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The information content of delayed block trades in cryptocurrency markets 加密货币市场中延迟区块交易的信息内容
Pub Date : 2024-10-28 DOI: 10.1016/j.bar.2024.101513
Luca Galati, Riccardo De Blasis
This paper examines the price impact of large block trades in cryptocurrency markets by using a natural experiment in Bitcoin provided by the Gemini exchange. The exchange introduced a block trading facility in 2018, but in December 2019, it changed the minimum size threshold that allows market participants to trade a block and report it with a delay. Consistent with theoretical predictions and earlier empirical findings, we largely confirm that the information content of large trades is significantly lower in the upstairs market than in the downstairs. In contrast with prior research in traditional markets, we find that delaying the reporting of a block traded away from the continuous book discourages informed trading and potentially decreases the informativeness of trading and, therefore, information efficiency. Further, we find that the newly implemented size requirement for upstairs trades increases the total market impact, thereby not working as the intended introduction of a block trading facility.
本文利用双子座交易所提供的比特币自然实验,研究了加密货币市场中大额区块交易对价格的影响。该交易所在 2018 年引入了区块交易机制,但在 2019 年 12 月,它改变了允许市场参与者交易区块并延迟报告的最小规模阈值。与理论预测和先前的实证研究结果一致,我们在很大程度上证实,楼上市场的大宗交易信息含量明显低于楼下市场。与之前对传统市场的研究不同,我们发现延迟报告脱离连续账簿交易的大宗交易会阻碍知情交易,并有可能降低交易的信息量,从而降低信息效率。此外,我们还发现,新实施的楼上交易规模要求增加了对市场的总影响,因此没有达到引入大宗交易机制的预期效果。
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引用次数: 0
Harnessing ChatGPT for predictive financial factor generation: A new frontier in financial analysis and forecasting 利用 ChatGPT 生成预测性金融因子:金融分析和预测的新领域
Pub Date : 2024-10-21 DOI: 10.1016/j.bar.2024.101507
Yuhan Cheng, Yuming Zeng, Jie Zou
The search for predictive financial factors in stock pricing of companies has long been a key focus in accounting and finance, but traditional methods often require complex, subjective inputs. This paper introduces a method using ChatGPT-4 to generate financial factors based on the structure of financial statements and key variables, eliminating the need for numerical data. Leveraging GPT’s natural language processing capabilities and extensive knowledge base, our approach efficiently generates factors that are highly predictive of future returns and exhibit robustness over time, unaffected by variations in different conversational windows. Regression analysis demonstrates that these factors cannot be linearly explained by traditional financial factors. This paper highlights AI’s potential in revolutionizing financial analysis and decision-making.
长期以来,寻找公司股票定价中的预测性财务因子一直是会计和金融领域的重点,但传统方法往往需要复杂的主观输入。本文介绍了一种利用 ChatGPT-4 生成基于财务报表结构和关键变量的财务因子的方法,无需数字数据。利用 GPT 的自然语言处理能力和广泛的知识库,我们的方法可以高效地生成对未来回报具有高度预测性的因子,并且随着时间的推移表现出稳健性,不受不同对话窗口变化的影响。回归分析表明,这些因子无法用传统的金融因子进行线性解释。本文凸显了人工智能在革新金融分析和决策方面的潜力。
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引用次数: 0
Performance management, metric quality, and trust: Survey evidence from healthcare organizations 绩效管理、指标质量和信任:来自医疗机构的调查证据
Pub Date : 2024-10-16 DOI: 10.1016/j.bar.2024.101511
Hilco J. van Elten, Berend van der Kolk
We examine the impact of performance management (PM) and metric quality on trust and performance in healthcare organizations. Prior research found that PM can elicit feelings of distrust, as healthcare professionals can perceive control as curbing their autonomy. We examine whether the quality of metrics (i.e., their accuracy, sensitivity, and verifiability) can help PM to enhance interpersonal trust in healthcare settings. We mobilize self-determination theory (SDT) and argue that PM using high-quality metrics can address managers' needs for competence and autonomy, which in turn can impact interpersonal trust and unit performance. Using survey data from 152 middle managers in healthcare settings, we find that metric quality moderates the relationship between PM and interpersonal trust, which is subsequently positively linked with unit performance. Also, we find that action control and cultural control are positively associated with interpersonal trust. We complement literature on the control-trust nexus by highlighting the importance of metric quality, and by showing which forms of control can be instrumental in creating a high-trust work environment.
