{"title":"Brain gain of analysts in China: foreign experiences and forecast accuracy","authors":"Lihua Liu, Dongmin Kong, Wei Yang","doi":"10.1111/acfi.12855","DOIUrl":"https://doi.org/10.1111/acfi.12855","url":null,"abstract":"","PeriodicalId":45436,"journal":{"name":"Intelligent Systems in Accounting Finance & Management","volume":null,"pages":null},"PeriodicalIF":2.9,"publicationDate":"2021-09-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82323487","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":"Corporate innovation and future earnings: does early patent disclosure matter?","authors":"James M. Plečnik, Leo L. Yang, Joseph H. Zhang","doi":"10.1111/acfi.12851","DOIUrl":"https://doi.org/10.1111/acfi.12851","url":null,"abstract":"","PeriodicalId":45436,"journal":{"name":"Intelligent Systems in Accounting Finance & Management","volume":null,"pages":null},"PeriodicalIF":2.9,"publicationDate":"2021-09-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74425724","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}
We examine a period in which the in-principle prohibition of share repurchases was relaxed in 2018 to allow for the repurchase of shares whose prices dropped materially or were below book value. We find that share-loan pledges by controlling shareholders are significantly and positively associated with share repurchases for a sample of 3,531 Chinese firms. This finding is robust using entropy and propensity score matched samples, 2SLS IV regressions, regression discontinuity design (RDD), and two exogenous shocks (the China-US trade war in 2018 and the COVID-19 pandemic in 2020). The association remains robust but becomes less strong with state ownership and with above industry average firm agency problems, leverage ratios and financial constraints/distress (i.e., other share repurchase motives). Our findings highlight the importance of financial market regulations on share-loan pledging and share repurchases in emerging markets during periods of heightened firm-specific and systemic margin call risk and impending liquidation of share-loan pledges.
{"title":"Share‐loan pledging and relaxation of share‐repurchase restrictions in China","authors":"Qi Guo, L. Kryzanowski, Mingyang Li, Jie Zhang","doi":"10.1111/acfi.12854","DOIUrl":"https://doi.org/10.1111/acfi.12854","url":null,"abstract":"We examine a period in which the in-principle prohibition of share repurchases was relaxed in 2018 to allow for the repurchase of shares whose prices dropped materially or were below book value. We find that share-loan pledges by controlling shareholders are significantly and positively associated with share repurchases for a sample of 3,531 Chinese firms. This finding is robust using entropy and propensity score matched samples, 2SLS IV regressions, regression discontinuity design (RDD), and two exogenous shocks (the China-US trade war in 2018 and the COVID-19 pandemic in 2020). The association remains robust but becomes less strong with state ownership and with above industry average firm agency problems, leverage ratios and financial constraints/distress (i.e., other share repurchase motives). Our findings highlight the importance of financial market regulations on share-loan pledging and share repurchases in emerging markets during periods of heightened firm-specific and systemic margin call risk and impending liquidation of share-loan pledges.","PeriodicalId":45436,"journal":{"name":"Intelligent Systems in Accounting Finance & Management","volume":null,"pages":null},"PeriodicalIF":2.9,"publicationDate":"2021-09-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82166994","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}
Chunxiao Geng, Tusheng Xiao, Chun Yuan, Yanan Zhang
{"title":"Follow friends to invest: evidence from the information role of weak ties","authors":"Chunxiao Geng, Tusheng Xiao, Chun Yuan, Yanan Zhang","doi":"10.1111/acfi.12848","DOIUrl":"https://doi.org/10.1111/acfi.12848","url":null,"abstract":"","PeriodicalId":45436,"journal":{"name":"Intelligent Systems in Accounting Finance & Management","volume":null,"pages":null},"PeriodicalIF":2.9,"publicationDate":"2021-09-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77114661","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":"Do inflowing sophisticated investors induce classification shifting? New evidence from market liberalisation in China","authors":"Junwei Lu, Xiaoxia Bu, Jing-Twen Chen","doi":"10.1111/acfi.12847","DOIUrl":"https://doi.org/10.1111/acfi.12847","url":null,"abstract":"","PeriodicalId":45436,"journal":{"name":"Intelligent Systems in Accounting Finance & Management","volume":null,"pages":null},"PeriodicalIF":2.9,"publicationDate":"2021-09-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89894152","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":"Environmental, social and governance factors and assessing firm value: valuation, signalling and stakeholder perspectives","authors":"D. Huang","doi":"10.1111/acfi.12849","DOIUrl":"https://doi.org/10.1111/acfi.12849","url":null,"abstract":"","PeriodicalId":45436,"journal":{"name":"Intelligent Systems in Accounting Finance & Management","volume":null,"pages":null},"PeriodicalIF":2.9,"publicationDate":"2021-08-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82578200","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 use and usefulness of equity accounting","authors":"M. Bradbury, Laura Mehnaz, T. Scott","doi":"10.1111/acfi.12845","DOIUrl":"https://doi.org/10.1111/acfi.12845","url":null,"abstract":"","PeriodicalId":45436,"journal":{"name":"Intelligent Systems in Accounting Finance & Management","volume":null,"pages":null},"PeriodicalIF":2.9,"publicationDate":"2021-08-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88942035","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":"Long‐term financing effects of Chinese non‐SOEs Belt and Road OFDI","authors":"Ling Huang, Haiyue Liu, Jack Hou, Fu-Yuan Xiao","doi":"10.1111/acfi.12841","DOIUrl":"https://doi.org/10.1111/acfi.12841","url":null,"abstract":"","PeriodicalId":45436,"journal":{"name":"Intelligent Systems in Accounting Finance & Management","volume":null,"pages":null},"PeriodicalIF":2.9,"publicationDate":"2021-08-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88978767","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":"Modelling of Chinese corporate bond default – A machine learning approach","authors":"Zhou Lu, Zhuyao Zhuo","doi":"10.1111/acfi.12846","DOIUrl":"https://doi.org/10.1111/acfi.12846","url":null,"abstract":"","PeriodicalId":45436,"journal":{"name":"Intelligent Systems in Accounting Finance & Management","volume":null,"pages":null},"PeriodicalIF":2.9,"publicationDate":"2021-08-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73553153","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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