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  Subjects -> EDUCATION (Total: 1798 journals)
    - ADULT EDUCATION (24 journals)
    - COLLEGE AND ALUMNI (9 journals)
    - E-LEARNING (22 journals)
    - EDUCATION (1507 journals)
    - HIGHER EDUCATION (120 journals)
    - INTERNATIONAL EDUCATION PROGRAMS (4 journals)
    - ONLINE EDUCATION (28 journals)
    - SCHOOL ORGANIZATION (13 journals)
    - SPECIAL EDUCATION AND REHABILITATION (34 journals)
    - TEACHING METHODS AND CURRICULUM (37 journals)

EDUCATION (1507 journals)                  1 2 3 4 5 6 7 8 | Last

Showing 1 - 200 of 857 Journals sorted alphabetically
#Tear : Revista de Educação, Ciência e Tecnologia     Open Access   (Followers: 2)
(Pensamiento), (palabra) y obra     Open Access   (Followers: 1)
@tic. revista d'innovació educativa     Open Access  
Abant İzzet Baysal Üniversitesi Eğitim Fakültesi Dergisi     Open Access  
About Campus     Hybrid Journal   (Followers: 5)
Academic Medicine     Full-text available via subscription   (Followers: 60)
Academic Psychiatry     Full-text available via subscription   (Followers: 23)
Academic Questions     Hybrid Journal   (Followers: 8)
Academy of Educational Leadership Journal     Full-text available via subscription   (Followers: 60)
Academy of Management Learning and Education     Full-text available via subscription   (Followers: 53)
Accounting & Finance     Hybrid Journal   (Followers: 47)
Accounting Education: An International Journal     Hybrid Journal   (Followers: 17)
ACM Transactions on Computing Education (TOCE)     Hybrid Journal   (Followers: 6)
Across the Disciplines     Open Access   (Followers: 8)
Acta Didactica Norge     Open Access  
Acta Scientiarum. Education     Open Access  
Acta Technologica Dubnicae     Open Access  
Action in Teacher Education     Hybrid Journal   (Followers: 60)
Action Learning: Research and Practice     Hybrid Journal   (Followers: 41)
Action Research     Hybrid Journal   (Followers: 44)
Active Learning in Higher Education     Hybrid Journal   (Followers: 302)
Actualidades Pedagógicas     Open Access  
Adelphi series     Hybrid Journal   (Followers: 15)
Administration & Society     Hybrid Journal   (Followers: 13)
Administrative Science Quarterly     Full-text available via subscription   (Followers: 166)
Adult Education Quarterly     Hybrid Journal   (Followers: 152)
Advanced Education     Open Access   (Followers: 8)
Advances in Building Education     Open Access   (Followers: 3)
Advances in Health Sciences Education     Hybrid Journal   (Followers: 25)
Advances in High Energy Physics     Open Access   (Followers: 19)
Advances in School Mental Health Promotion     Partially Free   (Followers: 9)
AERA Open     Open Access   (Followers: 6)
Africa Education Review     Partially Free   (Followers: 25)
African Journal of Chemical Education     Open Access   (Followers: 2)
African Journal of Educational Studies in Mathematics and Sciences     Full-text available via subscription   (Followers: 5)
African Journal of Health Professions Education     Open Access   (Followers: 6)
African Journal of Research in Mathematics, Science and Technology Education     Full-text available via subscription   (Followers: 8)
Agora     Full-text available via subscription   (Followers: 3)
AGORA Magazine     Open Access  
Ahmad Dahlan Journal of English Studies     Open Access   (Followers: 1)
AIDS Education and Prevention     Full-text available via subscription   (Followers: 7)
Akadémiai Értesítö     Full-text available via subscription  
Aksiologiya : Jurnal Pengabdian Kepada Masyarakat     Open Access  
AKSIOMA Journal of Mathematics Education     Open Access   (Followers: 1)
Al-Idarah : Jurnal Kependidikan Islam     Open Access  
