Asset Specificity and Conditional Accounting Conservatism
Asset Specificity and Conditional Accounting Conservatism
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DOI：
10.1111/jbfa.12308
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发表时间：
2018-07
期刊：
影响因子：
--
通讯作者：
Qingyuan Li;Li Xu
中科院分区：
文献类型：
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作者：
Qingyuan Li;Li Xu
资产专用性，即资产重新部署到其他用途的能力，是资产转售价值的关键决定因素。资产专用性直接影响公司的持续公允价值确定、破产风险、清算价值和放弃选择权。我们的文件资产专用性和有条件的保守性之间的显着负相关。进一步的测试表明，这种反向关系表现为，随着资产专用性的增加，坏消息不那么快地被纳入收益。我们发现，在何种程度上的好消息被推迟在盈利的公司的条件资产专用性没有差异。此外，当资产专用性来自较低的行业内收购活动时，记录的关联性更强。对于竞争力较弱的行业，有机构投资者，进入公共债务市场的机会有限，和/或有更多无担保债务的公司，这种关联也更明显。我们的研究结果是值得注意的监管机构和研究人员考虑到最近的兴趣保守主义的决定因素。
Asset specificity, the redeployability of an asset to alternative uses, is a key determinant of an asset's resale value. Asset specificity has a direct impact on a firm's ongoing fair value determination, bankruptcy risk, liquidation value, and abandonment option. We document a significant negative association between asset specificity and conditional conservatism. Further tests reveal that this inverse relation manifests as bad news being less quickly incorporated in earnings as asset specificity increases. We find no difference in the extent to which good news is delayed in earnings for firms conditional on asset specificity. In addition, the documented association is stronger when asset specificity arises from lower within‐industry acquisition activity. The association is also more pronounced for firms that are in less competitive industries, have institutional investors, have limited access to the public debt market, and/or have more unsecured debt. Our findings are noteworthy for regulators and researchers given the recent interest in the determinants of conservatism.