共查询到20条相似文献,搜索用时 140 毫秒
1.
Annette Hofmann 《The GENEVA Risk and Insurance Review》2007,32(1):91-111
When risks are interdependent, an agent’s decision to self-protect affects the loss probabilities faced by others. Due to
these externalities, economic agents invest too little in prevention relative to the socially efficient level by ignoring
marginal external costs or benefits conferred on others. This paper analyzes an insurance market with externalities of loss
prevention. It is shown in a model with heterogenous agents and imperfect information that a monopolistic insurer can achieve
the social optimum by engaging in premium discrimination. An insurance monopoly reduces not only costs of risk selection,
but may also play an important social role in loss prevention.
相似文献
Annette HofmannEmail: |
2.
Home Equity,Household Savings and Consumption 总被引:1,自引:0,他引:1
The home-owning family’s equity is a piggybank that can be broken open by borrowing. Each borrowing increases liabilities
and cash equally, initially leaving net wealth unchanged. When those funds are spent and cash balances fall, consumption increases
even as net wealth can decline. In a dynamic optimization, the marginal propensity to consume from net wealth is not always
positive and can be positively correlated with housing debt.
相似文献
P. ChinloyEmail: |
3.
Ting-Fang Chiang E-Ching Wu Min-Teh Yu 《Review of Quantitative Finance and Accounting》2007,29(2):205-222
This study analyzes the effect of premium rates on banks’ incentives to join a deposit insurance scheme and their incentives
to invest in risky projects under a voluntary deposit insurance scheme. We find that in order to maximize social welfare,
the insurance agency must either set the premium rate to be low so as to attract all banks to join the insurance scheme, or
not to have the deposit insurance at all. However, the low premium rate in the voluntary scheme does not balance the budget
of the deposit insurance. We also show that in the compulsory deposit insurance scheme, however, it is possible to impose
an optimal premium rate that can balance the insurance agency’s budget and achieve the highest social welfare. The results
also present the dominance of the compulsory scheme over the voluntary scheme in terms of maximizing social welfare and balancing
the budget.
相似文献
Min-Teh Yu (Corresponding author)Email: |
4.
Publicly traded versus privately held: implications for conditional conservatism in bank accounting 总被引:1,自引:0,他引:1
Compared with privately held banks, publicly traded banks face greater agency costs because of greater separation of ownership
and control but enjoy greater benefits from access to the equity capital market. Differences in control and capital market
access influence public versus private banks’ accounting. We predict and find that public banks exhibit greater degrees of
conditional conservatism (asymmetric timeliness of the recognition of losses versus gains in accounting income) than private
banks. We predict and find that public banks recognize more timely earnings declines, less timely earnings increases, and
larger and more timely loan losses. Although public ownership gives managers greater ability and incentive to exercise income-increasing
accounting, our findings show that the demand for conservatism dominates within public banks and that the demand for conservatism
is greater among public banks than private banks. Our results provide insights for accounting and finance academics, bank
managers, auditors, and regulators concerning the effects of ownership structure on conditional conservatism in banks’ financial
reporting.
相似文献
James M. WahlenEmail: |
5.
Chaur-Shiuh Young Liu-Ching Tsai Hui-Wen Hsu 《Review of Quantitative Finance and Accounting》2008,30(3):297-314
This study examines the relation between controlling shareholders’ excess board seats control and financial restatements.
An analysis of a sample comprising 106 Taiwanese listed firms (53 restating firms vs. 53 non-restating control firms) shows
that financial restatements are more likely to occur when there is a greater divergence between controlling shareholders’
board seats control rights and ownership rights. We also find that the excess board seats control of controlling shareholders
is positively associated with the materiality and pervasiveness of financial restatements. Overall, these results suggest
that the entrenchment incentive from controlling shareholders’ excess control motivates firms to adopt aggressive accounting
policies.
相似文献
Hui-Wen HsuEmail: |
6.
We provide an alternative explanation for the previous finding of analysts’ overreaction to extreme good news in earnings.
We show that such finding could be a result of analysts’ rational behavior in the face of high earnings uncertainty rather
than their cognitive bias. Extreme earnings performance tends to be associated with higher earnings uncertainty that generally
leads to more forecast optimism. Once this effect is accounted for, the univariate result of analysts’ overreaction to extreme
good news in earnings is subsumed, leaving only their underreaction in general.
相似文献
Jian XueEmail: |
7.
This study examines a sample of 12,562 dual-rated local government bond issues including 6,104 split-rated issues to determine
which rating agency has the greatest impact on yields. Using a database of municipal bond issues from 1986 to 2002, we show
that Moody’s rated significantly more issues than S&P, and that Moody’s ratings were more conservative. However, from 1993
to 1997, there was a reduction in ratings disagreements and in Moody’s market share. Beginning in 1995, Moody’s received negative
publicity related to a Department of Justice anti-trust investigation. Moody’s appears to have responded by sharply increasing
their relative conservatism in 1997. From 1986 to 1994, Moody’s ratings had a greater impact on bond yields than S&P ratings,
but their dominant influence on yields disappears in the recent sample period from 1995 to 2002.
