Review of Quantitative Finance and Accounting最新文献_第4页

Accounting conservatism, corporate diversification and firm value 会计保守主义、公司多元化和公司价值

IF 1.7

Review of Quantitative Finance and Accounting Pub Date : 2024-06-17 DOI: 10.1007/s11156-024-01308-x

Chloe Yu-Hsuan Wu, Shou-Min Tsao, Che-Hung Lin

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引用次数: 0

Governance through exit: Pension fund reform impact on real earnings management of portfolio companies 通过退出进行治理：养老基金改革对所投资公司实际收益管理的影响

IF 1.7

Review of Quantitative Finance and Accounting Pub Date : 2024-06-17 DOI: 10.1007/s11156-024-01294-0

Michał Kałdoński, Tomasz Jewartowski

引用次数: 0

The information content of options trading for the CEO employee pay ratio 期权交易中 CEO 员工薪酬比的信息含量

IF 1.7

Review of Quantitative Finance and Accounting Pub Date : 2024-06-16 DOI: 10.1007/s11156-024-01307-y

Pei-Fang Hsieh, Zih-Ying Lin

引用次数: 0

Limiting environmental reporting flexibility: investor judgment based on the EU taxonomy 限制环境报告的灵活性：基于欧盟分类标准的投资者判断

IF 1.7

Review of Quantitative Finance and Accounting Pub Date : 2024-05-28 DOI: 10.1007/s11156-024-01297-x

Sandra Chrzan, Christiane Pott

{"title":"Limiting environmental reporting flexibility: investor judgment based on the EU taxonomy","authors":"Sandra Chrzan, Christiane Pott","doi":"10.1007/s11156-024-01297-x","DOIUrl":"https://doi.org/10.1007/s11156-024-01297-x","url":null,"abstract":"This experimental research investigates the effect of different types of environmental information on investor judgment. By examining three experimental cases varying the level of environmental disclosure, we evaluate the investment judgments of professional (Study 1) and private German investors (Study 2). Primarily, we investigate whether traditional, commonly disclosed environmental information affects investor judgments. Furthermore, we explore the effects of linking non-financial reporting elements to quantitative financial measures through the EU taxonomy by adding taxonomy indicators. Specifically, we operationalized the case where companies fall into a category of poor environmental performance by taxonomy classification. We find that only traditional environmental disclosure in combination with standardized taxonomy-aligned information (below average), influences the investment judgment. However, professional investors exhibit a significantly negative response, while private investors show a significantly positive reaction when constraining reporting flexibility through the inclusion of standardized taxonomy measures with poor performance. Consequently, we conclude that the connection between non-financial reporting elements and quantitative standardized financial measures enhances transparency for professional investors. Private investors, on the other hand, reward additional taxonomy-aligned environmental information irrespective of its content. This implies that environmental information generally conveys positive signals to private investors, but uncertainty in investment judgment can be assumed.","PeriodicalId":47688,"journal":{"name":"Review of Quantitative Finance and Accounting","volume":"133 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2024-05-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141170366","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

CEO optimism and the use of credit default swaps: evidence from the US life insurance industry 首席执行官的乐观情绪与信用违约掉期的使用：来自美国寿险业的证据

IF 1.7

Review of Quantitative Finance and Accounting Pub Date : 2024-05-10 DOI: 10.1007/s11156-024-01254-8

Jiang Cheng, Hung-Gay Fung, Tzu-Ting Lin, Min-Ming Wen

引用次数: 0

The role of independent directors’ tenure and network in controlling real-earnings management practices 独立董事的任期和网络在控制实际收益管理实践中的作用

IF 1.7

Review of Quantitative Finance and Accounting Pub Date : 2024-05-09 DOI: 10.1007/s11156-024-01288-y

