The Journal of Accounting Research 2024年第2期论文 目录与摘要

01 Occupational Licensing and Minority Participation in Professional Labor Markets

ANDREW G. SUTHERLAND,  MATTHIAS UCKERT,  FELIX W. VETTER

02 Bank Supervision and Organizational Capital: The Case of Minority Lending

BYEONGCHAN AN,  ROBERT BUSHMAN,  ANYA KLEYMENOVA,  RIMMY E. TOMY

03 The Real Effects of Supply Chain Transparency Regulation: Evidence from Section 1502 of the Dodd–Frank Act

BOK BAIK,  OMRI EVEN-TOV,  RUSSELL HAN,  DAVID PARK

04 The Impact of Credit Market Development on Auditor Choice: Evidence from Banking Deregulation

GUS DE FRANCO,  YUYAN GUAN,  YIBIN ZHOU,  XINDONG ZHU

05 Payment Practices Transparency and Customer-Supplier Dynamics

JODY GREWAL,  ADITYA MOHAN,  GERARDO PÉREZ-CAVAZOS

06 How Does Management Voluntary Disclosure Behavior Influence Auditors’ Judgments?

SEAN M. HILLISON,  KAMBER D. VITTORI

07 Earnings News and Over-the-Counter Markets

STEFAN J. HUBER,  CHONGHO KIM,  EDWARD M. WATTS

08 Wrong Kind of Transparency? Mutual Funds’ Higher Reporting Frequency, Window Dressing, and Performance

XIANGANG XIN,  P. ERIC YEUNG,  ZILONG ZHANG

09 Treatment of Accounting Changes and Covenant Violation Errors

CHUNMEI ZHU

Title：

Occupational Licensing and Minority Participation in Professional Labor Markets

Author：

ANDREW G. SUTHERLAND,  MATTHIAS UCKERT,  FELIX W. VETTER

Abstract：

We examine the staggered adoption of additional educational requirements (“150-hour rule”) for Certified Public Accountants (“CPAs”) to understand the effects of occupational licensing on minority participation in professional labor markets. The 150-hour rule increased the educational requirement for CPAs from 120 to 150 credit hours, effectively adding a fifth year of study. We find a 13% greater entry decline following the requirement's enactment for minority than nonminority CPA candidates. Our analyses of parental income and financial aid availability point to a socioeconomic status channel explaining the differential entry declines. Studying exam passing patterns, professional misconduct, and job postings we find a deterioration, or at best, no change in CPA quality following enactment.

Title：

Bank Supervision and Organizational Capital: The Case of Minority Lending

Author：

BYEONGCHAN AN,  ROBERT BUSHMAN,  ANYA KLEYMENOVA,  RIMMY E. TOMY

Abstract：

We investigate whether improvements in banks' organizational capital and control systems facilitate increased loan origination to minority borrowers. We focus on bank supervisors' enforcement decisions and orders (EDOs) against banks and hypothesize that EDO-imposed improvements in loan policies, internal governance, and employee training mitigate deficiencies in credit assessments and lending decisions that previously disadvantaged minority borrowers. We find that mortgage origination to minority borrowers increases following the resolution of EDOs, and more so for banks with stricter supervisors or more severe EDOs. Using a semisupervised machine learning method to analyze the text of EDOs, we find that such increases are higher for EDOs specifying revisions of loan policies, implementation of formal internal governance procedures, or more employee training. Overall, we find that EDO-driven improvements in organizational capital generate unintended, positive social externalities that enhance access to credit for minority borrowers.

Title：

The Real Effects of Supply Chain Transparency Regulation: Evidence from Section 1502 of the Dodd–Frank Act

Author：

BOK BAIK,  OMRI EVEN-TOV,  RUSSELL HAN,  DAVID PARK

Abstract：

Section 1502 of the Dodd–Frank Act requires SEC-registered issuers to conduct supply chain due diligence and submit conflict minerals disclosures (CMDs) that indicate whether their products contain tantalum, tin, tungsten, or gold (3TG) sourced from the Democratic Republic of the Congo (DRC) or its neighboring countries (“covered countries”). Consistent with the reputational cost hypothesis, we find that heightened public attention to CMDs increases responsible sourcing. After Section 1502 takes effect, we find higher demand for 3TG products processed in certified smelters, decreased conflicts in covered countries’ mining regions relative to other regions, and reduced sensitivity of conflict risk to conflict minerals’ price spikes. Finally, we find that conflicts decrease in Eastern DRC territories with prevalent 3T (tantalum, tin, and tungsten) mines but increase in territories with prevalent gold mines. Overall, our findings highlight the real effects of enhanced supply chain transparency regulation.

