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Publisher: John Wiley and Sons   (Total: 1589 journals)

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Showing 1 - 200 of 1589 Journals sorted alphabetically
Abacus     Hybrid Journal   (Followers: 12, SJR: 0.48, h-index: 22)
About Campus     Hybrid Journal   (Followers: 5)
Academic Emergency Medicine     Hybrid Journal   (Followers: 65, SJR: 1.385, h-index: 91)
Accounting & Finance     Hybrid Journal   (Followers: 48, SJR: 0.547, h-index: 30)
ACEP NOW     Free   (Followers: 1)
Acta Anaesthesiologica Scandinavica     Hybrid Journal   (Followers: 53, SJR: 1.02, h-index: 88)
Acta Archaeologica     Hybrid Journal   (Followers: 168, SJR: 0.101, h-index: 9)
Acta Geologica Sinica (English Edition)     Hybrid Journal   (Followers: 3, SJR: 0.552, h-index: 41)
Acta Neurologica Scandinavica     Hybrid Journal   (Followers: 5, SJR: 1.203, h-index: 74)
Acta Obstetricia et Gynecologica Scandinavica     Hybrid Journal   (Followers: 15, SJR: 1.197, h-index: 81)
Acta Ophthalmologica     Hybrid Journal   (Followers: 6, SJR: 0.112, h-index: 1)
Acta Paediatrica     Hybrid Journal   (Followers: 56, SJR: 0.794, h-index: 88)
Acta Physiologica     Hybrid Journal   (Followers: 6, SJR: 1.69, h-index: 88)
Acta Polymerica     Hybrid Journal   (Followers: 9)
Acta Psychiatrica Scandinavica     Hybrid Journal   (Followers: 37, SJR: 2.518, h-index: 113)
Acta Zoologica     Hybrid Journal   (Followers: 7, SJR: 0.459, h-index: 29)
Acute Medicine & Surgery     Hybrid Journal   (Followers: 5)
Addiction     Hybrid Journal   (Followers: 36, SJR: 2.086, h-index: 143)
Addiction Biology     Hybrid Journal   (Followers: 14, SJR: 2.091, h-index: 57)
Adultspan J.     Hybrid Journal   (SJR: 0.127, h-index: 4)
Advanced Energy Materials     Hybrid Journal   (Followers: 26, SJR: 6.411, h-index: 86)
Advanced Engineering Materials     Hybrid Journal   (Followers: 26, SJR: 0.81, h-index: 81)
Advanced Functional Materials     Hybrid Journal   (Followers: 51, SJR: 5.21, h-index: 203)
Advanced Healthcare Materials     Hybrid Journal   (Followers: 14, SJR: 0.232, h-index: 7)
Advanced Materials     Hybrid Journal   (Followers: 295, SJR: 9.021, h-index: 345)
Advanced Materials Interfaces     Hybrid Journal   (Followers: 6, SJR: 1.177, h-index: 10)
Advanced Optical Materials     Hybrid Journal   (Followers: 7, SJR: 2.488, h-index: 21)
Advanced Science     Open Access   (Followers: 5)
Advanced Synthesis & Catalysis     Hybrid Journal   (Followers: 17, SJR: 2.729, h-index: 121)
Advances in Polymer Technology     Hybrid Journal   (Followers: 13, SJR: 0.344, h-index: 31)
Africa Confidential     Hybrid Journal   (Followers: 21)
Africa Research Bulletin: Economic, Financial and Technical Series     Hybrid Journal   (Followers: 13)
Africa Research Bulletin: Political, Social and Cultural Series     Hybrid Journal   (Followers: 11)
African Development Review     Hybrid Journal   (Followers: 33, SJR: 0.275, h-index: 17)
African J. of Ecology     Hybrid Journal   (Followers: 16, SJR: 0.477, h-index: 39)
Aggressive Behavior     Hybrid Journal   (Followers: 15, SJR: 1.391, h-index: 66)
Aging Cell     Open Access   (Followers: 11, SJR: 4.374, h-index: 95)
Agribusiness : an Intl. J.     Hybrid Journal   (Followers: 3, SJR: 0.627, h-index: 14)
Agricultural and Forest Entomology     Hybrid Journal   (Followers: 16, SJR: 0.925, h-index: 43)
Agricultural Economics     Hybrid Journal   (Followers: 45, SJR: 1.099, h-index: 51)
AIChE J.     Hybrid Journal   (Followers: 32, SJR: 1.122, h-index: 120)
Alcoholism and Drug Abuse Weekly     Hybrid Journal   (Followers: 7)
Alcoholism Clinical and Experimental Research     Hybrid Journal   (Followers: 7, SJR: 1.416, h-index: 125)
Alimentary Pharmacology & Therapeutics     Hybrid Journal   (Followers: 33, SJR: 2.833, h-index: 138)
Alimentary Pharmacology & Therapeutics Symposium Series     Hybrid Journal   (Followers: 3)
Allergy     Hybrid Journal   (Followers: 51, SJR: 3.048, h-index: 129)
Alternatives to the High Cost of Litigation     Hybrid Journal   (Followers: 3)
American Anthropologist     Hybrid Journal   (Followers: 152, SJR: 0.951, h-index: 61)
American Business Law J.     Hybrid Journal   (Followers: 24, SJR: 0.205, h-index: 17)
American Ethnologist     Hybrid Journal   (Followers: 93, SJR: 2.325, h-index: 51)
American J. of Economics and Sociology     Hybrid Journal   (Followers: 29, SJR: 0.211, h-index: 26)
American J. of Hematology     Hybrid Journal   (Followers: 35, SJR: 1.761, h-index: 77)
American J. of Human Biology     Hybrid Journal   (Followers: 13, SJR: 1.018, h-index: 58)
American J. of Industrial Medicine     Hybrid Journal   (Followers: 16, SJR: 0.993, h-index: 85)
American J. of Medical Genetics Part A     Hybrid Journal   (Followers: 16, SJR: 1.115, h-index: 61)
American J. of Medical Genetics Part B: Neuropsychiatric Genetics     Hybrid Journal   (Followers: 4, SJR: 1.771, h-index: 107)
American J. of Medical Genetics Part C: Seminars in Medical Genetics     Partially Free   (Followers: 6, SJR: 2.315, h-index: 79)
American J. of Physical Anthropology     Hybrid Journal   (Followers: 37, SJR: 1.41, h-index: 88)
American J. of Political Science     Hybrid Journal   (Followers: 290, SJR: 5.101, h-index: 114)
American J. of Primatology     Hybrid Journal   (Followers: 16, SJR: 1.197, h-index: 63)
American J. of Reproductive Immunology     Hybrid Journal   (Followers: 3, SJR: 1.347, h-index: 75)
American J. of Transplantation     Hybrid Journal   (Followers: 18, SJR: 2.792, h-index: 140)
American J. on Addictions     Hybrid Journal   (Followers: 9, SJR: 0.843, h-index: 57)
Anaesthesia     Hybrid Journal   (Followers: 138, SJR: 1.404, h-index: 88)
Analyses of Social Issues and Public Policy     Hybrid Journal   (Followers: 9, SJR: 0.397, h-index: 18)
Analytic Philosophy     Hybrid Journal   (Followers: 20)
Anatomia, Histologia, Embryologia: J. of Veterinary Medicine Series C     Hybrid Journal   (Followers: 3, SJR: 0.295, h-index: 27)
Anatomical Sciences Education     Hybrid Journal   (Followers: 1, SJR: 0.633, h-index: 24)
Andrologia     Hybrid Journal   (Followers: 2, SJR: 0.528, h-index: 45)
Andrology     Hybrid Journal   (Followers: 2, SJR: 0.979, h-index: 14)
Angewandte Chemie     Hybrid Journal   (Followers: 179)
Angewandte Chemie Intl. Edition     Hybrid Journal   (Followers: 229, SJR: 6.229, h-index: 397)
Animal Conservation     Hybrid Journal   (Followers: 41, SJR: 1.576, h-index: 62)
Animal Genetics     Hybrid Journal   (Followers: 8, SJR: 0.957, h-index: 67)
Animal Science J.     Hybrid Journal   (Followers: 6, SJR: 0.569, h-index: 24)
Annalen der Physik     Hybrid Journal   (Followers: 5, SJR: 1.46, h-index: 40)
Annals of Anthropological Practice     Partially Free   (Followers: 2, SJR: 0.187, h-index: 5)
Annals of Applied Biology     Hybrid Journal   (Followers: 7, SJR: 0.816, h-index: 56)
Annals of Clinical and Translational Neurology     Open Access   (Followers: 1)
Annals of Human Genetics     Hybrid Journal   (Followers: 9, SJR: 1.191, h-index: 67)
Annals of Neurology     Hybrid Journal   (Followers: 48, SJR: 5.584, h-index: 241)
Annals of Noninvasive Electrocardiology     Hybrid Journal   (Followers: 1, SJR: 0.531, h-index: 38)
Annals of Public and Cooperative Economics     Hybrid Journal   (Followers: 8, SJR: 0.336, h-index: 23)
Annals of the New York Academy of Sciences     Hybrid Journal   (Followers: 5, SJR: 2.389, h-index: 189)
Annual Bulletin of Historical Literature     Hybrid Journal   (Followers: 13)
Annual Review of Information Science and Technology     Hybrid Journal   (Followers: 14)
Anthropology & Education Quarterly     Hybrid Journal   (Followers: 25, SJR: 0.72, h-index: 31)
Anthropology & Humanism     Hybrid Journal   (Followers: 17, SJR: 0.137, h-index: 3)
Anthropology News     Hybrid Journal   (Followers: 15)
Anthropology of Consciousness     Hybrid Journal   (Followers: 11, SJR: 0.172, h-index: 5)
Anthropology of Work Review     Hybrid Journal   (Followers: 11, SJR: 0.256, h-index: 5)
Anthropology Today     Hybrid Journal   (Followers: 91, SJR: 0.545, h-index: 15)
Antipode     Hybrid Journal   (Followers: 50, SJR: 2.212, h-index: 69)
Anz J. of Surgery     Hybrid Journal   (Followers: 8, SJR: 0.432, h-index: 59)
Anzeiger für Schädlingskunde     Hybrid Journal   (Followers: 1)
Apmis     Hybrid Journal   (Followers: 1, SJR: 0.855, h-index: 73)
Applied Cognitive Psychology     Hybrid Journal   (Followers: 70, SJR: 0.754, h-index: 69)
Applied Organometallic Chemistry     Hybrid Journal   (Followers: 7, SJR: 0.632, h-index: 58)
Applied Psychology     Hybrid Journal   (Followers: 209, SJR: 1.023, h-index: 64)
Applied Psychology: Health and Well-Being     Hybrid Journal   (Followers: 50, SJR: 0.868, h-index: 13)
