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Politicians frequently intervene in the regulation of financial accounting. Evidence from the accounting literature shows that regulatory capture by special interests helps explain these interventions. However, many accounting rules have broad economic or social consequences, such as their effects on income distribution or private sector subsidies. The perception of these consequences varies with a politician's ideology. Therefore, if accounting rules produce those consequences, ideology plausibly spills over and explains a politician's stance on the technical accounting issue, beyond special interest pressure. We use two prominent U.S. political debates about fair value accounting and the expensing of employee stock options to disentangle the role of ideology from special interest pressure. In both debates, ideology explains politicians’ involvement at exactly those points when the debate focuses on the economic consequences of accounting regulation (i.e., bank bailouts and top management compensation). Once the debates focus on more technical issues, connections to special interests remain the dominant force.  相似文献   
2.
This paper analyzes the transmission mechanism of banking sector shocks in an international real business cycle model with heterogeneous bank sizes. We examine to what extent the financial exposure of the banking sector affects the transmission of foreign banking sector shocks. In our model, the more exposed domestic banks are to the foreign economy via lending to foreign firms, the greater are the spillovers from foreign financial shocks to the home economy. The model highlights the role of openness to trade and the dynamics of the terms of trade in the international transmission mechanism of banking sector shocks: spillovers from foreign banking sector shocks are greater the more open the home economy is to trade and the less the terms of trade respond to foreign shocks.  相似文献   
3.
This paper takes a fresh look at the importance of liquidity risk using a comprehensive liquidity measure, weighted spread, in a Value‐at‐Risk (VaR) framework. The weighted spread measure extracts liquidity costs by order size from the limit order book. Using a unique, representative data set of 160 German stocks over 5.5 years, we show that liquidity risk is an important risk component. Actually, liquidity risk is increasing the total price risk by over 25%, even at 10‐day horizons and for liquid blue chip stocks and especially in larger, yet realistic order sizes beyond €1 million. When correcting for liquidity risk, it is commonly assumed that liquidity risk can be simply added to price risk. Our empirical results show that this is not correct, as the correlation between liquidity and price is non‐perfect and total risk is thus overestimated.  相似文献   
4.
Based on a new daily data set for 20 emerging markets over the period 1992–2006, we examine the reactions of foreign exchange markets, domestic stock markets, and sovereign bond spreads to central bank governor changes. We find that the replacement of a central bank governor negatively affects financial markets on the announcement day, which is in line with the hypothesis that newly appointed central bank governors suffer from a systematic credibility problem at the beginning of their tenure. We also find some evidence that changes in perceived central bank independence affect markets.  相似文献   
5.
Generational accounts answer the simple question of how much future generations will have to pay in net taxes as compared to today's generations. This paper briefly reviews the concept of generational accounting and provides estimates for Sweden, where public finances deteriorated significantly after 1990. The results suggest that the measures adopted since 1994 should improve dramatically the relative position of future generations, who may nevertheless be expected to face large net tax bills.  相似文献   
6.
By using a unique data set from the Turkish cement industry, we analyze the impact of privatization on the market value of rival firms. Privatization increases efficiency, which is bad news for rivals. But if an incumbent buys a state owned firm, this leads to a higher market concentration which is good news for rivals. We show that privatization leads to overall positive abnormal returns for rivals because the concentration effect outweighs the efficiency effect. Consistent with our theory, this effect is reinforced when the initial market concentration is high.  相似文献   
7.
Do behavioral biases of executives matter for corporate investment decisions? Using segment‐level capital allocation in multisegment firms (“conglomerates”) as a laboratory, we show that capital expenditure is increasing in the expected skewness of segment returns. Conglomerates invest more in high‐skewness segments than matched stand‐alone firms, and trade at a discount, which indicates overinvestment that is detrimental to shareholder wealth. Using geographical variation in gambling norms, we find that the skewness‐investment relation is particularly pronounced when CEOs are likely to find long shots attractive. Our findings suggest that CEOs allocate capital with a long‐shot bias.  相似文献   
8.
