首页 > 最新文献

International Journal of Economics Management and Accounting最新文献

英文 中文
New accounting standards and the performance of quantitative investors 新会计准则与量化投资者的表现
IF 1.2 Q4 ECONOMICS Pub Date : 2024-09-12 DOI: 10.1016/j.jacceco.2024.101740
Travis Dyer, Nicholas Guest, Elisha Yu
We examine quantitative investors’ ability to navigate a common and occasionally material change to the financial data generating process: new accounting standards. Returns of quantitative mutual funds temporarily decrease relative to funds that rely more heavily on human discretion following the implementation of a few standards that significantly change key financial statement variables; however, other standards do not appear to have a differential effect. Our result is stronger for quantitative funds using more accounting terminology in their prospectuses and using value strategies, which leverage accounting signals. Excess portfolio turnover following the implementation of accounting standards appears to be a driving factor of the quant underperformance. Additional evidence connects the fund-level results to the specific stocks that were affected by the accounting standards. Overall, our results suggest quant funds are generally proficient at adapting to accounting changes, although material changes occasionally put them at a temporary disadvantage relative to discretionary investors.
我们研究了量化投资者驾驭财务数据生成过程中常见且偶尔会出现的重大变化的能力:新会计准则。在几项显著改变财务报表关键变量的准则实施后,量化共同基金的回报率相对于更依赖人为裁量权的基金暂时下降;然而,其他准则似乎并没有产生不同的影响。对于在招股说明书中使用更多会计术语和采用价值策略的量化基金而言,我们的结果更为显著,因为它们利用了会计信号。会计准则实施后过高的投资组合周转率似乎是量化基金表现不佳的一个驱动因素。其他证据将基金层面的结果与受会计准则影响的特定股票联系起来。总体而言,我们的研究结果表明,量化基金一般都能很好地适应会计变化,尽管重大变化偶尔会使它们暂时处于相对于全权投资者的不利地位。
{"title":"New accounting standards and the performance of quantitative investors","authors":"Travis Dyer, Nicholas Guest, Elisha Yu","doi":"10.1016/j.jacceco.2024.101740","DOIUrl":"https://doi.org/10.1016/j.jacceco.2024.101740","url":null,"abstract":"We examine quantitative investors’ ability to navigate a common and occasionally material change to the financial data generating process: new accounting standards. Returns of quantitative mutual funds temporarily decrease relative to funds that rely more heavily on human discretion following the implementation of a few standards that significantly change key financial statement variables; however, other standards do not appear to have a differential effect. Our result is stronger for quantitative funds using more accounting terminology in their prospectuses and using value strategies, which leverage accounting signals. Excess portfolio turnover following the implementation of accounting standards appears to be a driving factor of the quant underperformance. Additional evidence connects the fund-level results to the specific stocks that were affected by the accounting standards. Overall, our results suggest quant funds are generally proficient at adapting to accounting changes, although material changes occasionally put them at a temporary disadvantage relative to discretionary investors.","PeriodicalId":42721,"journal":{"name":"International Journal of Economics Management and Accounting","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2024-09-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142231925","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}
引用次数: 0
Does transparency about banks’ lending costs lower firms’ borrowing costs? Evidence from India 银行贷款成本的透明度会降低企业的借贷成本吗?印度的证据
IF 1.2 Q4 ECONOMICS Pub Date : 2024-08-23 DOI: 10.1016/j.jacceco.2024.101737
Prasanna Tantri, Nitin Vishen
We study the impact of transparency about banks’ costs on loan interest rates. The Indian Central Bank required banks to disclose a cost-based benchmark interest rate instead of the prime rate. The banks could price loans using any spread to the cost-based benchmark. We find that this change, which made banks’ cost structures more transparent, lowers the interest rates charged and leads to increases in debtor firms’ total borrowings and investments. We hypothesize that increased cost transparency reveals relationship rents to competitor banks and makes it difficult for incumbent banks to maintain high relationship rents because of increased threat of entry.