Al-Jabar : Jurnal Pendidikan Matematika     Open Access  
Alexandria : Revista de Educação em Ciência e Tecnologia     Open Access  
Alsic     Open Access   (Followers: 20)
Alteridad     Open Access  
Amasya Universitesi Egitim Fakültesi Dergisi     Open Access  
American Annals of the Deaf     Full-text available via subscription   (Followers: 13)
American Biology Teacher     Full-text available via subscription   (Followers: 13)
American Educational Research Journal     Hybrid Journal   (Followers: 160)
American Journal of Business Education     Open Access   (Followers: 10)
American Journal of Distance Education     Hybrid Journal   (Followers: 29)
American Journal of Education     Full-text available via subscription   (Followers: 189)
American Journal of Educational Research     Open Access   (Followers: 60)
American Journal of Health Education     Hybrid Journal   (Followers: 31)
American Journal of Physics     Full-text available via subscription   (Followers: 55)
American String Teacher     Full-text available via subscription  
ANALES de la Universidad Central del Ecuador     Open Access   (Followers: 2)
Annali dell'Universita di Ferrara     Hybrid Journal  
Annals of Dyslexia     Hybrid Journal   (Followers: 10)
Annals of Modern Education     Full-text available via subscription   (Followers: 3)
Apertura. Revista de innovación educativa‏     Open Access   (Followers: 2)
Applied Environmental Education & Communication     Hybrid Journal   (Followers: 15)
Applied Measurement in Education     Hybrid Journal   (Followers: 9)
Arabia     Open Access  
Art Design & Communication in Higher Education     Hybrid Journal   (Followers: 20)
Arts and Humanities in Higher Education     Hybrid Journal   (Followers: 34)
Arts Education Policy Review     Hybrid Journal   (Followers: 5)
ASHE Higher Education Reports     Hybrid Journal   (Followers: 15)
Asia Pacific Education Review     Hybrid Journal   (Followers: 12)
Asia Pacific Journal of Education     Hybrid Journal   (Followers: 21)
Asia-Pacific Education Researcher     Hybrid Journal   (Followers: 12)
Asia-Pacific Journal of Health, Sport and Physical Education     Hybrid Journal   (Followers: 9)
Asia-Pacific Journal of Teacher Education     Hybrid Journal   (Followers: 20)
Asian Association of Open Universities Journal     Open Access  
Asian Education and Development Studies     Hybrid Journal   (Followers: 5)
Asian Journal of English Language Teaching     Full-text available via subscription   (Followers: 14)
Asian Journal of Legal Education     Full-text available via subscription   (Followers: 5)
ASp     Open Access   (Followers: 2)
Assessing Writing     Hybrid Journal   (Followers: 11)
Assessment & Evaluation in Higher Education     Hybrid Journal   (Followers: 153)
Assessment for Effective Intervention     Hybrid Journal   (Followers: 15)
Assessment in Education: Principles, Policy & Practice     Hybrid Journal   (Followers: 40)
Assessment Update     Hybrid Journal   (Followers: 4)
AStA Wirtschafts- und Sozialstatistisches Archiv     Hybrid Journal   (Followers: 5)
At-Ta'dib Jurnal Kependidikan Islam     Open Access  
At-Taqaddum     Open Access  
At-Turats     Open Access  
Athenea Digital     Open Access  
Aula Abierta     Open Access   (Followers: 1)
Australasian Journal of Educational Technology     Open Access   (Followers: 18)
Australasian Journal of Gifted Education     Full-text available via subscription   (Followers: 4)
Australasian Marketing Journal (AMJ)     Hybrid Journal   (Followers: 9)
Australian Art Education     Full-text available via subscription   (Followers: 7)
Australian Educational and Developmental Psychologist, The     Full-text available via subscription   (Followers: 7)
