Journal of Business Finance & Accounting最新文献

Out‐of‐sample predictability of firm‐specific stock price crashes: A machine learning approach 特定公司股价暴跌的样本外可预测性：机器学习方法

IF 2.9 3区管理学

Journal of Business Finance & Accounting Pub Date : 2024-09-17 DOI: 10.1111/jbfa.12831

Devrimi Kaya, Doron Reichmann, Milan Reichmann

引用次数: 0

Top management team incentive dispersion and management earnings forecasts 高层管理团队激励分散与管理层盈利预测

IF 2.9 3区管理学

Journal of Business Finance & Accounting Pub Date : 2024-09-11 DOI: 10.1111/jbfa.12833

Rachana Kalelkar, Yuan Shi, Hongkang Xu

引用次数: 0

Verifiable content in social media stock‐analysis articles: The long and short of it 社交媒体股票分析文章中的可验证内容：长与短

IF 2.9 3区管理学

Journal of Business Finance & Accounting Pub Date : 2024-09-11 DOI: 10.1111/jbfa.12834

Lei Chen, Shuping Chen, Tian Gao, Wuyang Zhao

{"title":"Verifiable content in social media stock‐analysis articles: The long and short of it","authors":"Lei Chen, Shuping Chen, Tian Gao, Wuyang Zhao","doi":"10.1111/jbfa.12834","DOIUrl":"https://doi.org/10.1111/jbfa.12834","url":null,"abstract":"Investment‐related social media platforms are transforming the traditional intermediary landscape by rapidly disseminating user‐empowered opinions and recommendations, raising concerns about the credibility of information on such platforms. We examine the differential content verifiability of SeekingAlpha.com articles with sell recommendations (short articles) versus articles with buy recommendations (long articles). We find that short articles contain greater verifiable content than long articles, and verifiable content in short articles generates greater market reactions and better mitigates return reversals than that in long articles. This asymmetry contrasts prior research evidence that greater content verifiability accompanies traditional sell‐side analyst reports with buy recommendations. Our results are robust to various confounding factors, including author effects, among others. Our results become more pronounced in the presence of greater retail ownership. Taken together, our results provide new evidence on investors’ assessment of the credibility of information on social media platforms.","PeriodicalId":48106,"journal":{"name":"Journal of Business Finance & Accounting","volume":"11 1","pages":""},"PeriodicalIF":2.9,"publicationDate":"2024-09-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142185197","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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

Coarse performance evaluation for envious agents 妒忌剂的粗略性能评估

IF 2.9 3区管理学

Journal of Business Finance & Accounting Pub Date : 2024-09-02 DOI: 10.1111/jbfa.12832

Eiji Ohashi

引用次数: 0

Does the textual quality of prospectuses affect gross spread in seasoned equity offerings? 招股说明书的文字质量是否会影响成熟股票发行的总价差？

IF 2.9 3区管理学

Journal of Business Finance & Accounting Pub Date : 2024-08-26 DOI: 10.1111/jbfa.12824

Nandu J. Nagarajan, Sridhar Panchapakesan Nerur, Bin Srinidhi, Xiaoxiao Yu

{"title":"Does the textual quality of prospectuses affect gross spread in seasoned equity offerings?","authors":"Nandu J. Nagarajan, Sridhar Panchapakesan Nerur, Bin Srinidhi, Xiaoxiao Yu","doi":"10.1111/jbfa.12824","DOIUrl":"https://doi.org/10.1111/jbfa.12824","url":null,"abstract":"We examine how expositional quality (measured by discretionary readability and lexical focus—new measures) in the textual content of prospectuses preceding seasoned equity offerings affects the gross spread after controlling for the quality of numerical information. We measure the gross spread as the difference between the offer price and the underwriter's purchase price per share, expressed as a percentage of the offer price. We find that the gross spread is higher in firms whose prospectuses have lower discretionary readability, while the discretionary readability of the preceding 10‐K has little effect. Further, when the prospectus readability is lower than that of the preceding 10‐K, the gross spread increases more than it decreases when readability is higher by the same amount. Low focus (lexical focus) in the Use of Proceeds section of the prospectus results in a higher gross spread. However, low prospectus focus is associated with higher gross spread only in the bad‐news subsample. Overall, our results show that the gross spread is incrementally associated with textual obfuscation over the numerical quality of earnings. Moreover, our findings indicate that investors get distinctly different and useful information from different measures of textual quality in different parts of the text. Finally, we present novel insights showing that investors respond differently to different measures of textual quality, for example, readability and lexical focus, depending on whether there is good or bad news.","PeriodicalId":48106,"journal":{"name":"Journal of Business Finance & Accounting","volume":"8 1","pages":""},"PeriodicalIF":2.9,"publicationDate":"2024-08-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142185314","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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 analysts’ gross margin forecasts influence manager's decisions to recognize inventory losses? 分析师的毛利率预测是否会影响经理确认库存损失的决策？

IF 2.9 3区管理学

Journal of Business Finance & Accounting Pub Date : 2024-08-23 DOI: 10.1111/jbfa.12828