我们研究了银行成本透明度对贷款利率的影响。印度中央银行要求银行披露基于成本的基准利率,而不是最优惠利率。银行可以利用与基于成本的基准利率之间的任何利差为贷款定价。我们发现,这一变化使银行的成本结构更加透明,从而降低了贷款利率,并导致债务企业的借贷和投资总额增加。我们假设,成本透明度的提高向竞争银行揭示了关系租金,并使在位银行难以维持高关系租金,因为进入的威胁增加了。
{"title":"Does transparency about banks’ lending costs lower firms’ borrowing costs? Evidence from India","authors":"Prasanna Tantri, Nitin Vishen","doi":"10.1016/j.jacceco.2024.101737","DOIUrl":"https://doi.org/10.1016/j.jacceco.2024.101737","url":null,"abstract":"We study the impact of transparency about banks’ costs on loan interest rates. The Indian Central Bank required banks to disclose a cost-based benchmark interest rate instead of the prime rate. The banks could price loans using any spread to the cost-based benchmark. We find that this change, which made banks’ cost structures more transparent, lowers the interest rates charged and leads to increases in debtor firms’ total borrowings and investments. We hypothesize that increased cost transparency reveals relationship rents to competitor banks and makes it difficult for incumbent banks to maintain high relationship rents because of increased threat of entry.","PeriodicalId":42721,"journal":{"name":"International Journal of Economics Management and Accounting","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2024-08-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142101879","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}
引用次数: 0
In search of a unicorn: Dynamic agency with endogenous investment opportunities 寻找独角兽具有内生投资机会的动态代理
IF 1.2 Q4 ECONOMICS Pub Date : 2024-08-23 DOI: 10.1016/j.jacceco.2024.101738
Felix Zhiyu Feng, Robin Yifan Luo, Beatrice Michaeli
We study the optimal dynamic contract that provides incentives for an agent (e.g., SPAC sponsor, VC general partner, CTO) to exploit investment opportunities/targets that arrive randomly over time via a costly search process. The agent is privy to the arrival as well as to the quality of the target and can take advantage of this for rent extraction during the search process and the ensuing production. The optimal contract provides the agent with incentives for timely and truthful reporting via a time-varying threshold for investment and an internal charge for the time spent on search. In the equilibrium, as time elapses, the charge becomes progressively higher while the investment threshold is progressively lower, resulting in overinvestment at a time-varying degree. Our model generates empirically testable predictions regarding investments (such as M&As, hedge fund activism, VC investing, SPACs, and internal innovations), linking the degree of overinvestment to observable firm and industry characteristics.
我们研究的最优动态合约能激励代理人(如 SPAC 发起人、风险投资公司普通合伙人、首席技术官)利用投资机会/目标,这些投资机会/目标是通过高成本的搜索过程随机出现的。代理对投资机会的到来以及投资目标的质量了如指掌,并能在搜索过程中以及随后的生产过程中利用这一点攫取租金。最优合约通过随时间变化的投资阈值和搜索时间的内部收费,激励代理人及时、真实地报告。在均衡状态下,随着时间的推移,费用会逐渐增加,而投资门槛会逐渐降低,从而导致随时间变化的过度投资。我们的模型对投资(如并购、对冲基金激进主义、风险投资、SPACs 和内部创新)做出了可实证检验的预测,并将过度投资的程度与可观察到的公司和行业特征联系起来。
{"title":"In search of a unicorn: Dynamic agency with endogenous investment opportunities","authors":"Felix Zhiyu Feng, Robin Yifan Luo, Beatrice Michaeli","doi":"10.1016/j.jacceco.2024.101738","DOIUrl":"https://doi.org/10.1016/j.jacceco.2024.101738","url":null,"abstract":"We study the optimal dynamic contract that provides incentives for an agent (e.g., SPAC sponsor, VC general partner, CTO) to exploit investment opportunities/targets that arrive randomly over time via a costly search process. The agent is privy to the arrival as well as to the quality of the target and can take advantage of this for rent extraction during the search process and the ensuing production. The optimal contract provides the agent with incentives for timely and truthful reporting via a time-varying threshold for investment and an internal charge for the time spent on search. In the equilibrium, as time elapses, the charge becomes progressively higher while the investment threshold is progressively lower, resulting in overinvestment at a time-varying degree. Our model generates empirically testable predictions regarding investments (such as M&As, hedge fund activism, VC investing, SPACs, and internal innovations), linking the degree of overinvestment to observable firm and industry characteristics.","PeriodicalId":42721,"journal":{"name":"International Journal of Economics Management and Accounting","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2024-08-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142144477","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}
引用次数: 0
The unicorn quest: Deriving empirical predictions from theory 独角兽探索从理论中得出经验预测
IF 1.2 Q4 ECONOMICS Pub Date : 2024-08-22 DOI: 10.1016/j.jacceco.2024.101736
Anne Beyer, Junyoung Jeong
We discuss Feng et al. (2024), which studies a dynamic model of delegated investment. The paper provides novel insights into the optimal contract between a principal and an agent who obtains private information about both the timing and profitability of investment opportunities. While the analytical analysis provides interesting findings, we have concerns about the validity of the paper’s empirical predictions. We extend the “conceptual” and “operational” levels of Libby boxes by adding an “analytical” level to offer a tool for assessing and developing the link between theoretical models and empirical tests.