Australian Educational Computing     Open Access   (Followers: 1)
Australian Educational Researcher     Hybrid Journal   (Followers: 23)
Australian Journal of Adult Learning     Full-text available via subscription   (Followers: 14)
Australian Journal of Career Development     Hybrid Journal   (Followers: 2)
Australian Journal of Dyslexia and Learning Difficulties     Full-text available via subscription   (Followers: 8)
Australian Journal of Education     Hybrid Journal   (Followers: 33)
Australian Journal of Learning Difficulties     Hybrid Journal   (Followers: 4)
Australian Journal of Music Education     Full-text available via subscription   (Followers: 3)
Australian Journal of Public Administration     Hybrid Journal   (Followers: 436)
Australian Journal of Teacher Education     Open Access   (Followers: 22)
Australian Mathematics Teacher, The     Full-text available via subscription   (Followers: 7)
Australian Primary Mathematics Classroom     Full-text available via subscription   (Followers: 3)
Australian Screen Education Online     Full-text available via subscription   (Followers: 2)
Australian TAFE Teacher     Full-text available via subscription   (Followers: 3)
Australian Universities' Review, The     Full-text available via subscription   (Followers: 4)
Autism     Hybrid Journal   (Followers: 228)
Avaliação : Revista da Avaliação da Educação Superior (Campinas)     Open Access  
Azalea: Journal of Korean Literature & Culture     Full-text available via subscription   (Followers: 5)
Balkan Region Conference on Engineering and Business Education     Open Access   (Followers: 1)
BELIA : Early Childhood Education Papers     Open Access   (Followers: 6)
BELT - Brazilian English Language Teaching Journal     Open Access   (Followers: 5)
Biblioteca Escolar em Revista     Open Access  
Biblioteka i Edukacja     Open Access   (Followers: 4)
Bildung und Erziehung     Hybrid Journal   (Followers: 4)
Bioedukasi : Jurnal Pendidikan Biologi FKIP UM Metro     Open Access  
Bioma : Jurnal Ilmiah Biologi     Open Access  
Biosaintifika : Journal of Biology & Biology Education     Open Access   (Followers: 7)
Biosfer : Jurnal Biologi dan Pendidikan Biologi     Open Access  
BMC Medical Education     Open Access   (Followers: 42)
BMJ Simulation & Technology Enhanced Learning     Full-text available via subscription   (Followers: 8)
BoEM - Boletim online de Educação Matemática     Open Access  
Boletim Cearense de Educação e História da Matemática     Open Access  
Boletim de Educação Matemática     Open Access  
British Educational Research Journal     Hybrid Journal   (Followers: 184)
British Journal of Educational Studies     Hybrid Journal   (Followers: 153)
British Journal of Educational Technology     Hybrid Journal   (Followers: 142)
British Journal of Religious Education     Hybrid Journal   (Followers: 8)
British Journal of Sociology of Education     Hybrid Journal   (Followers: 51)
British Journal of Special Education     Hybrid Journal   (Followers: 47)
British Journal of Visual Impairment     Hybrid Journal   (Followers: 12)
Brookings Trade Forum     Full-text available via subscription   (Followers: 3)
Business, Management and Education     Open Access   (Followers: 18)
Caderno Brasileiro de Ensino de Física     Open Access  
Caderno Intersabares     Open Access  
Cadernos CEDES     Open Access   (Followers: 1)
Cadernos de Educação     Open Access  
Cadernos de Educação, Tecnologia e Sociedade     Open Access  
Cadernos de Pesquisa     Open Access  
Cadernos de Pesquisa     Open Access   (Followers: 2)
Cadernos de Pesquisa em Educação     Open Access   (Followers: 1)
Cadmo     Full-text available via subscription   (Followers: 1)
Cahiers de la recherche sur l'éducation et les savoirs     Open Access   (Followers: 4)
