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Exploring the research landscape of implied volatility index: A bibliometric analysis 探索隐含波动率指数的研究前景：文献计量分析
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-09-21 DOI: 10.1002/jcaf.22661
Shubham Jain, Suresh Kumar Mittal
{"title":"Exploring the research landscape of implied volatility index: A bibliometric analysis","authors":"Shubham Jain,&nbsp;Suresh Kumar Mittal","doi":"10.1002/jcaf.22661","DOIUrl":"10.1002/jcaf.22661","url":null,"abstract":"<p>The purpose of this study is to present a comprehensive literature review on Implied Volatility (IV) and its significance for investment decisions. The study employs a combination of bibliometric information, qualitative synthesis, and citation analysis to provide an overview of the current research on IV. Additionally, the study maps the research field by identifying leading journals, authors, research centers, and publications. The findings of the study highlight the importance of IV both theoretically and practically, and the fragmented nature of existing knowledge. The comprehensive literature review conducted in this study contributes to the existing body of knowledge on IV. The research limitations of the study are due to the use of a single database for data extraction, which may have resulted in missing some relevant articles. It is suggested that future studies may use multiple databases to improve the comprehensiveness of the literature review.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136235471","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 geographic distances proxy a high probability of foreign divestment? Evidence from Japanese multinational firms 地理距离是否代表对外撤资的高概率？来自日本跨国公司的证据
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-09-21 DOI: 10.1002/jcaf.22656
Yanwen Jiang, Mikiharu Noma
{"title":"Do geographic distances proxy a high probability of foreign divestment? Evidence from Japanese multinational firms","authors":"Yanwen Jiang,&nbsp;Mikiharu Noma","doi":"10.1002/jcaf.22656","DOIUrl":"10.1002/jcaf.22656","url":null,"abstract":"<p>We aim to provide an unambiguous explanation for the positive influence of the geographic distance between a firm's home and host country on divestment decisions of Japanese multinational firms’ outbound merger and acquisition (M&amp;A). Our analysis of 868 acquisitions made by 496 firms in 45 countries and regions from 2005 to 2015 highlights the importance of drawing a clear distinction among various foreign divestment motives before inferring the impact of geographic distances rashly, especially whether it is failure-driven or global business strategy-driven. We further find that its impact hinges on parent firm- and deal-level attributes, that is, geographic distance is less salient for large firms, young firms, and foreign operations under a complete control mode; however, the opposite was the case for firms with a high debt burden.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136152312","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
Top management team incentive dispersion and audit fees 高层管理团队激励分散与审计费用
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-09-21 DOI: 10.1002/jcaf.22657
Rachana Kalelkar, Yuan Shi, Hongkang Xu
{"title":"Top management team incentive dispersion and audit fees","authors":"Rachana Kalelkar,&nbsp;Yuan Shi,&nbsp;Hongkang Xu","doi":"10.1002/jcaf.22657","DOIUrl":"10.1002/jcaf.22657","url":null,"abstract":"<p>We study whether heterogeneity in pay-performance sensitivities (PPS) across top management team (TMT) members influences audit fees. Evidence from current literature reveals that the heterogeneity in PPS among TMT affects TMT managers’ motivation to coordinate their activities to manipulate earnings. Since the quality of earnings lowers auditors’ financial reporting risk, we posit that audit fees will be lower when dispersion in the PPS among TMT is high. We demonstrate that audit fees are negatively linked with dispersion in PPS among TMT members. This finding is robust to numerous sensitivity testing. Overall, our findings suggest that firms benefit from the heterogeneity in PPS among TMT members in the form of lower audit fees.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/jcaf.22657","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136155625","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
Firms’ exposure to political risk and financial reporting quality 企业面临的政治风险与财务报告质量
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-08-07 DOI: 10.1002/jcaf.22653
Lukas Timbate, Dereje Ferede Asrat
{"title":"Firms’ exposure to political risk and financial reporting quality","authors":"Lukas Timbate,&nbsp;Dereje Ferede Asrat","doi":"10.1002/jcaf.22653","DOIUrl":"10.1002/jcaf.22653","url":null,"abstract":"<p>We examine the effects of political risk at the firm level on the integrity of financial reports between 2009 and 2019 using a data from U.S. firms. We provide evidence that, as evaluated by quarterly earnings conference call transcripts of companies with analysts that focus on political risk or uncertainty, political risk at the firm level is inversely related to the quality of accounting information. This effect is more likely to happen to firms with a higher agency problem, faster growth, and greater reliance on outside finance. The results persist after controlling macroeconomic variables. Our findings are also robust to alternative financial reporting quality criteria and endogeneity tests, and are economically significant.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-08-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123024856","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
