首页 > 最新文献

Journal of Business Finance & Accounting最新文献

英文 中文
The Importance of Luck in Executive Promotion Tournaments: Theory and Evidence 运气在高管晋升比赛中的重要性:理论与证据
IF 2.2 3区 管理学 Q2 BUSINESS, FINANCE Pub Date : 2025-01-14 DOI: 10.1111/jbfa.12846
Jed DeVaro, Scott Fung

We empirically test whether executives’ increases in base salary when promoted to Chief Executive Officer (CEO) result from the wage bids of competing firms (i.e., “market-based tournaments”) or from the strategic choices of the firm's board of directors to elicit optimal executive incentives (i.e., “classic tournaments”). Our test emphasizes the effect of the “importance of luck” (i.e., the variance of luck) on the pay raises that accompany promotion. Specifically, we focus on how that effect differs between the two types of tournaments. An estimated negative relationship between the importance of luck and the executive salary spread supports market-based tournaments, whereas a positive relationship supports classic tournaments. The results are non-monotonic in firm size. Executive tournaments in both the bottom 13% of firms (i.e., total assets below $376 million) and the top 2.5% of firms (i.e., total assets above $112 billion) are more consistent with classic tournaments, whereas the nearly 85% in the middle of the distribution of firm size are more consistent with market-based tournaments. Also, controlling for firm size, highly concentrated product markets are more consistent with market-based tournaments. Extending market-based tournament theory to allow executives to choose the luck variance reveals that executives infuse their tournaments with a high luck variance, which lowers the expected pay differential and depresses incentives.

我们通过实证检验了高管在晋升为首席执行官(CEO)时,基本工资的增加是由竞争公司的工资出价(即“基于市场的锦标赛”)还是由公司董事会为引出最优高管激励(即“经典锦标赛”)而做出的战略选择造成的。我们的测试强调了“运气的重要性”(即运气的方差)对伴随晋升而来的加薪的影响。具体来说,我们关注的是两种类型比赛的效果有何不同。运气的重要性与高管薪酬差距之间的负相关关系支持基于市场的锦标赛,而正相关关系支持经典锦标赛。结果在企业规模上是非单调的。排名靠后的13%的公司(即总资产低于3.76亿美元)和排名靠前的2.5%的公司(即总资产超过1120亿美元)的高管锦标赛与传统锦标赛更一致,而位于公司规模分布中间的近85%的公司则与基于市场的锦标赛更一致。此外,在控制公司规模的情况下,高度集中的产品市场更符合基于市场的竞赛。将基于市场的锦标赛理论扩展到允许高管选择运气方差,这表明高管们在他们的锦标赛中注入了高运气方差,这降低了预期的薪酬差异,抑制了激励。
{"title":"The Importance of Luck in Executive Promotion Tournaments: Theory and Evidence","authors":"Jed DeVaro,&nbsp;Scott Fung","doi":"10.1111/jbfa.12846","DOIUrl":"https://doi.org/10.1111/jbfa.12846","url":null,"abstract":"<div>\u0000 \u0000 <p>We empirically test whether executives’ increases in base salary when promoted to Chief Executive Officer (CEO) result from the wage bids of competing firms (i.e., “market-based tournaments”) or from the strategic choices of the firm's board of directors to elicit optimal executive incentives (i.e., “classic tournaments”). Our test emphasizes the effect of the “importance of luck” (i.e., the variance of luck) on the pay raises that accompany promotion. Specifically, we focus on how that effect differs between the two types of tournaments. An estimated negative relationship between the importance of luck and the executive salary spread supports market-based tournaments, whereas a positive relationship supports classic tournaments. The results are non-monotonic in firm size. Executive tournaments in both the bottom 13% of firms (i.e., total assets below $376 million) and the top 2.5% of firms (i.e., total assets above $112 billion) are more consistent with classic tournaments, whereas the nearly 85% in the middle of the distribution of firm size are more consistent with market-based tournaments. Also, controlling for firm size, highly concentrated product markets are more consistent with market-based tournaments. Extending market-based tournament theory to allow executives to choose the luck variance reveals that executives infuse their tournaments with a high luck variance, which lowers the expected pay differential and depresses incentives.</p>\u0000 </div>","PeriodicalId":48106,"journal":{"name":"Journal of Business Finance & Accounting","volume":"52 3","pages":"1349-1373"},"PeriodicalIF":2.2,"publicationDate":"2025-01-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144213997","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
More than solely reactive: Audit committee director departures as anticipatory actions in financial misstatements 不仅仅是被动反应:审计委员会主任离职是财务错报的预期行为
IF 2.2 3区 管理学 Q2 BUSINESS, FINANCE Pub Date : 2024-12-12 DOI: 10.1111/jbfa.12844
Wu-Po Liu, Hua-Wei Huang, Wan-Ci Huang

