鑽石舞台

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1.同行事件在公司治理中的作用——來自數據泄露的證據

經濟理論表明，負面的同行事件可以導致整個市場的溢出效應，幫助未受影響的公司通過實際行動來加強公司治理。在美國證券交易委員會對網絡安全的關注下，本文使用數據泄露數據來研究同行事件在公司治理中的作用。在控制公司特定的、隨時間變化的不可觀察特徵後，本文發現同行數據泄露與未來非泄露公司內部控制重大缺陷的減少有關。這種關聯在變化分析中是穩健的，並隨違規事件、公司和董事會特徵的變化、相互影響而發生變化。在只研究與IT相關的重大缺陷時，此結論也成立。最後，在發生同行違規事件後，未發生數據泄露的公司更有可能在高層管理團隊中引進有一名網絡安全專家。本研究結果對一般的強制性披露監管有重要意義，監管機構可以通過促進網絡事件的披露來幫助減少整個市場的網絡風險。

Economic theory suggests that negative peer events can result in market-wide spillovers that help unaffected firms take real actions to enhance corporate governance. Motivated by the SEC's concern about cybersecurity, I study the role of peer events in corporate governance using the setting of data breaches. While controlling for firm-specific time-varying unobservable characteristics, I find that peer data breaches are associated with a reduction in future internal control material weaknesses for non-breached firms. The association is robust to a changes analysis and varies cross-sectionally with breach, firm, and board characteristics. Inferences remain consistent when studying IT-related material weaknesses only. Finally, non-breached firms are more likely to have a cybersecurity expert on the top management team after a peer breach. My findings have important implications for mandatory disclosure regulation in general and, in particular, suggest that regulators can help reduce market-wide exposure to cyber risk by facilitating disclosure of cyber incidents.

論文原文：

Musaib Ashraf; The Role of Peer Events in Corporate Governance: Evidence from Data Breaches. The Accounting Review 1 March 2022; 97 (2): 1–24.

2.信用評級的監管作用和自願性披露

本文研究發現，企業信用評級的變化對企業的自願披露行為有影響，這種影響與企業基本面信息的傳達無關。本研究利用了兩個獨立的准實驗環境，外生的信用評級下調或信用評級升級（即信用評級標籤的變化）。在這兩種情況下，信用評級標籤的變化方向與自願披露行為提供之間存在負相關關係——企業通過增加自願披露來應對外生的信用評級下調，通過減少自願披露來應對外生的信用評級升級。這可歸因於信用評級的監管作用而不是信息作用。總的來說，本文的分析表明，信用評級機構作為資本市場的守門人影響了企業自願性披露行為。

We find that corporate credit rating changes have an effect on firms' voluntary disclosure behavior that is independent of the information they convey about firm fundamentals. Our analyses exploit two separate quasi-experimental settings that generate either exogenous credit rating downgrades or credit rating upgrades (i.e., credit rating label changes). We find evidence of a negative relation between the direction of the credit rating label change and the provision of voluntary disclosure in both settings—firms respond to exogenous downgrades by increasing voluntary disclosure and to exogenous upgrades by decreasing voluntary disclosure. The effects we document are attributable to the regulatory role rather than the information role of credit ratings. Overall, our analyses indicate that credit rating agencies as gatekeepers influence firms' provision of voluntary disclosure.

論文原文：

Riddha Basu, James P. Naughton, Clare Wang; The Regulatory Role of Credit Ratings and Voluntary Disclosure. The Accounting Review 1 March 2022; 97 (2): 25–50.

3.保證在股權眾籌中的作用

美國證券交易委員會要求股權眾籌公司提供有保證的財務報表。保證可以通過管理層認證或獨立會計師的審計或審查來提供。本研究利用股權眾籌公司背景來分析自願保證是否能促資本的形成。研究發現，在資本活動中提供經審核或審計的財務報表的公司，籌集到目標資本的可能性略高；相對於只提供管理層認證財務報表的公司，能籌集到更多的資金並吸引更多的投資者。然而，相對於審查，除了吸引更多的投資者之外，審計與股權眾籌公司的成功可能沒有很大關係。保證與公司股權眾籌之後的生存能力和未來融資能力有間接關係。研究表明，公司股權眾籌期間的保證對公司在股權眾籌之後的成功有影響。

The SEC requires equity crowdfunding (ECF) companies to provide assured financial statements. Assurance can be provided with certification by management or an audit or review by an independent accountant. We utilize the ECF setting to examine whether voluntary assurance facilitates capital formation. We find that companies that provide either reviewed or audited financial statements during a capital campaign are marginally more likely to raise their target capital.

