Review of Quantitative Finance and Accounting最新文献_第2页

Does firm-level political risk influence earnings management? 公司层面的政治风险会影响收益管理吗？

IF 1.7

Review of Quantitative Finance and Accounting Pub Date : 2024-08-21 DOI: 10.1007/s11156-024-01330-z

Jairaj Gupta, Narendra Nath Kushwaha, Xia Li, Tahera Ebrahimi

{"title":"Does firm-level political risk influence earnings management?","authors":"Jairaj Gupta, Narendra Nath Kushwaha, Xia Li, Tahera Ebrahimi","doi":"10.1007/s11156-024-01330-z","DOIUrl":"https://doi.org/10.1007/s11156-024-01330-z","url":null,"abstract":"This study diverges from mixed findings in the literature on political uncertainty and earnings management by reporting a significant positive association between the firm-level political risk (FLPR) measure proposed by Hassan et al. (Q J Econ 134(4):2135–2202, 2019) and both accrual-based and real earnings management. This aligns with the predictions of agency theory and the political cost hypothesis, indicating that firms exposed to higher political risk are more prone to heightened earnings manipulation. Additionally, we find that in the face of increased political risk, firms tend to substitute accrual-based earnings management with real earnings management, which is relatively harder to detect. This study further identifies a non-linear ‘U’-shaped association between FLPR and both accrual-based and real earnings management, suggesting significant manipulation at both low and high political risk levels, with the least manipulation at a moderate level. This non-linear association is primarily observed in firms that are smaller in size, pay lower abnormal compensation to their CEOs and are less likely to be monitored by lenders. Thus, emphasising the role of external monitoring mechanisms in driving the non-linear association between FLPR and earnings management.","PeriodicalId":47688,"journal":{"name":"Review of Quantitative Finance and Accounting","volume":"7 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2024-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142222963","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

Corporate social responsibility and knowledge capital: does corporate social responsibility promote accumulating knowledge capital? 企业社会责任与知识资本：企业社会责任能否促进知识资本的积累？

IF 1.7

Review of Quantitative Finance and Accounting Pub Date : 2024-08-17 DOI: 10.1007/s11156-024-01336-7

Shih-Wei Hung

引用次数: 0

Does board–CEO age similarity affect earnings management? An empirical analysis from M&A contexts 董事会与首席执行官的年龄相似性会影响收益管理吗？并购背景下的实证分析

IF 1.7

Review of Quantitative Finance and Accounting Pub Date : 2024-08-06 DOI: 10.1007/s11156-024-01327-8

Thang Nguyen, Salem Alhababsah, Thai Nguyen, Alaa Alhaj-Ismail

引用次数: 0

Spillover effects of credit default swaps on corporate disclosure along the supply chain 信用违约掉期对供应链上企业信息披露的溢出效应

IF 1.7

Review of Quantitative Finance and Accounting Pub Date : 2024-08-01 DOI: 10.1007/s11156-024-01332-x

Matthew Cedergren, Ting Luo, Jing Wu, Jianqiao Yu, Yue Zhang

{"title":"Spillover effects of credit default swaps on corporate disclosure along the supply chain","authors":"Matthew Cedergren, Ting Luo, Jing Wu, Jianqiao Yu, Yue Zhang","doi":"10.1007/s11156-024-01332-x","DOIUrl":"https://doi.org/10.1007/s11156-024-01332-x","url":null,"abstract":"We investigate the effect of customers’ credit default swap (CDS) referencing on suppliers’ issuance of management forecasts. We argue that customers’ CDS referencing increases the suppliers’ business volatility, making forecasting more difficult. At the same time, the information from customers’ CDS market reduces investors’ demand for the suppliers’ disclosure and induces the suppliers to scale back their own disclosure. By using a difference-in-differences design, we find consistent evidence that firms tend to reduce their frequency of forecast issuance after the initiation of sales to CDS-referenced customers, compared to firms without CDS-referenced customers. This relationship is stronger when the supplier’s business relies more on CDS-referenced customers (thus strengthening the effect of customer CDS referencing on suppliers’ forecasting difficulty). In comparison, the relationship is weaker when customers have more analyst following (thus resulting in less incremental information produced by customer CDS referencing). Further analysis shows that the information channel seems to be the main mechanism for our findings. Finally, we find the negative relationship between the supplier’s management forecast issuance and its exposure to CDS-referenced customer firms is driven by good news forecasts, possibly due to the higher litigation risk associated with disclosing good news and withholding bad news. Our findings add to the literature examining the spillover effects of CDSs on entities outside those directly referenced by CDSs.","PeriodicalId":47688,"journal":{"name":"Review of Quantitative Finance and Accounting","volume":"26 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2024-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141882261","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

