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Articles 1 - 7 of 7
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Ceo Overconfidence And Stock Price Crash Risk, Jeong-Bon Kim, Zhang Wen, Liandong Zhang
Ceo Overconfidence And Stock Price Crash Risk, Jeong-Bon Kim, Zhang Wen, Liandong Zhang
Research Collection School Of Accountancy
This study examines the association between chief executive officer (CEO) overconfidence and future stock price crash risk. Overconfident managers overestimate the returns to their investment projects and misperceive negative net present value (NPV) projects as value creating. They also tend to ignore or explain away privately observed negative feedback. As a result, negative NPV projects are kept for too long and their bad performance accumulates, which can lead to stock price crashes. Using a large sample of firms for the period 1993–2010, we find that firms with overconfident CEOs have higher stock price crash risk than firms with nonoverconfident CEOs. …
The Influence Of Ethical Leadership On Managerial Performance: Mediating Effects Of Mindfulness And Corporate Social Responsibility, John J. Williams, Alfred E. Seaman
The Influence Of Ethical Leadership On Managerial Performance: Mediating Effects Of Mindfulness And Corporate Social Responsibility, John J. Williams, Alfred E. Seaman
Research Collection School Of Accountancy
In a continuing world of corporate misdeeds and unscrupulous decision making, much of the management and academic literatures points to the incomplete knowledge of the consequences of ethics leadership. One of the bastions of ethics gatekeeping in the firm is the CFO but remarkably scant information can be found on their perceptions concerning ethics leadership. This study addresses this void by examining mindfulness and corporate social responsibility (CSR) initiatives as new mediating linkages in comprehending the influence of ethics leadership on managerial performance. Findings reveal that ethical leadership is positively associated with CSR initiatives which, in turn, operate to enhance …
Cross-Country Differences In The Effect Of Political Connections On Stock Price Informativeness, Yuanto Kusnadi, Bin Srinidhi
Cross-Country Differences In The Effect Of Political Connections On Stock Price Informativeness, Yuanto Kusnadi, Bin Srinidhi
Research Collection School Of Accountancy
Using a sample of firms from 28 countries, we investigate the cross-country differences in the effect of political connections on the information environment. We find that politically connected firms in the emerging markets exhibit lower stock price informativeness than similar unconnected firms but we do not find this result in the developed markets. This finding is robust to controlling for earnings quality, analyst coverage, share-turnover, and insider ownership. Examination of specific differences between countries reveals that the weakening of the information environment for connected firms is prevalent in countries that have high levels of corruption, no electoral democracy, and low …
Bank Competition And Financial Stability: Evidence From The Financial Crisis, Brian Atkins, Lynn Li, Jeffrey Ng, Tjomme O. Rusticus
Bank Competition And Financial Stability: Evidence From The Financial Crisis, Brian Atkins, Lynn Li, Jeffrey Ng, Tjomme O. Rusticus
Research Collection School Of Accountancy
We examine the link between bank competition and financial stability using the recent financial crisis as the setting. We utilize variation in banking competition at the state level and find that banks facing less competition are more likely to engage in risky activities, more likely to face regulatory intervention, and more likely to fail. Focusing on the real estate market, we find that states with less competition had higher rates of mortgage approval, experienced greater housing price inflation before the crisis, and a steeper housing price decline during it. Overall, our study is consistent with greater competition increasing financial stability.
Female Board Representation And Corporate Acquisition Intensity, Guoli Chen, Craig Crossland, Sterling Huang
Female Board Representation And Corporate Acquisition Intensity, Guoli Chen, Craig Crossland, Sterling Huang
Research Collection School Of Accountancy
This study examines the impact of female board representation on firm-level strategic behavior within the domain of mergers and acquisitions (M&A). We build on social identity theory to predict that greater female representation on a firm's board will be negatively associated with both the number of acquisitions the firm engages in and, conditional on doing a deal, acquisition size. Using a comprehensive, multi-year sample of U.S. public firms, we find strong support for our hypotheses. We demonstrate the robustness of our findings through the use of a difference-in-differences analysis on a sub-sample of firms that experienced exogenous changes in board …
The Effect Of Board Independence On Information Asymmetry, Beng Wee Goh, Jimmy Lee, Jeffrey Ng, Kevin Ow Yong
The Effect Of Board Independence On Information Asymmetry, Beng Wee Goh, Jimmy Lee, Jeffrey Ng, Kevin Ow Yong
Research Collection School Of Accountancy
Boards have an important role in ensuring that investors’ interests are protected. Our paper first examines whether the independence of a firm's board affects information asymmetry among investors. We provide evidence that greater board independence leads to lower information asymmetry. Next, we provide evidence that more voluntary disclosure and greater analyst coverage are two underlying mechanisms via which greater board independence reduces information asymmetry. Of the two mechanisms, we find that analyst coverage is more significant in influencing how board independence affects information asymmetry. Overall, our paper contributes to a better understanding of the effect of board independence on information …
Analyzing The Analysts: The Effect Of Technical And Social Skills On Analyst Career, Congcong Li, An-Ping Lin, Hai Lu
Analyzing The Analysts: The Effect Of Technical And Social Skills On Analyst Career, Congcong Li, An-Ping Lin, Hai Lu
Research Collection School Of Accountancy
This paper investigates how technical and social skills of financial analysts affect theirperformance and career advancement. Using a sample of LinkedIn profiles of financial analysts,we document that analysts with good social skill, proxied by the number of social connections,generate more accurate earnings forecasts and produce more informative stock recommendations.These analysts are also more likely to be voted as All-Star analysts and to move to high-statusbrokers when changing jobs. However, the effect of technical skills, proxied by the quantitativeskills disclosed on LinkedIn, only affect earnings forecast accuracy. The analysts with technicalskills are indifferent in the likelihood of being voted as star …