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Predicting ETF liquidity 预测ETF流动性
4区 管理学
Australian Journal of Management Pub Date : 2023-01-10 DOI: 10.1177/03128962221143494
Son D Pham, Ben R Marshall, Nhut H Nguyen, Nuttawat Visaltanachoti
{"title":"Predicting ETF liquidity","authors":"Son D Pham, Ben R Marshall, Nhut H Nguyen, Nuttawat Visaltanachoti","doi":"10.1177/03128962221143494","DOIUrl":"https://doi.org/10.1177/03128962221143494","url":null,"abstract":"Substantial transaction costs are incurred in exchange-traded fund (ETF) trading each year. This article examines a vector autoregressive (VAR) model’s performance and other trading schedules to time trades in a large sample of 1350 ETFs over the 2011–2017 period. We reject the notion of a one-size-fits-all trading schedule that maximizes spread savings for all ETF traders. ETF traders who want to split their orders could save 7.40% of ETF spread costs, whereas trading at the market closing time would be optimal for ETF traders without motives to split trades. The spread savings for ETF traders are diverse across ETF sectors and depend on the spread volatility. JEL Classification: G11, G23","PeriodicalId":47209,"journal":{"name":"Australian Journal of Management","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-01-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136326321","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Enterprise risk management and investment efficiency: Australian evidence from risk management committees 企业风险管理和投资效率:来自澳大利亚风险管理委员会的证据
IF 4.8 4区 管理学
Australian Journal of Management Pub Date : 2023-01-03 DOI: 10.1177/03128962221144513
Haiyan Jiang, Jing Jia, Larelle (Ellie) Chapple
{"title":"Enterprise risk management and investment efficiency: Australian evidence from risk management committees","authors":"Haiyan Jiang, Jing Jia, Larelle (Ellie) Chapple","doi":"10.1177/03128962221144513","DOIUrl":"https://doi.org/10.1177/03128962221144513","url":null,"abstract":"This study investigates whether and how effective risk management committees (RMCs) improve corporate investment efficiency. Using a sample of listed companies included in the Australian Securities Exchange (ASX) 300 index, we document that effective RMCs improve investments’ sensitivity to growth opportunities and profitability. The results also reveal that effective RMCs enhance corporate investment efficiency by restricting not only over- but also underinvestment. Subsequent analyses demonstrate that the positive effect of RMCs on investment efficiency is due to the reduced information asymmetry and free cash flow problems. Furthermore, we find a more pronounced effect of RMCs on investment efficiency when companies experience a high level of economic policy uncertainty (EPU) and financial constraint. G14, G34, M41","PeriodicalId":47209,"journal":{"name":"Australian Journal of Management","volume":null,"pages":null},"PeriodicalIF":4.8,"publicationDate":"2023-01-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46192681","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Should online reviews include pictures? The impact of fit between product type and online review presentation format 在线评论应该包含图片吗?产品类型与在线评论呈现格式契合度的影响
IF 4.8 4区 管理学
Australian Journal of Management Pub Date : 2022-12-22 DOI: 10.1177/03128962221142407
Qing Yao, Yixuan Han, Defeng Yang
{"title":"Should online reviews include pictures? The impact of fit between product type and online review presentation format","authors":"Qing Yao, Yixuan Han, Defeng Yang","doi":"10.1177/03128962221142407","DOIUrl":"https://doi.org/10.1177/03128962221142407","url":null,"abstract":"This article investigates the influence of including pictures in online consumer reviews on review helpfulness perceptions for different types of products (hedonic vs utilitarian). Based on the dual-process model of information processing and regulatory fit theory, the study finds that reviews composed mainly of pictures are more helpful for hedonic purchases, while reviews composed mainly of text are more helpful for utilitarian purchases. The reason is that a picture-based (vs text-based) review permits consumers to obtain more knowledge about a product’s emotional (rational) benefits, which fits with hedonic (vs utilitarian) products’ consumption motivation. Specifically, the effect of fit between hedonic (vs utilitarian) purchase and picture (vs text) presentation of a review on the review helpfulness perception is mediated by emotional (vs cognitive) engagement. M31, M37","PeriodicalId":47209,"journal":{"name":"Australian Journal of Management","volume":null,"pages":null},"PeriodicalIF":4.8,"publicationDate":"2022-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47119162","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Sustaining innovation during downsizing strategy through knowledge coupling, business process digitization, and market capitalizing agility 通过知识耦合、业务流程数字化和市场资本化灵活性，在缩减战略期间保持创新
IF 4.8 4区 管理学
Australian Journal of Management Pub Date : 2022-12-17 DOI: 10.1177/03128962221142435
Sayed Muhammad Fawad Sharif, Naiding Yang, A. Rehman, O. Alghamdi