This study investigates the impact of financial misstatements on audit committee director departures, focusing on anticipatory and reactive actions. By analyzing data from restating and non-restating firms between 2004 and 2020, we categorize the misstatement process into pre-occurrence, occurrence, investigation, and post-announcement periods. Our findings reveal that audit committee directors in restating firms are significantly more likely to depart in all four periods, compared with their counterparts in non-restating firms. We further explore how the likelihood of departure is influenced by directors’ characteristics, including financial expertise, gender, busyness, tenure, and age. The results suggest that financial misstatements are not merely reactionary events that prompt director departures but also serve as anticipatory signals leading to proactive exits before issues become public. This study provides valuable insights for financial statement users, boards of directors, and governance activists.

本研究探讨财务错报对审计委员会董事离职的影响,重点关注预期和反应性行动。通过分析2004年至2020年的重述和非重述企业的数据,我们将错报过程分为发生前、发生、调查和公告后四个阶段。我们的研究结果表明,与非重申公司的审计委员会董事相比,重申公司的审计委员会董事在所有四个时期都更有可能离职。我们进一步探讨了董事的特征如何影响离职的可能性,包括财务专业知识、性别、忙碌程度、任期和年龄。研究结果表明,财务错报不仅是促使董事离职的反应性事件,而且也是在问题公开之前导致主动退出的预期信号。本研究为财务报表使用者、董事会和治理积极分子提供了有价值的见解。
{"title":"More than solely reactive: Audit committee director departures as anticipatory actions in financial misstatements","authors":"Wu-Po Liu,&nbsp;Hua-Wei Huang,&nbsp;Wan-Ci Huang","doi":"10.1111/jbfa.12844","DOIUrl":"https://doi.org/10.1111/jbfa.12844","url":null,"abstract":"<div>\u0000 \u0000 <p>This study investigates the impact of financial misstatements on audit committee director departures, focusing on anticipatory and reactive actions. By analyzing data from restating and non-restating firms between 2004 and 2020, we categorize the misstatement process into pre-occurrence, occurrence, investigation, and post-announcement periods. Our findings reveal that audit committee directors in restating firms are significantly more likely to depart in all four periods, compared with their counterparts in non-restating firms. We further explore how the likelihood of departure is influenced by directors’ characteristics, including financial expertise, gender, busyness, tenure, and age. The results suggest that financial misstatements are not merely reactionary events that prompt director departures but also serve as anticipatory signals leading to proactive exits before issues become public. This study provides valuable insights for financial statement users, boards of directors, and governance activists.</p>\u0000 </div>","PeriodicalId":48106,"journal":{"name":"Journal of Business Finance & Accounting","volume":"52 3","pages":"1306-1327"},"PeriodicalIF":2.2,"publicationDate":"2024-12-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144213836","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Do Unexpected Earnings of Industry Leaders Affect the Discretionary Reporting Behavior of Followers? Evidence From China 行业领导者的意外收益是否会影响追随者的自主报告行为?来自中国的证据
IF 2.2 3区 管理学 Q2 BUSINESS, FINANCE Pub Date : 2024-12-10 DOI: 10.1111/jbfa.12843
Huiyun Cong, Dan Li, Xiao Li, Yuan Xie, Chun Yuan

This study examines how the unexpected earnings of industry leaders influence the discretionary reporting behavior of industry followers. Chinese firms are required to disclose their annual earnings announcement (EA) dates before the fiscal year ends. Leveraging this unique setting, we demonstrate that followers delay their EAs in response to earnings surprises reported by industry leaders. This effect is more pronounced for followers who face lower costs of delaying (i.e., those with weak corporate governance and who face no penalties for delaying EAs) and those who receive greater benefits from delaying (i.e., those in more competitive industries and in industries where leaders meet or beat market expectations). We also find that, compared with other followers, those that delay EAs are more likely to engage in last-minute earnings management by reducing their effective tax rates. Furthermore, our findings suggest that when industry leaders report good news, followers who delay EAs are more likely to do the same. However, we find no positive market reaction to these delayed EAs. Overall, this study provides new evidence that industry leaders’ earnings surprises significantly impact their followers’ decisions about discretionary financial reporting, including the delay of EAs and last-minute earnings management.

