{"id":"https://openalex.org/W2107977178","doi":"https://doi.org/10.2308/accr-50375","title":"Accounting Standards, Cost of Capital, Resource Allocation, and Welfare in a Large Economy","display_name":"Accounting Standards, Cost of Capital, Resource Allocation, and Welfare in a Large Economy","publication_year":2012,"publication_date":"2012-12-11","ids":{"openalex":"https://openalex.org/W2107977178","doi":"https://doi.org/10.2308/accr-50375","mag":"2107977178"},"language":"en","primary_location":{"id":"doi:10.2308/accr-50375","doi":"https://doi.org/10.2308/accr-50375","is_oa":false,"landing_page_url":"https://doi.org/10.2308/accr-50375","pdf_url":null,"source":{"id":"https://openalex.org/S160506855","display_name":"The Accounting Review","issn_l":"0001-4826","issn":["0001-4826","1558-7967"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","fnege-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","utd24","vabb-shw"],"host_organization":"https://openalex.org/P4310316290","host_organization_name":"American Accounting Association","host_organization_lineage":["https://openalex.org/P4310316290"],"host_organization_lineage_names":["American Accounting Association"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The Accounting Review","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID2186995_code28025.pdf?abstractid=2186995&mirid=1","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5073038439","display_name":"Guochang Zhang","orcid":"https://orcid.org/0000-0001-6695-9968","observed_orcids":["https://orcid.org/0000-0001-6695-9968"]},"institutions":[{"id":"https://openalex.org/I200769079","display_name":"Hong Kong University of Science and Technology","ror":"https://ror.org/00q4vv597","country_code":"HK","type":"education","lineage":["https://openalex.org/I200769079"]},{"id":"https://openalex.org/I889458895","display_name":"University of Hong Kong","ror":"https://ror.org/02zhqgq86","country_code":"HK","type":"education","lineage":["https://openalex.org/I889458895"]}],"countries":["HK"],"is_corresponding":true,"raw_author_name":"Guochang Zhang","raw_affiliation_strings":["The Hong Kong University of Science and Technology","University of Hong Kong"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"The Hong Kong University of Science and Technology","institution_ids":["https://openalex.org/I200769079"]},{"raw_affiliation_string":"University of Hong Kong","institution_ids":["https://openalex.org/I889458895"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":2,"corresponding_author_ids":["https://openalex.org/A5073038439"],"corresponding_institution_ids":["https://openalex.org/I200769079","https://openalex.org/I889458895"],"apc_list":null,"apc_paid":null,"fwci":12.3805,"has_fulltext":false,"cited_by_count":50,"citation_normalized_percentile":{"value":0.98082885,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":88,"max":99},"biblio":{"volume":"88","issue":"4","first_page":"1459","last_page":"1488"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T13366","display_name":"Accounting Theory and Financial Reporting","score":0.5853999853134155,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T13366","display_name":"Accounting Theory and Financial Reporting","score":0.5853999853134155,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10081","display_name":"Auditing, Earnings Management, Governance","score":0.33809998631477356,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12675","display_name":"Financial Reporting and Valuation Research","score":0.03099999949336052,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/accounting-standards","display_name":"accounting standards","score":0.8679999709129333},{"id":"https://openalex.org/keywords/cost-of-capital","display_name":"cost of capital","score":0.8569999933242798},{"id":"https://openalex.org/keywords/real-investment","display_name":"real investment","score":0.7279999852180481},{"id":"https://openalex.org/keywords/welfare","display_name":"welfare","score":0.6439999938011169},{"id":"https://openalex.org/keywords/cash-flow-uncertainty","display_name":"cash flow uncertainty","score":0.765999972820282},{"id":"https://openalex.org/keywords/risk-premium","display_name":"risk premium","score":0.5519999861717224},{"id":"https://openalex.org/keywords/capital-allocation","display_name":"capital allocation","score":0.7910000085830688},{"id":"https://openalex.org/keywords/resource-allocation","display_name":"resource allocation","score":0.5289999842643738},{"id":"https://openalex.org/keywords/large-economies","display_name":"large