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

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Unobserved Ties between Corporate Executives and Mutual Fund Managers 公司高管与共同基金经理之间未被察觉的联系
Wiley-Blackwell: Journal of Business Finance & Accounting Pub Date : 2019-12-01 DOI: 10.1111/acfi.12542
Jing Lin, Leng Ling, Mingshan Zhou
{"title":"Unobserved Ties between Corporate Executives and Mutual Fund Managers","authors":"Jing Lin, Leng Ling, Mingshan Zhou","doi":"10.1111/acfi.12542","DOIUrl":"https://doi.org/10.1111/acfi.12542","url":null,"abstract":"After corporate executives relocate from origin firms to destination firms, only 3.6 percent of mutual fund managers follow the departing executives: they divest from origin firms while initiating investments in destination firms. This phenomenon is more pronounced for those funds that earned superior returns from investments in the origin firms, and that demand more information regarding the destination firms. Further, comigration funds’ holding changes in destination firms more accurately predict cumulative abnormal returns around earnings announcements than do their investments in other stocks and non‐comigration funds’ new investments. Hiring the migrating executives does not improve the destination firms’ operating performance.","PeriodicalId":23644,"journal":{"name":"Wiley-Blackwell: Journal of Business Finance & Accounting","volume":"22 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82451650","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
How Do Political Connections Cause SOEs and Non‐SOEs to Make Different M&A Decisions/Performance? Evidence from China 政治关系如何导致国有企业和非国有企业做出不同的并购决策/绩效?来自中国的证据
Wiley-Blackwell: Journal of Business Finance & Accounting Pub Date : 2019-12-01 DOI: 10.1111/acfi.12302
Qigui Liu, Tianpei Luo, G. Tian
{"title":"How Do Political Connections Cause SOEs and Non‐SOEs to Make Different M&A Decisions/Performance? Evidence from China","authors":"Qigui Liu, Tianpei Luo, G. Tian","doi":"10.1111/acfi.12302","DOIUrl":"https://doi.org/10.1111/acfi.12302","url":null,"abstract":"This study examines the impact that political connections have on Mergers and Acquisitions (MA instead, political connections in non-SOEs help bidders to integrate vertically and obtain external financing support.","PeriodicalId":23644,"journal":{"name":"Wiley-Blackwell: Journal of Business Finance & Accounting","volume":"7 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89351332","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: 37
Choice of Acquisition Form in Australia and the Post‐Takeover Employment of Target Firm Directors on the Acquiring Firm Board 澳大利亚收购形式的选择与收购后收购公司董事会中目标公司董事的聘用
Wiley-Blackwell: Journal of Business Finance & Accounting Pub Date : 2019-12-01 DOI: 10.1111/acfi.12307
M. Bugeja, Raymond da Silva Rosa, H. Izan, Susan Ngan
{"title":"Choice of Acquisition Form in Australia and the Post‐Takeover Employment of Target Firm Directors on the Acquiring Firm Board","authors":"M. Bugeja, Raymond da Silva Rosa, H. Izan, Susan Ngan","doi":"10.1111/acfi.12307","DOIUrl":"https://doi.org/10.1111/acfi.12307","url":null,"abstract":"In Australia, a corporate acquisition can be structured as either a scheme of arrangement or a takeover. We investigate the association between deal structure and the retention of target directors on the merged entity board. We find that the odds of a target director subsequently sitting on the merged entity's board are significantly higher in schemes. The results also show that premiums are lower in schemes of arrangement when additional target directors are appointed to the board of the acquiring firm. The findings indicate that target director appointment is unrelated to the merged entity's post-acquisition performance.","PeriodicalId":23644,"journal":{"name":"Wiley-Blackwell: Journal of Business Finance & Accounting","volume":"21 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76819487","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: 6
The Influencing Factors of Satisfaction and Lending Intention in Online Lending Investment: An Empirical Study Based on the Chinese Market 网络借贷投资满意度与借贷意愿的影响因素——基于中国市场的实证研究
Wiley-Blackwell: Journal of Business Finance & Accounting Pub Date : 2019-10-10 DOI: 10.1111/acfi.12551
Weidong Xu, Ying Zuo, Xin Gao, Ming-Hung Yao
