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The information content of delayed block trades in cryptocurrency markets 加密货币市场中延迟区块交易的信息内容
The British Accounting Review Pub Date : 2024-10-28 DOI: 10.1016/j.bar.2024.101513
Luca Galati, Riccardo De Blasis
{"title":"The information content of delayed block trades in cryptocurrency markets","authors":"Luca Galati, Riccardo De Blasis","doi":"10.1016/j.bar.2024.101513","DOIUrl":"https://doi.org/10.1016/j.bar.2024.101513","url":null,"abstract":"This paper examines the price impact of large block trades in cryptocurrency markets by using a natural experiment in Bitcoin provided by the Gemini exchange. The exchange introduced a block trading facility in 2018, but in December 2019, it changed the minimum size threshold that allows market participants to trade a block and report it with a delay. Consistent with theoretical predictions and earlier empirical findings, we largely confirm that the information content of large trades is significantly lower in the upstairs market than in the downstairs. In contrast with prior research in traditional markets, we find that delaying the reporting of a block traded away from the continuous book discourages informed trading and potentially decreases the informativeness of trading and, therefore, information efficiency. Further, we find that the newly implemented size requirement for upstairs trades increases the total market impact, thereby not working as the intended introduction of a block trading facility.","PeriodicalId":501001,"journal":{"name":"The British Accounting Review","volume":"15 1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-10-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142637392","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
Harnessing ChatGPT for predictive financial factor generation: A new frontier in financial analysis and forecasting 利用 ChatGPT 生成预测性金融因子：金融分析和预测的新领域
The British Accounting Review Pub Date : 2024-10-21 DOI: 10.1016/j.bar.2024.101507
Yuhan Cheng, Yuming Zeng, Jie Zou
{"title":"Harnessing ChatGPT for predictive financial factor generation: A new frontier in financial analysis and forecasting","authors":"Yuhan Cheng, Yuming Zeng, Jie Zou","doi":"10.1016/j.bar.2024.101507","DOIUrl":"https://doi.org/10.1016/j.bar.2024.101507","url":null,"abstract":"The search for predictive financial factors in stock pricing of companies has long been a key focus in accounting and finance, but traditional methods often require complex, subjective inputs. This paper introduces a method using ChatGPT-4 to generate financial factors based on the structure of financial statements and key variables, eliminating the need for numerical data. Leveraging GPT’s natural language processing capabilities and extensive knowledge base, our approach efficiently generates factors that are highly predictive of future returns and exhibit robustness over time, unaffected by variations in different conversational windows. Regression analysis demonstrates that these factors cannot be linearly explained by traditional financial factors. This paper highlights AI’s potential in revolutionizing financial analysis and decision-making.","PeriodicalId":501001,"journal":{"name":"The British Accounting Review","volume":"4 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-10-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142637393","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
Performance management, metric quality, and trust: Survey evidence from healthcare organizations 绩效管理、指标质量和信任：来自医疗机构的调查证据
The British Accounting Review Pub Date : 2024-10-16 DOI: 10.1016/j.bar.2024.101511
Hilco J. van Elten, Berend van der Kolk
{"title":"Performance management, metric quality, and trust: Survey evidence from healthcare organizations","authors":"Hilco J. van Elten, Berend van der Kolk","doi":"10.1016/j.bar.2024.101511","DOIUrl":"https://doi.org/10.1016/j.bar.2024.101511","url":null,"abstract":"We examine the impact of performance management (PM) and metric quality on trust and performance in healthcare organizations. Prior research found that PM can elicit feelings of distrust, as healthcare professionals can perceive control as curbing their autonomy. We examine whether the quality of metrics (i.e., their accuracy, sensitivity, and verifiability) can help PM to enhance interpersonal trust in healthcare settings. We mobilize self-determination theory (SDT) and argue that PM using high-quality metrics can address managers' needs for competence and autonomy, which in turn can impact interpersonal trust and unit performance. Using survey data from 152 middle managers in healthcare settings, we find that metric quality moderates the relationship between PM and interpersonal trust, which is subsequently positively linked with unit performance. Also, we find that action control and cultural control are positively associated with interpersonal trust. We complement literature on the control-trust nexus by highlighting the importance of metric quality, and by showing which forms of control can be instrumental in creating a high-trust work environment.","PeriodicalId":501001,"journal":{"name":"The British Accounting Review","volume":"5 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142637394","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
Share pledging and corporate misconduct 股票质押和公司不当行为
The British Accounting Review Pub Date : 2024-10-16 DOI: 10.1016/j.bar.2024.101508
