发布求助
文献互助 智能选刊 最新文献

Wiley-Blackwell: Journal of Business Finance & Accounting最新文献

筛选
英文 中文
The Pricing of Accruals Quality in Credit Default Swap Spreads 信用违约互换价差中应计质量的定价
Wiley-Blackwell: Journal of Business Finance & Accounting Pub Date : 2020-09-01 DOI: 10.1111/acfi.12368
Pervaiz Alam, Xiaoling Pu, Barry Hettler, Hai Lin
{"title":"The Pricing of Accruals Quality in Credit Default Swap Spreads","authors":"Pervaiz Alam, Xiaoling Pu, Barry Hettler, Hai Lin","doi":"10.1111/acfi.12368","DOIUrl":"https://doi.org/10.1111/acfi.12368","url":null,"abstract":"We examine the association between accounting information risk, measured with accruals quality (AQ), and credit spreads, primarily measured with credit default swap (CDS) spreads. Theoretically, AQ measures the precision with which accruals map into cash flows. Better AQ implies a more precise estimate of future cash flows and, we predict, a reduction in credit spreads due to resulting lower uncertainty regarding the ability to meet debt interest and principal payments. In support of this hypothesis, we find a negative relationship between AQ and CDS spreads whereby better AQ is associated with lower CDS spreads. Additionally, we investigate the components of total AQ and find that innate AQ is more strongly associated with CDS spreads than is discretionary AQ. We further show that AQ moderates the market's pricing of earnings: the relationship between earnings and CDS spreads weakens as AQ worsens. Together, our results indicate that accounting information risk is priced in credit spreads and that the CDS market responds not only to the level of earnings, but the quality thereof as well.","PeriodicalId":23644,"journal":{"name":"Wiley-Blackwell: Journal of Business Finance & Accounting","volume":"27 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85536439","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
Transforming Accounting Curricula to Enhance Integrative Learning 改革会计课程，促进综合学习
Wiley-Blackwell: Journal of Business Finance & Accounting Pub Date : 2020-09-01 DOI: 10.1111/acfi.12363
B. Dean, Stephanie Perkiss, Milica Simic Misic, Karina Luzia
{"title":"Transforming Accounting Curricula to Enhance Integrative Learning","authors":"B. Dean, Stephanie Perkiss, Milica Simic Misic, Karina Luzia","doi":"10.1111/acfi.12363","DOIUrl":"https://doi.org/10.1111/acfi.12363","url":null,"abstract":"Higher education is fundamental to the accounting profession. However, increased competition, the need to shape responsible global citizens and global influences impacting the profession have highlighted weaknesses in existing accounting curricula with regard to non‐technical skills, professional values and ethics. This paper reports on an approach to improve student learning in a first‐year undergraduate accounting subject through scholarship of teaching and learning and critical participatory action research. The paper highlights the importance of embedding opportunities for integrative learning in accounting curricula to enable students’ developing professional competencies and lifelong learning. It also provides a model for accounting educators to enhance integrative capabilities in their courses through engagement with scholarly research on teaching.","PeriodicalId":23644,"journal":{"name":"Wiley-Blackwell: Journal of Business Finance & Accounting","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83266201","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: 13
Structural Holes and Hedge Fund Return Comovement: Evidence from Network‐Connected Stock Hedge Funds in China 结构性漏洞与对冲基金收益变动:来自中国网络关联股票对冲基金的证据
Wiley-Blackwell: Journal of Business Finance & Accounting Pub Date : 2020-09-01 DOI: 10.1111/acfi.12537
Lu Li, Yang Li, Xueding Wang, Tusheng Xiao
{"title":"Structural Holes and Hedge Fund Return Comovement: Evidence from Network‐Connected Stock Hedge Funds in China","authors":"Lu Li, Yang Li, Xueding Wang, Tusheng Xiao","doi":"10.1111/acfi.12537","DOIUrl":"https://doi.org/10.1111/acfi.12537","url":null,"abstract":"Using data from a new hedge fund database, we examine the impact of social networks on the return comovement of stock hedge funds in China. We use structural holes in the college alumni networks of managers to measure the managers’ social network positions. We perform an empirical analysis on a sample of 3,012 hedge fund products in China from 2010 to 2017. We find that greater structural holes are associated with higher return comovement. The positive impact of the structural holes on return comovement is not affected by market cycles, a manager's major in college, or his or her abilities.","PeriodicalId":23644,"journal":{"name":"Wiley-Blackwell: Journal of Business Finance & Accounting","volume":"17 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85197519","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: 1
IASB's Independence in the Due Process: An Examination of Interest Groups’ Influence on the Development of IFRS 9 IASB在正当程序中的独立性:利益集团对《国际财务报告准则第9号》制定影响的考察
