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New accounting standards and the performance of quantitative investors 新会计准则与量化投资者的表现
IF 1.2
International Journal of Economics Management and Accounting Pub Date : 2024-09-12 DOI: 10.1016/j.jacceco.2024.101740
Travis Dyer, Nicholas Guest, Elisha Yu
{"title":"New accounting standards and the performance of quantitative investors","authors":"Travis Dyer, Nicholas Guest, Elisha Yu","doi":"10.1016/j.jacceco.2024.101740","DOIUrl":"https://doi.org/10.1016/j.jacceco.2024.101740","url":null,"abstract":"We examine quantitative investors’ ability to navigate a common and occasionally material change to the financial data generating process: new accounting standards. Returns of quantitative mutual funds temporarily decrease relative to funds that rely more heavily on human discretion following the implementation of a few standards that significantly change key financial statement variables; however, other standards do not appear to have a differential effect. Our result is stronger for quantitative funds using more accounting terminology in their prospectuses and using value strategies, which leverage accounting signals. Excess portfolio turnover following the implementation of accounting standards appears to be a driving factor of the quant underperformance. Additional evidence connects the fund-level results to the specific stocks that were affected by the accounting standards. Overall, our results suggest quant funds are generally proficient at adapting to accounting changes, although material changes occasionally put them at a temporary disadvantage relative to discretionary investors.","PeriodicalId":42721,"journal":{"name":"International Journal of Economics Management and Accounting","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2024-09-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142231925","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
Does transparency about banks’ lending costs lower firms’ borrowing costs? Evidence from India 银行贷款成本的透明度会降低企业的借贷成本吗？印度的证据
IF 1.2
International Journal of Economics Management and Accounting Pub Date : 2024-08-23 DOI: 10.1016/j.jacceco.2024.101737
Prasanna Tantri, Nitin Vishen
{"title":"Does transparency about banks’ lending costs lower firms’ borrowing costs? Evidence from India","authors":"Prasanna Tantri, Nitin Vishen","doi":"10.1016/j.jacceco.2024.101737","DOIUrl":"https://doi.org/10.1016/j.jacceco.2024.101737","url":null,"abstract":"We study the impact of transparency about banks’ costs on loan interest rates. The Indian Central Bank required banks to disclose a cost-based benchmark interest rate instead of the prime rate. The banks could price loans using any spread to the cost-based benchmark. We find that this change, which made banks’ cost structures more transparent, lowers the interest rates charged and leads to increases in debtor firms’ total borrowings and investments. We hypothesize that increased cost transparency reveals relationship rents to competitor banks and makes it difficult for incumbent banks to maintain high relationship rents because of increased threat of entry.","PeriodicalId":42721,"journal":{"name":"International Journal of Economics Management and Accounting","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2024-08-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142101879","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
In search of a unicorn: Dynamic agency with endogenous investment opportunities 寻找独角兽具有内生投资机会的动态代理
IF 1.2
International Journal of Economics Management and Accounting Pub Date : 2024-08-23 DOI: 10.1016/j.jacceco.2024.101738
Felix Zhiyu Feng, Robin Yifan Luo, Beatrice Michaeli
{"title":"In search of a unicorn: Dynamic agency with endogenous investment opportunities","authors":"Felix Zhiyu Feng, Robin Yifan Luo, Beatrice Michaeli","doi":"10.1016/j.jacceco.2024.101738","DOIUrl":"https://doi.org/10.1016/j.jacceco.2024.101738","url":null,"abstract":"We study the optimal dynamic contract that provides incentives for an agent (e.g., SPAC sponsor, VC general partner, CTO) to exploit investment opportunities/targets that arrive randomly over time via a costly search process. The agent is privy to the arrival as well as to the quality of the target and can take advantage of this for rent extraction during the search process and the ensuing production. The optimal contract provides the agent with incentives for timely and truthful reporting via a time-varying threshold for investment and an internal charge for the time spent on search. In the equilibrium, as time elapses, the charge becomes progressively higher while the investment threshold is progressively lower, resulting in overinvestment at a time-varying degree. Our model generates empirically testable predictions regarding investments (such as M&As, hedge fund activism, VC investing, SPACs, and internal innovations), linking the degree of overinvestment to observable firm and industry characteristics.","PeriodicalId":42721,"journal":{"name":"International Journal of Economics Management and Accounting","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2024-08-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142144477","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 unicorn quest: Deriving empirical predictions from theory 独角兽探索从理论中得出经验预测
IF 1.2
International Journal of Economics Management and Accounting Pub Date : 2024-08-22 DOI: 10.1016/j.jacceco.2024.101736
Anne Beyer, Junyoung Jeong
