European Accounting Review2018第1期目录摘要

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European Accounting Review 

Volume,27,2018-Issue 4

CONTENT

1.Tax Regimes and Capital Gains Realizations

Martin Jacob

WHU-otto Beisheim School of management,Vallendar,Germany

2.Voluntary Disclosure and Analyst Forecast

Konrad Lang

3.Shareholder Loans and Earnings Smoothing – Empirical Findings from German Private Firms

Jochen Bigus & Stefanie Häfele

4.International Financial Reporting Standards and Private Firms’ Access to Bank Loans

Benjamin Balsmeier & Steven Vanhaverbeke

Department of Managerial Economics,Strategy and Innovation

5.The Information Content of Guidance and Earnings

Jonathan A. Milian

Jonathan A.Milina School of Accounting, florida International University, Miami, USA

6.Differential Weighting of Objective Versus Subjective Measures in Performance Evaluation: Experimental Evidence

Narisa Tianjing Dai, Xi (Jason) Kuang & Guliang Tang

Scheller College of Vusiness, Feorgia Institute of Technology, Atlanta, USA

7.Blockholders’ Ownership and Audit Fees: The Impact of the Corporate Governance Model

Raúl Barroso, Chiraz Ben Ali & Cédric Lesage

8.Addressing Unobserved Selection Bias in Accounting Studies: The Bias Minimization Method

Michael J. Peel

Accounting and Finance Section, Cardiff Business School, Cardiff University,Cardiff, UK

9.The Use of Hierarchical Linear Modeling to Address Lack-of-Independence in Empirical Auditing Research

Yu-Shan Chang, Yu-Jr Lin, Li-Lin (Sunny) Liu, Min-Jeng Shiue & Clark M. Wheatley

School of Accounting, Flprida International University, Miami, USA

ABSTRACT

1

Tax Regimes and Capital Gains Realizations

Martin Jacob

WHU-otto Beisheim School of management,Vallendar,Germany

Abstract: This paper contrasts the individual capital gains realization behavior between progressive and proportional tax regimes. Using a longitudinal panel of over 288,000 individuals in Sweden, I exploit the 1991 tax reform in Sweden that changed progressive capital gains tax rates ranging from 12% to 80% to a proportional tax rate of 30%. Using the proportional tax system to control for non-tax reasons to realize capital gains, I show that individuals are highly responsive to capital gains tax incentives created by temporary income changes under a progressive capital gains tax. More specifically, I find that individuals with temporary negative (positive) income changes sell (hold) shares that they would hold (sell) in the absence of temporary tax incentives. Further, I show that high-income individuals are more tax sensitive than low-income individuals. This result indicates that low-income individuals facing temporary negative income changes could trade predominantly for non-tax reasons.

2

Voluntary Disclosure and Analyst Forecast

Konrad Lang

Abstract: Empiricists document that firms more often voluntarily disclose bad news than good news and link this pessimism to managers’ increased incentives not to fall short of earnings expectations. This paper analyzes the voluntary disclosure of a manager’s private information by explicitly considering her incentives to meet or beat an analyst’s earnings forecast. The model predicts that managers who face strong incentives to meet or beat these forecasts more frequently disclose bad news than good news in order to guide analysts’ expectations about future earnings downward. This pessimism is higher in markets with less informed managers and may hold even if the manager has strong incentives for high stock prices and meet-or-beat incentives are comparably low.

3

Shareholder Loans and Earnings Smoothing – Empirical Findings from German Private Firms

Jochen Bigus & Stefanie Häfele

Abstract: This paper analyzes the interplay between shareholder loans and earnings smoothing in German private corporations. Shareholders who grant loans have a dual stakeholder role, being both equity holders and creditors. Those loans could be lost, because bankruptcy law requires their subordination in the event of bankruptcy. We therefore expect shareholder loans to mitigate agency problems of debt. This reduces the need for debt covenants and earnings smoothing. Moreover, the interest payments from shareholder loans tend to lower payout volatility which also reduces the need for dividend and earnings smoothing. We expect and find that private firms with shareholder loans exhibit significantly lower levels of earnings smoothing than other private firms. We find that with a 10 percentage-point increase in the shareholder loans to total assets ratio, earnings smoothing decreases by about 10% of the mean value. We also find that this substitution effect usually occurs in case of managerial ownership and tends to be slightly weaker in the event of dispersed ownership. The results are robust for different econometric specifications, including different measures of key variables and propensity score matching. The paper suggests that financial reporting by private firms responds to the dual stakeholder role of shareholder loans.

4

International Financial Reporting Standards and Private Firms’ Access to Bank Loans

Benjamin Balsmeier & Steven Vanhaverbeke

Department of Managerial Economics,Strategy and Innovation

Abstract: Prior research has focused on publicly listed firms when examining the economic consequences of adopting International Financial Reporting Standards (IFRS). This study extends the literature by examining the ability of private firms to attract bank loans through the use of IFRS. Based on firm-level data from 25 countries, we show that private firms that voluntarily use IFRS are associated with a higher propensity to attract debt from foreign banks. We find no such association when examining their relationships with domestic banks. Supplementary analyses show that the results are mainly driven by private firms operating in countries with strong regulatory enforcement. The findings suggest that, conditional on adequate enforcement, the use of IFRS provides useful information for foreign non-relationship banks.

