JAE 2001年文献综述
本期内容推送JAE期刊2001年经典文献综述。
Journal of Accounting and Economics
Volume 31, Issues 1–3, September 2001, Pages 3–75
1、The relevance of the value-relevance literature for financial accounting standard setting ☆
Robert W. Holthausenaa, Ross L. Wattsb
Abstract：In this paper we critically evaluate the standard-setting inferences that can be drawn from value relevance research studies that are motivated by standard setting. Our evaluation concentrates on the theories of accounting, standard setting and valuation that underlie those inferences. Unless those underlying theories are descriptive of accounting, standard setting and valuation, the value-relevance literature's reported associations between accounting numbers and common equity valuations have limited implications or inferences for standard setting; they are mere associations. We argue that the underlying theories are not descriptive and hence drawing standard-setting inferences is difficult.
Keywords：Accounting theory; Standard setting; Value relevance; Valuation
2、The relevance of the value relevance literature for financial accounting standard setting: another view ☆
Mary E Bartha, William H Beavera, , , Wayne R Landsmanb
Abstract：This paper explains that value relevance research assesses how well accounting amounts reflect information used by equity investors, and provides insights into questions of interest to standard setters. A primary focus of financial statements is equity investment. Other uses of financial statement information, such as contracting, do not diminish the importance of value relevance research. Value relevance questions can be addressed using extant valuation models. Value relevance studies address econometric issues that otherwise could limit inferences, and can accommodate and be used to study the implications of accounting conservatism.
Keywords：Standard-setting; Value relevance; Valuation
3、Capital markets research in accounting ☆
S.P Kothari
Abstract：I review empirical research on the relation between capital markets and financial statements. The principal sources of demand for capital markets research in accounting are fundamental analysis and valuation, tests of market efficiency, and the role of accounting numbers in contracts and the political process. The capital markets research topics of current interest to researchers include tests of market efficiency with respect to accounting information, fundamental analysis, and value relevance of financial reporting. Evidence from research on these topics is likely to be helpful in capital market investment decisions, accounting standard setting, and corporate financial disclosure decisions.
Keywords：Capital markets; Financial reporting; Fundamental analysis; Valuation; Market efficiency
4、Market efficiency and accounting research: a discussion of ‘capital market research in accounting’ by S.P. Kothari ☆
Charles M.C Lee
Abstract：Much of capital market research in accounting over the past 20 years has assumed that the price adjustment process to information is instantaneous and/or trivial. This assumption has had an enormous influence on the way we select research topics, design empirical tests, and interpret research findings. In this discussion, I argue that price discovery is a complex process, deserving of more attention. I highlight significant problems associated with a naı̈ve view of market efficiency, and advocate a more general model involving noise traders. Finally, I discuss the implications of recent evidence against market efficiency for future research.
Keywords：Market efficiency; Behavioral finance; Valuation; Fundamental analysis; Arbitrage; Rationality
5、Empirical research on accounting choice ☆
Thomas D Fieldsa, Thomas Z Lysb, , , Linda Vincentb
Abstract：We review research from the 1990s that examines the determinants and consequences of accounting choice, structuring our analysis around the three types of market imperfections that influence managers’ choices: agency costs, information asymmetries, and externalities affecting non-contracting parties. We conclude that research in the 1990s made limited progress in expanding our understanding of accounting choice because of limitations in research design and a focus on replication rather than extension of current knowledge. We discuss opportunities for future research, recommending the exploration of the economic implications of accounting choice by addressing the three different reasons why accounting matters.
Keywords：Capital markets; Accounting choice; Voluntary disclosure; Accounting judgments and estimates; Earnings manipulation
6、Discussion of empirical research on accounting choice
Jennifer Francis
Abstract：This discussion considers four aspects of the survey paper on empirical accounting choice research by Fields, Lys and Vincent: implications of the authors’ selection of an expansive definition of accounting choice and their decision to classify this research by managerial motives; implications of the authors’ decision to include implementation decisions in their definition of accounting choice; implications of the authors’ call for research on the consequences of accounting choice, including the costs of defective accounting choices and the benefits of superior choices; implications of the authors’ call for a reconsideration of research designs that explicitly consider groups of accounting choices.
