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Textual Analysis for Accounting Research using Python

During the 2018 EAA PhD Forum in Milan I gave a break-out session on NLP / Textual Analysis for Accounting research using Python. In my talk I provided a bird's-eye view of the various NLP techniques that are relevant for Accounting research. The full set of slides can be viewed online on my personal website: http://www.tiesdekok.com/EAA_2018_NLP/ (My talk was recorded on video, available here) I have also created a Jupyter Notebook with code examples for…
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Reflections after EAA 2018

Last time I participated in EAA was in 2010 in Istanbul when I was a new PhD graduate. This time at Milan EAA, I had some experience behind me. I want to share my reflections from EAA-18 with you. This year the congress hosted a recorded number of participants, 1 600 attendants from all over the world. I really enjoyed the scientific programme, which was genuinely inclusive and diverse. Sessions included different perspectives, e.g., critical, semantic,…
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Audit Analytics Compares Non-Audit Service Fees between the EU and US

Comparing Non-Audit Service Fees between the EU and US POSTED ON JUNE 5, 2018 BY JOHN PAKALUK Some time ago, we looked at how US companies would measure up against the new non-audit services fee cap in effect in the European Union. In the major EU audit reform of 2014, one of the stipulations includes a cap on fees for permitted non-audit services (NAS). Going forward, fees for non-audit services cannot exceed 70% of the average of the entity’s audit fees over…
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EU Auditor Market Share: 2017 Audit Reports by Audit Analytics

EU Auditor Market Share: 2017 Audit Reports POSTED ON MAY 21, 2018 BY STEVEN DIXON 16 Of more than 600 companies included in the major large and mid-cap indices in five of the largest countries in Europe, over 98% are audited by one of the Big Four. The remaining 1% were audited by either BDO or Grant Thornton. For this post, we looked at the the fiscal 2017 audit opinions for companies from a selection of large and…
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Audit Analytics Comparison of Audit Fees in US and Europe

When considered as a percentage of revenue – a common metric in the industry – European companies paid noticeably less in audit fees for fiscal 2017 than did their US counterparts. In order to perform this analysis, we compared the Russell 1000 to what we’ll call the EU 1000. To make this composite index, we began with about 2,000 companies from the major large, mid, and small-cap indices from across 21 European countries. We then limited…
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Do Firms Effectively Communicate with Financial Stakeholders?

This blog is based on my 2018 ICAEW-commissioned presentation at ICAEW’s Information for Better Markets Conference in December 2017. ICAEW’s brief was: What makes corporate communication effective? You can see the recording of the presentation here The resulting paper is co-authored with Prof Doris M. Merkl-Davies. Doris’s expertise is communication and linguistics. Our full paper is now published in Accounting and Business Research.   A Conceptual Model of Corporate Communication in a Capital Market Context…
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Interactive Robustness Sections: A Step Towards Open Science

“We vary the model specifications along manifold dimensions and find our main results to stay qualitatively similar” What does this (made up) sentence want to communicate to the academic reader? “Don’t worry, our results are robust”. As everybody who works empirically with observational data is probably aware, assessing the robustness of empirical results is more an art than a science. Our research designs have so many degrees of freedom that it is virtually impossible to…
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Pandas and Hierarchical Indexing

Pandas' ability to index data offers additional power to the way you work with data. More interesting is pandas' hierarchical indexing feature, it allows you to slice and dice data in convenient ways.   Python and pandas allow you to manage data more efficiently and effectively than, say, Stata. One important problem with Stata is that you have all your data in one large file. As a result your work-file tends to grow, and thus…
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Evidence-Based Policymaking: Challenges and Opportunities for Accounting and Financial Markets Research

This blog is based on my 2017 PD Leake lecture at the ICAEW on the challenges and opportunities for accounting and financial markets research when it comes to evidence-based policy making. The full paper is available here. Evidence-based policymaking is a rigorous attempt to base policy decisions (e.g., new regulation) on scientific and empirical evidence, including impact studies, cost-benefit analyses, program evaluation, etc. It broadly captures the idea that science and empirical evidence are used…
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What reviewers (don’t) like

This is a very brief blog to highlight three things reviewers generally don’t really like. Before I get there, let me recap briefly what generally determines the quality of a paper: the relevance and novelty (i.e. contribution) of the underlying research question, the appropriateness of the methodological approach, the rigour and robustness of the research design and the implications of the findings for a variety of stakeholders, whether it is academics, regulators, practitioners or others.…