Muhammad Asad, Saeed Akbar, Sabur Mollah

{"title":"The role of independent directors’ tenure and network in controlling real-earnings management practices","authors":"Muhammad Asad, Saeed Akbar, Sabur Mollah","doi":"10.1007/s11156-024-01288-y","DOIUrl":"https://doi.org/10.1007/s11156-024-01288-y","url":null,"abstract":"Manipulating real activities is generally regarded as more damaging to a firm’s long-term growth and value than accrual-based manipulations. We consider this point of view and build on the agency theory framework for investigating the role of independent directors’ (INDs’) tenure and connection to several boards in controlling real-earnings management (REM) practices. We analyze a sample of UK listed non-financial companies over the period between 2005 and 2018. The potential endogeneity issue was controlled by the application of the two-step system-GMM estimations. The research findings suggest that REM was lower in those firms whose INDs were connected to several boards at a time. The findings also show that the association between INDs’ tenure and REM varied with the phases of their tenure. Directors in the early stage of their tenure are less effective at controlling REM, however, as their tenure grew, they generate better oversight over the management conduct, thereby reducing REM. Contrary to this, extended tenure is shown as positively associated with higher REM practices. The overall findings thus suggest that the board monitoring role protects the stakes of the shareholders by constraining REM when INDs have better expertise and rich information acquired through their presence on multiple boards—and when they have moderate board tenure, which is neither too short nor too long. We argue that due to the importance of the role of INDs in the current global scenario this study has policy implications.","PeriodicalId":47688,"journal":{"name":"Review of Quantitative Finance and Accounting","volume":"47 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2024-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140930816","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

Securitization and risk appetite: empirical evidence from US banks 证券化与风险偏好：来自美国银行的经验证据

IF 1.7

Review of Quantitative Finance and Accounting Pub Date : 2024-05-07 DOI: 10.1007/s11156-024-01261-9

Stefano Filomeni

引用次数: 0

Solar Weather Dynamics and the US Economy: A Comprehensive GVAR Perspective 太阳气象动力学与美国经济：全面的 GVAR 视角

IF 1.7

Review of Quantitative Finance and Accounting Pub Date : 2024-05-07 DOI: 10.1007/s11156-024-01282-4

Theodoros Daglis, Konstantinos N. Konstantakis, Panos Xidonas, Panayotis G. Michaelides, Areistidis Samitas

引用次数: 0

Predicting expected idiosyncratic volatility: Empirical evidence from ARFIMA, HAR, and EGARCH models 预测预期特异波动率：来自 ARFIMA、HAR 和 EGARCH 模型的经验证据

IF 1.7

Review of Quantitative Finance and Accounting Pub Date : 2024-04-29 DOI: 10.1007/s11156-024-01279-z

Chuxuan Xiao, Winifred Huang, David P. Newton

引用次数: 0

Exploring the connections: Dividend announcements, stock market returns, and major sporting events 探索其中的联系：股息公告、股市回报和重大体育赛事

IF 1.7

Review of Quantitative Finance and Accounting Pub Date : 2024-04-15 DOI: 10.1007/s11156-024-01277-1

Fakhrul Hasan, Basil Al-Najjar

{"title":"Exploring the connections: Dividend announcements, stock market returns, and major sporting events","authors":"Fakhrul Hasan, Basil Al-Najjar","doi":"10.1007/s11156-024-01277-1","DOIUrl":"https://doi.org/10.1007/s11156-024-01277-1","url":null,"abstract":"This study conducts a detailed investigation into the interplay between major sporting events, specifically the ICC Cricket World Cups and FIFA Football World Cups, and their potential impact on the relationship between dividend announcements and stock market returns. Beyond the customary exploration of investor sentiment and its connection to stock market returns, our research thoroughly examines the effects of these significant sports events on the stock market's reaction to dividend announcements. Drawing on extensive FTSE 350 index data spanning January 1990 to December 2021, we employ event study methodology as the primary analytical framework. To bolster the reliability of our findings, we apply the Generalized Method of Moments (GMM) estimation method, addressing potential endogeneity concerns. Our results uncover a distinct pattern—the stock market exhibits a less favourable response to dividend increases announced following England's victories in major sporting events, such as the FIFA Football World Cup and ICC Cricket World Cup, compared to instances where they faced defeat. Additionally, we observe a more negative market response to dividend decreases announced following England's losses in these pivotal sporting events, as opposed to England emerging victorious in these key contests. This research contributes valuable insights into the intricate relationship between sports passion and market dynamics, offering implications for both scholarly discourse and investment strategy formulation.","PeriodicalId":47688,"journal":{"name":"Review of Quantitative Finance and Accounting","volume":"248 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2024-04-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140574497","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