ARN Wiley-Blackwell Publishers Journals最新文献_第3页

Can Real Estate Investors Avoid Specific Risk? 房地产投资者能否规避特定风险?

ARN Wiley-Blackwell Publishers Journals Pub Date : 2017-08-22 DOI: 10.1111/abac.12114

Andrew Baum, N. Colley

{"title":"Can Real Estate Investors Avoid Specific Risk?","authors":"Andrew Baum, N. Colley","doi":"10.1111/abac.12114","DOIUrl":"https://doi.org/10.1111/abac.12114","url":null,"abstract":"Using modern portfolio theory, the traditional asset allocation process employs measurements of risk and return delivered by asset classes—for example, stocks, bonds, and real estate—to build efficient portfolios. To build efficient portfolios in practice using this type of analysis requires that the risk and return characteristics of the asset class can be replicated in real portfolios. This may be true of stocks and bonds, but is it true of real estate? Using new analysis coupled with previous UK-based research based on the uniquely rich MSCI (IPD) dataset for UK direct real estate, this paper compares the risk and return characteristics of real estate investment approaches (direct exposure, balanced and specialist unlisted funds, a multi-manager approach, and listed securities) relative to a UK market index. Based on a random stochastic simulation of historic performance data from 2003 to 2012, we conclude that the difficulty of diversifying away specific risk in such a lumpy asset class means that it is extremely difficult and/or costly to access or replicate direct property market returns. This suggests that an investor/manager setting out to deliver returns in line with a market index would have to demonstrate significant levels of skill. While listed real estate, which is more readily diversifiable, fails to deliver returns that are correlated with direct real estate in the short term (one to five years), it is clear that multi-manager strategies were able to deliver returns that more effectively replicated a direct benchmark. However, multi-manager fees negatively impacted on net returns. Specific risk can be avoided by real estate investors, but at a cost.","PeriodicalId":134477,"journal":{"name":"ARN Wiley-Blackwell Publishers Journals","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130481649","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 4

Can I Interrupt You? Understanding and Minimizing the Negative Effects of Brief Interruptions on Audit Judgment Quality 我能打断你吗?理解并尽量减少短暂中断对审计判断质量的负面影响

ARN Wiley-Blackwell Publishers Journals Pub Date : 2017-07-01 DOI: 10.1111/ijau.12089

Sarah Kim, Diane M. Mayorga, Noel Harding

引用次数: 9

Why Do Canadian Firms Cross‐List? The Flip Side of the Issue 为什么加拿大公司要交叉上市?问题的另一面

ARN Wiley-Blackwell Publishers Journals Pub Date : 2017-06-01 DOI: 10.1111/abac.12106

A. Charitou, C. Louca

{"title":"Why Do Canadian Firms Cross‐List? The Flip Side of the Issue","authors":"A. Charitou, C. Louca","doi":"10.1111/abac.12106","DOIUrl":"https://doi.org/10.1111/abac.12106","url":null,"abstract":"We investigate the relation between managerial incentives and the decision to cross‐list by comparing Canadian firms cross‐listed on US stock exchanges to industry‐ and size‐matched control firms. After controlling for firm and ownership structure characteristics, we find a positive association between substantial holdings of vested options held by CEOs prior to cross‐listing and the decision to cross‐list. Further, firms managed by CEOs with substantial holdings of vested options exhibit positive announcement returns and negative post‐announcement long‐run returns. CEOs of cross‐listed firms seem to take advantage of the aforementioned market behaviour, because they abnormally exercise vested options and sell the proceeds during the year of listing only when their firms underperform during the subsequent year. In addition, there is a positive relation between substantial holdings of vested options and discretionary accruals during the year of listing, consistent with the view that CEOs manage earnings to keep stock prices at high levels. Overall, these results have significant implications for the cross‐listing literature, suggesting an association between cross‐listing and CEO incentives to maximize CEO private benefits.","PeriodicalId":134477,"journal":{"name":"ARN Wiley-Blackwell Publishers Journals","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128447360","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 2

