Journal of Corporate Accounting and Finance最新文献_第3页

Unmasking market turmoil by decoding stock market dynamics post-fraud allegations: Evidence from Adani-Hindenburg case 通过解码欺诈指控后的股市动态揭开市场动荡的面纱：阿达尼-欣登堡案的证据

IF 0.9

Journal of Corporate Accounting and Finance Pub Date : 2024-02-01 DOI: 10.1002/jcaf.22696

Nishant Sapra, Shubham Kakran, Arpit Sidhu, Ashish Kumar

{"title":"Unmasking market turmoil by decoding stock market dynamics post-fraud allegations: Evidence from Adani-Hindenburg case","authors":"Nishant Sapra, Shubham Kakran, Arpit Sidhu, Ashish Kumar","doi":"10.1002/jcaf.22696","DOIUrl":"10.1002/jcaf.22696","url":null,"abstract":"The article investigates how the devastating repercussions of fraud allegations, as outlined in the Hindenburg report, are actively and critically affecting the stock prices of the Adani Group. This investigation, which explores the foundation of the accused companies' financial health and market trust, is crucial. These ramifications go far beyond Adani Group and are highly relevant to potential investors globally, highlighting the urgent need for a thorough comprehension of these dynamics in the context of the global market environment. The journey from stock market crash to market correction is analyzed using the theoretical lens of Risk Aversion theory. At the same time, the Efficient Market Hypothesis (EMH) assumptions are being tested. The study employs a long-term event study approach to analyze the stock price impact of the Hindenburg report using the Cumulative Abnormal Returns (CAR) methodology. For analysis, a sample of six Adani group companies and relevant stakeholders like creditors, LIC, immediate counterparts of each company, and NIFTY bank indices are considered. The study finds that the stock prices of four out of six Adani Group companies declined significantly after the Hindenburg report, defying the assumptions of the EMH. Risk-seeking investors' regulatory assurance and investment may have helped in a market correction. The associated banks (lenders to Adani) and Banking indices depicted a price decline on the second and third days, which reversed on the fourth day, indicating a diminished spillover effect. Moreover, no competitor besides Tata Power saw abnormally large gains. This study analyses the event from the lens of Risk aversion and tests the assumption of EMH. The study concludes that these findings have practical implications for investors (risk-averse and risk-seeking), policymakers, and researchers.","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2024-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139822267","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

CEO turnover after product-harm crises 产品危害危机后的首席执行官更替

IF 0.9

Journal of Corporate Accounting and Finance Pub Date : 2024-02-01 DOI: 10.1002/jcaf.22693

Daniel Gyung Paik, Bo Meng, Brandon Byunghwan Lee, Nhat Q. Nguyen

引用次数: 0

The importance of cybersecurity disclosures in customer relationships 在客户关系中披露网络安全信息的重要性

IF 0.9

Journal of Corporate Accounting and Finance Pub Date : 2024-02-01 DOI: 10.1002/jcaf.22695

Aaron Nelson, Shensi Wang

引用次数: 0

CEO characteristics and bank stability: Evidence from an emerging economy 首席执行官特征与银行稳定性：新兴经济体的证据

IF 1.4

Journal of Corporate Accounting and Finance Pub Date : 2024-01-29 DOI: 10.1002/jcaf.22690

Nam Pham Hai, Chi Le Ha Diem

引用次数: 0

“Et tu, Bruté?”: Do audit committees besmirch investors’ desire for increased disclosures? "Et tu, Bruté？审计委员会是否玷污了投资者希望增加信息披露的愿望？

IF 1.4

Journal of Corporate Accounting and Finance Pub Date : 2024-01-25 DOI: 10.1002/jcaf.22692

