The Mediation Effect of Self-Esteem on Weight and Earnings

Prior research has consistently documented a weight-related earnings penalty for females. However, there is debate concerning the existence of a similar wage penalty for men, with many studies having found no statistically significant effect. Prior research has also found a wage penalty associated with lower self-esteem. Drawing data from the 1979 cohort of the National Longitudinal Survey of Youth, we refine the empirical relationship among self-esteem, wages, and weight. Implementing mediation models, our results suggest men face an obesity wage penalty, but the penalty is characterized through a persistent decrease in self-esteem when relatively young which leads to lower wages as adults. In contrast, the obesity wage penalty for females is not mediated through lower self-esteem and is likely the result of factors related to contemporaneous body weight.

     

The Effect of Audit Quality on Earnings Management*

This study examines the relation between audit quality and earnings management. Consistent with prior research, we treat audit quality as a dichotomous variable and assume that Big Six auditors are of higher quality than non-Big Six auditors. Earnings management is captured by discretionary accruals that are estimated using a cross-sectional version of the Jones 1991 model. Prior literature suggests that auditors are more likely to object to management's accounting choices that increase earnings (as opposed to decrease earnings) and that auditors are more likely to be sued when they are associated with financial statements that overstate earnings (as compared to understate earnings). Therefore, we hypothesize that clients of non-Big Six auditors report discretionary accruals that increase income relatively more than the discretionary accruals reported by clients of Big Six auditors. This hypothesis is supported by evidence from a sample of 10,379 Big Six and 2,179 non-Big Six firm years. Specifically, clients of non-Big Six auditors report discretionary accruals that are, on average, 1.5-2.1 percent of total assets higher than the discretionary accruals reported by clients of Big Six auditors. Also, consistent with earnings management, we find that the mean and median of the absolute value of discretionary accruals are greater for firms with non-Big Six auditors. This result also indicates that lower audit quality is associated with more “accounting flexibility”.     

技术背景CEO对企业盈余平滑的影响研究

基于 2007-2019 年我国 A 股上市公司面板数据,考察了技术背景 CEO 对企业盈余平滑的影响。研究发现：技术背景 CEO 能够提高盈余平滑程度,其盈余平滑的动机表现为信息主义属性,在方式选择上倾向于真实盈余平滑。研究进一步从创新活动、CEO 能力、信息不对称以及投资者期望四个方面对技术背景 CEO 影响盈余平滑的机制进行分析,并探讨了盈余平滑的经济后果。研究结论深化了对 CEO 专业背景如何影响企业财务策略的理解,丰富了企业盈余平滑的影响因素和经济后果的研究。     

Impact of Credit Accessibility on the Earnings of Self-employed Businesses in India

The study assesses the impact of credit accessibility on the earnings of self-employed small businesses in India. Using unincorporated non-agricultural enterprises survey data provided by National Survey Sample Organisation (NSSO) on the Indian economy for the year 2015-16, the paper shows that access to credit augments earnings of self-employed businesses. The paper also separately shows the impact of credit availed from formal and informal lending agencies on self-employment earnings. Interestingly, we observe that both these lending agencies have a positive impact, even though the terms and conditions are not favourable in the informal market. Based on our findings we suggest for creation of informal-formal credit linkage programme akin to that of SHG bank linkage programme in which enterprises that do not possess accessibility to formal sources due to absence of collateral can also get formal credits through informal lenders at favourable terms and conditions.     

The Effect of Nativity, Ethnicity and Race on the Earnings of Cape Verdean Americans

This paper estimates the net effects of nativity, ethnicity and race on the earnings of Cape Verdean Americans, a small, Afro-European group who speak a Portuguese-based Creole. While in their homeland, most Cape Verdeans identify as mestiço, but in America they are usually perceived as black. The data come from the 2000 US Census and the American Community Survey (2000–2007); Native Born Non-Hispanic Whites and African Americans serve as benchmarks. The results show that, controlling for pre-migration education, foreign birth is not a handicap; indeed, for women it is an advantage. Ethnicity too is never a handicap and occasionally an advantage. Race, on the other hand, penalizes males. Native born Cape Verdean men who identify as “Other”, “Black Other” or “Black” earn significantly less than NBNH Whites. On the other hand, regardless of racial identity, Native born Cape Verdean women earn at least as much as NBNH Whites. Finally, one subgroup of native born Cape Verdean men and women, those who identify racially as “Black”, earn slightly more than African Americans.     

The Effect of Investor Status on Investors' Susceptibility to Earnings Fixation

This study investigates whether an individual's status as a current or a prospective investor affects the investor's susceptibility to earnings fixation and proposes a mechanism to reduce earnings fixation. Our experimental results suggest that current investors are more susceptible to earnings fixation than prospective investors, and that current investors can reduce earnings fixation by explicitly forecasting future earnings as part of their evaluation process. We provide theory‐consistent evidence that current investors' prevention focus makes them elevate the importance of summary earnings in their evaluation of a company. However, after forecasting future earnings, current investors view summary earnings as only one of several similarly important evaluation inputs rather than as one substantially more important input (relative to its components). Our study contributes to research on earnings fixation and investor status. We also contribute to practice by documenting the moderating effect of investor status on earnings fixation and by identifying a simple mechanism that current investors can use to reduce their susceptibility to earnings fixation.     

