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Do more children lead to greater blessings? Birth quantity and household economic risk in China 更多的孩子会带来更多的祝福吗?中国出生人口数量与家庭经济风险
4区 管理学
Accounting and Finance Pub Date : 2023-10-19 DOI: 10.1111/acfi.13186
Ji Zhang, Wenjun Xiong, Yanmei Sun
{"title":"Do more children lead to greater blessings? Birth quantity and household economic risk in China","authors":"Ji Zhang, Wenjun Xiong, Yanmei Sun","doi":"10.1111/acfi.13186","DOIUrl":"https://doi.org/10.1111/acfi.13186","url":null,"abstract":"Abstract Does the number of births in a family decrease a household's economic risk? We find that in a distribution of households by children's age stages, the economic risk of households in the middle (16–22 years) and late stages (23–38 years) appears to be more significantly affected by the dual nature of children as consumable goods and investment assets than does the risk of households in the early stage (0–15 years). Furthermore, we find that this pattern persists even when we consider China's one‐child policy. Our findings also reveal that households with higher parental education levels and education investment expenditures in the middle stage exhibit greater resilience against economic risks in the late stage.","PeriodicalId":47973,"journal":{"name":"Accounting and Finance","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135729715","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
‘Know when to fold 'em’: Policy uncertainty and acquisition abandonment “知道何时放弃”:政策不确定性和收购放弃
4区 管理学
Accounting and Finance Pub Date : 2023-10-15 DOI: 10.1111/acfi.13179
Andrew Ferguson, Cecilia Wei Hu, Peter Lam
{"title":"‘Know when to fold 'em’: Policy uncertainty and acquisition abandonment","authors":"Andrew Ferguson, Cecilia Wei Hu, Peter Lam","doi":"10.1111/acfi.13179","DOIUrl":"https://doi.org/10.1111/acfi.13179","url":null,"abstract":"Abstract This study investigates how policy uncertainty affects the acquisition process during the post‐announcement period. Utilising a sample of Australian mining project acquisitions over 1998–2017, we find that rising policy uncertainty after initial acquisition announcements is associated with delays in deal completion. In addition, prolonged high policy uncertainty plays an important role in triggering acquisition abandonment. Further, the stock market reacts less negatively to deal abandonment decisions made amid protracted policy uncertainty, and such reactions are associated with managers' explanations for terminating the deals. Overall, our findings highlight the importance of policy uncertainty as a ‘deal‐breaker’ in acquisitions.","PeriodicalId":47973,"journal":{"name":"Accounting and Finance","volume":"143 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135758799","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Self‐sacrifice or empty symbolism: A study of $1 CEOs 自我牺牲还是空洞的象征:对1美元ceo的研究
4区 管理学
Accounting and Finance Pub Date : 2023-10-10 DOI: 10.1111/acfi.13183
Prabashi Dharmasiri, Mukesh Garg, Anthony Ng, Supardi Supardi
{"title":"Self‐sacrifice or empty symbolism: A study of $1 <scp>CEOs</scp>","authors":"Prabashi Dharmasiri, Mukesh Garg, Anthony Ng, Supardi Supardi","doi":"10.1111/acfi.13183","DOIUrl":"https://doi.org/10.1111/acfi.13183","url":null,"abstract":"Abstract We examine whether CEOs' voluntary acceptance of a $1 salary is a credible signal of sacrifice. We find that firms with $1 salary CEOs are: (i) more likely to be associated with income‐increasing accrual‐based earnings management; (ii) less likely to use real earnings management; and (iii) more likely to engage in corporate tax avoidance. Our results indicate that this performance enhancement is driven by the motivation to restore salaries to their original levels. Our results suggest that extreme salary sacrifice could indicate an empty promise to improve firm performance and should be considered cautiously by investors and regulators.","PeriodicalId":47973,"journal":{"name":"Accounting and Finance","volume":"52 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136358221","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Do ties still bind? Analyst behaviour after financial restatements 领带还管用吗?财务重述后分析师的行为
4区 管理学
Accounting and Finance Pub Date : 2023-10-05 DOI: 10.1111/acfi.13184
Yi (Ava) Wu, Yu Flora Kuang, Gladys Lee, Kerui Zhai