我们讨论了 Feng 等人(2024 年)的论文,该论文研究了委托投资的动态模型。该论文对委托人与代理人之间的最优合约提出了新颖的见解,因为代理人获得了关于投资机会的时机和盈利能力的私人信息。虽然分析提供了有趣的发现,但我们对论文经验预测的有效性表示担忧。我们扩展了利比箱的 "概念 "和 "操作 "层面,增加了 "分析 "层面,为评估和发展理论模型与实证检验之间的联系提供了工具。
{"title":"The unicorn quest: Deriving empirical predictions from theory","authors":"Anne Beyer, Junyoung Jeong","doi":"10.1016/j.jacceco.2024.101736","DOIUrl":"https://doi.org/10.1016/j.jacceco.2024.101736","url":null,"abstract":"We discuss Feng et al. (2024), which studies a dynamic model of delegated investment. The paper provides novel insights into the optimal contract between a principal and an agent who obtains private information about both the timing and profitability of investment opportunities. While the analytical analysis provides interesting findings, we have concerns about the validity of the paper’s empirical predictions. We extend the “conceptual” and “operational” levels of Libby boxes by adding an “analytical” level to offer a tool for assessing and developing the link between theoretical models and empirical tests.","PeriodicalId":42721,"journal":{"name":"International Journal of Economics Management and Accounting","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2024-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142144479","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}
引用次数: 0
Financial statements not required 不需要财务报表
IF 1.2 Q4 ECONOMICS Pub Date : 2024-08-12 DOI: 10.1016/j.jacceco.2024.101732
Michael Minnis, Andrew G. Sutherland, Felix W. Vetter
Using a dataset covering 3 million commercial borrower financial statements, we document a substantial, nearly monotonic decline in banks’ use of attested financial statements (AFS) in lending over the past two decades. Two market forces help explain this trend. First, technological advances provide lenders with access to a growing array of borrower information sources that can substitute for AFS. Second, banks are increasingly competing with nonbank lenders that rely less on AFS in screening and monitoring. Our results illustrate how technology adoption and changes in credit market structure can render AFS less efficient than alternative information sources for screening and monitoring.
利用涵盖 300 万份商业借款人财务报表的数据集,我们记录了过去二十年来银行在贷款中使用经证明的财务报表(AFS)的大幅、近乎单调的下降。两种市场力量有助于解释这一趋势。首先,技术进步为贷款人提供了越来越多的借款人信息来源,可以替代经证明的财务报表。其次,银行与非银行贷款机构的竞争日益激烈,而非银行贷款机构在筛选和监控方面对美国金融服务的依赖程度较低。我们的研究结果说明了技术的采用和信贷市场结构的变化是如何使全额融资服务在筛选和监控方面的效率低于其他信息来源的。
{"title":"Financial statements not required","authors":"Michael Minnis, Andrew G. Sutherland, Felix W. Vetter","doi":"10.1016/j.jacceco.2024.101732","DOIUrl":"https://doi.org/10.1016/j.jacceco.2024.101732","url":null,"abstract":"Using a dataset covering 3 million commercial borrower financial statements, we document a substantial, nearly monotonic decline in banks’ use of attested financial statements (AFS) in lending over the past two decades. Two market forces help explain this trend. First, technological advances provide lenders with access to a growing array of borrower information sources that can substitute for AFS. Second, banks are increasingly competing with nonbank lenders that rely less on AFS in screening and monitoring. Our results illustrate how technology adoption and changes in credit market structure can render AFS less efficient than alternative information sources for screening and monitoring.","PeriodicalId":42721,"journal":{"name":"International Journal of Economics Management and Accounting","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2024-08-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142045899","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}
引用次数: 0
Accounting and innovation: Paths forward for research 会计与创新:研究的前进之路
IF 1.2 Q4 ECONOMICS Pub Date : 2024-08-08 DOI: 10.1016/j.jacceco.2024.101733
Mary E. Barth, Kurt H. Gee
Glaeser and Lang (2024; GL) reviews the accounting literature on innovation, which has increased substantially in recent years. GL makes an important contribution to accounting research by bringing into the literature the implications of Romer's Nobel Prize winning endogenous growth theory and by explaining how accounting research addresses questions related to innovation. We contribute to accounting research by building on GL's foundation to suggest three main paths forward for future innovation research. First, focus on innovation's three defining attributes: novelty, nonrivalry, and partial excludability. Second, determine the needs of various users of information about a firm's innovation activities and how to meet those needs; we focus on the needs of investors. Third, address questions our discussion highlights as potentially important for future research on financial reporting and innovation, including the crucial question of an innovation's identifiability.