Keywords：Accounting choice; Accounting judgments and estimates; Accruals; Voluntary disclosure
7、Empirical tax research in accounting ☆
Douglas A. Shackelforda, , , Terry Shevlinb
Abstract：This paper traces the development of archival, microeconomic-based, empirical income tax research in accounting over the last 15 years. The paper details three major areas of research: (i) the coordination of tax and non-tax factors, (ii) the effects of taxes on asset prices, and (iii) the taxation of multijurisdictional (international and interstate) commerce. Methodological concerns of particular interest to this field also are discussed. The paper concludes with a discussion of possible directions for future research.
Keywords：Taxes; Empirical tax research; Non-tax costs; Financial reporting costs; Tax capitalization
8、Empirical tax research in accounting: A discussion ☆
Edward L. Maydew
Abstract：This discussion reflects on the state and future of empirical tax research in accounting, complementing and extending the work of Shackelford and Shevlin ( J. Acc. Econom. 31/32 (2001)). Specifically, this discussion (1) examines the scope of Shackelford and Shevlin (J. Acc. Econom. 31/32 (2001)), (2) discusses what I view to be the main contributions and limitations in the extant tax research, and (3) charts several directions for future research.
Keywords：Taxes; Corporate taxes
9、Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature ☆
Paul M Healy, , Krishna G Palepu
Abstract：Financial reporting and disclosure are potentially important means for management to communicate firm performance and governance to outside investors. We provide a framework for analyzing managers’ reporting and disclosure decisions in a capital markets setting, and identify key research questions. We then review current empirical research on disclosure regulation, information intermediaries, and the determinants and economic consequences of corporate disclosure. Our survey concludes that current research has generated a number of useful insights. We identify many fundamental questions that remain unanswered, and changes in the economic environment that raise new questions for research.
Keywords：Reporting decisions; Voluntary disclosure
10、A review of the empirical disclosure literature: discussion ☆
John E Core
Abstract：Healy and Palepu, J. Account. Econ. (2001), this issue, provide a broad review of the empirical disclosure literature. This discussion focuses on the empirical voluntary disclosure literature, and assumes firms’ disclosure policies are endogenously determined by the same forces that shape firms’ governance structures and management incentives. This provides not only a more focused view of the literature, but also alternative explanations for some of the results discussed in Review and specific suggestions for future research.
Keywords：Disclosure; Information asymmetry; Cost of capital; Managerial incentives; Corporate governance
Journal of Accounting and Economics
Volume 32, Issues 1–3, Pages 1-434 (December 2001)
11、Contracting theory and accounting ☆
Richard A. Lambert
Abstract：This paper reviews agency theory and its application to accounting issues. I discuss the formulation of models of incentive problems caused by moral hazard and adverse selection problems. I review theoretical research on the role of performance measures in compensation contracts, and I compare how information is aggregated for compensation purposes versus valuation purposes. I also review the literature on communication, including models where the revelation principle does not apply so that nontruthful reporting and earnings management can take place. The paper also discusses capital allocation within firms, including transfer pricing and cost allocation problems.
Keywords：Incentives; Performance measurement; Aggregation; Resource allocation; Communication; Earnings management
12、Discussion of “Contracting theory and accounting”
Robert P. Magee1
Abstract：Professor Lambert provides a very useful synthesis of the major issues in managerial accounting and the insights that agency theory has provided on those issues. In this discussion, I highlight some of the limitations of these models in examining accounting measurement questions. Lambert calls for additional work in multiperiod contracting models, and I discuss some of the modeling choices that must be made in such work. Finally, I present some thoughts on the relation between contract models and empirical research.
