Micro and Macro Accounting
Código: PCON1044
Curso: Mestrado em Ciências Contábeis
Créditos: 2
Carga horária: 30
Ementa: I. OBJECTIVE
The main objective of this graduate course is to prepare the graduate students to do research on micro and macro accounting. In addition, during the course many papers of aggregate accounting information will be discussed to show how macro-accounting information could be useful to understand macroeconomic forces and how it can be used to predict or complement macroeconomic information such as gross domestic product, inflation, investment and others.
II. COURSE OVERVIEW
This graduate course will present and discuss the state of the art of financial accounting research on micro and macro accounting and how one level affects each other. Micro accounting information is useful and helpful to predict future earnings and stock returns. However, macro-accounting literature is an emerging subject in accounting and economics. This literature is also known as aggregate accounting information.
III. TEACHING/LEARNING METHODOLOGY
Lectures and seminars try to stimulate and encourage students participation in class to discuss or to present papers as well as to share ideas and potential research questions.
Bibliografia: REFERENCES:
1. Kothari, S.P., Lewellen, J., Warner, J., 2006. Stock returns, aggregate earnings surprises, and behavioural finance. Journal of Financial Economics 79, 537-568.
2. Cready, W., Gurun, U., 2010. Aggregate market reaction to earnings announcements. Journal of Accounting Research 48, 289-334.
3. He, W., Hu, M., 2014. Aggregate earnings and market returns: international evidence. Journal of Financial and Quantitative Analysis, 49: 879-901.
4. Gallo, L., Hann, R., Li, C., 2016. Aggregate earnings surprises, monetary policy, and stock returns. Journal of Accounting and Economics 62: 103-120.
5. Shivakumar. L., Urcan, O., 2017. Why does aggregate earnings growth reflect information about future inflation? The Accounting Review 92, 247-276.
6. Patatoukas, P., 2014. Detecting news in aggregate accounting earnings: implications for stock market valuation. Review of Accounting Studies 19, 134-160.
7. Konchitchki, Y., Patatoukas, P., 2014. Accounting earnings and gross domestic product. Journal of Accounting and Economics 57, 76-88.
8. Konchitchki, Y., Patatoukas, P., 2014. Taking the pulse of the real economy using financial statement analysis: implications for macro forecasting and stock valuation. The Accounting Review 89, 669-694.
9. Gkougkousi, X., 2014. Aggregate earnings and corporate bond markets. Journal of Accounting Research 52, 75-106.
10. Li, N., Richardson, S., Tuna, I., 2014. Macro to micro: country exposures, firm fundamentals and stock returns. Journal of Accounting and Economics 58: 1-20.
11. Anilowski, C., Feng, M., Skinner, D., 2007. Does earnings guidance affect market returns? The nature and information content of aggregate earnings guidance. Journal of Accounting and Economics 44, 36-63.
12. Bonsall, S., Bozanic, Z., Fischer, P., 2013. What do management earnings forecasts convey about the macroeconomy? Journal of Accounting Research 51, 225-266.
13. Khan, U., Ozel, B., 2016. Real activity forecasts using loan portfolio information. Journal of Accounting Research 54: 895-937.
14. Nellareddy, S., Ogneva, M., 2017. Predicting restatements in macroeconomic indicators using accounting information. The Accounting Review 92, 151-182.
15. Shevlin, T., Shivakumar, L., Urcan, O., 2018. Macroeconomic effects of aggregate corporate tax avoidance: A cross-country analysis. Working paper
16. Rouxelin, F., Wongsunwai, W., Yehuda, N., 2018. Aggregate Cost Stickiness in GAAP Financial Statements and Future Unemployment Rate. The Accounting Review 93: 299-325.
17. Kalay, A., Nallareddy, S., Sadka, G., 2018. Uncertainty and Sectoral Shifts: The Interaction between Firm-Level and Aggregate-Level Shocks and Macroeconomic Activity. Management Science 64: 198-214.
18. Binz, O., Mayew, W., Nallareddy, S., 2018. Firms. Response to Macroeconomic Estimation Errors. Working paper.
19. Hann, R., Li, C., Ogneva, M., 2018. Another Look at the Macroeconomic Information Content of Aggregate Earnings: Evidence from the Labor Market. Working paper.
20. Tanaka, M., Bloom, N., David, J., Koga, M., 2018. Firm Performance and Macro Forecast Accuracy. NBER Working paper.
21. Ball, R., Gallo, L., Ghysels, E., 2018. Tilting the Evidence: The Role of Firm-Level Earnings Attributes in the Relation between Aggregated Earnings and Gross Domestic Product. Working paper.