Glaeser 和 Lang(2024;GL)回顾了近年来大幅增加的有关创新的会计文献。GL 将诺贝尔经济学奖得主罗默的内生增长理论的影响引入文献,并解释了会计研究如何解决与创新相关的问题,从而为会计研究做出了重要贡献。我们在 GL 的基础上提出了未来创新研究的三条主要路径,为会计研究做出了贡献。首先,关注创新的三个决定性属性:新颖性、非竞争性和部分排他性。第二,确定企业创新活动信息的不同用户的需求,以及如何满足这些需求;我们重点关注投资者的需求。第三,解决我们在讨论中强调的对未来财务报告和创新研究可能很重要的问题,包括创新的可识别性这一关键问题。
{"title":"Accounting and innovation: Paths forward for research","authors":"Mary E. Barth, Kurt H. Gee","doi":"10.1016/j.jacceco.2024.101733","DOIUrl":"https://doi.org/10.1016/j.jacceco.2024.101733","url":null,"abstract":"Glaeser and Lang (2024; GL) reviews the accounting literature on innovation, which has increased substantially in recent years. GL makes an important contribution to accounting research by bringing into the literature the implications of Romer's Nobel Prize winning endogenous growth theory and by explaining how accounting research addresses questions related to innovation. We contribute to accounting research by building on GL's foundation to suggest three main paths forward for future innovation research. First, focus on innovation's three defining attributes: novelty, nonrivalry, and partial excludability. Second, determine the needs of various users of information about a firm's innovation activities and how to meet those needs; we focus on the needs of investors. Third, address questions our discussion highlights as potentially important for future research on financial reporting and innovation, including the crucial question of an innovation's identifiability.","PeriodicalId":42721,"journal":{"name":"International Journal of Economics Management and Accounting","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2024-08-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141994711","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}
引用次数: 0
The value of lending to bellwether firms by institutional investors 机构投资者向风向标企业提供贷款的价值
IF 1.2 Q4 ECONOMICS Pub Date : 2024-08-06 DOI: 10.1016/j.jacceco.2024.101735
Wayne R. Landsman, F. Dimas Peña-Romera, Jianxin (Donny) Zhao
We predict that institutional investors in loan syndicates charge bellwether firms lower loan spreads as compensation for having access to private information that can help identify trading opportunities in other firms' public market securities. Consistent with this prediction, when lending to bellwether firms, institutional investors charge a loan premium that is between 17 and 25 bps lower relative to non-bellwether firms, and earn annualized excess returns of 1.5–2.2% from trading in other firms' securities. Findings from cross-sectional analyses reveal that the reduction in loan spread is larger when the value of private information from bellwether firms is higher. Additionally, institutional lenders' excess returns are lower when lending to more transparent bellwether borrowers and when they pay a lower price—as reflected in loan spreads—in exchange for the private information, supporting the notion that the value of private information relates to institutional investors’ trading performance.