在线评论中的属性不一致性对产品销售的影响

在线评论是影响消费者购买的重要决定因素之一,比广告和专家推荐更值得消费者信赖。已有文献分析了在线评论的数量、星级或正负偏向以及观点的异质性等整体层面信息对产品销售的作用。然而,在线评论中包含的大量产品属性层面信息却没有被学者们关注。与整体层面信息一样,属性评论也会被消费者所接收和利用。文章基于信息加工理论,探讨了产品属性评论是否以及如何影响产品销售。实证检验了146部电影的75003条评论,结论表明：对于生产成本低、延伸型或高竞争市场上的产品,如果各项属性的评分的不一致性越高,其销售越高;对于生产成本高或低竞争市场上的产品,如果各项属性的评分越一致均等,其销售越高。     

The Effect of Corporate Merger Transactions on the Information Content of Earnings Announcements*

Abstract. This study develops and tests the proposition that corporate merger transactions give rise to changes in the association between firm accounting earnings and security returns. A model of the effect of merger transactions on stock price responses to information releases suggests that the earnings response coefficient of a postmerger entity is a weighted average of the earnings response coefficients of the combining firms, with the weights depending on relative earnings variability of the combining firms. Empirical results, based on a sample of 90 mergers completed over a 12-year period, are consistent with the model. Résumé. L'auteur élabore et vérifie une proposition selon laquelle les opérations de fusion donnent lieu à des changements dans la relation entre les bénéfices comptables de l'entreprise et le rendement de ses titres. Selon le modèle de l'incidence des opérations de fusion sur la réaction du cours des valeurs mobilières à la communication d'information, le coefficient de réaction des bénéfices d'une entité résultant d'une fusion est la moyenne pondérée des coefficients de réaction des bénéfices des entreprises qui fusionnent, les pondérations dépendant de la variabilité relative des bénéfices des entreprises constituantes. Les résultats empiriques, fondés sur un échantillon de 90 fusions s'échelonnant sur une période de plus de 12 ans, confirment la validité du modèle.     

企业社会责任对盈利质量的影响机理——媒体治理的调节作用

国民经济高质量发展需要高质量企业的助推,高质量的盈利是企业健康发展的基石。企业作为利益相关者资本投入的共生系统,其高质量的盈利依赖于企业对利益相关者的责任履行。现有研究中,关于企业对利益相关者的责任履行能否为自身带来经济回报的问题仍没有得出一致结论,且仅关注盈利数量,缺乏企业社会责任（CSR）对盈利质量的影响研究。针对这两个问题,细分CSR维度、区分企业异质性,研究CSR对盈利质量的影响关系及媒体治理在二者间的调节作用。研究结果表明：（1）对于样本总体,CSR对盈利质量具有显著的正向影响,并且媒体治理在二者间的影响关系中具有显著的正向调节作用,细分到对员工、供应商和消费者、环境的CSR维度,结论依然成立。（2）异质性检验发现：与国有企业相比,非国企CSR总体对盈利质量的正向影响更强,主要体现于对员工、供应商和消费者、环境的CSR维度。与非重污染行业相比,重污染行业CSR总体对盈利质量的正向影响更强,主要体现于对股东、供应商和消费者、社会的CSR维度。该研究结论可为企业的CSR战略决策过程提供理论依据和实践指导。     

Impact of Allowing Sunday Alcohol Sales in Georgia on Employment and Hours

Differential timing across counties of the removal of restrictions on Sunday alcohol sales in the state of Georgia is used to determine whether the change had an impact on employment and hours in the beer, wine, and liquor retail sales industry. A triple‐difference (DDD) analysis finds significant relative increases in average weekly hours in the treated industry, but no significant impact on employment. We speculate regarding the forces behind the positive DDD result and conclude that the change in regulation likely lowered profits for affected liquor stores. This would explain why store owners were vocal opponents to restriction removal.     

The Effect of Short Selling on Market Reactions to Earnings Announcements*

This paper examines the effect of the inherent demand implied by short interest by studying how stock price reactions to earnings announcements depend on the level of short interest. We find that, for extreme good and bad news events, the inherent demand increases stock prices around the earnings announcement date, with the effect being stronger for good news relative to bad news. Specifically, the initial market reaction to an extreme positive earnings surprise is larger for firms with high levels of short interest. On the other hand, for an extreme negative earnings surprise event, the initial market reaction is less negative for heavily shorted firms. Furthermore, we find that the post‐earnings‐announcement drift is smaller (larger) in magnitude for extreme positive (negative) earnings surprises for the heavily shorted firms.     

CEO和CFO任期交错对盈余管理的影响

以高阶梯队理论为基础,分析任期交错的影响,运用创业板上市公司2012-2014经验数据进行检验,结果表明CEO和CFO任期交错与盈余管理程度存在显著的负相关关系,因此CEO和CFO任期交错能够抑制公司的盈余行为,据此提出为提高上市公司会计信息披露质量,应避免CEO和CFO长期共事。     

牛鞭效应研究现状与趋势:一个文献综述

供应链中牛鞭效应的存在会导致供应链巨大的效率损失,因此多年来一直受到人们的广泛关注,相关文献很多,最近十年来,此领域的研究更加系统、细化和丰富。文章首先简要回顾牛鞭效应研究的里程碑事件,然后从传统牛鞭效应和非传统牛鞭效应两个方面对近年来牛鞭效应研究进行了文献综述,总结牛鞭效应研究的特点及最新趋势。     

供应链网络系统牛鞭效应的有限时间控制

文章主要讨论供应链网络系统牛鞭效应的有限时间控制策略问题。首先,构建了不确定环境下供应链库存网络系统状态转移模型;其次,运用有限时阃稳定性理论,结合线性矩阵不等式方法,对供应链库存网络系统进行有限时间稳定性分析：再次,基于得到的稳定性结果,设计出使得供应链库存网络系统有限时间稳定的控制策略;最后,数值例子表明有限时间控制策略的有效性。