Review of Quantitative Finance and Accounting最新文献_第6页

The order in a series of continuous special items and the likelihood of income classification shifting 一系列连续特殊项目的顺序和收入分类发生变化的可能性

IF 1.7

Review of Quantitative Finance and Accounting Pub Date : 2024-04-03 DOI: 10.1007/s11156-024-01265-5

Haeyoung Shin, Michael Lacina, Shanshan Pan

{"title":"The order in a series of continuous special items and the likelihood of income classification shifting","authors":"Haeyoung Shin, Michael Lacina, Shanshan Pan","doi":"10.1007/s11156-024-01265-5","DOIUrl":"https://doi.org/10.1007/s11156-024-01265-5","url":null,"abstract":"<p>In income classification shifting, firms shift recurring income components (in core earnings) that are income reducing to items commonly assumed to be nonrecurring (special items) to increase core earnings, which are used by analysts and investors to forecast future earnings and value a firm. Some special items tend to extend over multiple quarters and are more amenable to classification shifting because it is easier to shift core expenses into those items (continuous special items). Nevertheless, as the recurrence of special items increases, the market perceives them more like recurring earnings components (Cready et al. in Account Rev 85(5):1577–1615, 2010), which reduces the benefits of classification shifting. Therefore, we hypothesize that when special items are continuous and first in a sequence of quarterly continuous special items, firms are more likely to use them to shift income than when continuous special items are last in the series. Our results confirm our expectations. The findings highlight that the location of a continuous special item in a sequence of continuous special items affects the likelihood of income classification shifting.</p>","PeriodicalId":47688,"journal":{"name":"Review of Quantitative Finance and Accounting","volume":"40 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2024-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140590463","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

Nothing to fear: strong corporate culture and workplace safety 无所畏惧：强大的企业文化和工作场所安全

IF 1.7

Review of Quantitative Finance and Accounting Pub Date : 2024-04-02 DOI: 10.1007/s11156-024-01264-6

Jesper Haga, Fredrik Huhtamäki, Dennis Sundvik, Timmy Thor

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Trade secret laws and initial public offering underpricing 商业秘密法与首次公开募股定价过低

IF 1.7

Review of Quantitative Finance and Accounting Pub Date : 2024-04-02 DOI: 10.1007/s11156-024-01259-3

Chu-hsuan Chang, Woan-lih Liang, Yanzhi Wang

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Reduced disclosure and default risk: analysis of smaller reporting companies 减少披露与违约风险：对较小报告公司的分析

IF 1.7

Review of Quantitative Finance and Accounting Pub Date : 2024-03-27 DOI: 10.1007/s11156-024-01262-8

Shiyan Yin, Kai Yao, Thanaset Chevapatrakul, Rong Huang

{"title":"Reduced disclosure and default risk: analysis of smaller reporting companies","authors":"Shiyan Yin, Kai Yao, Thanaset Chevapatrakul, Rong Huang","doi":"10.1007/s11156-024-01262-8","DOIUrl":"https://doi.org/10.1007/s11156-024-01262-8","url":null,"abstract":"<p>We examine the causal effect of reduced disclosure levels on the risk of default. Employing regression discontinuity (RD) design as our main identification strategy and the smaller reporting company rule (SRC rule) as the exogenous source of variation, we show that smaller reporting companies (SRCs), which are permitted to provide scaled disclosures in their 10-Ks, experience significantly and economically higher default risk. We demonstrate that, while there is no effect of information loss if a smaller reporting company voluntarily maintains its disclosure level by continuing to report its financial performance in full, there is an increase in its default risk due to the loss of commitment to mandatory disclosure. We also find that, compared to previously qualified SRCs, newly qualified smaller reporting companies face steeper increases in bankruptcy risk during their first year of eligibility. Our analysis indicates that strong external oversight mechanisms, better corporate governance, and credible audit quality attenuate the negative impact of reduced disclosure levels on the risk of default. Our results are robust to alternative model specifications, RD design assumptions, and measures of default risk.</p>","PeriodicalId":47688,"journal":{"name":"Review of Quantitative Finance and Accounting","volume":"17 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2024-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140322209","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

