《Review of Accounting Studies》2017年6月目录｜摘要
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1. Accrual quality, skill, and the cross-section of mutual fund returns.
Suresh Nallareddy ，Maria Ogneva
Duke University Durham USA; University of Southern California Los Angeles USA
2. The internet as an information intermediary
Michael S. Drake, Jacob R. Thornock, Brady J. Twedt
Brigham Young University Provo USA;
Indiana University Bloomington USA
3. An examination of firms’ responses to tax forgiveness
Terry Shevlin, Jacob Thornock, Braden Williams
University of California – Irvine, Irvine, USA;
Brigham Young University, Provo, USA;
University of Texas at Austin, Austin, USA
4. The impact of narrative disclosure readability on bond ratings and the cost of debt
Samuel B. Bonsall IV，Brian P. Miller
The Ohio State University, Columbus, USA;
Indiana University, Bloomington, USA
5. The standard-setters’ toolkit: can principles prevail over bright lines?
Darren Henderson， Patricia C. O’Brien
Lazaridis School of Business & Economics, Wilfrid Laurier University, Waterloo, Canada；
School of Accounting and Finance, University of Waterloo, Waterloo, Canada
6. The positive externalities of IFRS R&D capitalization: enhanced voluntary disclosure
Ester Chen， Ilanit Gavious，Baruch Lev
Rehovot, Israel；
Ben-Gurion University of the Negev, Beer-Sheva, Israel;
New York University Stern School of Business, New York, USA
7. Does the cessation of quarterly earnings guidance reduce investors’ short-termism?
Yongtae Kim，Lixin (Nancy) Su，Xindong (Kevin) Zhu
1.Department of Accounting, Leavey School of Business, Santa Clara University, Santa Clara, USA；
2.Department of Accountancy, Faculty of Business, Lingnan University, Tuen Mun, Hong Kong；
3.Department of Accountancy, College of Business, City University of Hong Kong, Kowloon Tong, Hong Kong