{"title":"The Influencing Factors of Satisfaction and Lending Intention in Online Lending Investment: An Empirical Study Based on the Chinese Market","authors":"Weidong Xu, Ying Zuo, Xin Gao, Ming-Hung Yao","doi":"10.1111/acfi.12551","DOIUrl":"https://doi.org/10.1111/acfi.12551","url":null,"abstract":"This paper develops a platform‐based influencing factors model which considers value perception, risk prevention measure, non‐default experience, trust and incentive gap, to better examine the impact of platforms on investors’ satisfaction and lending intention based on the Chinese market. The results reveal that the first four factors positively influence the satisfaction of the investors, while the incentive gap has a negative impact, and there is a positive association between investors’ satisfaction and lending intention. Some specific features of China’s online lending market are identified, which provides valuable insights for online lending platforms and the government.","PeriodicalId":23644,"journal":{"name":"Wiley-Blackwell: Journal of Business Finance & Accounting","volume":"21 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88596073","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
The Influence of Institutional Contexts on the Relationship between Voluntary Carbon Disclosure and Carbon Emission Performance 制度背景对自愿碳披露与碳排放绩效关系的影响
Wiley-Blackwell: Journal of Business Finance & Accounting Pub Date : 2019-06-01 DOI: 10.1111/acfi.12267
L. Luo
{"title":"The Influence of Institutional Contexts on the Relationship between Voluntary Carbon Disclosure and Carbon Emission Performance","authors":"L. Luo","doi":"10.1111/acfi.12267","DOIUrl":"https://doi.org/10.1111/acfi.12267","url":null,"abstract":"This article examines the relationship between the level of voluntary carbon disclosure (VCD) and carbon emission performance and how the institutional context influences this relationship. Using a sample of Global 500 firms participating in the Carbon Disclosure Project (CDP) over the period 2008–2015, the evidence shows a negative relationship between voluntary carbon disclosure and carbon emission performance, which is consistent with the legitimacy theory that VCD may be undertaken for the purposes of legitimation. However, stringent carbon institutions appear to restrict legitimation attempts and help better reflect underlying performance.","PeriodicalId":23644,"journal":{"name":"Wiley-Blackwell: Journal of Business Finance & Accounting","volume":"79 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84031388","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: 128
The Effect of Data Availability in Measuring Fund Managers’ After‐Tax Alphas 数据可得性在衡量基金经理税后阿尔法指数中的作用
Wiley-Blackwell: Journal of Business Finance & Accounting Pub Date : 2019-04-01 DOI: 10.1111/acfi.12254
Zhe Chen, D. Gallagher, G. Warren
{"title":"The Effect of Data Availability in Measuring Fund Managers’ After‐Tax Alphas","authors":"Zhe Chen, D. Gallagher, G. Warren","doi":"10.1111/acfi.12254","DOIUrl":"https://doi.org/10.1111/acfi.12254","url":null,"abstract":"We examine potential sources of measurement error when evaluating the after-tax performance of fund managers based on periodic snapshots of their holdings alone, compared with when daily transactions data are also available. To do this, we compare portfolio return estimates based on imputed trades from monthly, quarterly and semi-annual snapshots with estimates that also incorporate daily trades for a sample of active institutional equity portfolios. This method allows us to directly measure the contribution of interim trading before tax, while more accurately estimating the tax effects associated with turnover through observing actual trade prices. Further, availability of both trade and holdings data permits the identification of how contributions and tax effects arise from income and capital gains sources, as well as how they vary across investment styles and market conditions.","PeriodicalId":23644,"journal":{"name":"Wiley-Blackwell: Journal of Business Finance & Accounting","volume":"11 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74743743","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
In‐House Asset Management in the Australian Superannuation Industry 澳大利亚退休金行业的内部资产管理
Wiley-Blackwell: Journal of Business Finance & Accounting Pub Date : 2019-04-01 DOI: 10.1111/acfi.12262
D. Gallagher, Timothy M. Gapes, G. Warren
{"title":"In‐House Asset Management in the Australian Superannuation Industry","authors":"D. Gallagher, Timothy M. Gapes, G. Warren","doi":"10.1111/acfi.12262","DOIUrl":"https://doi.org/10.1111/acfi.12262","url":null,"abstract":"We examine how executives from the Australian superannuation industry perceive and approach the choice between managing assets in-house, versus outsourcing to external investment managers. We find that decision frameworks, as well as the perceived benefits and challenges of in-house management, can be described in terms of four elements: costs, capabilities, alignment and governance. Industry participants address these four elements in diverse ways. This is reflected in a variety of decision approaches, aspects that are considered and emphasised in decision-making, and implementation structures.","PeriodicalId":23644,"journal":{"name":"Wiley-Blackwell: Journal of Business Finance & Accounting","volume":"21 17","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91442599","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