Amanda Grossman, Najib Sahyoun, Ian Twardus

{"title":"“Et tu, Bruté?”: Do audit committees besmirch investors’ desire for increased disclosures?","authors":"Amanda Grossman, Najib Sahyoun, Ian Twardus","doi":"10.1002/jcaf.22692","DOIUrl":"10.1002/jcaf.22692","url":null,"abstract":"This paper presents the results of a content analysis of the comment letters submitted in response to the SEC concept release on the enhancements of audit committee disclosures. The comment letters were drafted by investors and a cross-section of various governance actors or practitioners, such as audit committees, management, legal advisers, and auditors. Hence, the letters provide insights as to how these different groups interpret the proposed revisions and try to adapt them according to their needs and context. The comment letters are analyzed through the framework of the behavioral theory of boards and corporate governance, which arguably better explains the analysis results over the traditional agency theory framework. The theory examines governance actors’ interactions and behavioral processes and asserts that the corporation is a nexus of stakeholders’ coalitions, who render decisions primarily through engaging in political bargaining rather than through evaluating investor needs. Results show that, while investors are urging enhanced disclosures, audit committee respondents are against the suggested improvements. These results are consistent with the behavioral theory of boards and corporate governance but inconsistent with an agency theory perspective.","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2024-01-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139598126","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

Fragility or habitualized corporate behavior? Corporate and macroeconomic determinants of debt dollarization: Evidence from Turkey 脆弱性还是习惯化的公司行为？债务美元化的企业和宏观经济决定因素：土耳其的证据

IF 1.4

Journal of Corporate Accounting and Finance Pub Date : 2024-01-24 DOI: 10.1002/jcaf.22691

Ömer Tuğsal Doruk

引用次数: 0

Cyberattacks, cash conversion cycle, and corporate performance 网络攻击、现金转换周期和企业绩效

IF 1.4

Journal of Corporate Accounting and Finance Pub Date : 2023-12-29 DOI: 10.1002/jcaf.22688

Oneil Harris, Trung Nguyen

{"title":"Cyberattacks, cash conversion cycle, and corporate performance","authors":"Oneil Harris, Trung Nguyen","doi":"10.1002/jcaf.22688","DOIUrl":"10.1002/jcaf.22688","url":null,"abstract":"This study examines the effect of working capital efficiency on the performance of firms that experience cyberattacks. We find robust evidence that an aggressive working capital policy improves the immediate and after-market stock returns as well as the operating performance of firms that suffer an outside party or a malware hacker attack. Specifically, we document a negative relationship between announcement period abnormal returns and the industry-adjusted cash conversion cycle, implying that investors react less favorably when breached firms have more conservative working capital policies. We also find a negative association between the cash cycle and long-horizon buy-and-hold abnormal returns indicating that working capital efficacy has a protracted positive effect on stock performance after an attack. The cash conversion cycle is also negatively related to operating performance, as measured by industry-adjusted market power, industry-adjusted return on assets, and industry-adjusted market-to-book ratio. In addition, we find that access to trade credit and the ability to delay payments made to suppliers (depicted via days’ payables outstanding) are the most important factors in helping breached firms mitigate the financial and operating costs of cyberattacks. Overall, our results are robust to endogeneity concerns and expand the literature on the firm-level aspects of data breaches.","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139142875","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

A note on free cashflow analysis: Theory versus practice 关于自由现金流分析的说明：理论与实践

IF 1.4

Journal of Corporate Accounting and Finance Pub Date : 2023-12-05 DOI: 10.1002/jcaf.22685

Axel Grossmann, Ken Johnston, John J. Hatem

引用次数: 0

Board gender diversity and cost of debt financing: Evidence from Latin American and the Caribbean firms 董事会性别多样性与债务融资成本：来自拉丁美洲和加勒比地区企业的证据

IF 1.4

Journal of Corporate Accounting and Finance Pub Date : 2023-11-30 DOI: 10.1002/jcaf.22683

Juan David Gonzalez-Ruiz, Nini Johana Marín-Rodríguez, Alejandro Peña

引用次数: 0

Too dark to see: Does board governance moderate the relationship between carbon emissions and analyst forecast errors? 太黑看不清：董事会治理能否调节碳排放与分析师预测误差之间的关系？

IF 1.4

Journal of Corporate Accounting and Finance Pub Date : 2023-11-30 DOI: 10.1002/jcaf.22687

Daniel Hsiao, Qunfeng Liao, Weichieh Su

引用次数: 0