They also raise more funds and attract more investors relative to companies that only provide management-certified financial statements. However, relative to reviews, audits are not associated with a greater likelihood of success in an ECF offering other than attracting more investors. Finally, we find that assurance is indirectly associated with a company's post-ECF survival and its ability to raise future capital. This suggests that assurance at the time of ECF has implications for a company's success beyond ECF.

論文原文：

Evisa Bogdani, Monika Causholli, W. Robert Knechel; The Role of Assurance in Equity Crowdfunding. The Accounting Review 1 March 2022; 97 (2): 51–76.

4.投資者關係、參與和股東激進主義

專門的投資者關係職能有助於推進管理層和股東之間的直接和持續對話。本文研究了這種形式的參與是否會減輕依賴其他股東支持的激進主義。研究發現，投資者參與和投資者對管理層和董事會信心的增加有關，同時也降低了激進主義的可能性，當公司與投資者間相互理解、相互信任且摩擦較少時，這種作用效果會變得更加明顯。此外，當公司確實經歷過激進主義運動時，與那些沒有這種承諾的公司相比，有投資者關係參與的公司的運動成本較低，爭議也較少，包括CEO離職的可能性也較低。綜上所述，研究表明，直接和持續的投資者參與是公司和股東之間相互理解和信任的重要因素，這可以阻止激進的投資者，並減輕發起的運動的成本升級。

A dedicated investor relations (IR) function facilitates direct and ongoing dialog between management and shareholders. This paper examines whether this form of engagement mitigates activism that relies upon support from other shareholders. We find that IR engagement is associated with increased investor confidence in management and the board, as well as a lower likelihood of activism, with this deterrent effect becoming stronger when there are fewer frictions surrounding the development of mutual understanding and trust with investors. We also find that when firms do experience an activist campaign, firms with IR engagement have less costly and contentious campaigns, including a lower likelihood of CEO turnover, than those without such a commitment. Taken together, our findings suggest that direct and ongoing IR engagement is an important factor in achieving mutual understanding and trust between the firm and its shareholders, which deters activist investors and mitigates the costly escalation of initiated campaigns.

論文原文：

Kimball L. Chapman, Gregory S. Miller, Jed J. Neilson, Hal D. White; Investor Relations, Engagement, and Shareholder Activism. The Accounting Review 1 March 2022; 97 (2): 77–106.

5.全球預期股票收益：對數線性現值法

本研究首次提供了國際上關於預期收益表現的大規模研究。基於分析師預測的隱含資本成本方法使用較少，且與未來收益率沒有較強的關聯。基於收益預測模型的隱含資本成本方法使用較多，但在美國以外的地區並不可靠。本文調整並擴展了對數線性和現值框架，將會計估值錨點、預期增長和市場價格結合起來估計國際股票預期收益，並對使用陳舊的會計數據進行了修正。在29個股票市場中，有26個股票市場的以股票賬面價值為基礎的對數線性現值與未來預期收益正相關，並且在很大程度上涵蓋了以前被證明與預期收益有關的一系列公司特徵的預測能力。

This study provides the first large-scale study of the performance of expected-return proxies (ERPs) internationally. Analyst-forecast-based ICCs are sparsely populated and not robustly associated with future returns. Earnings-model-forecast-based ICCs are well-populated, but are unreliable outside the U.S. We adapt and extend the log-linear and present-value (LPV) framework—combining an accounting valuation anchor, its expected growth, and market prices—for estimating ERPs internationally, and implement a correction for the use of stale accounting data. An LPV ERP anchored on the book value of equity is positively associated with future returns in 26 of 29 equity markets, and largely subsumes the predictive ability of a broad set of firm characteristics previously shown to be associated with expected returns.