Applied Stochastic Models in Business and Industry     Hybrid Journal   (Followers: 5, SJR: 0.613, h-index: 24)
Aquaculture Nutrition     Hybrid Journal   (Followers: 14, SJR: 1.025, h-index: 55)
Aquaculture Research     Hybrid Journal   (Followers: 32, SJR: 0.807, h-index: 60)
Aquatic Conservation Marine and Freshwater Ecosystems     Hybrid Journal   (Followers: 36, SJR: 1.047, h-index: 57)
Arabian Archaeology and Epigraphy     Hybrid Journal   (Followers: 11, SJR: 0.453, h-index: 11)
Archaeological Prospection     Hybrid Journal   (Followers: 12, SJR: 0.922, h-index: 21)
Archaeology in Oceania     Hybrid Journal   (Followers: 13, SJR: 0.745, h-index: 18)
Archaeometry     Hybrid Journal   (Followers: 29, SJR: 0.809, h-index: 48)
Archeological Papers of The American Anthropological Association     Hybrid Journal   (Followers: 15, SJR: 0.156, h-index: 2)
Architectural Design     Hybrid Journal   (Followers: 26, SJR: 0.261, h-index: 9)
Archiv der Pharmazie     Hybrid Journal   (Followers: 3, SJR: 0.628, h-index: 43)
Archives of Drug Information     Hybrid Journal   (Followers: 5)
Archives of Insect Biochemistry and Physiology     Hybrid Journal   (SJR: 0.768, h-index: 54)
Area     Hybrid Journal   (Followers: 13, SJR: 0.938, h-index: 57)
Art History     Hybrid Journal   (Followers: 274, SJR: 0.153, h-index: 13)
Arthritis & Rheumatology     Hybrid Journal   (Followers: 54, SJR: 1.984, h-index: 20)
Arthritis Care & Research     Hybrid Journal   (Followers: 27, SJR: 2.256, h-index: 114)
Artificial Organs     Hybrid Journal   (Followers: 1, SJR: 0.872, h-index: 60)
ASHE Higher Education Reports     Hybrid Journal   (Followers: 15)
Asia & the Pacific Policy Studies     Open Access   (Followers: 16)
Asia Pacific J. of Human Resources     Hybrid Journal   (Followers: 326, SJR: 0.494, h-index: 19)
Asia Pacific Viewpoint     Hybrid Journal   (Followers: 1, SJR: 0.616, h-index: 26)
Asia-Pacific J. of Chemical Engineering     Hybrid Journal   (Followers: 8, SJR: 0.345, h-index: 20)
Asia-pacific J. of Clinical Oncology     Hybrid Journal   (Followers: 6, SJR: 0.554, h-index: 14)
Asia-Pacific J. of Financial Studies     Hybrid Journal   (SJR: 0.241, h-index: 7)
Asia-Pacific Psychiatry     Hybrid Journal   (Followers: 4, SJR: 0.377, h-index: 7)
Asian Economic J.     Hybrid Journal   (Followers: 8, SJR: 0.234, h-index: 21)
Asian Economic Policy Review     Hybrid Journal   (Followers: 4, SJR: 0.196, h-index: 12)
Asian J. of Control     Hybrid Journal   (SJR: 0.862, h-index: 34)
Asian J. of Endoscopic Surgery     Hybrid Journal   (Followers: 1, SJR: 0.394, h-index: 7)
Asian J. of Organic Chemistry     Hybrid Journal   (Followers: 6, SJR: 1.443, h-index: 19)
Asian J. of Social Psychology     Hybrid Journal   (Followers: 5, SJR: 0.665, h-index: 37)
Asian Politics and Policy     Hybrid Journal   (Followers: 12, SJR: 0.207, h-index: 7)
Asian Social Work and Policy Review     Hybrid Journal   (Followers: 5, SJR: 0.318, h-index: 5)
Asian-pacific Economic Literature     Hybrid Journal   (Followers: 5, SJR: 0.168, h-index: 15)
Assessment Update     Hybrid Journal   (Followers: 4)
Astronomische Nachrichten     Hybrid Journal   (Followers: 3, SJR: 0.701, h-index: 40)
Atmospheric Science Letters     Open Access   (Followers: 29, SJR: 1.332, h-index: 27)
Austral Ecology     Hybrid Journal   (Followers: 15, SJR: 1.095, h-index: 66)
Austral Entomology     Hybrid Journal   (Followers: 9, SJR: 0.524, h-index: 28)
Australasian J. of Dermatology     Hybrid Journal   (Followers: 8, SJR: 0.714, h-index: 40)
Australasian J. On Ageing     Hybrid Journal   (Followers: 6, SJR: 0.39, h-index: 22)
Australian & New Zealand J. of Statistics     Hybrid Journal   (Followers: 14, SJR: 0.275, h-index: 28)
Australian Accounting Review     Hybrid Journal   (Followers: 3, SJR: 0.709, h-index: 14)
Australian and New Zealand J. of Family Therapy (ANZJFT)     Hybrid Journal   (Followers: 3, SJR: 0.382, h-index: 12)
Australian and New Zealand J. of Obstetrics and Gynaecology     Hybrid Journal   (Followers: 47, SJR: 0.814, h-index: 49)
Australian and New Zealand J. of Public Health     Hybrid Journal   (Followers: 11, SJR: 0.82, h-index: 62)
Australian Dental J.     Hybrid Journal   (Followers: 6, SJR: 0.482, h-index: 46)
Australian Economic History Review     Hybrid Journal   (Followers: 6, SJR: 0.171, h-index: 12)
Australian Economic Papers     Hybrid Journal   (Followers: 31, SJR: 0.23, h-index: 9)
Australian Economic Review     Hybrid Journal   (Followers: 6, SJR: 0.357, h-index: 21)
Australian Endodontic J.     Hybrid Journal   (Followers: 3, SJR: 0.513, h-index: 24)
Australian J. of Agricultural and Resource Economics     Hybrid Journal   (Followers: 3, SJR: 0.765, h-index: 36)
Australian J. of Grape and Wine Research     Hybrid Journal   (Followers: 5, SJR: 0.879, h-index: 56)
Australian J. of Politics & History     Hybrid Journal   (Followers: 15, SJR: 0.203, h-index: 14)
Australian J. of Psychology     Hybrid Journal   (Followers: 18, SJR: 0.384, h-index: 30)
Australian J. of Public Administration     Hybrid Journal   (Followers: 419, SJR: 0.418, h-index: 29)
Australian J. of Rural Health     Hybrid Journal   (Followers: 5, SJR: 0.43, h-index: 34)
Australian Occupational Therapy J.     Hybrid Journal   (Followers: 72, SJR: 0.59, h-index: 29)
Australian Psychologist     Hybrid Journal   (Followers: 12, SJR: 0.331, h-index: 31)
Australian Veterinary J.     Hybrid Journal   (Followers: 23, SJR: 0.459, h-index: 45)
Autism Research     Hybrid Journal   (Followers: 36, SJR: 2.126, h-index: 39)
Autonomic & Autacoid Pharmacology     Hybrid Journal   (SJR: 0.371, h-index: 29)
Banks in Insurance Report     Hybrid Journal   (Followers: 1)
Basic & Clinical Pharmacology & Toxicology     Hybrid Journal   (Followers: 11, SJR: 0.539, h-index: 70)
Basic and Applied Pathology     Open Access   (Followers: 2, SJR: 0.113, h-index: 4)
Basin Research     Hybrid Journal   (Followers: 5, SJR: 1.54, h-index: 60)
Bauphysik     Hybrid Journal   (Followers: 2, SJR: 0.194, h-index: 5)
Bauregelliste A, Bauregelliste B Und Liste C     Hybrid Journal  
Bautechnik     Hybrid Journal   (Followers: 1, SJR: 0.321, h-index: 11)
Behavioral Interventions     Hybrid Journal   (Followers: 9, SJR: 0.297, h-index: 23)
Behavioral Sciences & the Law     Hybrid Journal   (Followers: 24, SJR: 0.736, h-index: 57)
Berichte Zur Wissenschaftsgeschichte     Hybrid Journal   (Followers: 10, SJR: 0.11, h-index: 5)
Beton- und Stahlbetonbau     Hybrid Journal   (Followers: 2, SJR: 0.493, h-index: 14)
Biochemistry and Molecular Biology Education     Hybrid Journal   (Followers: 6, SJR: 0.311, h-index: 26)
Bioelectromagnetics     Hybrid Journal   (Followers: 1, SJR: 0.568, h-index: 64)
Bioengineering & Translational Medicine     Open Access  
BioEssays     Hybrid Journal   (Followers: 10, SJR: 3.104, h-index: 155)
Bioethics     Hybrid Journal   (Followers: 14, SJR: 0.686, h-index: 39)
Biofuels, Bioproducts and Biorefining     Hybrid Journal   (Followers: 1, SJR: 1.725, h-index: 56)
Biological J. of the Linnean Society     Hybrid Journal   (Followers: 16, SJR: 1.172, h-index: 90)
Biological Reviews     Hybrid Journal   (Followers: 5, SJR: 6.469, h-index: 114)
Biologie in Unserer Zeit (Biuz)     Hybrid Journal   (Followers: 41, SJR: 0.12, h-index: 1)
Biology of the Cell     Full-text available via subscription   (Followers: 9, SJR: 1.812, h-index: 69)
Biomedical Chromatography     Hybrid Journal   (Followers: 6, SJR: 0.572, h-index: 49)
Biometrical J.     Hybrid Journal   (Followers: 5, SJR: 0.784, h-index: 44)
Biometrics     Hybrid Journal   (Followers: 37, SJR: 1.906, h-index: 96)
Biopharmaceutics and Drug Disposition     Hybrid Journal   (Followers: 10, SJR: 0.715, h-index: 44)
Biopolymers     Hybrid Journal   (Followers: 18, SJR: 1.199, h-index: 104)
Biotechnology and Applied Biochemistry     Hybrid Journal   (Followers: 44, SJR: 0.415, h-index: 55)
Biotechnology and Bioengineering     Hybrid Journal   (Followers: 152, SJR: 1.633, h-index: 146)
Biotechnology J.     Hybrid Journal   (Followers: 14, SJR: 1.185, h-index: 51)
Biotechnology Progress     Hybrid Journal   (Followers: 39, SJR: 0.736, h-index: 101)
Biotropica     Hybrid Journal   (Followers: 20, SJR: 1.374, h-index: 71)
Bipolar Disorders     Hybrid Journal   (Followers: 9, SJR: 2.592, h-index: 100)
Birth     Hybrid Journal   (Followers: 38, SJR: 0.763, h-index: 64)
Birth Defects Research Part A : Clinical and Molecular Teratology     Hybrid Journal   (Followers: 2, SJR: 0.727, h-index: 77)
Birth Defects Research Part B: Developmental and Reproductive Toxicology     Hybrid Journal   (Followers: 7, SJR: 0.468, h-index: 47)
Birth Defects Research Part C : Embryo Today : Reviews     Hybrid Journal   (SJR: 1.513, h-index: 55)
BJOG : An Intl. J. of Obstetrics and Gynaecology     Partially Free   (Followers: 247, SJR: 2.083, h-index: 125)