Regulatory and contextual factors influencing earnings and capital management decisions: evidence from the European banking sector 影响盈利和资本管理决策的监管和环境因素：欧洲银行业的证据

IF 1.7

Review of Quantitative Finance and Accounting Pub Date : 2024-03-24 DOI: 10.1007/s11156-024-01253-9

{"title":"Regulatory and contextual factors influencing earnings and capital management decisions: evidence from the European banking sector","authors":"","doi":"10.1007/s11156-024-01253-9","DOIUrl":"https://doi.org/10.1007/s11156-024-01253-9","url":null,"abstract":"<h3>Abstract</h3> <p>This study investigates whether some regulatory and contextual features influenced Euro Area listed banks decisions to manage earnings and regulatory capital through discretionary provisions in the period 2013–2018. The new regulation factors are the pressure to increase high-quality regulatory capital (Basel III) and more timely recognition of loan losses (IFRS 9). The contextual features are the intensified banking competition at a national level, and the significant money market pressure. Results demonstrate that the pressure to increase high-quality regulatory capital for banks with lower Common Equity Tier 1 capital (CET1) in year t − 1 is negatively associated with upward earnings and capital management in year t. The more timely recognition of loan losses in year t compared to year t + 1 is negatively associated with upward earnings and capital management in year t. The strengthening of banking competition is positively associated with upward earnings management, but not associated with upward capital management. The increasing money market pressure is negatively associated with upward earnings management, but not associated with upward capital management. This study should be helpful to standard-setters, regulators, investors and academics interested in incentives and constraints to earnings and capital management by providing evidence regarding how listed banks reacted to the regulatory, accounting, and contextual factors, observed holistically during a unique historical period (i.e., 2013–2018) and regulatory setting (i.e., European banking sector).</p>","PeriodicalId":47688,"journal":{"name":"Review of Quantitative Finance and Accounting","volume":"58 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2024-03-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140198550","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 scorching temperatures shock effect on firms’ performance: a global perspective 高温冲击对企业绩效的影响：全球视角

IF 1.7

Review of Quantitative Finance and Accounting Pub Date : 2024-03-21 DOI: 10.1007/s11156-024-01247-7

{"title":"The scorching temperatures shock effect on firms’ performance: a global perspective","authors":"","doi":"10.1007/s11156-024-01247-7","DOIUrl":"https://doi.org/10.1007/s11156-024-01247-7","url":null,"abstract":"<h3>Abstract</h3> <p>The authors examined the possible adverse effect of hot temperature on firms’ profitability and stock performance, using measures of various scorching temperature variables as exogenous indicators of firms’ weather risk. The results show that scorching temperatures led to declines in the sample firms’ earnings caused by changes in sales, expenses, and productivity. The more extreme the hot weather, the more the earnings declined. In further investigations, the authors found that this impact of scorching temperatures was heterogeneous over time and across sectors, geographical locations, and levels of economic development. The impact was most severe in low-latitude regions, especially tropical and subtropical countries from 2013 onward. It was also found that extremely hot temperatures negatively influenced the stock returns of individual firms. This effect, mediated by the firm’s earnings, was especially strong for value stocks and small cap stocks. Our results also show that the firms’ profitability and stock performance are exacerbated by the increases in global average temperatures and provide the direct evidences of the adverse impact of global warming on individual firms. Finally, weather uncertainty aggravated the volatility of earnings and stock returns. </p>","PeriodicalId":47688,"journal":{"name":"Review of Quantitative Finance and Accounting","volume":"2 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2024-03-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140198848","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

Bank intervention and firms’ earnings management: evidence from debt covenant violations 银行干预与企业盈利管理：违反债务契约的证据

