Provided by James R.
Malloy, and Quoc Nguyen The most comprehensive information windows that firms provide to the markets—in the form of their mandated annual and quarterly filings—have changed dramatically over time, becoming significantly longer and more complex.
When firms break from their routine phrasing and content, this action contains rich information for future firm stock returns and outcomes. A pioneering cost accounting system co-developed by Robert Kaplan was called in to determine the cause.
Open for comment; Comment Accounting case studies harvard posted. RER changes have different impacts depending on the export and import orientation of regions and the prevalence of credit constraints.
Effects are non-linear and asymmetric, suggesting that the link between RER changes and macroeconomic performance might be much more nuanced than usually thought.
Given that a large number of institutional investors seek Accounting case studies harvard data and have committed to using it, it is increasingly important to develop a robust accounting infrastructure for the reporting of such information. Evidence from a Global Survey by Amir Amel-Zadeh and George Serafeim Survey data from more than senior investment professionals provides insights into why and how investors use environmental, social, and governance ESG information as well as the challenges in using this information.
This study also documents what investors believe will be important ESG styles in the future. Mihir Desai explains the financial wiring behind the inventors of the iPhone.
Wooldridge This paper discusses key features of the fractional response mode developed by economists Leslie E. Papke and Jeffrey M.
Research by George Serafeim and colleagues. Eccles and Tim Youmans argue that a board's primary duty is not to the shareholders, but to the corporation itself. This paper shares the important goal of that scholarship: Specifically, the paper measures banks' exposures to macroeconomic risk through their fixed income positions by representing those positions in terms of simple factor portfolios.
Factor portfolios provide measures of exposure that are easy to interpret and compare across positions. The results help elucidate the evolution of bank risk taking over the last 20 years.
Closed for comment; 0 Comment s posted. Wang Over the past 30 years, the central question in asset pricing is understanding what drives the variation in expected returns. Despite its importance, empirical research in this area has remained problematic because the key variable, expected returns, is not observable.
This paper promotes an accounting-fundamentals-based approach to estimating expected returns. It contributes to the stream of empirical studies devoted to developing the estimation of, and understanding the behavior of, expected returns.
It also provides a practical tool that can be used to analyze investment choices in international equity contexts. Using the lens of materiality, the authors of this paper examine principles underlying the methodologies and business models of credit reporting agencies CRAsfinding that CRAs have potential governance shortcomings that need to be addressed by the boards of the CRAs themselves.
The governance remedies recommended here aim to restore credit rating institutions to their historic role in the proper functioning of the global capital markets. In a study of the role of major auditors in the accounting standard-setting process, the authors provide a systematic characterization of auditors' changing incentives.
They also examine how those incentives influence auditor lobbying across nearly every financial reporting standard issued from through Overall, results suggest that the auditors' own incentives play a prominent role in their lobbying activities for the rules of U. Demand for these securities helped feed the housing boom during the early and mids, while rapid declines in their prices during and generated large losses for financial intermediaries, ultimately imperiling their soundness and triggering a full-blown crisis.
Little is known, however, about the underlying forces that drove investor demand for these securitizations. Using micro-data on insurers' and mutual funds' holdings of both traditional and nontraditional securitizations, this paper begins to shed light on the economic forces that drove the demand for securitizations before and during the crisis.
Among the findings, variation across securitization types and investors is key to understanding the crisis. Beliefs appear to have been an important driver of mutual fund holdings of nontraditional securitizations. Results also underscore the importance of optimal liquidity management in the context of fire sales.
Inexperienced mutual fund managers invested significantly more in these products than experienced managers. Beliefs-shaped by past firsthand experiences-played an important role. Managers who had suffered through the market dislocations of invested substantially less in nontraditional securitizations than those who had not.
For insurance companies, incentives appear to have played an important role, though the nature of the relevant incentive conflict seems to have varied across small and larger insurance firms.The Accounting & Management unit at Harvard Business School strives to be the worldwide leader in research, course development, and teaching on top managements' use of performance measurement systems to:,, Harvard Business School Harvard Business School → →.
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Case studies in business: The accounting disposition of an increase in assets caused by revaluation. Harvard Business Review (July): Harvard Business Review.
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