信息披露监管的有效性研究

信息披露监管强调市场自律,被认为是提高市场效率和保护投资者利益的有效监管工具之一,而次贷危机则暴露出现代金融体系中信息披露监管的有效性大幅下降。现代金融体系中复杂的金融创新工具和投机性操作使得资产价格频繁波动、市场的不确定性增强,经济主体更多地受非理性行为因素的影响做出决策选择。市场参与者过度地承担风险是造成次贷危机的主要原因。监管当局应该转变监管范式,研究市场主体的非理性行为,进一步完善市场自律机制的同时,加强对市场非理性行为的监管。     

Corporate Social Responsibility: The Link Between Sustainability Disclosure and Sustainability Performance

This paper explores the relation between sustainability performance and sustainability disclosure within the Australian extractive industries. The study utilizes Ullmann's (1985) stakeholder framework, which depicts sustainability disclosure and performance as two components of management strategy for dealing with stakeholder demands. Consistent with this framework, we predict a positive performance–disclosure relation. Extending prior research that has utilized problematic environmental performance indices such as CEP indices or toxic emissions levels, we develop a sustainability performance index based on the International Finance Corporation's Measuring Sustainability Framework (2001). Using data from 339 mining and energy firms listed on the Australian Securities Exchange in 2006, we find that corporate sustainability performance is strongly associated with disclosure as expected. Sustainability disclosure is also greater for firms with a proactive communication strategy as manifested through press release activity. Finally, asset age and firm size are both positively associated with sustainability, consistent with predictions from the stakeholder framework.     

A Preliminary Analysis of SASB Reporting: Disclosure Topics,Financial Relevance,and the Financial Intensity of ESG Materiality

At the end of 2018, the Sustainability Accounting Standards Board (SASB) released its corporate reporting standards for material environment, social, and governance (ESG) issues. These SASB standards are analogous to FASB's but deal with ESG activities that help the companies create value over the long term and have been endorsed by large asset management firms such as BlackRock. The authors analyze the quality of ESG reporting by the 91 companies that adopted SASB's framework. While the number of such companies is still small, their results are encouraging, an indication of better things to come. Using three measures of effectiveness, Disclosure Topic Compliance Index (DTCI), Financial Relevance Compliance Index (FRCI), and Financial Intensity Compliance Index (FICI), the authors found that most companies are doing a good to very good job of reporting and companies tend to focus on measures with the highest financial relevance. Scores on these three measures were similar across industry sectors except for a few cases where the DTCI score is low. They presented cases of three SASB standard companies: 1) Sunrun, a residential solar panel company that uses some hazardous materials, 2) Suncor, an integrated oil and gas company, and 3) Target, a retail company in a highly competitive industry needing to keep costs low while also managing an extensive supply chain responsibly. These 91 companies have demonstrated that reporting according to SASB standards can be done well. This success should encourage other companies to follow and the authors offer a seven‐step process to adopt SASB standards.     

The Effectiveness of Regulation Fair Disclosure: Evidence from an Emerging Market

The effect of corporate disclosure in emerging markets is not clearly predictable because of the prevalent information leakage prior to disclosure. We empirically examine the effectiveness of Regulation Fair Disclosure (Reg FD) in reducing information asymmetry among equity traders in an emerging market. Specifically, we test whether fair disclosure activity is negatively related to the probability of informed trading (PIN). Multivariate tests on a sample of listed companies in Korea subject to Reg FD reveal the following: (1) more frequent disclosure under Reg FD is related to lower information asymmetry, and (2) this relation differs across the types of disclosure, with the effect of qualitative disclosures on the PIN being weaker than that of quantitative disclosures. Evidence also indicates that the negative association between fair disclosure activities and information asymmetry is more (less) pronounced for firms with poorer (better) information environments where selective information leakage is more (less) likely. The results are robust to sensitivity tests. Our findings have implications for disclosure regulations in emerging markets, given that the existing literature casts doubt on the effectiveness of corporate disclosure in such markets.     