{"title":"Sustaining innovation during downsizing strategy through knowledge coupling, business process digitization, and market capitalizing agility","authors":"Sayed Muhammad Fawad Sharif, Naiding Yang, A. Rehman, O. Alghamdi","doi":"10.1177/03128962221142435","DOIUrl":"https://doi.org/10.1177/03128962221142435","url":null,"abstract":"COVID-19 has developed chaos and uncertainty for small and medium enterprises (SMEs) causing mass downsizing. Under such uncertainty, innovation is key to survival and agility to growth. This study examines role of knowledge coupling and business process digitization (BPD) in sustaining innovation through market capitalizing agility (MCA) besides downsizing strategy. Data have been collected from top and mid management of Chinese manufacturing SMEs and analyzed with knowledge-based view and self-tuning model through Smart-PLS 4. Knowledge coupling positively contributes to MCA and innovation irrespective of downsizing strategy. Effect of BPD on innovation performance is same; however, insignificant on MCA in no-downsizing sample. Likewise, MCA positively influences innovation performance and positively mediates between knowledge coupling (BPD) and innovation performance only during downsizing. This study is first of its kind to establish mediating effect of MCA between knowledge coupling (BPD) and innovation performance during downsizing phase and offers significant theoretical and practical implications. J63, O31","PeriodicalId":47209,"journal":{"name":"Australian Journal of Management","volume":null,"pages":null},"PeriodicalIF":4.8,"publicationDate":"2022-12-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47337748","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Underwriting in the Australian IPO markets: Determinants and pricing 澳大利亚IPO市场的承销:决定因素与定价
IF 4.8 4区 管理学
Australian Journal of Management Pub Date : 2022-12-04 DOI: 10.1177/03128962221139728
Alastair Marsden, Zoltan Murgulov, S Ghon Rhee, Madhu Veeraraghavan
{"title":"Underwriting in the Australian IPO markets: Determinants and pricing","authors":"Alastair Marsden, Zoltan Murgulov, S Ghon Rhee, Madhu Veeraraghavan","doi":"10.1177/03128962221139728","DOIUrl":"https://doi.org/10.1177/03128962221139728","url":null,"abstract":"We examine the factors that explain the underwriting decision and underwriting fees for Australian initial public offerings (IPOs). Using a sample of Australian IPOs, spanning the period 1999–2019,...","PeriodicalId":47209,"journal":{"name":"Australian Journal of Management","volume":null,"pages":null},"PeriodicalIF":4.8,"publicationDate":"2022-12-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138515681","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Earnings management: Who do managers consider and what is the relative importance of ethics? 盈余管理：管理者会考虑谁，道德的相对重要性是什么？
IF 4.8 4区 管理学
Australian Journal of Management Pub Date : 2022-12-02 DOI: 10.1177/03128962221137235
P. Coram, James R. Frederickson, Matt Pinnuck
{"title":"Earnings management: Who do managers consider and what is the relative importance of ethics?","authors":"P. Coram, James R. Frederickson, Matt Pinnuck","doi":"10.1177/03128962221137235","DOIUrl":"https://doi.org/10.1177/03128962221137235","url":null,"abstract":"Using responses from Australian CFOs and CEOs to a case-based survey and interviews, we provide insights into managers’ earnings management (EM) decisions. Ethics has the greatest explanatory power for our participants’ EM assessments. Ethical concerns about EM deter EM, but surprisingly, ethical concerns about not managing earnings and missing market expectations motivate EM. The primary economic motivation for EM is shielding current shareholders from the short-term costs of missing market expectations. We find considerable heterogeneity regarding the extent to which CFOs and CEOs believe EM is lying. Finally, CFOs and CEOs believe that each are significantly involved in initiating EM. M40, M41, M48","PeriodicalId":47209,"journal":{"name":"Australian Journal of Management","volume":null,"pages":null},"PeriodicalIF":4.8,"publicationDate":"2022-12-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44469588","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Superannuation fees, asset allocation and fund performance 养老金费用、资产配置和基金业绩
IF 4.8 4区 管理学
Australian Journal of Management Pub Date : 2022-11-23 DOI: 10.1177/03128962221137775
Andrew Ainsworth, Shumi Akhtar, Adam Corbett, Adrian Lee, Terry Walter
{"title":"Superannuation fees, asset allocation and fund performance","authors":"Andrew Ainsworth, Shumi Akhtar, Adam Corbett, Adrian Lee, Terry Walter","doi":"10.1177/03128962221137775","DOIUrl":"https://doi.org/10.1177/03128962221137775","url":null,"abstract":"Superannuation fees have come under public scrutiny in recent years with the belief they are too high. We examine the determinants of fees and their relationship with fund performance. Superannuati...","PeriodicalId":47209,"journal":{"name":"Australian Journal of Management","volume":null,"pages":null},"PeriodicalIF":4.8,"publicationDate":"2022-11-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138515680","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Modeling transitions in nation brand equity: An empirical assessment of the nation equity power grid 国家品牌资产转型建模：国家资产电网的实证评估
IF 4.8 4区 管理学
Australian Journal of Management Pub Date : 2022-11-17 DOI: 10.1177/03128962221135496
Katariina Juusola, Abdelmounaim Lahrech
