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Articles 1 - 9 of 9
Full-Text Articles in Other Business
Ceo Extraversion And The Cost Of Equity Capital, Biljana Adebambo, Robert M. Bowen, Shavin Malhotra, Pengcheng Zhu
Ceo Extraversion And The Cost Of Equity Capital, Biljana Adebambo, Robert M. Bowen, Shavin Malhotra, Pengcheng Zhu
Accounting Faculty Articles and Research
We examine whether CEO extraversion, an important personality trait associated with leadership, is associated with firms' expected cost of equity capital. We measure CEO extraversion using CEOs' speech patterns during the unscripted portion of conference calls. After controlling for multiple CEO and firm-specific variables, we find a strong positive incremental association between CEO extraversion and firms' expected cost of capital. Moreover, cost of equity increases when a more extraverted CEO replaces a less extraverted CEO. In addition, we find that firms with relatively extraverted CEOs take more risk and exhibit lower credit ratings, which is associated with higher cost of …
Blockholder Mutual Fund Participation In Private In-House Meetings, Robert Bowen, Shantanu Dutta, Songlian Tang, Pengcheng Zhu
Blockholder Mutual Fund Participation In Private In-House Meetings, Robert Bowen, Shantanu Dutta, Songlian Tang, Pengcheng Zhu
Accounting Faculty Articles and Research
The Shenzhen Stock Exchange (SZSE) in China is unique worldwide in requiring disclosure of the timing, participants, and selected content of private in-house meetings between firm managers and outsider investors. We investigate whether these private meetings benefit hosting firms and their major outside institutional investors—blockholder mutual funds (i.e., funds with ownership ≥5%). Using a large data set of SZSE firms, we find that blockholder mutual funds have more access to private in-house meetings, and top management is more likely to be present, especially when a meeting is associated with negative news. Furthermore, when blockholder mutual funds attend negative-news meetings with …
Short- And Medium-Term Car Registration Forecasting Based On Selected Macro And Socio-Economic Indicators In European Countries, Lubor Homolka, Vu Minh Ngo, Drahomíra Pavelková, Bach Tuan Le, Bruce Dehning
Short- And Medium-Term Car Registration Forecasting Based On Selected Macro And Socio-Economic Indicators In European Countries, Lubor Homolka, Vu Minh Ngo, Drahomíra Pavelková, Bach Tuan Le, Bruce Dehning
Accounting Faculty Articles and Research
The automotive industry plays a key role in the European economy. In this paper, we determine which macro and socio-economic indicators have significant predictive power on car registrations - a proxy to automotive sector performance - across European countries. Contrary to the current literature which mainly focuses on long-term forecasting, we built our models on the highly seasonal monthly data of a medium-term period to make short-term forecasts. Our approach utilises predictors identified by the literature review. Presented models are built on the Vector Autoregressive models and are accompanied by formal tests, such as the Granger causality test. We have …
Ideological Diversity In Standard Setting, Jivas Chakravarthy
Ideological Diversity In Standard Setting, Jivas Chakravarthy
Accounting Faculty Articles and Research
I explore whether the level of ideological diversity among Financial Accounting Standards Board (FASB) members has declined since the emergence of their conceptual framework. I analyze votes made by FASB members on Statements of Financial Accounting Standards and compare them to comment letters submitted by constituent sponsoring organizations. I demonstrate that, relative to the Pre-CF regime (1973–1986), FASB members’ voting positions in the CF regime (1987–2007) are (i) less like their constituent sponsors and (ii) more like one another. The former result is primarily attributable to differences between FASB members with auditor and preparer backgrounds and those groups’ sponsors. Both …
Corporate Governance Roles Of Information Quality And Corporate Takeovers, Jing Li, Lin Nan, Ran Zhao
Corporate Governance Roles Of Information Quality And Corporate Takeovers, Jing Li, Lin Nan, Ran Zhao
Accounting Faculty Articles and Research