economies","score":0.5490000247955322},{"id":"https://openalex.org/keywords/information-quality","display_name":"information quality","score":0.503000020980835}],"concepts":[{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.589438259601593},{"id":"https://openalex.org/C163867264","wikidata":"https://www.wikidata.org/wiki/Q4672792","display_name":"Accounting information system","level":2,"score":0.537447988986969},{"id":"https://openalex.org/C74734477","wikidata":"https://www.wikidata.org/wiki/Q1479274","display_name":"Cost of capital","level":3,"score":0.5247695446014404},{"id":"https://openalex.org/C27548731","wikidata":"https://www.wikidata.org/wiki/Q88272","display_name":"Investment (military)","level":3,"score":0.5094538331031799},{"id":"https://openalex.org/C181236170","wikidata":"https://www.wikidata.org/wiki/Q848354","display_name":"Capital asset pricing model","level":2,"score":0.48837345838546753},{"id":"https://openalex.org/C43326092","wikidata":"https://www.wikidata.org/wiki/Q362098","display_name":"Historical cost","level":3,"score":0.48591485619544983},{"id":"https://openalex.org/C190832808","wikidata":"https://www.wikidata.org/wiki/Q1900567","display_name":"Mark-to-market accounting","level":4,"score":0.4437014162540436},{"id":"https://openalex.org/C100243477","wikidata":"https://www.wikidata.org/wiki/Q12002092","display_name":"Welfare","level":2,"score":0.4387091100215912},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.4262504577636719},{"id":"https://openalex.org/C128769094","wikidata":"https://www.wikidata.org/wiki/Q1779838","display_name":"Accounting standard","level":4,"score":0.42406165599823},{"id":"https://openalex.org/C163428354","wikidata":"https://www.wikidata.org/wiki/Q1047513","display_name":"Cash flow","level":2,"score":0.4172501564025879},{"id":"https://openalex.org/C143910263","wikidata":"https://www.wikidata.org/wiki/Q750458","display_name":"Capital market","level":2,"score":0.4110822379589081},{"id":"https://openalex.org/C544937707","wikidata":"https://www.wikidata.org/wiki/Q949180","display_name":"Financial accounting","level":3,"score":0.40760648250579834},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.35957783460617065},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.33043089509010315},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.24757879972457886},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.23125037550926208},{"id":"https://openalex.org/C34447519","wikidata":"https://www.wikidata.org/wiki/Q179522","display_name":"Market economy","level":1,"score":0.12049868702888489},{"id":"https://openalex.org/C181622380","wikidata":"https://www.wikidata.org/wiki/Q26911","display_name":"Profit (economics)","level":2,"score":0.0},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0},{"id":"https://openalex.org/C94625758","wikidata":"https://www.wikidata.org/wiki/Q7163","display_name":"Politics","level":2,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0}],"mesh":[],"locations_count":3,"locations":[{"id":"doi:10.2308/accr-50375","doi":"https://doi.org/10.2308/accr-50375","is_oa":false,"landing_page_url":"https://doi.org/10.2308/accr-50375","pdf_url":null,"source":{"id":"https://openalex.org/S160506855","display_name":"The Accounting Review","issn_l":"0001-4826","issn":["0001-4826","1558-7967"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","fnege-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","utd24","vabb-shw"],"host_organization":"https://openalex.org/P4310316290","host_organization_name":"American Accounting Association","host_organization_lineage":["https://openalex.org/P4310316290"],"host_organization_lineage_names":["American Accounting Association"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The Accounting Review","raw_type":"journal-article"},{"id":"mag:2107977178","doi":null,"is_oa":true,"landing_page_url":"https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID2186995_code28025.pdf?abstractid=2186995&mirid=1","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"SSRN Electronic Journal","raw_type":null},{"id":"pmh:oai:hub.hku.hk:10722/233828","doi":null,"is_oa":false,"landing_page_url":"http://hdl.handle.net/10722/233828","pdf_url":null,"source":{"id":"https://openalex.org/S4377196271","display_name":"The HKU Scholars Hub (University of Hong Kong)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I889458895","host_organization_name":"University of Hong