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American J. of Finance and Accounting最新文献

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Effect of the 2016 OPEC production cut announcement on the default likelihood of the oil industry and commercial banks 2016年OPEC减产公告对石油行业和商业银行违约可能性的影响
American J. of Finance and Accounting Pub Date : 2021-08-18 DOI: 10.1504/ajfa.2021.117216
Kenneth J. Hunsader, K. Lahtinen, Chris M. Lawrey
{"title":"Effect of the 2016 OPEC production cut announcement on the default likelihood of the oil industry and commercial banks","authors":"Kenneth J. Hunsader, K. Lahtinen, Chris M. Lawrey","doi":"10.1504/ajfa.2021.117216","DOIUrl":"https://doi.org/10.1504/ajfa.2021.117216","url":null,"abstract":"Using option pricing methodology, we provide evidence the oil and banking industries' default likelihood decreased following OPEC's November 2016 oil production cut announcement. The effect is present within several oil sub-industries and for the banks conducting business in states with the most oil production. In addition, for the oil industry we find the decrease in default likelihood is more pronounced for firms with higher leverage, low financial slack, small market value, and small book-to-market ratios. For commercial banks, banks with higher non-performing assets and provision for loan losses experienced a greater decline in default likelihood. In addition, similar to the oil industry, size and book-to-market are significant determinants of the change in default likelihood.","PeriodicalId":379725,"journal":{"name":"American J. of Finance and Accounting","volume":"110 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124881931","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 external auditor quality moderates the relation between internal audit committee effectiveness and accounting conservatism 外部审计师质量如何调节内部审计委员会有效性与会计稳健性之间的关系
American J. of Finance and Accounting Pub Date : 2021-08-18 DOI: 10.1504/ajfa.2021.117205
D. Hemdan, Hashim Khan, Saif Ur Rehman, F. Khan
{"title":"How external auditor quality moderates the relation between internal audit committee effectiveness and accounting conservatism","authors":"D. Hemdan, Hashim Khan, Saif Ur Rehman, F. Khan","doi":"10.1504/ajfa.2021.117205","DOIUrl":"https://doi.org/10.1504/ajfa.2021.117205","url":null,"abstract":"This study examines the effect of audit committee on two measures of accounting conservatism. In addition, this study also investigates the interaction effect of exogenous variable (i.e., external auditor quality) on relationship between audit committee effectiveness and two measures of accounting conservatism. A total of 38 sample firms are selected from the Nasdaq Dubai for the period from 2013 to 2017. In addition, some information relating to audit committee and auditor quality are collected from firms' annual reports. For data analysis, panel data methodology is employed and multiple regression analysis technique is used to test the developed hypotheses of this study. Results show that interaction effect of external auditor quality found to be significant with one-year-lagged effect on both measures of conservatism. The findings of this study contribute to the signalling theory, agency theory, reputation theory and accounting conservatism literature with lagged effect in emerging economies settings.","PeriodicalId":379725,"journal":{"name":"American J. of Finance and Accounting","volume":"41 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125508751","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
Bubbles in the virtual finance: an application of the Phillips-Wu-Yu (2011) methodology on the bitcoin price 虚拟金融中的泡沫:philips - wu - yu(2011)方法在比特币价格上的应用
American J. of Finance and Accounting Pub Date : 2021-08-18 DOI: 10.1504/ajfa.2021.10040462
Myriam Ben Osman, Kamel Naoui
{"title":"Bubbles in the virtual finance: an application of the Phillips-Wu-Yu (2011) methodology on the bitcoin price","authors":"Myriam Ben Osman, Kamel Naoui","doi":"10.1504/ajfa.2021.10040462","DOIUrl":"https://doi.org/10.1504/ajfa.2021.10040462","url":null,"abstract":"This paper aims to detect the existence of speculative bubbles in the bitcoin US price by using a year by year ADF test, initiated by Dickey and Fuller (1981), and SADF test, initiated by Phillips ...","PeriodicalId":379725,"journal":{"name":"American J. of Finance and Accounting","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115321569","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
Predicting financial distress in an emerging market: corporate actions, accounting ratios, or both 预测新兴市场的财务困境:公司行为，会计比率，或两者兼而有之
American J. of Finance and Accounting Pub Date : 2021-08-18 DOI: 10.1504/ajfa.2021.10040465
Azhar Mohamad, Mohamed Azad, I. Sifat