Modelling Momentum Winner/Loser Asymmetry: The Sources of Winner and Loser Returns in the Asx200 and S&P500 建模动量赢家/输家不对称:Asx200和标准普尔500中赢家和输家回报的来源
Wiley-Blackwell: Journal of Business Finance & Accounting Pub Date : 2019-02-19 DOI: 10.1111/acfi.12452
Nicholas Inglis, B. Vanstone, Tobias Hahn
{"title":"Modelling Momentum Winner/Loser Asymmetry: The Sources of Winner and Loser Returns in the Asx200 and S&P500","authors":"Nicholas Inglis, B. Vanstone, Tobias Hahn","doi":"10.1111/acfi.12452","DOIUrl":"https://doi.org/10.1111/acfi.12452","url":null,"abstract":"There is an established body of work showing that the sources of momentum returns change over time. This paper finds that there is also winner/loser asymmetry – that the sources of the winner and loser components of momentum returns differ from each other at the same point in time. Together, these results raise concerns about the prospect of finding a single cause for momentum profits, as most efforts to date have tried to do. Rather, they indicate that investigation should proceed using time‐varying, nonparametric and ensemble techniques.","PeriodicalId":23644,"journal":{"name":"Wiley-Blackwell: Journal of Business Finance & Accounting","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-02-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85949369","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
Pitching Research: ‘Qualitative Cousins’, the ‘Extended Family’ and ‘Living Harmoniously’ 推销研究:“定性表亲”、“大家庭”和“和谐生活”
Wiley-Blackwell: Journal of Business Finance & Accounting Pub Date : 2018-12-16 DOI: 10.1111/acfi.12433
Sumit K. Lodhia
{"title":"Pitching Research: ‘Qualitative Cousins’, the ‘Extended Family’ and ‘Living Harmoniously’","authors":"Sumit K. Lodhia","doi":"10.1111/acfi.12433","DOIUrl":"https://doi.org/10.1111/acfi.12433","url":null,"abstract":"This paper reviews Faff (2018) with particular emphasis on the Qualitative Pitch proposed by Lodhia (2017). In the spirit of constructive engagement envisioned by Faff (2018), the purpose of this paper is to revisit the Qualitative Pitch and to clarify any misconceptions or misunderstandings. This paper is not a critique but rather a reflective piece on the potential offered by the Qualitative Pitch as a viable tool for pitching qualitative research ideas. The basic premise of this paper is that the Qualitative Pitch, drawing upon Faff's (2015) pitching template, provides qualitative researchers with specific tools and a consistent framework for articulating qualitative research. It is therefore proposed that the Qualitative Pitch should be the used as the initial template for designing qualitative research projects rather than being transitioned to once a threshold barrier is reached.","PeriodicalId":23644,"journal":{"name":"Wiley-Blackwell: Journal of Business Finance & Accounting","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-12-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89324975","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
Does Stronger Corporate Governance Constrain Insider Trading? Asymmetric Evidence from Australia 强化公司治理能抑制内幕交易吗?来自澳大利亚的不对称证据
Wiley-Blackwell: Journal of Business Finance & Accounting Pub Date : 2018-12-04 DOI: 10.1111/acfi.12423
A. Hodgson, Michael Seamer, Katherine Uylangco
{"title":"Does Stronger Corporate Governance Constrain Insider Trading? Asymmetric Evidence from Australia","authors":"A. Hodgson, Michael Seamer, Katherine Uylangco","doi":"10.1111/acfi.12423","DOIUrl":"https://doi.org/10.1111/acfi.12423","url":null,"abstract":"We investigate the role of internal corporate governance in limiting opportunities for ASX company ‘insiders’ to extract abnormal returns from trading ‘own shares’. We show that stronger governance translates into more restrictive insider trading policies and, while not resulting in lower insider purchase volumes, values or profits, it does reduce insider selling profitability. Firm size and increasing trading policy restrictiveness is associated with reduced insider purchase profitability while insider sale profitability is reduced by aggregate governance, trading restrictions and increasing trading policy restrictiveness. We conclude that internal firm governance constrains insider sales but not purchases, providing contrarian trading signals.","PeriodicalId":23644,"journal":{"name":"Wiley-Blackwell: Journal of Business Finance & Accounting","volume":"22 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-12-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87231708","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: 8
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