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Journal Cover Accounting & Finance
  [SJR: 0.547]   [H-I: 30]   [48 followers]  Follow
    
   Hybrid Journal Hybrid journal (It can contain Open Access articles)
   ISSN (Print) 0810-5391 - ISSN (Online) 1467-629X
   Published by John Wiley and Sons Homepage  [1589 journals]
  • Drivers of tight carbon control in the context of climate change
           regulation
    • Authors: Binh Bui; Larelle Chapple, Thu Phuong Truong
      Abstract: Our study examines the drivers of tight budgetary control in carbon management in the context of climate change regulation. Using the setting of New Zealand Emissions Trading Scheme (ETS), our study explores how firms manage their carbon performance using carbon-focused budgetary control. Based on a survey data from New Zealand firms, including both those with and those without an ETS compliance obligations, our results suggest that economic and regulatory environmental pressures, the level of proactiveness of emissions management strategy, the level of integration of carbon issues in strategic and operational processes and the perceived importance of carbon issues are the significant drivers of tight carbon-focused budgetary control.
      PubDate: 2017-12-22T00:11:13.454487-05:
      DOI: 10.1111/acfi.12320
       
  • Explaining auditors’ propensity to issue going-concern opinions in
           Australia after the global financial crisis
    • Authors: Elizabeth Carson; Neil Fargher, Yuyu Zhang
      Abstract: We document an increase in auditors issuing going-concern opinions in Australia over a prolonged period since the Global Financial Crisis that is not fully explained by changes in client risk. Overall, our evidence is consistent with auditors reporting more conservatively with the increased level of scrutiny from Australian Securities and Investments Commission inspections and other increased regulation, and in particular, the negative attention following the 2011–2012 inspections. As a result, auditor reports with reference to going-concern issues have become less informative regarding future corporate failure.
      PubDate: 2017-12-15T03:37:59.534629-05:
      DOI: 10.1111/acfi.12313
       
  • Board characteristics and credit-union performance
    • Authors: Luisa A. Unda; Kamran Ahmed, Paul R. Mather
      Abstract: We examine the role of board characteristics on the performance of Australian credit unions during the period 2004–2012. Credit unions are unique as they are member-owned institutions, and their directors are democratically elected by their members – an unusual governance structure that poses challenges for board effectiveness. We find that board remuneration, board expertise and attendance at meetings are associated with increased credit-union performance and are consistent with the goal of maximising member benefits. While the unique features of credit unions limit the presence of external monitoring mechanisms, we provide evidence that these board characteristics are relevant for credit unions.
      PubDate: 2017-12-14T04:16:20.762524-05:
      DOI: 10.1111/acfi.12308
       
  • Insolvent trading and voluntary administration in Australia: economic
           winners and losers'
    • Authors: James Brotchie; David Morrison
      Abstract: Australian directors who incur debts while their companies are insolvent can be pursued by the corporate regulator for compensation when their companies fail. Under the Australian insolvent trading laws, directors no longer experience ‘true’ limited liability, and as expected, they adjust their behaviour as a result. Identifying director's rational behaviour in an insolvent trading world is difficult as there are no formal economic models of director decision-making under Australian current corporate law. In this paper, we develop such a model primarily for private companies. We incorporate the threat of insolvent trading as well as director's tactical use of voluntary administration to avoid insolvent trading litigation. We show that neither a combination of insolvent trading or voluntary administration can simultaneously ensure creditors-best outcomes, eliminate insolvent trading and reduce director underinvestment.
      PubDate: 2017-12-14T04:16:16.104114-05:
      DOI: 10.1111/acfi.12319
       
  • Initial public offer pricing, corporate governance and contextual
           relevance: Australian evidence
    • Authors: Neil A. Hartnett; Abul Shamsuddin
      Abstract: This study examines the relationship between initial public offer (IPO) corporate governance, IPO pricing and possible contextual relevance. A comprehensive inventory of IPO governance attributes is modelled. A positive association is reported between the inventory and IPO initial returns. This relationship is attenuated for IPOs where a diminished price relevance of governance structure is posited: smaller scale firms and/or those with alternative monitoring agents in place. Relevance appears modified and even supplanted by particular corporate priorities or the presence of other monitoring mechanisms. These contexts inform the motivation of key players regarding whether and how to act in response to the governance signal.
      PubDate: 2017-12-13T04:21:26.483852-05:
      DOI: 10.1111/acfi.12317
       