我们研究了绩效管理(PM)和指标质量对医疗机构信任和绩效的影响。先前的研究发现,绩效管理会引发不信任感,因为医疗保健专业人员会认为控制会限制他们的自主权。我们研究了衡量标准的质量(即其准确性、敏感性和可验证性)是否有助于项目管理增强医疗机构中的人际信任。我们运用自我决定理论(SDT),认为使用高质量衡量标准的项目管理可以满足管理人员对能力和自主权的需求,进而影响人际信任和单位绩效。通过对医疗机构 152 名中层管理人员的调查数据,我们发现衡量标准的质量调节了项目管理与人际信任之间的关系,而人际信任又与单位绩效正相关。此外,我们还发现行动控制和文化控制与人际信任正相关。我们对有关控制与信任关系的文献进行了补充,强调了度量衡质量的重要性,并说明了哪些形式的控制有助于创造高信任度的工作环境。
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引用次数: 0
Share pledging and corporate misconduct 股票质押和公司不当行为
Pub Date : 2024-10-16 DOI: 10.1016/j.bar.2024.101508
Lawrence Kryzanowski, Mingyang Li, Sheng Xu, Jie Zhang
We investigate and find a significant and positive relation between share pledging by controlling shareholders and the likelihood of corporate misconduct. The results remain robust after classifying misconduct into accounting and non-accounting misconduct, and misconduct receiving severe and light penalties. Alleviation of financial constraints, inflation of stock prices, mitigation of margin calls, and expropriation under poor corporate governance are the main motives for corporate misconduct by firms with pledging controlling shareholders. The positive relation between share pledging and corporate misconduct propensity remains after accounting for endogeneity issues, political connections, intensified bank monitoring, and share repurchasers.
我们调查发现,控股股东的股权质押与公司发生不当行为的可能性之间存在明显的正相关关系。将不当行为分为会计不当行为和非会计不当行为,以及受到严厉处罚和轻微处罚的不当行为后,结果依然稳健。缓解资金紧张、哄抬股价、减少追加保证金以及公司治理不善下的征用是控股股东质押股份的公司实施不当行为的主要动机。在考虑了内生性问题、政治关系、银行监管加强和股票回购者等因素后,股票质押与公司不当行为倾向之间的正相关关系依然存在。
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引用次数: 0
Picturing success: The informational role of visual cues in initial coin offerings 描绘成功:首次代币发行中视觉线索的信息作用
Pub Date : 2024-10-10 DOI: 10.1016/j.bar.2024.101503
Feilian Xia, James Thewissen, Diego Barrio Herrezuelo, Özgür Arslan-Ayaydin, Shuo Yan
Visual cues are increasingly used in financial disclosures to improve information dissemination. While prior research has primarily focused on the informational value of linguistic attributes in financial disclosures, we draw on dual coding theory and investigate how infographics in disclosures affect fundraising success. Exploiting the high level of information asymmetry of Initial Coin Offerings (ICOs), we find that infographics positively influence the amount raised, particularly when the textual content is highly technical. We explore the mechanisms behind this result, showing that infographics are associated with improved third-party analyst ratings and reduced rating dispersion, which suggests that visuals help mitigate information asymmetry. Furthermore, qualitative, status summary, and startup-specific infographics further enhance fundraising efforts. Overall, visual cues significantly enhance the informational value of entrepreneurial financing disclosure, leading to greater funding outcomes.
财务披露中越来越多地使用视觉线索来改善信息传播。以往的研究主要关注财务信息披露中语言属性的信息价值,而我们则借鉴双重编码理论,研究信息披露中的信息图表如何影响筹款的成功。利用首次代币发行(ICO)的高度信息不对称,我们发现信息图表对募集金额有积极影响,尤其是当文本内容具有高度技术性时。我们探索了这一结果背后的机制,发现信息图表与第三方分析师评级的提高和评级离散度的降低有关,这表明视觉效果有助于缓解信息不对称。此外,定性、现状总结和针对初创企业的信息图表还能进一步加强筹资工作。总之,视觉线索大大提高了创业融资信息披露的信息价值,带来了更大的融资成果。
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引用次数: 0
Do investor reactions to merger announcements shape the writing of SEC filings? 投资者对合并公告的反应是否会影响 SEC 文件的撰写?
