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Review of Accounting Studies provides an outlet for significant academic research in accounting including theoretical, empirical, and experimental work. The journal is committed to the principle that distinctive scholarship is rigorous. While the editors encourage all forms of research, it must contribute to the discipline of accounting. The Review of Accounting Studies is committed to prompt turnaround on the manuscripts it receives.  For the majority of manuscripts the journal will make an accept-reject decision on the first round.  Authors will be provided the opportunity to revise accepted manuscripts in response to reviewer and editor comments; however, discretion over such manuscripts resides principally with the authors.  An editorial revise and resubmit decision is reserved for new submissions which are not acceptable in their current version, but for which the editor sees a clear path of changes which would make the manuscript publishable.

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Review of Accounting Studies

Volume 26-Issue4

December 2021

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一、目录

1.The power of firm fundamental information in explaining stock returns

2.The use of adjusted earnings in performance evaluation

3.Prepare for takeoff: improving asset measurement and audit quality with drone-enabled inventory audit procedures

4.Re-examining the impact of mandatory IFRS adoption on IPO underpricing

5.What moves stock prices around credit rating changes?

6.Does litigation change managers’ beliefs about the value of voluntarily disclosing bad news?

7.Buying products from whom you know: personal connections and information asymmetry in supply chain relationships

8.IAS 7 and value relevance: the direct method versus the indirect method

9.The value of board commitment

二、题目、作者、作者单位、关键词

1.The power of firm fundamental information in explaining stock returns

Shuai Shao

Zhejiang University, Zhejiang, China

Robert Stoumbos 

Columbia University, New York, NY, USA

X. Frank Zhang

Yale University, New Haven, CT, USA

Abstract：The literature shows that earnings have come to explain less stock price movement over time, suggesting that firm fundamental information has become less important. In this paper, we replace earnings with earnings announcement returns as a measure of firm fundamental news and find that these firm fundamentals have come to explain more price movement over time. In the years after 2003, earnings announcement returns explain roughly 20% of the annual return—almost twice as much as they did before, indicating that fundamental information has become more important, not less, in explaining stock returns. This pattern occurs for other forms of firm fundamental information. Collectively, the returns around earnings announcements, management guidance, analyst forecasts, analyst recommendations, and 8-K filings went from explaining 17% of annual returns on average in the late 1990s to 39% on average in the early 2010s. In exploring possible explanations for the increase in the explanatory power of fundamental information, we find evidence consistent with regulatory changes, such as new 8-K filing requirements and Sarbanes-Oxley, collectively making disclosures more informative.

Keywords：Earnings；Fundamental information；Stock returns

2.The use of adjusted earnings in performance evaluation

Asher Curtis

University of Washington, Seattle, WA, USA

Valerie Li 

San Diego State University, San Diego, CA, USA

Paige H. Patrick 

University of Illinois at Chicago, Chicago, IL, USA

Abstract：We document widespread adoption of adjustments to earnings for performance evaluation; 84% of our sample of S&P 1500 firms use adjusted earnings for bonus compensation. We find that the transactions removed from adjusted earnings vary widely and include both transitory and nontransitory items. We examine the determinants of using adjusted earnings and find some evidence that boards are more likely to contract using adjusted earnings when firms have high levels of intangible assets, more volatile earnings, CEOs with shorter tenures, CEOs who also act as board chairperson, or larger compensation committees or are reporting losses. We find that firms with an independent chairperson or lead director are less likely to contract using adjusted earnings. We examine the compensation consequences of the use of adjusted earnings and find that CEOs compensated on adjusted earnings are less likely to miss minimum bonus thresholds, are less likely to meet maximum bonus thresholds, and have higher overall bonus compensation, controlling for firm performance. Taken together, our analyses suggest that both managerial power and efficient contracting concerns explain the use of adjusted earnings in CEO compensation contracts.

Keywords：Adjusted earnings；Incentives；Compensation；Transitory items

3.Prepare for takeoff: improving asset measurement and audit quality with drone-enabled inventory audit procedures

Margaret H. Christ

University of Georgia, Athens, GA, USA

Scott A. Emett

Arizona State University, Tempe, AZ, USA

Scott L. Summers 

Brigham Young University, Provo, UT, USA

David A. Wood 

Brigham Young University, Provo, UT, USA

Abstract:Auditors increasingly employ technologies to improve audit quality. Using a design science approach, we examine whether using drones and automated counting software can improve audit quality and thus financial reporting. We assess three dimensions of audit quality—efficiency, effectiveness, and quality of documentation. We show that auditors can perform inventory counts with these technologies much more efficiently than they can with manual techniques, decreasing count time in our study from 681 h to 19 h. Similarly, auditors can maintain or improve audit effectiveness, decreasing error rates in our study from 0.15% to 0.03% while providing higher-quality audit documentation. Interviews with national-level partners and audit standard setters highlight impediments to adopting these technologies, including firm concerns about being first movers combined with inability of standard setters to provide guidance at a pace that matches the pace of technological development. Collectively, our results suggest that technology-enabled inventory audits can improve audit quality and further regulatory guidance on using such technologies would enhance adoption.