Title：

The Impact of Credit Market Development on Auditor Choice: Evidence from Banking Deregulation

Author：

GUS DE FRANCO,  YUYAN GUAN,  YIBIN ZHOU,  XINDONG ZHU

Abstract：

We exploit the staggered state-level adoption of the Riegle-Neal Interstate Banking and Branching Efficiency Act (IBBEA) to examine how banking deregulation and the resulting increase in bank competition affect firms’ auditor choices. We find that an exogenous increase in the degree of interstate branch banking deregulation leads to a reduction in firms’ propensity to engage a Big N or industry expert auditor. This main result, when combined with our cross-sectional analyses, offers evidence suggesting that deregulation leads to less demand for higher quality auditors because (1) firms have increased access to credit, which reduces the benefits of higher audit quality; (2) entering banks’ lending expertise substitutes for higher quality financial statements; (3) incumbent banks with less lending expertise seek to protect their rents by preferring that borrowers provide lower quality financial statement information; and (4) external stakeholders delegate their monitoring to banks to a greater degree, resulting in less demand for higher quality financial statements. As such, our study sheds light on how theU.S.credit market's infrastructure shapes firms’ auditor choice decisions.

Title：

Payment Practices Transparency and Customer-Supplier Dynamics

Author：

JODY GREWAL,  ADITYA MOHAN,  GERARDO PÉREZ-CAVAZOS

Abstract：

We exploit the introduction of the Payment Practices Disclosure Regulation in the United Kingdom (UK) to examine the effects of mandating disclosure of customer-supplier payment practices. We find that nondisclosing small and medium-sized enterprises (SMEs) experience a reduction in their accounts receivable by 8.3%, consistent with an acceleration of their trade credit collections. Further, SMEs exhibit fewer financial constraints after the regulation. We survey managers from large firms and SMEs to understand the underlying mechanisms. The required disclosures raise large firms’ reputational concerns and shift the bargaining power between large firms and SMEs. Additionally, the new disclosures compel executives at large firms to scrutinize their own firms’ payment practices, leading to increased accountability and a stronger focus on timely payment among senior managers.

Title：

How Does Management Voluntary Disclosure Behavior Influence Auditors’ Judgments?

Author：

SEAN M. HILLISON,  KAMBER D. VITTORI

Abstract：

Forward-looking information, often used by auditors to evaluate complex estimates and form conclusions about going-concern audit report modifications, is commonly disclosed voluntarily byU.S.public companies. We experimentally examine how this disclosure behavior affects auditors’ skepticism toward such information. Prior research has shown that investors and analysts frequently interpret voluntarily disclosed forward-looking information as credible. We demonstrate that auditors, in contrast, exhibit greater skepticism toward forecasted information that has been voluntarily disclosed (vs. mandatorily disclosed or held privately) because of their reduced trust in management, even when the forecasts align with prior year trends (vs. being more optimistic). Our results suggest that a manager's decision to disclose, rather than the disclosure content itself, leads to increased auditor skepticism. Our findings have implications not only for audit outcomes, but also for manager disclosure behavior, as increased auditor scrutiny could discourage future voluntary disclosure.

Title：

Earnings News and Over-the-Counter Markets

Author：

STEFAN J. HUBER,  CHONGHO KIM,  EDWARD M. WATTS

Abstract：

We document significant increases in bond market liquidity around earnings announcements. These increases are attributed to decreased search and bargaining costs, which arise from the over-the-counter (OTC) nature of bond markets and outweigh increases in information asymmetry during these periods. Our evidence traces reductions in search and bargaining costs to two sources around earnings announcements: (1) improved access to dealers and (2) increased participation from institutional investors, who can more easily transact with multiple dealers. Overall, our findings highlight a novel channel through which firm-specific information affects asset prices.

Title：

Wrong Kind of Transparency? Mutual Funds’ Higher Reporting Frequency, Window Dressing, and Performance

Author：

XIANGANG XIN,  P. ERIC YEUNG,  ZILONG ZHANG

Abstract：

This study examines whether mandatory increase in reporting frequency exacerbates agency problems. Utilizing the setting of the 2004 SEC mandate on increased reporting frequency of mutual fund holdings, we show that increased reporting frequency elevates window dressing (buying winners or selling losers shortly before the end of the reporting period). This effect is driven by low-skill fund managers’ incentives to generate mixed signals. Funds managed by low-skill managers experience lower returns, more outflows, and a higher collapse rate when their window dressing is elevated after the 2004 rule change. These results suggest that, although higher reporting frequency on agents’ actions can exacerbate signal manipulations, the related manipulation costs improve sorting among agents in the longer term.

Title：

Treatment of Accounting Changes and Covenant Violation Errors

Author：

CHUNMEI ZHU

Abstract：

GAAP provisions in loan contracts specify how to address the effect of accounting changes on financial covenants. I document a pronounced upward trend in and the dominance of frozen-on-request (FOR) GAAP provisions, which incorporate accounting changes unless either the borrower or the lender requests a freeze. FOR GAAP streamlines the process of incorporating accounting changes into covenant calculations by obviating the need for renegotiations and prevents opportunistic GAAP freezes by requiring good faith renegotiations. Therefore, FOR GAAP is more likely to incorporate accounting changes beneficial to covenant informativeness, leading to lower false positives (i.e., Type I errors of financial covenant violations) and false negatives (i.e., Type II errors of financial covenant violations). Based on a large sample of loan contracts, I find that FOR GAAP decreases false positives and false negatives after controlling for self-selection bias and that the decrease is more pronounced when accounting changes relevant to financial covenants are more significant. My study provides new evidence of the role accounting standards and GAAP provisions play in debt contracting efficiency.

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