Pub Date : 2024-10-09 DOI: 10.1016/j.bar.2024.101498
Nihat Aktas, Eric de Bodt, Can Deniz Dogan
The way filings of mergers and acquisitions (M&A) with the Security Exchange Commission (SEC) are written might depend on investor reactions to initial public announcements of the deal. We examine this investor feedback hypothesis by focusing on the readability and timing of a large sample of SEC documents. We show that acquirers write documents with lower readability and file them faster when investors react negatively to the deal announcement, a finding consistent with strategic obfuscation efforts. The results are robust to alternative empirical choices, such as controlling for deal complexity or the firm's writing style. They are also confirmed using an instrumental variables approach.
向美国证券交易委员会(SEC)提交的并购(M&A)文件的撰写方式可能取决于投资者对交易最初公告的反应。我们通过研究大量 SEC 文件样本的可读性和时间安排来检验投资者反馈假设。我们的研究表明,当投资者对交易公告有负面反应时,收购方撰写的文件可读性较低,提交文件的速度也较快,这一结果与策略性混淆努力是一致的。这些结果对其他经验选择(如控制交易复杂性或公司的写作风格)是稳健的。使用工具变量方法也证实了这些结果。
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引用次数: 0
Lesson from stock price crash: Changes in managerial confidence and incentives 股价暴跌的教训:管理者信心和激励机制的变化
Pub Date : 2024-10-09 DOI: 10.1016/j.bar.2024.101499
Hyeong Joon Kim
This paper investigates the consequences of stock price crashes. I find that stock price crash risk subsequently reduces managerial confidence levels, as proxied by the CEO's option-based and earnings call transcript's text-based measures. I also find that stock price crash risk reduces CEO compensation and equity incentives, suggesting that a firm seeks to adjust managerial incentives after its stock price crashes to prevent future occurrences. Furthermore, CEOs with high confidence are more likely to curtail overinvestment after their crash experiences relative to others, thereby contributing to shareholder value. Overall, this paper provides novel evidence that CEOs and firms appear to learn from their experiences of stock price crashes, suggesting that stock price crashes may induce experience-driven conservatism that influences CEO and corporate decisions.
本文研究了股价暴跌的后果。我发现,股价暴跌风险会降低管理者的信心水平,这可以用首席执行官的期权和财报电话记录的文本衡量标准来表示。我还发现,股价暴跌风险会降低首席执行官的薪酬和股权激励,这表明公司会在股价暴跌后调整管理层的激励机制,以防止未来再次发生股价暴跌。此外,与其他人相比,高信心的首席执行官在经历股价暴跌后更有可能减少过度投资,从而提升股东价值。总之,本文提供了新的证据,证明首席执行官和公司似乎会从股价暴跌的经历中吸取教训,这表明股价暴跌可能会诱发经验驱动的保守主义,从而影响首席执行官和公司的决策。
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引用次数: 0
Changes in bank profitability Post-CEO succession: Does prior CEO experience improve bank performance? CEO 继任后银行盈利能力的变化:前任首席执行官的经验是否会提高银行业绩?
Pub Date : 2024-10-09 DOI: 10.1016/j.bar.2024.101500
Douglas Cumming, Peigong Li, Feng Zhan, Wanwan Zhu
Based on a unique hand-collected dataset of CEO succession events in US bank holding companies (BHCs), we find that prior CEO experience of the newly appointed CEO improves bank profitability post-CEO succession, but primarily in underperforming banks. We distinguish prior CEO experience based on where the experience was obtained and find that the performance effect is driven by the experience gained outside the bank. Moreover, our study indicates that new CEOs with previous CEO experience acquired outside the bank are more likely to enhance profitability through earnings manipulation than those who obtained CEO experience within the bank or those without any previous CEO experience.
