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Publisher: John Wiley and Sons   (Total: 1583 journals)

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Showing 1 - 200 of 1583 Journals sorted alphabetically
Abacus     Hybrid Journal   (Followers: 11, SJR: 0.48, h-index: 22)
About Campus     Hybrid Journal   (Followers: 5)
Academic Emergency Medicine     Hybrid Journal   (Followers: 53, SJR: 1.385, h-index: 91)
Accounting & Finance     Hybrid Journal   (Followers: 43, SJR: 0.547, h-index: 30)
ACEP NOW     Free  
Acta Anaesthesiologica Scandinavica     Hybrid Journal   (Followers: 50, SJR: 1.02, h-index: 88)
Acta Archaeologica     Hybrid Journal   (Followers: 133, 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: 5, SJR: 0.112, h-index: 1)
Acta Paediatrica     Hybrid Journal   (Followers: 54, SJR: 0.794, h-index: 88)
Acta Physiologica     Hybrid Journal   (Followers: 7, SJR: 1.69, h-index: 88)
Acta Polymerica     Hybrid Journal   (Followers: 9)
Acta Psychiatrica Scandinavica     Hybrid Journal   (Followers: 35, SJR: 2.518, h-index: 113)
Acta Zoologica     Hybrid Journal   (Followers: 5, SJR: 0.459, h-index: 29)
Acute Medicine & Surgery     Hybrid Journal   (Followers: 2)
Addiction     Hybrid Journal   (Followers: 32, SJR: 2.086, h-index: 143)
Addiction Biology     Hybrid Journal   (Followers: 12, SJR: 2.091, h-index: 57)
Adultspan J.     Hybrid Journal   (SJR: 0.127, h-index: 4)
Advanced Energy Materials     Hybrid Journal   (Followers: 24, SJR: 6.411, h-index: 86)
Advanced Engineering Materials     Hybrid Journal   (Followers: 24, SJR: 0.81, h-index: 81)
Advanced Functional Materials     Hybrid Journal   (Followers: 48, SJR: 5.21, h-index: 203)
Advanced Healthcare Materials     Hybrid Journal   (Followers: 13, SJR: 0.232, h-index: 7)
Advanced Materials     Hybrid Journal   (Followers: 246, 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: 4, SJR: 2.488, h-index: 21)
Advanced Science     Open Access   (Followers: 4)
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: 19)
Africa Research Bulletin: Economic, Financial and Technical Series     Hybrid Journal   (Followers: 12)
Africa Research Bulletin: Political, Social and Cultural Series     Hybrid Journal   (Followers: 9)
African Development Review     Hybrid Journal   (Followers: 33, SJR: 0.275, h-index: 17)
African J. of Ecology     Hybrid Journal   (Followers: 14, SJR: 0.477, h-index: 39)
Aggressive Behavior     Hybrid Journal   (Followers: 15, SJR: 1.391, h-index: 66)
Aging Cell     Open Access   (Followers: 9, SJR: 4.374, h-index: 95)
Agribusiness : an Intl. J.     Hybrid Journal   (Followers: 6, SJR: 0.627, h-index: 14)
Agricultural and Forest Entomology     Hybrid Journal   (Followers: 14, SJR: 0.925, h-index: 43)
Agricultural Economics     Hybrid Journal   (Followers: 44, SJR: 1.099, h-index: 51)
AIChE J.     Hybrid Journal   (Followers: 28, 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: 49, SJR: 3.048, h-index: 129)
Alternatives to the High Cost of Litigation     Hybrid Journal   (Followers: 3)
American Anthropologist     Hybrid Journal   (Followers: 127, 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: 89, SJR: 2.325, h-index: 51)
American J. of Economics and Sociology     Hybrid Journal   (Followers: 28, SJR: 0.211, h-index: 26)
American J. of Hematology     Hybrid Journal   (Followers: 30, SJR: 1.761, h-index: 77)
American J. of Human Biology     Hybrid Journal   (Followers: 12, 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: 15, SJR: 1.115, h-index: 61)
American J. of Medical Genetics Part B: Neuropsychiatric Genetics     Hybrid Journal   (Followers: 3, SJR: 1.771, h-index: 107)
American J. of Medical Genetics Part C: Seminars in Medical Genetics     Partially Free   (Followers: 5, SJR: 2.315, h-index: 79)
American J. of Orthopsychiatry     Hybrid Journal   (Followers: 4, SJR: 0.756, h-index: 69)
American J. of Physical Anthropology     Hybrid Journal   (Followers: 35, SJR: 1.41, h-index: 88)
American J. of Political Science     Hybrid Journal   (Followers: 237, SJR: 5.101, h-index: 114)
American J. of Primatology     Hybrid Journal   (Followers: 14, 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: 15, SJR: 2.792, h-index: 140)
American J. on Addictions     Hybrid Journal   (Followers: 9, SJR: 0.843, h-index: 57)
Anaesthesia     Hybrid Journal   (Followers: 116, SJR: 1.404, h-index: 88)
Analyses of Social Issues and Public Policy     Hybrid Journal   (Followers: 11, SJR: 0.397, h-index: 18)
Analytic Philosophy     Hybrid Journal   (Followers: 15)
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: 153)
Angewandte Chemie Intl. Edition     Hybrid Journal   (Followers: 203, SJR: 6.229, h-index: 397)
Animal Conservation     Hybrid Journal   (Followers: 34, SJR: 1.576, h-index: 62)
Animal Genetics     Hybrid Journal   (Followers: 8, SJR: 0.957, h-index: 67)
Animal Science J.     Hybrid Journal   (Followers: 5, 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: 8, 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: 42, SJR: 5.584, h-index: 241)
Annals of Noninvasive Electrocardiology     Hybrid Journal   (Followers: 2, SJR: 0.531, h-index: 38)
Annals of Public and Cooperative Economics     Hybrid Journal   (Followers: 9, 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: 12)