論文原文：

Akash Chattopadhyay, Matthew R. Lyle, Charles C. Y. Wang; Expected Stock Returns Worldwide: A Log-Linear Present-Value Approach. The Accounting Review 1 March 2022; 97 (2): 107–133.

6.外部機會、管理者風險承擔與CEO的報酬

利用美國各州法院交錯採用「不可避免的披露原則」（IDD）的背景，研究了外部就業機會的准外生限制如何影響CEO薪酬結構。IDD限制了高管為競爭對手工作的能力，這很可能通過增加失業的成本和減少風險承擔回報來降低CEO風險承擔傾向。本文預計董事會會通過提高CEO財富對股票波動的敏感度來鼓勵風險承擔。研究發現，在採用IDD之後，CEO財富對股票波動的敏感度有明顯的增加，這種效應在有更多職業顧慮的CEO中更為明顯。這種影響也隨着CEO的事前流動性和商業秘密的重要性而增加，表明當CEO外部機會減少較多時，董事會會更多地增加CEO財富對股票波動的敏感度。總的來說，本文提供了外部勞動力市場摩擦如何影響CEO報酬凸性的新證據。

Exploiting the setting of staggered adoption of the Inevitable Disclosure Doctrine (IDD) in U.S. state courts, we examine how quasi-exogenous restrictions of outside employment opportunities affect CEO compensation structure. The IDD adoption constrains executives' ability to work for competitors, which likely decreases CEOs' tendency to take risks by increasing the cost of job loss and reducing the reward to risk taking. We expect the board to respond by increasing the sensitivity of CEO wealth to stock volatility (vega) to encourage risk taking. We find a significant increase in vega post-IDD adoption. The effect is stronger among CEOs with greater career concerns. The effect also increases with the ex-ante CEO mobility and the importance of trade secrets, suggesting the board increases vega more when there is a greater reduction in CEO outside opportunities. Overall, we provide new evidence on how external labor market frictions affect the convexity of CEO compensation.

論文原文：

Wen Chen, Sumi Jung, Xiaoxia Peng, Ivy Xiying Zhang; Outside Opportunities, Managerial Risk Taking, and CEO Compensation. The Accounting Review 1 March 2022; 97 (2): 135–160.

7.審計員任期和強制性審計輪換的懲戒作用

本文討論了是否應該強制審計事務所輪換的國際爭論。歐盟已經採用了強制輪換規則，但美國還沒有。強制審計事務所輪換政策的支持者認為，審計師與客戶間的長期關係可能會使審計師與客戶建立過度的經濟聯繫，從而削弱審計師的獨立性。在這一主張的激勵下，本文建立了一個理論模型，比較了在有無強制輪換制度下審計師發布獨立報告的動機。研究表明，與主流觀點相反，強制輪換實際上會損害審計師的獨立性。

This study addresses the international debate over whether the rotation of audit firms should be mandatory. Mandatory rotation rules have been adopted by the European Union, but these rules have not been established in the United States. Proponents of the policy believe that a long-tenure auditor-client relationship leads to the auditor building an excessive economic bond with the client, which may then erode auditor independence. Motivated by this claim, I build a theoretical model that compares auditor incentives to issue independent reports under regimes with and without mandatory rotation. The model demonstrates conditions under which mandatory rotation could actually impair auditor independence, contrary to the popular view.

論文原文：

Aysa Dordzhieva; Disciplining Role of Auditor Tenure and Mandatory Auditor Rotation. The Accounting Review 1 March 2022; 97 (2): 161–182.