8. The effect of financial reporting quality on corporate dividend policy
David S. Koo，Santhosh Ramalingegowda，Yong Yu
University of Illinois at Urbana-Champaign, Champaign, USA；
University of Georgia, Athens, USA；
University of Texas at Austin, Austin, USA
9. Management forecasts and the cost of equity capital: international evidence
Ying Cao, Linda A. Myers, Albert Tsang, Yong George Yang
The Chinese University of Hong Kong, Sha Tin, Hong Kong；
Haslam College of Business, University of Tennessee, Knoxville, USA；
Schulich School of Business, York University, Toronto, Canada
10. Flexibility in cash-flow classification under IFRS: determinants and consequences
Elizabeth A. Gordon, Elaine Henry, Bjorn N. Jorgensen, Cheryl L. Linthicum
Fox School of Business and Management, Temple University, Philadelphia, USA；
School of Business, Stevens Institute of Technology, Hoboken, USA；
London School of Economics and Political Science, London, UK；
College of Business, University of Texas at San Antonio, San Antonio, USA
11. Blockholder exit threats in the presence of private benefits of control
Ole-Kristian Hope，Han Wu, Wuyang Zhao
Rotman School of Management, University of Toronto, Toronto, Canada；
BI Norwegian School of Management, Oslo, Norway；
Department of Accounting and Management Control, HEC Paris, Paris, France；
12. Book-tax conformity and capital structure
Bradley Blaylock, Fabio B. Gaertner, Terry Shevlin
Price College of Business University of Oklahoma Norman USA；
Wisconsin School of Business University of Wisconsin-Madison Madison USA；
Merage School of Business University of California-Irvine Irvine USA
13. Two-stage capital budgeting, capital charge rates, and resource constraints
Nicole Bastian Johnson, Thomas Pfeiffer, Georg Schneider
Price College of Business University of Oklahoma Norman USA；
Wisconsin School of Business University of Wisconsin-Madison Madison USA；
Merage School of Business University of California-Irvine Irvine USA
14. Has goodwill accounting gone bad?
Kevin K. Li, Richard G. Sloan
School of Business Administration, University of California, Riverside, Riverside, USA；
Haas School of Business, University of California, Berkeley, Berkeley, USA
1.Accrual quality, skill, and the cross-section of mutual fund returns
Suresh Nallareddy, Maria Ogneva
Duke University Durham USA;
University of Southern California Los Angeles USA
Abstract：We use returns of actively managed mutual funds to document the link between accrual quality (AQ) and systematic (priced) risk. Despite compelling theoretical arguments, prior research finds no evidence that poor AQ commands a risk premium in the cross-section of realized stock returns. We argue that the previously obtained premium estimates are biased downward because, for a large portion of poor AQ stocks, higher expected returns are offset by the news of deteriorating fundamentals. We suggest that skilled mutual fund managers should be able to either avoid investing in stocks with deteriorating fundamentals or assign them lower portfolio weights. As a consequence, returns on their portfolios should better reflect the expected AQ risk premium. Our empirical evidence is consistent with these predictions.
Keywords：Accrual quality; Cost of capital; Expected returns; Mutual funds; Skill
2.The internet as an information intermediary
Michael S. Drake, Jacob R. Thornock, Brady J. Twedt
Brigham Young University Provo USA;
Indiana University Bloomington USA
Abstract：The internet is an enormous and growing source of information for investors about the opinions of others. Virtually any individual with internet access can express opinions about firms and editorialize about company news. However, to date we know very little about the impact these nontraditional internet intermediaries have on markets. We develop a framework wherein internet information intermediaries fall along a spectrum of professionalism and document a nuanced relationship between coverage by these intermediaries and capital market effects. Using a novel dataset that tracks coverage of companies by individuals posting on thousands of websites, we find that coverage by professional and semi-professional intermediaries is associated with positive capital market effects but coverage by nonprofessional internet intermediaries has the opposite effect—hindering price formation. The detrimental effects of nonprofessional coverage are observed most strongly when the intermediaries have larger audiences.
Keywords：Information dissemination; Internet; Web coverage; Price formation; Earnings announcements
3.An examination of firms’ responses to tax forgiveness
Terry Shevlin, Jacob Thornock, Braden Williams
University of California – Irvine, Irvine, USA;
Brigham Young University, Provo, USA;
University of Texas at Austin, Austin, USA
Abstract：This study uses state tax amnesties to examine how firms respond to forgiveness—particularly repeated forgiveness—by a taxing authority. We posit that tax forgiveness programs alter taxpayer perceptions of the probability of detection by enforcers or the probability of future forgiveness programs, either of which could affect future tax aggressiveness. We find that firms headquartered in an amnesty-granting state increase state income tax aggressiveness following the first instance of tax amnesty, relative to control firms in other states. Moreover, we find evidence that tax aggressiveness incrementally increases with each additional repetition of a tax amnesty. Finally, we find that the effect of amnesties on tax aggressiveness is more prominent for small firms, which face less scrutiny and for which the tax aggressiveness measures are less confounded. Our findings suggest that repeated programs of tax forgiveness have increasingly negative implications for corporate tax collections.
Keywords：Tax amnesty; Tax forgiveness; Tax avoidance; State taxation; Effective tax rate
4.The impact of narrative disclosure readability on bond ratings and the cost of debt
Samuel B. Bonsall IV, Brian P. Miller
The Ohio State University, Columbus, USA;
Indiana University, Bloomington, USA
Abstract：Prior research on the determinants of credit ratings has focused on rating agencies’ use of quantitative accounting information, but the there is scant evidence on the impact of textual attributes. This study examines the impact of financial disclosure narrative on bond market outcomes. We find that less readable financial disclosures are associated with less favorable ratings, greater bond rating agency disagreement, and a higher cost of debt. We improve causal identification by exploiting the 1998 Plain English Mandate, which required a subset of firms to exogenously improve the readability of their filings. Using a difference-in-differences design, we find that the firms required to improve the readability of their filings experience more favorable ratings, lower bond rating disagreement, and lower cost of debt. Collectively, our evidence suggests that textual financial disclosure attributes appear to not only influence bond market intermediaries’ opinions but also firms’ cost of debt.