{"title":"The unicorn quest: Deriving empirical predictions from theory","authors":"Anne Beyer, Junyoung Jeong","doi":"10.1016/j.jacceco.2024.101736","DOIUrl":"https://doi.org/10.1016/j.jacceco.2024.101736","url":null,"abstract":"We discuss Feng et al. (2024), which studies a dynamic model of delegated investment. The paper provides novel insights into the optimal contract between a principal and an agent who obtains private information about both the timing and profitability of investment opportunities. While the analytical analysis provides interesting findings, we have concerns about the validity of the paper’s empirical predictions. We extend the “conceptual” and “operational” levels of Libby boxes by adding an “analytical” level to offer a tool for assessing and developing the link between theoretical models and empirical tests.","PeriodicalId":42721,"journal":{"name":"International Journal of Economics Management and Accounting","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2024-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142144479","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
Financial statements not required 不需要财务报表
IF 1.2
International Journal of Economics Management and Accounting Pub Date : 2024-08-12 DOI: 10.1016/j.jacceco.2024.101732
Michael Minnis, Andrew G. Sutherland, Felix W. Vetter
{"title":"Financial statements not required","authors":"Michael Minnis, Andrew G. Sutherland, Felix W. Vetter","doi":"10.1016/j.jacceco.2024.101732","DOIUrl":"https://doi.org/10.1016/j.jacceco.2024.101732","url":null,"abstract":"Using a dataset covering 3 million commercial borrower financial statements, we document a substantial, nearly monotonic decline in banks’ use of attested financial statements (AFS) in lending over the past two decades. Two market forces help explain this trend. First, technological advances provide lenders with access to a growing array of borrower information sources that can substitute for AFS. Second, banks are increasingly competing with nonbank lenders that rely less on AFS in screening and monitoring. Our results illustrate how technology adoption and changes in credit market structure can render AFS less efficient than alternative information sources for screening and monitoring.","PeriodicalId":42721,"journal":{"name":"International Journal of Economics Management and Accounting","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2024-08-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142045899","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
Accounting and innovation: Paths forward for research 会计与创新：研究的前进之路
IF 1.2
International Journal of Economics Management and Accounting Pub Date : 2024-08-08 DOI: 10.1016/j.jacceco.2024.101733
Mary E. Barth, Kurt H. Gee
{"title":"Accounting and innovation: Paths forward for research","authors":"Mary E. Barth, Kurt H. Gee","doi":"10.1016/j.jacceco.2024.101733","DOIUrl":"https://doi.org/10.1016/j.jacceco.2024.101733","url":null,"abstract":"Glaeser and Lang (2024; GL) reviews the accounting literature on innovation, which has increased substantially in recent years. GL makes an important contribution to accounting research by bringing into the literature the implications of Romer's Nobel Prize winning endogenous growth theory and by explaining how accounting research addresses questions related to innovation. We contribute to accounting research by building on GL's foundation to suggest three main paths forward for future innovation research. First, focus on innovation's three defining attributes: novelty, nonrivalry, and partial excludability. Second, determine the needs of various users of information about a firm's innovation activities and how to meet those needs; we focus on the needs of investors. Third, address questions our discussion highlights as potentially important for future research on financial reporting and innovation, including the crucial question of an innovation's identifiability.","PeriodicalId":42721,"journal":{"name":"International Journal of Economics Management and Accounting","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2024-08-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141994711","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 value of lending to bellwether firms by institutional investors 机构投资者向风向标企业提供贷款的价值
IF 1.2
International Journal of Economics Management and Accounting Pub Date : 2024-08-06 DOI: 10.1016/j.jacceco.2024.101735
Wayne R. Landsman, F. Dimas Peña-Romera, Jianxin (Donny) Zhao
{"title":"The value of lending to bellwether firms by institutional investors","authors":"Wayne R. Landsman, F. Dimas Peña-Romera, Jianxin (Donny) Zhao","doi":"10.1016/j.jacceco.2024.101735","DOIUrl":"https://doi.org/10.1016/j.jacceco.2024.101735","url":null,"abstract":"We predict that institutional investors in loan syndicates charge bellwether firms lower loan spreads as compensation for having access to private information that can help identify trading opportunities in other firms' public market securities. Consistent with this prediction, when lending to bellwether firms, institutional investors charge a loan premium that is between 17 and 25 bps lower relative to non-bellwether firms, and earn annualized excess returns of 1.5–2.2% from trading in other firms' securities. Findings from cross-sectional analyses reveal that the reduction in loan spread is larger when the value of private information from bellwether firms is higher. Additionally, institutional lenders' excess returns are lower when lending to more transparent bellwether borrowers and when they pay a lower price—as reflected in loan spreads—in exchange for the private information, supporting the notion that the value of private information relates to institutional investors’ trading performance.","PeriodicalId":42721,"journal":{"name":"International Journal of Economics Management and Accounting","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2024-08-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141910699","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
