nep-acc New Economics Papers
on Accounting and Auditing
Issue of 2022‒04‒04
five papers chosen by

  1. 経営者の自信過剰(Overconfidence)と財務報告に関する論点整理, Discussion on Managerial Overconfidence and Financial Reporting By 塚原, 慎; Tsukahara, Makoto; 寺嶋, 康二; Terashima, Koji; 積, 惟美; Seki, Koreyoshi
  2. After the Allocation: What Role for the Special Drawing Rights System? By Tobias Pforr; Fabian Pape; Steffen Murau
  3. Incentivizing irreversible investment By Livdan, Dmitry; Nezlobin, Alexander
  4. Using the Value Added Tax for Redistributive Purposes in Italy: Is it Still Worth? By Paolo Liberati; Federica Lanterna
  5. Fighting Inflation with Rate Hikes and Balance Sheet Reduction, a speech at the Economic Forecast Project, University of California, Santa Barbara, Santa Barbara, California, February 24, 2022 By Christopher J. Waller

  1. By: 塚原, 慎; Tsukahara, Makoto; 寺嶋, 康二; Terashima, Koji; 積, 惟美; Seki, Koreyoshi
    Abstract: 本稿では,経営者が陥りやすい⼼理的特性としての「⾃信過剰」に着⽬し,直接観察することに困難が伴う当該特性を先⾏研究ではどのように変数化してきたのかを概観した上で,これが企業経営者の意思決定に及ぼす影響と,その帰結について先⾏研究の整理を⾏った。先⾏研究から,⾃信過剰の特性は,リスク・テイク姿勢,資⾦調達コストの誤認,過⼩評価の是正欲求,という⼤きく3 つに根ざした経営者⾏動を惹起する傾向にあることが整理された。また,当該領域に関し て,⾃信過剰の代理変数を拡張すること,「経営者の⾃信」が適切な⽔準で発揮されるこ とで果たされる「正の影響」について議論すること,⾃信過剰を踏まえたガバナンス・シ ステムの構築可能性について議論することに関し研究を深めることが可能にあることを考 察した。最後に,⽇本において⾃信過剰の特性に関する研究蓄積を⾏うことの意義につい て,代理変数捕捉の拡張可能性の観点,国際⽐較の観点から整理を⾏った。
    Keywords: ⾃信過剰, 利益調整, 保守主義, 業績予想, 経営者の楽観性
    Date: 2021–08
  2. By: Tobias Pforr (European University Institute); Fabian Pape (University of Warwick); Steffen Murau (Boston University)
    Abstract: In August 2021, the IMF made a new SDR allocation to help ease pandemic-induced financial strains in the Global South. This paper assesses the potential of the SDR system to address debt-related problems in global finance. We analyze the SDR system as a web of interlocking balance sheets whose members can use SDR holdings—the system's tradable assets—for conversion into usable currency as a perpetual low-interest loan or to make payments to each other. Using original IMF data, we study how the system has been practically used since 1990. Though widely perceived as a solution in search of a problem in the post-Bretton Woods era, we find that the SDR system provides three mechanisms through which IMF members borrow and lend usable currency to each other, with different strings attached: first, transactions by agreement; second, the IMF's core lending facilities for which the SDR system offers additional resources; and third, IMF-sponsored Trusts which seek to harness the SDR system for development purposes and are the basis for the current idea of 'voluntary channeling'. Overall, given the SDR system's idiosyncratic accounting rules, the new allocation can improve the liquidity position of a country and offer some limited avenues for sovereign debt restructuring but comes with new interest and exchange rate risks. Voluntary channeling cannot happen without a wealth transfer, neither the SDR allocation nor the use of Trusts can overcome this problem. Still, Trusts can be a useful instrument to help with debt forgiveness and to ensure that borrowed funds are used for their intended purpose.
    Keywords: International Monetary Fund, balance sheets, critical macro-finance, Money View, central banks, development finance, Global South.
    JEL: E42 E58 F02 F33 F34 F53 F55 N10 N20
    Date: 2022–03–09
  3. By: Livdan, Dmitry; Nezlobin, Alexander
    Abstract: 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.
    Keywords: iIrreversible investment; goal congruence; performance measurement; residual income
    JEL: M40
    Date: 2022–03–01
  4. By: Paolo Liberati; Federica Lanterna (University Roma Tre, Department of Economics)
    Abstract: This paper shows that a Vat structure with multiple tax rates in Italy is not the most effective way to pursue redistributive aims. As the tax revenue of the Italian Vat is particularly affected by the use of reduced tax rates and exemptions, compared to other European countries, we suggest that a shift to a uniform Vat associated to cash transfers to households with children might better achieve redistributive targets on the neediest part of the population. This outcome could even be potentially improved by considering that a uniform Vat may significantly reduce Vat evasion due to the difference of tax rates applied to sales and purchases.
    Keywords: Vat, Redistribution, Cash transfers, Italy
    JEL: H25 H20 H23
    Date: 2022–02
  5. By: Christopher J. Waller
    Date: 2022–02–24

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