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Bank intervention and firms’ earnings management: evidence from debt covenant violations Review of Quantitative Finance and Accounting Pub Date : 2024-03-12
Abstract 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
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Machine learning and trade direction classification: insights from the corporate bond market Review of Quantitative Finance and Accounting Pub Date : 2024-03-08 Mark Fedenia, Tavy Ronen, Seunghan Nam
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Vertical propagation of default risk along the supply chain Review of Quantitative Finance and Accounting Pub Date : 2024-03-05 Mu-Shu Yun, Ko-Chia Yu
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Order backlog and its association with fundamental analysis metrics and future earnings Review of Quantitative Finance and Accounting Pub Date : 2024-02-26 Rajiv Banker, Russell Barber, Dana Hollie, Han-Up Park
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
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Short-term credit policies and operating performance Review of Quantitative Finance and Accounting Pub Date : 2024-02-26 Godfred Adjapong Afrifa, Ishmael Tingbani, Ahmad Alshehabi, Hussein Halabi
Using a sample of United Kingdom (UK) non-financial firms from 2009 to 2021, this paper examines the operating performance effect of aggressive and moderate use of trade payables and bank credit. The results demonstrate a hierarchical effect of the use of short-term credit on firms operating performance. In particular, the results show that aggressive use of bank credit achieves higher operating performance
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Hedge fund activism and corporate intangible capital investments Review of Quantitative Finance and Accounting Pub Date : 2024-02-20 Christof Beuselinck, Luc Desrousseaux
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Macroeconomic uncertainty and earnings management: evidence from commodity firms Review of Quantitative Finance and Accounting Pub Date : 2024-02-08
Abstract This study examines the relationship between macroeconomic uncertainty and earnings management, using quarterly data of US commodity firms from the period 1990–2019. The findings show that oil and iron firms use both accruals and real activities to decrease earnings in quarters with high basis risk. Earnings management is economically significant. Further investigation provides fine-grained
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Breaking the Big Four brand’s halo effect precisely: evidence from the association between RMM coverage ratios and integrated audit effectiveness Review of Quantitative Finance and Accounting Pub Date : 2024-02-04
Abstract This research examines what proportion of Big Four auditors underperform in integrated audit settings and why. Incorporating the inverse relation between detection risk and assessed risk of material misstatement (RMM) per the classic audit risk model, we create an RMM coverage ratio to measure how many times the total audit effort expended covers pre-existing RMM—the higher the ratio, the
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Syndicated loans: mapping the trends, sources and intellectual evolution Review of Quantitative Finance and Accounting Pub Date : 2024-02-01
Abstract This study conducts a citation-based comprehensive systematic literature review (SLR) of the syndicated loan market by identifying and recognizing the sources of knowledge-producing leading articles, journals and authors in this area. In total, we present a citation analysis of 374 articles from the Scopus database using a comprehensive list of keyword searches. We find that the importance
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You scratch my back and i scratch yours: evidence from relationship-based bidding in IPO auctions Review of Quantitative Finance and Accounting Pub Date : 2024-01-30 Wenjun Wang
Using a dataset of institutional bids for IPOs, we study how relationships with lead underwriters impact institutional investors’ bidding strategy in the auctioned IPOs. Our paper finds that strong business ties lead to higher bid prices. The effect is more pronounced among IPO firms that receive less market attention, and is attenuated for IPOs certified by reputable intermediaries. We propose that
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Military directors and stock price informativeness: What's all the fuss about? Review of Quantitative Finance and Accounting Pub Date : 2024-01-20 Tasawar Nawaz, Tahseen Nawaz
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The impact of political uncertainty on the cost of capital Review of Quantitative Finance and Accounting Pub Date : 2024-01-20
Abstract We investigate the impact of political uncertainty on the relationship between foreign equity portfolio flow and the cost of capital. Using panel data from 40 countries from 2001 to 2016, our results show that the year before a national election is associated with a higher cost of capital. Further analyses show that the relationship between international equity portfolio flow and the cost