Annual Review of Information Science and Technology     Hybrid Journal   (Followers: 14)
Anthropology & Education Quarterly     Hybrid Journal   (Followers: 24, SJR: 0.72, h-index: 31)
Anthropology & Humanism     Hybrid Journal   (Followers: 16, SJR: 0.137, h-index: 3)
Anthropology News     Hybrid Journal   (Followers: 14)
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: 92, SJR: 0.545, h-index: 15)
Antipode     Hybrid Journal   (Followers: 45, SJR: 2.212, h-index: 69)
Anz J. of Surgery     Hybrid Journal   (Followers: 6, 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: 66, SJR: 0.754, h-index: 69)
Applied Organometallic Chemistry     Hybrid Journal   (Followers: 6, SJR: 0.632, h-index: 58)
Applied Psychology     Hybrid Journal   (Followers: 130, SJR: 1.023, h-index: 64)
Applied Psychology: Health and Well-Being     Hybrid Journal   (Followers: 47, 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: 13, SJR: 1.025, h-index: 55)
Aquaculture Research     Hybrid Journal   (Followers: 31, SJR: 0.807, h-index: 60)
Aquatic Conservation Marine and Freshwater Ecosystems     Hybrid Journal   (Followers: 34, 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: 27, SJR: 0.809, h-index: 48)
Archeological Papers of The American Anthropological Association     Hybrid Journal   (Followers: 14, SJR: 0.156, h-index: 2)
Architectural Design     Hybrid Journal   (Followers: 24, SJR: 0.261, h-index: 9)
Archiv der Pharmazie     Hybrid Journal   (Followers: 4, SJR: 0.628, h-index: 43)
Archives of Drug Information     Hybrid Journal   (Followers: 4)
Archives of Insect Biochemistry and Physiology     Hybrid Journal   (SJR: 0.768, h-index: 54)
Area     Hybrid Journal   (Followers: 12, SJR: 0.938, h-index: 57)
Art History     Hybrid Journal   (Followers: 203, SJR: 0.153, h-index: 13)
Arthritis & Rheumatology     Hybrid Journal   (Followers: 48, 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: 13)
Asia & the Pacific Policy Studies     Open Access   (Followers: 15)
Asia Pacific J. of Human Resources     Hybrid Journal   (Followers: 319, SJR: 0.494, h-index: 19)
Asia Pacific Viewpoint     Hybrid Journal   (SJR: 0.616, h-index: 26)
Asia-Pacific J. of Chemical Engineering     Hybrid Journal   (Followers: 7, 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: 3, 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: 3, 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   (SJR: 0.394, h-index: 7)
Asian J. of Organic Chemistry     Hybrid Journal   (Followers: 4, 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: 13, 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: 2, SJR: 0.701, h-index: 40)
Atmospheric Science Letters     Open Access   (Followers: 29, SJR: 1.332, h-index: 27)
Austral Ecology     Hybrid Journal   (Followers: 12, SJR: 1.095, h-index: 66)
Austral Entomology     Hybrid Journal   (Followers: 10, SJR: 0.524, h-index: 28)
Australasian J. of Dermatology     Hybrid Journal   (Followers: 7, SJR: 0.714, h-index: 40)
Australasian J. On Ageing     Hybrid Journal   (Followers: 7, SJR: 0.39, h-index: 22)
Australian & New Zealand J. of Statistics     Hybrid Journal   (Followers: 13, 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: 42, 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: 4, SJR: 0.171, h-index: 12)
Australian Economic Papers     Hybrid Journal   (Followers: 22, 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: 13, SJR: 0.203, h-index: 14)
Australian J. of Psychology     Hybrid Journal   (Followers: 16, SJR: 0.384, h-index: 30)
Australian J. of Public Administration     Hybrid Journal   (Followers: 383, SJR: 0.418, h-index: 29)
Australian J. of Rural Health     Hybrid Journal   (Followers: 4, SJR: 0.43, h-index: 34)
Australian Occupational Therapy J.     Hybrid Journal   (Followers: 64, SJR: 0.59, h-index: 29)
Australian Psychologist     Hybrid Journal   (Followers: 11, SJR: 0.331, h-index: 31)
Australian Veterinary J.     Hybrid Journal   (Followers: 19, SJR: 0.459, h-index: 45)
Autism Research     Hybrid Journal   (Followers: 31, 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: 9, 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: 3, 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: 7, SJR: 0.297, h-index: 23)
Behavioral Sciences & the Law     Hybrid Journal   (Followers: 21, SJR: 0.736, h-index: 57)
Berichte Zur Wissenschaftsgeschichte     Hybrid Journal   (Followers: 9, 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: 14, SJR: 1.172, h-index: 90)
Biological Reviews     Hybrid Journal   (Followers: 2, SJR: 6.469, h-index: 114)
Biologie in Unserer Zeit (Biuz)     Hybrid Journal   (Followers: 44, 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: 45, SJR: 0.415, h-index: 55)
Biotechnology and Bioengineering     Hybrid Journal   (Followers: 135, SJR: 1.633, h-index: 146)
Biotechnology J.     Hybrid Journal   (Followers: 13, SJR: 1.185, h-index: 51)
Biotechnology Progress     Hybrid Journal   (Followers: 39, SJR: 0.736, h-index: 101)
Biotropica     Hybrid Journal   (Followers: 17, SJR: 1.374, h-index: 71)
Bipolar Disorders     Hybrid Journal   (Followers: 10, SJR: 2.592, h-index: 100)
Birth     Hybrid Journal   (Followers: 33, 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: 5, SJR: 0.468, h-index: 47)
Birth Defects Research Part C : Embryo Today : Reviews     Hybrid Journal   (SJR: 1.513, h-index: 55)