Keywords：Narrative disclosure; Bond ratings; Cost of debt capital; Readability; Plain english
5.The standard-setters’ toolkit: can principles prevail over bright lines?
Darren Henderson; Patricia C. O’Brien
Lazaridis School of Business & Economics, Wilfrid Laurier University, Waterloo, Canada
School of Accounting and Finance, University of Waterloo, Waterloo, Canada
Abstract: We study lease accounting in an international panel data set to examine how accounting outcomes vary with two features of accounting standards: the emphasis on using professional judgement to apply principles, and the presence or absence of bright-line tests. We study four countries—Australia, Canada, the UK, and the US—and companies in two lease-intensive industries—retail and transportation. Our primary study period spans the time when Australia and the UK switched from domestic to international accounting standards, and in one test, we also consider Canada’s transition to international standards. We find that neither an explicit requirement to apply a principle nor omitting bright-line tests materially increases the use of capital lease treatment among these firms. Overall, we conclude that this financial reporting outcome is relatively insensitive to these standard-setting tools.
Keywords：Principles-based standards; Rules-based standards; Lease accounting; Bright lines; IFRS
6.The positive externalities of IFRS R&D capitalization: enhanced voluntary disclosure
Ester Chen; Ilanit Gavious; Baruch Lev
Rehovot, Israel;
Ben-Gurion University of the Negev, Beer-Sheva, Israel;
New York University Stern School of Business, New York, USA
Abstract: Studies comparing IFRS with U.S. GAAP generally focus on differences in the attributes and consequences of the recognized financial items. We, in contrast, focus on voluntary disclosure resulting from arguably the most significant difference between IFRS and GAAP: the capitalization of development costs—the “D” of R&D—required by IFRS but prohibited by GAAP. Using a sample of Israeli high-technology and science-based firms, some using IFRS and others U.S. GAAP, we document a significant externality of IFRS development cost capitalization in the form of extensive voluntary disclosure of forward−looking information on product pipeline development and its expected consequences. We show that this disclosure is value-relevant over and above the mandated financial information, including the capitalized R&D asset. We also show that the capitalized development costs (an asset) is highly significant in relation to stock prices, and enhances the relevance of the voluntary disclosures.
Keywords: R&D capitalization; Voluntary disclosure; IFRS; GAAP
7.Does the cessation of quarterly earnings guidance reduce investors’ short-termism?
Yongtae Kim，Lixin (Nancy) Su，Xindong (Kevin) Zhu
Department of Accounting, Leavey School of Business, Santa Clara University, Santa Clara, USA
Department of Accountancy, Faculty of Business, Lingnan University, Tuen Mun, Hong Kong
Department of Accountancy, College of Business, City University of Hong Kong, Kowloon Tong, Hong Kong
Abstract: The practice of providing quarterly earnings guidance has been criticized for encouraging investors to fixate on short-term earnings and encouraging managerial myopia. Using data from the post–Regulation Fair Disclosure period, we examine whether the cessation of quarterly earnings guidance reduces short-termism among investors. We show that, after guidance cessation, investors in firms that stop quarterly guidance are composed of a larger (smaller) proportion of long-term (short-term) institutions, put more (less) weight on long-term (short-term) earnings in firm valuation, become more (less) sensitive to analysts’ long-term (short-term) earning forecast revisions, and are less likely to dismiss chief executive officers for missing quarterly earnings targets by small amounts, relative to investors in firms that continue to issue quarterly earnings guidance. Our study provides new evidence of the benefit of stopping quarterly earnings guidance, that is, the reduction of short-termism among investors.