IF 1.7

Review of Quantitative Finance and Accounting Pub Date : 2024-03-12 DOI: 10.1007/s11156-024-01255-7

{"title":"Bank intervention and firms’ earnings management: evidence from debt covenant violations","authors":"","doi":"10.1007/s11156-024-01255-7","DOIUrl":"https://doi.org/10.1007/s11156-024-01255-7","url":null,"abstract":"<h3>Abstract</h3> <p>Earnings management has long been one of the main concerns in accounting and management literature, and the extent to which corporate governance mechanisms can discipline management behaviour and prevent earnings management has attracted increasing interest among policy makers and academic researchers. Differing from previous corporate governance literature that focuses mainly on the board and auditors, we explore the role of creditors in corporate governance. In particular, we examine the effect of bank intervention on earnings management via the lens of debt covenant violations, where control rights are transferred to creditors (banks). Using a Difference-in-Difference approach, we find that firms reduce both their accruals-based and real earnings management following debt covenant violations. The negative effect on earnings management is more prominent when banks possess greater bargaining and monitoring power and when firms are more financially constrained. By identifying a specific channel through which debt providers influence corporate financial reporting, our findings suggest that creditors can play an important role in governing organisations and disciplining management behaviour.</p>","PeriodicalId":47688,"journal":{"name":"Review of Quantitative Finance and Accounting","volume":"43 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2024-03-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140117564","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

Machine learning and trade direction classification: insights from the corporate bond market 机器学习和交易方向分类：公司债券市场的启示

IF 1.7

Review of Quantitative Finance and Accounting Pub Date : 2024-03-08 DOI: 10.1007/s11156-024-01252-w

Mark Fedenia, Tavy Ronen, Seunghan Nam

引用次数: 0

Vertical propagation of default risk along the supply chain 违约风险沿供应链垂直传播

IF 1.7

Review of Quantitative Finance and Accounting Pub Date : 2024-03-05 DOI: 10.1007/s11156-024-01251-x

Mu-Shu Yun, Ko-Chia Yu

引用次数: 0

Order backlog and its association with fundamental analysis metrics and future earnings 积压订单及其与基本分析指标和未来收益的关系

IF 1.7

Review of Quantitative Finance and Accounting Pub Date : 2024-02-26 DOI: 10.1007/s11156-024-01248-6

Rajiv Banker, Russell Barber, Dana Hollie, Han-Up Park

{"title":"Order backlog and its association with fundamental analysis metrics and future earnings","authors":"Rajiv Banker, Russell Barber, Dana Hollie, Han-Up Park","doi":"10.1007/s11156-024-01248-6","DOIUrl":"https://doi.org/10.1007/s11156-024-01248-6","url":null,"abstract":"<p>Order backlog is an important non-GAAP metric that is a leading indicator of future earnings. We explore how various fundamental analysis metrics interacted with order backlog impacts future earnings. This study examines whether future earnings predicted by order backlog is contingent on other fundamental analysis metrics, such as a sales decrease, the cash conversion cycle, asset growth, and the ratio of order backlog to sales. We find that order backlog is an even more informative leading indicator of future earnings when sales decrease, the cash conversion cycle is longer, and asset growth is higher. In contrast, we find that order backlog in the presence of a higher order backlog to sales ratio predicts lower future earnings. We also find that market participants incorporate the moderating effect of order backlog on sales decreases and the cash conversion cycle, while we do not find the same evidence with asset growth and the backlog to sales ratio. These empirical findings are important for managers who want to effectively communicate the prospects of a firm’s future profitability, and for investors who want to understand the financial fundamentals of firms with an order backlog. Overall, our findings show that the informativeness of order backlog can be conditional on fundamental analysis metrics in certain instances.</p>","PeriodicalId":47688,"journal":{"name":"Review of Quantitative Finance and Accounting","volume":"52 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2024-02-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139980417","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