Review of Quantitative Finance and Accounting最新文献_第10页

The risk of SIN or socially irresponsible stocks SIN或社会不负责任股票的风险

Review of Quantitative Finance and Accounting Pub Date : 2023-10-25 DOI: 10.1007/s11156-023-01220-w

Alireza Rezaeian, Marie Racine

引用次数: 0

Do environmental and social practices matter for the financial resilience of companies? Evidence from US firms during the COVID-19 pandemic 环境和社会实践对公司的财务弹性有影响吗?COVID-19大流行期间美国公司的证据

Review of Quantitative Finance and Accounting Pub Date : 2023-10-19 DOI: 10.1007/s11156-023-01218-4

Hachmi Ben Ameur, Selma Boussetta

引用次数: 0

Forced consolidation 强制整合

Review of Quantitative Finance and Accounting Pub Date : 2023-10-19 DOI: 10.1007/s11156-023-01209-5

Anna Pomeranets, Daniel G. Weaver

引用次数: 0

CEO power, corporate risk management, and dividends: disentangling CEO managerial ability from entrenchment CEO权力、公司风险管理与股利:从CEO管理能力与企业壕沟中分离出来

Review of Quantitative Finance and Accounting Pub Date : 2023-10-17 DOI: 10.1007/s11156-023-01216-6

Mike Adams, Wei Jiang, Tianshu Ma

{"title":"CEO power, corporate risk management, and dividends: disentangling CEO managerial ability from entrenchment","authors":"Mike Adams, Wei Jiang, Tianshu Ma","doi":"10.1007/s11156-023-01216-6","DOIUrl":"https://doi.org/10.1007/s11156-023-01216-6","url":null,"abstract":"Abstract We contribute to the literature on dividend policy by considering two largely ignored, yet important factors, namely CEO power and corporate risk management. We first disentangle CEO managerial ability from entrenchment - the two sources of leadership autonomy that are not normally distinguished in prior literature. Using UK (re)insurance data that allows us to objectively and reliably quantify risk management and to identify powerful stakeholders with monitoring incentives (e.g., shareholders and regulatory body), we find that risk management enables entrenched CEOs to increase dividends to avoid monitoring by shareholders without compromising financial resilience and increasing the risk of regulatory scrutiny. Further, we neither find the degree of CEO managerial ability nor its interaction with risk management to be related to dividends, suggesting that the competing incentives for talented CEOs to pay higher/lower level of dividends cancel out in cross-sectional tests. Nonetheless, we find that the signalling effects of dividends for future accounting earnings only exist in insurers with high ability CEOs. This is consistent with the view that talented CEOs are able to generate sustainable earnings, and when they choose to pay (more) dividends, they do so to externally signal their managerial ability.","PeriodicalId":47688,"journal":{"name":"Review of Quantitative Finance and Accounting","volume":"173 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135996138","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

Robust lessons learned from bank failures during the Great Financial Crisis 从大金融危机期间银行倒闭中吸取的有力教训

Review of Quantitative Finance and Accounting Pub Date : 2023-10-13 DOI: 10.1007/s11156-023-01213-9

Cullen F. Goenner

引用次数: 0

Corporate social responsibility, earnings management and firm performance: evidence from panel VAR estimation 企业社会责任、盈余管理与企业绩效:来自面板VAR估计的证据

Review of Quantitative Finance and Accounting Pub Date : 2023-10-12 DOI: 10.1007/s11156-023-01203-x

Mark Anderson, Soonchul Hyun, Hussein Warsame

引用次数: 0

Board diversity of industry expertise: impacts on strategic change and product markets 董事会行业专业知识的多样性:对战略变革和产品市场的影响

Review of Quantitative Finance and Accounting Pub Date : 2023-10-11 DOI: 10.1007/s11156-023-01206-8

Yang Fan

引用次数: 0

Identifying accounting conservatism in the presence of skewness 在存在偏倚的情况下识别会计稳健性

Review of Quantitative Finance and Accounting Pub Date : 2023-10-08 DOI: 10.1007/s11156-023-01210-y

Henry Jarva, Matthijs Lof

引用次数: 0

Chasing noise in the stock market: an inquiry into the dynamics of investor sentiment and asset pricing 股市追逐噪音:对投资者情绪和资产定价动态的调查

Review of Quantitative Finance and Accounting Pub Date : 2023-10-04 DOI: 10.1007/s11156-023-01214-8

Rilwan Sakariyahu, Audrey Paterson, Eleni Chatzivgeri, Rodiat Lawal

{"title":"Chasing noise in the stock market: an inquiry into the dynamics of investor sentiment and asset pricing","authors":"Rilwan Sakariyahu, Audrey Paterson, Eleni Chatzivgeri, Rodiat Lawal","doi":"10.1007/s11156-023-01214-8","DOIUrl":"https://doi.org/10.1007/s11156-023-01214-8","url":null,"abstract":"Abstract This study explores the inclusion of sentiment measures as a risk factor in asset pricing. Using UK market data for the period January 1993 to December 2020, we create a new sentiment variable, and construct both raw and clean sentiment indices from a principal component analysis of a variety of literature-acknowledged sentiment proxies. Essentially, the model estimations are categorized into two: first, the study documents the performance of the traditional pricing models on portfolios formed on different characteristics. Second, the study augments the first category by iterating sentiment variables into the model specification. The findings reveal that sentiment-augmented asset pricing models outperform the traditional models in explaining the excess returns of the portfolios. Furthermore, using Hansen & Jagannathan (1997) non-parametric model performance technique, we observe that the sentiment-induced models produce a small distance error compared to the traditional models, thus validating the use of sentiment measures in our pricing mechanism. It is therefore opined that extant asset pricing models may not be sufficient to explain market or pricing anomalies. Investors’ sentiment is an important systematic risk factor that possesses useful information, and by implication, market analysts and stakeholders must take serious cognizance of its propensities when forecasting risk-adjusted returns.","PeriodicalId":47688,"journal":{"name":"Review of Quantitative Finance and Accounting","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135644875","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 market price to embedded value gap: an analysis of European life insurers 市场价格与内在价值之差:欧洲寿险公司分析

Review of Quantitative Finance and Accounting Pub Date : 2023-10-03 DOI: 10.1007/s11156-023-01196-7

Derrick W. H. Fung, Charles C. Yang, Jason J. H. Yeh

引用次数: 0