Review of Quantitative Finance and Accounting最新文献

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Effect of FinCredit on income inequality: the moderating role of financial inclusion 金融信贷对收入不平等的影响:普惠金融的调节作用

IF 1.7 Q2 BUSINESS, FINANCE

Review of Quantitative Finance and Accounting

Pub Date : 2023-11-25 DOI: 10.1007/s11156-023-01226-4

Xuan T. T. Pham, Thu B. Luu

This paper examines the direct effect of FinCredit on income inequality and the moderating effect of Financial Inclusion. Using a dual-process variable selection approach, we develop an optimal model to test two hypotheses and explore how FinCredit influences direct and indirect income inequality. Our study has made a pioneering contribution to the literature by identifying the direct positive impact of FinCredit on income inequality, which previous research had not yet revealed. Additionally, we have discovered new evidence on the crucial role of Financial Inclusion in enhancing the positive effects of FinCredit on reducing income inequality. We provide reliable scientific empirical evidence that clarifies the confusion surrounding fintech credit and encourages its development. Practical managerial implications can be inferred from the moderating role of financial inclusion on the positive effect of fintech credit on income inequality. These results have significant policy implications for promoting FinCredit and Financial Inclusion to reduce income inequality in the era of digital transformation.

本文考察了金融信贷对收入不平等的直接影响以及金融普惠的调节作用。使用双过程变量选择方法，我们开发了一个最优模型来检验两个假设，并探索FinCredit如何影响直接和间接收入不平等。我们的研究通过确定金融信贷对收入不平等的直接积极影响，为文献做出了开创性的贡献，这是以前的研究尚未揭示的。此外，我们还发现了新的证据，证明普惠金融在增强金融信贷对减少收入不平等的积极影响方面发挥了至关重要的作用。我们提供了可靠的科学经验证据，澄清了围绕金融科技信贷的困惑，并鼓励其发展。从金融普惠对金融科技信贷对收入不平等的积极影响的调节作用中，可以推断出实际的管理意义。这些结果对于促进金融信贷和普惠金融以减少数字转型时代的收入不平等具有重要的政策意义。

引用次数: 0

Consistent valuation: extensions from bankruptcy costs and tax integration with time-varying debt 一致性估值:从破产成本和时变债务的税收整合延伸

IF 1.7 Q2 BUSINESS, FINANCE

Review of Quantitative Finance and Accounting

Pub Date : 2023-11-24 DOI: 10.1007/s11156-023-01217-5

Nguyen Kim-Duc, Pham Khanh Nam

This study introduces a new version of the adjusted present value (APV) method and ensures its consistent valuation with the cost of capital (CoC) method at the highest level of generalization. The newly developed APV version and equivalent formulae consider stochastic debt and the trade-off between corporate income taxes (CIT) and personal income taxes (PIT), as well as tax benefits and financial distress costs. The value of expected bankruptcy costs aligns with the valuation aspect, enabling practical application of the formulae by valuers. The equivalence also reflects the differing perspectives of tax shields between stockholders and debt holders when PITs are introduced. Ultimately, the results demonstrate that the equivalence in this study aligns with, and can reduce to, previous standard formulae, under their stringent assumptions.

本研究引入了一种新版本的调整现值(APV)方法，并确保其估值与最高泛化水平的资本成本(CoC)方法保持一致。新开发的APV版本和等效公式考虑了随机债务和企业所得税(CIT)与个人所得税(PIT)之间的权衡，以及税收优惠和财务困境成本。预期破产成本的价值与估值方面一致，使估值人员能够实际应用公式。这种等价性也反映了当引入税收抵免制度时，股东和债务持有人对税收盾牌的不同看法。最终，结果表明，在严格的假设下，本研究中的等效性与以前的标准公式一致，并且可以简化为以前的标准公式。

引用次数: 0

Liquidity difference between non-U.S. and U.S. IPOs on the NYSE listings 非美国货币之间的流动性差异。以及在纽约证券交易所上市的美国ipo

Q2 BUSINESS, FINANCE

Review of Quantitative Finance and Accounting

Pub Date : 2023-11-14 DOI: 10.1007/s11156-023-01204-w

Jang-Chul Kim, Kaun Y. Lee, Ha-Chin Yi

引用次数: 0

Cash flow sensitivity of cash: when should we use it to measure financial constraints? 现金流量敏感性:什么时候用它来衡量财务约束?