  • Enhancing student engagement in large management accounting lectures
    • Authors: Hermann Frick; Jacqueline Birt, Jenny Waters
      Abstract: The education literature suggests a student-focused teaching strategy to improve students’ engagement in a lecture. However, in traditional accounting lectures students take the role of passive and anonymous recipients of knowledge. This paper reports on two cycles of an action research project, developing and refining a blended learning model, with the purpose of enhancing students’ engagement in the lectures of a large management accounting course. Results of our study find that engagement was enhanced with the implementation of this model. This study contributes to the accounting education literature through reporting evidence from action research and the effective implementation of a blended learning model that accounting educators can use.
      PubDate: 2017-12-08T05:06:23.397168-05:
      DOI: 10.1111/acfi.12318
       
  • CEO power, product market competition and the acquisition motive for going
           public
    • Authors: Jian Huang; Bharat A. Jain, Yingying Shao
      Abstract: This study finds that CEO power and product market competition differentially influence post-IPO growth strategy and its economic consequences. Powerful CEOs are more likely to prefer acquisition growth over internal investment. Further, while CEO power is positively related to the likelihood, frequency and size of post-IPO acquisitions, it is unrelated to the post-IPO performance of acquisitive firms. In contrast, product market rivalry does not increase post-IPO acquisitiveness but is positively related to the performance of acquirers. Finally, CEO power enhances the performance of acquisitive IPO firms only when faced with intense competitive rivalry.
      PubDate: 2017-12-07T02:31:29.246099-05:
      DOI: 10.1111/acfi.12316
       
  • What drives flight to quality'
    • Authors: Sebastian Opitz; Alexander Szimayer
      Abstract: The returns of equities and bonds tend to be positively correlated, but in extreme situations this relation reverses. Large negative equity returns co-occur with large positive bond returns. This is potentially caused by investors reassessing their risk preferences and shifting their wealth to less risky asset classes, which is frequently termed flight to quality. We examine macroeconomic factors to identify the driving variables using a conditional copula model. Analysing quarterly data from 1952 to 2014, we find that the Treasury bill rate is the most significant driver. This insight is useful for asset allocation and risk management.
      PubDate: 2017-12-07T02:31:20.300189-05:
      DOI: 10.1111/acfi.12315
       
  • Short-selling constraints and corporate payout policy
    • Authors: Hang Chen; Yushu Zhu, Liang Chang
      Abstract: This study shows that managers adjust corporate payout policies to counteract intensified short-selling pressures following the removal of a short-selling constraint. We use a controlled experiment, the Regulation SHO pilot program, to find that changing the short-selling rule brings small companies to increase cash dividends, but not to repurchase more shares. Because paying dividends is costly, it is acknowledged as a more reliable signal of stock undervaluation than share repurchase. While our evidence suggests that companies select this payout strategy to deter predatory short sellers, it also shows that a short-selling activity has a causal effect on corporate payout decisions.
      PubDate: 2017-12-04T01:25:26.439354-05:
      DOI: 10.1111/acfi.12314
       
  • The effect of 52 week highs and lows on analyst stock recommendations
    • Authors: Mei-Chen Lin
      Abstract: In this study, I examine whether analysts use the 52 week high and low as reference prices for recommendation revisions. My results show that the proximity and recency of the 52 week high increase the odds of stocks being upgraded. When analysts upgrade a stock whose 52 week high occurred in the distant past, they provide more valuable information to investors than that based on the proximity ratio of the 52 week high. More-experienced analysts provide more valuable recommendations when they upgrade (downgrade) based on either the nearness or recency of the 52 week high (low) than less-experienced analysts do.
      PubDate: 2017-12-01T01:45:28.124496-05:
      DOI: 10.1111/acfi.12312
       
  • Market timing as an explanation for the short-lived premium on
           cross-listing
    • Authors: Peter M. Clarkson; Stephen F. Gray, Vanitha Ragunathan
      Abstract: This study provides further evidence on the cross-listing valuation premium using a sample of Asian firms from 2000 to 2010. First, following Doidge et al. (2004), we document a premium, but it disappears when we incorporate firm fixed effects. Second, consistent with Gozzi et al. (2008), we find that the premium arises immediately preceding the cross-listing year and disappears shortly thereafter. Of central interest, consistent with our proposition that the listing is strategically timed like an SEO, we document a similar pattern in operating performance, and increased financing activity in the listing year and the following 2 years.
      PubDate: 2017-11-23T02:40:39.603882-05:
      DOI: 10.1111/acfi.12310
       
  • Choice of acquisition form in Australia and the post-takeover employment
           of target firm directors on the acquiring firm board
    • Authors: Martin Bugeja; Raymond da Silva Rosa, H Y Izan, Susan Ngan
      Abstract: In Australia, a corporate acquisition can be structured as either a scheme of arrangement or a takeover. We investigate the association between deal structure and the retention of target directors on the merged entity board. We find that the odds of a target director subsequently sitting on the merged entity's board are significantly higher in schemes. The results also show that premiums are lower in schemes of arrangement when additional target directors are appointed to the board of the acquiring firm. The findings indicate that target director appointment is unrelated to the merged entity's post-acquisition performance.
      PubDate: 2017-11-23T02:25:52.634305-05:
      DOI: 10.1111/acfi.12307
       
  • Analyst earnings forecast precision and local advantage: evidence from
           American depositary receipt firms
    • Authors: Fernando Comiran; Subprasiri Siriviriyakul
      Abstract: Prior research has documented a finding that local analysts provide more accurate earnings forecasts than nonlocal analysts in many settings. However, little is known about local and nonlocal analysts’ relative earnings forecast abilities for ADR stocks. In this study, we find that the local advantage disappears for ADR stocks and that nonlocal analysts in fact outperform local ones in this case. We investigate the source of this ‘local disadvantage’ and find evidence against hypotheses based on accounting standards and exchange rates. We document that the local advantage decreases with increased investor interest in foreign firms, consistent with our nonlocal investors’ interest hypothesis.
      PubDate: 2017-11-23T02:25:37.015957-05:
      DOI: 10.1111/acfi.12311
       
  • The effect of corporate diversification on credit risk: new evidence from
           European credit default swap spreads
    • Authors: Joachim Rojahn; Florian Zechser
      Abstract: This article investigates the impact of corporate diversification on credit risk. To our best knowledge, this is the first paper to use credit default swap (CDS) spreads instead of bond yield or revalued book values to test the risk-reduction hypothesis. The analysis relies upon a sample of STOXX® EUROPE 600 index members and covers the years 2010–2014. After controlling for various CDS- and firm-specific variables, we find that diversification strategies do not significantly lower CDS premiums. Multilevel mediation analysis further shows that information asymmetries overcompensate the risk-reducing effects resulting from corporate diversification.
      PubDate: 2017-11-22T05:50:24.516934-05:
      DOI: 10.1111/acfi.12306
       
  • The effect of inspections, rotations and client preferences on staffing
           decisions
    • Authors: Robyn Moroney; W. Robert Knechel, Carlin Dowling
      Abstract: With increased regulatory focus on audits and concerns about whether audit regulation is achieving its stated aims, it is timely to investigate how regulator inspection of audit files and partner rotations may be affecting staffing decisions. This is an important issue, which affects all audits, as the calibre of staff allocated across engagements impacts the quality of audit work delivered. This study reports the results of an experiment where auditor participants allocate staff across two audits, where regulation anticipated (none, inspection, rotation) and a client request for the best staff (absent, present) are manipulated between-subjects. We find that auditors allocate lower calibre staff when neither an inspection nor rotation is anticipated than when either is anticipated. When an inspection is anticipated, auditors allocate staff with more knowledge and compliance skills. When a rotation is anticipated, auditors allocate staff with more people skills. A client request for the best staff only has an effect when a partner is due to be rotated, where auditors allocate staff with more people skills in response to the client request. Our findings provide greater understanding of staffing decisions, which may affect audit quality if concerns around audit inspections and partner rotations are perceived by auditors as more important than the underlying risk or complexity of an engagement when allocating staff.
      PubDate: 2017-11-21T06:55:26.929991-05:
      DOI: 10.1111/acfi.12309
       
