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Review of Quantitative Finance and Accounting最新文献

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Effect of FinCredit on income inequality: the moderating role of financial inclusion 金融信贷对收入不平等的影响:普惠金融的调节作用
IF 1.7
Review of Quantitative Finance and Accounting Pub Date : 2023-11-25 DOI: 10.1007/s11156-023-01226-4
Xuan T. T. Pham, Thu B. Luu
{"title":"Effect of FinCredit on income inequality: the moderating role of financial inclusion","authors":"Xuan T. T. Pham, Thu B. Luu","doi":"10.1007/s11156-023-01226-4","DOIUrl":"https://doi.org/10.1007/s11156-023-01226-4","url":null,"abstract":"<p>This paper examines the direct effect of FinCredit on income inequality and the moderating effect of Financial Inclusion. Using a dual-process variable selection approach, we develop an optimal model to test two hypotheses and explore how FinCredit influences direct and indirect income inequality. Our study has made a pioneering contribution to the literature by identifying the direct positive impact of FinCredit on income inequality, which previous research had not yet revealed. Additionally, we have discovered new evidence on the crucial role of Financial Inclusion in enhancing the positive effects of FinCredit on reducing income inequality. We provide reliable scientific empirical evidence that clarifies the confusion surrounding fintech credit and encourages its development. Practical managerial implications can be inferred from the moderating role of financial inclusion on the positive effect of fintech credit on income inequality. These results have significant policy implications for promoting FinCredit and Financial Inclusion to reduce income inequality in the era of digital transformation.</p>","PeriodicalId":47688,"journal":{"name":"Review of Quantitative Finance and Accounting","volume":"18 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2023-11-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138516487","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
Consistent valuation: extensions from bankruptcy costs and tax integration with time-varying debt 一致性估值:从破产成本和时变债务的税收整合延伸
IF 1.7
Review of Quantitative Finance and Accounting Pub Date : 2023-11-24 DOI: 10.1007/s11156-023-01217-5
Nguyen Kim-Duc, Pham Khanh Nam
{"title":"Consistent valuation: extensions from bankruptcy costs and tax integration with time-varying debt","authors":"Nguyen Kim-Duc, Pham Khanh Nam","doi":"10.1007/s11156-023-01217-5","DOIUrl":"https://doi.org/10.1007/s11156-023-01217-5","url":null,"abstract":"<p>This study introduces a new version of the adjusted present value (APV) method and ensures its consistent valuation with the cost of capital (CoC) method at the highest level of generalization. The newly developed APV version and equivalent formulae consider stochastic debt and the trade-off between corporate income taxes (CIT) and personal income taxes (PIT), as well as tax benefits and financial distress costs. The value of expected bankruptcy costs aligns with the valuation aspect, enabling practical application of the formulae by valuers. The equivalence also reflects the differing perspectives of tax shields between stockholders and debt holders when PITs are introduced. Ultimately, the results demonstrate that the equivalence in this study aligns with, and can reduce to, previous standard formulae, under their stringent assumptions.</p>","PeriodicalId":47688,"journal":{"name":"Review of Quantitative Finance and Accounting","volume":"12 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2023-11-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138516488","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
Liquidity difference between non-U.S. and U.S. IPOs on the NYSE listings 非美国货币之间的流动性差异。以及在纽约证券交易所上市的美国ipo
Review of Quantitative Finance and Accounting Pub Date : 2023-11-14 DOI: 10.1007/s11156-023-01204-w
Jang-Chul Kim, Kaun Y. Lee, Ha-Chin Yi
{"title":"Liquidity difference between non-U.S. and U.S. IPOs on the NYSE listings","authors":"Jang-Chul Kim, Kaun Y. Lee, Ha-Chin Yi","doi":"10.1007/s11156-023-01204-w","DOIUrl":"https://doi.org/10.1007/s11156-023-01204-w","url":null,"abstract":"","PeriodicalId":47688,"journal":{"name":"Review of Quantitative Finance and Accounting","volume":"10 13","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134954354","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
Cash flow sensitivity of cash: when should we use it to measure financial constraints? 现金流量敏感性:什么时候用它来衡量财务约束?