Lawrence Kryzanowski, Mingyang Li, Sheng Xu, Jie Zhang
{"title":"Share pledging and corporate misconduct","authors":"Lawrence Kryzanowski, Mingyang Li, Sheng Xu, Jie Zhang","doi":"10.1016/j.bar.2024.101508","DOIUrl":"https://doi.org/10.1016/j.bar.2024.101508","url":null,"abstract":"We investigate and find a significant and positive relation between share pledging by controlling shareholders and the likelihood of corporate misconduct. The results remain robust after classifying misconduct into accounting and non-accounting misconduct, and misconduct receiving severe and light penalties. Alleviation of financial constraints, inflation of stock prices, mitigation of margin calls, and expropriation under poor corporate governance are the main motives for corporate misconduct by firms with pledging controlling shareholders. The positive relation between share pledging and corporate misconduct propensity remains after accounting for endogeneity issues, political connections, intensified bank monitoring, and share repurchasers.","PeriodicalId":501001,"journal":{"name":"The British Accounting Review","volume":"17 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142637395","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
Picturing success: The informational role of visual cues in initial coin offerings 描绘成功：首次代币发行中视觉线索的信息作用
The British Accounting Review Pub Date : 2024-10-10 DOI: 10.1016/j.bar.2024.101503
Feilian Xia, James Thewissen, Diego Barrio Herrezuelo, Özgür Arslan-Ayaydin, Shuo Yan
{"title":"Picturing success: The informational role of visual cues in initial coin offerings","authors":"Feilian Xia, James Thewissen, Diego Barrio Herrezuelo, Özgür Arslan-Ayaydin, Shuo Yan","doi":"10.1016/j.bar.2024.101503","DOIUrl":"https://doi.org/10.1016/j.bar.2024.101503","url":null,"abstract":"Visual cues are increasingly used in financial disclosures to improve information dissemination. While prior research has primarily focused on the informational value of linguistic attributes in financial disclosures, we draw on dual coding theory and investigate how infographics in disclosures affect fundraising success. Exploiting the high level of information asymmetry of Initial Coin Offerings (ICOs), we find that infographics positively influence the amount raised, particularly when the textual content is highly technical. We explore the mechanisms behind this result, showing that infographics are associated with improved third-party analyst ratings and reduced rating dispersion, which suggests that visuals help mitigate information asymmetry. Furthermore, qualitative, status summary, and startup-specific infographics further enhance fundraising efforts. Overall, visual cues significantly enhance the informational value of entrepreneurial financing disclosure, leading to greater funding outcomes.","PeriodicalId":501001,"journal":{"name":"The British Accounting Review","volume":"47 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142637396","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
Do investor reactions to merger announcements shape the writing of SEC filings? 投资者对合并公告的反应是否会影响 SEC 文件的撰写？
The British Accounting Review Pub Date : 2024-10-09 DOI: 10.1016/j.bar.2024.101498
Nihat Aktas, Eric de Bodt, Can Deniz Dogan
{"title":"Do investor reactions to merger announcements shape the writing of SEC filings?","authors":"Nihat Aktas, Eric de Bodt, Can Deniz Dogan","doi":"10.1016/j.bar.2024.101498","DOIUrl":"https://doi.org/10.1016/j.bar.2024.101498","url":null,"abstract":"The way filings of mergers and acquisitions (M&A) with the Security Exchange Commission (SEC) are written might depend on investor reactions to initial public announcements of the deal. We examine this investor feedback hypothesis by focusing on the readability and timing of a large sample of SEC documents. We show that acquirers write documents with lower readability and file them faster when investors react negatively to the deal announcement, a finding consistent with strategic obfuscation efforts. The results are robust to alternative empirical choices, such as controlling for deal complexity or the firm's writing style. They are also confirmed using an instrumental variables approach.","PeriodicalId":501001,"journal":{"name":"The British Accounting Review","volume":"21 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142637400","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
Lesson from stock price crash: Changes in managerial confidence and incentives 股价暴跌的教训：管理者信心和激励机制的变化
The British Accounting Review Pub Date : 2024-10-09 DOI: 10.1016/j.bar.2024.101499
Hyeong Joon Kim
{"title":"Lesson from stock price crash: Changes in managerial confidence and incentives","authors":"Hyeong Joon Kim","doi":"10.1016/j.bar.2024.101499","DOIUrl":"https://doi.org/10.1016/j.bar.2024.101499","url":null,"abstract":"This paper investigates the consequences of stock price crashes. I find that stock price crash risk subsequently reduces managerial confidence levels, as proxied by the CEO's option-based and earnings call transcript's text-based measures. I also find that stock price crash risk reduces CEO compensation and equity incentives, suggesting that a firm seeks to adjust managerial incentives after its stock price crashes to prevent future occurrences. Furthermore, CEOs with high confidence are more likely to curtail overinvestment after their crash experiences relative to others, thereby contributing to shareholder value. Overall, this paper provides novel evidence that CEOs and firms appear to learn from their experiences of stock price crashes, suggesting that stock price crashes may induce experience-driven conservatism that influences CEO and corporate decisions.","PeriodicalId":501001,"journal":{"name":"The British Accounting Review","volume":"13 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142637399","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