Examining auditors’ ability to evaluate the reasonableness of fair value estimates 审查审计人员评估公允价值估算合理性的能力
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-08-01 DOI: 10.1002/jcaf.22654
Sabrina Gong, Yamin Hao, Nam Ho
{"title":"Examining auditors’ ability to evaluate the reasonableness of fair value estimates","authors":"Sabrina Gong,&nbsp;Yamin Hao,&nbsp;Nam Ho","doi":"10.1002/jcaf.22654","DOIUrl":"10.1002/jcaf.22654","url":null,"abstract":"<p>One of the most difficult challenges facing contemporary auditors is evaluating the reasonableness of fair value estimates (FVEs) made by management. Both practitioners and academic studies have shown auditors to be deficient when tasked with assessing FVEs. However, it is not well understood whether the root cause of this deficiency lies in auditors’ lack of knowledge to appropriately evaluate estimates or auditors’ lack of willingness to challenge management. Using the setting of common auditors in M&amp;A transactions, this study empirically examines whether the audit deficiency can be resolved by providing auditors with additional knowledge or willingness. Our results show that common auditors significantly outperform their peers when tasked with assessing the reasonableness of FVEs in purchase price allocations and reducing overallocation to goodwill when managers have incentives to do so. Further, the evidence is consistent with common auditors demonstrating improved performance in challenging information environments, but not in scenarios where risks to auditors may be perceived to be higher. The results suggest that it is their greater asset-specific knowledge that drives mitigation of the audit deficiency and that targeting improvements to knowledge rather than willingness is likely to be more effective in improving auditors’ ability to evaluate FVEs.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129233424","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 contrast of the popularity and the interpretation of non-GAAP earning disclosures in different industries 非美国通用会计准则盈利披露在不同行业的普及程度和解释对比
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-07-20 DOI: 10.1002/jcaf.22652
Kang Cheng, Mohammad Tavakolifar, Barkat Ullah
{"title":"A contrast of the popularity and the interpretation of non-GAAP earning disclosures in different industries","authors":"Kang Cheng,&nbsp;Mohammad Tavakolifar,&nbsp;Barkat Ullah","doi":"10.1002/jcaf.22652","DOIUrl":"10.1002/jcaf.22652","url":null,"abstract":"<p>This study examines non-GAAP disclosures in two selected industries, the consumer nondurable goods industry and the business services industry, to address the question of whether non-GAAP measures are applied and interpreted uniformly across industries, and more importantly, if the market reacts to non-GAAP disclosures similarly across different industries. Industry membership potentially has an impact on the usage and interpretation of non-GAAP disclosures; some industries issue their own policy trying to standardize the use of non-GAAP measures in their industry. However, industry effects on non-GAAP disclosures have not been thoroughly studied. This study fills in the gap. Using hand-collected non-GAAP measures disclosed in the 8-K reports from 308 firms in the selected two industries, this study finds that: (1) the use of non-GAAP measures is more popular than reported in previous studies, and non-GAAP measures are not limited to performance measures; (2) there is weak evidence of industry preference as to which non-GAAP measures are more popular in that industry; and (3) the market reacts differently to non-GAAP disclosures in different industries. Combining the empirical findings, this study documents industry effects and market reactions in the interpretation of non-GAAP disclosures. Considering that these effects have not been formally academically documented in previous studies, this study carries practical implications for investors and financial analysts.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-07-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132805918","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 effect of real earnings management on earnings persistence and informativeness before and during COVID-19 实际收益管理对 COVID-19 之前和期间收益持续性和信息性的影响
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-06-29 DOI: 10.1002/jcaf.22650
Le Thi Bao Nhu, Tran Thi Hong Diem, Yen Thi Tran, Trang Cam Hoang
{"title":"The effect of real earnings management on earnings persistence and informativeness before and during COVID-19","authors":"Le Thi Bao Nhu,&nbsp;Tran Thi Hong Diem,&nbsp;Yen Thi Tran,&nbsp;Trang Cam Hoang","doi":"10.1002/jcaf.22650","DOIUrl":"10.1002/jcaf.22650","url":null,"abstract":"<p>This study examines the effect of real earnings management (REM) on earnings persistence and informativeness and also considered in the context of the COVID-19 pandemic. REM is quantified by two aggregate metrics. The sample consists of 2256 firm-year observations of listed companies in Vietnam from 2016 to 2021. We find evidence that REM is negatively associated with the persistence of earnings and its components, with REM affecting cash flows more strongly than accruals. We also find that REM limits the relationship between current earnings and future cash flows. Furthermore, when confronted with the COVID-19 pandemic, the effect of REM on earnings quality does not improve.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114804122","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