  • The influence of the CEO's value perception towards auditing on audit
           demand in private firms
    • Authors: Maarten Corten; Tensie Steijvers, Nadine Lybaert
      Abstract: Audit demand is generally considered to be a direct reflection of the level of agency conflicts. This study examines the CEO's value perception towards auditing as additional driver for both auditor reputation demand (appointing a Big 4 auditor or not) and audit effort demand in private firms. Examining the CEO's value perception in a multidimensional way, the regression results indicate that the CEO's functional value perception towards auditing positively affects the demand for audit effort, while the CEO's social value perception towards auditing negatively affects the demand for audit effort but positively affects the demand for auditor reputation.
      PubDate: 2017-11-08T04:00:25.023475-05:
      DOI: 10.1111/acfi.12304
       
  • Informed trading in public debt markets
    • Authors: Daniel Folkinshteyn
      Abstract: This study examines the occurrence of informed trading in public debt issued by companies in the United States. I find that earnings surprises are positively associated with bond price changes prior to the release of financial report data to the public, for firms with non-investment-grade ratings. Additionally, I find that the effect appears to be driven by firms with publicly traded equity. Evidence further indicates an increase in trading activity during the time window between report period end date and filing date, for firms with larger earnings surprises.
      PubDate: 2017-10-25T04:15:20.544496-05:
      DOI: 10.1111/acfi.12305
       
  • Determining returns to bidding firms’ shareholders using different
           benchmark methods: an Australian study
    • Authors: Farida Akhtar
      Abstract: This article revisits the determinants of cumulative abnormal returns (CAR) for bidder firm shareholders around takeover bid announcements and in particular, if bidder CAR estimates differ significantly between conditional and unconditional models. The results indicate that CAR estimation is significantly different between the two models. The conditional model is theoretically superior to the traditional unconditional model due to the former controlling for unobservable factors surrounding the bid announcement. This study shows that it is important to account for unobservable factors in growth (organic versus takeover) strategies to infer the true effect of the bidder's characteristics on CAR.
      PubDate: 2017-10-24T20:30:48.717772-05:
      DOI: 10.1111/acfi.12281
       
  • Are all dividends created equal' Australian evidence using
           dividend-increase track records
    • Authors: David Michayluk; Karyn Neuhauser, Scott Walker
      Abstract: Recent research indicates that the signal sent by a dividend change is more powerful for longer histories of unchanged dividends. We study the dividend history of Australian firms to investigate whether the signalling power of a dividend increase varies with the frequency of repetition. We find that the first three consecutive dividend increases are associated with significantly positive abnormal returns, and subsequent increases are generally not significant, even after controlling for the interaction effect with the simultaneously announced earnings information. Our results support the hypothesis that repeating a dividend increase eventually leads to a reputation for further increases and weakens the value of subsequent increases as a means of disseminating management's private information.
      PubDate: 2017-10-18T20:11:49.811407-05:
      DOI: 10.1111/acfi.12303
       
  • How do political connections cause SOEs and non-SOEs to make different M&A
           decisions/performance' Evidence from China
    • Authors: Qigui Liu; Tianpei Luo, Gary Gang Tian
      Abstract: This study examines the impact that political connections have on Mergers and Acquisitions (M&A) performance and the decisions of Chinese listed firms. We find that political connections destroy (create) value in SOEs (non-SOEs). Our findings show that connected SOEs are more likely to acquire local targets, especially when the local unemployment rate is high and when the firms are controlled by the local government, and they are less likely to conduct vertical mergers. M&A decisions of connected non-SOEs are less influenced by the government; instead, political connections in non-SOEs help bidders to integrate vertically and obtain external financing support.
      PubDate: 2017-10-12T09:15:23.574564-05:
      DOI: 10.1111/acfi.12302
       
  • Political connection, market frictions and financial constraints: evidence
           from China
    • Authors: Kebin Deng; Haijian Zeng, Yushu Zhu
      Abstract: This paper studies the relationship between market frictions and political connections in determining financial constraints. We develop a novel index to measure the depth of political connections (PC) at the firm level and provide robust empirical evidence that firms in China actively build PC to alleviate the costs of market frictions. Specifically, we find that firms facing severe market frictions are not as financially constrained as expected. This is because these firms also possess strong PC, which alleviate the costs of market frictions. We find that market frictions can significantly affect financial constraints in Chinese firms, but only for those firms with modest levels of PC.
      PubDate: 2017-10-12T09:10:38.379896-05:
      DOI: 10.1111/acfi.12301
       
  • Are paper winners gamblers' Evidence from Australian retail investors
    • Authors: Alex Frino; Grace Lepone, Danika Wright
      Abstract: This study examines stock market gambling using a comprehensive set of investor characteristics and past portfolio performance measures. We find that retail investors overinvest in ‘lottery stocks’, stocks with gambling-like properties. Significant portfolio underperformance is the result of gambling through lottery stocks. Investors are more likely to gamble following recent portfolio paper gains, regardless of realised performance, providing new evidence that paper gains trigger a house money effect. Investors trading greater values or holding more stocks, and older and female investors, are less likely to invest in lottery stocks.
      PubDate: 2017-10-04T02:15:07.030201-05:
      DOI: 10.1111/acfi.12296
       
  • Market share growth and stock returns
    • Authors: Jaideep Chowdhury; Gokhan Sonaer, Umut Celiker
      Abstract: We find a negative relationship between market share growth and subsequent stock returns, three- and four-factor alphas. We report the potential explanatory role of market share growth in explaining subsequent average monthly stock returns. High (Low) market share growth firms report good (poor) operating performance and positive (negative) SUEs in the quarter in which market share growth is measured and investors overact to that good (bad) news. However, high (low) market share growth firms experience decrease (increase) in operating performance and SUEs in the subsequent quarters resulting in corrections in investors’ expectations and subsequent lower (higher) stock returns.
      PubDate: 2017-09-26T03:55:23.996344-05:
      DOI: 10.1111/acfi.12300
       
  • Documenting the functional form of dynamic risk-taking behaviour in a real
           options context using sporting contests
    • Authors: Stephen Easton; Sean Pinder, Steven Stern
      Abstract: Changes in risk-taking behaviour based on interim performance are examined in high-stakes competition. A real options framework is used to provide a richer characterisation of risk-taking behaviour than examined in extant studies. This framework is applied to an examination of ball-by-ball data from 1207 cricket matches. Consistent with modelled expectations, risk taking is found to increase (decrease) at a decreasing rate following below par (above par) interim performance. This result is especially strong in situations where the resources remaining are low, a result predicted by the real options model.
      PubDate: 2017-09-20T02:45:33.347869-05:
      DOI: 10.1111/acfi.12298
       
  • CEO/CFO turnover and subsequent remediation of information technology
           material weaknesses
    • Authors: Wanyun Li; Soon-Yeow Phang, Shuk Ying Ho
      Abstract: Adding to prior research on internal control material weaknesses (ICMW), our study investigates whether information technology material weaknesses (ITMWs) are associated with CEO/CFO turnover, and whether their turnover will promote subsequent remediation. We find that disclosures of ITMW are positively associated with CEO/CFO turnover; however, only CEO turnover promotes subsequent remediation. Our findings on ITMW are different from the prior findings on ICMW – aligned with prior research on ICMW, ITMWs are associated with CEO/CFO turnover; however, unlike prior research on ICMW suggests, dismissals of CFOs do not promote subsequent remediation of ITMW. Thus, future research should consider ICMW and ITMW separately in the examination of their consequences and remediation.
      PubDate: 2017-09-20T02:45:29.601731-05:
      DOI: 10.1111/acfi.12299
       
  • The joint influence of financial risk perception and risk tolerance on
           individual investment decision-making
    • Authors: Linh Nguyen; Gerry Gallery, Cameron Newton
      Abstract: The increasing complexity of the investment environment has accelerated the need for better quality financial advice services. Central to quality advice is advisers’ accurate assessment of their clients’ risk characteristics. Typically a client's risk characteristic is assessed by measuring the client's risk tolerance but not risk perception. To assess whether this practice fails to fully capture the client's risk profile, we explore both risk tolerance and risk perception in the investment decision-making context. Using Australian online survey data of financial adviser clients (n = 364), our results reveal that risk tolerance influences risky-asset allocation directly and indirectly through risk perception. These results thus clarify the joint role of both risk constructs in the investment making decision and highlight the importance of assessing both in the provision of client financial advice services. Importantly, our results validate a new comprehensive risk perception measure applicable in the financial advice context.
      PubDate: 2017-09-05T03:56:20.048419-05:
      DOI: 10.1111/acfi.12295
       