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Journal Cover Accounting & Finance
  [SJR: 0.547]   [H-I: 30]   [43 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  [1583 journals]
  • 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: 1 - 2
      PubDate: 2017-04-03T05:11:57.646179-05:
      DOI: 10.1111/acfi.12263
       
  • Do brokers' recommendation changes generate brokerage' Evidence from a
           central limit order market
    • Authors: Rob Brown; Howard W. H. Chan, Robert W. Faff, Yew Kee Ho
      Abstract: We examine the short-term response to recommendation changes on the Australian Securities Exchange, a central limit order market. In both central limit order markets and dealer-driven markets, clients may reward the recommending broker with increased trade volumes. But a central limit order market does not have mandatory market makers and hence provides greater opportunity to free ride. We find evidence supporting the hypothesis that recommending brokers are rewarded with higher trade volumes and brokerage commission. Consistent with the tipping hypothesis, these rewards are concentrated in the period shortly before the release. There is no evidence of free riding.
      PubDate: 2016-12-19T03:31:54.327798-05:
      DOI: 10.1111/acfi.12255
       
  • How might normative and mimetic pressures improve local government service
           performance reporting'
    • Authors: Prae Keerasuntonpong; Carolyn Cordery
      Abstract: Increasingly, public sector organisations are being encouraged or required to provide service performance information in addition to financial statements. Yet, reporting is often inferior, as shown by this example of local governments in New Zealand. Poor quality reporting has led to different initiatives to improve service performance reporting quality, and this study investigates the effectiveness of three initiatives undertaken by the Auditor-General. Drawing on contemporary institutional and legitimacy theories, we find that normative pressure in tandem with threats to legitimacy is influential in improving service performance reporting. However, despite mimetic examples also being used, the analysis shows it is an ineffective tool in the New Zealand local government context.
      PubDate: 2016-12-13T00:50:30.947222-05:
      DOI: 10.1111/acfi.12252
       
  • The implied equity duration when discounting and forecasting parameters
           are industry specific
    • Authors: Olga Fullana; Juan M. Nave, David Toscano
      Abstract: We estimate the implied equity duration using industry-specific parameters. We provide evidence that this procedure improves the ability of implied equity duration to capture stock price risk. We show that it is due to a better capture of both the market risk and residual risk of the market asset pricing model. As expected, the higher the difference in the estimates of duration, the higher the improvement in measuring price risk, but the results also show that the highest improvements are obtained when the usual implied equity duration estimation based on market parameters performs poorly as a price risk measure.
      PubDate: 2016-12-06T03:50:47.312405-05:
      DOI: 10.1111/acfi.12250
       
  • Practitioner mentoring of undergraduate accounting students: helping
           prepare students to become accounting professionals
    • Authors: Ralph Adler; Carolyn Stringer
      Abstract: Employers have long raised concerns about university accounting graduates' business awareness and understanding of the real world. This paper describes and explores the effectiveness of an undergraduate student mentoring programme for accounting majors that includes as one of its aims promoting students' real-world understandings of accounting. The programme has been operating for the past 12 years at a large Australasian, research-focused university and involves highly experienced business practitioners as mentors (i.e. partners of accounting firms, CFOs, COOs or CEOs), who represent a wide range of industries (e.g. Big Four, small/regional accounting firm, healthcare, manufacturing, retail). The programme has been associated with a high degree of success. Compared with a control group of students who did not participate in the mentoring programme, mentored students reported having better professional networks and a better understanding of the benefits and responsibilities of being a member of a professional accounting body. Some support was also found for mentored students having superior understandings of work and career opportunities. As encouraged by The Pathways Commission Report () and the 2015 CPA Australia report Shaping the future of accounting in business education in Australia, the study's findings provide support for how a mentoring programme like the one described in this paper can assist with showcasing the wider purposes and career opportunities associated with the accounting profession, as well as forge closer linkages between accounting practitioners and accounting educators and better integration of accounting practice into accounting curricula.
      PubDate: 2016-11-15T22:04:46.503419-05:
      DOI: 10.1111/acfi.12249
       
  • Female audit committee members and their influence on audit fees
    • Authors: Husam Aldamen; Janice Hollindale, Jennifer L. Ziegelmayer
      Abstract: We test the relationship between female representation on the audit committee and audit fees for 624 Australian companies in the year 2011. A positive relationship is found, leading to the conclusion that female presence on audit committees influences the quality of the external audit. Further, we find that gender is the significant audit committee characteristic in predicting audit quality and that women on the audit committee strengthen the positive relationship between firm size and audit fees, and between risk and audit fees. Conversely, we find that female representation dampens the positive relationship between complexity and audit fees.
      PubDate: 2016-11-08T18:35:42.841828-05:
      DOI: 10.1111/acfi.12248
       