Keywords：Drones；Automated software；Inventory counting；Inventory；Design science

4.Re-examining the impact of mandatory IFRS adoption on IPO underpricing

Donal Byard

Baruch College, CUNY, New York City, NY, USA

Masako Darrough 

Baruch College, CUNY, New York City, NY, USA

Jangwon Suh 

New York Institute of Technology, New York City, NY, USA

Abstract:In the mid-2000s, the European Union adopted a number of regulatory reforms intended to increase transparency and disclosure for IPO firms, including mandating the use of International Financial Reporting Standards (IFRS). The reforms also included (1) adoption of the Prospectus Directive, which mandated increased IPO prospectus disclosures and (2) increased accounting enforcement. These new regulations apply only to IPOs listing on “EU-regulated” markets; firms admitted to trading on “exchange-regulated” markets are exempt. We examine the impact of these regulations on IPO firms. For firms listing on EU-regulated markets, we find no association between IFRS and IPO underpricing; however, we find a significant decrease in IPO underpricing associated with adoption of the Prospectus Directive in countries that also increased accounting enforcement. Further, we confirm that, after 2005, most IPOs on exchange-regulated markets went public using domestic accounting standards, not IFRS. Our findings suggest that mandatory IFRS adoption did not play a major role in reducing IPO underpricing and contrast sharply with prior results, which failed to account for IPOs on exchange-regulated markets. Our evidence highlights the importance of controlling for contemporaneous changes in regulations and details of the institutional setting before attributing major economic consequences to a switch from domestic accounting standards to IFRS.

Keywords：Mandatory IFRS adoption;IPO underpricing；European Union；Prospectus directive；EU-regulated market；Exchange-regulated market

5.What moves stock prices around credit rating changes?

Omri Even-Tov 

Haas School of Business, University of California, Berkeley, Berkeley, CA, USA

Naim Bugra Ozel

N. Jindal School of Management, University of Texas at Dallas, Richardson, TX, USA

The Wharton

School, University of Pennsylvania (Visiting), 3620 Locust Walk, Suite 1314, Philadelphia, PA, 19104, USA

Abstract:Using monthly and multi-day return windows, research shows that credit rating downgrades often reveal new information and lead to significant stock price reactions but that upgrades do not. Using intraday data, we revisit these findings and extend them by examining the possibility of informed trading ahead of the announcement of credit rating changes. Credit rating agencies delay public announcements of rating changes to provide issuers with time to review and respond to rating reports, which opens the door for informed trading in advance of credit rating changes. Using data on rating changes from S&P, Moody’s, and Fitch, we find a more modest price reaction to rating downgrades than documented elsewhere and show that stock prices respond to changes in long-term issuer ratings but not to changes in ratings of a single instrument or a subset of instruments. Most interestingly, we find that prices start moving before a downgrade announcement, controlling for other news and investor anticipation. These pre-announcement movements are concentrated among observations where credit analysts are motivated to disclose private information to advance their careers. The beneficiaries of these disclosures appear to be institutional investors.

Keywords：Credit ratings；Intraday timing；Corporate news；Investor anticipation；Informed trading；Institutional trading

6.FSA in an ETF world

Russell J. Lundholm

Sauder Business School, University of British Columbia, Vancouver, Canada

Abstract:This paper models the value of conducting financial statement analysis (FSA) in the presence of an electronically traded fund (ETF) that gives exposure to the firm’s systematic value. FSA is characterized as a costly process that yields a private signal about the idiosyncratic portion of a firm’s future payoffs. The value of this signal depends on how efficiently price transmits information to uninformed traders. A popular argument is that ETFs are attracting noise traders away from the underlying firm, making prices more informative and private information less valuable. While I find that prices are more informative after the introduction of an ETF, I show that this isn’t because of a change in the amount or location of noise trading. Holding noise trading constant, ETFs allow informed investors to hedge out exposure to the portion of firm value that they are uninformed about, which causes them to place larger bets on their private information. This is what causes firm prices to be more informative. The introduction of an ETF into an economy thus presents two competing forces on the value of conducting FSA. On the one hand, prices are more informative after the arrival of an ETF, making private information less valuable, but on the other, informed traders can use the ETF to hedge, making private information more valuable. I characterize how these forces trade off as a function of the exogenous noise in the economy. These results are unavailable in previous theoretical papers about ETFs, because they modeled investors as being risk neutral, thus eliminating their desire to hedge out uncertainty.

Keywords：Financial statement analysis；Electronically traded funds；Value of information

7.Does litigation change managers’ beliefs about the value of voluntarily disclosing bad news?