本研究探讨行业领导者的意外盈余如何影响行业追随者的自由裁量报告行为。中国公司必须在财政年度结束前披露其年度收益公告(EA)日期。利用这一独特的设置,我们证明了追随者延迟他们的ea以响应行业领导者报告的意外收益。对于那些面临较低延迟成本的追随者(例如,那些公司治理薄弱且不会因延迟ea而受到惩罚的追随者)和那些从延迟中获得更大利益的追随者(例如,那些处于竞争更激烈的行业以及领导者满足或超过市场预期的行业的追随者),这种影响更为明显。我们还发现,与其他追随者相比,那些推迟ea的人更有可能通过降低有效税率来进行最后一分钟的盈余管理。此外,我们的研究结果表明,当行业领导者报告好消息时,延迟发布ea的追随者更有可能做同样的事情。然而,我们发现市场对这些延迟的ea没有积极的反应。总体而言,本研究提供了新的证据,证明行业领导者的盈余意外显著影响其追随者关于自由裁量财务报告的决策,包括延迟ea和最后一分钟盈余管理。
{"title":"Do Unexpected Earnings of Industry Leaders Affect the Discretionary Reporting Behavior of Followers? Evidence From China","authors":"Huiyun Cong,&nbsp;Dan Li,&nbsp;Xiao Li,&nbsp;Yuan Xie,&nbsp;Chun Yuan","doi":"10.1111/jbfa.12843","DOIUrl":"https://doi.org/10.1111/jbfa.12843","url":null,"abstract":"<div>\u0000 \u0000 <p>This study examines how the unexpected earnings of industry leaders influence the discretionary reporting behavior of industry followers. Chinese firms are required to disclose their annual earnings announcement (EA) dates before the fiscal year ends. Leveraging this unique setting, we demonstrate that followers delay their EAs in response to earnings surprises reported by industry leaders. This effect is more pronounced for followers who face lower costs of delaying (i.e., those with weak corporate governance and who face no penalties for delaying EAs) and those who receive greater benefits from delaying (i.e., those in more competitive industries and in industries where leaders meet or beat market expectations). We also find that, compared with other followers, those that delay EAs are more likely to engage in last-minute earnings management by reducing their effective tax rates. Furthermore, our findings suggest that when industry leaders report good news, followers who delay EAs are more likely to do the same. However, we find no positive market reaction to these delayed EAs. Overall, this study provides new evidence that industry leaders’ earnings surprises significantly impact their followers’ decisions about discretionary financial reporting, including the delay of EAs and last-minute earnings management.</p>\u0000 </div>","PeriodicalId":48106,"journal":{"name":"Journal of Business Finance & Accounting","volume":"52 3","pages":"1279-1305"},"PeriodicalIF":2.2,"publicationDate":"2024-12-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144214123","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Mandatory Data Breach Disclosure and Insider Trading 强制数据泄露披露和内幕交易
IF 2.4 3区 管理学 Q2 BUSINESS, FINANCE Pub Date : 2024-12-03 DOI: 10.1111/jbfa.12842
Xi Chen, Gilles Hilary, Xiaoli Tian, Shaolee

We examine whether mandatory data breach disclosure affects insider-selling behavior and find that selling profits are greater after states require firms to disclose data breaches. The effect is more pronounced for firms with weaker corporate governance, higher cybersecurity risk, and without prior investment in material cyber protection programs. However, insiders profit less when they operate in states with stricter laws and face higher litigation risks. The evidence is consistent with managers personally hedging risks in the capital market when mandatory disclosure laws designed to protect customers are weakly enforced. Laws designed to improve transparency in the product markets may have the unintended effect of reducing the integrity of financial markets. However, insider sales also facilitate the incorporation of bad news in stock prices, making idiosyncratic crashes less likely.