  • The impact of undergraduate personal finance education on individual
           financial literacy, attitudes and intentions
    • Authors: Paul Gerrans; Richard Heaney
      Abstract: Financial literacy education features prominently among the policy options available to improve personal financial decision-making. Notwithstanding calls to expand delivery of financial literacy units at university level, such offerings are relatively rare with little evaluation. We provide an evaluation of the impact on financial literacy, financial attitudes and financial behaviour intentions of a semester unit in personal finance delivered to undergraduates at an Australian university, carefully controlling for confounding effects in the analysis. We report increases in objective and subjective financial literacy and an additional gender effect. Contrary to previous speculation, we do not find overconfidence as an associated outcome.
      PubDate: 2016-11-08T18:30:36.560002-05:
      DOI: 10.1111/acfi.12247
       
  • Fashion or future: does creating shared value pay'
    • Authors: Stewart Jones; Christopher Wright
      Abstract: Porter and Kramer's () concept of ‘creating shared value’ (CSV) has attracted considerable attention from business and academics. According to Porter and Kramer, CSV is about creating economic value in a way that also generates value for society by addressing its basic needs and challenges. One of the key assumptions of the CSV concept is that companies will benefit economically through engaging in CSV activity. We test this empirically by developing a proxy measure of CSV based on 26 sustainability performance indicators drawn from a customised database. Based on a sample of ASX 300 companies taken over a 5-year period (2008–2012), we find a strong statistical association between the CSV proxies and a range of financial performance indicators. These companies also tend to be larger and have higher growth opportunities. However, statistical tests of causality indicate that superior financial performance leads to greater CSV activity, rather than CSV activity driving financial outcomes. This finding suggests that successful companies may well be adopting CSV-type practices more as an outcome of management fashion than because of their tangible contribution to the financial performance of the firm.
      PubDate: 2016-10-18T01:10:23.761148-05:
      DOI: 10.1111/acfi.12243
       
  • Improving equity premium forecasts by incorporating structural break
           uncertainty
    • Authors: Jing Tian; Qing Zhou
      Abstract: This article compares five alternative methods for directly dealing with structural break uncertainty in forecasting the U.S. equity premium using 30 widely used bivariate and multivariate predictive regressions. We find that two recently developed methods – Robust Optimal Weights on Observations and Forecast Combination across Estimation Windows – outperform the conventional rolling window and postbreak estimation methods. This result indicates that very early historical information is beneficial for U.S. equity premium forecasting but should be discounted to incorporate structural break uncertainty.
      PubDate: 2016-10-18T01:05:39.057046-05:
      DOI: 10.1111/acfi.12240
       
  • Integrated reporting: background, measurement issues, approaches and an
           agenda for future research
    • Authors: Charl Villiers; Elmar R. Venter, Pei-Chi Kelly Hsiao
      Abstract: We discuss the background to integrated reporting, a new reporting framework focused on firms’ future value creation narrative. We consider why integrated reporting is an area of interest for the accounting profession, accountants, investors, regulators and managers. We provide an overview of the integrated reporting literature, discuss measurement and research design issues to take into account when designing studies on integrated reporting and identify approaches and set an agenda for future research.
      PubDate: 2016-10-17T02:06:51.544753-05:
      DOI: 10.1111/acfi.12246
       
  • Does market discipline impact bank charter value' The case for
           Australia and Canada
    • Authors: Mamiza Haq; Necmi K. Avkiran, Amine Tarazi
      Abstract: This study analyses the relation between market discipline and bank charter value using a panel data set of publicly listed domestic banks in Australia and Canada over the period of 1995–2011, with a focus on the 2007–2008 global financial crisis (GFC). Overall, the results show a positive relation between market discipline and bank charter value, but this relation is weaker in the post-GFC period. Our findings reveal that in the presence of market discipline, bank capital, contingent liabilities and non-interest income are important sources of charter value. These findings have important policy implications related to bank stability. The results are robust to several model specifications.
      PubDate: 2016-10-13T21:41:00.833497-05:
      DOI: 10.1111/acfi.12244
       
  • Convergence of accounting standards and financial reporting externality:
           evidence from mandatory IFRS adoption
    • Authors: Ru Gao; Baljit K. Sidhu
      Abstract: Using mandatory adoption of International Financial Reporting Standards (IFRS) as a natural experiment, we examine whether reporting externalities can be magnified when financial disclosures are based on a common set of accounting standards. Specifically, we investigate and find that the changes in publicly available information of mandatory IFRS adopters (due to the convergence of accounting standards) can impact the investment efficiency of prior voluntary adopters. While we document positive externalities of mandatory IFRS, we also observe heterogeneity in these spillover effects at the firm and the country level, suggesting that externalities increase with improvements in the comparability of accounting information.
      PubDate: 2016-10-13T21:35:47.593064-05:
      DOI: 10.1111/acfi.12236
       
  • Corporate social responsibility and dividend policy
    • Authors: Adrian (Waikong) Cheung; May Hu, Jörg Schwiebert
      Abstract: This study outlines and tests two corporate social responsibility (CSR) views of dividends. The first view argues that firms are likely to pay fewer dividends because CSR activities lower the cost of equity, encouraging firms to invest or hoard cash rather than to pay dividends. The second view suggests that CSR activities are positive NPV projects that increases earnings and hence dividend payouts. The first (second) view predicts that firms with a stronger involvement in CSR activities should be associated with a lower (higher) dividend payouts. The finding supports the second view and is robust.
      PubDate: 2016-10-05T20:56:24.44202-05:0
      DOI: 10.1111/acfi.12238
       
