Accounting quality and the transmission of monetary policy

被引：14
作者：
Armstrong, Christopher S. [1 ]
Glaeser, Stephen [2 ]
Kepler, John D. [3 ]
机构：
[1] Univ Penn, Wharton Sch, Philadelphia, PA 19104 USA
[2] Univ N Carolina, Kenan Flagler Business Sch, Chapel Hill, NC 27515 USA
[3] Stanford Univ, Grad Sch Business, Stanford, CA 94305 USA
来源：
JOURNAL OF ACCOUNTING & ECONOMICS | 2019年 / 68卷 / 2-3期
关键词：
Monetary policy; Balance sheet channel; Accounting quality; Financial reporting; Information asymmetry; Financial intermediation; SARBANES-OXLEY ACT; FINANCIAL CONSTRAINTS; REFLECT INFORMATION; EARNINGS MANAGEMENT; REPORTING QUALITY; INTEREST-RATES; STOCK-PRICES; SECTION; 404; ACCRUALS; COSTS;
D O I：
10.1016/j.jacceco.2019.101265
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We examine how firms' accounting quality affects their reaction to monetary policy. The balance sheet channel of monetary policy predicts that the quality of firms' accounting reports plays a role in transmitting monetary policy by affecting information asymmetries between firms and capital providers. Consistent with this prediction, we find that accounting quality moderates firms' equity market response and future investment sensitivity to unexpected changes in monetary policy. Moreover, the former relation is amplified for firms with more growth opportunities and more financial constraints, further consistent with accounting quality moderating the transmission of monetary policy. (C) 2019 Elsevier B.V. All rights reserved.
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页数：30
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