{"title":"Predicting financial distress in an emerging market: corporate actions, accounting ratios, or both","authors":"Azhar Mohamad, Mohamed Azad, I. Sifat","doi":"10.1504/ajfa.2021.10040465","DOIUrl":"https://doi.org/10.1504/ajfa.2021.10040465","url":null,"abstract":"This paper investigates the utility of corporate actions in predicting financial distress in the context of an emerging country: Malaysia. Recognising the dominance of historical accounting ratios in distress prediction models, we set out to test if employing more current information in the form of corporate action fares better. To this end, we employ three logistic regression models on data from 54 firms and find that corporate actions, on a stand-alone basis, outperform pure accounting ratios and a pooled combination of both. The most significant corporate actions are frequency of capital issuance and shuffling of audit committees. These findings are novel for Malaysia and relatively scarce in broader empirical literature. Meanwhile, among the accounting ratios, working capital and sales volumes emerge as significant predictors of distress, both of which have extensive empirical precedents.","PeriodicalId":379725,"journal":{"name":"American J. of Finance and Accounting","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117033438","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 behaviour of stock returns under price limits, a truncated time series approach 股票收益在价格限制下的表现，一种截断的时间序列方法
American J. of Finance and Accounting Pub Date : 2021-08-18 DOI: 10.1504/ajfa.2021.10040450
Eymen Errais, Jawhar Albacha
{"title":"The behaviour of stock returns under price limits, a truncated time series approach","authors":"Eymen Errais, Jawhar Albacha","doi":"10.1504/ajfa.2021.10040450","DOIUrl":"https://doi.org/10.1504/ajfa.2021.10040450","url":null,"abstract":"The Tunisian Stock Exchange is subject to some authorities' regulations, constraints and limitations such as price limits. Hence, both of the following distortions will occur as a consequence to price limitations: unconditional equilibrium prices, 'shadowed prices', are unobservable by agents due to the fact that the asset valuation will be guided by the limited future prices assumption and the conditional equilibrium prices, 'shadowing prices', which are not observed by agents because they can exercise only a price that is within a limited range. Thus, the estimation of the 'fair' value of the asset will be complex and the existing trading strategies that focus only on observed prices will be inefficient. In this paper we will discuss the impact of price limitations on the stock returns behaviour and develop an inference methodology in order to extract and collect useful information about the shadowing prices based on truncated population. Finally, we develop a heuristic truncated normality test based on the JB test.","PeriodicalId":379725,"journal":{"name":"American J. of Finance and Accounting","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114645338","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
Local information concentration and stock price informativeness 局部信息集中度与股价信息量
American J. of Finance and Accounting Pub Date : 2021-08-18 DOI: 10.1504/ajfa.2021.10040461
Michael Hyman, Scott Duellman
{"title":"Local information concentration and stock price informativeness","authors":"Michael Hyman, Scott Duellman","doi":"10.1504/ajfa.2021.10040461","DOIUrl":"https://doi.org/10.1504/ajfa.2021.10040461","url":null,"abstract":"Investors have been shown to gather local information, which allows for superior investment returns. We document that when the local information landscape is less dispersed and local information is concentrated on fewer firms, stock prices better align with future earnings. These findings are clustered in small firms, firms in rural communities, and firms with low institutional ownership, suggesting that local information's ability to be priced into earnings is strongest in regions where information is otherwise unavailable. Overall, we show that the ability of local information to be utilised is dependent both on the amount of local information available to investors and the resources available to investors to capitalise on the information.","PeriodicalId":379725,"journal":{"name":"American J. of Finance and Accounting","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126787255","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
Efficiency of Ethiopian commercial banks: using data envelopment analysis 埃塞俄比亚商业银行效率:基于数据包络分析
American J. of Finance and Accounting Pub Date : 2020-09-30 DOI: 10.1504/ajfa.2020.10032533
T. Ijara, D. Sharma