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Social media disclosure and reputational damage Review of Quantitative Finance and Accounting Pub Date : 2024-01-20 Xing Huan, Antonio Parbonetti, Giulia Redigolo, Zhewei Zhang
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An improved criterion for almost marginal conditional stochastic dominance Review of Quantitative Finance and Accounting Pub Date : 2024-01-13
Abstract We contribute to redefining the criteria based on Almost Stochastic Dominance for better portfolio comparison in four ways. First, we refine the first order of Marginal Conditional Stochastic Dominance (Yitzhaki and Olkin in Concentration indices and concentration curves, Vol 19, Lecture notes-monograph series: stochastic orders and decision under risk, 1991; Shalit and Yitzhaki in Manag Sci
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Corporate investment decisions with switch flexibility, constraints, and path-dependency Review of Quantitative Finance and Accounting Pub Date : 2024-01-10 Spiros H. Martzoukos, Nayia Pospori, Lenos Trigeorgis
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Audit committee equity incentives and stock price crash risk Review of Quantitative Finance and Accounting Pub Date : 2023-12-30
Abstract This paper theoretically and empirically investigates whether and how audit committee (AC) equity incentives affect future stock price crash risk. Consistent with our model prediction that equity incentives for ACs contribute to reducing the skewness of return distributions, we document evidence of a negative relationship between AC equity incentives and expected crash risk for a merged sample
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Realized higher moments and trading activity Review of Quantitative Finance and Accounting Pub Date : 2023-12-14 Shu-Fang Yuan
This study investigates the informativeness of realized higher moments of stock index returns, namely, realized skewness and kurtosis, in explaining trading activity in the futures market to investigate whether information flows from price risk to trading activity. By analyzing high-frequency data covering a twelve-year period, we discover that futures trading activity can be attributed to high-moment
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Optimal dividend decisions with capital infusion in a dynamic nonterminal bankruptcy model Review of Quantitative Finance and Accounting Pub Date : 2023-12-11 Shu Zhang, Peimin Chen, Chunchi Wu
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Opioid crisis effects on local firms’ risk Review of Quantitative Finance and Accounting Pub Date : 2023-12-08 Sabri Boubaker, Zied Ftiti, Yifan Liu, Wael Louhichi
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Earnings quality and board meeting frequency Review of Quantitative Finance and Accounting Pub Date : 2023-12-03 Nikos Vafeas, Adamos Vlittis
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The impact of the Paycheck Protection Program on the risk-taking behaviour of US banks Review of Quantitative Finance and Accounting Pub Date : 2023-12-01 Stefano Filomeni
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Chalk it up to experience: CEO general ability and earnings management Review of Quantitative Finance and Accounting Pub Date : 2023-11-30 Leila Zbib, Kourosh Amirkhani, Douglas Fairhurst
We provide evidence that firms managed by CEOs with high general ability, or broad experience in their background, are more likely to utilize discretionary accruals to manage earnings than CEOs with focused experience. Cross-sectional variation suggests that the mechanism underlying the increased use of discretionary accruals is generalist CEOs’ increased willingness to bear the risk inherent in managing
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Effect of FinCredit on income inequality: the moderating role of financial inclusion Review of Quantitative Finance and Accounting Pub Date : 2023-11-25 Xuan T. T. Pham, Thu B. Luu
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Consistent valuation: extensions from bankruptcy costs and tax integration with time-varying debt Review of Quantitative Finance and Accounting Pub Date : 2023-11-24 Nguyen Kim-Duc, Pham Khanh Nam
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Cash flow sensitivity of cash: when should we use it to measure financial constraints? Review of Quantitative Finance and Accounting Pub Date : 2023-11-13 Weiping Hu, Xiao Zhang, Ye He
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Liquidity difference between non-U.S. and U.S. IPOs on the NYSE listings Review of Quantitative Finance and Accounting Pub Date : 2023-11-14 Jang-Chul Kim, Kaun Y. Lee, Ha-Chin Yi
We investigate liquidity and information asymmetry for a sample of non-U.S. stock listings and U.S. IPO listings on the NYSE. We find that non-U.S. stock listings tend to have wider spreads, larger price impact of trades, and higher probability of information-based trading than those of the U.S. IPOs. In addition, our results show that the differences in liquidity and information asymmetry are not