Calidad en la educación     Open Access   (Followers: 1)
Cambridge Journal of Education     Hybrid Journal   (Followers: 97)
Campus Legal Advisor     Hybrid Journal   (Followers: 2)
Campus Security Report     Hybrid Journal  
Canadian and International Education     Open Access   (Followers: 9)
Canadian Journal for New Scholars in Education/ Revue canadienne des jeunes chercheures et chercheurs en éducation     Open Access   (Followers: 8)
Canadian Journal for the Scholarship of Teaching and Learning     Open Access   (Followers: 16)
Canadian Journal of Education : Revue canadienne de l'éducation     Open Access   (Followers: 8)
Canadian Journal of Higher Education     Open Access   (Followers: 24)
Canadian Journal of Learning and Technology / La revue canadienne de l’apprentissage et de la technologie     Open Access   (Followers: 15)
Canadian Journal of School Psychology     Hybrid Journal   (Followers: 10)
Canadian Journal of Science, Mathematics and Technology Education     Hybrid Journal   (Followers: 20)
Career Development and Transition for Exceptional Individuals     Hybrid Journal   (Followers: 7)
Catalejos. Revista sobre lectura, formación de lectores y literatura para niños     Open Access  
Catharsis : Journal of Arts Education     Open Access  
CELE Exchange, Centre for Effective Learning Environments     Full-text available via subscription   (Followers: 1)
Cendekia : Jurnal Kependidikan dan Kemasyarakatan     Open Access  
Change: The Magazine of Higher Learning     Hybrid Journal   (Followers: 16)
Changing English: Studies in Culture and Education     Hybrid Journal   (Followers: 6)
Charrette     Open Access  
Chemical Engineering Education     Full-text available via subscription   (Followers: 1)
Chemistry Education Research and Practice     Free   (Followers: 5)
Chemistry in Education     Open Access   (Followers: 9)
Chi'e : Journal of Japanese Learning and Teaching     Open Access   (Followers: 3)
Child Language Teaching and Therapy     Hybrid Journal   (Followers: 30)
Child Psychiatry & Human Development     Hybrid Journal   (Followers: 9)
Childhood Education     Hybrid Journal   (Followers: 17)
Children's Literature in Education     Hybrid Journal   (Followers: 9)
Chinese Education & Society     Full-text available via subscription   (Followers: 3)
Christian Higher Education     Hybrid Journal   (Followers: 2)
Christian Perspectives in Education     Open Access   (Followers: 7)
Ciência & Educação (Bauru)     Open Access  
Ciência & Saúde Coletiva     Open Access   (Followers: 2)
Ciencia en Desarrollo     Open Access  
Ciencias Sociales y Educación     Open Access   (Followers: 2)
Citizenship, Social and Economics Education     Full-text available via subscription   (Followers: 5)
Classroom Discourse     Hybrid Journal   (Followers: 8)
Clinical Child and Family Psychology Review     Hybrid Journal   (Followers: 7)
Clio y Asociados     Open Access  
CME     Hybrid Journal   (Followers: 1)
Coaching: An International Journal of Theory, Research and Practice     Hybrid Journal   (Followers: 10)
Cogent Education     Open Access   (Followers: 2)
College Athletics and The Law     Hybrid Journal   (Followers: 1)
College Teaching     Hybrid Journal   (Followers: 13)
Colóquio Internacional de Educação e Seminário de Estratégias e Ações Multidisciplinares     Open Access  
Communication Disorders Quarterly     Hybrid Journal   (Followers: 14)
Communication Education     Hybrid Journal   (Followers: 20)
Communication Methods and Measures     Hybrid Journal   (Followers: 12)
Community College Journal of Research and Practice     Hybrid Journal   (Followers: 9)
Community College Review     Hybrid Journal   (Followers: 8)