Sustainability Risk Disclosure Practices of Listed Companies in Australia

This paper investigates the extent to which the top 100 ASX listed companies disclosed economic, environmental and social sustainability risk factors during the 2014/15 financial year in light of the changes introducing Recommendation 7.4 to the third edition of the Corporate Governance Principles and Recommendations in 2014. While all companies complied with the Recommendation, questions of substance over form were raised because some companies had risks that were not disclosed according to Recommendation 7.4. Our conclusion outlines how this research contributes to the growing literature on sustainability and corporate governance. We add to the continuing debate on mandatory versus voluntary disclosures, advocating that Australia may need to introduce mandatory guidelines, beyond the ASX, to regulate the disclosure of material economic, environmental and social risks. Additionally, we conclude that Recommendation 7.4 is unlikely to substantially change Australian corporate reporting and disclosure practices – that, for most companies, it is ‘business as usual’. However, under business as usual, we can naturally expect to see further increases in sustainability and alternative reporting frameworks, such as integrated reporting, as well as increasing use of the Internet to report and disclose sustainability risks.     

上市公司非经常性损益信息及其披露监管有效性研究

在上市公司的盈余中,非经常性损益往往成为其重要的组成部分,导致会计盈余信息可靠性降低,影响投资者的有效决策。证券监管机构作为证券市场管理者,从证券市场和投资者的角度出发,对上市公司的非经常性损益披露进行规范,并不断修订相关信息的披露规范,缩小该信息的可操作空间,以遏制这种行为。论文通过分析提出,证券监管机构对非经常性损益的明确规范以及强制性的披露要求,在一定程度上增加了会计信息的透明度,提高了会计信息质量,但并不能从根本上解决委托代理关系导致的信息不对称,也不能解决由此产生的盈余管理问题。作者就此提出建议,在会计信息确认和计量环节可以允许适当的职业判断空间,而在报告环节必须严格规范和管制,从而使非经常性损益的披露质量得到提高。     

A Survey of Agricultural Household Models: Recent Findings and Policy Implications

Semicommercial farms that produce multiple crops make up a largepart of the agricultural sector in developing economies. Thesefarms or agricultural households combine two fundamental unitsof microeconomic analysis: the household and the firm. Traditionaleconomic theory has dealt with these units separately. But indeveloping economies in which peasant farms dominate, theirinterdependence is of crucial importance. Researchers at theFood Research Institute, Stanford University, and at the WorldBank have developed models of agricultural households that combineproducer and consumer behavior in a theoretically consistentfashion. Recent empirical applications of these models haveextended them and expanded the range of policy issues whichcan be investigated using this general framework. This article reports the results of empirical applications ofthis model in India, Indonesia, Japan, the Republic of Korea,Malaysia, Nigeria, Senegal, Sierra Leone, Taiwan, and Thailand.It provides a comparative analysis of the policy implicationsof the approach for such matters as the welfare of farm households,the size of marketed surplus, the demand for nonagriculturalgoods and services, and for hired labor, and the availabilityof budget revenues and foreign exchange.     

银行薪酬信息披露现状研究——来自巴塞尔成员国银行的调查分析

2011年,巴塞尔银行监管委员会发布了有关银行等金融机构薪酬信息披露的具体规定。本文对巴塞尔27个成员国的100家银行的薪酬信息披露状况进行了调查和实证分析。结果表明,各国银行关于薪酬信息的披露存在较大差异,其中,新加坡和南非的银行薪酬信息披露情况最好,南美洲的银行最不理想。从具体的披露内容上看,定性信息方面的披露要明显好于定量信息的披露,特别是关于基本薪酬制度的披露,比较欠缺的是有关薪酬与风险挂钩方面的信息。多元回归分析显示,银行薪酬信息披露与资本充足率有显著正相关,与净利润显著负相关,但与其他经营绩效指标关系不大。     

Findings from a Cross-Sectional Housing Risk-Factor Model

Housing data from the last 25 years show that returns to residential real estate in the U.S. can be volatile and vary significantly among locations. The variations in returns are driven by economically as well as geographically and psychologically motivated factors, but so far, no asset pricing model that adequately explains systematic risks in cross-sectional housing returns is widely accepted. This paper proposes an asset pricing model for housing returns that includes a market-wide return factor, an economically motivated factor derived from income growth, a geographically based factor derived from land supply elasticity and a momentum factor, which is psychological in nature. The model explains well the systematic risks in housing returns and is robust to different portfolio segmentations. Moreover, the model illustrates that local risk factors indirectly capture the risk previously attributed to market-wide price changes. While housing is not actively traded when compared to other financial assets, understanding the risk-factors that explain housing return in cross-section provides important insight for real estate investors, builders, real estate future traders, homeowners, banks and other mortgage lenders.     