Extreme Uncertainty and Forward‐Looking Disclosure Properties 极端不确定性和前瞻性披露属性

ARN Wiley-Blackwell Publishers Journals Pub Date : 2017-06-01 DOI: 10.1111/abac.12100

Julia Krause, T. Sellhorn, Kamran Ahmed

{"title":"Extreme Uncertainty and Forward‐Looking Disclosure Properties","authors":"Julia Krause, T. Sellhorn, Kamran Ahmed","doi":"10.1111/abac.12100","DOIUrl":"https://doi.org/10.1111/abac.12100","url":null,"abstract":"This study investigates the effect of extreme uncertainty on disclosure behaviour by analyzing the quality and quantity of forward-looking disclosures during the global financial crisis and pre-crisis periods, controlling for other determinants of disclosure behaviour. Prior research has struggled to distinguish between the quality and quantity dimensions of forward-looking disclosures. Also, the impact of the recent financial crisis on these forward-looking disclosure attributes has not yet been examined systematically. We address this gap by exploiting the unique setting of German publicly traded firms. These firms must provide forward-looking information within their audited financial statements, although relevant regulation is sufficiently vague to allow great variation in the quality, scope and quantity of forward-looking disclosures actually observed. Using hand-collected data from 2005 to 2009, we provide evidence of a significantly negative association between crisis and disclosure quality. This finding is robust to several different disclosure quality proxies and regression specifications. In contrast, we find no negative significant relation between crisis and disclosure quantity; rather, there is evidence that reported volume increases during the crisis. Our results are consistent with extreme uncertainty, as occurring during times of crisis, negatively affecting the quality of voluntary disclosures, while firms maintain or increase disclosure quantity, ultimately diluting the information density of forward-looking disclosures.","PeriodicalId":134477,"journal":{"name":"ARN Wiley-Blackwell Publishers Journals","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127608359","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 25

Why Do Overconfident REIT CEOs Issue More Debt? Mechanisms and Value Implications 为什么过于自信的REIT ceo会发行更多债券?机制及价值启示

ARN Wiley-Blackwell Publishers Journals Pub Date : 2017-04-24 DOI: 10.1111/abac.12111

Kelvin Jui Keng Tan

引用次数: 13

Fighting Corruption by Means of Effective Internal Audit Function: Evidence from the Ghanaian Public Sector 利用有效的内部审计职能打击腐败:来自加纳公共部门的证据

ARN Wiley-Blackwell Publishers Journals Pub Date : 2017-03-01 DOI: 10.1111/ijau.12082

K. F. Asiedu, E. W. Deffor

引用次数: 50

Is it Shameful to Be an Accountant? GenMe Perception(S) of Accountants' Ethics 做会计可耻吗?对会计师职业道德的总体认知

ARN Wiley-Blackwell Publishers Journals Pub Date : 2017-03-01 DOI: 10.1111/abac.12098

A. Caglio, M. Cameran

{"title":"Is it Shameful to Be an Accountant? GenMe Perception(S) of Accountants' Ethics","authors":"A. Caglio, M. Cameran","doi":"10.1111/abac.12098","DOIUrl":"https://doi.org/10.1111/abac.12098","url":null,"abstract":"The function that accountants fulfil in the economic system is dependent on their ability to maintain the perception of high ethical standards. Building on the idea that birth cohorts, otherwise known as generations, are a useful proxy for the socio-cultural environment of different time periods, we focus on the so-called ‘GenMe’, that is, students and young workers born in the 1980s and 1990s. In particular, combining the accounting and business ethics literature, the purpose of our paper is to contribute to an increased awareness of the GenMe perceptions of accountants, with special attention given to ethical aspects. We believe that the perceptions of this age group are particularly crucial for the future of the accounting profession as it is these young people who will either become professional accountants or the accountants' future clients. Using an extensive database of 1,794 questionnaires, results show that the impression of the accountant as a corrupt professional is not dominant among GenMe and seem to suggest the existence of a multifaceted perception of accountants' ethics. Specifically, the factors that contribute to influencing GenMe perceptions of accountants' ethics are level of education, having attended an accounting course at high school level, gender, and belonging to the accounting profession. Finally, our study indicates that there is room for improving public perceptions of accountants' ethics through university courses in ethics, continuing education programs, and focused communication strategies by accounting firms and professional bodies.","PeriodicalId":134477,"journal":{"name":"ARN Wiley-Blackwell Publishers Journals","volume":"50 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133387421","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 18

