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1、本科毕业论文（设计）外文翻译外文题目TheQualityofAccountingInformationInPoliticallyConnectedFirms外文出处JournalofAccountingandEconomics外文作者PaulK.Chaney，MaraFaccio，DavidParsley原文：TheQualityofAccountingInformationinPoliticallyConnectedFirmsWedocumentthatthequalityofearnings
2、reportedbypoliticallyconnectedfirmsissignificantlypoorerthanthatofsimilarnon-connectedcompanies.Ourresultsarenotduetofirmswithex-antepoorearningsqualityestablishingconnectionsmoreoften.Instead,ourresultssuggestthat,becauseofalesserneedtorespondtomark
3、etpressurestoincreasethequalityofinformation,connectedcompaniescanafforddisclosinglowerqualityaccountinginformation.Inparticular,lowerqualityreportedearningsisassociatedwithahighercostofdebtonlyforthenon-politicallyconnectedfirmsinthesample.Inthispap
4、erweinvestigatewhetherearningsqualityvariessystematicallywithpoliticalconnectionsinawidesampleofcountriesandpoliticallyconnectedfirms.Overall,ourresultsrevealthatthepresenceofpoliticalconnectionsisassociatedwithalowerqualityofaccountingearnings.Wedoc
5、umentthatpoliticalconnectionshaveincrementalexplanatorypowerbeyondcountry,regulatory,andfirmspecificownershipcharacteristics.Ex-ante,onecouldhavearguedthatbecauseconnectedfirmsaresubjecttoextensivecontrolsandmonitoring(includingscrutinybythemedia),po
6、liticalconnectionswould,infact,beassociatedwithbetterearningsquality.This,however,isnotthecase.Basedontheresultsinpriorresearch,threeexplanationsareconsistentwithourfindingthatthequalityofearningsofpoliticallyconnectedfirmsispoorerthanthequalityofear
7、ningsofsimilarnon-connectedpeers.First,aspoliticallyconnectedfirmstypicallyderivegainsfromtheirconnectionsoverandabovethepaymentstheymake,insidersmayhide,obscure,oratleastattempttodelayreportingthebenefitsreceivedwiththepurposeofintentionallymisleadi
8、nginvestorstogainattheirexpense(e.g.,Schipper,1989,orLeuz,NandaandWysocki,2003).Inacloselyrelatedpaper,LeuzandOberholzer-Gee(2006)arguethatthehighertransparencyassociatedwithforeignfinancingmakesitharderforconnectedcompaniestoextractpoliticalfavors,e