Kong","host_organization_lineage":["https://openalex.org/I889458895"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"Article"}],"best_oa_location":{"id":"mag:2107977178","doi":null,"is_oa":true,"landing_page_url":"https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID2186995_code28025.pdf?abstractid=2186995&mirid=1","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"SSRN Electronic Journal","raw_type":null},"sustainable_development_goals":[],"sustainable_development_goals_aurora":[{"id":"https://metadata.un.org/sdg/8","score":0.5199999809265137,"display_name":"Decent work and economic growth"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":37,"referenced_works":["https://openalex.org/W608291819","https://openalex.org/W1492155385","https://openalex.org/W1593455549","https://openalex.org/W1969928297","https://openalex.org/W1983951528","https://openalex.org/W1999918735","https://openalex.org/W2030610269","https://openalex.org/W2034997347","https://openalex.org/W2042877521","https://openalex.org/W2076035820","https://openalex.org/W2090177521","https://openalex.org/W2102130722","https://openalex.org/W2111377054","https://openalex.org/W2122001079","https://openalex.org/W2126117038","https://openalex.org/W2128094231","https://openalex.org/W2134924760","https://openalex.org/W2139247420","https://openalex.org/W2154187126","https://openalex.org/W2157811513","https://openalex.org/W2168849258","https://openalex.org/W2324400225","https://openalex.org/W2564580103","https://openalex.org/W3023729765","https://openalex.org/W3121298097","https://openalex.org/W3122367383","https://openalex.org/W3123817661","https://openalex.org/W3124699440","https://openalex.org/W3125448943","https://openalex.org/W3125512896","https://openalex.org/W3125686936","https://openalex.org/W4205903886","https://openalex.org/W4233445431","https://openalex.org/W4235328403","https://openalex.org/W4245045968","https://openalex.org/W6631528146","https://openalex.org/W6632025531"],"related_works":["https://openalex.org/W7220830491","https://openalex.org/W7095195289","https://openalex.org/W2079417620","https://openalex.org/W3125192169","https://openalex.org/W2981739860","https://openalex.org/W2355365638","https://openalex.org/W1752885749","https://openalex.org/W3033745028","https://openalex.org/W7098782495","https://openalex.org/W3168879342"],"abstract_inverted_index":{"ABSTRACT":[0],"In":[1,30],"an":[2,110],"extended":[3],"capital":[4,120,141],"asset":[5,59],"pricing":[6],"model":[7],"(CAPM)":[8],"setting,":[9],"I":[10,102],"examine":[11],"how":[12,160],"the":[13,73,92,98,113,152,161],"quality":[14,71,90],"of":[15,112,140,146,166],"accounting":[16,47,106,167,173],"standards":[17,62,107,168],"affects":[18,72,91],"real":[19,65,114,162],"investment":[20,27,66,94],"and":[21,46,116,142,163,174],"welfare":[22,125],"through":[23],"its":[24],"impact":[25],"on":[26,77,170],"hurdle":[28],"rates.":[29],"this":[31],"model,":[32],"cash":[33],"flow":[34],"uncertainty":[35],"arises":[36],"from":[37,151],"two":[38],"fundamental":[39],"sources":[40],"relating,":[41],"respectively,":[42],"to":[43,64,81],"economic":[44,175],"performance":[45],"measurement":[48],"errors,":[49],"but":[50,86],"they":[51],"combine":[52],"into":[53,159],"a":[54,82,117,128,171],"single":[55],"market":[56,84,99],"factor":[57,100],"for":[58],"pricing.":[60],"Accounting":[61],"matter":[63],"not":[67],"only":[68],"because":[69,88],"information":[70,89],"required":[74],"risk":[75,133],"premiums":[76],"individual":[78],"projects":[79],"relative":[80],"given":[83],"factor,":[85],"also":[87,156],"aggregate":[93],"level":[95],"and,":[96],"hence,":[97],"itself.":[101],"show":[103],"that":[104],"improving":[105],"causes":[108],"both":[109],"expansion":[111],"economy":[115],"shift":[118],"in":[119,131],"allocation":[121],"across":[122],"firms.":[123],"While":[124],"increases":[126],"as":[127],"result,":[129],"firms":[130],"certain":[132],"classes":[134],"end":[135],"up":[136],"with":[137],"higher":[138],"costs":[139],"lower":[143],"values,":[144],"some":[145],"which":[147],"are":[148],"crowded":[149],"out":[150],"economy.":[153],"The":[154],"study":[155],"lends":[157],"insights":[158],"financial":[164],"impacts":[165],"depend":[169],"firm's":[172],"characteristics.":[176]},"counts_by_year":[{"year":2026,"cited_by_count":6},{"year":2025,"cited_by_count":4},{"year":2024,"cited_by_count":3},{"year":2023,"cited_by_count":6},{"year":2022,"cited_by_count":2},{"year":2021,"cited_by_count":1},{"year":2020,"cited_by_count":3},{"year":2019,"cited_by_count":4},{"year":2018,"cited_by_count":4},{"year":2017,"cited_by_count":3},{"year":2016,"cited_by_count":4},{"year":2015,"cited_by_count":6},{"year":2014,"cited_by_count":4}],"updated_date":"2026-10-16T09:59:22.235173","created_date":"2016-06-24T00:00:00"}