期刊
JOURNAL OF ACCOUNTING RESEARCH
卷 53, 期 3, 页码 593-631出版社
WILEY
DOI: 10.1111/1475-679X.12076
关键词
institutional investors; mutual funds; corporate governance; U.S . GAAP; financial statement comparability; auditor selection; analyst forecasts
资金
- University of Chicago Booth School of Business
- Centel Foundation/Robert P. Reuss Faculty Research Fund
This paper investigates whether foreign institutional investors affect the global convergence of financial reporting practices. Using several measures of reporting convergence, we show that U.S. institutional ownership is positively associated with subsequent changes in emerging market firms' accounting comparability to their U.S. industry peers. We identify this association using an instrumental variable approach that exploits exogenous variation in U.S. institutional investment generated by the JGTRRA Act of 2003. Further, we provide evidence of a specific mechanismthe switch to a Big Four audit firmthrough which U.S. institutional investors affect reporting convergence. Finally, we show that, for emerging market firms, an increase in comparability to U.S. firms is associated with an improvement in the properties of foreign analysts' forecasts.
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