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《Journal of Accounting Research》2017年第三期目录摘要
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1. Do Weather-Induced Moods Affect the Processing ofEarnings News?
ED DEHAAN；JOSHUA MADSEN；JOSEPH D. PIOTROSKI
2.Under weighting of Private Information by Top Analysts
GIL AHARONI,ETI EINHORN,QI ZENG
3.Do PCAOB Inspections Improve the Quality ofInternal Control Audits?
MARK L. DEFOND,CLIVE S.LENNOX
4.Does Social Capital Matter in CorporateDecisions? Evidence from Corporate Tax Avoidance
IFTEKHAR HASAN；CHUN-KEUNG (STAN) HOI；QIANG WU；HAO ZHANG；
5.Sharing Risk with the Government: How Taxes Affect Corporate Risk Taking
ALEXANDER LJUNGQVIST；LIANDONG ZHANG；LUO ZUO；
6.Anticipated Earnings Announcements and theCustomer–Supplier Anomaly
JOSHUA MADSEN
1.DoWeather-Induced Moods Affect the Processing of Earnings News?
ED DEHAAN
University ofWashington
JOSHUA MADSEN,JOSEPHD. PIOTROSKI
StanfordUniversity
Abstract:We investigate whether unpleasant environmentalconditions affect stock market participants’ responses to information events.We draw from psychology research to develop a new prediction thatweather-induced negative moods reduce market participants’ activity levels.Exploiting geographic variation in equity analysts’ locations, we findcompelling evidence that analysts experiencing unpleasant weather are slower orless likely to respond to an earnings announcement relative to analystsresponding to the same announcement but experiencing pleasant weather. Priceassociation tests find evidence consistent with reduced activity due toweather-induced moods delaying equilibrium price adjustments following earningsannouncements. We also use our analyst-based research design to re-examine anexisting prediction that unpleasant weather induces investor pessimism, andfind evidence of both analyst pessimism and reduced activity in the presence ofunpleasant weather. Together, our study provides new evidence that both extendsand reaffirms findings of a relation between unpleasant weather and marketactivities, and contributes to the broader psychology and economics literatureon the impact of weather-induced mood on labor productivity.
2.Under weighting of Private Information by Top Analysts
GIL AHARONI,ETIEINHORN,QI ZENG
University ofMelbourne
Abstract:It is conventionally perceived in theliterature that weak analysts are likely to under weight their privateinformation and strategically bias their announcements in the direction of thepublic beliefs to avoid scenarios where their private information turns out tobe wrong, whereas strong analysts tend to adopt an opposite strategy of overweighting their private information and shifting their announcements away fromthe public beliefs in an attempt to stand out from the crowd. Analyzing areporting game between two financial analysts, who are compensated based ontheir relative forecast accuracy, we demonstrate that it could be the other wayaround. An investigation of the equilibrium in our game suggests that, contraryto the common perception, analysts who benefit from information advantage maystrategically choose to understate their exclusive private information and biastheir announcements toward the public beliefs, while exhibiting the oppositebehavior of overstating their private information when they estimate that theirpeers are likely to be equally informed.
3.Do PCAOB Inspections Improve the Quality of Internal Control Audits?
MARK L.DEFOND,CLIVE S. LENNOX
University ofSouthern California
Abstract:We investigate whether Public CompanyAccounting Oversight Board (PCAOB) inspections affect the quality of internalcontrol audits. Our research design improves on prior studies by exploitingboth cross-sectional and time-series variation in the content of PCAOBinspection reports, while also controlling for audit firm and year fixedeffects, effectively achieving a difference-in-differences research design. Wefind that when PCAOB inspectors report higher rates of deficiencies in internalcontrol audits, auditors respond by increasing the issuance of adverse internalcontrol opinions. We also find that auditors issue more adverse internal control opinions to clients with concurrent misstatements, who thus genuinelywarrant adverse opinions. We further find that higher inspection deficiencyrates lead to higher audit fees, consistent with PCAOB inspections promptingauditors to undertake costly remediation efforts. Taken together, our resultsare consistent with the PCAOB inspections improving the quality of internalcontrol audits by prompting auditors to remediate deficiencies in their auditsof internal controls.
4.Does Social Capital Matter in Corporate Decisions? Evidence from Corporate Tax Avoidance
IFTEKHAR HASAN
Gabelli Schoolof Business, Fordham University, and Bank of Finland
CHUN-KEUNG(STAN) HOI
Saunders College of Business, Rochester Institute of Technology
QIANG WU
Lally School ofManagement, Rensselaer Polytechnic Institute
HAO ZHANG
SaundersCollege of Business, Rochester Institute of Technology
Abstract:We investigate whether the levels of socialcapital in U.S. counties, as captured by strength of civic norms and density ofsocial networks in the counties, are systematically related to tax avoidanceactivities of corporations with headquarters located in the counties. We findstrong negative associations between social capital and corporate taxavoidance, as captured by effective tax rates and book-tax differences. Theseresults are incremental to the effects of local religiosity and firm culturetoward socially irresponsible activities. They are robust to using organdonation as an alternative social capital proxy and fixed effect regressions.They extend to aggressive tax avoidance practices. Additionally, we providecorroborating evidence using firms with headquarters relocation that changesthe exposure to social capital. We conclude that social capital surroundingcorporate headquarters provides environmental influences constraining corporatetax avoidance.
5.Sharing Risk with the Government: How Taxes Affect Corporate Risk Taking
ALEXANDERLJUNGQVIST
Stern School ofBusiness, New York University, and NBER
LIANDONG ZHANG
College ofBusiness, City University of Hong Kong
LUO ZUO
JohnsonGraduate School of Management, Cornell University
Abstract:Using 113 staggered changes in corporateincome tax rates across U.S. states, we provide evidence on how taxes affectcorporate risk-taking decisions. Higher taxes reduce expected profits more forrisky projects than for safe ones, as the government shares in a firm's upsidebut not in its downside. Consistent with this prediction, we find that risktaking is sensitive to taxes, albeit asymmetrically: the average firm reducesrisk in response to a tax increase (primarily by changing its operating cycleand reducing R&D risk) but does not respond to a tax cut. We trace theasymmetry back to constraints on risk taking imposed by creditors. Finally, taxloss-offset rules moderate firms’sensitivity to taxes by allowing firms to partly share downside risk with thegovernment.
6.Anticipated Earnings Announcements and the Customer–Supplier Anomaly
JOSHUA MADSEN
Carlson Schoolof Management, University of Minnesota
Abstract:I test whether the anticipation of earningsnews stimulates acquisition of customer information and mitigates returns tothe customer–supplier anomaly documented byCohen and Frazzini (“Economic Links and PredictableReturns.” The Journal of Finance 63 (2008):1977–2011). I find that attention to a firm's publiclydisclosed customers increases shortly before the firm announces earnings, andthat customer stock returns predict supplier stock returns shortly before, butnot after, the supplier's earnings announcement. I further find some evidencethat these predictable returns are increasing in the level of customer informationacquisition. These results are unique to anticipated disclosure events andsuggest that anticipation of supplier earnings announcements resolves investorlimited attention to customer information and accelerates price discovery ofcustomer news.
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