发布求助
文献互助 智能选刊 最新文献

University of Cincinnati Lindner College of Business Research Paper Series最新文献

筛选
英文 中文
Consequences of Executive Focus on Support Activities: Evidence from Executive Influence on Firm Tax Strategy 高管关注支持活动的后果:来自高管对企业税务战略影响的证据
University of Cincinnati Lindner College of Business Research Paper Series Pub Date : 2019-08-16 DOI: 10.2139/ssrn.2932353
Adam Olson
{"title":"Consequences of Executive Focus on Support Activities: Evidence from Executive Influence on Firm Tax Strategy","authors":"Adam Olson","doi":"10.2139/ssrn.2932353","DOIUrl":"https://doi.org/10.2139/ssrn.2932353","url":null,"abstract":"Should executives solely focus on core activities of the firm? Or is it beneficial to focus on both core and support activities? If core and support activities are substitutes, focusing on both activities will take energy and attention away from core activities. If core and support activities are complements, focusing on both activities may lead to synergies and knowledge spillover. Further, it could be the case that individual executive characteristics impact these relations. Using executive influence on firm tax strategy as a proxy for executive focus on support activities, I find that executive focus on support activities is associated with poorer firm performance and negative executive labor market consequences. These results are partially moderated by executive ability and background. Overall, the results suggest top executives perform best when focused solely on core activities, consistent with core and support activities being substitutes.","PeriodicalId":202594,"journal":{"name":"University of Cincinnati Lindner College of Business Research Paper Series","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-08-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133547706","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
High Frequency Market Making: Optimal Quoting 高频做市:最优报价
University of Cincinnati Lindner College of Business Research Paper Series Pub Date : 2016-06-01 DOI: 10.2139/ssrn.2331613
Yacine Ait-Sahalia, Mehmet Saglam
{"title":"High Frequency Market Making: Optimal Quoting","authors":"Yacine Ait-Sahalia, Mehmet Saglam","doi":"10.2139/ssrn.2331613","DOIUrl":"https://doi.org/10.2139/ssrn.2331613","url":null,"abstract":"We propose an inventory-based model of market making where a strategic high frequency trader exploits his speed and informational advantages to place quotes that interact with low frequency traders. We characterize the optimal market making policy analytically, illustrate that it generates endogenous order cancellations, and compute the long-run equilibrium bid-ask spread and other liquidity measures. The model predicts that the high-frequency trader provides more liquidity as he gets faster and shies away from it as volatility increases due to a higher risk of his stale quotes being picked by arbitrageurs. Competition with another liquidity provider increases improves the overall liquidity. Finally, we provide the first formal, model-based analysis of the impact of four widely discussed policies designed to regulate high frequency trading: imposing a transactions tax, setting minimum-time limits before quotes can be cancelled, taxing the cancellations of limit orders, and replacing time priority with a pro rata or random allocation. We find that these policies are largely unable to even out the speed and informational advantages of high frequency market makers.","PeriodicalId":202594,"journal":{"name":"University of Cincinnati Lindner College of Business Research Paper Series","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123911358","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: 58
Audit Committee Interlocks and the Contagion of Accrual-Based and Real Earnings Management 审计委员会联锁及应计制与真实盈余管理的传染
University of Cincinnati Lindner College of Business Research Paper Series Pub Date : 2016-01-29 DOI: 10.2139/ssrn.2729855
Ravi Dharwadkar, David G. Harris, Linna Shi, Nan Zhou
{"title":"Audit Committee Interlocks and the Contagion of Accrual-Based and Real Earnings Management","authors":"Ravi Dharwadkar, David G. Harris, Linna Shi, Nan Zhou","doi":"10.2139/ssrn.2729855","DOIUrl":"https://doi.org/10.2139/ssrn.2729855","url":null,"abstract":"Cohen et al. (2008) document that firms switched from accrual-based earnings management (AEM) to real earnings management (REM) within three years after passage of the Sarbanes-Oxley Act (SOX) in 2002. A remaining question is how so many firms could have made the transition from one accounting practice to another in such a short period of time. We investigate a hidden mechanism underlying this large-scale, accelerated transfer of accounting knowledge. Our study reveals that audit committee interlocks facilitated firms’ post-SOX substitution from AEM to REM, contributed to the contagion of AEM before SOX and to the contagion of REM after SOX. Our results are robust for subsamples of intangible-intensive firms and manufacturing firms, which are more susceptible to REM. We further create a REM-AEM substitution index and find that the contagion of substitution from AEM to REM was disseminated through audit committee interlocks. Overall, we identify audit committee interlocks as a significant channel for transmitting accounting information between firms.","PeriodicalId":202594,"journal":{"name":"University of Cincinnati Lindner College of Business Research Paper Series","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-01-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127741155","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