Keywords：Contracting; Agency theory; Managerial accounting
13、Essays on disclosure ☆
Robert E. Verrecchia
Abstract：The purpose of this paper is two-fold. First, I attempt a taxonomy of the extant accounting literature on disclosure: that is, a categorization of the various models of disclosure in the literature into well-integrated topics. With regard to the taxonomy, I suggest three broad categories of disclosure research in accounting. The first category, which I dub “association-based disclosure”, is work that studies the effect of exogenous disclosure on the cumulative change or disruption in investors’ individual actions, primarily through the behavior of asset equilibrium prices and trading volume. The second category, which I dub “discretionary-based disclosure”, is work that examines how managers and/or firms exercise discretion with regard to the disclosure of information about which they may have knowledge. The third category, which I dub “efficiency-based disclosure”, is work that discusses which disclosure arrangements are preferred in the absence of prior knowledge of the information, that is, preferred unconditionally. Then, in the final section of the paper, I recommend information asymmetry reduction as one potential starting point for a comprehensive theory of disclosure. That is, I recommend information asymmetry reduction as a vehicle to integrate the efficiency of disclosure choice, the incentives to disclose, and the endogeneity of the capital market process as it involves the interactions among individual and diverse investors.
Keywords：Disclosure; Information asymmetry reduction; Cost of capital
14、An evaluation of “essays on disclosure” and the disclosure literature in accounting ☆
Ronald A. Dye
Abstract：This is a critique of “Essays on Disclosure” and the literature reviewed in “Essays”. The critique evaluates “Essays” in terms of its coverage of the relevant literature, its insightfulness, and its boldness in identifying future research areas. It also provides commentary on the strengths and weaknesses of several popular models in the literature. It concludes with a discussion of recent trends in the disclosure literature.
Keywords：Disclosures; Analytical models in accounting; Models of financial markets
15、Financial accounting information and corporate governance ☆
Robert M. Bushmana, , , Abbie J. Smithb
Abstract：This paper reviews and proposes additional research concerning the role of publicly reported financial accounting information in the governance processes of corporations. We first discuss research on the use of financial accounting in managerial incentive plans and explore future research directions. We then propose that governance research be extended to explore more comprehensively the use of financial accounting information in additional corporate control mechanisms, and suggest opportunities for expanding such research. We also propose cross-country research to investigate more directly the effects of financial accounting information on economic performance through its role in governance and more generally.
Keywords：Financial accounting; Corporate governance; Agency; Moral hazard; Compensation
16、Financial accounting and corporate governance: a discussion ☆
Richard G. Sloan
Abstract：Bushman and Smith (2001, this issue) provide a useful review of research on the role of accounting in management compensation contracts and an appealing future research agenda that builds on recent research using a cross-country approach. This paper rounds out their discussion by highlighting some limitations of their research agenda, providing a critical review of the contributions of accounting scholars to governance research and highlighting research opportunities on the role of financial accounting in governance mechanisms other than managerial incentive contracts.
Keywords：Corporate governance; Accounting; Contracting
17、Assessing empirical research in managerial accounting: a value-based management perspective ☆
Christopher D Ittner, , David F Larcker
Abstract：This paper applies a value-based management framework to critically review empirical research in managerial accounting. This framework enables us to place the exceptionally diverse set of managerial accounting studies from the past several decades into an integrated structure. Our synthesis highlights the many consistent results in prior research, identifies remaining gaps and inconsistencies, discusses common methodological and econometric problems, and suggests fruitful avenues for future managerial accounting research.
Keywords：Managerial accounting; Value-based management; Performance measurement
18、Conjectures regarding empirical managerial accounting research
Jerold L. Zimmerman
Abstract：The empirical managerial accounting literature has failed to produce a substantive cumulative body of knowledge. This literature has not matured beyond describing practice to developing and testing theories explaining observed practice, like other areas of accounting research. While the lack of publicly available data is a popular reason for this literature's underdeveloped state, it is not the only one. Other conjectures include: its inductive approach, researchers’ incentives, its use of non-economics-based frameworks, the lack of empirically testable theories, and its emphasis on decision making, not control.
Keywords：Empirical management accounting
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