我们预测,贷款银团中的机构投资者会向风向标企业收取较低的贷款利差,作为对其获取私人信息的补偿,这些信息有助于识别其他企业公开市场证券的交易机会。与这一预测相一致的是,在向钟点企业贷款时,机构投资者收取的贷款溢价比非钟点企业低 17-25 个基点,并从其他企业的证券交易中获得 1.5-2.2% 的年化超额回报。横截面分析结果显示,当来自风向标企业的私人信息价值较高时,贷款利差的降幅更大。此外,当机构贷款人贷款给透明度更高的风向标借款人时,以及当他们支付较低的价格--如贷款利差所反映的那样--以换取私人信息时,他们的超额收益较低,这支持了私人信息的价值与机构投资者的交易表现有关这一观点。
{"title":"The value of lending to bellwether firms by institutional investors","authors":"Wayne R. Landsman, F. Dimas Peña-Romera, Jianxin (Donny) Zhao","doi":"10.1016/j.jacceco.2024.101735","DOIUrl":"https://doi.org/10.1016/j.jacceco.2024.101735","url":null,"abstract":"We predict that institutional investors in loan syndicates charge bellwether firms lower loan spreads as compensation for having access to private information that can help identify trading opportunities in other firms' public market securities. Consistent with this prediction, when lending to bellwether firms, institutional investors charge a loan premium that is between 17 and 25 bps lower relative to non-bellwether firms, and earn annualized excess returns of 1.5–2.2% from trading in other firms' securities. Findings from cross-sectional analyses reveal that the reduction in loan spread is larger when the value of private information from bellwether firms is higher. Additionally, institutional lenders' excess returns are lower when lending to more transparent bellwether borrowers and when they pay a lower price—as reflected in loan spreads—in exchange for the private information, supporting the notion that the value of private information relates to institutional investors’ trading performance.","PeriodicalId":42721,"journal":{"name":"International Journal of Economics Management and Accounting","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2024-08-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141910699","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}
引用次数: 0
Early-life experience and CEOs’ reactions to COVID-19 早年经历和首席执行官对 COVID-19 的反应
IF 1.2 Q4 ECONOMICS Pub Date : 2024-08-05 DOI: 10.1016/j.jacceco.2024.101734
Hong Ru, Endong Yang, Kunru Zou
This study investigates how CEOs' experience of natural disasters and severe disease outbreaks in their formative years influences their firms' responses to the COVID-19 pandemic in the United States. We observe that firms whose CEOs experienced disease outbreaks akin to COVID-19 early in their lives demonstrated more conservative responses to the emergence of the COVID-19 in late February 2020, notably through a substantial slowdown in capital expenditure growth. Moreover, firms led by CEOs with early-life disease experience exhibit a more negative tone in their corporate disclosures and heightened pessimism in their earnings forecasts following the COVID-19 outbreak. These effects are more pronounced for firms in industries that were hit hard by the pandemic. Our findings suggest that severe events early in life leave indelible imprints on memory, thereby impacting CEOs’ decision-making when managing similar crises in their professional careers.
本研究探讨了首席执行官在其成长时期经历的自然灾害和严重疾病爆发如何影响其公司对美国 COVID-19 大流行病的反应。我们观察到,首席执行官早年经历过类似于 COVID-19 的疾病爆发的公司,在 2020 年 2 月底 COVID-19 出现时表现出更保守的反应,特别是资本支出增长大幅放缓。此外,在 COVID-19 爆发后,有早期疾病经历的首席执行官所领导的公司在企业信息披露中表现出更消极的基调,其盈利预测也更加悲观。这些影响对于受大流行病严重打击的行业的公司更为明显。我们的研究结果表明,生命早期发生的严重事件会在记忆中留下不可磨灭的烙印,从而影响首席执行官在职业生涯中管理类似危机时的决策。
{"title":"Early-life experience and CEOs’ reactions to COVID-19","authors":"Hong Ru, Endong Yang, Kunru Zou","doi":"10.1016/j.jacceco.2024.101734","DOIUrl":"https://doi.org/10.1016/j.jacceco.2024.101734","url":null,"abstract":"This study investigates how CEOs' experience of natural disasters and severe disease outbreaks in their formative years influences their firms' responses to the COVID-19 pandemic in the United States. We observe that firms whose CEOs experienced disease outbreaks akin to COVID-19 early in their lives demonstrated more conservative responses to the emergence of the COVID-19 in late February 2020, notably through a substantial slowdown in capital expenditure growth. Moreover, firms led by CEOs with early-life disease experience exhibit a more negative tone in their corporate disclosures and heightened pessimism in their earnings forecasts following the COVID-19 outbreak. These effects are more pronounced for firms in industries that were hit hard by the pandemic. Our findings suggest that severe events early in life leave indelible imprints on memory, thereby impacting CEOs’ decision-making when managing similar crises in their professional careers.","PeriodicalId":42721,"journal":{"name":"International Journal of Economics Management and Accounting","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2024-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142045898","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}
引用次数: 0
Retail investors and ESG news: A discussion 散户投资者与 ESG 新闻:讨论
IF 1.2 Q4 ECONOMICS Pub Date : 2024-08-02 DOI: 10.1016/j.jacceco.2024.101730
Richard G. Sloan
Li, Watts, and Zhu (2024) provide evidence that retail investors trade in response to financially material ESG news. This evidence is consistent with retail investors trading in response to the financial implications of ESG-related information in much the same way that they trade in response to the financial implications of other information. The authors suggest that their evidence is inconsistent with retail investors making investment decisions based on their nonpecuniary preferences. I suggest that their research design is constructed to identify financially motivated trading and is not well suited to drawing inferences about retail investors’ nonpecuniary investment decisions.