{"title":"Efficiency of Ethiopian commercial banks: using data envelopment analysis","authors":"T. Ijara, D. Sharma","doi":"10.1504/ajfa.2020.10032533","DOIUrl":"https://doi.org/10.1504/ajfa.2020.10032533","url":null,"abstract":"This study investigates the overall technical, pure technical and scale efficiencies of Ethiopian commercial banks from 2014 to 2018 using data envelopment analysis (DEA). The intermediation approach applied to select variables, both CCR (Charnes, Cooper and Rhodes) model and BCC (Banker, Charnes and Cooper) model used to identify the main causes of inefficiency. The study found that only two banks were consistently efficient in all measurements types and the average of overall technical, pure technical and scale efficiencies reveals that Ethiopian commercial banks were inefficient during the period. This result would have negative implications on Ethiopian economy. Moreover, their inefficiency was caused mostly by management related problems than scale related factors. Therefore, the bank managers are suggested to take appropriate action based on their respective causes of inefficiency and National Bank of Ethiopia and other regulatory bodies should enforce the policy to enhance the overall efficiency of the sector.","PeriodicalId":379725,"journal":{"name":"American J. of Finance and Accounting","volume":"83 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126022806","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
VAT exemption and capital market transactions 增值税免征及资本市场交易
American J. of Finance and Accounting Pub Date : 2020-09-30 DOI: 10.1504/ajfa.2020.10032536
Jerry Danjuma Kwarbai, S. Olaoye, MUSA DASAUKI CALEB
{"title":"VAT exemption and capital market transactions","authors":"Jerry Danjuma Kwarbai, S. Olaoye, MUSA DASAUKI CALEB","doi":"10.1504/ajfa.2020.10032536","DOIUrl":"https://doi.org/10.1504/ajfa.2020.10032536","url":null,"abstract":"In this paper, we modelled the impact of VAT exemption policy on capital market transactions using the Garch model. We implored the use of Garch 1.1 and Assymetric T-Garch model to examine the effect of the introduction of the VAT policy on the Nigerian stock exchange activities. The result of the study suggests that the implementation of VAT exemption has caused volatility in the volume of shared traded by informed and uninformed investors, also the policy has moderately impacted on the volume of transactions. The study recommends that government should evaluate the period of the VAT exemption policy from 2014 to the year of re-introduction of value added tax charges on transactions for proper alignment and possible re-introduction of the VAT exemption.","PeriodicalId":379725,"journal":{"name":"American J. of Finance and Accounting","volume":"80 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117247516","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
Consumption, earnings risk, and payout ratios 消费，收益风险和支付比率
American J. of Finance and Accounting Pub Date : 2019-12-18 DOI: 10.1504/ajfa.2019.10025899
C. Bergeron, Jean-Pierre Gueyié, Komlan Sedzro
{"title":"Consumption, earnings risk, and payout ratios","authors":"C. Bergeron, Jean-Pierre Gueyié, Komlan Sedzro","doi":"10.1504/ajfa.2019.10025899","DOIUrl":"https://doi.org/10.1504/ajfa.2019.10025899","url":null,"abstract":"This paper investigates the theoretical relationship between earnings, risks and dividends, in an intertemporal context. After assuming that firms adjust their dividend payments toward a target dividend payout ratio, we utilise the framework of the consumption capital asset pricing model (CCAPM) to examine the effect of systematic earnings risk on dividend policy. Our main result indicates that the dividend payout ratio of a firm is negatively related to its earnings consumption beta, obtained from the covariance between aggregate consumption and earnings. This result suggests that risk measured with earnings influences dividend policy. This result also suggests that the earnings consumption beta integrates the multiple dimensions of a firm's earnings risk.","PeriodicalId":379725,"journal":{"name":"American J. of Finance and Accounting","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114798437","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
Strategic foresight and auditor's cognitive contribution: the study of cognitive mapping 战略前瞻与审计师的认知贡献:认知映射研究
American J. of Finance and Accounting Pub Date : 2019-12-18 DOI: 10.1504/ajfa.2019.10025895
Elaoud Assawer, J. Anis
{"title":"Strategic foresight and auditor's cognitive contribution: the study of cognitive mapping","authors":"Elaoud Assawer, J. Anis","doi":"10.1504/ajfa.2019.10025895","DOIUrl":"https://doi.org/10.1504/ajfa.2019.10025895","url":null,"abstract":"This research allows acquiring a better understanding of the strategic prospective of the auditor in the accounting audit mission, in which the emphasis is placed on the auditor mind and forward thinking. The analysis of the cognitive approach and the prospective strategy of the auditor using the cognitive mapping allow identifying the factors that enable the auditors to reduce the cognitive problems in their strategy. This paper provides new insights into the cognitive role of the auditors and their strategic foresight. Practitioners and researchers can use the findings of this study to better understand the success audit factors. Moreover, auditing firms may use the findings of this study to improve their foresight audit strategy.","PeriodicalId":379725,"journal":{"name":"American J. of Finance and Accounting","volume":"78 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115045360","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
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