会计信息披露的动因：历史回顾与总结

追溯和研究了公司会计信息披露产生和不断发展的历史，发现公司信息披露与企业产权制度安排的发展和变化是紧密相关的。这一发现从经济和会计的角度很好地解释了会计信息披露产生和不断发展变化的原因，并充分说明了在现代经济环境下公司会计目标选择的依据。     

Helping Disadvantaged Students: Findings from the Thuthuka Programme

Abstract

Drawing on social closure theory, this study achieved a deep understanding of the perceptions and experiences of the first cohort of candidates passing through the Thuthuka support programme. Using semi-structured interviews as part of a qualitative approach, currently prevalent modes of professional closure were considered by taking the backgrounds of these students into account, together with their perceptions of the accounting profession. Their views on whether the Thuthuka programme as an intervention had been successful in removing post-apartheid professional closure were determined by taking into account the Thuthuka students’ readiness to sit for professional examinations and to enter the workplace. The findings of the study suggest features that could be considered in support programmes intended for socio-economically disadvantaged students to facilitate their entry into a restrictive and restricted market.     

试论上市公司信息披露差异化

差异化的信息披露是证券市场公平与效率的体现,有助于全面保护投资者利益,降低上市公司信息披露成本,增加监管的针对性。上市公司质量是信息披露差异化的衡量标准,上市公司信息披露的差异化体现为证券信息是否披露、披露方式和披露重点的判断和认定。为了构建我国的差异化信息披露制度,要明确信息披露的法律依据,规范和强化信息披露差异化的认定,建立信息披露差异化的等级制度。     

公平和效率为导向的内部控制信息披露方式的转变

自《萨班斯--奥克斯利法案》颁布以来,美国上市公司内部控制信息披露方式由自愿性披露转变为强制性披露.而在2008年我国五部委联合发布的《企业内部控制基本规范》标志着我国上市公司内部控制信息也开始向强制性披露方式转变.论文试图用经济学的公平与效率理论分析内部控制信息由自愿性披露方式转变为强制性披露方式背后的原因,经过分析...     

Disclosure Versus Recognition: Inferences from Subsequent Events

Standard setters explicitly state that disclosure should not substitute for recognition in financial reports. Consistent with this directive, prior research shows that investors find recognized values more pertinent than disclosed values. However, it remains unclear whether reporting items are recognized because they are more relevant for investing decisions, or whether requiring recognition itself prompts differing behavior on the part of firms and investors. Using the setting of subsequent events, I identify the differential effect of requiring disclosure versus recognition in a setting where the accounting treatment of an item is exogenously determined. For comparable events, I find a stronger initial market response for firms required to recognize relative to firms that must disclose, although the large magnitude of the identified effect calls into question whether this difference can be attributed to accounting treatments alone. In examining various reasons for the stronger market response to recognized values, I fail to find support for the hypothesis that this difference is due to differential reliability of disclosed and recognized values. I do find some evidence that investors underreact to disclosed events, consistent with investors incurring higher processing costs when using disclosed information.     

Mandatory Disclosure,Voluntary Disclosure,and Stock Market Liquidity: Evidence from the EU Bank Stress Tests

We use the EU stress tests and the Eurozone sovereign debt crisis to study the consequences of supervisory disclosure of banks’ sovereign risk exposures. We test the idea that a mandatory one‐time disclosure induces an increase in voluntary disclosures about sovereign risk in the following periods and, through the shift in the voluntary disclosure equilibrium, increases the liquidity of banks’ shares. First, we find that the timing and content of different mandatory disclosure events helps explain the levels of stress‐test banks’ voluntary disclosures about sovereign risk. Second, although the bid‐ask spreads of stress test participants generally increased after the mandatory stress test in 2011, our results suggest that the decrease in market liquidity is entirely attributable to those stress‐test participants that did not commit to voluntarily maintaining the disclosures of sovereign risk exposure.     

Corporate Disclosure as a Tacit Coordination Mechanism: Evidence from Cartel Enforcement Regulations

We empirically study how collusion in product markets affects firms' financial disclosure strategies. We find that after a rise in cartel enforcement, U.S. firms start sharing more detailed information in their financial disclosure about their customers, contracts, and products. This new information potentially benefits peers by helping to tacitly coordinate actions in product markets. Indeed, changes in disclosure are associated with higher future profitability. Our results highlight the potential conflict between securities and antitrust regulations.     

Findings from a survey on accounting chair professorships

The past 10 years have witnessed a significant increase in accounting chair professorships. This paper reports findings from a questionnaire survey on chair professorships in the United States. Respondents provided information on teaching and research interests, funding, recruiting criteria, and compensation packages. Responses on chair professorships at doctoral-granting schools are also compared with those at nondoctoral-granting schools.