Li、Watts 和 Zhu(2024 年)提供的证据表明,散户投资者会对具有财务重要性的 ESG 新闻进行交易。这些证据表明,散户投资者会根据 ESG 相关信息的财务影响进行交易,就像他们会根据其他信息的财务影响进行交易一样。作者认为,他们的证据与散户投资者根据其非金钱偏好做出投资决策不一致。我认为,他们的研究设计是为了识别出于财务动机的交易,并不适合推断散户投资者的非金钱投资决策。
{"title":"Retail investors and ESG news: A discussion","authors":"Richard G. Sloan","doi":"10.1016/j.jacceco.2024.101730","DOIUrl":"https://doi.org/10.1016/j.jacceco.2024.101730","url":null,"abstract":"Li, Watts, and Zhu (2024) provide evidence that retail investors trade in response to financially material ESG news. This evidence is consistent with retail investors trading in response to the financial implications of ESG-related information in much the same way that they trade in response to the financial implications of other information. The authors suggest that their evidence is inconsistent with retail investors making investment decisions based on their nonpecuniary preferences. I suggest that their research design is constructed to identify financially motivated trading and is not well suited to drawing inferences about retail investors’ nonpecuniary investment decisions.","PeriodicalId":42721,"journal":{"name":"International Journal of Economics Management and Accounting","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2024-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141994714","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}
引用次数: 0
Corporate managers’ perspectives on forward-looking guidance: Survey evidence 企业管理者对前瞻性指导的看法:调查证据
IF 1.2 Q4 ECONOMICS Pub Date : 2024-07-31 DOI: 10.1016/j.jacceco.2024.101731
Andrew C. Call, Paul Hribar, Douglas J. Skinner, David Volant
We survey corporate managers of both guiding and non-guiding firms. We find that managers of firms that provide guidance say that they: (1) primarily provide guidance to satisfy analyst and investor demands and manage analysts’ earnings expectations; (2) are relatively unconcerned about proprietary or litigation costs (managers of firms are more likely to see litigation risk as a concern); (3) predominantly issue guidance that is conservative relative to their internal expectations; (4) are concerned that guidance induces analysts and investors to focus on the short-term but that it induces managers themselves to make myopic decisions internally. We also find that managers are miscalibrated about the accuracy of their guidance and that significant quantities of guidance that managers say their firms issue are not captured by conventional sources. We offer several other new insights relevant to the voluntary disclosure literature.