Wiley-Blackwell: Journal of Business Finance & Accounting Pub Date : 2020-09-01 DOI: 10.1111/acfi.12426
Samindi Ishara Hewa, Rajni Mala, Jinhua Chen
{"title":"IASB's Independence in the Due Process: An Examination of Interest Groups’ Influence on the Development of IFRS 9","authors":"Samindi Ishara Hewa, Rajni Mala, Jinhua Chen","doi":"10.1111/acfi.12426","DOIUrl":"https://doi.org/10.1111/acfi.12426","url":null,"abstract":"This mixed‐method study examines whether and how the International Accounting Standards Board (IASB) was influenced by interest groups during the development of the expected credit loss (ECL) model for IFRS 9 Financial Instruments. Content analysis of 327 comment letters revealed that the IASB was influenced. However, Fisher's exact test and chi‐square goodness‐of‐fit test showed that, to a greater extent, the influence was not significant. Furthermore, qualitative analyses of the arguments put forward by interest groups showed that as a result of interest groups’ inputs, accounting requirements for the ECL model were made more operational, less complex and potentially productive of more comparable financial information.","PeriodicalId":23644,"journal":{"name":"Wiley-Blackwell: Journal of Business Finance & Accounting","volume":"76 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84028440","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: 7
Sustainability of the Accounting and Finance Academic Profession: Students’ and Supervisors’ Views About the Phd Supervision Process 会计和金融学术专业的可持续性:学生和导师对博士指导过程的看法
Wiley-Blackwell: Journal of Business Finance & Accounting Pub Date : 2020-09-01 DOI: 10.1111/acfi.12376
Luisa A. Unda, Amrinder Khosa, S. Burch, C. Wilkin
{"title":"Sustainability of the Accounting and Finance Academic Profession: Students’ and Supervisors’ Views About the Phd Supervision Process","authors":"Luisa A. Unda, Amrinder Khosa, S. Burch, C. Wilkin","doi":"10.1111/acfi.12376","DOIUrl":"https://doi.org/10.1111/acfi.12376","url":null,"abstract":"This study explores the research supervisory practices of accounting and finance PhD students at Australian and New Zealand universities. Given documented faculty shortages in the accounting and finance disciplines, such investigation is timely and relevant. In the context of student engagement with their community of academic practice and their intrinsic motivation related to individual competence and autonomy, situational adjustments are inevitable and explain some differences between students’ perceptions and supervisors’ expectations. Our findings demonstrate that, despite general satisfaction with the PhD supervision process, students articulated concerns regarding constructive feedback and pastoral care provided by their supervisors, as well as guidance regarding data analysis/statistics.","PeriodicalId":23644,"journal":{"name":"Wiley-Blackwell: Journal of Business Finance & Accounting","volume":"36 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75131174","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
Does Reporting Position Affect the Pricing of the Volatility of Comprehensive Income? 报告头寸是否影响综合收益波动性的定价?
Wiley-Blackwell: Journal of Business Finance & Accounting Pub Date : 2020-08-25 DOI: 10.1111/jbfa.12496
Yiting Cao, Qingma Dong
{"title":"Does Reporting Position Affect the Pricing of the Volatility of Comprehensive Income?","authors":"Yiting Cao, Qingma Dong","doi":"10.1111/jbfa.12496","DOIUrl":"https://doi.org/10.1111/jbfa.12496","url":null,"abstract":"The FASB changed the reporting policy for comprehensive income (CI) by issuing ASU No. 2011‐05, which requires CI be reported in performance statements (i.e., either a single income statement with net income or a separate statement of CI following the income statement) rather than the previously allowed equity statements. We examine whether the change in reporting position of CI led to higher market pricing of CI volatility incremental to NI volatility (“incremental CI volatility”), as measured by the price‐earnings relationship. We find that the market pricing of incremental CI volatility increased from the pre‐ to the post‐ASU period for non‐financial firms forced to change the reporting position of CI from equity to performance statements. The increase is more prominent for firms that switched to the income statement than for firms that switched to a separate statement of CI. Further, we find that the increased market pricing of incremental CI volatility translates into lower valuation weights on other comprehensive income.","PeriodicalId":23644,"journal":{"name":"Wiley-Blackwell: Journal of Business Finance & Accounting","volume":"8 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80837330","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: 5
Employee Stock Options with Performance Conditions: Do Commonly Used Valuation Heuristics Work? 具有业绩条件的员工股票期权:常用的估值启发式是否有效?