我们研究了强制性数据泄露披露是否会影响内幕销售行为,并发现在各州要求公司披露数据泄露后,销售利润更大。对于公司治理较弱、网络安全风险较高、没有事先投资实质性网络保护计划的公司,这种影响更为明显。然而,在法律更严格、面临更高诉讼风险的州,内部人士的利润会更低。证据表明,当旨在保护客户的强制性信息披露法律执行不力时,管理人员会亲自在资本市场上对冲风险。旨在提高产品市场透明度的法律可能会产生意想不到的影响,即降低金融市场的完整性。然而,内幕交易也有助于将坏消息纳入股价,从而降低特殊崩盘的可能性。
{"title":"Mandatory Data Breach Disclosure and Insider Trading","authors":"Xi Chen,&nbsp;Gilles Hilary,&nbsp;Xiaoli Tian,&nbsp;Shaolee","doi":"10.1111/jbfa.12842","DOIUrl":"https://doi.org/10.1111/jbfa.12842","url":null,"abstract":"<div>\u0000 \u0000 <p>We examine whether mandatory data breach disclosure affects insider-selling behavior and find that selling profits are greater after states require firms to disclose data breaches. The effect is more pronounced for firms with weaker corporate governance, higher cybersecurity risk, and without prior investment in material cyber protection programs. However, insiders profit less when they operate in states with stricter laws and face higher litigation risks. The evidence is consistent with managers personally hedging risks in the capital market when mandatory disclosure laws designed to protect customers are weakly enforced. Laws designed to improve transparency in the product markets may have the unintended effect of reducing the integrity of financial markets. However, insider sales also facilitate the incorporation of bad news in stock prices, making idiosyncratic crashes less likely.</p>\u0000 </div>","PeriodicalId":48106,"journal":{"name":"Journal of Business Finance & Accounting","volume":"52 5","pages":"2091-2110"},"PeriodicalIF":2.4,"publicationDate":"2024-12-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145533515","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Does a Customer Focus Influence Firms’ Climate-Change Reporting Decisions? The Role of Market-Driven Corporate Culture 以客户为中心是否会影响企业的气候变化报告决策?市场驱动型企业文化的作用
IF 2.2 3区 管理学 Q2 BUSINESS, FINANCE Pub Date : 2024-11-27 DOI: 10.1111/jbfa.12841
Sudipta Bose, Steven F. Cahan, Sandip Dhole, Sagarika Mishra

While there is increasing investor demand for climate-change disclosures, less is known about how a firm's culture influences its decision to provide these disclosures. In this study, we focus on market-driven or customer-focused culture. We expect that firms with a market-driven culture (MDC) will be more likely to provide climate-change disclosures because such firms are more customer-oriented. Our results are consistent with this expectation. We also find that the level of carbon emissions is negatively associated with MDC, suggesting that the climate-change disclosures are not merely greenwash. Further, we find firm value is higher for MDC firms that provide climate-change disclosures. Overall, we contribute to the literature by identifying MDC as an important determinant of climate-change disclosure.

尽管投资者对披露气候变化信息的要求越来越高,但人们对公司文化如何影响其披露这些信息的决定知之甚少。在这项研究中,我们关注的是市场驱动型或以客户为中心的文化。我们预计,具有市场驱动文化(MDC)的公司将更有可能提供气候变化披露,因为这些公司更以客户为导向。我们的结果与这一预期一致。我们还发现,碳排放水平与MDC呈负相关,这表明气候变化披露不仅仅是粉饰绿色。此外,我们发现提供气候变化披露的MDC公司的公司价值更高。总体而言,我们通过确定MDC是气候变化披露的重要决定因素,为文献做出了贡献。
{"title":"Does a Customer Focus Influence Firms’ Climate-Change Reporting Decisions? The Role of Market-Driven Corporate Culture","authors":"Sudipta Bose,&nbsp;Steven F. Cahan,&nbsp;Sandip Dhole,&nbsp;Sagarika Mishra","doi":"10.1111/jbfa.12841","DOIUrl":"https://doi.org/10.1111/jbfa.12841","url":null,"abstract":"<div>\u0000 \u0000 <p>While there is increasing investor demand for climate-change disclosures, less is known about how a firm's culture influences its decision to provide these disclosures. In this study, we focus on market-driven or customer-focused culture. We expect that firms with a market-driven culture (MDC) will be more likely to provide climate-change disclosures because such firms are more customer-oriented. Our results are consistent with this expectation. We also find that the level of carbon emissions is negatively associated with MDC, suggesting that the climate-change disclosures are not merely greenwash. Further, we find firm value is higher for MDC firms that provide climate-change disclosures. Overall, we contribute to the literature by identifying MDC as an important determinant of climate-change disclosure.</p>\u0000 </div>","PeriodicalId":48106,"journal":{"name":"Journal of Business Finance & Accounting","volume":"52 3","pages":"1255-1278"},"PeriodicalIF":2.2,"publicationDate":"2024-11-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144214278","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Transient institutional ownership, costly external finance and corporate cash holdings 短暂的机构所有权,昂贵的外部融资和企业现金持有
IF 2.2 3区 管理学 Q2 BUSINESS, FINANCE Pub Date : 2024-11-20 DOI: 10.1111/jbfa.12840
Hyun Joong Im, Heungju Park, Shams Pathan, Robert Faff