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A reduced-form model for lease contract valuation with embedded options Review of Quantitative Finance and Accounting Pub Date : 2023-11-10 Chuang-Chang Chang, Hsiao-Wei Ho, Henry Hongren Huang, Yildiray Yildirim
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CEO confidence matters: the real effects of short sale constraints revisited Review of Quantitative Finance and Accounting Pub Date : 2023-11-07 Juwon Jang, Eunju Lee
This paper investigates the role of managerial biases in the real effects of limits to arbitrage. In a natural experiment setting with Regulation SHO, we find that the lifting of short sale constraints leads to a significant decrease in CEO confidence for pilot firms, and this result is more pronounced for pilot firms with financial constraints and stronger corporate governance. We further find that
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The impact of economic policy uncertainty and inflation risk on corporate cash holdings Review of Quantitative Finance and Accounting Pub Date : 2023-11-07 Bijoy Chandra Das, Fakhrul Hasan, Soma Rani Sutradhar
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
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CFO overconfidence and conditional accounting conservatism Review of Quantitative Finance and Accounting Pub Date : 2023-11-06 Lu Qiao, Emmanuel Adegbite, Tam Huy Nguyen
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
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What do dividend changes reveal? Theory and evidence from a unique environment Review of Quantitative Finance and Accounting Pub Date : 2023-11-04 Abdullah AlGhazali, Khamis Hamed Al-Yahyaee, Richard Fairchild, Yilmaz Guney
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Corporate social responsibility and myopic management practice: Is there a link? Review of Quantitative Finance and Accounting Pub Date : 2023-10-29 David K. Ding, Christo Ferreira, Vu Minh Ngo, Phuc V. Nguyen, Udomsak Wongchoti
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The risk of SIN or socially irresponsible stocks Review of Quantitative Finance and Accounting Pub Date : 2023-10-25 Alireza Rezaeian, Marie Racine
We demonstrate that the current practice of assuming SIN stocks are riskier than non-SIN stocks is misleading for SIN, or socially irresponsible, investments in alcohol, tobacco and gambling securities. Using annual North American data from 1980 to 2017, we investigate the risk of SIN stocks relative to that of a curated sample of non-SIN firms with similar characteristics and carefully matched using
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Do environmental and social practices matter for the financial resilience of companies? Evidence from US firms during the COVID-19 pandemic Review of Quantitative Finance and Accounting Pub Date : 2023-10-19 Hachmi Ben Ameur, Selma Boussetta
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Forced consolidation Review of Quantitative Finance and Accounting Pub Date : 2023-10-19 Anna Pomeranets, Daniel G. Weaver
The European Union is moving closer to consolidating their equity markets as the United States did in the 1970s. In February 2023 fourteen European exchanges collaborated on a proposal to create a consolidated tape. This paper provides an empirical examination of the impact of regulator-imposed consolidation on market quality. We find that creating a consolidated system in the EU will likely improve
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CEO power, corporate risk management, and dividends: disentangling CEO managerial ability from entrenchment Review of Quantitative Finance and Accounting Pub Date : 2023-10-17 Mike Adams, Wei Jiang, Tianshu Ma
We contribute to the literature on dividend policy by considering two largely ignored, yet important factors, namely CEO power and corporate risk management. We first disentangle CEO managerial ability from entrenchment - the two sources of leadership autonomy that are not normally distinguished in prior literature. Using UK (re)insurance data that allows us to objectively and reliably quantify risk
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Corporate social responsibility, earnings management and firm performance: evidence from panel VAR estimation Review of Quantitative Finance and Accounting Pub Date : 2023-10-12 Mark Anderson, Soonchul Hyun, Hussein Warsame
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Robust lessons learned from bank failures during the Great Financial Crisis Review of Quantitative Finance and Accounting Pub Date : 2023-10-13 Cullen F. Goenner
Several empirical studies have identified unique characteristics of banks that subsequently failed during the Great Financial Crisis. The notion is that by identifying these risk characteristics we are better able to monitor and regulate the risks to banks during the next crisis. A concern is bank failure is a relatively rare event, therefore inferences based on a single model specification can be
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Identifying accounting conservatism in the presence of skewness Review of Quantitative Finance and Accounting Pub Date : 2023-10-08 Henry Jarva, Matthijs Lof
