Ensemble learning, specifically bagging and boosting, has been widely used in the financial field for detecting financial fraud, but their relative performance still lacks consensus. This study compares the performance of five ensemble learning models based on bagging and boosting, using data from Chinese A‐share listed companies from 2012 to 2022, including the COVID‐19 pandemic period. Results show that bagging outperforms boosting in various evaluation indicators, with profitability and asset quality positively affecting financial fraud. This study reveals the mechanism by which ensemble learning affects financial fraud detection and expands related research in the financial field.
{"title":"Bagging or boosting? Empirical evidence from financial statement fraud detection","authors":"Xiaowei Chen, Cong Zhai","doi":"10.1111/acfi.13159","DOIUrl":"https://doi.org/10.1111/acfi.13159","url":null,"abstract":"Ensemble learning, specifically bagging and boosting, has been widely used in the financial field for detecting financial fraud, but their relative performance still lacks consensus. This study compares the performance of five ensemble learning models based on bagging and boosting, using data from Chinese A‐share listed companies from 2012 to 2022, including the COVID‐19 pandemic period. Results show that bagging outperforms boosting in various evaluation indicators, with profitability and asset quality positively affecting financial fraud. This study reveals the mechanism by which ensemble learning affects financial fraud detection and expands related research in the financial field.","PeriodicalId":335953,"journal":{"name":"Accounting & Finance","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129588572","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Using factor models, we examine two pricing issues of cloud stocks in China's stock market. In particular, we test whether the Fama and French factor models are useful to explain the stock prices of cloud stocks and whether there are abnormal returns unexplained by these models. Using the daily stock prices of 1670 cloud stocks from 2012 to 2022, we find that the factor models explain up to nearly 97% of the stock return variations of the cloud stocks, and mispricing. The results are robust to alternative measure of factors, outliers, sampling period and different approaches of factor modelling.
{"title":"Pricing cloud stocks: Evidence from China","authors":"Lichao Lin, A. Cheung","doi":"10.1111/acfi.13162","DOIUrl":"https://doi.org/10.1111/acfi.13162","url":null,"abstract":"Using factor models, we examine two pricing issues of cloud stocks in China's stock market. In particular, we test whether the Fama and French factor models are useful to explain the stock prices of cloud stocks and whether there are abnormal returns unexplained by these models. Using the daily stock prices of 1670 cloud stocks from 2012 to 2022, we find that the factor models explain up to nearly 97% of the stock return variations of the cloud stocks, and mispricing. The results are robust to alternative measure of factors, outliers, sampling period and different approaches of factor modelling.","PeriodicalId":335953,"journal":{"name":"Accounting & Finance","volume":"80 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134403694","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Utilising a sample of ASEAN firms, we examine the effects of family ownership on firms' speed of adjustment to targeted capital structure. We find that family firms adjust their capital structure more slowly than non‐family firms. This is due to the higher costs of adjustment associated with high information asymmetry and agency conflicts between family owners and external investors. The effect of family ownership on capital structure adjustment speed is more pronounced when family firms have a higher level of family board involvement and higher ownership concentration. There is also an asymmetric effect of family ownership on capital structure adjustment speed at different levels of debt, by the distance from the targeted capital structure, and between overleveraged and underleveraged firms. Overall, evidence in our study suggests that family ownership is a key determinant on how quickly ASEAN firms may adjust their capital structure towards targeted levels.
{"title":"Family ownership and speed of adjustment towards targeted capital structures: A study of ASEAN firms","authors":"L. T. M. Nguyen, Trang Khanh Tran, Cameron Truong","doi":"10.1111/acfi.13151","DOIUrl":"https://doi.org/10.1111/acfi.13151","url":null,"abstract":"Utilising a sample of ASEAN firms, we examine the effects of family ownership on firms' speed of adjustment to targeted capital structure. We find that family firms adjust their capital structure more slowly than non‐family firms. This is due to the higher costs of adjustment associated with high information asymmetry and agency conflicts between family owners and external investors. The effect of family ownership on capital structure adjustment speed is more pronounced when family firms have a higher level of family board involvement and higher ownership concentration. There is also an asymmetric effect of family ownership on capital structure adjustment speed at different levels of debt, by the distance from the targeted capital structure, and between overleveraged and underleveraged firms. Overall, evidence in our study suggests that family ownership is a key determinant on how quickly ASEAN firms may adjust their capital structure towards targeted levels.","PeriodicalId":335953,"journal":{"name":"Accounting & Finance","volume":"58 2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123224219","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The impact of board ethnic diversity and Chief Executive Officer role on corporate social responsibility","authors":"Truc (Peter) Do, K. Herbohn","doi":"10.1111/acfi.13155","DOIUrl":"https://doi.org/10.1111/acfi.13155","url":null,"abstract":"","PeriodicalId":335953,"journal":{"name":"Accounting & Finance","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133006001","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Vintage capital and trade credit","authors":"Joye Khoo, A. Cheung","doi":"10.1111/acfi.13153","DOIUrl":"https://doi.org/10.1111/acfi.13153","url":null,"abstract":"","PeriodicalId":335953,"journal":{"name":"Accounting & Finance","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125897897","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Managerial inclusiveness and corporate innovation in China","authors":"Siyi Deng, Jie He","doi":"10.1111/acfi.13149","DOIUrl":"https://doi.org/10.1111/acfi.13149","url":null,"abstract":"","PeriodicalId":335953,"journal":{"name":"Accounting & Finance","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127296389","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Transitory and permanent shock transmissions between real estate investment trusts and other assets: Evidence from time‐frequency decomposition and machine learning","authors":"G. Ngene, Jinghua Wang","doi":"10.1111/acfi.13154","DOIUrl":"https://doi.org/10.1111/acfi.13154","url":null,"abstract":"","PeriodicalId":335953,"journal":{"name":"Accounting & Finance","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-07-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115324648","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"New bottle or new label? Distinguishing impact investing from responsible and ethical investing","authors":"T. Dordi, Phoebe Stephens, Sean Geobey, O. Weber","doi":"10.1111/acfi.13147","DOIUrl":"https://doi.org/10.1111/acfi.13147","url":null,"abstract":"","PeriodicalId":335953,"journal":{"name":"Accounting & Finance","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-07-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121379326","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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