Q2 BUSINESS, FINANCE

Review of Quantitative Finance and Accounting

Pub Date : 2023-11-13 DOI: 10.1007/s11156-023-01219-3

Weiping Hu, Xiao Zhang, Ye He

引用次数: 0

A reduced-form model for lease contract valuation with embedded options 嵌入期权的租赁合同估值简化模型

Q2 BUSINESS, FINANCE

Review of Quantitative Finance and Accounting

Pub Date : 2023-11-10 DOI: 10.1007/s11156-023-01222-8

Chuang-Chang Chang, Hsiao-Wei Ho, Henry Hongren Huang, Yildiray Yildirim

引用次数: 0

The impact of economic policy uncertainty and inflation risk on corporate cash holdings 经济政策不确定性和通胀风险对企业现金持有量的影响

Q2 BUSINESS, FINANCE

Review of Quantitative Finance and Accounting

Pub Date : 2023-11-07 DOI: 10.1007/s11156-023-01224-6

Bijoy Chandra Das, Fakhrul Hasan, Soma Rani Sutradhar

Abstract This paper analyses the joint effects of Economic Policy Uncertainty (EPU) and inflation risk on the Corporate Cash Holdings (CCH) of US firms from 2011 to 2021. The baseline results suggest that EPU and inflation risk positively impact CCH. Moreover, we find the same results between inflation risk and CCH. However, EPU and CCH are negatively associated. Additionally, construction (finance) firms hold higher (lower) cash at the time of EPU and inflationary risk. We also find that firms hold higher (lower) cash during Democrat (Republican) presidential terms. The two-step system Generalized Method of Moments approach used to control the potential endogeneity issues indicates the same results and supports the baseline findings.

摘要本文分析了2011 - 2021年经济政策不确定性(EPU)和通胀风险对美国企业现金持有量的共同影响。基线结果表明，EPU和通货膨胀风险正影响CCH。此外，我们发现通货膨胀风险与CCH之间存在相同的结果。EPU与CCH呈负相关。此外，在EPU和通胀风险时期，建筑(金融)企业持有较高(较低)现金。我们还发现，在民主党(共和党)总统任期内，公司持有更多(更少)现金。用于控制潜在内生性问题的两步系统广义矩法方法表明了相同的结果，并支持基线研究结果。

引用次数: 0

CEO confidence matters: the real effects of short sale constraints revisited 首席执行官信心至关重要:卖空限制的真实影响再次被审视

Q2 BUSINESS, FINANCE

Review of Quantitative Finance and Accounting

Pub Date : 2023-11-07 DOI: 10.1007/s11156-023-01215-7

Juwon Jang, Eunju Lee

引用次数: 0

CFO overconfidence and conditional accounting conservatism CFO过度自信与条件会计保守主义

Q2 BUSINESS, FINANCE

Review of Quantitative Finance and Accounting

Pub Date : 2023-11-06 DOI: 10.1007/s11156-023-01188-7

Lu Qiao, Emmanuel Adegbite, Tam Huy Nguyen

Abstract This study investigates the association between Chief Financial Officers (CFOs) overconfidence and conditional accounting conservatism. Relying on upper echelons and overconfidence theories and based on a large sample of US-listed firms’ data from 1992 to 2019 (21,626 firm-year observations), we find a statistically and economically significant negative relationship between CFO overconfidence and conditional accounting conservatism, suggesting that overconfident CFOs tend to diminish conditional accounting conservatism. These findings persist in a series of robustness tests. In the mechanism analysis, we predict that overconfident CFOs aim to convey private information by reducing conditional accounting conservatism. We prove this conjecture by observing that overconfident CFOs who adopt lower levels of conditional accounting conservatism increase earnings informativeness (i.e., the amount of information about future cash flows or earnings contained in current stock returns) and reduce their precautionary incentives to save cash. We further rule out another mechanism (i.e. compensation concerns) that may motivate overconfident CFOs to reduce conditional accounting conservatism. Moreover, we show that overconfident CFOs with higher powers are more able to minimize conditional accounting conservatism. Our study highlights the significance and motivation of overconfident CFOs in determining asymmetric recognition of good and bad news.

