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on Accounting and Auditing |
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Issue of 2024‒07‒08
six papers chosen by |
| By: | Egemen Eren; Timothy Jackson; Giovanni Lombardo |
| Abstract: | Is there a role for central bank balance sheet policies away from the effective lower bound on interest rates? We extend the canonical DSGE model with financial frictions to include a fully specified central bank balance sheet. We find that the balance sheet size and composition can play a macroprudential role in improving the efficacy of monetary policy. The optimal balance-sheet policy aims at affecting duration risk held by banks in order to increase their resilience to shocks. Optimal short-run balance sheet policies bring no additional advantage to using the policy rate alone provided the optimal long-run balance sheet is already in place. Our results also highlight a key role for government debt maturity and bank regulation in determining optimal central bank balance sheets. |
| Keywords: | optimal monetary policy, central bank balance sheet, government debt, reserves, financial frictions, macroprudential. |
| JEL: | E42 E44 E51 E52 G21 |
| Date: | 2024–04–30 |
| URL: | https://d.repec.org/n?u=RePEc:liv:livedp:202408&r= |
| By: | Julia Pargmann; Florian Berding |
| Abstract: | Sustainability in accounting and controlling has traditionally been understood in terms of securing the long-term existence of companies. However, with the introduction of integrated non-financial reporting, sustainability, as per the triple bottom line model, is increasingly being discussed as a component of accounting and controlling. Yet, integration primarily occurs in separate sustainability management and controlling departments. Moreover, the implementation of sustainability efforts requires suitably qualified employees, who drive the transition. The academic discourse surrounding sustainability in businesses in general, and in accounting and controlling specifically, is complex. It remains unclear to what extent sustainability has been integrated into accounting and controlling, and what competencies employees need to manage this transformation. These questions will be critically analyzed in this structured literature review of 79 publications. The results provide insights into a) how companies conceptualize sustainability, b) whether and how they integrate it into their value creation processes, and c) the relevance of accounting and controlling for these developments. To contextualize the role of employees, the competency requirements within companies will be analyzed to enable employees in accounting and controlling to engage effectively in sustainability-oriented activities. Specifically, implications for changes in curricula with a focus on accounting and controlling are derived. |
| Date: | 2024–06 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2406.02314&r= |
| By: | Áron Kiss; Alexander Leodolter; Alessandro Turrini; István Ványolós |
| Abstract: | Recent EU country-specific recommendations to make taxation more growth-friendly have advocated a stronger use of recurrent taxes on immovable property and a shift of the tax burden from labour income, including a reduction of the labour tax burden of low-income taxpayers. This Brief focuses on challenges related to these two types of tax reforms during periods of high inflation. The challenges linked to immovable property taxation include the update of the property values as well as issues relating to liquidity problems for households with property but relatively low income. Regarding reforms aimed at reducing the labour tax burden on low-income taxpayers, their impact may be challenged by the so-called bracket creep (or fiscal drag) phenomenon, i.e., the shift of taxpayers into higher tax brackets due to an increase of nominal incomes. The present paper highlights the relevance of these issues on the basis of recent empirical evidence and discusses current practices and possible solutions. |
| Keywords: | tax, taxation, tax policy, inflation, immovable property, housing, property value, cadastral value, property valuation, asset-rich cash-poor, liquidity, personal income tax, bracket creep, fiscal drag, indexation |
| JEL: | D1 H2 H21 H24 H3 H31 |
| Date: | 2024–03 |
| URL: | https://d.repec.org/n?u=RePEc:euf:ecobri:079&r= |
| By: | Harju, Jarkko; Kotakorpi, Kaisa; Matikka, Tuomas; Nivala, Annika |
| Abstract: | The abstract will be added on Tue 4.6.2024. |
| Keywords: | tax compliance, tax evasion, tax enforcement, firm behavior, Social security, taxation and inequality, H26, H32, H83, fi=Verotus|sv=Beskattning|en=Taxation|, |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:fer:wpaper:165&r= |
| By: | John Y. Campbell; Jeremy C. Stein; Alex A. Wu |
| Abstract: | To understand their financial position, universities need to understand the long-term implications of their operating revenues and costs in relation to the financial assets they have available. Standard budgeting procedures that focus on one or two years at a time and use generally accepted accounting principles (GAAP) do not do this. We present an alternative framework that discounts cash flow forecasts over the infinite future and compares the present value of operating obligations to the value of the university’s endowment net of any debt it has issued. We illustrate the potential of this framework using recent data from Harvard’s Faculty of Arts and Sciences (FAS). |
| JEL: | G31 I22 I23 |
| Date: | 2024–05 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:32506&r= |
| By: | Bo Cowgill; Patryk Perkowski |
| Abstract: | Firms increasingly delegate job screening to third-party recruiters, who must not only satisfy employers’ demand for different types of candidates, but also manage yield by anticipating candidates’ likelihood of accepting offers. We study how recruiters balance these objectives in a novel, two-sided field experiment. Our results suggest that candidates’ behavior towards employers is very correlated, but that employers’ hiring behavior is more idiosyncratic. Workers discriminate using the race and gender of the employer’s leaders more than employers discriminate against the candidate’s race and gender. Black and female candidates face particularly high uncertainty, as their callback rates vary widely across employers. Callback decisions place about two thirds weight on employer’s expected behavior and one third on yield management. We conclude by discussing the accuracy of recruiter beliefs and how they impact labor market sorting. |
| Keywords: | hiring, recruiting, discrimination, field experiments |
| JEL: | M51 C93 J71 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:ces:ceswps:_11129&r= |