Review of Quantitative Finance and Accounting Pub Date : 2023-11-13 DOI: 10.1007/s11156-023-01219-3
Weiping Hu, Xiao Zhang, Ye He
{"title":"Cash flow sensitivity of cash: when should we use it to measure financial constraints?","authors":"Weiping Hu, Xiao Zhang, Ye He","doi":"10.1007/s11156-023-01219-3","DOIUrl":"https://doi.org/10.1007/s11156-023-01219-3","url":null,"abstract":"","PeriodicalId":47688,"journal":{"name":"Review of Quantitative Finance and Accounting","volume":"42 13","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136281782","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
A reduced-form model for lease contract valuation with embedded options 嵌入期权的租赁合同估值简化模型
Review of Quantitative Finance and Accounting Pub Date : 2023-11-10 DOI: 10.1007/s11156-023-01222-8
Chuang-Chang Chang, Hsiao-Wei Ho, Henry Hongren Huang, Yildiray Yildirim
{"title":"A reduced-form model for lease contract valuation with embedded options","authors":"Chuang-Chang Chang, Hsiao-Wei Ho, Henry Hongren Huang, Yildiray Yildirim","doi":"10.1007/s11156-023-01222-8","DOIUrl":"https://doi.org/10.1007/s11156-023-01222-8","url":null,"abstract":"","PeriodicalId":47688,"journal":{"name":"Review of Quantitative Finance and Accounting","volume":"102 10","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135136540","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 impact of economic policy uncertainty and inflation risk on corporate cash holdings 经济政策不确定性和通胀风险对企业现金持有量的影响
Review of Quantitative Finance and Accounting Pub Date : 2023-11-07 DOI: 10.1007/s11156-023-01224-6
Bijoy Chandra Das, Fakhrul Hasan, Soma Rani Sutradhar
{"title":"The impact of economic policy uncertainty and inflation risk on corporate cash holdings","authors":"Bijoy Chandra Das, Fakhrul Hasan, Soma Rani Sutradhar","doi":"10.1007/s11156-023-01224-6","DOIUrl":"https://doi.org/10.1007/s11156-023-01224-6","url":null,"abstract":"Abstract This paper analyses the joint effects of Economic Policy Uncertainty (EPU) and inflation risk on the Corporate Cash Holdings (CCH) of US firms from 2011 to 2021. The baseline results suggest that EPU and inflation risk positively impact CCH. Moreover, we find the same results between inflation risk and CCH. However, EPU and CCH are negatively associated. Additionally, construction (finance) firms hold higher (lower) cash at the time of EPU and inflationary risk. We also find that firms hold higher (lower) cash during Democrat (Republican) presidential terms. The two-step system Generalized Method of Moments approach used to control the potential endogeneity issues indicates the same results and supports the baseline findings.","PeriodicalId":47688,"journal":{"name":"Review of Quantitative Finance and Accounting","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135476031","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 confidence matters: the real effects of short sale constraints revisited 首席执行官信心至关重要:卖空限制的真实影响再次被审视
Review of Quantitative Finance and Accounting Pub Date : 2023-11-07 DOI: 10.1007/s11156-023-01215-7
Juwon Jang, Eunju Lee
{"title":"CEO confidence matters: the real effects of short sale constraints revisited","authors":"Juwon Jang, Eunju Lee","doi":"10.1007/s11156-023-01215-7","DOIUrl":"https://doi.org/10.1007/s11156-023-01215-7","url":null,"abstract":"","PeriodicalId":47688,"journal":{"name":"Review of Quantitative Finance and Accounting","volume":"40 12","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135475897","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
CFO overconfidence and conditional accounting conservatism CFO过度自信与条件会计保守主义
Review of Quantitative Finance and Accounting Pub Date : 2023-11-06 DOI: 10.1007/s11156-023-01188-7
Lu Qiao, Emmanuel Adegbite, Tam Huy Nguyen