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The market price to embedded value gap: an analysis of European life insurers Review of Quantitative Finance and Accounting Pub Date : 2023-10-03 Derrick W. H. Fung, Charles C. Yang, Jason J. H. Yeh
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Chasing noise in the stock market: an inquiry into the dynamics of investor sentiment and asset pricing Review of Quantitative Finance and Accounting Pub Date : 2023-10-04 Rilwan Sakariyahu, Audrey Paterson, Eleni Chatzivgeri, Rodiat Lawal
This study explores the inclusion of sentiment measures as a risk factor in asset pricing. Using UK market data for the period January 1993 to December 2020, we create a new sentiment variable, and construct both raw and clean sentiment indices from a principal component analysis of a variety of literature-acknowledged sentiment proxies. Essentially, the model estimations are categorized into two:
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How does credit market innovation affect the fiscal policy of state governments? Review of Quantitative Finance and Accounting Pub Date : 2023-10-02 Hsien-Yi Chen, Sheng-Syan Chen
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Financial statement relevance, representational faithfulness, and comparability Review of Quantitative Finance and Accounting Pub Date : 2023-09-28 Michael Neel, Irfan Safdar
One approach to achieving comparable financial statements is to adhere to identical (or converged) standards, methods, models, and estimates. However, adherence to identical standards, methods, models, and estimates is impractical and contrary to current trends in standard setting. As an alternative, the FASB has proposed that satisfying the fundamental characteristics of relevance and representational
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The dynamic relation between board gender diversity and firm performance: the moderating role of shareholder activism Review of Quantitative Finance and Accounting Pub Date : 2023-09-28 Fujiao Xie, Ying Guo, Shirley J. Daniel, Yuanyang Liu
California became the first state in the US to require gender diversity on publicly corporate boards. To provide timely evidence on the heated debate, we investigate the impact of board gender diversity on financial performance and how shareholder activism affects the dynamic relationship in the United States. We find that the relation between board gender diversity and firm performance presents an
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A new PIN model with application of the change-point detection method Review of Quantitative Finance and Accounting Pub Date : 2023-09-25 Chu-Lan Michael Kao, Emily Lin
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PIPEs, firm investment, and viability Review of Quantitative Finance and Accounting Pub Date : 2023-09-19 Mark D. Walker, Qingqing Wu
Using 2342 PIPEs, we investigate the intended use of funds and its relation to firm characteristics and issue outcomes. We find that a slight majority of issues are for investment purposes with the rest being for purposes related to enhancing firm viability. The offer discounts to the private investors and the market’s reaction to the announcement are more related to investment quality for the invest
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Generalized dividend behavior model and dividend smoothing: theory and empirical evidence Review of Quantitative Finance and Accounting Pub Date : 2023-09-15 Cheng-few Lee, James Juichia Lin
The main purpose of this study is to use generalized dividend behavior model proposed by Fama and Babiak (1968) and Lee et al. (1987) to re-examine previous dividend smoothing researches. This study proposes a dividend smoothing model that integrates two prevailing dividend hypotheses to evaluate the degree of dividend smoothing behaviors and investigates cross-sectional variation in determining a
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The impact of social media on venture capital financing: evidence from Twitter interactions Review of Quantitative Finance and Accounting Pub Date : 2023-09-16 Onur Bayar, Emre Kesici
This paper examines how information acquisition through social media affects venture capital (VC) investments into entrepreneurial startup firms. We collect a unique data set from Twitter API to measure the impact of owned social media (OSM) and earned social media (ESM) of portfolio companies on the structure of VC investments they receive. We find evidence consistent with the hypothesis that startup
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Corporate debt policy and tax uncertainty Review of Quantitative Finance and Accounting Pub Date : 2023-09-13 Kathleen Petrie Fuller, Qun Wu, Serhat Yildiz
The relation between taxes and capital structure has long been studied in academic literature but the relation between tax uncertainty and capital structure remains underexplored. Using a measure of tax uncertainty based on an accounting reserve for contingent tax liability, we find that tax uncertainty is negatively associated with firms’ leverage. In terms of economic significance, the effect of