8.國外就業、收入轉移與稅收不確定性

本文研究了國外就業對收入轉移和國外交易中稅收不確定性的影響。利用手工收集的就業信息樣本，本研究將樣本分為較高和較低程度的國外就業兩組。通過使用兩個不同的收入轉移模型，研究發現，平均而言，較高的國外就業與以稅收為動機的收入轉移有關，高程度的國外就業強化了國外交易的經濟實質，減少了與國外收入相關的稅收不確定性。此外，考慮到選擇性偏差問題，進一步使用了國外就業轉移收入的成本、收益的外生變化來加強識別。研究結果強調了企業利用雇員作為稅收效率供應鏈的一部分，以及國外就業是如何加強司法管轄區之間的收入轉移機會。

We examine the effect of foreign employment on two outcomes—income shifting and the tax uncertainty of foreign transactions. Using a hand-collected sample of employment disclosures, we partition our sample into firm-years with a higher or lower degree of foreign employment. Using two distinct income shifting models, we document that, on average, a high degree of foreign employment is associated with greater tax-motivated income shifting out of the U.S. We also posit and find that a high degree of foreign employment enhances the economic substance of foreign transactions, reducing the tax uncertainty associated with foreign income. We conduct additional analyses to mitigate selection bias concerns, and we use exogenous changes to the costs and benefits of income shifting using foreign employment to strengthen identification.

Our results highlight firms' use of employees as part of a tax-efficient supply chain and how foreign employment enhances income shifting opportunities between jurisdictions.

論文原文：

Katharine D. Drake, Nathan C. Goldman, Francis Murphy; Foreign Employment, Income Shifting, and Tax Uncertainty. The Accounting Review 1 March 2022; 97 (2): 183–212.

9.初創企業基於證券的眾籌融資——審計師證明是否重要？

本文研究了在信息高度不對稱、審計師參與要求不高以及完全沒有資深審計師的情況下，小企業尋求出售公共證券的籌資結果。根據美國證券交易委員會的眾籌條例下，發行人通過眾籌向小型、不成熟的投資者籌集資金時，通常不需要審計師的證明，或者只需要以審查（而不是審計）的形式對其財務報表進行較弱的證明。研究發現，審計師審查與眾籌成功的概率和籌集的總金額都有正相關關係。此外，進一步比較了發行人自願和強制選擇審計師審查的籌資結果，研究發現選擇自願審查的發行人有更好的籌資結果。本文猜想，對於自願選擇審查的發行人來說，審查可以作為企業未來發展前景較好的信號。最後，審查的積極作用集中在美國公眾公司會計監督委員會PCAOB註冊的審計師上。

We examine financing outcomes for small businesses seeking to sell public securities in a setting characterized by high information asymmetry, weak requirements for auditor participation, and a complete absence of Big N auditors. Issuers that raise capital from small, unsophisticated investors through crowdfunding, under the Securities and Exchange Commission's Regulation Crowdfunding (RegCF), often need no auditor attestation or need only weak attestation in the form of reviews, not audits, of their financial statements. We find that auditor reviews are positively associated with both the probability of crowdfunding success and the total amount raised. Further, we compare outcomes for issuers that procure auditor reviews voluntarily and mandatorily, and document that issuers with voluntary reviews have better outcomes. We conjecture that for issuers that voluntarily procure reviews, the reviews serve as signals of high future prospects. Finally, the positive effect of reviews is concentrated in PCAOB-registered auditors.

論文原文：

Jing Gong, Jayanthi Krishnan, Yi Liang; Securities-Based Crowdfunding by Startups: Does Auditor Attestation Matter?. The Accounting Review 1 March 2022; 97 (2): 213–239.

10.有組織的勞動和庫存儲存

管理者高庫存決策可能減輕工會帶來的經營風險，並使企業在勞資談判中保持議價能力。在與工會重新就集體談判協議進行談判之前，工會企業的庫存水平已經越來越高。當資本市場信息透明度壓力或同行信息溢出限制了管理者披露策略時，工會企業的庫存囤積會變得更加突出。此外，雖然過量的庫存儲備與企業未來盈利能力負相關，但卻能避免斷貨或罷工產生的負面結果，因此，管理者會權衡庫存儲備的成本和收益。本研究強調了企業主要利益相關者，即勞工，在管理者的投資決策中的重要性。

We document that managers stockpile excess inventory to mitigate the operational risk posed by labor unions and to maintain bargaining power in labor negotiations. Inventory levels are higher for union firms and are incrementally higher preceding the renegotiation of collective bargaining agreements with unions. Inventory stockpiling at union firms is more salient when capital market pressure for transparency or information spillover from peers constrains managers from using disclosure strategies. We further show that managers weigh the costs and benefits of inventory stockpiling, as holding excess inventory due to the presence of a union is negatively associated with future profitability, but provides the benefits of avoiding a stockout and mitigating negative outcomes from a strike. Our findings highlight the importance of a major stakeholder, i.e., labor, in managers' investment decision making.