Corporate Sport Sponsorship and Stock Returns: Evidence from the NFL 企业体育赞助和股票回报:来自NFL的证据
University of Cincinnati Lindner College of Business Research Paper Series Pub Date : 2015-04-05 DOI: 10.2139/ssrn.2417124
Assaf Eisdorfer, Elizabeth Kohl
{"title":"Corporate Sport Sponsorship and Stock Returns: Evidence from the NFL","authors":"Assaf Eisdorfer, Elizabeth Kohl","doi":"10.2139/ssrn.2417124","DOIUrl":"https://doi.org/10.2139/ssrn.2417124","url":null,"abstract":"Most home stadiums/arenas of major-sport teams in the U.S. are sponsored by large publicly traded companies. Using NFL data we find that stock returns to the sponsoring firms are affected by the outcomes of games played in their stadiums. Wins in Monday night games generate next-day abnormal returns 50 basis points higher than losses. The effect is 80 basis points in the post-season and when the game outcome is unexpected. This does not revert over the next few days. Outcomes of NFL games could serve as a reasonably exogenous instrument for investor sentiment.","PeriodicalId":202594,"journal":{"name":"University of Cincinnati Lindner College of Business Research Paper Series","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125498042","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: 11
Expected Stock Returns and Variance Risk Premia 预期股票收益和方差风险溢价
University of Cincinnati Lindner College of Business Research Paper Series Pub Date : 2007-04-01 DOI: 10.2139/ssrn.1315328
T. Bollerslev, George Tauchen, Hao Zhou
{"title":"Expected Stock Returns and Variance Risk Premia","authors":"T. Bollerslev, George Tauchen, Hao Zhou","doi":"10.2139/ssrn.1315328","DOIUrl":"https://doi.org/10.2139/ssrn.1315328","url":null,"abstract":"We find that the difference between implied and realized variances, or the variance risk premium, is able to explain more than fifteen percent of the ex-post time series variation in quarterly excess returns on the market portfolio over the 1990 to 2005 sample period, with high (low) premia predicting high (low) future returns. The magnitude of the return predictability of the variance risk premium easily dominates that afforded by standard predictor variables like the P/E ratio, the dividend yield, the default spread, and the consumption-wealth ratio (CAY). Moreover, combining the variance risk premium with the P/E ratio results in an R^2 for the quarterly returns of more than twenty-five percent. The results depend crucially on the use of \"model-free\", as opposed to standard Black-Scholes, implied variances, and realized variances constructed from high-frequency intraday, as opposed to daily, data. Our findings suggest that temporal variation in risk and risk-aversion both play an important role in determining stock market returns.","PeriodicalId":202594,"journal":{"name":"University of Cincinnati Lindner College of Business Research Paper Series","volume":"336 2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123231818","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: 1508
Do Mutual Funds Time the Market? Evidence from Portfolio Holdings 共同基金能把握市场时机吗?来自投资组合的证据
University of Cincinnati Lindner College of Business Research Paper Series Pub Date : 2006-10-01 DOI: 10.2139/ssrn.649401
G. Jiang, Tong Yao, Tong Yu
{"title":"Do Mutual Funds Time the Market? Evidence from Portfolio Holdings","authors":"G. Jiang, Tong Yao, Tong Yu","doi":"10.2139/ssrn.649401","DOIUrl":"https://doi.org/10.2139/ssrn.649401","url":null,"abstract":"Previous research finds insignificant market-timing ability for mutual funds using tests based on fund returns. The return-based tests, however, are subject to the ‘‘artificial timing’’ bias. In this paper, we propose and implement new measures of market timing based on mutual fund holdings. Our holdings-based measures do not suffer from the artificial timing bias. We find that, on average, actively managed U.S. domestic equity funds have positive timing ability. Market timing funds use non-public information to predict market returns, tend to have high industry concentration, large fund size, a tilt toward small-cap stocks, and are active in industry rotation.","PeriodicalId":202594,"journal":{"name":"University of Cincinnati Lindner College of Business Research Paper Series","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129506291","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: 312