  • Participation in risky asset markets and propensity for financial
           planning: a missing link'
    • Authors: Marco Eugster
      Abstract: This study examines whether the association between financial literacy and participation in risky asset markets is robust to variation on a more innate level: the propensity for financial planning. I find that individuals’ propensity for financial planning is strongly positively related to stock market participation as well as membership in a voluntary workplace retirement savings scheme. This result holds when controlling for financial literacy and a range of demographic and control variables in a multivariate regression setting. Importantly, the positive association between financial literacy and risky asset market participation also persists, suggesting that these two variables operate through separate channels.
      PubDate: 2017-09-05T03:56:16.480956-05:
      DOI: 10.1111/acfi.12297
       
  • Low-frequency volatility of real estate securities and macroeconomic risk
    • Authors: Chyi Lin Lee; Simon Stevenson, Ming-Long Lee
      Abstract: Real estate securities have distinct characteristics that differentiate them from stocks generally. Key amongst them is that underpinning the firms are both real and investment assets. Therefore, the connections between the underlying macroeconomy and listed real estate firms are of heightened importance. To consider the linkages with macroeconomic fundamentals, we extract the ‘low-frequency’ volatility component from aggregate volatility shocks in 11 international securitised real estate markets using Engle and Rangel's (2008) Spline-GARCH model. The analysis reveals that the low-frequency volatility of real estate securities has strong and positive association with most of the macroeconomic risk proxies examined. Differences between real estate securities and common stocks have also been identified.
      PubDate: 2017-08-23T04:31:07.717265-05:
      DOI: 10.1111/acfi.12288
       
  • Chief financial officer demographic characteristics and fraudulent
           financial reporting in China
    • Authors: Jinghui Sun; Pamela Kent, Baolei Qi, Jiwei Wang
      Abstract: We investigate whether management's cognitions, values and perceptions are associated with fraud for 18 863 firm-years for Chinese listed firms from 2000 to 2014. Demographic characteristics of the chief financial officer (CFO) are used as proxies for management's cognitions, values and perceptions. We find that fraudulent financial reporting is higher when CFOs are younger, male, and have lower education backgrounds. An analysis of inflated earnings, fictitious assets, material omissions and other material misstatements provide similar results, with the exception that CFOs with higher education levels are associated with more inflated earnings.
      PubDate: 2017-07-27T01:42:19.667451-05:
      DOI: 10.1111/acfi.12286
       
  • Exploring the relationship between strategic performance measurement
           systems and managers' creativity: the mediating role of psychological
           empowerment and organisational learning
    • Authors: Ranjith Appuhami
      Abstract: This study explores whether strategic performance measurement systems (SPMSs) are linked to managers' creativity through two mediating variables—organisational learning and psychological empowerment. Using data collected from 92 senior production managers in Australian manufacturing organisations, the study tests these links using a partial least squares structural model. The results from the structural model indicate that SPMSs are indirectly related to the managers' creativity through organisational learning and psychological empowerment. The study also finds that organisational learning is both directly related to creativity, and indirectly related to psychological empowerment. Further, the potential implications for empirical research are discussed.
      PubDate: 2017-07-26T21:30:41.621649-05:
      DOI: 10.1111/acfi.12287
       
  • Information disclosure quality: correlation versus precision
    • Authors: Adrian (Wai-Kong) Cheung; Wei Hu
      Abstract: We investigate how a multidimensional disclosure quality (i.e., correlation and precision) determines an optimal information disclosure strategy. We find that, for an infinitely lived, unlevered firm with market perfection, a truth-telling disclosure is optimal at increasing the expected firm value. However, for a finitely lived, levered firm in the presence of market imperfections (e.g., bankruptcy cost), the optimal disclosure quality depends negatively on the level of imperfections. Once we consider the agency problem, such dependence can become positive, thereby highlighting the importance of a proper managerial-incentive scheme to align the information disclosure interests of managers and shareholders.
      PubDate: 2017-07-13T06:01:19.733623-05:
      DOI: 10.1111/acfi.12282
       
  • Do long-term institutional investors foster corporate innovation'
    • Authors: Hyun-Dong Kim; Kwangwoo Park, Kyojik Roy Song
      Abstract: This article examines the effect of institutional investors’ investment horizons on firms’ innovation activities. We conjecture that the presence of long-term institutional investors mitigates managerial myopia, prompting firms to generate greater corporate innovation outputs. Using data on patents and patent citations for US firms, we find that institutions’ investment horizons are positively related to the number of patents and patent citations. We also document that long-term (short-term) institutional ownership is positively (negatively) related to the innovation outputs. This article makes an additional contribution to the corporate innovation literature by addressing the positive role of long-term institutional investors.
      PubDate: 2017-07-13T06:00:31.211041-05:
      DOI: 10.1111/acfi.12284
       
  • The effects of board gender diversity on a firm's risk strategies
    • Authors: Linda H. Chen; Jeffrey Gramlich, Kimberly A. Houser
      Abstract: We study whether board gender diversity (BGD) affects corporate risk strategies. Specifically, we investigate the association between BGD and firms’ reputation risk and financial risk. Using S&P data from 1997 to 2013, we find that BGD is negatively associated with tax avoidance, suggesting firms with gender-diverse boards are more cautious about potential reputation risks associated with aggressive tax strategies. However, we find that BGD is positively associated with firms’ financial risk. The combined findings illustrate that BGD aligns a firm's risk exposure closer to risk-neutral shareholders’ preferences by reducing reputation risk exposure while enabling necessary financial risk exposure.
      PubDate: 2017-07-06T05:10:30.90269-05:0
      DOI: 10.1111/acfi.12283
       
  • Know your industry: the implications of using static GICS classifications
           in financial research
    • Authors: Dean Katselas; Baljit K. Sidhu, Chuan Yu
      Abstract: Researchers commonly use industry classifications as a means of identifying peer companies to use as a performance benchmark. We describe the structure of commonly used sources of industry classification data available for Australian listed companies, both static and in time series. Next, we run a series of experiments matching firms according to GICS classification data presented in time series versus static data sources. Our results indicate that performance measures are better specified when matching on GICS data from a dynamic relative to a static source. The results of our power tests also underscore the importance of using dynamic industry data.
      PubDate: 2017-07-06T05:05:36.668125-05:
      DOI: 10.1111/acfi.12285
       
  • Disproportionate insider control and firm performance
    • Authors: Barry Hettler; Arno Forst
      Abstract: The effect of disproportionate insider control on firm performance is ambiguous. Disproportionate control may enhance insiders’ ability to expropriate perquisites; on the other hand, it may provide stability of management and reduce short-term market pressures. Using a hand-collected sample of U.S. dual-class firms, we find that disproportionate control is positively associated with accounting-based performance, but negatively associated with Tobin's Q. These results are consistent with the incentives of entrenched insiders who are interested in profitability but less beholden to capital markets.
      PubDate: 2017-06-22T03:25:34.55654-05:0
      DOI: 10.1111/acfi.12279
       
  • Stock price crash risk: review of the empirical literature
    • Authors: Ahsan Habib; Mostafa Monzur Hasan, Haiyan Jiang
      Abstract: We survey the burgeoning literature on the determinants and consequences of firm-specific future stock price crash risk. We synthesise a vast body of literature on the determinants of crash risk, identify weaknesses, and offer future research opportunities. We categorise the determinants into: (i) financial reporting and corporate disclosures, (ii) managerial incentives and managerial characteristics, (iii) capital market transactions, (iv) corporate governance mechanisms, and (v) informal institutional mechanisms. Despite a large body of research into the determinants of crash risk, very little research attention has been directed towards understanding the consequences of stock price crash.
      PubDate: 2017-06-06T20:30:27.390406-05:
      DOI: 10.1111/acfi.12278
       
  • Stock price crash risk and internal control weakness: presence vs.
           disclosure effect
    • Authors: Jeong-Bon Kim; Ira Yeung, Jie Zhou
      Abstract: This study examines the stock price crash risk for a sample of firms that disclosed internal control weaknesses (ICW) under Section 404 of the Sarbanes-Oxley Act (SOX). We find that in the year prior to the initial disclosures, ICW firms are more crash-prone than firms with effective internal controls. This positive relation is more pronounced when weakness problems are associated with a firm's financial reporting process. More importantly, we find that stock price crash risk reduces significantly after the disclosures of ICWs, despite the disclosure itself signalling bad news. The above results hold after controlling for various firm-specific determinants of crash risk and ICWs. Using an ICW disclosure as a natural experiment, our study attempts to isolate the presence effect of undisclosed ICWs from the initial disclosure effect of internal control weakness on stock price crash risk. In so doing, we provide more direct evidence on the causal relation between the quality of financial reporting and stock price crash risk.
      PubDate: 2017-05-31T00:25:29.840563-05:
      DOI: 10.1111/acfi.12273
       