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From boots to suits: do military directors protect shareholders’ wealth? Review of Quantitative Finance and Accounting Pub Date : 2023-09-12 Tasawar Nawaz, Roszaini Haniffa, Mohammad Hudaib
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The impact of shareholder litigation risk on income smoothing Review of Quantitative Finance and Accounting Pub Date : 2023-09-11 Yiwei Li, Wei Song, Tingyu Sun, Qingjing Zhang
This paper investigates whether and how shareholder litigation influences income smoothing. Using the ruling of the Ninth Circuit Court of Appeals in 1999 as an exogenous shock to the threat of litigation, we find that the increasing difficulty of class action lawsuits decreases income smoothing. This finding is robust to different model specifications. We also show that such an effect is stronger
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Non-linear volatility with normal inverse Gaussian innovations: ad-hoc analytic option pricing Review of Quantitative Finance and Accounting Pub Date : 2023-09-10 Sharif Mozumder, Bakhtear Talukdar, M. Humayun Kabir, Bingxin Li
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Policy uncertainty and real activities manipulation: evidence from Brexit Review of Quantitative Finance and Accounting Pub Date : 2023-09-07 Naser Makarem, Harjinder Singh, Nigar Sultana, Darren Henderson
Brexit exposed the UK to substantial policy uncertainty that could affect the performance and behavior of British firms. We examine the impact of Brexit as an exogenous shock to policy uncertainty on real activities manipulation by British firms. Using several measures of real activities manipulation and a difference-in-differences design, we compare the earnings management of firms most adversely
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Bankruptcy prediction using machine learning and Shapley additive explanations Review of Quantitative Finance and Accounting Pub Date : 2023-09-07 Hoang Hiep Nguyen, Jean-Laurent Viviani, Sami Ben Jabeur
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The effect of co-opted directors on real earnings management Review of Quantitative Finance and Accounting Pub Date : 2023-09-04 Robin Chen, Hongrui Feng, Xuechen Gao, Shenru Li
Co-opted directors are those elected after a CEO takes office. In this paper, we examine how co-opted directors affect real earnings management. Our results show that, due to the lack of director independence, a board with more co-opted directors plays a weaker monitoring role, which significantly increases the level of real earnings management. A DID setting using the Sarbanes–Oxley Act of 2002 as
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The role of dividends and investor sentiment in the relation between idiosyncratic risk and expected returns Review of Quantitative Finance and Accounting Pub Date : 2023-09-02 Jungshik Hur, Qing Yang
We test the role of dividends and investor sentiment in the relation between idiosyncratic risk and expected returns because Pastor and Veronesi (J Financ 58:1749–1789, 2003) find evidence that dividends reduce firm-specific uncertainty by sending information to the market participants through dividends. Also, Baker and Wurgler (J Financ 61:1645–1680, 2006) document that the negative relation between
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Economic policy uncertainty and heterogeneous institutional investor horizons Review of Quantitative Finance and Accounting Pub Date : 2023-08-31 Xiaoqiong Wang, Siqi Wei, Xiaoyang Zhu
Existing literature has extensively discussed the impact of economic policy uncertainty (EPU) on firm-related activities, but there is sparse evidence of its impact on the behavior of institutional investors. Using quarterly U.S firm-level data for 1980Q1-2020Q4, we find heterogeneous responses of institutional investors to EPU shocks to different horizons. Specifically, long-term institutional investors
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Ex-ante determinants to delist or not delist targets after an M&A Review of Quantitative Finance and Accounting Pub Date : 2023-08-28 Hubert de la Bruslerie, Jérôme Caby
This paper conducts an empirical analysis of the reasons for a new controlling shareholder to either delist the acquired firm or maintain it as a separate listed company after an M&A transaction. This choice is complex, as it combines the success of the transaction and the acquirer’s decision to announce the will to delist. We show that the delisting announcement at the start of the transaction is
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The transfer of risk taking along the supply chain Review of Quantitative Finance and Accounting Pub Date : 2023-08-24 Manh Cuong Nguyen, Viet Anh Dang, Tri Tri Nguyen
We show that suppliers’ risk taking is positively influenced by that of their major customers. This result is consistent with the notion that when major customers take more risk to enhance their bargaining power and rent extraction ability, suppliers may respond by also engaging in more risk taking to improve their bargaining positions. Further cross-sectional analysis shows that the transfer of risk