相似文献
Donna M. Dudney (Corresponding author)Email: |
8.
We investigate the relationship between the borrower’s abnormal loan announcement return and the bank’s loan screening and
monitoring using a new ex-ante proxy for loan screening and monitoring. While recent studies have suggested that bank loan relationships and related loan
screening and monitoring services may no longer matter, we find significant loan announcement returns over the 1995–1999 period
and, controlling for borrower and loan characteristics, a statistically significant positive relationship between the proxy
and the borrower’s standardized CAR. While consistent with a bank’s loan screening and monitoring adding value to the borrower,
the economic effect is relatively small.
相似文献
Ian G. SharpeEmail: |
9.
Antonio Díaz 《Journal of Financial Services Research》2009,36(1):45-63
I analyze implicit transaction costs of trading government debt securities on the Spanish stock exchanges (SE) electronic
trading system. The SE’s multilateral system is used mainly as an outlet for retail investors to liquidate Treasury accounts
positions before maturity. I compare identical Treasury security trades on the same day in two different markets: the SE and
the interdealer market. By analyzing these yield spreads I learn more about the behavior of the markdowns included in the
retail prices from the institutional prices. I find evidence that these yield premia depend on traditional features to explain
wholesale market liquidity premia.
相似文献
Antonio DíazEmail: |
10.
This study examines whether auditor opinions are affected by political and economic influences from governments. We use auditor
locality (local versus non-local) to capture such influences from local governments in China. Based on data from China’s stock
markets for the period 1996–2002, we find that local auditors, who have greater economic dependence on local clients and are subject to more political influence from local governments
than non-local auditors, are inclined to report favorably on local government-owned companies to mitigate probable economic
losses. Moreover, companies with qualified opinions are more likely to switch from a non-local auditor to a local auditor
than companies with unqualified opinions. Contrary to some prior studies, we find that in China’s political environment, local
government-owned companies that switched from a non-local auditor to a local auditor after receiving a qualified opinion can
succeed in opinion shopping.
相似文献
Phyllis Lai-lan MoEmail: |
11.
John E. Core Wayne R. Guay Scott A. Richardson Rodrigo S. Verdi 《Review of Accounting Studies》2006,11(1):49-70
We examine whether managers’ trading decisions (both at a firm and personal level) are correlated with trading strategies
suggested by the operating accruals and the post-earnings announcement drift (SUE) anomalies. We discuss advantages and disadvantages
of the use of managerial trading activity to infer managers’ private valuation about their own securities. Our results provide
corroborative evidence for the accruals anomaly, i.e., managers’ repurchase and insider trading behavior varies consistently
with the information underlying the operating accruals trading strategy. On the other hand, we do not find corroborative evidence
for the SUE anomaly.
相似文献
Rodrigo S. VerdiEmail: |
12.
We study the impact of residential and non-residential investment on economic growth using U.S. data. Unlike previous studies
we include the external sector (net exports) in our estimations, and we calculate impulse response analysis using Pesaran
and Shin’s (Economics Letters 58:17–29, 1998) generalized impulse response approach. We find that shocks to residential investment
have a larger impact on GDP than shocks to non-residential investment, which supports the findings of the closed-economy approach
of Coulson and Kim (Real Estate Economics 28:233–247, 2000). However, a closed economy model tends to overstate the importance
of residential investment and understate the relevance of nonresidential investment.
相似文献
Hilde PatronEmail: |
13.
Rob Brown Howard W. H. Chan Yew Kee Ho 《Review of Quantitative Finance and Accounting》2009,33(2):91-111
The stock market may respond to the difference between an analyst’s recommendation and that analyst’s previous recommendation
and/or to the difference between the analyst’s recommendation and the consensus recommendation. We show that for the short-term
market response the former is the clearer signal when both are examined simultaneously. We also show that the market’s reaction
is strongly influenced by the analyst’s reputation, the divergence of opinion among analysts and the number of analysts following
the stock. Previous studies have been hampered by having a low proportion of negative recommendations. We overcome this deficiency
by studying the Australian market, in which institutional differences lead to analysts releasing many more negative recommendations.
相似文献
Yew Kee Ho (Corresponding author)Email: |
14.
In a framework where no uncertainty arises, Arnott (J Publ Econ Theor 7:27–50, 2005) investigates a neutral property taxation policy that will not affect a landowner’s choices of capital intensity and timing
of development. We investigate the same issue, but allow rents on structures to be stochastic over time. We assume that a
regulator implements taxation on capital, vacant land, and post-development property so as to expropriate a certain ratio
of pre-tax site value as well as to achieve neutrality. We find that the optimal taxation policy is to tax capital and subsidize
properties before and after development. We also investigate how this optimal policy changes in response to changes in several
exogenous forces related to demand and supply conditions of the real estate market.
相似文献
Tan Lee (Corresponding author)Email: |
15.