  • Stock price firm-specific information on the choice of stock payment in
           mergers and acquisitions
    • Authors: Wenjing Ouyang; Samuel H. Szewczyk
      Abstract: Previous studies on the choice of stock payment in M&A mainly focus on managerial private information. This study shows that managers also learn new firm-specific information from financial markets in making this decision. The acquirer's stock price firm-specific information increases the stock-payment-to-Q sensitivity. The target's stock price firm-specific information decreases the stock payment probability. Further analyses on deal and firm characteristics as well as shareholder wealth in stock mergers support the managerial learning argument. Overall, this study highlights a new set of information that affects the form of merger payment in mergers and acquisitions.
      PubDate: 2017-05-31T00:25:26.886819-05:
      DOI: 10.1111/acfi.12270
       
  • Corporate social responsibility performance, financial distress and firm
           life cycle: evidence from Australia
    • Authors: Ahmed Al-Hadi; Bikram Chatterjee, Ali Yaftian, Grantley Taylor, Mostafa Monzur Hasan
      Abstract: This study examines the association between corporate social responsibility (CSR) performance and financial distress and additionally the moderating impact of firm life cycle stages on that association. Based on a sample of 651 publicly listed Australian firm-years’ data covering the 2007–2013 period, our regression results show that positive CSR activity significantly reduces financial distress of the firm. In addition, the negative association between positive CSR performance and financial distress is more pronounced for firms in mature life cycle stages. Our results are robust to alternative proxy measures of financial distress, CSR performance and life cycle stages.
      PubDate: 2017-05-18T00:25:35.37419-05:0
      DOI: 10.1111/acfi.12277
       
  • Is advertising under-resourced in a growth market' Intangible
           endogeneity and informed trading issues
    • Authors: Allan Hodgson; Suntharee Lhaopadchan, Raluca Ratiu
      Abstract: We examine advertising value relevance when advertising competes against other intangibles for scarce funding in a growth market. Manufacturing firms that strategically increase advertising are rewarded—they provide a direct and indirect Granger lead to stock prices above sales and income. In service firms, stock prices and intangible budgets are independently determined—with increased expenditures beyond established (optimal) levels penalised. Insider trading, conditioned on advertising, extracts 60-day arbitrage returns of 22.5 percent, consistent with VECM signals. Highlighted is the importance of maintaining optimum intangible budgets, observing cues from informed traders and in identifying analyst following that constrains insider rent extraction.
      PubDate: 2017-05-18T00:20:52.774263-05:
      DOI: 10.1111/acfi.12276
       
  • Discretionary accruals: signalling or earnings management in
           Australia'
    • Authors: Hai Yen Pham; Richard Yiu-Ming Chung, Eduardo Roca, Ben-Hsien Bao
      Abstract: We investigate the signalling effect of discretionary accruals (DAC). Although we find that discretionary accruals are insignificantly related to contemporaneous stock returns, we uncover that income-increasing discretionary accruals of GAAP-complying growth firms are significantly and positively related to contemporaneous stock returns. Furthermore, we find that this positive effect is stronger among firms with better corporate governance mechanisms, such as Board of Directors Independence, Audit Committee Independence and Large Shareholders’ Ownership. In addition to contemporaneous stock returns, we also find similar results with the future increase in dividends. Our findings are consistent with the argument that corporate governance can enhance the signalling effect of reported earnings of GAAP-complying growth firms.
      PubDate: 2017-05-16T20:55:32.936712-05:
      DOI: 10.1111/acfi.12275
       
  • Vine copulas: modelling systemic risk and enhancing higher-moment
           portfolio optimisation
    • Authors: Rand Kwong Yew Low
      Abstract: Asymmetric dependence in equities markets has been shown to have detrimental effects on portfolio diversification as assets within the portfolio exhibit greater correlations during market downturns compared to market upturns. By applying the Clayton canonical vine copula (CVC) to model asymmetric dependence, we produce a measure of systemic risk across a portfolio of assets. In addition, we use the Clayton CVC to produce estimates of expected returns in an application to higher-moment portfolio optimisation and find evidence of an improvement in performance across a range of risk-adjusted return measures and the indices of acceptability.
      PubDate: 2017-05-11T21:07:28.709176-05:
      DOI: 10.1111/acfi.12274
       
  • How do ‘busy’ and ‘overlap’ directors relate to CEO pay structure
           and incentives?
    • Authors: Shams Pathan; Peh Hwa Wong, Karen Benson
      Abstract: We examine how CEO compensation is affected by the presence of busy and overlap directors. We find that CEOs at firms with more busy directors receive greater total pay, fixed salary and equity-linked pay and exhibit higher pay-performance (delta) and pay-risk (vega) sensitivities. Our results also suggest that CEOs at firms with more overlap directors take smaller total pay and equity-linked pay and reveal lower delta and vega. We further show that the impact of busy and overlap directors on CEO pay is more visible for firms with less complexity and low information acquisition cost.
      PubDate: 2017-04-24T01:06:06.588328-05:
      DOI: 10.1111/acfi.12272
       
  • A state-price volatility index for the U.S. government bond market
    • Authors: Zheyao Pan
      Abstract: Using the Arrow–Debreu state-contingent pricing methodology, this paper derives a U.S. government bond market volatility index (GBVX). I show that GBVX is an unbiased predictor for the next 30 day realised volatility of the Treasury note futures return. GBVX also subsumes the information of GARCH, EWMA and historical volatility measures. Furthermore, GBVX serves as an effective predictor for the future realised volatilities of a wide class of fixed income portfolios. The results suggest GBVX as a powerful instrument for volatility forecasting in the fixed income markets.
      PubDate: 2017-04-24T01:06:03.874814-05:
      DOI: 10.1111/acfi.12271
       
  • Evaluating fund capacity: issues and methods
    • Authors: Michael J. O'Neill; Geoffrey J. Warren
      Abstract: We examine the issues and methods involved in evaluating the size that an equity fund might attain before it becomes unable to create additional value for investors. We discuss how capacity is defined, identify ten drivers and outline methods for conducting capacity analysis. We detail models that predict capacity, assuming that a fund adjusts the manner in which it trades and constructs portfolios as funds under management grow. We also provide an overview of transaction cost modelling, which is integral to predicting capacity. This study is primarily intended as an aid for investment industry participants who wish to evaluate the capacity associated with a given investment signal.
      PubDate: 2017-04-07T00:01:05.820052-05:
      DOI: 10.1111/acfi.12268
       
  • Further evidence on mandatory partner rotation and audit pricing: a
           supply-side perspective
    • Authors: Andrew Ferguson; Peter Lam, Nelson Ma
      Abstract: This study examines effects of mandatory partner rotation (MPR) on audit fees of Australian-listed companies. Using a fee changes approach, evidence of fee increases in year of the MPR driven by smaller offices of non-Big 4 auditors is found, consistent with supply-side resource constraint arguments. Broadly consistent findings are observed using a fee levels approach. Appointment of inexperienced partners to MPR engagements has no discernible effect on fees. Additional analysis of audit reporting lag indicates fee increases reflect additional audit effort as opposed to a pricing strategy. Overall, the evidence supports recent moves by policy-makers to soften MPR requirements.
      PubDate: 2017-04-07T00:01:02.505753-05:
      DOI: 10.1111/acfi.12269
       
  • The influence of institutional contexts on the relationship between
           voluntary carbon disclosure and carbon emission performance
    • Authors: Le Luo
      Abstract: This article examines the relationship between the level of voluntary carbon disclosure (VCD) and carbon emission performance and how the institutional context influences this relationship. Using a sample of Global 500 firms participating in the Carbon Disclosure Project (CDP) over the period 2008–2015, the evidence shows a negative relationship between voluntary carbon disclosure and carbon emission performance, which is consistent with the legitimacy theory that VCD may be undertaken for the purposes of legitimation. However, stringent carbon institutions appear to restrict legitimation attempts and help better reflect underlying performance.
      PubDate: 2017-04-07T00:00:57.796382-05:
      DOI: 10.1111/acfi.12267
       
  • What about your qualitative cousins' Adapting the pitching template to
           qualitative research
    • Authors: Sumit Lodhia
      Abstract: This paper reviews the pitching template proposed by Faff (). The article highlights the usefulness of this template for researchers. It is observed that there is scope for adapting this tool, with a template suitable for qualitative researchers being proposed. In the light of the various methodological differences through different research paradigms, it is envisaged that this adaptation will assist in bridging the schism between qualitative and quantitative research. It is also hoped that the proposed enhanced template will encourage qualitative researchers to submit to mainstream accounting journals and quantitative researchers to comprehend the value of qualitative research.
      PubDate: 2017-03-15T21:30:49.345376-05:
      DOI: 10.1111/acfi.12266
       