We examine the corporate governance roles of information quality and the takeover market with asymmetric information regarding the value of the target firm. Increasing information quality improves the takeover efficiency however, a highly efficient takeover market also discourages the manager from exerting effort. We find that perfect information quality is not optimal for either current shareholders’ expected payoff maximization or expected firm value maximization. Furthermore, current shareholders prefer a lower level of information quality than the level that maximizes expected firm value, because of a misalignment between current shareholders’ value and total firm value. We also analyze the impact of …
To Work More Or Less? The Impact Of Taxes And Life Satisfaction On The Motivation To Work In Continental And Eastern Europe, Orkhan Nadirov, Khatai Aliyev, Bruce Dehning
To Work More Or Less? The Impact Of Taxes And Life Satisfaction On The Motivation To Work In Continental And Eastern Europe, Orkhan Nadirov, Khatai Aliyev, Bruce Dehning
Accounting Faculty Articles and Research
Using country-level data from 2000-2013, we test the relationship between life satisfaction (measured as how people evaluate their life as a whole rather than their current feelings) and the motivation to work (measured as aggregate hours of work). Our hypothesis is that even after controlling for average labor income tax rates in countries with high and low average hours worked, there is a significant negative association between the motivation to work and life satisfaction. The main findings of this paper are that the increase in the motivation to work per employee comes at the expense of life satisfaction, and differences …
Portfolio Risk-Return Analysis: The Case Of The Automotive Industry In The Czech Republic, Florin Aliu, Drahomira Pavelkova, Bruce Dehning
Portfolio Risk-Return Analysis: The Case Of The Automotive Industry In The Czech Republic, Florin Aliu, Drahomira Pavelkova, Bruce Dehning
Accounting Faculty Articles and Research
Risk has always been the concern of managers and shareholders as a part of decision-making processes. Managers tend to control unsystematic risk mostly while trying to minimize the exposure to systematic (market) risk. The paper aims to assess the risk level and risk-return tradeoffs for the companies operating in Czech automotive industry. A diversification formula and calculation of returns using return-on-equity were employed on the yearly basis from 2005 till 2014. The returns and risk calculations were conducted on the portfolio of auto manufacturers, followed by the portfolio of auto suppliers, while the third one was performed for suppliers and …
Innovators And Imitators In Product-Market Competition And Accounting Reporting, Carlos Corona, Lin Nan, Ran Zhao
Innovators And Imitators In Product-Market Competition And Accounting Reporting, Carlos Corona, Lin Nan, Ran Zhao
Accounting Faculty Articles and Research
In this study, we examine firms’ investments in explorative initiatives and their choices of capitalization method in a product-market competition setting. Since the capitalization of exploration expenditures may contain information on whether a firm’s exploration investment is successful, financial reports may reveal important information to competitors, and thus may have real consequences in product-market competition. In our paper, we identify two driving forces that induce firms to choose different capitalization methods: an information-spillover effect and a preempting effect. We also find that enforcing an accounting method that requires firms to capitalize expenditures of only successful explorations may increase or decrease …
The Value Relevance Of Announcements Of Transformational Information Technology Investments, Bruce Dehning, Vernon J. Richardson, Robert W. Zmud
The Value Relevance Of Announcements Of Transformational Information Technology Investments, Bruce Dehning, Vernon J. Richardson, Robert W. Zmud
Accounting Faculty Articles and Research
In this paper, we examine the influence of IT strategic role to extend the findings of Im et al. (2001), Chatterjee et al. (2002) and Dos Santos et al. (1993). Specifically, we demonstrate that IT strategic role can explain how IT investments in each of the IT strategic roles might affect the firm's competitive position and ultimately firm value. We find positive, abnormal returns to announcements of IT investments by firms making transformative IT investments, and with membership in industries with transform IT strategic roles. The results of previous research are not found to be significant when IT strategic role …