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Understanding the Impacts on Automobile Leasing Firm Loss in China: An Analysis of Vehicle Residual Value Risk and Lease Price Patterns 对中国汽车租赁企业亏损影响的认识——基于汽车残值风险和租赁价格模式的分析
IF 0.9
Journal of Corporate Accounting and Finance Pub Date : 2024-09-30 DOI: 10.1002/jcaf.22755
Jiazhe Zhu, Yuefeng Zhao, Ping He
{"title":"Understanding the Impacts on Automobile Leasing Firm Loss in China: An Analysis of Vehicle Residual Value Risk and Lease Price Patterns","authors":"Jiazhe Zhu,&nbsp;Yuefeng Zhao,&nbsp;Ping He","doi":"10.1002/jcaf.22755","DOIUrl":"https://doi.org/10.1002/jcaf.22755","url":null,"abstract":"<div>\u0000 \u0000 <p>The paper addresses vehicle depreciation and pricing issues in the automobile leasing industry in China. Under the current industry climate, operating lease firms face large residual value risk, and therefore, how to price contracts that minimises such risk is an important question. By analysing market data of used vehicles, an exponential decay function was developed to model the price dynamics across different brands and model series. Specifically, we estimate the depreciation rate directly from the data. In addition, by considering all revenue and cost components and converting them into present value terms, appropriate deposit and rents combintions were sought under different profit expectations. Length of contracts, age of vehicles and purchase cost factors were also considered to detect any further patterns in rents. The research outcomes will provide guidance on lease pricing given the current development of the industry, thereby improving firms’ profitability position as well as helping maintain their competitiveness and growth.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 2","pages":"42-54"},"PeriodicalIF":0.9,"publicationDate":"2024-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143801734","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 Does a Firm's Information Environment Influence CEO Compensation? 企业信息环境如何影响CEO薪酬？
IF 0.9
Journal of Corporate Accounting and Finance Pub Date : 2024-09-27 DOI: 10.1002/jcaf.22752
Shihui Fan, Yan Zhou
{"title":"How Does a Firm's Information Environment Influence CEO Compensation?","authors":"Shihui Fan,&nbsp;Yan Zhou","doi":"10.1002/jcaf.22752","DOIUrl":"https://doi.org/10.1002/jcaf.22752","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper investigates the relationship between firms’ information environment and chief executive officer (CEO) compensation. This study measures firms’ information environment by their internal and external information quality. The internal information quality is proxied by four variables: discretionary accrual, income smoothing ratio, internal control weakness, and restatements. The external information quality is measured by four other variables: analysts following, analysts forecast accuracy, stock liquidity, and bid-ask spread. We provide three primary results. First, a firm's overall internal and external information quality significantly increases the CEO's total compensation. Second, a higher quality of internal financial information leads to an increase in the CEO bonus. Finally, a greater quality of the external information environment results in a rise in the CEO's equity compensation. Our additional test provides novel evidence that the dual role of compensation and audit committees increases CEO equity compensation. Our study contributes significantly to the literature on the determinants of CEO compensation and the impact of the board of directors on a firm's information quality and management compensation. Our study's findings highlight that overlapping audit and compensation committees can effectively oversee executive compensation practices and monitor the external market environment.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 2","pages":"28-41"},"PeriodicalIF":0.9,"publicationDate":"2024-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143801488","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
Book Value Forecast Quality: Financial Versus Nonfinancial Firms 账面价值预测质量：金融企业与非金融企业
IF 0.9
Journal of Corporate Accounting and Finance Pub Date : 2024-09-25 DOI: 10.1002/jcaf.22753
Marcus Caylor, Chris McCoy, Daniel Street
{"title":"Book Value Forecast Quality: Financial Versus Nonfinancial Firms","authors":"Marcus Caylor,&nbsp;Chris McCoy,&nbsp;Daniel Street","doi":"10.1002/jcaf.22753","DOIUrl":"https://doi.org/10.1002/jcaf.22753","url":null,"abstract":"<div>\u0000 \u0000 <p>This study investigates the quality and usefulness of analysts’ book value forecasts for financial firms relative to nonfinancial firms. We examine whether forecast properties (accuracy, bias, and dispersion) of book value forecasts and the market reaction to unexpected book value surprises differ between financial and nonfinancial firms. We find that book value forecasts are more accurate, less biased, and less dispersed for financial firms compared to nonfinancial firms. In addition, we show that these results are not simply a result of differences in earnings per share (EPS) forecast quality. We also provide evidence that book value forecasts are incrementally helpful to analysts in forecasting earnings for financial firms. In addition, we find evidence that the stock price drift following an earnings announcement is more pronounced when book value per share (BPS) surprises are considered in addition to EPS surprises. However, this finding only holds for financial firms. We find that this delayed reaction can form the basis for a profitable trading strategy.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 2","pages":"18-27"},"PeriodicalIF":0.9,"publicationDate":"2024-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143801364","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
Stock Splits Puzzle: An Additional Answer From Pre-Split Earnings Announcements 股票拆分之谜：从拆分前的收益公告中获得的另一个答案
IF 0.9