Mary Brooke Billings

New York University, 44 West Fourth Street, New York, 10012, NY, USA

Matthew C. Cedergren 

500 El Camino Real, Santa Clara University, Santa Clara, 95053, CA, USA

Svenja Dube

Fordham University, 140 W 62nd St, New York, 10023, NY, USA

Abstract:Research suggests that earnings-disclosure-related litigation causes managers to reduce subsequent disclosure, perhaps stemming from a belief that even their good faith disclosures will cause them trouble. This paper considers unexplored dimensions of disclosure and alternative channels of disclosure to provide additional evidence that speaks to how litigation shapes managers’ disclosure strategies. Consistent with Skinner (1994)’s classic legal liability hypothesis, we find that, while managers reduce and delay forecasts of positive earnings news following litigation, they increase the frequency and timeliness of their bad news forecasts. Moreover, many managers who were nonguiders prior to facing legal scrutiny begin guiding following litigation. Managers also maintain (if not increase) the information they provide via press releases and during conference calls following litigation. Supporting the notion that managers use disclosure to walk down expectations, additional analyses document an increase in the likelihood that lawsuit firms report earnings that beat consensus forecasts in the post-lawsuit period. Collectively, our evidence suggests that following litigation managers continue to view disclosure as a valuable tool that shapes their firms’ information environments and reduces expected legal costs. In so doing, it supports an important alternative viewpoint of how firms respond to litigation as well as the effectiveness of litigation as a disciplining mechanism.

Keywords：Voluntary disclosure；Litigation risk；Class action lawsuits；Earnings guidance

8.Buying products from whom you know: personal connections and information asymmetry in supply chain relationships

Ting Chen, 

College of Management, University of Massachusetts Boston, Boston, MA, USA

Hagit Levy, 

Zicklin School of Business, Baruch College & UTSC, New York, NY, USA

Xiumin Martin 

Olin School of Business, Washington University in St. Louis, St. Louis, MO, USA

Ron Shalev

Rotman School of Management & UTSC, University of Toronto, Toronto, Canada

Abstract:This study investigates the role personal connections play in a crucial element of the supply chain—supplier selection. We find that the likelihood that a potential supplier (hereafter, a vendor) is selected to be an actual supplier (hereafter, supplier) increases when personal connections between executives of the vendor and the customer exist. The magnitude of the effect varies predictably across management ranks and positions and is stronger when information asymmetries between a vendor and a customer are high. Conditioning on the existence of a supply-chain partnership, a departure of a personally connected executive prompts the termination of the supply-chain relationship more often than a departure of an unconnected executive. Additional analyses show personal connections are associated with less restrictive procurement contracts and with improved customer performance after the formation of a supply-chain relationship. Overall, our study highlights the role of personal connections in reducing information asymmetry and improving operating efficiency in the supply chain.

Keywords:Personal connections;Supplier selection;Supply chain;Information asymmetry

9.IAS 7 and value relevance: the direct method versus the indirect method

Richard Kent

University of Michigan, 4901 Evergreen Rd, Dearborn, MI, 48128, USA

Jacqueline Birt

The University of Western Australia, Crawley, 6009, Australia

Abstract:We identify and predict circumstances where the direct method statement of cash flows is expected to provide more value relevant information to financial statement users. We predict the direct method is more informative when earnings are of lower quality (earnings are less permanent or companies report losses), companies are in a more stable state (proxied by small absolute changes in accruals/operating cash flow), and when cash flows/accruals are measured with more error using the indirect method. Direct method disclosure is also predicted to be more useful for small companies, where investors have fewer alternative sources of information beyond financial statements. We analyze Australian companies because they are required to report the direct and indirect method, and we further decompose the sample into industrial, mining, and company size to account for unique features of the Australian market. Our results are consistent with our predictions. This suggests the indirect method is as informative as the direct method on average but the direct method incrementally informs stock returns in specific circumstances. We also identify operational factors that significantly increase estimation error when estimating direct method line items for cash receipts and cash payments.

Keywords：Cash flows；Direct method；Indirect method；Value relevance

10.The value of board commitment

Tim Baldenius

Columbia Business School, New York, NY, USA

Xiaojing Meng  

NYU Stern School of Business, New York, NY, USA

Lin Qiu

Faculty of Business and Economics, University of Hong Kong, Pok Fu Lam, Hong Kong

Abstract:Boards can learn about the environment of their firms through information gathering and communicating with the CEO. In the post-Sarbanes-Oxley environment, some boards have taken steps to shape the communication more proactively by committing to decision rules, such as spending limits, before eliciting a report from the CEO. All else equal, such commitment power on the part of the board improves its communication with the CEO. However, taking into consideration the endogeneity of board composition/bias, we show that the board’s commitment power may in fact impede such communication, in equilibrium, by prompting the shareholders to appoint a more antagonistic board. We identify other cases where, in equilibrium, the board’s commitment power does foster communication, but ultimately reduces shareholder value, because the improved information flow dampens the board’s effort incentives. We discuss applications of our model to board staggering.

Keywords:Corporate governance;Board of Directors;Strategic communication

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