  • Does educational diversity of managers matter for the performance of
           team-managed funds'
    • Authors: Eric K. M. Tan; Anindya Sen
      Abstract: We study the effect of the educational diversity of managers on the performance of team-managed mutual funds using a large sample of U.S. equity funds from 1994 to 2013. We consider diversity in terms of both final educational degree and field of educational specialisation. We find that, in general, both types of diversity have a positive impact on fund performance, and our results are robust over a wide range of performance metrics and changes in market conditions.
      PubDate: 2017-02-22T01:25:42.789742-05:
      DOI: 10.1111/acfi.12265
       
  • Venture capital-backed and commitments test entity initial public
           offerings on the ASX
    • Authors: Zoltan Murgulov; Alastair Marsden, S. Ghon Rhee, Madhu Veeraraghavan
      Abstract: This paper examines initial returns to venture capital (VC) backed and non-VC-backed IPO companies on the Australian Securities Exchange (ASX). We find support for the theoretical predictions of Rossetto (2008), by providing empirical evidence that VC-backed CTE IPOs exhibit greater wealth losses to pre-IPO investors compared to non-VC-backed CTE IPOs during hot issue markets. We also find that greater retained ownership increases IPO underpricing. In the subsample of IPOs with below the median level of retained ownership IPOs, VC-backed CTE IPOs and VC-backed, non-CTE IPOs have significantly higher levels of underpricing and wealth loss compared to non-VC-backed, non-CTE IPOs.
      PubDate: 2017-02-08T04:35:58.037778-05:
      DOI: 10.1111/acfi.12261
       
  • In-house asset management in the Australian superannuation industry
    • Authors: David R. Gallagher; Timothy M. Gapes, Geoffrey J. Warren
      Abstract: We examine how executives from the Australian superannuation industry perceive and approach the choice between managing assets in-house, versus outsourcing to external investment managers. We find that decision frameworks, as well as the perceived benefits and challenges of in-house management, can be described in terms of four elements: costs, capabilities, alignment and governance. Industry participants address these four elements in diverse ways. This is reflected in a variety of decision approaches, aspects that are considered and emphasised in decision-making, and implementation structures.
      PubDate: 2017-02-08T02:12:19.375243-05:
      DOI: 10.1111/acfi.12262
       
  • Implications of student-generated screencasts on final examination
           performance
    • Authors: James Wakefield; Jonathan Tyler, Laurel E. Dyson, Jessica K. Frawley
      Abstract: While educational technologies can play a vital role in students’ active participation in introductory accounting subjects, learning outcome implications are less clear. We believe this is the first accounting education study examining the implications of student-generated screencast assignments. We find benefits in developing the graduate attributes of communication, creativity and multimedia skills, consistent with calls by the profession. Additionally, we find improvement in final examination performance related to the assignment topic, notably in lower performing students. The screencast assignment was optional, and the findings suggest a tailored approach to assignment design related to students’ developmental needs is appropriate.
      PubDate: 2017-01-20T06:45:51.033532-05:
      DOI: 10.1111/acfi.12256
       
  • A review of research on regulation changes in the Asia-Pacific region
    • Authors: Millicent Chang; Andrew B. Jackson, Marvin Wee
      Abstract: In this study, we review the financial research on regulation in the Asia-Pacific region. We do this by analysing six leading regional accounting and finance journals – Abacus, Accounting & Finance, Australian Accounting Review, Australian Journal of Management, International Review of Finance and the Pacific-Basin Finance Journal. We identify five main themes of regulation research relating to: (i) banking and financial institutions, (ii) markets and trading, (iii) corporate governance, (iv) disclosure and (v) accounting standard setting. Our paper synthesises the regional literature in these areas and provide some suggestions for future directions.
      PubDate: 2017-01-20T06:45:45.006205-05:
      DOI: 10.1111/acfi.12259
       
  • Herding in frontier stock markets: evidence from the Vietnamese stock
           market
    • Authors: Nha Duc Bui; Loan Thi Bich Nguyen, Nhung Thi Tuyet Nguyen, Gordon Frederick Titman
      Abstract: By using the model of Chang et al. () with some modification and extension, this paper provides three main contributions to investor behavior literature in frontier stock markets, specifically the Vietnamese stock market. First, the study found the evidence of herd behavior in Vietnam, a frontier market, in both industry and market contexts. Second, the results show that investor herd behavior is driven by both up and down market scenarios. Third, the study observes that U.S. stock market affects herd behavior in the Vietnamese stock market. However, the Hong Kong stock market only impacts market information.
      PubDate: 2017-01-18T21:20:25.771351-05:
      DOI: 10.1111/acfi.12253
       
  • The effect of data availability in measuring fund managers’
           after-tax alphas
    • Authors: Zhe Chen; David R. Gallagher, Geoffrey J. Warren
      Abstract: We examine potential sources of measurement error when evaluating the after-tax performance of fund managers based on periodic snapshots of their holdings alone, compared with when daily transactions data are also available. To do this, we compare portfolio return estimates based on imputed trades from monthly, quarterly and semi-annual snapshots with estimates that also incorporate daily trades for a sample of active institutional equity portfolios. This method allows us to directly measure the contribution of interim trading before tax, while more accurately estimating the tax effects associated with turnover through observing actual trade prices. Further, availability of both trade and holdings data permits the identification of how contributions and tax effects arise from income and capital gains sources, as well as how they vary across investment styles and market conditions.
      PubDate: 2017-01-18T21:10:37.969907-05:
      DOI: 10.1111/acfi.12254
       
  • Women on boards and greenhouse gas emission disclosures
    • Authors: Janice Hollindale; Pamela Kent, James Routledge, Larelle Chapple
      Abstract: We apply institutional and board capital theory to examine whether women on boards are associated with disclosure and quality of corporate greenhouse gas (GHG) emissions related reporting. We examine the research problem in Australia in a period when no requirements existed for listed companies to appoint female directors or to report GHG emissions. This environment allows us to examine the association between women on boards and GHG emissions related disclosure in annual and sustainability reports in a voluntary setting. We find that companies with multiple female directors make GHG emissions related disclosures that are of higher quality.
      PubDate: 2017-01-12T04:40:41.143719-05:
      DOI: 10.1111/acfi.12258
       
  • Further evidence of the relationship between accruals and future cash
           flows
    • Authors: Shadi Farshadfar; Reza M. Monem
      Abstract: Focusing only on operating accruals in accrual-based studies results in a loss of information and noisy measures of both accrual and cash flow components of earnings. Thus, we examine the relative importance of working capital accruals, non-current operating accruals, and financing accruals with regard to future cash flows from operations (CFO). Using Australian data, we provide evidence that both working capital and non-current operating accruals are important for explaining future CFO but that the contribution of financing accruals is not significant. Moreover, the asset component of accruals plays a more important role in explaining future CFO than the liability component.
      PubDate: 2017-01-12T04:10:32.817589-05:
      DOI: 10.1111/acfi.12260
       
  • Research–teaching yin–yang' An empirical study of accounting and
           finance academics in Australia and New Zealand
    • Authors: Phil Hancock; Neil Marriott, Angus Duff
      Abstract: This article uses a survey to explore relations between teaching and research of accounting and finance academics in Australia and New Zealand (ANZ). Previous research on the relationship between research and teaching is inconclusive. Two recent studies consider research–teaching relations in the accounting discipline in South Africa and the United Kingdom (UK). This investigation extends work undertaken in the UK to ANZ. Contrary to expectations, research-active faculty see little merit in integrating research with teaching, while more junior and teaching-oriented faculty do. In addition, the empirical model underlying the teaching–research Gestalt is remarkably similar to both ANZ and the UK.
      PubDate: 2017-01-12T01:36:08.060332-05:
      DOI: 10.1111/acfi.12257
       
  • Adoption of international financial reporting standards and the cost of
           adverse selection
    • Authors: Dean Katselas; Sviatoslav Rosov
      Abstract: This paper tests whether the adoption of International Financial Reporting Standards (IFRS) reduces the cost of adverse selection. We find that adverse selection costs fall only for firms that adopt IFRS before the mandated date. We also find that firms in countries with well-developed local reporting standards do not benefit from improved transparency as a result of IFRS adoption. We also find that IFRS adoption relies on strong local enforcement to have any significant impact on transparency. We conclude that IFRS adoption may be less effective if local standards are well-developed, or are poorly enforced.
      PubDate: 2017-01-05T02:30:41.911314-05:
      DOI: 10.1111/acfi.12251
       
  • Issue Information
    • Pages: 935 - 936
      PubDate: 2017-12-14T03:06:26.938603-05:
      DOI: 10.1111/acfi.12233
       
 
 
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