Early-life experience and CEOs’ reactions to COVID-19 早年经历和首席执行官对 COVID-19 的反应
IF 1.2
International Journal of Economics Management and Accounting Pub Date : 2024-08-05 DOI: 10.1016/j.jacceco.2024.101734
Hong Ru, Endong Yang, Kunru Zou
{"title":"Early-life experience and CEOs’ reactions to COVID-19","authors":"Hong Ru, Endong Yang, Kunru Zou","doi":"10.1016/j.jacceco.2024.101734","DOIUrl":"https://doi.org/10.1016/j.jacceco.2024.101734","url":null,"abstract":"This study investigates how CEOs' experience of natural disasters and severe disease outbreaks in their formative years influences their firms' responses to the COVID-19 pandemic in the United States. We observe that firms whose CEOs experienced disease outbreaks akin to COVID-19 early in their lives demonstrated more conservative responses to the emergence of the COVID-19 in late February 2020, notably through a substantial slowdown in capital expenditure growth. Moreover, firms led by CEOs with early-life disease experience exhibit a more negative tone in their corporate disclosures and heightened pessimism in their earnings forecasts following the COVID-19 outbreak. These effects are more pronounced for firms in industries that were hit hard by the pandemic. Our findings suggest that severe events early in life leave indelible imprints on memory, thereby impacting CEOs’ decision-making when managing similar crises in their professional careers.","PeriodicalId":42721,"journal":{"name":"International Journal of Economics Management and Accounting","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2024-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142045898","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
Retail investors and ESG news: A discussion 散户投资者与 ESG 新闻：讨论
IF 1.2
International Journal of Economics Management and Accounting Pub Date : 2024-08-02 DOI: 10.1016/j.jacceco.2024.101730
Richard G. Sloan
{"title":"Retail investors and ESG news: A discussion","authors":"Richard G. Sloan","doi":"10.1016/j.jacceco.2024.101730","DOIUrl":"https://doi.org/10.1016/j.jacceco.2024.101730","url":null,"abstract":"Li, Watts, and Zhu (2024) provide evidence that retail investors trade in response to financially material ESG news. This evidence is consistent with retail investors trading in response to the financial implications of ESG-related information in much the same way that they trade in response to the financial implications of other information. The authors suggest that their evidence is inconsistent with retail investors making investment decisions based on their nonpecuniary preferences. I suggest that their research design is constructed to identify financially motivated trading and is not well suited to drawing inferences about retail investors’ nonpecuniary investment decisions.","PeriodicalId":42721,"journal":{"name":"International Journal of Economics Management and Accounting","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2024-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141994714","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
Corporate managers’ perspectives on forward-looking guidance: Survey evidence 企业管理者对前瞻性指导的看法：调查证据
IF 1.2
International Journal of Economics Management and Accounting Pub Date : 2024-07-31 DOI: 10.1016/j.jacceco.2024.101731
Andrew C. Call, Paul Hribar, Douglas J. Skinner, David Volant
{"title":"Corporate managers’ perspectives on forward-looking guidance: Survey evidence","authors":"Andrew C. Call, Paul Hribar, Douglas J. Skinner, David Volant","doi":"10.1016/j.jacceco.2024.101731","DOIUrl":"https://doi.org/10.1016/j.jacceco.2024.101731","url":null,"abstract":"We survey corporate managers of both guiding and non-guiding firms. We find that managers of firms that provide guidance say that they: (1) primarily provide guidance to satisfy analyst and investor demands and manage analysts’ earnings expectations; (2) are relatively unconcerned about proprietary or litigation costs (managers of firms are more likely to see litigation risk as a concern); (3) predominantly issue guidance that is conservative relative to their internal expectations; (4) are concerned that guidance induces analysts and investors to focus on the short-term but that it induces managers themselves to make myopic decisions internally. We also find that managers are miscalibrated about the accuracy of their guidance and that significant quantities of guidance that managers say their firms issue are not captured by conventional sources. We offer several other new insights relevant to the voluntary disclosure literature.","PeriodicalId":42721,"journal":{"name":"International Journal of Economics Management and Accounting","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2024-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141910788","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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