  • Out-of-sample stock return predictability in emerging markets
    • Authors: Afsaneh Bahrami; Abul Shamsuddin, Katherine Uylangco
      Abstract: This article builds on the widely debated issue of stock return predictability by applying a broad range of predictor variables and comprehensively considering the in-sample and out-of-sample stock return predictability of ten advanced emerging markets. It compares forecasts from models with a single predictor variable, multiple predictor variables and a combination forecast approach. The results confirm the findings of Welch and Goyal (2008) for US data that only a limited number of individual predictor variables are able to deliver significant out-of-sample forecasts. However, a combination forecast approach provides statistically and economically significant out-of-sample forecast results.
      PubDate: 2016-10-05T04:12:55.826159-05:
      DOI: 10.1111/acfi.12234
       
  • Does auditor gender affect issuing going-concern decisions for financially
           distressed clients'
    • Authors: Sarowar Hossain; Larelle Chapple, Gary S. Monroe
      Abstract: We investigate whether an audit partner's gender is associated with the likelihood of issuing a going-concern opinion for a financially distressed client. Our analysis is based on data for a sample of Australian listed companies for the period 2003–2011. Our results from unrestricted and propensity score-matched samples and a Heckman two-stage model indicate that female audit partners are less likely to issue a going-concern opinion for financially distressed clients. Our findings provide evidence of differential audit outcomes depending on the gender of the audit partner, thus implying that audit partner gender affects the decision-making processes used when making the audit reporting decision. These behavioural differences have the potential to influence perceptions of financial reporting and audit quality.
      PubDate: 2016-10-05T04:09:13.834173-05:
      DOI: 10.1111/acfi.12242
       
  • Internal control deficiencies and audit pricing: evidence from initial
           public offerings
    • Authors: Jong Eun Lee
      Abstract: Prior evidence on the association between internal control deficiencies and audit fees pertains to public companies. In this study, I investigate the association between internal control deficiencies identified in initial public offering (IPO) audits and audit fees, as well as which factors drive the association. I find that IPO firms with internal control deficiencies regarding pre-IPO financial reporting are likely to pay higher IPO audit fees, which suggests that auditors adjust audit fees for the increased internal control risk. In addition, I find that the fees are positively and significantly associated with the severity of the type of deficiencies.
      PubDate: 2016-10-05T04:09:10.686537-05:
      DOI: 10.1111/acfi.12241
       
  • Stock price response to new-CEO earnings news
    • Authors: Paul G. Geertsema; David H. Lont, Helen Lu
      Abstract: New-CEO earnings news exhibits asymmetric effects on stock prices. Stock prices rise more on good earnings news announced by firms with new CEOs compared with those with established CEOs. By contrast, stock prices tend to fall by a smaller amount on bad earnings news for new CEOs. Both the new-CEO quality effect and the new-CEO honeymoon effect are more pronounced for CEOs appointed during challenging situations. The new-CEO quality effect is stronger for firms followed by fewer analysts, while the honeymoon effect is stronger for firms followed by more analysts – illustrating the importance of a transparent information environment.
      PubDate: 2016-10-05T04:01:54.987785-05:
      DOI: 10.1111/acfi.12239
       
  • The sensitivity of the credit default swap market to financial
           analysts’ forecast revisions
    • Authors: Pervaiz Alam; Xiaoling Pu, Barry Hettler
      Abstract: We examine the impact of analysts’ earnings per share (EPS) and cash flow per share (CPS) forecast revisions on the market for credit default swaps. We find that while the issuance of both EPS and CPS forecast revisions are inversely associated with changes in credit default swap (CDS) spreads, cash flow forecast revisions have a larger effect. We demonstrate that the relationship between CPS forecast revisions and CDS spreads tends to be stronger in cases of financial distress. We provide evidence that cash flow forecasts dominate earnings forecasts in some situations and that participants in the CDS market discriminate between analysts' forecast revisions and recommendation changes.
      PubDate: 2016-10-04T01:01:31.351972-05:
      DOI: 10.1111/acfi.12235
       
  • Audit report lag: the role of auditor type and increased competition in
           the audit market
    • Authors: Fakhroddin MohammadRezaei; Norman Mohd-Saleh
      Abstract: This study investigates the effect of auditor type (private vs. state) and increased competition in an audit market on audit report lag (ARL). This is the first study to provide evidence regarding the effect of audit market competition on ARL. Utilising structure–conduct–performance theory, we predict that competition pressures private auditors to be more efficient and to have less reporting lag than state auditors. We also predict that competition among auditors after a liberalisation period forces auditors to be more efficient and to record less ARL than before. We use a unique data set in Iran, whereby the audit market liberalisation (an audit market where services were previously provided primarily by a state entity) has resulted in both state and private auditors simultaneously providing audit services. The findings are consistent with the following hypothesis, that is ARL is shorter for private auditors than it is for state auditors, and ARL decreases as competition increases in the Iranian audit market. Consistent with the structure–conduct–performance theory, the findings suggest that increased competition in the audit market results in higher efficiency, as reflected by a shorter ARL.
      PubDate: 2016-09-22T22:25:22.583144-05:
      DOI: 10.1111/acfi.12237
       
  • Short selling, margin buying and stock return in China market
    • Authors: Rui Li; Nan Li, Jiahui Li, Chongfeng Wu
      Abstract: It is well argued that short sellers are informed traders, and short interests predict future stock returns significantly. However, most researches neglect margin buyers, as twin sisters of short sellers, and keep silent about their impact on stock returns. In this article, we demonstrate that margin buyers significantly impact predictive power of conventional short measures. We document that conventional short measures neglecting margin-buying activities, short interest ratio (SIR) and days to cover (DTC) fail to predict stock return unless our analysis is confined to lightly margin bought stocks. We also show that short-margin trading ratio (SMTR), revised short measure with consideration of margin buying, predict stock return more sharply. What is more, we can form profitable portfolios by the new short measure.
      PubDate: 2016-09-13T00:50:35.496931-05:
      DOI: 10.1111/acfi.12229
       