摘要本研究探讨了首席财务官过度自信与条件会计稳健性之间的关系。基于上层阶梯理论和过度自信理论，基于1992 - 2019年美国上市公司的大样本数据(21,626家公司年观察数据)，我们发现CFO过度自信与条件会计稳健性之间存在统计学和经济学上显著的负相关关系，这表明过度自信的CFO倾向于削弱条件会计稳健性。这些发现在一系列稳健性测试中得到了证实。在机制分析中，我们预测过度自信的cfo旨在通过降低条件会计稳健性来传递私人信息。我们通过观察发现，采用较低水平条件会计稳健性的过度自信的首席财务官增加了盈余信息(即当前股票收益中包含的有关未来现金流量或盈余的信息量)，并降低了他们节省现金的预防性激励，从而证明了这一猜想。我们进一步排除了另一种机制(即薪酬问题)，这种机制可能会促使过度自信的首席财务官降低有条件的会计稳健性。此外，我们表明，过度自信的财务总监与较高的权力更能够最小化条件会计稳健性。我们的研究强调了过度自信的首席财务官在决定对好消息和坏消息的不对称识别方面的重要性和动机。

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引用次数: 0

What do dividend changes reveal? Theory and evidence from a unique environment 股息变化揭示了什么?理论和证据来自一个独特的环境

Q2 BUSINESS, FINANCE

Review of Quantitative Finance and Accounting

Pub Date : 2023-11-04 DOI: 10.1007/s11156-023-01211-x

Abdullah AlGhazali, Khamis Hamed Al-Yahyaee, Richard Fairchild, Yilmaz Guney

Abstract We explore the reasons behind corporate dividend changes and factors driving those changes during 2001–2021 in Oman, as a unique environment. The implications of our paper contrast with the relevant existing literature which demonstrates a positive correlation between dividends and stock prices in Oman, in support of the signaling theory. Employing multiple methods and after controlling for the nonlinearity in the profitability process, we find virtually no evidence for the signaling theory of dividends for dividend reductions, in terms of future earnings. Furthermore, our analysis affirms the importance of current profitability in influencing the magnitude of and the propensity to change (increase or decrease) dividends in listed Omani firms. We also find that the catering theory of dividends does not have any explanatory power on dividend changes. Further, firms’ life-cycle status and real investments have been found to significantly affect the decision to change dividends. Our results, which depart from the findings in the conventional literature, can be attributed to the distinct institutional features in Oman. Our game-theoretic model of dividend signaling/dividend catering provides some explanations.

我们探讨了2001-2021年阿曼公司股息变化背后的原因以及推动这些变化的因素，这是一个独特的环境。我们的论文的含义与相关的现有文献对比，证明了阿曼股息和股票价格之间的正相关关系，支持信号理论。采用多种方法并控制了盈利过程中的非线性后，我们发现就未来收益而言，股息减少的信号理论几乎没有证据。此外，我们的分析肯定了当前盈利能力在影响阿曼上市公司股息变化(增加或减少)的幅度和倾向方面的重要性。我们也发现股利迎合理论对股利变动没有任何解释力。此外，公司的生命周期状态和实际投资已被发现显著影响改变股息的决定。我们的结果与传统文献中的发现不同，可以归因于阿曼独特的制度特征。我们的股利信号/股利迎合博弈论模型提供了一些解释。

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引用次数: 0

Corporate social responsibility and myopic management practice: Is there a link? 企业社会责任与短视管理实践:有联系吗?

Q2 BUSINESS, FINANCE

Review of Quantitative Finance and Accounting

Pub Date : 2023-10-29 DOI: 10.1007/s11156-023-01212-w

David K. Ding, Christo Ferreira, Vu Minh Ngo, Phuc V. Nguyen, Udomsak Wongchoti

引用次数: 0

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