我们对提供指导和不提供指导的公司的企业管理者进行了调查。我们发现,提供指导的公司经理表示,他们(1) 提供指导主要是为了满足分析师和投资者的需求,管理分析师的收益预期;(2) 相对不关心专有成本或诉讼成本(企业管理者更倾向于将诉讼风险视为一种担忧);(3) 相对于其内部预期,发布的指导主要是保守的;(4) 担心指导会诱使分析师和投资者关注短期,但会诱使管理者自己在内部做出近视决策。我们还发现,管理者对其指导的准确性存在误判,而且管理者所说的公司发布的大量指导并未被传统来源捕捉到。我们还提出了其他一些与自愿披露文献相关的新见解。
{"title":"Corporate managers’ perspectives on forward-looking guidance: Survey evidence","authors":"Andrew C. Call, Paul Hribar, Douglas J. Skinner, David Volant","doi":"10.1016/j.jacceco.2024.101731","DOIUrl":"https://doi.org/10.1016/j.jacceco.2024.101731","url":null,"abstract":"We survey corporate managers of both guiding and non-guiding firms. We find that managers of firms that provide guidance say that they: (1) primarily provide guidance to satisfy analyst and investor demands and manage analysts’ earnings expectations; (2) are relatively unconcerned about proprietary or litigation costs (managers of firms are more likely to see litigation risk as a concern); (3) predominantly issue guidance that is conservative relative to their internal expectations; (4) are concerned that guidance induces analysts and investors to focus on the short-term but that it induces managers themselves to make myopic decisions internally. We also find that managers are miscalibrated about the accuracy of their guidance and that significant quantities of guidance that managers say their firms issue are not captured by conventional sources. We offer several other new insights relevant to the voluntary disclosure literature.","PeriodicalId":42721,"journal":{"name":"International Journal of Economics Management and Accounting","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2024-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141910788","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}
引用次数: 0
期刊
International Journal of Economics Management and Accounting
全部 Acc. Chem. Res. ACS Applied Bio Materials ACS Appl. Electron. Mater. ACS Appl. Energy Mater. ACS Appl. Mater. Interfaces ACS Appl. Nano Mater. ACS Appl. Polym. Mater. ACS BIOMATER-SCI ENG ACS Catal. ACS Cent. Sci. ACS Chem. Biol. ACS Chemical Health & Safety ACS Chem. Neurosci. ACS Comb. Sci. ACS Earth Space Chem. ACS Energy Lett. ACS Infect. Dis. ACS Macro Lett. ACS Mater. Lett. ACS Med. Chem. Lett. ACS Nano ACS Omega ACS Photonics ACS Sens. ACS Sustainable Chem. Eng. ACS Synth. Biol. Anal. Chem. BIOCHEMISTRY-US Bioconjugate Chem. BIOMACROMOLECULES Chem. Res. Toxicol. Chem. Rev. Chem. Mater. CRYST GROWTH DES ENERG FUEL Environ. Sci. Technol. Environ. Sci. Technol. Lett. Eur. J. Inorg. Chem. IND ENG CHEM RES Inorg. Chem. J. Agric. Food. Chem. J. Chem. Eng. Data J. Chem. Educ. J. Chem. Inf. Model. J. Chem. Theory Comput. J. Med. Chem. J. Nat. Prod. J PROTEOME RES J. Am. Chem. Soc. LANGMUIR MACROMOLECULES Mol. Pharmaceutics Nano Lett. Org. Lett. ORG PROCESS RES DEV ORGANOMETALLICS J. Org. Chem. J. Phys. Chem. J. Phys. Chem. A J. Phys. Chem. B J. Phys. Chem. C J. Phys. Chem. Lett. Analyst Anal. Methods Biomater. Sci. Catal. Sci. Technol. Chem. Commun. Chem. Soc. Rev. CHEM EDUC RES PRACT CRYSTENGCOMM Dalton Trans. Energy Environ. Sci. ENVIRON SCI-NANO ENVIRON SCI-PROC IMP ENVIRON SCI-WAT RES Faraday Discuss. Food Funct. Green Chem. Inorg. Chem. Front. Integr. Biol. J. Anal. At. Spectrom. J. Mater. Chem. A J. Mater. Chem. B J. Mater. Chem. C Lab Chip Mater. Chem. Front. Mater. Horiz. MEDCHEMCOMM Metallomics Mol. Biosyst. Mol. Syst. Des. Eng. Nanoscale Nanoscale Horiz. Nat. Prod. Rep. New J. Chem. Org. Biomol. Chem. Org. Chem. Front. PHOTOCH PHOTOBIO SCI PCCP Polym. Chem.
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
0
微信
客服QQ
Book学术公众号 扫码关注我们
反馈
×
意见反馈
请填写您的意见或建议
请填写您的手机或邮箱
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
Book学术官方微信
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术
文献互助 智能选刊 最新文献 互助须知 联系我们:info@booksci.cn
Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。
Copyright © 2023 Book学术 All rights reserved.
ghs 京公网安备 11010802042870号 京ICP备2023020795号-1