  • Information linkages between emission allowance and energy markets
    • Authors: Emma Schultz; John Swieringa
      Abstract: We employ a rational expectations framework similar to that proposed by Fleming et al. (1998) to examine the source, and nature of, information linkages between the emission allowance and energy markets as gauged by the correlation of return volatilities. Estimating the model for bivariate pairings of securities suggests that market linkages arise from sensitivities to common information rather than from indirect spillovers, with emission allowances most strongly linked to the crude oil market.
      PubDate: 2016-09-01T03:40:24.101848-05:
      DOI: 10.1111/acfi.12227
       
  • Corporate diversification, institutional investors and internal control
           quality
    • Authors: Guang-Zheng Chen; Edmund C. Keung
      Abstract: This study investigates the relationship between corporate diversification, institutional investors and internal control quality. Using a sample of firms disclosing internal control information from 1999 to 2011, the results show that corporate diversification is positively associated with the likelihood of internal control weakness. Moreover, this relationship is stronger (weaker) when firms have higher transient (dedicated) institutional ownership, indicating that transient (dedicated) institutional investors increase (mitigates) the internal control problems arising from diversification. This study contributes to the literature by providing evidence on the role of corporate diversification in the quality of internal control.
      PubDate: 2016-08-22T22:20:27.727263-05:
      DOI: 10.1111/acfi.12228
       
  • Does the accruals quality premium arise from information risk'
    • Authors: Lijuan Zhang; Mark Wilson
      Abstract: In this study, we examine whether the accruals quality premium arises from information risk through the following: (i) an investigation of the accruals quality (AQ) premium conditioned by market competition levels; (ii) a test of the impact of an exogenous shock on tax-loss-selling incentives; and (iii) an examination of the quality of specific accruals. Consistent with an information risk explanation, we find that the pricing effect of AQ is concentrated in firms with low market competition; that tax-loss selling is unlikely to explain the observed AQ premium; and that specific accruals quality measures which are more likely to reflect information risk are priced.
      PubDate: 2016-08-17T00:50:47.18309-05:0
      DOI: 10.1111/acfi.12224
       
  • Determinants of discretionary fair value measurements: the case of Level 3
           assets in the banking sector
    • Authors: Daifei Yao; Majella Percy, Jenny Stewart, Fang Hu
      Abstract: The objective of our research was to respond to the call of Barth and Taylor () for more research to examine the role of discretion in fair value estimates. Specifically, we investigate factors that explain banks’ accounting choices to use Level 3 valuation inputs from the fair value measurement hierarchy. Using hand-collected data from a sample of international banks during 2009–2013, we find that incentives to use discretionary Level 3 valuation inputs, which can provide an opportunity to manage earnings, are associated with both firm-level and country-level determinants. Additional tests provide evidence that Level 3 ‘transfer-in’ behaviour is related to changes in bank characteristics.
      PubDate: 2016-08-05T02:17:36.234344-05:
      DOI: 10.1111/acfi.12225
       
  • Executive stock option vesting conditions, corporate governance and CEO
           attributes: evidence from Australia
    • Authors: Xin Qu; Majella Percy, Jenny Stewart, Fang Hu
      Abstract: We investigate the association between executive stock option (ESO) vesting conditions, corporate governance and CEO attributes. Using observations from the 250 largest Australian firms, we find that stronger corporate governance is positively associated with the length of the vesting period and the use of performance hurdles. We also find that when CEOs approach retirement, firms are more likely to grant longer time-vesting options but are less likely to impose performance hurdles. Further, more powerful CEOs appear to influence the granting of ESOs with less restrictive vesting conditions. Our findings suggest that both corporate governance and CEO attributes significantly shape the design of ESOs.
      PubDate: 2016-07-29T02:57:13.751124-05:
      DOI: 10.1111/acfi.12223
       
  • Remuneration committees, shareholder dissent on CEO pay and the CEO
           pay–performance link
    • Authors: Pamela Kent; Kim Kercher, James Routledge
      Abstract: We provide evidence on whether the adoption of the full Australian Securities Exchange recommendations for remuneration committee formation and structure are associated with a lower shareholder dissenting vote or a stronger CEO pay–performance link. We find some evidence that a minority- and majority-independent remuneration committee and a committee size of at least the recommended three members are associated with lower shareholder dissent. Companies with an independent committee have a stronger CEO pay–performance link. In addition, a majority-independent committee strengthens the link between performance and growth in CEO pay.
      PubDate: 2016-07-25T21:55:36.199136-05:
      DOI: 10.1111/acfi.12222
       
  • Profitability and investment-based factor pricing models
    • Authors: Brendan Elliot; Paul Docherty, Stephen Easton, Doowon Lee
      Abstract: Ex ante predictors of stock returns must exhibit explanatory power across the feasible set of investments. But empirical results of factor pricing models that incorporate firm investment and profitability cannot explain the apparently high returns of US small stocks with very high investment levels and very low profitability. Whilst these stocks comprise only a small fraction of US data sets, this is not the case across global markets. Using a data set that is concentrated with stocks that exhibit high investment despite low profitability, we demonstrate that such factor models are limited in their explanatory power over these stocks.
      PubDate: 2016-06-20T20:20:29.47368-05:0
      DOI: 10.1111/acfi.12217
       