Journal of Corporate Accounting and Finance Pub Date : 2024-09-23 DOI: 10.1002/jcaf.22754
Hoang Huy Nguyen, Duong Nguyen, Hao Manh Quach, The Anh Pham
{"title":"Stock Splits Puzzle: An Additional Answer From Pre-Split Earnings Announcements","authors":"Hoang Huy Nguyen,&nbsp;Duong Nguyen,&nbsp;Hao Manh Quach,&nbsp;The Anh Pham","doi":"10.1002/jcaf.22754","DOIUrl":"https://doi.org/10.1002/jcaf.22754","url":null,"abstract":"<div>\u0000 \u0000 <p>If stock splits are used by managers to convey private information to the public, we hypothesize that the information content of splits should be related to the information managers reveal during quarterly earnings announcements. Supporting this hypothesis, we find that post-split stock returns and operating earnings growth are positively correlated with the 5-day returns around the last earnings announcement prior to the splits. This relationship holds even after controlling for different characteristics, including size, book-to-market, and momentum. These findings add new evidence to the rich literature on the signaling hypothesis regarding the motivation behind this corporate event.</p>\u0000 </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 2","pages":"9-17"},"PeriodicalIF":0.9,"publicationDate":"2024-09-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143801662","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
Do equity method investments moderate the financial performance benefits of CSR? 权益法投资是否会调节企业社会责任的财务绩效效益？
IF 0.9
Journal of Corporate Accounting and Finance Pub Date : 2024-09-04 DOI: 10.1002/jcaf.22751
Curtis Farnsel
{"title":"Do equity method investments moderate the financial performance benefits of CSR?","authors":"Curtis Farnsel","doi":"10.1002/jcaf.22751","DOIUrl":"https://doi.org/10.1002/jcaf.22751","url":null,"abstract":"<p>Corporate social responsibility is increasingly considered a business imperative, with research routinely finding a positive relation between CSR and future financial performance. This study furthers this line of research by considering the role equity method investments play as a moderating factor in the firm's ability to derive financial performance benefits from CSR. I find that the extent of equity method investments as a percentage of a firm's asset mix moderates the overall positive relation between CSR and future financial performance. Further, while CSR strengthens the link between consolidated earnings and future earnings, CSR does not significantly impact the link between equity method earnings and future earnings. These results are consistent with CSR being associated only with the operations of the parent company that directly engages in the CSR activities and the reputational benefits not extending to the parent company's equity method investments. Firms and investors deciding whether there is a business case for CSR activities should consider that the extent of their equity method investments moderates the positive financial performance benefits the firm may receive from CSR and adjust expectations accordingly.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 1","pages":"216-230"},"PeriodicalIF":0.9,"publicationDate":"2024-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143112180","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 term structure of Japanese Government bonds in the super long term under different aspects of yield curve control 超长期期限结构下日本国债收益率曲线的不同方面控制
IF 0.9
Journal of Corporate Accounting and Finance Pub Date : 2024-08-19 DOI: 10.1002/jcaf.22750
Takayasu Ito
{"title":"The term structure of Japanese Government bonds in the super long term under different aspects of yield curve control","authors":"Takayasu Ito","doi":"10.1002/jcaf.22750","DOIUrl":"https://doi.org/10.1002/jcaf.22750","url":null,"abstract":"<p>Japanese Government Bonds (JGBs) increased in volatility after the Bank of Japan (BOJ) expanded the upper limit of the yield curve control (YCC) from .2% to .25% on March 19, 2021. The entire sample period is divided in half. The JGB yield curve from 20 to 40 years is driven by three common trends in the first half of the YCC. On the other hand, the JGB yield curve from 20 to 40 years is driven by two common trends in the second half. JGBs in the maturities of 20, 30, and 40 years move independently in the first half. On the other hand, the JGBs of 30 and 40 years move together in the second half. The maturities of 20, 30, and 40 years are segmented in the first half, but those of 30 and 40 years are integrated in the second half. The JGBs in the super long term began to recover their market function after the BOJ decided to move the upper limit of the YCC to .5%. The decision made by the BOJ contributed to rectifying the malfunctioning JGB market.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 1","pages":"210-215"},"PeriodicalIF":0.9,"publicationDate":"2024-08-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/jcaf.22750","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143116682","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Does macroeconomic uncertainty (really) influence managers’ earnings management? 宏观经济的不确定性（真的）会影响管理者的收益管理吗？
IF 0.9
Journal of Corporate Accounting and Finance Pub Date : 2024-08-08 DOI: 10.1002/jcaf.22748
Kang Ho Cho, Bharat Patil