We investigate and robustly show that transient institutional ownership (IO) has a positive effect on the level and value of corporate cash holdings. Further, using a regression discontinuity design exploiting the Russell 1000/2000 index reconstitution as an exogenous shock to transient IO, we show that the effects of transient IO on cash holdings are causal. Additionally, our analysis shows that transient institutions exacerbate debtholder–shareholder conflicts, thereby increasing the cost of debt. Overall, our results suggest that transient institutions make cash holdings more valuable because financing by debt becomes more costly.

我们调查并有力地表明,短暂机构所有权(IO)对企业现金持有水平和价值有积极影响。此外,利用罗素1000/2000指数重构的回归不连续设计作为对瞬态IO的外生冲击,我们表明瞬态IO对现金持有的影响是因果关系。此外,我们的分析表明,临时机构加剧了债务持有人与股东的冲突,从而增加了债务成本。总体而言,我们的研究结果表明,临时机构使现金持有更有价值,因为通过债务融资变得更加昂贵。
{"title":"Transient institutional ownership, costly external finance and corporate cash holdings","authors":"Hyun Joong Im,&nbsp;Heungju Park,&nbsp;Shams Pathan,&nbsp;Robert Faff","doi":"10.1111/jbfa.12840","DOIUrl":"https://doi.org/10.1111/jbfa.12840","url":null,"abstract":"<p>We investigate and robustly show that transient institutional ownership (IO) has a positive effect on the level and value of corporate cash holdings. Further, using a regression discontinuity design exploiting the Russell 1000/2000 index reconstitution as an exogenous shock to transient IO, we show that the effects of transient IO on cash holdings are causal. Additionally, our analysis shows that transient institutions exacerbate debtholder–shareholder conflicts, thereby increasing the cost of debt. Overall, our results suggest that transient institutions make cash holdings more valuable because financing by debt becomes more costly.</p>","PeriodicalId":48106,"journal":{"name":"Journal of Business Finance & Accounting","volume":"52 2","pages":"1212-1249"},"PeriodicalIF":2.2,"publicationDate":"2024-11-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143741082","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Government affiliation, analyst behavior and the economic consequences 政府隶属关系、分析师行为和经济后果
IF 2.2 3区 管理学 Q2 BUSINESS, FINANCE Pub Date : 2024-10-18 DOI: 10.1111/jbfa.12839
Ning Jia, Tianqi Lan, Dan Wang, Ma Xiaoteng

A significant number of regional brokerage firms in China are owned by their respective local governments. We use this context to examine how local government affiliation affects brokerage firms’ research activities. Using a sample of analyst reports from 2013 to 2021, we find that analysts working at local government-affiliated brokerage firms are more likely to cover firms within the local government's jurisdiction than non-affiliated analysts. Local government-affiliated analysts enjoy an information advantage, as evidenced by the issuance of more accurate earnings forecasts for local firms, compared to those of non-affiliated analysts. The effect is stronger for local firms with lower information quality. Additionally, local government-affiliated analysts show more optimism in stock recommendations, but not in earnings forecasts, for local firms, compared to non-affiliated analysts. The effect is more pronounced for local firms that receive more local government subsidies, operate in regions with greater local government intervention or during the COVID-19 pandemic and the National Congress conferences, and require more capital market support. The results of this study advance our understanding of the key determinants of analyst performance and provide new evidence in the debate on the role of government intervention in financial institutions.

