations. Using establishment-level data on workplace safety from the Occupational Safety and Health Administration, we document significantly higher injury/illness rates in firms that meet or just beat analyst forecasts compared to firms that miss or comfortably beat analyst forecasts. The higher injury/illness rates in firms that meet or just beat analyst forecasts are associated with both increases in employee workloads and in abnormal reductions of discretionary expenses. The relation between benchmark beating and workplace safety is stronger when there is less union presence, when workers’ compensation premiums are less sensitive to injury claims, and among firms with less government business. Our findings highlight a specific consequence of managers’ attempts to meet earnings expectations through real activities management.

7.Takeover defenses: Entrenchment and efficiency

Sanjeev Bhojraj, Partha Sengupta, Suning Zhang

Journal of Accounting and Economics,2017,63(1):142-160

ABSTRACT

This paper explores the potential role of anti-takeover provisions (ATPs) in long-term value creation. Using a change in the legal environment in Delaware as an exogenous event, we document that a subset of firms with a relatively longer term focus (innovative firms) benefit from ATPs. Particularly, these firms experience an increase in Tobin's Q following a state law change in Delaware that increases the effectiveness of ATPs in defending against hostile takeovers. This increase is greater than that for non-innovative firms in Delaware as well as for innovative firms outside Delaware. Furthermore, the innovative firms in Delaware experience a stronger positive market reaction around the state law change dates, relative to other firms. Finally, in a cross-sectional setting we find that innovative firms with above-average takeover protection outperform other firms and are less likely to engage in harmful real earnings management. Taken together, these results provide empirical evidence of potential benefits of ATPs and help explain why such protection continues to be prevalent in the United States.

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