{"title":"Does macroeconomic uncertainty (really) influence managers’ earnings management?","authors":"Kang Ho Cho,&nbsp;Bharat Patil","doi":"10.1002/jcaf.22748","DOIUrl":"10.1002/jcaf.22748","url":null,"abstract":"<p>We revisit the literature on using the economic policy uncertainty index (EPU) to estimate macroeconomic uncertainty<sup>1</sup>. The extant literature has shown mixed evidence on whether macroeconomic uncertainty affects accounting quality. The EPU reflects unrepresentative political risks and thus is expected to substantially mismeasure economic uncertainty. This study investigates the association between macro uncertainty and earnings management by utilizing a novel and more unbiased measure of macro uncertainty, the gross domestic product (GDP) dispersion, and the volatility index (VIX). We find that firms engage more in earnings management when macroeconomic uncertainty is high, consistent with the notion that investors’ attention is limited due to information asymmetry providing earnings management opportunities. We also document that managers’ earnings management not only involves discretionary accruals but also real earnings management. The results are robust to controlling for firm characteristics, to an alternative measure of macroeconomic uncertainty, and to the endogeneity concern.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 1","pages":"185-197"},"PeriodicalIF":0.9,"publicationDate":"2024-08-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141929199","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
Geographic industry concentration and asymmetric cost behavior 地域产业集中度与不对称成本行为
IF 0.9
Journal of Corporate Accounting and Finance Pub Date : 2024-08-06 DOI: 10.1002/jcaf.22749
Tae G. Kang, Sung-Jin Park
{"title":"Geographic industry concentration and asymmetric cost behavior","authors":"Tae G. Kang,&nbsp;Sung-Jin Park","doi":"10.1002/jcaf.22749","DOIUrl":"https://doi.org/10.1002/jcaf.22749","url":null,"abstract":"<p>This research diverges from the existing literature on cost stickiness by examining the relationship between a firm's geographic proximity to industry peers, termed industry co-location, and its asymmetrical cost behavior. We propose that managerial decisions regarding resource adjustment are influenced by the state of resource markets in the firm's vicinity, hypothesizing that a high concentration of industry peers triggers downward asset price spirals during simultaneous resource liquidation. Additionally, we anticipate that industry-wide demand exceeding fixed capacity exacerbates congestion costs, thereby diminishing bargaining power in local resource markets. We predict that heightened resource adjustment costs linked to industry co-location discourage managers from reducing capacity commitments, thereby increasing cost stickiness. Our findings support this prediction, demonstrating a positive association between industry co-location and cost stickiness. Moreover, we observe that cost stickiness intensifies when closely located industry peers experience declines in sales. This paper provides initial evidence illuminating the impact of industry co-location on cost stickiness and suggests managerial implications to prevent costlier capacity adjustment through local resource markets.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 1","pages":"198-209"},"PeriodicalIF":0.9,"publicationDate":"2024-08-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143112598","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
Credit ratings and management earnings forecasts: Evidence from the Dodd–Frank act 信用评级和管理层盈利预测：来自多德-弗兰克法案的证据
IF 0.9
Journal of Corporate Accounting and Finance Pub Date : 2024-08-01 DOI: 10.1002/jcaf.22747
Pei Li, Leo Tang
{"title":"Credit ratings and management earnings forecasts: Evidence from the Dodd–Frank act","authors":"Pei Li,&nbsp;Leo Tang","doi":"10.1002/jcaf.22747","DOIUrl":"https://doi.org/10.1002/jcaf.22747","url":null,"abstract":"<p>In compliance with legislation from the Dodd–Frank Wall Street Reform and Consumer Protection Act (Dodd–Frank), the Office of the Comptroller of the Currency (OCC) passed a final rule in June 2012 which requires banks and savings associations to actively monitor and assess their debt investments rather than passively relying on credit ratings. The OCC specifically directs these institutions to examine default risk by focusing on “operating and financial performance.” We utilize this regulatory change to examine how greater demand for information by major institutions impacts the corporate disclosures of issuers. We focus on forward looking management earnings forecasts (MEFs) and find greater bond market reaction to MEFs after the OCC rule. These results suggest that greater demand for information by bondholders has a significant impact on the quality of issuer's forward looking corporate disclosures.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 1","pages":"165-184"},"PeriodicalIF":0.9,"publicationDate":"2024-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143110576","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
Timeliness of investor reaction to corporate crypto-asset investment: Evidence from types of disclosures 投资者对企业加密资产投资反应的及时性：从披露类型看证据
IF 0.9
Journal of Corporate Accounting and Finance Pub Date : 2024-07-25 DOI: 10.1002/jcaf.22746
Hyoseok (David) Hwang, Jidong Zhang
{"title":"Timeliness of investor reaction to corporate crypto-asset investment: Evidence from types of disclosures","authors":"Hyoseok (David) Hwang,&nbsp;Jidong Zhang","doi":"10.1002/jcaf.22746","DOIUrl":"10.1002/jcaf.22746","url":null,"abstract":"<p>This paper investigates investor reactions to corporate disclosures of crypto assets. We find that investor reactions are negative and insignificant in the 3-day event window, while the reactions become positive afterward in the 5-day event window. This suggests V-shaped reverse reactions to the disclosures. We further investigate investor reactions to the different types and information quality of disclosures. The V-shaped reverse-reactions are statistically significant in 8-K, 10-Q, and 10-K filings. In addition, investors are likely to react to Form 8-K disclosures and disclosures with greater information quality. Our results have important implications for regulators and managerial practices regarding the disclosure of corporate investment decisions.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 1","pages":"154-164"},"PeriodicalIF":0.9,"publicationDate":"2024-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141805800","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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