中国有相当数量的区域性经纪公司由各自的地方政府所有。我们利用这一背景来考察地方政府隶属关系如何影响经纪公司的研究活动。使用2013年至2021年的分析师报告样本,我们发现在地方政府附属经纪公司工作的分析师比非附属分析师更有可能覆盖地方政府管辖范围内的公司。地方政府下属的分析师享有信息优势,与非政府下属的分析师相比,他们对地方企业的盈利预测更为准确。对于信息质量较低的本土企业,这种效应更强。此外,与非政府关联的分析师相比,与地方政府有关联的分析师在推荐本地公司股票方面表现得更为乐观,但在盈利预测方面则并非如此。对于获得地方政府补贴较多、在地方政府干预力度较大的地区或在新冠肺炎大流行和全国人大会议期间经营、需要更多资本市场支持的地方企业,这种影响更为明显。本研究的结果促进了我们对分析师绩效的关键决定因素的理解,并为政府干预金融机构的作用的辩论提供了新的证据。
{"title":"Government affiliation, analyst behavior and the economic consequences","authors":"Ning Jia,&nbsp;Tianqi Lan,&nbsp;Dan Wang,&nbsp;Ma Xiaoteng","doi":"10.1111/jbfa.12839","DOIUrl":"https://doi.org/10.1111/jbfa.12839","url":null,"abstract":"<p>A significant number of regional brokerage firms in China are owned by their respective local governments. We use this context to examine how local government affiliation affects brokerage firms’ research activities. Using a sample of analyst reports from 2013 to 2021, we find that analysts working at local government-affiliated brokerage firms are more likely to cover firms within the local government's jurisdiction than non-affiliated analysts. Local government-affiliated analysts enjoy an information advantage, as evidenced by the issuance of more accurate earnings forecasts for local firms, compared to those of non-affiliated analysts. The effect is stronger for local firms with lower information quality. Additionally, local government-affiliated analysts show more optimism in stock recommendations, but not in earnings forecasts, for local firms, compared to non-affiliated analysts. The effect is more pronounced for local firms that receive more local government subsidies, operate in regions with greater local government intervention or during the COVID-19 pandemic and the National Congress conferences, and require more capital market support. The results of this study advance our understanding of the key determinants of analyst performance and provide new evidence in the debate on the role of government intervention in financial institutions.</p>","PeriodicalId":48106,"journal":{"name":"Journal of Business Finance & Accounting","volume":"52 2","pages":"1183-1211"},"PeriodicalIF":2.2,"publicationDate":"2024-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143741291","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Interest rate liberalization and corporate innovation: Evidence from natural experiments in China 利率市场化与企业创新:来自中国自然实验的证据
IF 2.2 3区 管理学 Q2 BUSINESS, FINANCE Pub Date : 2024-10-15 DOI: 10.1111/jbfa.12838
Shuangli Yu, Yun Ke, Xiaofeng Quan, Wenhong Ding

We examine whether and how interest rate liberalization affects corporate innovation in China. Using the removal of the interest rate ceiling and floor as exogenous shocks, and the numbers of granted patents to proxy for corporate innovation, we find that corporate innovation increases after interest rate liberalization. Our finding holds through several robustness tests. Furthermore, we show that state-owned enterprises (SOEs) and non-SOEs benefit from interest rate liberalization differently: Non-SOEs benefit more from interest rate ceiling removal, whereas SOEs benefit more from interest rate floor removal. Cross-sectional analyses also show that the effect is more pronounced when bank competition is higher and when firms rely more on external finance. Exploring potential channels through which interest rate liberalization spurs innovation, we find that although ceiling removal mitigates firms’ financial constraints, floor removal lowers corporate loan costs. Our study provides evidence of how financial reform benefits the real economy.