{"title":"Do ties still bind? Analyst behaviour after financial restatements","authors":"Yi (Ava) Wu, Yu Flora Kuang, Gladys Lee, Kerui Zhai","doi":"10.1111/acfi.13184","DOIUrl":"https://doi.org/10.1111/acfi.13184","url":null,"abstract":"Abstract We find that, compared to non‐connected analysts, analysts with professional connections to a coverage firm (i.e., connected analysts) are more likely to continue covering the firm after it issues a restatement. Furthermore, connected analysts are more likely to issue pessimistic earnings forecasts and to downgrade stock recommendations for the firm after its financial restatement. Our results also reveal the costs and benefits associated with connected analysts' pessimism – a reduced market reaction to the analysts' pessimistic research on the restating firm, and a positive effect on the market's perception of the quality of the analysts' research on non‐restating firms.","PeriodicalId":47973,"journal":{"name":"Accounting and Finance","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135482641","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Can work integrated learning deliver employability? International post‐graduate accounting students 工作整合学习能带来就业能力吗?国际研究生会计学生
4区 管理学
Accounting and Finance Pub Date : 2023-09-30 DOI: 10.1111/acfi.13182
Vanessa Crawford, Mark Brimble, Brett Freudenberg
{"title":"Can work integrated learning deliver employability? International post‐graduate accounting students","authors":"Vanessa Crawford, Mark Brimble, Brett Freudenberg","doi":"10.1111/acfi.13182","DOIUrl":"https://doi.org/10.1111/acfi.13182","url":null,"abstract":"Abstract International students studying a Master of Professional Accountancy (MPA), or equivalent postgraduate degree in accounting, in Australia were designed to fill the skills shortage gap for accountants, but employability rates appear low at 25% compared to 75% for domestic graduates. University work integrated learning (WIL) programs have been implemented to provide opportunities to increase employability, yet participation rates for international students appear low. This study uses an exploratory, qualitative approach, with semi‐structured interviews of industry and students, to explore the participation rates, experiences and expectations of stakeholders in relation to WIL. Implications of the findings for stakeholders include preparation programs and simulated WIL opportunities.","PeriodicalId":47973,"journal":{"name":"Accounting and Finance","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136337228","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Compensating balance and loan bargaining power in China 中国的补偿平衡和贷款议价能力
4区 管理学
Accounting and Finance Pub Date : 2023-09-28 DOI: 10.1111/acfi.13181
Long Wu, Jing Zhang, Lei Xu
{"title":"Compensating balance and loan bargaining power in China","authors":"Long Wu, Jing Zhang, Lei Xu","doi":"10.1111/acfi.13181","DOIUrl":"https://doi.org/10.1111/acfi.13181","url":null,"abstract":"Abstract Chinese firms simultaneously have high levels of loans and cash holdings. Through listed firms on the Shanghai and Shenzhen Stock Exchanges, we establish a negative link between cash holdings and a firm's loan bargaining power, especially in regions with less bank competition, through a firm's passive response to bank requests rather than its voluntary excess cash reserves. Furthermore, state ownership, collateral, economic contribution, and reduced information asymmetry may effectively strengthen firm bargaining power and moderate the link. However, better marketisation strengthens the link. The banking sector may need to improve its efficiency through better credit rationing in future reforms.","PeriodicalId":47973,"journal":{"name":"Accounting and Finance","volume":"50 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135344119","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Do rights matter? An intraday analysis of rights issues in Australia 权利重要吗?澳大利亚股票发行的盘中分析
4区 管理学
Accounting and Finance Pub Date : 2023-09-28 DOI: 10.1111/acfi.13180
Jozef Drienko, Stephen J. Sault, Wong Wai Han
{"title":"Do rights matter? An intraday analysis of rights issues in Australia","authors":"Jozef Drienko, Stephen J. Sault, Wong Wai Han","doi":"10.1111/acfi.13180","DOIUrl":"https://doi.org/10.1111/acfi.13180","url":null,"abstract":"Abstract We examine intraday abnormal returns associated with rights issue announcements in the Australian equity market over the period January 2000 to December 2022. Consistent with prior studies, we find significant abnormal returns ranging from −2.9% to −2.7% on the event day. We provide the first evidence on intraday price reactions pertaining to rights issues in Australia. Within 15 min of an announcement, we find significant abnormal trade returns of −1.2%. However, market participants are unable to profit by trading on these announcements due to transaction costs. Our results imply that the information content is fully impounded within 90 min.","PeriodicalId":47973,"journal":{"name":"Accounting and Finance","volume":"64 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135345052","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Why does operating profitability predict returns? New evidence on risk versus mispricing explanations 为什么经营盈利能力预示着回报?关于风险与错误定价解释的新证据