Smoothing, Nonsynchronous Appraisal and Cross-Sectional Aggregation in Real Estate Price Indices 房地产价格指数的平滑、非同步评估与截面汇总
University of Cincinnati Lindner College of Business Research Paper Series Pub Date : 2005-01-01 DOI: 10.2139/ssrn.556095
Shaun A. Bond, Soosung Hwang
{"title":"Smoothing, Nonsynchronous Appraisal and Cross-Sectional Aggregation in Real Estate Price Indices","authors":"Shaun A. Bond, Soosung Hwang","doi":"10.2139/ssrn.556095","DOIUrl":"https://doi.org/10.2139/ssrn.556095","url":null,"abstract":"In this article three econometric issues related to private-equity return indices, such as real estate indices, are explored (smoothing, nonsynchronous appraisal and cross-sectional aggregation). Under certain assumptions, it is found that index returns based on appraisals follow an ARFIMA(1, d, 1) (autoregressive fractionally integrated moving average) process, where the long memory parameter (d) explains the level of smoothing and the AR and MA parameters represent the level of persistence in marketwide fundamentals and the nonsynchronous appraisal, respectively. The empirical results show that: (1) the level of smoothing in appraisal-based real estate indices is far less than assumed in many academic studies (2) there is weak evidence of nonsynchronous appraisal in the UK, IPD (Investment Property Databank) index and (3) marketwide fundamentals are highly persistent for the IPD index returns. On the other hand, there is no evidence of nonsynchronous appraisal or a persistent common factor in the U.S. NCREIF (National Council of Real Estate Investment Fiduciaries) index.","PeriodicalId":202594,"journal":{"name":"University of Cincinnati Lindner College of Business Research Paper Series","volume":"173 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2005-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124251939","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: 46
Agency Costs and Efficiency of Business Capital Investment: Evidence from Quarterly Capital Expenditures 代理成本与企业资本投资效率:来自季度资本支出的证据
University of Cincinnati Lindner College of Business Research Paper Series Pub Date : 2001-06-01 DOI: 10.2139/ssrn.273431
Hyun-Han Shin, Yong H. Kim
{"title":"Agency Costs and Efficiency of Business Capital Investment: Evidence from Quarterly Capital Expenditures","authors":"Hyun-Han Shin, Yong H. Kim","doi":"10.2139/ssrn.273431","DOIUrl":"https://doi.org/10.2139/ssrn.273431","url":null,"abstract":"Using the quarterly Compustat files, we present empirical findings that business capital investment is significantly higher in the fourth quarter than in other quarters. Even after controlling for business capital investment determinants, we find that the fourth quarter capital investment is significantly larger but less sensitive to investment opportunities than other quarters' capital investment. This phenomenon is more evident for firms with larger cash holdings than for firms with smaller cash holdings, for larger firms than for smaller firms, and for diversified firms than for stand-alone firms. Our findings suggest a high level of agency costs in corporate investment decisions.","PeriodicalId":202594,"journal":{"name":"University of Cincinnati Lindner College of Business Research Paper Series","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2001-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125153704","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: 88
School District Consolidation, Student Performance, and Housing Values 学区合并、学生表现和住房价值
University of Cincinnati Lindner College of Business Research Paper Series Pub Date : 1997-07-01 DOI: 10.2139/ssrn.101591
David M. Brasington
{"title":"School District Consolidation, Student Performance, and Housing Values","authors":"David M. Brasington","doi":"10.2139/ssrn.101591","DOIUrl":"https://doi.org/10.2139/ssrn.101591","url":null,"abstract":"School district consolidation is often purported to save taxpayers money. However, the current study shows that doubling the size of a school lowers student proficiency passage rates by 1%. In turn, this lowers the average house price by $400. This represents 30% of the total loss in house value due to consolidation. Therefore, regardless of cost savings, homeowners' property values fall, and thus the tax base is likely to contract due to a school district merger. Unlike previous studies, both building and district size measures are used to analyze the effect of size on proficiency test passage and graduation rates.","PeriodicalId":202594,"journal":{"name":"University of Cincinnati Lindner College of Business Research Paper Series","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1997-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125531478","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: 19
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整，为了账户安全，请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们：info@booksci.cn Book学术提供免费学术资源搜索服务，方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号：481959085
Book学术官方微信