Derek K. Oler 《Review of Accounting Studies》2008,13(4):479-511
This paper investigates whether an acquirer’s pre-announcement cash level can predict post-acquisition returns. Harford (1999, Journal of Finance, 54, 1969–1997) shows that some cash-rich acquirers have lower announcement period returns than other acquirers, suggesting the
market partially anticipates poor future performance. This paper shows that the acquirer’s cash level is also strongly and
negatively predictive of post-acquisition returns, indicating that the announcement response is incomplete. Post-acquisition
return on net operating assets (RNOA) is significantly decreasing in acquirer cash, suggesting that the market responds to
subsequent poor operating performance as it is reported. Overall, these results are consistent with the market’s inattention
to a less prominent accounting signal (acquirer cash) but attentiveness to a more prominent accounting signal (RNOA), as proposed
by Hirshleifer and Teoh (2003, Journal of Accounting Economics, 36, 337–386).
相似文献
Derek K. OlerEmail: |
16.
Arthur Allen George Sanders Donna Dudney 《Review of Quantitative Finance and Accounting》2009,32(4):421-438
We investigate whether issuers that choose to forgo a bond rating suffer an interest cost penalty greater than the cost of
the rating. We use estimated ratings provided by Moody’s Investor Service to proxy for what the rating would have been if
it had been purchased. We find that the primary factors associated with an issuer’s decision to purchase a rating are the
rating expected by the issuer and the extent to which an issue is marketed locally. After controlling for self-selection bias,
we find that the issuers that forgo a rating do not suffer an interest cost penalty.
相似文献
Donna DudneyEmail: |
17.
William D. Terando Wayne H. Shaw David B. Smith 《Review of Quantitative Finance and Accounting》2007,29(3):223-240
This paper examines whether investors’ valuations of cash and share-put warrants are influenced by their potential differential
effect on firm solvency. It is motivated by the enactment of SFAS 150, which requires that all contingent put warrant obligations
be classified as balance sheet liabilities regardless of put type. Consistent with the critics of SFAS150, we show that market
participants differentially value cash and share-puts based on their solvency characteristics beyond the firm’s recorded assets
and liabilities. Our results add to existing capital structure literature by suggesting that complex financial instruments
(such as cash and share-puts) be reported separately from each other on a firm’s balance sheet.
相似文献
William D. TerandoEmail: |
18.
An empirical assessment of the premium associated with meeting or beating both time-series earnings expectations and analysts’ forecasts 总被引:2,自引:2,他引:0
Nicholas Dopuch Chandra Seethamraju Weihong Xu 《Review of Quantitative Finance and Accounting》2008,31(2):147-166
Recent research provides evidence of a market premium accruing to firms that meet or beat analysts’ forecasts. We find similar
results for our sample of firms. However, we also find a market premium for firms that meet or beat time-series forecasts,
and that the highest market premium accrued to firms that meet or beat both analysts’ and time-series forecasts. These findings
are supported by assessments of future financial performance over the next two subsequent years. Our findings are consistent
with the notion that when time-series benchmark is used in conjunction with analysts’ forecasts, investors obtain a more reliable
(i.e., less noisy) signal regarding whether firms have actually met or beaten market expectations.
相似文献
Weihong Xu (Corresponding author)Email: |
19.
Fotios Pasiouras 《Review of Quantitative Finance and Accounting》2008,30(2):187-223
This study uses a sample of 715 banks from 95 countries and two-stage data envelopment analysis (DEA) to provide international
evidence on the impact of regulations and supervision approaches on banks’ efficiency. We first use DEA to estimate technical
and scale efficiency. We then use Tobit regression to investigate the impact of several regulations related to capital adequacy,
private monitoring, banks’ activities, deposit insurance schemes, disciplinary power of the authorities, and entry into banking
on banks’ technical efficiency. We estimate several specifications while controlling for bank-specific attributes and country-level
characteristics accounting for macroeconomic conditions, financial development, market structure, overall institutional development,
and access to banking services. In several cases, the results provide evidence in favour of all three pillars of Basel II
that promote the adoption of strict capital adequacy standards, the development of powerful supervisory agencies, and the
creation of market disciplining mechanisms. However, only the latter one is significant in all of our specifications. While
the remaining regulations do not appear to have a robust impact on efficiency, several other country-specific characteristics
are significantly related to efficiency.
相似文献
Fotios PasiourasEmail: |
20.
Bhavish Jugurnath Mark Stewart Robert Brooks 《Review of Quantitative Finance and Accounting》2008,31(2):209-224
In recent times a number of countries have initiated some important tax reforms to eliminate the distortions of double taxation.
In this context, Australia adopted a dividend imputation system in 1987, while the US employed the 1986 Tax Reform Act (TRA).
The analysis in this paper examines the effects on the level of corporate capital investment, on proxies for corporate tax
rates, financial leverage, liquidity, capital intensity and firm size after controlling for the tax reforms. The empirical
results provide evidence that: (1) dividend imputation as introduced in Australia is an effective way to reduce the distortions
caused by the traditional system of taxation. (2) Compared with the TRA, dividend imputation has been better able to positively
stimulate corporate capital investment. (3) TRA effect on corporate investment is more pronounced in the US for firms having
a net operating loss. (4) Individual tax rates play a role in corporate investment decisions in both the US and Australia.
相似文献
Mark StewartEmail: |