Keywords: Voluntary disclosure; Earnings guidance; Management forecasts; Investor short-termism; Managerial myopia
8.The effect of financial reporting quality on corporate dividend policy
David S. Koo，Santhosh Ramalingegowda，Yong Yu
University of Illinois at Urbana-Champaign, Champaign, USA
University of Georgia, Athens, USA
University of Texas at Austin, Austin, USA
Abstract: This study examines how financial reporting quality affects corporate dividend policy. We find that higher quality reporting is associated with higher dividends. This positive association is more pronounced among firms with more severe free cash flow problems and among firms with higher ownership by monitoring-type institutional investors. Further analysis of the relation between reporting quality and under−/over-payment of dividends suggests that reporting quality largely mitigates underpayment of dividends. Additionally, both a granger causality test and a difference-in-difference analysis of dividend changes around a quasi-exogenous reporting event yield evidence consistent with the direction of causality going from financial reporting to dividends. Overall, these findings are consistent with financial reporting quality acting as a governance mechanism that induces managers to pay dividends by disciplining free cash flow problems. Our findings support the view that dividends are the result of enhanced monitoring (Jensen 1986; La Porta, Lopez-de-Silanes, Shleifer, and Vishny 2000).
Keywords: Financial reporting quality; Dividend policy; Agency theory of dividends; Outcome view; Substitute view
9.Management forecasts and the cost of equity capital: international evidence
Ying Cao, Linda A. Myers, Albert Tsang, Yong George Yang
The Chinese University of Hong Kong, Sha Tin, Hong Kong
Haslam College of Business, University of Tennessee, Knoxville, USA
Schulich School of Business, York University, Toronto, Canada
Abstract: We examine international differences in the effect of management forecasts (which we use to proxy for voluntary disclosure) on the cost of equity capital (COC) across 31 countries. We find that the issuance of management forecasts is associated with a lower COC worldwide but that the effect of management forecasts on the COC depends on country-level institutional factors. Specifically, management forecasts have a stronger effect on the COC in countries with stronger investor protection and better information dissemination and a weaker effect in countries with higher mandatory disclosure requirements. Further analyses reveal that these relations are more pronounced when management forecasts are more frequent, more precise, and more disaggregated. Overall, our findings suggest that the ability of management forecasts to reduce firms’ COC derives not only from country-level factors that enhance the credibility of their forecasts but also from factors that reflect the quality of the information environment in terms of the distribution of news and the availability and quality of alternative information. Thus, investor protection, media penetration, and mandatory disclosure requirements have an important effect on the ability of management forecasts to lower the COC.
Keywords: International management forecasts; Voluntary disclosure; Cost of equity capital; Investor protection; Information dissemination; Mandatory disclosure; Management forecast characteristics; Management forecast credibility; Media penetration
10.Flexibility in cash-flow classification under IFRS: determinants and consequences
Elizabeth A. Gordon, Elaine Henry, Bjorn N. Jorgensen, Cheryl L. Linthicum
Fox School of Business and Management, Temple University, Philadelphia, USA
School of Business, Stevens Institute of Technology, Hoboken, USA
London School of Economics and Political Science, London, UK
College of Business, University of Texas at San Antonio, San Antonio, USA
Abstract: International Financial Reporting Standards (IFRS) allow managers flexibility in classifying interest paid, interest received, and dividends received within operating, investing, or financing activities within the statement of cash flows. In contrast, U.S. Generally Accepted Accounting Principles (GAAP) requires these items to be classified as operating cash flows (OCF). Studying IFRS-reporting firms in 13 European countries, we document firms’ cash-flow classification choices vary, with about 76, 60, and 57% of our sample classifying interest paid, interest received, and dividends received, respectively, in OCF. Reported OCF under IFRS tends to exceed what would be reported under U.S. GAAP. We find the main determinants of OCF-enhancing classification choices are capital market incentives and other firm characteristics, including greater likelihood of financial distress, higher leverage, and accessing equity markets more frequently. In analyzing the consequences of reporting flexibility, we find some evidence that the market’s assessment of the persistence of operating cash flows and accruals varies with the firm’s classification choices and the results of certain OCF prediction models are sensitive to classification choices.