Changes in bank profitability Post-CEO succession: Does prior CEO experience improve bank performance? CEO 继任后银行盈利能力的变化：前任首席执行官的经验是否会提高银行业绩？
The British Accounting Review Pub Date : 2024-10-09 DOI: 10.1016/j.bar.2024.101500
Douglas Cumming, Peigong Li, Feng Zhan, Wanwan Zhu
{"title":"Changes in bank profitability Post-CEO succession: Does prior CEO experience improve bank performance?","authors":"Douglas Cumming, Peigong Li, Feng Zhan, Wanwan Zhu","doi":"10.1016/j.bar.2024.101500","DOIUrl":"https://doi.org/10.1016/j.bar.2024.101500","url":null,"abstract":"Based on a unique hand-collected dataset of CEO succession events in US bank holding companies (BHCs), we find that prior CEO experience of the newly appointed CEO improves bank profitability post-CEO succession, but primarily in underperforming banks. We distinguish prior CEO experience based on where the experience was obtained and find that the performance effect is driven by the experience gained outside the bank. Moreover, our study indicates that new CEOs with previous CEO experience acquired outside the bank are more likely to enhance profitability through earnings manipulation than those who obtained CEO experience within the bank or those without any previous CEO experience.","PeriodicalId":501001,"journal":{"name":"The British Accounting Review","volume":"11 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142637398","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
Female lead auditors, audit fees, and audit quality 女性首席审计师、审计费用和审计质量
The British Accounting Review Pub Date : 2024-10-04 DOI: 10.1016/j.bar.2024.101497
Tiphaine Jérôme, Cédric Poretti, Alain Schatt
{"title":"Female lead auditors, audit fees, and audit quality","authors":"Tiphaine Jérôme, Cédric Poretti, Alain Schatt","doi":"10.1016/j.bar.2024.101497","DOIUrl":"https://doi.org/10.1016/j.bar.2024.101497","url":null,"abstract":"We investigate whether female lead auditors are associated with higher audit fees and audit quality. We expect female lead auditors to have a significant influence on these audit outcomes for two reasons. First, female auditors are more risk averse and less tolerant of opportunistic behaviours than their male counterparts. Second, lead auditors perform more numerous and varied tasks and spend more time on the audit of a given client than concurring auditors. Our results show that female lead auditors are associated with higher audit quality but not with higher audit fees. However, these results only hold for female lead auditors with low client-specific experience (i.e., in a riskier context). Finally, additional analyses suggest that female lead auditors and female concurring auditors have a different influence on audit fees and audit quality.","PeriodicalId":501001,"journal":{"name":"The British Accounting Review","volume":"161 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-10-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142637402","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
How does divergence of control and cash-flow rights influence cost stickiness? 控制权和现金流权的分歧如何影响成本粘性？
The British Accounting Review Pub Date : 2024-10-03 DOI: 10.1016/j.bar.2024.101495
Seungbin Oh, Ahrum Choi
{"title":"How does divergence of control and cash-flow rights influence cost stickiness?","authors":"Seungbin Oh, Ahrum Choi","doi":"10.1016/j.bar.2024.101495","DOIUrl":"https://doi.org/10.1016/j.bar.2024.101495","url":null,"abstract":"This study investigates whether the degree of cost stickiness depends on the divergence between control and cash-flow rights of ultimate owners using data from 22 countries. Firms with a large divergence between control and cash-flow rights are known to take more opportunistic actions at the expense of minority shareholders. The empirical results show that the magnitude of cost stickiness decreases as the divergence between control and cash-flow rights increases due to the greater incentives to manipulate earnings. Firms use both accruals earnings management (AEM) and real-activities earnings management (REM), and among REM, they adjust production activity and discretionary expense to affect cost. Additional tests show that the negative relationship between the divergence between control and cash-flow rights and cost stickiness is more pronounced in countries with weak economic, legal, and social factors. This paper, by examining the effect of ownership structure on cost behavior as well as its underlying mechanism, broadens the understanding of sticky cost behavior and contributes to the growing body of literature on the convergence of financial and managerial accounting.","PeriodicalId":501001,"journal":{"name":"The British Accounting Review","volume":"98 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-10-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142637401","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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