Wiley-Blackwell: Journal of Business Finance & Accounting Pub Date : 2020-03-01 DOI: 10.1111/acfi.12326
S. Kanne, M. Uhrig-Homburg
{"title":"Employee Stock Options with Performance Conditions: Do Commonly Used Valuation Heuristics Work?","authors":"S. Kanne, M. Uhrig-Homburg","doi":"10.1111/acfi.12326","DOIUrl":"https://doi.org/10.1111/acfi.12326","url":null,"abstract":"Valuation heuristics are widely used in industry practice, policy documents, and several academic studies to value traditional time vesting option plans. This paper analyzes to what extent such heuristics also qualify for valuing performance vesting plans. To this end, we examine performance conditions tied to the underlying stock, the stock’s performance relative to a stock index and an earnings measure and derive optimal option exercises in a simulation framework. We investigate the valuation differences between the optimal exercise model, the commonly used adjusted maturity approximation, and the approach proposed by Hull and White (2004). For optimal exercise behavior, the changes in option costs due to the performance conditions we investigate are generally low. Only when the options represent a large fraction of the employee’s wealth do the performance conditions prevent value-diminishing early exercises and thus increase the option cost to the firm. The differences between the optimal and approximated option values are overall smaller with the performance conditions than without them. This can be mainly attributed to the fact that the performance conditions restrict the possible option exercise states and thus limit the effect of the misspecified true exercise boundary within the approximations.","PeriodicalId":23644,"journal":{"name":"Wiley-Blackwell: Journal of Business Finance & Accounting","volume":"15 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72933219","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: 0
The Price of Going Green: The Role of Greenness in Green Bond Markets 走向绿色的代价:绿色在绿色债券市场中的作用
Wiley-Blackwell: Journal of Business Finance & Accounting Pub Date : 2020-03-01 DOI: 10.1111/acfi.12515
Suk Hyun, Donghyun Park, Shu Tian
{"title":"The Price of Going Green: The Role of Greenness in Green Bond Markets","authors":"Suk Hyun, Donghyun Park, Shu Tian","doi":"10.1111/acfi.12515","DOIUrl":"https://doi.org/10.1111/acfi.12515","url":null,"abstract":"In this paper, we empirically investigate how greenness information is priced in the green bond market. Our comparison of liquidity‐adjusted yield premiums of green bonds versus synthetic conventional bonds indicates that, on average, there is no robust and significant yield premium or discount on green bonds. However, green bonds certified by an external reviewer enjoy a discount of about 6 bps. Furthermore, green bonds that obtain a Climate Bonds Initiative certificate show a discount of around 15 bps. The findings suggest that a universally accepted greenness measure can benefit the development of the green bond market.","PeriodicalId":23644,"journal":{"name":"Wiley-Blackwell: Journal of Business Finance & Accounting","volume":"35 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77682895","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: 75
Pitching Research: ‘Qualitative Cousins’ and the ‘Extended Family’ 投球研究:“定性表亲”和“大家庭”
Wiley-Blackwell: Journal of Business Finance & Accounting Pub Date : 2020-03-01 DOI: 10.1111/acfi.12348
R. Faff
{"title":"Pitching Research: ‘Qualitative Cousins’ and the ‘Extended Family’","authors":"R. Faff","doi":"10.1111/acfi.12348","DOIUrl":"https://doi.org/10.1111/acfi.12348","url":null,"abstract":"This study has two related goals - one very specific and one more general. The specific goal is to constructively engage with Lodhia () on the issue of whether and to what extent 'qualitative cousins' are well served by Faff's () original pitching research (PR) template. Using this 'cousins' focus as a primer, the more general goal is to update the agenda created by Faff () and in so doing, explore the 'extended family' of PR work/resources now available. Accounting and Finance","PeriodicalId":23644,"journal":{"name":"Wiley-Blackwell: Journal of Business Finance & Accounting","volume":"109 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80874684","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: 12
Asymmetric Impact of Earnings News on Investor Uncertainty 盈利消息对投资者不确定性的不对称影响
Wiley-Blackwell: Journal of Business Finance & Accounting Pub Date : 2020-01-01 DOI: 10.1111/jbfa.12428
Zihang Peng, D. Johnstone, Demetris Christodoulou
{"title":"Asymmetric Impact of Earnings News on Investor Uncertainty","authors":"Zihang Peng, D. Johnstone, Demetris Christodoulou","doi":"10.1111/jbfa.12428","DOIUrl":"https://doi.org/10.1111/jbfa.12428","url":null,"abstract":"We describe a model that predicts an asymmetric impact of disclosure on investor uncertainty. We show that good news tends to resolve more uncertainty than bad news, and that uncertainty can be revised upwards if the investors' prior belief is sufficiently strong and the signal is sufficiently bad. This result is in contrast to classical disclosure models, where new information always resolves uncertainty and the change in uncertainty depends only on the relative precision of the news. Using option‐implied volatility as a proxy for uncertainty, we find strong support for our predictions. We also show that our results are robust to competing explanations, notably to the leverage effect and volatility feedback, as well as to the jump risk induced in anticipation of the earnings announcements.","PeriodicalId":23644,"journal":{"name":"Wiley-Blackwell: Journal of Business Finance & Accounting","volume":"30 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76076223","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: 13
下一页 尾页
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