{"title":"Modeling transitions in nation brand equity: An empirical assessment of the nation equity power grid","authors":"Katariina Juusola, Abdelmounaim Lahrech","doi":"10.1177/03128962221135496","DOIUrl":"https://doi.org/10.1177/03128962221135496","url":null,"abstract":"The purpose of this study is to assess longitudinal nation brand performance by modeling transitions in nation brand equity and to develop a method for nation brand performance assessment. This study has two objectives: (1) to empirically test Steenkamp’s nation equity power grid conceptual framework; its categories (dominant, receding, niche, emerging, and weak nation brands), and their expected development trajectories, and (2) to identify new types of nation brands and development patterns to complement the framework. To do this, this study used objective secondary data and applied the smooth transition technique. We assessed 41 countries’ nation brand performance over the 1995–2017 period to understand the development of their nation brand equity. Particular attention was paid to countries that had significantly improved their performance and countries that had lost their brand strength. Our findings support the categories proposed by Steenkamp, but we provide a more nuanced approach to analyzing countries’ brand strength and the possible development trajectories, and introduce new categories of nation brands called volatile nation brands and booming nation brands. Our approach to using the nonlinear smooth transition demonstrated how countries’ brand strength evolved over time, and also detected the speed of any transitions; in other words, how fast nation brands moved from one level to another. Our findings benefit country brand managers, enabling them to better determine their country’s positioning and the necessary means to improve brand equity. Understanding the mechanisms behind transitions in brand equity can also help researchers link these transitions back to various economic, social, cultural, and political transitions that have occurred in nations. Our method therefore has powerful explanatory value for a wide range of marketing, economics, and other social science studies. M31","PeriodicalId":47209,"journal":{"name":"Australian Journal of Management","volume":null,"pages":null},"PeriodicalIF":4.8,"publicationDate":"2022-11-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47214444","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
How Fact Sheets affect retirement income product knowledge, perceptions and choices 情况说明书如何影响退休收入产品的知识、认知和选择
IF 4.8 4区 管理学
Australian Journal of Management Pub Date : 2022-11-10 DOI: 10.1177/03128962221132720
H. Bateman, Inka Eberhardt
{"title":"How Fact Sheets affect retirement income product knowledge, perceptions and choices","authors":"H. Bateman, Inka Eberhardt","doi":"10.1177/03128962221132720","DOIUrl":"https://doi.org/10.1177/03128962221132720","url":null,"abstract":"Using an online experimental survey, we test how Fact Sheets presenting standardised information on retirement income products – Average Annual Income, an Income security Product Rating, Potential Income Shape, Access to Capital, and Death Benefits – influence product knowledge, perceptions and choices from a menu of annuity, phased withdrawal and hybrid products. Product choice is significantly influenced by annual income and income security, and the annuity and hybrid annuity products are most preferred in Fact Sheet versions where income security is most salient. We find no significant differences in knowledge of Fact Sheet information by version, with Access to Capital least understood in all versions. D14, D83, D91","PeriodicalId":47209,"journal":{"name":"Australian Journal of Management","volume":null,"pages":null},"PeriodicalIF":4.8,"publicationDate":"2022-11-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45231612","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Do shifting practices vary across the firm life cycle? 在整个公司生命周期中，转变做法是否各不相同？
IF 4.8 4区 管理学
Australian Journal of Management Pub Date : 2022-11-05 DOI: 10.1177/03128962221131353
Mani Bansal
{"title":"Do shifting practices vary across the firm life cycle?","authors":"Mani Bansal","doi":"10.1177/03128962221131353","DOIUrl":"https://doi.org/10.1177/03128962221131353","url":null,"abstract":"Prior research documents that managers engage in revenue shifting and expense shifting to report inflated operating performance of firms. This study extends this research in a new direction by investigating the relationship between revenue shifting and expense shifting across the firm life cycle. The study posits and finds that firms during the low life cycle stages (particularly, introductory and growth stage) prefer expense shifting over revenue shifting, whereas firms during the high life cycle stages (particularly, mature and decline stage) prefer revenue shifting over expense shifting for managing earnings, implying that firms choose the shifting tool based on ease, need, and relative advantage of each tool. Our subsequent tests suggest that the effect of expense (revenue) shifting is more pronounced among low (high) life cycle stage firms when they are small (large) and young (old). These results are robust to control for other tools of earnings management, and alternative measures of shifting practices and firm life cycle. The findings aware auditors and analysts of the shifting practices of firms operating at high and low life cycle stages. M41, M48","PeriodicalId":47209,"journal":{"name":"Australian Journal of Management","volume":null,"pages":null},"PeriodicalIF":4.8,"publicationDate":"2022-11-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42272153","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
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