编者注： 1、本文是平台常设的特色栏目— “国内外顶级期刊最新刊文”，推出的系列分享
1.Understanding the relation between accruals and volatility: A real options-based investment approach Salman Arif , Nathan Marshall , Teri Lombardi Yohn Journal of Accounting and Economics 62 (2016) 65–86 Abstract： Accruals are fundamental to financial reporting and are the underlying innovation of accounting. Despite this, accounting research has provided little understanding of how economic forces affect a firm’s level of accruals and limited guidance for forming expectations of accruals based on ex ante firm characteristics. We consider accruals as a form of investment and examine whether theoretical predictions from a real options-based investment framework provide insight into the relation between accruals and the ex ante expected volatility faced by the firm. Specifically, the theory predicts that higher volatility dampens investment because firms prefer to‘wait and see’instead of investing immediately. Consistent with this theory, we document a robust negative relation between year-ahead net working capital accruals and expected volatility. We also predict and find that the negative association between year-ahead net working capital accruals and expected volatility is less pronounced for distressed firms and more pronounced for firms with a longer operating cycle, and that current asset accruals are more sensitive to volatility than current liability accruals. Finally, we find that the residuals from an investment-based expected accrual model outperform those from the widely-used performance-adjusted modified Jones model in identifying companies that just meet or beat analysts’earnings forecasts. Collectively, our findings suggest that the investment perspective of accruals, and in particular the real options-based investment framework,provide useful insights for forming expectations of accruals. Keywords: Accruals Real； options； Investment Volatility 2. Aggregate earnings surprises, monetary policy, and stock returns Lindsey A. Gallo , Rebecca N. Hann , Congcong Li Journal of Accounting and Economics 62 (2016) 65–86 Abstract： This paper examines whether the negative association between aggregate earnings and returns is explained by the monetary policy news in aggregate earnings. Using Federal funds futures data to construct a measure of policy news, we find that aggregate earnings convey information about the Fed’s policy actions. Additionally, the negative aggregate earnings-returns association is muted when we control for policy surprises. This result is more pronounced in periods with negative policy surprises, which tend to trigger a more significant market reaction. Taken together, these results suggest that aggregate earnings convey policy news and the market reacts negatively to policy surprises, which drives the negative aggregate earnings-returns association. Keywords : Aggregate earnings；Monetary policy；Stock returns；Federal funds futures 3.Voluntary disclosure incentives: Evidence from the municipal bond market Christine Cuny Journal of Accounting and Economics 62 (2016) 87–102 Abstract ：I investigate the trade-off between capital market incentives, reputational concerns, and administrative costs in the public disclosure decisions of municipal bond issuers. After Ambac’s bankruptcy, issuers of insured debt increase disclosure relative to issuers of uninsured debt. After local per capita income declines or expenditures increase, issuers, particularly those with strong electoral incentives and weak voter oversight, reduce disclosure. After the implementation of an online filing repository, issuers with few dissemination channels increase disclosure relative to other issuers. Overall, my findings support a positive relationship between voluntary disclosure, risk, and low-cost dissemination, to the extent reputational capital is not threatened. Keywords : Voluntary disclosure；Risk；Political economy；Information transmission；Municipal debt 4. The bright side of managerial over-optimism Gilles Hilary , Charles Hsu , Benjamin Segal , Rencheng Wang Journal of Accounting and Economics 62 (2016) 46–64 Abstract： Human estimation and inference are subject to systematic biases such as overconfidence and over-optimism. In contrast to prior research that has identified multiple negative consequences of these biases, we focus on positive effects. We empirically examine a setting in which over-optimism a) is a related but different bias from overconfidence, b) emerges dynamically in a rational economic framework, and c) generates higher managerial effort. Importantly, this additional effort improves firm profitability and market value. Keywords: Over-optimism Managerial effort Firm performance http://www.sciencedirect.com/science/journal/01654101/62/1 全球会计硕博都在关注的公众号！ 因为专业，所以值得依赖！ 因为贴心，所以值得关注！ 整合 资源，助力成长！