論文原文：

Sophia J. W. Hamm, Boochun Jung, Woo-Jong Lee, Daniel G. Yang; Organized Labor and Inventory Stockpiling. The Accounting Review 1 March 2022; 97 (2): 241–266.

11.淨營業損失結轉和公司儲蓄政策

本文研究了企業現金持有量與稅收淨經營虧損結轉之間的關係。現有文獻表明，企業應該將現金分配給股東，而不是保留現金並產生在公司和投資者層面上徵稅的被動投資收入。然而，如果企業被動收入的稅率低於股東（即，企業存在稅收淨經營虧損結轉時），研究表明企業應該保留現金並代表股東進行投資。與此相一致的是，本研究發現企業稅收淨經營虧損結轉與較高的企業儲蓄水平有關，企業每獲得一美元的稅收淨經營虧損結轉，就能額外節省0.12到0.17美元。此外，投資者對稅收損失公司的企業現金持有有更高的評價，這與稅收淨經營虧損結轉增加被動投資的稅後回報相一致。本文補充了研究公司財務政策對稅收反應的文獻，並量化了淨經營虧損結轉在公司儲蓄決策中的作用。

We examine the relation between corporate cash holdings and tax net operating loss carryforwards (NOLs). The literature demonstrates that firms should distribute cash to shareholders rather than retain it and generate passive investment income taxed at both corporate and investor levels. However, if the firm's tax rate on passive income is lower than shareholders'—as when the firm has NOLs—theory also shows that the firm should retain cash and invest on the shareholders' behalf. Consistent with this, we find that NOLs are associated with higher levels of savings; firms save an additional $0.12 to $0.17 per dollar of tax-effected NOL benefit. Furthermore, investors place a higher value on corporate cash in tax loss firms, consistent with NOLs increasing the after-tax returns on passive investments. The paper adds to the literature studying corporate financial policy responses to taxation and quantifies the role of NOLs in corporate savings decisions.

論文原文：

Shane Heitzman, Rebecca Lester; Net Operating Loss Carryforwards and Corporate Savings Policies. The Accounting Review 1 March 2022; 97 (2): 267–289.

12.財務報告自由裁量權、管理者短視與投資效率

本文在一個投資環境中對財務報告自由裁量權和盈餘管理進行了明確的建模，在這個環境中，管理者有產生短視行為的動機。研究發現，當經理人存在短視行為，但不是過度短視時，給予他們一些對強制性財務報告的自由裁量權可以導致更好的投資決策。這與一些傳統的觀點相反，即財務報告自由裁量權促進了盈餘管理，加劇了管理者短視，降低了投資效率。雖然盈餘管理可以通過減少低財務報告的發生率為管理者提供一些事後保護，但也減少了事前高財務報告的預期淨收益。因此，擁有負面私人信息的經理人發現模仿擁有正面私人信息的經理人的成本太高了，從而促進管理者通過有效的投資進行分離。因此，通過取消或過度限制盈餘管理來遏制管理者的短視，可能會產生損害投資效率的意外後果。

We explicitly model financial reporting discretion and earnings management in an investment setting where managers have incentives to behave myopically. We show that when managers are sufficiently, but not excessively, myopic, granting them some discretion over the mandatory financial reports can lead to better investment decisions. This finding contrasts with the conventional argument that financial reporting discretion facilitates earnings management and exacerbates managerial myopia, leading to inefficient investments. Costly earnings management, while offering managers some ex post protection against bad luck by decreasing the incidence of low financial reports, reduces the expected net benefit of high financial reports ex ante. Consequently, managers with negative private information find it too costly to mimic those with positive private information, facilitating separation of managers through efficient investment. Thus, curbing managerial myopia by removing or overly restricting earnings management may have the unintended consequence of impairing investment efficiency.