Nusrat Jahan, Padmakumar Sivadasan

{"title":"Do analysts’ gross margin forecasts influence manager's decisions to recognize inventory losses?","authors":"Nusrat Jahan, Padmakumar Sivadasan","doi":"10.1111/jbfa.12828","DOIUrl":"https://doi.org/10.1111/jbfa.12828","url":null,"abstract":"Accounting standards require firms to write down their inventory when its market value (or net realizable value) drops below cost. Recognizing inventory write‐downs decreases gross margins and increases scrutiny of managers’ inventory management practices. Further, it is difficult for market participants to assess inventory balances. Therefore, managers often delay recognizing inventory losses. Compared with other analysts, analysts who issue disaggregated gross margin (GM) forecasts evaluate a firm's inventories more closely, which should motivate managers to recognize expected inventory losses. Consistent with this prediction, managers’ likelihood of recognizing an expected inventory loss increases as more analysts provide GM forecasts. However, the number of analysts issuing standalone earnings per share (EPS) or EPS and other disaggregated forecasts is not associated with inventory loss recognition. We address endogeneity concerns by documenting that firms are less likely to recognize an expected inventory loss after exogenous factors cause analysts to stop issuing GM forecasts for the firm. We contribute significantly to the literature by showing that analysts' GM forecasts are closely associated with managers’ timely inventory loss recognition. This insight bridges the gap between anecdotal evidence, which suggests analysts assess inventory carefully, and scholarly research indicating that analysts' forecasts may not fully capture the effects of inventory changes. Our findings suggest that managers act as if inventory management practices are more strictly monitored only when analysts issue GM forecasts.","PeriodicalId":48106,"journal":{"name":"Journal of Business Finance & Accounting","volume":"32 1","pages":""},"PeriodicalIF":2.9,"publicationDate":"2024-08-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142185198","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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

The real effects of M&As on targets’ peers 并购对目标公司同行的实际影响

IF 2.9 3区管理学

Journal of Business Finance & Accounting Pub Date : 2024-08-21 DOI: 10.1111/jbfa.12825

Linda Du, Wen Li, Jianfei Sun

{"title":"The real effects of M&As on targets’ peers","authors":"Linda Du, Wen Li, Jianfei Sun","doi":"10.1111/jbfa.12825","DOIUrl":"https://doi.org/10.1111/jbfa.12825","url":null,"abstract":"This paper studies the real effects of targets’ acquisitions on their peers through investigating the real earnings management (REM) behavior of the targets’ rivals following the mergers and acquisitions (M&As). Using a difference‐in‐differences design, we find that, on average, rivals of acquisition targets would engage in more REM after M&A announcements. We further find that within rivals of the target, the post‐announcement increase in REM is more pronounced when: (1) the rival is relatively less similar to the target; (2) the rival serves as the targets’ rival more than once within a year; (3) the target earns a higher bidding premium or positive abnormal returns; or (4) the rival has the higher institutional ownership or more analyst following. Additional analyses reveal that rivals engaging in more REM would have a higher likelihood of being acquired in subsequent years and would be sold at higher premiums. We also find that targets’ rivals boost their short‐term performance by engaging in REM activities at the cost of their long‐term performance. Our results are robust to various robustness checks. Overall, our evidence suggests that an acquisition activity could have a real effect on the target's industry, i.e., the effect on the accounting choices of the whole industry.","PeriodicalId":48106,"journal":{"name":"Journal of Business Finance & Accounting","volume":"30 1","pages":""},"PeriodicalIF":2.9,"publicationDate":"2024-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142185200","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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

Product market competition and disclosure content differentiation: A topic modeling analysis 产品市场竞争与披露内容差异：主题建模分析

IF 2.9 3区管理学

Journal of Business Finance & Accounting Pub Date : 2024-08-06 DOI: 10.1111/jbfa.12827

Yongqiang Chu, Bo Huang, Haitong Li, Junqi Liu

引用次数: 0

Does options trading affect audit pricing? 期权交易会影响审计定价吗？

IF 2.9 3区管理学

Journal of Business Finance & Accounting Pub Date : 2024-08-02 DOI: 10.1111/jbfa.12821

Muhammad Jahangir Ali, Balasingham Balachandran, Huu Nhan Duong, Premkanth Puwanenthiren, Michael Theobald

引用次数: 0

Do audit firms discount initial full‐year audit engagements with multiple potential successor auditors? 对于有多个潜在继任审计师的初次全年审计业务，审计公司是否会打折扣？

IF 2.9 3区管理学

Journal of Business Finance & Accounting Pub Date : 2024-08-02 DOI: 10.1111/jbfa.12823

Thomas C. Omer, Ming (Mike) Yuan

{"title":"Do audit firms discount initial full‐year audit engagements with multiple potential successor auditors?","authors":"Thomas C. Omer, Ming (Mike) Yuan","doi":"10.1111/jbfa.12823","DOIUrl":"https://doi.org/10.1111/jbfa.12823","url":null,"abstract":"Auditing theory predicts fee discounting when multiple potential successor auditors bid for the client. However, the empirical evidence on this issue varies as more recent research attributes prior evidence of fee discounting to measurement errors related to audit fees’ partial‐year reporting. We argue that the mixed results of previous literature are partially attributable to a failure to identify competitive auditor changes. We use U.S. Securities and Exchange Commission (SEC) disclosures of audit firm changes to identify cases with multiple potential successor auditors, which suggests more competition for the client. We compare each disclosing firm's audit fees between the first year following the auditor change year and all other years of the same disclosing firm. We find that successor audit firms discount audit fees in the first full year following the auditor change, compared to all other years, within the same disclosing firm. The fee discounting continues until at least the second full year of the engagement. Results also suggest Big N successor firms discount fees to win new engagements from smaller successor audit firms. Audit fee discounting occurs when companies dismiss their audit firm rather than when audit firms resign. Finally, we find no evidence of impaired audit quality for the 2 years following the auditor change.","PeriodicalId":48106,"journal":{"name":"Journal of Business Finance & Accounting","volume":"18 1","pages":""},"PeriodicalIF":2.9,"publicationDate":"2024-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141886736","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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