本文精选了会计学国际顶刊《The Accounting Review》近期发表的论文，提供会计学领域最新的学术动态。

Rigid Cost Structures as a Preemptive Strategy

原刊和作者：

The Accounting Review, Volume 101, Issue 2

Martin Artz （University of Münster）

Martin Holzhacker （Michigan State University）

André Hoppe （KU Leuven）

Abstract

We examine whether firms strategically increase cost rigidity to adopt an aggressive product market stance. Using large cuts in industry-level import tariff rates as a setting, we find that domestic firms respond to a looming competitive threat from foreign rivals by raising cost rigidity. This increase cannot plausibly be explained by investments to create physical excess capacity, suggesting firms enter cost commitments for labor and procurement instead. Additional tests corroborate the hypothesized preemptive intent. First, the increase in cost rigidity is concentrated in industries in which a firm’s aggressive market stance elicits a softening of competition. Second, it is only in these industries that firms with rigid cost structures experience market share gains around a large tariff cut. The latter effect is more pronounced the more reliably firms’ cost structures can be discerned from their financial statements. Overall, our study suggests that firms enter cost commitments as a preemptive strategy.

Link: https://doi.org/10.2308/TAR-2023-0506

Fair Market Value of Used Capacity Assets: Forecasts for Repurposed Electric Vehicle Batteries

原刊和作者：

The Accounting Review, Volume 101, Issue 2

Amadeus Bach （University of Mannheim）

Simona Onori （Stanford University）

Stefan Reichelstein （Stanford University）

Jihan Zhuang （Stanford University）

Abstract

In response to growing economic and environmental concerns, companies in a range of industries seek to repurpose products (assets) that retain functional capacity beyond their initial first life. This paper examines a generic valuation model for used capacity assets that can either be recycled immediately or repurposed for a second life application. We apply our model framework to lithium-ion batteries retired from electric vehicles, as these assets typically retain substantial energy storage capacity at the end of their first life. Our analysis focuses on two battery chemistries: lithium-iron-phosphate (LFP) and nickel-cobalt-X (NCX) based. We project their future fair market values in the United States and China. Our findings indicate that repurposing LFP batteries will be economically viable in both countries for the coming decade. In contrast, for most NCX batteries immediate recycling will soon be preferable due to their more valuable raw material content and shorter usable lives.

Link: https://doi.org/10.2308/TAR-2025-0024

Emerging From the Shadows: Consequences of Position Disclosure in Corporate Bankruptcy

原刊和作者：

The Accounting Review, Volume 101, Issue 2

Kevin D. Chen （Duke University）

Abstract

I examine how mandatory position disclosure of claimholders’ economic interests affects Chapter 11 bankruptcy outcomes. Exploiting a regulation that increased disclosure by creditors and equityholders on certain committees, I find that position disclosure is associated with a decrease in the length of bankruptcy cases, especially the duration of negotiations between claimholders across classes. Further, I show that position disclosure is associated with lower post-bankruptcy recidivism. Contrary to the concerns expressed by critics, I find little evidence that position disclosure reduced claimholders’ participation in committees or decreased trading in the market for bankruptcy claims. My findings highlight the overall benefits of position disclosure in facilitating negotiations during bankruptcy.

Link: https://doi.org/10.2308/TAR-2024-0075

Managers' Inventory Holding Decisions in Response to Natural Disasters

原刊和作者：

The Accounting Review, Volume 101, Issue 2

Seunghyun Cho （Kyungpook National University）

Boo Chun Jung （University of Hawaii at Manoa）

Felipe B. G. Silva （Cornerstone Research）

Choong-Yuel Yoo （Korea Advanced Institute of Science and Technology）

Abstract

We study how firms' inventory holdings are affected by natural disasters. Building on the premise that managers often make decisions in line with the availability heuristic, we investigate whether managers increase inventory holdings in response to heightened disaster risk perceptions and the need to hedge against inventory shortages. Through a battery of tests, we show that the occurrence of disasters in neighboring counties triggers inventory stockpiling, an effect that is unlikely to be driven by the real disaster disruptions. Our results also indicate that inventory stockpiling is likely inconsistent with a rational expectations equilibrium. Collectively, our results highlight another undesirable consequence of natural disasters and warn about supply chain implications due to increased climate ambiguity.

Link: https://doi.org/10.2308/TAR-2023-0568

Does Compliance Auditing Affect Bond Yields? Evidence from the Municipal Bond Market

The Accounting Review, Volume 101, Issue 2

Bethany A. Courson （University of Missouri）

Abstract

I use a unique setting in the municipal bond market to examine the impact of compliance auditing on bond yields. SEC Rule 15c2-12 requires bond issuers to provide annual financial and operating disclosures to investors over the life of the bonds. Due to concerns of noncompliance, Louisiana passed a state law requiring auditors to test for compliance with Rule 15c2-12. I find that bond yields in the municipal bond market decrease by 21 basis points after the audit law for previously noncompliant issuers in Louisiana. I find similar results when I separately examine the primary and secondary markets. I also find that previously noncompliant issuers file 75.2 percent more annual disclosures after the audit law, suggesting that the audit law improved compliance with Rule 15c2-12. Overall, my findings inform policymakers and regulators on the role of auditing over compliance with disclosure regulation as a mechanism to protect investors.

Link: https://doi.org/10.2308/TAR-2022-0210