4区 管理学
Accounting and Finance Pub Date : 2023-09-19 DOI: 10.1111/acfi.13178
Anwer Ahmed, Michael Neel, Irfan Safdar
{"title":"Why does operating profitability predict returns? New evidence on risk versus mispricing explanations","authors":"Anwer Ahmed, Michael Neel, Irfan Safdar","doi":"10.1111/acfi.13178","DOIUrl":"https://doi.org/10.1111/acfi.13178","url":null,"abstract":"Abstract This study develops new evidence on risk versus mispricing explanations of the well‐known profitability premium. First, we examine whether exposure to expected downside risk is a plausible explanation. We find that high profitability is associated with both lower ex ante and ex post probabilities of future price crashes. Thus, less profitable firms exhibit greater downside risk than highly profitable firms, making a downside risk explanation implausible. Although this fact is overlooked by the market in general, it is anticipated by options traders; we find that put options of low profitability firms are relatively more expensive. Simultaneously, these firms do not exhibit greater probability of jumps, indicating that volatility(risk)‐based explanations for the profitability premium are unlikely to be descriptive. Second, we find that the sticky‐expectations model of Bouchaud et al. (2019, The Journal of Finance , 74, 639–674) only partially explains the profitability premium. While on average, analysts' forecast revisions correct in the same direction as recent profitability, the profitability premium still exhibits a strong relationship to the non‐sticky component of analysts' forecast revisions. Third, institutional investors trade profitability‐based signals but do so with a delay, likely contributing to the premium. Overall, our evidence favours the explanation that the profitability premium is related to investor mispricing of potential downside risk and provides greater clarity on recent findings in the literature.","PeriodicalId":47973,"journal":{"name":"Accounting and Finance","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135063742","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Liquidity ratios and corporate failures 流动性比率和公司破产
4区 管理学
Accounting and Finance Pub Date : 2023-09-13 DOI: 10.1111/acfi.13174
Ken Li
{"title":"Liquidity ratios and corporate failures","authors":"Ken Li","doi":"10.1111/acfi.13174","DOIUrl":"https://doi.org/10.1111/acfi.13174","url":null,"abstract":"Abstract One of the most widespread claims in financial statement analysis is that liquidity ratios are useful for predicting failures. However, academic research has found surprisingly little empirical support for this claim. Using logistic regression splines, a non‐parametric method, this paper finds that the relation between the current ratio and failures differs significantly depending on the level of the current ratio. At low, but not high levels, the current ratio is significantly negatively related to failure. Incorporating such context provides statistically and economically significant predictive power about failures. These findings help resolve the discrepancy between practitioners and the academic literature.","PeriodicalId":47973,"journal":{"name":"Accounting and Finance","volume":"65 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135783520","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Accounting firm office size and tax aggressiveness 会计师事务所的办公室规模和税收侵略性
4区 管理学
Accounting and Finance Pub Date : 2023-09-13 DOI: 10.1111/acfi.13177
Yi (Dale) Fu, Youngdeok Lim, Elizabeth Carson
{"title":"Accounting firm office size and tax aggressiveness","authors":"Yi (Dale) Fu, Youngdeok Lim, Elizabeth Carson","doi":"10.1111/acfi.13177","DOIUrl":"https://doi.org/10.1111/acfi.13177","url":null,"abstract":"Abstract This paper empirically investigates the association between the size of accounting firm offices and corporate tax aggressiveness. We find that clients audited by large offices have lower levels of corporate tax aggressiveness. We also find that such a negative relation is less pronounced when an accounting firm office provides tax services or when the office possesses tax‐specific industry expertise, and it is more pronounced when a client is financially important. The study contributes to the literature by documenting the role of accounting firm offices in influencing tax aggressiveness.","PeriodicalId":47973,"journal":{"name":"Accounting and Finance","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135783771","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","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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