5

The Information Content of Guidance and Earnings

Jonathan A. Milian

Jonathan A.Milina School of Accounting, florida International University, Miami, USA

Abstract: I compare the information content of quarterly earnings guidance and quarterly earnings by examining their associations with current and future stock returns when the two signals are bundled at earnings announcements. At the bundled announcement, I find a significantly stronger association between announcement returns and guidance news. From the day after the bundled announcement through the next earnings announcement, both signals generate abnormal return drifts of about 200 basis points. However, the timing of the post-announcement returns differs considerably. For guidance, about 50% of the post-announcement drift occurs at the next earnings announcement. In contrast, for earnings, about 20% of the preceding drift reverses at the next earnings announcement. Investor ignorance of the drift following guidance news coupled with a fixation on post-earnings announcement drift potentially explains this surprising difference in the timing of the post-announcement returns. Overall, this study indicates that bundled quarterly earnings guidance contains more information than quarterly earnings and that investors incorrectly overweight the earnings news and underweight the guidance news during the post-announcement period until the next earnings announcement.

6

Differential Weighting of Objective Versus Subjective Measures in Performance Evaluation: Experimental Evidence

Narisa Tianjing Dai, Xi (Jason) Kuang & Guliang Tang

Scheller College of Vusiness, Feorgia Institute of Technology, Atlanta, USA

Abstract: In this paper, we conduct two experiments to investigate how managers’ differential weighting of objective versus subjective measures affects their performance-evaluation decisions. Drawing on psychological theory, we predict that managers heuristically perceive objective measures to be more scientific than subjective measures. As a result, their performance-evaluation decisions are influenced more by objective measures than by subjective measures. Experimental results are consistent with our prediction. Supplemental analyses further support our theory by showing that participants do not perceive objective measures to be more important for performance evaluation nor do they perceive subjective measurement to be inappropriate. The implications of our findings for management accounting research and practice are discussed.

7

Blockholders’ Ownership and Audit Fees: The Impact of the Corporate Governance Model

Raúl Barroso, Chiraz Ben Ali & Cédric Lesage

Abstract: This paper examines how two prominent corporate governance models, namely the shareholder and stakeholder models, have different effects on the relation between agency conflicts and the supply, and demand of audit services. Shareholder (stakeholder) countries rely heavily on public (private) information to reduce information asymmetry for outside investors in the context of high (low) litigation risk. We expect audit fees to reflect the level of agency conflicts in shareholder countries as well as the needs for information of the major blockholders in stakeholder countries. Using a sample of 7982 firm-year observations from 19 countries, we find a U-shaped relation between controlling shareholding and audit fees for shareholder countries and an inverted U-shaped relation between controlling shareholding and audit fees for stakeholder countries. These results are consistent across different firm-level governance arrangements.

8

Addressing Unobserved Selection Bias in Accounting Studies: The Bias Minimization Method

Michael J. Peel

Accounting and Finance Section, Cardiff Business School, Cardiff University,Cardiff, UK

Abstract: This note explains the minimum-biased estimator (MBE), which accounting researchers can use to analyze the robustness of regression or propensity score-matched treatment estimates to unobserved selection (endogeneity) bias. Based on the principles of the Heckman treatment model, the MBE entails estimating matched treatment effects within a range of propensity scores that minimizes unobserved selection bias. A major advantage of the MBE is that an instrumental variable is not required. The potential utility of the MBE in accounting studies is highlighted, and a familiar empirical illustration is provided.

9

The Use of Hierarchical Linear Modeling to Address Lack-of-Independence in Empirical Auditing Research

Yu-Shan Chang, Yu-Jr Lin, Li-Lin (Sunny) Liu, Min-Jeng Shiue & Clark M. Wheatley

School of Accounting, Flprida International University, Miami, USA

Abstract:Prior empirical auditing research has typically used linear regression analysis to analyze auditor relationships. However, because audit firms, audit partners, and audit clients are nested and clustered, data on them lacks independence, and violates the assumptions necessary for valid tests using simple linear regressions. This deficiency can be overcome by employing the hierarchical linear modeling (HLM) technique to conduct empirical tests. We illustrate this by employing HLM to explain the relationship between audit quality and audit firm, and audit partner tenure. We show that employing HLM yields different results than those found using ordinary least squares.

本期编审人员

资料整理丨东北财经大学 在读会计硕士生  孙沛竹

执行编辑丨西安工业大学   在读会计本科生  贾琼

审核编辑 | 某会计师事务所审计师  万   通

终审 | 西北师范大学 在读会计硕士生  杨   阳

主编｜北京交通大学会计系博士生  水皮（李高波）

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