Causality and volatility spillovers of banks' stock price returns on BSE Bankex returns 银行股价回报对 BSE Bankex 回报的因果关系和波动溢出效应
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-06-23 DOI: 10.1002/jcaf.22648
Baranidharan Subburayan
{"title":"Causality and volatility spillovers of banks' stock price returns on BSE Bankex returns","authors":"Baranidharan Subburayan","doi":"10.1002/jcaf.22648","DOIUrl":"10.1002/jcaf.22648","url":null,"abstract":"<p>This paper investigates the causal relationships and volatility spillovers between the BSE Bankex index and the stock prices of five major Indian banks (Axis Bank, HDFC Bank, ICICI Bank, Kotak Bank, and SBI). Daily data from January 2, 2018 to March 8, 2023 are used, and statistical techniques such as descriptive statistics, Unit Root test, Cointegration test, Ganger Causality test, OLS regression, and GARCH model are employed. The study finds bidirectional causal relationships between the bank stocks and BSE Bankex returns, suggesting that the movement of the bank stocks significantly affects the overall market returns and vice versa. The study also finds significant volatility spillovers between the bank stocks and BSE Bankex returns, implying that the shocks in the bank stocks affect the market returns and vice versa. The study's outcomes have practical implications for investors and policymakers. Investors can use the results to make informed investment decisions in the Indian stock market, while policymakers can use the findings to monitor the financial stability of the banking sector and design appropriate policy interventions to address any potential financial crises. Overall, the study's findings suggest that policymakers should proactively monitor and manage market risks to safeguard overall financial stability.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-06-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129520484","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
Repatriation tax and dividend policy 返还税款和股利政策
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-06-19 DOI: 10.1002/jcaf.22645
Shaddy Douidar, Ninon Sutton
{"title":"Repatriation tax and dividend policy","authors":"Shaddy Douidar,&nbsp;Ninon Sutton","doi":"10.1002/jcaf.22645","DOIUrl":"10.1002/jcaf.22645","url":null,"abstract":"<p>This paper examines the impact of the repatriation tax provision of the Tax Cuts and Jobs Act (TCJA) on firms’ dividend policy. Our findings show that the firms most affected by the repatriation tax provision, that is, those with high foreign sales, reward shareholders by substantially increasing dividends per share, but maintain aggregate dollar dividends. Dividend per share (DPS) increasing firms repurchase at significantly higher magnitudes than non-dividend per share increasing firms, suggesting that DPS increasing firms partially utilize repurchases to avoid substantial increases in their long-term aggregate dividend commitments. We also investigate whether managers reap the rewards of dividend increases, finding that firms with high levels of executive ownership and foreign sales are more likely to increase their dividends per share after the TCJA was enforced. Overall, our results highlight the importance of the interconnection between dividends and repurchases in examining the response of firm payout policy to external shocks.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-06-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135336103","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 selection of control variables in capital structure research with machine learning 基于机器学习的资本结构研究中控制变量的选择
IF 1.4
Journal of Corporate Accounting and Finance Pub Date : 2023-06-19 DOI: 10.1002/jcaf.22647
Rumeysa Bilgin
{"title":"The selection of control variables in capital structure research with machine learning","authors":"Rumeysa Bilgin","doi":"10.1002/jcaf.22647","DOIUrl":"https://doi.org/10.1002/jcaf.22647","url":null,"abstract":"<p>The previous literature on capital structure has produced plenty of potential determinants of leverage over the last decades. However, their research models usually cover only a restricted number of explanatory variables, and many suffer from omitted variable bias. This study contributes to the literature by advocating a sound approach to selecting the control variables for empirical capital structure studies. We applied linear LASSO inference approaches to evaluate the marginal contributions of three proposed determinants; cash holdings, non-debt tax shield, and current ratio. While some studies did not use these variables in their models, others obtained contradictory results. Our findings have revealed that cash holdings, current ratio, and non-debt tax shield are crucial factors that substantially affect the leverage decisions of firms and should be controlled in empirical capital structure studies.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-06-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50137987","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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