本文研究了利率市场化是否以及如何影响中国的企业创新。以取消利率上限和下限为外生冲击,以专利授权数代表企业创新,我们发现利率市场化后企业创新增加。我们的发现通过几个稳健性测试成立。此外,我们发现国有企业和非国有企业从利率市场化中获益不同:非国有企业从取消利率上限中获益更多,而国有企业从取消利率下限中获益更多。横断面分析还表明,当银行竞争更激烈、企业更依赖外部融资时,这种影响更为明显。在探索利率市场化刺激创新的潜在渠道时,我们发现尽管取消上限缓解了企业的财务约束,但取消下限降低了企业的贷款成本。我们的研究为金融改革如何惠及实体经济提供了证据。
{"title":"Interest rate liberalization and corporate innovation: Evidence from natural experiments in China","authors":"Shuangli Yu,&nbsp;Yun Ke,&nbsp;Xiaofeng Quan,&nbsp;Wenhong Ding","doi":"10.1111/jbfa.12838","DOIUrl":"https://doi.org/10.1111/jbfa.12838","url":null,"abstract":"<p>We examine whether and how interest rate liberalization affects corporate innovation in China. Using the removal of the interest rate ceiling and floor as exogenous shocks, and the numbers of granted patents to proxy for corporate innovation, we find that corporate innovation increases after interest rate liberalization. Our finding holds through several robustness tests. Furthermore, we show that state-owned enterprises (SOEs) and non-SOEs benefit from interest rate liberalization differently: Non-SOEs benefit more from interest rate ceiling removal, whereas SOEs benefit more from interest rate floor removal. Cross-sectional analyses also show that the effect is more pronounced when bank competition is higher and when firms rely more on external finance. Exploring potential channels through which interest rate liberalization spurs innovation, we find that although ceiling removal mitigates firms’ financial constraints, floor removal lowers corporate loan costs. Our study provides evidence of how financial reform benefits the real economy.</p>","PeriodicalId":48106,"journal":{"name":"Journal of Business Finance & Accounting","volume":"52 2","pages":"1152-1182"},"PeriodicalIF":2.2,"publicationDate":"2024-10-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143741335","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The management of nonearnings measures: Evidence from initial public offering firms 非盈利指标的管理:来自首次公开发行公司的证据
IF 2.2 3区 管理学 Q2 BUSINESS, FINANCE Pub Date : 2024-10-07 DOI: 10.1111/jbfa.12837
Snow Xue Han, Su-Jane Hsieh

Inconsistent with the conventional view that initial public offering firms (IPOs) manage earnings upward to boost offering prices, we posit that IPOs, which are usually in the early stage of their life cycle, focus on sales growth. Using quarterly analyses, we find that both high-tech and non-high-tech IPOs opportunistically manage sales upward in the pre-IPO period. While high-tech IPOs manage sales upward via premature revenue recognition and activities-sales management, non-high-tech IPOs only engage in premature revenue recognition practice. Moreover, both subgroups spend aggressively on discretionary expenses during the pre-IPO period. However, the two subgroups differ in their manipulation of earnings and R&D. Intangible-intensive high-tech IPOs not only do not engage in upward accruals earnings management but also exhibit income-decreasing behavior through intensive R&D spending in the pre-IPO period. In contrast, non-high-tech IPOs incur significant abnormal accruals to opportunistically inflate earnings in the lockup period but do not engage in aggressive R&D spending. Finally, we find subsequent operating performance reversal among IPOs engaged in earnings and nonearnings manipulation except for activities-sales management.