Evaluating Fund Capacity: Issues and Methods 评估基金能力:问题与方法

ARN Wiley-Blackwell Publishers Journals Pub Date : 2016-09-27 DOI: 10.1111/acfi.12268

Michael J. O'Neill, G. Warren

引用次数: 8

Pay Gap and Performance in China 中国的薪酬差距与绩效

ARN Wiley-Blackwell Publishers Journals Pub Date : 2016-09-01 DOI: 10.1111/abac.12082

R. Banker, Danlu Bu, Mihir N. Mehta

{"title":"Pay Gap and Performance in China","authors":"R. Banker, Danlu Bu, Mihir N. Mehta","doi":"10.1111/abac.12082","DOIUrl":"https://doi.org/10.1111/abac.12082","url":null,"abstract":"The growing gap between the pay of executives and employees has been the subject of much media publicity and political attention in recent times. We analyze the pay gap between executives and employees, focusing on three components: executive pay premium relative to industry peers; employee pay premium; and average pay gap at the industry level. We examine how the executive and employee pay premium components of the pay gap drive firm performance. On one hand, economic theories of matching and managerial talent suggest talented executives who generate relatively better firm performance receive wage premiums, implying a positive relation between pay gap and performance. On the other hand, sociological theories suggest that the inequity implied by a larger pay gap lowers firm performance by adversely affecting employee morale and productivity. To test these alternative theories, we utilize pay gap data from China that provides a setting with strong national preferences towards social equity but also with a scarcity of experienced managers and abundance of low-cost labour. Our results strongly support the economic theories—firm performance is largely driven by pay premium for executive talent. Additional tests using a smaller sample of US firms with pay gap data are consistent with our primary findings. Our study is likely to be of interest to politicians, regulators, and company executives responsible for understanding and evaluating pay gap and executive pay.","PeriodicalId":134477,"journal":{"name":"ARN Wiley-Blackwell Publishers Journals","volume":"4 13","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"113954696","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 56

The Implied Equity Duration When Discounting and Forecasting Parameters are Industry Specific 当贴现和预测参数是行业特定的隐含权益持续时间

ARN Wiley-Blackwell Publishers Journals Pub Date : 2016-04-19 DOI: 10.1111/acfi.12250

Olga Fullana, J. Nave, David Toscano

{"title":"The Implied Equity Duration When Discounting and Forecasting Parameters are Industry Specific","authors":"Olga Fullana, J. Nave, David Toscano","doi":"10.1111/acfi.12250","DOIUrl":"https://doi.org/10.1111/acfi.12250","url":null,"abstract":"In a seminal paper, Dechow, Sloan and Soliman (2004) develop a price-implied measure for equity duration and for its estimation they employ parsimonious but relatively crude procedures. Hence, these authors claim that improvements in procedures should lead to more accurate and useful estimates of their measure. Within this context, we estimate the implied equity duration but using industry-specific parameters for forecasting and discounting the future cash flows of listed firms as opposed to the market-estimated parameters used previously. We show that when we move to estimation based on industry-specific parameters, significant differences arise in absolute, relative and rank terms. We also provide evidence that the new procedures improve the ability of implied equity duration to capture stock price risk. When we seek the source of this improvement, we find that it is due to a better capture of both the market risk and residual risk of the market asset-pricing model. As expected, the higher the difference in the estimates of duration, the higher the improvement in measuring price risk, but the results also show that the highest improvements are given when implied equity duration based on market parameters performs poorly as a price-risk measure. Thus, we conclude that the cost of being parsimonious in estimating firms' duration is high on average and also quite variable across firms, both quantitatively and qualitatively. Moreover, this cost is large enough to reverse the duration-based ranking order of firms and to result in estimated durations without the ability to measure price risk.","PeriodicalId":134477,"journal":{"name":"ARN Wiley-Blackwell Publishers Journals","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-04-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122076806","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 3