  • Testing the effect of portfolio holdings disclosure in an environment
           absent of mandatory disclosure
    • Authors: Zhe Chen; David R. Gallagher, Adrian D. Lee
      Abstract: This study examines a number of portfolio disclosure regimes with respect to accuracy and susceptibility to copycat behaviour in an environment absent of mandatory disclosure. We find that periodic portfolio disclosure tends to underestimate true excess performance as well as idiosyncratic risk in top-quartile fund managers, with longer inter-reporting intervals tending to result in greater differences. ‘Copycat funds’ following the disclosed holdings of top-tier managers significantly underperform the underlying fund, while copycats following bottom-tier managers significantly outperform the underlying fund. Our findings suggest that periodic reporting at monthly intervals or longer would not affect fund alpha generation.
      PubDate: 2016-06-06T04:47:36.814798-05:
      DOI: 10.1111/acfi.12214
       
  • Corporate governance and the sensitivity of investments to cash flows
    • Authors: Gurmeet Singh Bhabra; Parvinder Kaur, Ahn Seoungpil
      Abstract: We find very strong and consistent evidence that investments in Strong-Governance firms (managers not entrenched) are strongly sensitive to availability of internal cash flows while such sensitivity is not different from zero for Weak-Governance firms (entrenched management). We interpret this as evidence in support of Kaplan and Zingales' (1997) contention that sensitivity of investments to cash flows is not an adequate measure of financing constraints. More importantly, our findings are consistent with Kaplan and Zingales’ conjecture that the observed sensitivity of investments to cash flows in firms that do not face financing constraints may be driven by excessive risk aversion of managers.
      PubDate: 2016-06-06T04:35:48.191172-05:
      DOI: 10.1111/acfi.12221
       
  • Generic skills in accounting: perspectives of Chinese postgraduate
           students
    • Authors: Bernadette Smith; William Maguire, Helen Haijuan Han
      Abstract: This study examines Chinese accounting students’ perceptions of skills required for a professional accounting position in Australia and of the emphasis placed on skills during their postgraduate Master of Professional Accounting (MPA) course. The study is motivated by concerns about international students’ inadequate generic skills and their difficulty in securing professional employment. We find that Chinese students perceive ‘communication skills’ to be the most important for their professional employment in Australia, but at the same time they tend to overemphasise technical skills and underemphasise other desirable generic skills.
      PubDate: 2016-05-24T00:25:37.568716-05:
      DOI: 10.1111/acfi.12219
       
  • Timing of earnings restatements: CEO equity compensation and market
           reaction
    • Authors: Nourhene BenYoussef; Saqib Khan
      Abstract: This study investigates the impact of chief executive officers’ (CEO) compensation on their choices regarding the timing of earnings restatements. The results indicate a negative relationship between options exercised and lags in disclosing the restated earnings, suggesting that managers who exercise options in a given year tend to release information quickly. This effect is more pronounced if the options are exercised after the dark period. We also find that the market penalises longer lags in the restatement disclosure. It seems that the CEO would try to optimise the timing of information release so as to balance the costs and benefits.
      PubDate: 2016-05-18T20:35:26.414588-05:
      DOI: 10.1111/acfi.12220
       
  • The changing technological environment and the future of behavioural
           research in accounting
    • Authors: Vicky Arnold
      Abstract: In an era where the pace of change continues to escalate, behavioural research provides an ongoing avenue for explaining the likely effects of emergent changes on decision-making by providers, users and assurers of accounting information, and for providing ex ante enlightenment for policy-makers. The purpose of this discussion is to identify contemporary changes affecting the accounting environment, discuss the potential impact to individual and organisational decision-making, and explore how behavioural research can be utilised to examine these changes. Specifically, this discussion focuses on the impact that technological changes have had on financial reporting, external auditing and managerial accounting, with an eye towards the potential for these changes to radically alter the future of accounting and auditing research.
      PubDate: 2016-05-11T21:05:22.148919-05:
      DOI: 10.1111/acfi.12218
       
  • The Piotroski F-score: evidence from Australia
    • Authors: Charles E. Hyde
      Abstract: A market-neutral strategy that is long [short] stocks with a high [low] Piotroski F-score generates an index-weighted 0.8 percent pm on S&P/ASX 200 stocks and 1.4 percent pm on smaller stocks. Equal-weighted returns are higher and in all cases returns are statistically significant. However, the Carhart model alphas are not statistically significant except in the case of equal-weighted small cap portfolios. For such portfolios, however, most of the alpha comes from the short side and most institutional investors would find them uninvestable due to capacity constraints. A range of tests indicate that analyst neglect does not explain the F-score premium.
      PubDate: 2016-04-22T02:50:56.214815-05:
      DOI: 10.1111/acfi.12216
       
  • Politically connected boards, value or cost: evidence from a natural
           experiment in China
    • Authors: Jianlei Han; Guangli Zhang
      Abstract: This study investigates the net effect of a politically connected board for a firm. Using a natural experiment in China – a regulatory change to forbid bureaucrats from sitting on the board of public firms – we address the causality of the net effect of a politically connected board by testing the market reaction of the shares of firm targeted by the regulatory change to the policy announcement. The stocks of firms with politically connected directors who are targeted by the regulatory change show on average a significantly positive abnormal return, which suggests that the agency cost effect of a politically connected director dominates the value effect. The result is robust to various model settings and to a matched sample using the propensity score methodology. Additionally, the announcement effect of the resignation of a politically connected director is significantly positive, and significantly higher than that of a non-connected director. Overall, our results suggest that the agency cost effect of a politically connected director dominates the value effect.
      PubDate: 2016-04-22T02:45:39.698772-05:
      DOI: 10.1111/acfi.12215
       