Keywords: Statement of cash flows; Classification shifting; IFRS; Operating cash flows
11.Blockholder exit threats in the presence of private benefits of control
Ole-Kristian Hope, Han Wu, Wuyang Zhao
Rotman School of Management, University of Toronto, Toronto, Canada
BI Norwegian School of Management, Oslo, Norway
Department of Accounting and Management Control, HEC Paris, Paris, France
Abstract: Exit theory predicts a governance role for outside blockholders’ exit threats, but this role could be ineffective if managers’ potential private benefits exceed their loss in stock-price declines caused by the blockholders’ exits. We test this prediction using the Split-Share Structure Reform (SSSR) in China, which provided a large exogenous and permanent shock to the cost for outside blockholders to exit. We find that firms whose outside blockholders experience an increase in exit threats improve performance more than those whose outside blockholders experience no increase. The governance effect of exit threats also is ineffective in the group of firms with the highest concern for private benefits of control. Finally, a battery of theory-motivated tests shows that the documented effects are unlikely explained by outside blockholder intervention or some well-known intended effects of SSSR.
Keywords: Exit theory; Private benefits of control; Operating performance; China; Split-share structure reform
12.Book-tax conformity and capital structure
Bradley Blaylock, Fabio B. Gaertner, Terry Shevlin
Price College of Business University of Oklahoma Norman USA
Wisconsin School of Business University of Wisconsin-Madison Madison USA
Merage School of Business University of California-Irvine Irvine USA
Abstract: We examine the effect of increased book-tax conformity on corporate capital structure. Prior studies document a decrease in the informativeness of accounting earnings for equity markets resulting from higher book-tax conformity. We argue that the decrease in earnings informativeness impacts equity holders more than debt holders because of the differences in payoff structures between debt and equity investments such that increases in book-tax conformity lead to increases in firms’ reliance on debt capital. We exploit a natural experiment in the U.S. and find that firms facing an increase in required book-tax conformity increase leverage relative to other firms. We also provide evidence of an increase in the cost of equity (but not of debt) capital for firms facing an increase in required book-tax conformity, relative to control firms, and show that these increases in cost of equity capital are positively associated with an increase in leverage. Our findings are consistent with firms substituting away from equity and toward more debt in the presence of higher book-tax conformity.
Keywords: Book-tax conformity; Leverage; Capital structure
13.Two-stage capital budgeting, capital charge rates, and resource constraints
Nicole Bastian Johnson, Thomas Pfeiffer, Georg Schneider
Lundquist College of Business,1208 University of Oregon, Eugene, USA
Department of Business Studies, University of Vienna, Vienna, Austria
School of Business, Economics and Social Sciences, University of Graz, Graz, Austria
Abstract: We study two-stage, multi-division budgeting mechanisms that allocate scarce resources among divisions using capital charge rates. Each divisional manager observes private sequential project information and competes for scarce resources over two stages. The optimal capital charge rates in our two-stage setting can be quite different from those that arise in a single-stage setting. If the firm faces a resource constraint at only the second stage, a less severe constraint can imply more first-stage project initiation, which can lead to higher second-stage capital charge rates. If resources are constrained at both stages, a decrease in the severity of the constraint at just one stage decreases the capital charge rate at that stage but increases the capital charge rate at the other stage because each constraint affects the intensity of competition at both stages. This result holds regardless of whether the scarce resources are fungible or non-fungible across stages.
Keywords: Multistage capital budgeting; Multidivisional capital budgeting; Capital charge rates
14.Has goodwill accounting gone bad?
Kevin K. Li, Richard G. Sloan
School of Business Administration, University of California, Riverside, Riverside, USA
Haas School of Business, University of California, Berkeley, Berkeley, USA
Abstract: Prior to SFAS 142, goodwill was subject to periodic amortization and a recoverability-based impairment test. SFAS 142 eliminates periodic amortization and imposes a fair-value-based impairment test. We examine the impact of this standard on the accounting for and valuation of goodwill. Our results indicate that the new standard has resulted in relatively inflated goodwill balances and untimely impairments. We also find that investors do not appear to fully anticipate the untimely nature of post-SFAS 142 goodwill impairments. Overall, our results suggest that, in practice, some managers have exploited the discretion afforded by SFAS 142 to delay goodwill impairments, thus temporarily inflating earnings and stock prices.
Keywords: Goodwill impairment; SFAS 142; Accounting discretion; Fair value accounting; Resource misallocation
资料整理：曾丽
本期编辑：陇上逍遥
本期审核：陈沉
《Journal of Accounting Research》2017年第三期目录摘要
《Journal of Accounting Research》2017年第一、二期目录摘要
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