传统观点认为,首次公开募股公司(IPO)通过提高盈利来提高发行价格,与此不同,我们认为,通常处于生命周期早期的 IPO 公司更关注销售额的增长。通过季度分析,我们发现高科技和非高科技 IPO 都会在上市前择机上调销售额。高科技 IPO 通过过早确认收入和活动销售管理来提高销售额,而非高科技 IPO 则只采取过早确认收入的做法。此外,两类公司在上市前都会积极支出可自由支配的费用。然而,这两个亚群在操纵收益和研发方面有所不同。无形密集型高科技 IPO 不仅不进行向上应计收益管理,而且在上市前还通过密集的研发支出表现出减少收入的行为。与此相反,非高科技 IPO 在锁定期会产生大量异常应计项目,以伺机抬高收益,但并不参与激进的研发支出。最后,我们发现,除了活动-销售管理外,参与盈利和非盈利操纵的 IPO 公司随后的经营业绩会发生逆转。
{"title":"The management of nonearnings measures: Evidence from initial public offering firms","authors":"Snow Xue Han,&nbsp;Su-Jane Hsieh","doi":"10.1111/jbfa.12837","DOIUrl":"https://doi.org/10.1111/jbfa.12837","url":null,"abstract":"<p>Inconsistent with the conventional view that initial public offering firms (IPOs) manage earnings upward to boost offering prices, we posit that IPOs, which are usually in the early stage of their life cycle, focus on sales growth. Using quarterly analyses, we find that both high-tech and non-high-tech IPOs opportunistically manage sales upward in the pre-IPO period. While high-tech IPOs manage sales upward via premature revenue recognition and activities-sales management, non-high-tech IPOs only engage in premature revenue recognition practice. Moreover, both subgroups spend aggressively on discretionary expenses during the pre-IPO period. However, the two subgroups differ in their manipulation of earnings and R&amp;D. Intangible-intensive high-tech IPOs not only do not engage in upward accruals earnings management but also exhibit income-decreasing behavior through intensive R&amp;D spending in the pre-IPO period. In contrast, non-high-tech IPOs incur significant abnormal accruals to opportunistically inflate earnings in the lockup period but do not engage in aggressive R&amp;D spending. Finally, we find subsequent operating performance reversal among IPOs engaged in earnings and nonearnings manipulation except for activities-sales management.</p>","PeriodicalId":48106,"journal":{"name":"Journal of Business Finance & Accounting","volume":"52 2","pages":"1116-1151"},"PeriodicalIF":2.2,"publicationDate":"2024-10-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143741072","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Out-of-sample predictability of firm-specific stock price crashes: A machine learning approach 特定公司股价暴跌的样本外可预测性:机器学习方法
IF 2.2 3区 管理学 Q2 BUSINESS, FINANCE Pub Date : 2024-09-16 DOI: 10.1111/jbfa.12831
Devrimi Kaya, Doron Reichmann, Milan Reichmann

We use machine learning methods to predict firm-specific stock price crashes and evaluate the out-of-sample prediction performance of various methods, compared to traditional regression approaches. Using financial and textual data from 10-K filings, our results show that a logistic regression with financial data inputs performs reasonably well and sometimes outperforms newer classifiers such as random forests and neural networks. However, we find that a stochastic gradient boosting model systematically outperforms the logistic regression, and forecasts using suitable combinations of financial and textual data inputs yield significantly higher prediction performance. Overall, the evidence suggests that machine learning methods can help predict stock price crashes.

我们使用机器学习方法预测特定公司的股价暴跌,并评估各种方法与传统回归方法相比的样本外预测性能。我们使用 10-K 申报文件中的财务和文本数据,结果表明,使用财务数据输入的逻辑回归表现相当不错,有时甚至优于随机森林和神经网络等较新的分类器。不过,我们发现随机梯度提升模型的表现明显优于逻辑回归,而且使用财务数据和文本数据输入的适当组合进行预测,其预测性能也明显高于逻辑回归。总体而言,证据表明机器学习方法有助于预测股价暴跌。
{"title":"Out-of-sample predictability of firm-specific stock price crashes: A machine learning approach","authors":"Devrimi Kaya,&nbsp;Doron Reichmann,&nbsp;Milan Reichmann","doi":"10.1111/jbfa.12831","DOIUrl":"10.1111/jbfa.12831","url":null,"abstract":"<p>We use machine learning methods to predict firm-specific stock price crashes and evaluate the out-of-sample prediction performance of various methods, compared to traditional regression approaches. Using financial and textual data from 10-K filings, our results show that a logistic regression with financial data inputs performs reasonably well and sometimes outperforms newer classifiers such as random forests and neural networks. However, we find that a stochastic gradient boosting model systematically outperforms the logistic regression, and forecasts using suitable combinations of financial and textual data inputs yield significantly higher prediction performance. Overall, the evidence suggests that machine learning methods can help predict stock price crashes.</p>","PeriodicalId":48106,"journal":{"name":"Journal of Business Finance & Accounting","volume":"52 2","pages":"1095-1115"},"PeriodicalIF":2.2,"publicationDate":"2024-09-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jbfa.12831","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142260780","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
期刊
Journal of Business Finance & 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:604180095
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