        1 2 3 4 5 6 7 8 | Last

Journal Cover Accounting & Finance
  [SJR: 0.547]   [H-I: 30]   [47 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  [1592 journals]
  • Relying on the heuristic of trust: a case study
    • Authors: Aaron Bruhn
      Abstract: This study examines the reliance on trust as a heuristic by individuals when making personal financial decisions, using a qualitative case study. We show that in the face of complexity and choice, individual investors predominantly resorted to the heuristic of trust to make financial decisions. This demonstrates the need for industry and public policy-makers to be aware that individuals can and will resort to simplified heuristics as a basis for financial decision-making, particularly within an environment where substantial complexity and choice exist.
      PubDate: 2018-02-24T02:35:27.072596-05:
      DOI: 10.1111/acfi.12346
       
  • How to measure capital investment efficiency: a literature synthesis
    • Authors: Ru Gao; Xin Yu
      Abstract: This article reviews and integrates the empirical literature on the measurement of investment efficiency in the areas of accounting and finance. We identify the theories behind the measures and provide a framework which organises the measures of investment efficiency into three groups: those based on neoclassical theories, agency theory and real options theory. Furthermore, the advantages and disadvantages of each type of measure are discussed, allowing researchers to compare and then ascertain the most appropriate measure for their research purpose and research context.
      PubDate: 2018-02-17T02:45:49.536876-05:
      DOI: 10.1111/acfi.12343
       
  • Influence of media coverage and sentiment on seasoned equity offerings
    • Authors: Ji Sun; Yi Zhou, Jiaguo (George) Wang, Jie (Michael) Guo
      Abstract: This article examines the role of media in seasoned equity offerings (SEOs) price and market reactions on SEO announcements. Using a sample of SEO deals in UK, we find that media coverage is significantly and negatively related to SEO price discounts and market returns around SEO announcements. Moreover, we document that more pessimistic media sentiment predicts larger SEO price discounts and more negative market reactions to SEO announcements. In summary, both media coverage and media sentiment influence investor decisions in SEOs, but through different mechanisms.
      PubDate: 2018-02-16T01:15:31.38715-05:0
      DOI: 10.1111/acfi.12334
       
  • Investor sentiment and the risk–return tradeoff in the Brazilian
           market
    • Authors: Pedro Piccoli; Newton C. A. Costa, Wesley Vieira Silva, June A. W. Cruz
      Abstract: This study examines the influence of investor sentiment on the risk–return relationship in the Brazilian stock market from 2002 to 2015. Using the Consumer Confidence Index as a substitute for the level of investor sentiment, we find that the relationship between conditional variance and stocks return is positive (negative) in periods of low (high) sentiment, except for small stocks, which always show a negative relationship between the constructs. The deterioration of the positive relationship between risk and return when sentiment is high is a result of the sharp growth in the number of less sophisticated investors under these circumstances.
      PubDate: 2018-02-15T03:20:36.074579-05:
      DOI: 10.1111/acfi.12342
       
  • Does workload and institutional pressure on accounting educators affect
           academia at Australian universities'
    • Authors: Natasja Steenkamp; Roslyn Roberts
      Abstract: This paper examines accounting academics’ perceptions as to whether institutional pressure has increased in the previous 5–10 years subsequent to changes in the higher education environment, encouraging universities to adopt private sector managerialism. Results from 87 respondents indicated that workload pressures have increased and they experienced pressure to perform acts related to a student-as-customer model, which have negatively affected their well-being and work quality. The majority are not actively seeking to leave academia, but believe it is not a good time for others to aspire to such a career. This paper contributes to the debate about the sustainability of accounting academia at Australian universities.
      PubDate: 2018-02-07T00:40:28.324145-05:
      DOI: 10.1111/acfi.12340
       