論文原文：

Xu Jiang, Baohua Xin; Financial Reporting Discretion, Managerial Myopia, and Investment Efficiency. The Accounting Review 1 March 2022; 97 (2): 291–316.

13.會計師事務所-勞動力市場接近度與審計質量

本研究探討了四大會計師事務所的審計質量是否受到會計師事務所與潛在員工所在大學的距離的影響。本文利用四大審計事務所的招聘地圖和從領英上手工收集的事務所招聘數據來確定這些目標大學。研究發現，距離目標學校和擁有認證商學院大學更近的會計師事務所與更高的審計質量有關，從較低的財務會計錯報可能性就可以看出。在更換關鍵變量的度量指標、敏感性測試、控制顧客與目標大學的距離後，本文的研究結果仍然穩健。總的來說，研究表明，會計師事務所能從接近更多的潛在雇員中獲益。

This study examines whether the audit quality of Big 4 audit firms is affected by an audit office's proximity to more target universities for appointing staff auditors. We identify these target universities using a recruitment map of a Big 4 audit firm and unique office-level hiring data hand-collected from LinkedIn. Our findings suggest that audit offices closer to more of their key feeder schools and universities with accredited business schools are associated with higher audit quality, as observed by a lower likelihood of financial accounting misstatements. Our results are robust across alternative measures of labor market proximity and audit quality, and to a battery of sensitivity tests, including controlling for client firms' proximity to universities.

Overall, our results suggest that audit offices benefit from being proximate to more key suppliers of staff auditors.

論文原文：

Gladys Lee, Vic Naiker, Christopher R. Stewart; Audit Office Labor Market Proximity and Audit Quality. The Accounting Review 1 March 2022; 97 (2): 317–347.

14. 激勵不可逆轉的投資

現有的動態投資模型表明，基於公司在一個不斷擴大的產品市場中運營的假設，管理者可以被激勵去執行最優的投資策略。本文提出了一個可分析的、離散的、新古典主義的模型。該模型考慮了不可逆轉的投資和發生不利需求事件的可能性。研究表明，即使管理者對公司產出的需求變化一無所知，也存在一個業績衡量系統，對管理者產生目標一致的投資激勵。如果管理者能夠觀察到不利事件，那麼一致的目標就可以通過非常簡單的權責發生制會計規則來實現，比如直線折舊法。

Existing dynamic investment models that show that a manager can be incentivized to implement the optimal investment policy rely on the assumption that the firm is operating in an ever-expanding product market. This paper presents an analytically tractable, discrete-time, neoclassical model with irreversible investment and the possibility of unfavorable demand events. We show that even when the principal is uninformed about changes in demand for the firm's output, there exists a performance measurement system that leads to goal congruent investment incentives for the manager. If the principal can observe the unfavorable demand events, then goal congruence can be achieved using very simple accrual accounting rules, such as straight-line depreciation.

論文原文：

Dmitry Livdan, Alexander Nezlobin; Incentivizing Irreversible Investment. The Accounting Review 1 March 2022; 97 (2): 349–371.

15.不僅僅是你說什麼......溝通風格和團隊文化如何影響審計問題的跟進和審計師績效評估

在等級森嚴的團隊工作中，審計師有效的向上溝通對審計質量至關重要。在審計團隊中，下級可以選擇他們溝通的內容和風格。本文報告了審計團隊文化背景下，員工溝通風格重要性的調查和實驗證據。前兩項研究的證據表明，審計人員認為自信的向上溝通是有風險的，他們更喜歡被動的溝通，尤其是在自主性較差的團隊文化中。第三項研究的證據表明，當下屬自信地溝通時，審計主管會考慮更多的跟進程序，並對下屬進行更高的評價，特別是在更自主的團隊文化中。綜合來看，審計主管和員工之間存在着溝通脫節，前者對自信溝通給予更多的獎勵和跟進，而後者則喜歡被動的溝通。研究表明，更好地調節主管與下屬的溝通方式偏好可能提高審計質量，特別是在更自主的團隊文化中。