  • International compliance with new Basel Accord principles for risk
           governance
    • Authors: Sue Wright; Elizabeth Sheedy, Shane Magee
      Abstract: We assess international compliance with the Basel Committee's 2010 guidance on governance of banking organisations. Based on an extensive examination of regulatory documents in selected advanced economies, we find that reform is incomplete in jurisdictions most affected by the financial crisis, and with the largest financial centres. In contrast, other countries less affected by the financial crisis have enacted risk governance reforms as protection against potential future contagion. We provide insights for policy-makers charged with improving governance at banks, and a richer understanding for international regulators as they revise the guidelines and aim for greater compliance at the national level.
      PubDate: 2016-04-21T02:20:47.084843-05:
      DOI: 10.1111/acfi.12213
       
  • A new perspective on performance persistence: evidence using portfolio
           holdings
    • Authors: Scott Bennett; David R. Gallagher, Graham Harman, Geoffrey J. Warren, Yuki Xi
      Abstract: We investigate the existence and sources of performance persistence for Australian equity funds, using monthly portfolio holdings data. We find significant persistence among outperforming rather than underperforming funds, which is primarily related to security selection skill, and is associated with growth-orientated funds. Meanwhile, the relation between persistence and momentum is secondary and nuanced. Further, persistence largely derives from existing holdings, while subsequent active trading contributes only moderately positive returns for both outperforming and underperforming funds. We also find that persistence fades beyond 6 months and vanishes after 24 months. Our findings differ from those for U.S. equity funds and previous Australian studies, implying that persistence may vary with market context and its identification may depend on data availability.
      PubDate: 2016-03-30T23:30:42.09689-05:0
      DOI: 10.1111/acfi.12212
       
  • Effect of the ban on short selling on market prices and volatility
    • Authors: Uwe Helmes; Julia Henker, Thomas Henker
      Abstract: We examine the effects of the short-selling ban, imposed by Australian regulators in the wake of the global financial crisis, on the trading of financial stocks. Our findings argue against commonly stated reasons for imposing short-sale bans. We find no evidence that short-sale restrictions provide support for stock prices or that they reduce volatility. Moreover, stocks subject to the short-selling ban suffered a severe degradation in market quality. Controlling for the adverse effects of the financial crisis on markets, we show that short-selling restrictions increase intraday volatility, reduce trading activity and increase bid–ask spreads.
      PubDate: 2016-03-30T23:25:45.848533-05:
      DOI: 10.1111/acfi.12211
       
  • Dividend persistence and dividend behaviour
    • Authors: Kam Fong Chan; John G. Powell, Jing Shi, Tom Smith
      Abstract: This article demonstrates how a spurious regression problem caused by dividend persistence is compounded by a spurious correlation problem when the dependent and independent variables in dividend behaviour regressions are ratios composed of common component variables. This article utilises a simulation procedure to take account of these problems, with the findings implying that extreme care should be taken when using ratios as predictor or explanatory variables in time series regression. This article introduces a reformulated Lintner first difference dividend behaviour model that is not subject to spurious regression in which past prices predict subsequent changes in dividends.
      PubDate: 2016-03-10T03:31:44.169237-05:
      DOI: 10.1111/acfi.12208
       
  • Partial moment volatility indices
    • Authors: Zhangxin (Frank) Liu; Michael J. O'Neill
      Abstract: Forward-looking partial moment volatility indices are developed using state-pricing, called the bear index (BEX) and bull index (BUX). Using S&P 500 index (SPX) option prices, we find that BEX and BUX provide superior forecasts for the lower and upper partial moments of future market realised volatility, respectively. We examine the relation between SPX returns and changes in BEX and BUX at the daily level. Results are consistent with the volatility feedback hypothesis. Further, we show that BEX may be more suitable as the ‘investor fear gauge’ than VIX.
      PubDate: 2016-03-09T04:02:30.542215-05:
      DOI: 10.1111/acfi.12209
       
  • Burnout among university accounting educators in Australia and New
           Zealand: determinants and implications
    • Authors: Gillian Vesty; VG Sridharan, Deryl Northcott, Steven Dellaportas
      Abstract: Increased teaching workloads combined with pressures to publish in limited outlets has intensified the burnout potential among accounting educators in Australia and New Zealand. However, amongst the few studies on tertiary accounting education, the focus has so far been only on burnout arising from student contact intensity. We broaden this literature by examining how other worklife characteristics contribute to burnout. Based on 158 responses from Australian and New Zealand accounting academics, we find evidence for emotional exhaustion due to high workload. However, professional efficacy continues to remain high. Qualitative responses offer deeper insights on how various burnout factors are interrelated.
      PubDate: 2016-03-09T04:00:51.863712-05:
      DOI: 10.1111/acfi.12203
       
  • Discretion in bank loan loss allowance, risk taking and earnings
           management
    • Authors: Justin Jin; Kiridaran Kanagaretnam, Gerald J. Lobo
      Abstract: We study whether banks use the allowance for loan losses (ALL) for efficiency or for opportunistic reasons. We find that banks that had higher abnormal ALL during the period prior to the 2007–2009 crisis engaged in less risk taking during the pre-crisis period and had a lower probability of failure during the crisis period. In testing earnings management to meet or beat earnings benchmarks, we find that abnormal ALL is unrelated to next period's loss avoidance and just meeting or beating the prior year's earnings. Our results suggest that banks use ALL for efficiency and not for opportunistic purposes.
      PubDate: 2016-03-08T20:29:17.548001-05:
      DOI: 10.1111/acfi.12210
       
 
 
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