  • Transferring and trading on insider information in the United States and
           Australia: just a case of happy hour drinks'
    • Authors: Xiaoyan Chen; Allan Hodgson, Martina K. Linnenluecke
      Abstract: This study examines and compares insider trading laws across Australia and the United States. Motivation is provided by academic studies that provide a global comparison of insider trading without analysis of divergent interpretations and liabilities. For example, sharing confidential information with friends over Friday night drinks may have completely different legal consequences across different countries. The possibility of higher or lower legal sanction offers research opportunities in the areas of government-supervised firms, tipping to short sellers and insider trading when firms are cross-listed in countries with different insider trading regimes.
      PubDate: 2018-02-01T01:20:26.693687-05:
      DOI: 10.1111/acfi.12321
       
  • Can firm-specific dividend drop-off ratios be used to infer shareholder
           marginal tax rates'
    • Authors: Andrew Ainsworth; Adrian D. Lee, Terry Walter
      Abstract: In a seminal study, Elton and Gruber (1970) argue that ex-dividend day pricing can be used to infer marginal tax rates of shareholders. We examine ex-dividend day pricing for individual firms and ask whether their CFOs could use the history of a firm's ex-dividend price-drop ratios to infer reasonable estimates of shareholders’ marginal tax rates. We use TAQ data for 1,124 US firms that have at least 30 ex-dividend days during the period August 1993 to October 2012. Our results show that ex-dividend day pricing is so noisy as to prohibit sensible estimates of shareholders’ marginal tax rates.
      PubDate: 2018-01-31T03:40:30.34058-05:0
      DOI: 10.1111/acfi.12322
       
  • Employee stock options with performance conditions: do commonly used
           valuation heuristics work'
    • Authors: Stefan Kanne; Marliese Uhrig-Homburg
      Abstract: Valuation heuristics are widely used to value traditional time vesting option plans. This study analyses if these heuristics also qualify for valuing performance vesting plans. We examine performance conditions tied to the underlying stock, the stock's performance relative to a stock index, and an earnings measure. The differences between the approximated option values and the values assuming optimal exercise are overall smaller with the performance conditions than without them. In particular, this result holds when the heuristic exercise assumptions are based on the case without performance conditions, which is a considerable simplification in practice.
      PubDate: 2018-01-29T23:45:25.595254-05:
      DOI: 10.1111/acfi.12326
       
  • Executive incentive compatibility and selection of governance mechanisms
    • Authors: Rong Xu; Guangli Zhang, Junyan Zhang, Zhigang Zheng
      Abstract: Executive incentive compatibility plays a crucial role in firm's selection of corporate governance mechanisms. We provide a simple model to explain why firms with enough executive incentive compatibility still prefer having external governance mechanisms, and firms with poor executive incentive compatibility have to rely on a combination of large investors monitoring and external governance. This model facilitates a better understanding of the co-existence of the two governance mechanisms and also reconciles conflicting findings with respect to a substitutive and complementary relationship between the two governance mechanisms. Empirical evidence supports there is a substitutive relation between large investors monitoring and executive compensation.
      PubDate: 2018-01-29T05:01:38.28334-05:0
      DOI: 10.1111/acfi.12323
       
  • Director interlocks and spillover effects of board monitoring: evidence
           from regulatory sanctions
    • Authors: Qinlin Zhong; Yuanyuan Liu, Chun Yuan
      Abstract: Exploiting regulatory sanctions as quasi-exogenous shocks and unique data at the individual-director level from China, we examine whether board monitoring can spread between firms via shared directors. Our results show that a director experiencing regulatory sanction at another firm is more likely to attend the board meetings, indicating his or her greater monitoring efforts. We also find that a firm is more likely to provide transparent financial statement when it shares a common director with an accused firm, and the effect is mainly concentrated among non-state-owned enterprises. These findings shed new light on the positive role of director interlocks in spreading monitoring efforts after regulatory sanction.
      PubDate: 2018-01-29T05:00:56.806822-05:
      DOI: 10.1111/acfi.12325
       
  • 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
       
  • 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
       
  • Issue Information
    • Pages: 935 - 936
      PubDate: 2017-12-14T03:06:26.938603-05:
      DOI: 10.1111/acfi.12233
       
 
 
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