Abstract. Previous work on hypothesis generation demonstrates that auditors tend to generate frequently occurring financial statement errors as their initial hypotheses to explain unexpected fluctuations. However, such work does not examine how the initially generated hypothesis affects subsequent performance at identifying an actual error. We hypothesized that the initially generated hypothesis would interfere with an auditor's ability to subsequently switch to a different hypothesis. Thus, if the initial hypothesis were incorrect, auditors would find it difficult to switch hypotheses in order to identify an actual error. Moreover, initially generating a frequent error would exacerbate this difficulty. Auditor-subjects were asked to generate an initial error hypothesis after seeing a pattern of fluctuations in which sales and accounts receivable were overstated. After they generated their initial hypothesis, half of the subjects were provided with additional information that was consistent with a very frequent error (sales cutoff) and the other half were provided with information consistent with an infrequent error (sales recorded twice). As expected, we found that initially generating the very frequent error (i.e., sales cutoff) versus some other less frequent error affected auditors' subsequent performance at identifying actual errors. Specifically, auditors who generated the very frequent error as their initial hypothesis performed best when it was the actual error, but performed worst when the infrequent error was the actual error. In contrast, auditors who generated a less frequent error as their initial hypothesis performed moderately well (i.e., between best and worst) both when the actual error was frequent and when it was infrequent. The implications of these results for audit efficiency and effectiveness are discussed.  相似文献   
9.
Résumé. Les travaux antérieurs qui ont porté sur la formulation d'hypothèses démontrent que les vérificateurs ont tendance, dans la formulation de leurs hypothèses initiales, à attribuer les fluctuations imprévues aux erreurs qui se produisent fréquemment dans les états financiers. L'on ne s'interroge cependant pas, dans ces travaux, sur la nature de l'incidence des hypothèses initiales sur la performance subséquente dans le diagnostic de l'erreur véritable. Les auteurs avancent que l'hypothèse formulée au départ et la capacité des vérificateurs de passer par la suite à une hypothèse différente interfèrent. Si, par exemple, l'hypothèse initiale était inexacte, il serait difficile pour les vérificateurs de changer d'hypothèse dans le diagnostic de l'erreur véritable. Plus encore, le fait d'invoquer initialement une erreur fréquente exacerberait cette difficulté. L'on a demandé aux vérificateurs-sujets de produire une hypothèse initiale relative à l'erreur après avoir pris connaissance d'un modèle de fluctuations dans lequel les ventes et les comptes clients étaient surévalués. Une fois formulée leur hypothèse initiale, la moitié des sujets recevaient de l'information supplémentaire révélant l'existence d'une erreur très fréquente (dans la démarcation des ventes) et l'autre moitié recevaient de l'information révélant l'existence d'une erreur peu fréquente (celle de la double comptabilisation d'une même vente). Conformément à leurs prévisions, les auteurs constatent que le fait, pour les vérificateurs, d'invoquer initialement l'erreur très fréquente (soit la démarcation des ventes) par rapport à une autre erreur moins fréquente avait par la suite une incidence sur leur performance dans le diagnostic des erreurs véritables. Plus précisément, les vérificateurs qui invoquaient l'erreur très fréquente dans leur hypothèse initiale obtenaient les meilleurs résultats lorsque cette erreur était l'erreur véritable, mais ils obtenaient les résultats les moins bons lorsque l'erreur peu fréquente se trouvait être l'erreur véritable. Les vérificateurs qui invoquaient une erreur moins fréquente dans leur hypothèse initiale affichaient, pour leur part, une performance relativement bonne (c'est-à-dire se situant entre la performance la meilleure et la performance la moins bonne), aussi bien lorsque l'erreur véritable était fréquente que lorsqu'elle était peu fréquente. Les auteurs analysent les conséquences de ces résultats sur l'efficience et l'efficacité de la vérification.  相似文献   
10.
We investigate the development of household labor income, financial wealth, and asset holdings over a 9‐year period around job loss, using unique administrative panel data from Norway. Consistent with predictions from theory, the data show additional saving and a shift toward safer assets in the years leading up to unemployment, and depletion of savings after job loss. In the years after job loss, the households' after‐tax labor income is reduced by about USD 12,500. Over the same time period, households deplete USD 3,000 of their financial assets, of which one third is accumulated prior to the job loss. This suggests that at least some households can foresee and prepare for the upcoming unemployment, which indicates that private savings can, to some extent, serve as a substitute for publicly provided unemployment insurance.  相似文献   
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