基于手工收集的美国银行控股公司(BHC)首席执行官继任事件的独特数据集,我们发现新任命首席执行官的先前首席执行官经验会提高首席执行官继任后的银行盈利能力,但主要是在表现不佳的银行。我们根据前任首席执行官的经验来源对其进行了区分,发现业绩效应是由在银行外部获得的经验驱动的。此外,我们的研究表明,与那些在银行内部获得 CEO 经验的人或那些没有任何 CEO 经验的人相比,在银行外部获得 CEO 经验的新任 CEO 更有可能通过盈利操纵来提高盈利能力。
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引用次数: 0
Female lead auditors, audit fees, and audit quality 女性首席审计师、审计费用和审计质量
Pub Date : 2024-10-04 DOI: 10.1016/j.bar.2024.101497
Tiphaine Jérôme, Cédric Poretti, Alain Schatt
We investigate whether female lead auditors are associated with higher audit fees and audit quality. We expect female lead auditors to have a significant influence on these audit outcomes for two reasons. First, female auditors are more risk averse and less tolerant of opportunistic behaviours than their male counterparts. Second, lead auditors perform more numerous and varied tasks and spend more time on the audit of a given client than concurring auditors. Our results show that female lead auditors are associated with higher audit quality but not with higher audit fees. However, these results only hold for female lead auditors with low client-specific experience (i.e., in a riskier context). Finally, additional analyses suggest that female lead auditors and female concurring auditors have a different influence on audit fees and audit quality.
我们研究了女性首席审计师是否与较高的审计费用和审计质量相关。我们预计女性首席审计师会对这些审计结果产生重大影响,原因有二。首先,女性审计师比男性审计师更厌恶风险,对机会主义行为的容忍度更低。其次,与协审审计师相比,主审审计师执行的任务更多更杂,花在特定客户审计上的时间更长。我们的研究结果表明,女性首席审计师与更高的审计质量有关,但与更高的审计费用无关。然而,这些结果只适用于客户特定经验较少(即风险较高)的女性主审审计师。最后,其他分析表明,女性主审审计师和女性协审审计师对审计费用和审计质量有着不同的影响。
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引用次数: 0
How does divergence of control and cash-flow rights influence cost stickiness? 控制权和现金流权的分歧如何影响成本粘性?
Pub Date : 2024-10-03 DOI: 10.1016/j.bar.2024.101495
Seungbin Oh, Ahrum Choi
This study investigates whether the degree of cost stickiness depends on the divergence between control and cash-flow rights of ultimate owners using data from 22 countries. Firms with a large divergence between control and cash-flow rights are known to take more opportunistic actions at the expense of minority shareholders. The empirical results show that the magnitude of cost stickiness decreases as the divergence between control and cash-flow rights increases due to the greater incentives to manipulate earnings. Firms use both accruals earnings management (AEM) and real-activities earnings management (REM), and among REM, they adjust production activity and discretionary expense to affect cost. Additional tests show that the negative relationship between the divergence between control and cash-flow rights and cost stickiness is more pronounced in countries with weak economic, legal, and social factors. This paper, by examining the effect of ownership structure on cost behavior as well as its underlying mechanism, broadens the understanding of sticky cost behavior and contributes to the growing body of literature on the convergence of financial and managerial accounting.
本研究利用 22 个国家的数据研究了成本粘性的程度是否取决于最终所有者的控制权和现金流权之间的差异。众所周知,控制权与现金流权之间存在较大差异的公司会采取更多机会主义行动,牺牲小股东的利益。实证结果表明,随着控制权与现金流权之间差异的增大,成本粘性的幅度也会减小,这是因为操纵收益的动机更大。企业同时使用权责发生制收益管理(AEM)和实际活动收益管理(REM),在实际活动收益管理中,企业通过调整生产活动和自由支配费用来影响成本。其他测试表明,在经济、法律和社会因素薄弱的国家,控制权与现金流权的背离与成本粘性之间的负相关关系更为明显。本文通过研究所有权结构对成本行为的影响及其内在机制,拓宽了对粘性成本行为的理解,并为财务会计与管理会计趋同方面日益增多的文献做出了贡献。
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引用次数: 0
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The British Accounting Review
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