Nonlinear structural estimation of corporate bond liquidity 公司债券流动性的非线性结构估算

IF 1.7

Review of Quantitative Finance and Accounting Pub Date : 2024-07-30 DOI: 10.1007/s11156-024-01323-y

Diego Leal Gonzalez, Bryan Stanhouse, Duane Stock, Xin Yue Zhou

引用次数: 0

Investor sophistication, investor sentiment, and cash-based operating profitability 投资者成熟度、投资者情绪和基于现金的运营盈利能力

IF 1.7

Review of Quantitative Finance and Accounting Pub Date : 2024-07-27 DOI: 10.1007/s11156-024-01328-7

Prodosh Eugene Simlai

引用次数: 0

Employee ownership and corporate investment efficiency in Europe 欧洲的员工所有权和企业投资效率

IF 1.7

Review of Quantitative Finance and Accounting Pub Date : 2024-07-20 DOI: 10.1007/s11156-024-01300-5

Sami Adwan, M. Mostak Ahamed

引用次数: 0

Air pollution, analyst information provision, and stock price synchronicity 空气污染、分析师信息提供和股价同步性

IF 1.7

Review of Quantitative Finance and Accounting Pub Date : 2024-07-19 DOI: 10.1007/s11156-024-01326-9

Dehong Liu, Tiantian Lin, Carl R. Chen, Wenjun Feng

引用次数: 0

Calendar anomalies and dividend announcements effects on the stock markets returns 日历异常和股息公告对股市回报的影响

IF 1.7

Review of Quantitative Finance and Accounting Pub Date : 2024-07-18 DOI: 10.1007/s11156-024-01321-0

Fakhrul Hasan, Basil Al-Najjar

{"title":"Calendar anomalies and dividend announcements effects on the stock markets returns","authors":"Fakhrul Hasan, Basil Al-Najjar","doi":"10.1007/s11156-024-01321-0","DOIUrl":"https://doi.org/10.1007/s11156-024-01321-0","url":null,"abstract":"In this study, we extend the existing literature around dividend signaling theory and calendar anomalies by addressing the question of whether calendar anomalies, including Halloween, Turn-of-the-Month (TOM), January, Monday, and Friday effects, have any influence on the relationship between stock returns and dividend announcements. Previous studies have primarily focused on demonstrating the impact of calendar anomalies on overall stock market returns. Our main aim is to investigate whether the Cumulative Abnormal Returns (CARs) associated with dividend announcements made by firms listed in the FTSE 350 index exhibit deviations from the norm due to these calendar anomalies. Our findings reveal a notable asymmetry in the reactions to dividend increase and decrease announcements. Specifically, the timing of dividend increase announcements appears to have no significant effect on their associated CARs. However, dividend decrease announcements made during periods characterized by seasonality exhibit CARs that differ significantly from those observed during normal times. Importantly, these findings remain robust across various alternative economic model specifications, including interaction models, binary models, and GMM estimations. Consequently, our results suggest that calendar anomalies, such as Halloween, January, and Friday effects, play a key role in shaping the association between stock returns and dividend announcements.","PeriodicalId":47688,"journal":{"name":"Review of Quantitative Finance and Accounting","volume":"69 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2024-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141740088","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 stock market boosts its rewards for increasing earnings patterns 股市因盈利模式的增加而提高回报率

IF 1.7

Review of Quantitative Finance and Accounting Pub Date : 2024-07-18 DOI: 10.1007/s11156-024-01316-x

Yu-An Chen, Dan Palmon

引用次数: 0