{"title":"CFO overconfidence and conditional accounting conservatism","authors":"Lu Qiao, Emmanuel Adegbite, Tam Huy Nguyen","doi":"10.1007/s11156-023-01188-7","DOIUrl":"https://doi.org/10.1007/s11156-023-01188-7","url":null,"abstract":"Abstract This study investigates the association between Chief Financial Officers (CFOs) overconfidence and conditional accounting conservatism. Relying on upper echelons and overconfidence theories and based on a large sample of US-listed firms’ data from 1992 to 2019 (21,626 firm-year observations), we find a statistically and economically significant negative relationship between CFO overconfidence and conditional accounting conservatism, suggesting that overconfident CFOs tend to diminish conditional accounting conservatism. These findings persist in a series of robustness tests. In the mechanism analysis, we predict that overconfident CFOs aim to convey private information by reducing conditional accounting conservatism. We prove this conjecture by observing that overconfident CFOs who adopt lower levels of conditional accounting conservatism increase earnings informativeness (i.e., the amount of information about future cash flows or earnings contained in current stock returns) and reduce their precautionary incentives to save cash. We further rule out another mechanism (i.e. compensation concerns) that may motivate overconfident CFOs to reduce conditional accounting conservatism. Moreover, we show that overconfident CFOs with higher powers are more able to minimize conditional accounting conservatism. Our study highlights the significance and motivation of overconfident CFOs in determining asymmetric recognition of good and bad news.","PeriodicalId":47688,"journal":{"name":"Review of Quantitative Finance and Accounting","volume":"108 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135679420","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
What do dividend changes reveal? Theory and evidence from a unique environment 股息变化揭示了什么?理论和证据来自一个独特的环境
Review of Quantitative Finance and Accounting Pub Date : 2023-11-04 DOI: 10.1007/s11156-023-01211-x
Abdullah AlGhazali, Khamis Hamed Al-Yahyaee, Richard Fairchild, Yilmaz Guney
{"title":"What do dividend changes reveal? Theory and evidence from a unique environment","authors":"Abdullah AlGhazali, Khamis Hamed Al-Yahyaee, Richard Fairchild, Yilmaz Guney","doi":"10.1007/s11156-023-01211-x","DOIUrl":"https://doi.org/10.1007/s11156-023-01211-x","url":null,"abstract":"Abstract We explore the reasons behind corporate dividend changes and factors driving those changes during 2001–2021 in Oman, as a unique environment. The implications of our paper contrast with the relevant existing literature which demonstrates a positive correlation between dividends and stock prices in Oman, in support of the signaling theory. Employing multiple methods and after controlling for the nonlinearity in the profitability process, we find virtually no evidence for the signaling theory of dividends for dividend reductions, in terms of future earnings. Furthermore, our analysis affirms the importance of current profitability in influencing the magnitude of and the propensity to change (increase or decrease) dividends in listed Omani firms. We also find that the catering theory of dividends does not have any explanatory power on dividend changes. Further, firms’ life-cycle status and real investments have been found to significantly affect the decision to change dividends. Our results, which depart from the findings in the conventional literature, can be attributed to the distinct institutional features in Oman. Our game-theoretic model of dividend signaling/dividend catering provides some explanations.","PeriodicalId":47688,"journal":{"name":"Review of Quantitative Finance and Accounting","volume":"71 4","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135773606","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 myopic management practice: Is there a link? 企业社会责任与短视管理实践:有联系吗?
Review of Quantitative Finance and Accounting Pub Date : 2023-10-29 DOI: 10.1007/s11156-023-01212-w
David K. Ding, Christo Ferreira, Vu Minh Ngo, Phuc V. Nguyen, Udomsak Wongchoti
{"title":"Corporate social responsibility and myopic management practice: Is there a link?","authors":"David K. Ding, Christo Ferreira, Vu Minh Ngo, Phuc V. Nguyen, Udomsak Wongchoti","doi":"10.1007/s11156-023-01212-w","DOIUrl":"https://doi.org/10.1007/s11156-023-01212-w","url":null,"abstract":"","PeriodicalId":47688,"journal":{"name":"Review of Quantitative Finance and Accounting","volume":"12 6","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136157245","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
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