Auditors work in hierarchical teams in which effective upward communication is critical to audit quality. In these teams, subordinates choose both the content, as well as the style, of their communications. We report survey and experimental evidence of the importance of communication style in the context of audit team culture. Our first two studies provide evidence that audit staff perceive assertive upward communication as risky and prefer to communicate passively, especially in less autonomous team cultures. Our third study provides evidence that audit seniors consider more follow-up procedures and rate staff higher when staff communicate assertively, especially in more autonomous team cultures. Combined, these studies indicate a disconnect between audit seniors, who reward and follow up more on assertive communication, and their staff, who prefer passive communication. Our results suggest the potential for audit quality improvements by better alignment of supervisor-subordinate communication-style preferences, especially in more autonomous team cultures.

論文原文：

Chad A. Proell, Yuepin (Daniel) Zhou, Mark W. Nelson; It's Not Only What You Say … How Communication Style and Team Culture Affect Audit Issue Follow-Up and Auditor Performance Evaluations. The Accounting Review 1 March 2022; 97 (2): 373–395.

16.董事網絡能幫助管理者更好地預測嗎？

本文研究了董事通過其董事會網絡獲取信息的優勢是否能提高公司預測的準確性。管理者可能會從良好的董事關係（即董事中心度）中受益，因為管理者對其他公司（除自己公司之外）的市場發展或決策過程的洞察力有限。通過一個美國上市公司的樣本，本文分別研究了公司內部直接和間接的董事會關係的變化對管理層盈餘預測準確性的影響。研究表明，無論公司的董事會是否存在緊密關聯，較高程度的董事關聯對管理層預測準確性有經濟層面的重大影響。進一步的分析表明，有良好關係網絡的董事有能力在預測方面為管理者提供有價值的建議，這補充了董事在防止管理者侵占方面所發揮的更為廣泛的研究作用。

I examine whether directors' superior access to information through their board network improves the accuracy of firms' forecasting. Managers may benefit from well-connected directors (i.e., board centrality) as they may have limited insight into market developments or decision-making processes of other firms beyond knowledge specific to their firm. Employing a sample of U.S.-listed companies, I separately examine the effect of within-firm variation in direct and indirect board connections on management earnings forecast accuracy. The study contributes by showing that higher-degree connections can have an economically significant effect on the accuracy of management forecasts, regardless of firms' board interlocks. Further analyses point toward well-connected directors' ability to provide managers with valuable advice in a forecasting context, which complements directors' more extensively studied role in preventing managerial expropriation.

論文原文：

Mario Schabus; Do Director Networks Help Managers Forecast Better?. The Accounting Review 1 March 2022; 97 (2): 397–426.

17.賣空方威脅下的內幕銷售——新的假說和測試

利用賣空交易規則作為準自然實驗，研究發現賣空威脅對機會主義內幕交易數量有負面影響，對每筆交易的盈利能力有正面影響。這些影響在訴訟風險較高、媒體報道較多、高管持有較多公司股票的公司中更為明顯。當把範圍擴大到中國和香港證券交易所的賣空管制放鬆背景下時，進一步發現了強有力的證據。總的來說，研究表明，賣空者在機會主義內幕交易中扮演着規制角色。

Using the Regulation SHO program as a quasi-experiment, we document that the threat of short selling has a negative effect on the volume of opportunistic insider selling and a positive effect on its profitability for each transaction. These effects are stronger among firms with higher litigation risk, greater media coverage, and executives who have more of their firms' stock-related holdings.

We further find robust evidence when we extend the analyses to short selling deregulations in the Chinese and Hong Kong stock exchanges. Overall, our findings suggest that short sellers play a disciplinary role in opportunistic insider selling.

論文原文：

Kemin Wang, Rencheng Wang, K. C. John Wei, Bohui Zhang, Yi Zhou; Insider Sales under the Threat of Short Sellers: New Hypothesis and New Tests. The Accounting Review 1 March 2022; 97 (2): 427–451.