Do nonprofits manipulate investment returns?

被引：6
|
作者：
Almond, Douglas [1 ,2 ,3 ]
Xia, Xing [4 ]
机构：
[1] Columbia Univ, Dept Econ, New York, NY 10027 USA
[2] Columbia Univ, SIPA, New York, NY USA
[3] NBER, Cambridge, MA 02138 USA
[4] Yale NUS Coll, Div Social Sci, 10 Coll Ave West 01-101, Singapore 138609, Singapore
来源：
ECONOMICS LETTERS | 2017年 / 155卷
关键词：
Nonprofit organization; Investment returns; Financial statement manipulation; ORGANIZATIONS; ECONOMICS;
D O I：
10.1016/j.econlet.2017.03.014
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We provide evidence that nonprofit organizations manipulate reported investment returns to avoid investment losses. We find a sharp discontinuity around zero in cross-sectional distribution of the rates of return on investments for tax-exempt organizations: rates of return are significantly more likely to be slightly positive than slightly negative. This pattern is found for a wide range of nonprofit missions, including religious related charities and community improvement organizations. (C) 2017 Elsevier B.V. All rights reserved.
引用
收藏
页码：62 / 66
页数：5
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