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1.
Professional skepticism is an essential component of every successful audit. Research in psychology identified the trait professional skepticism as an enduring personality construct. The current study examines the relationship between the Big Five personality characteristics and accounting students’ trait professional skepticism and their level of anticipatory socialization. Using a sample of 293 accounting students close to graduation, results indicate a positive relationship between Big Five personality characteristics and the trait professional skepticism, and between personality and anticipatory socialization. There is also a positive relationship between professional skepticism and anticipatory socialization. These results are useful to accounting educators who attempt to socialize accounting students into the profession.  相似文献   

2.
This study examines whether the association between financial literacy and participation in risky asset markets is robust to variation on a more innate level: the propensity for financial planning. I find that individuals’ propensity for financial planning is strongly positively related to stock market participation as well as membership in a voluntary workplace retirement savings scheme. This result holds when controlling for financial literacy and a range of demographic and control variables in a multivariate regression setting. Importantly, the positive association between financial literacy and risky asset market participation also persists, suggesting that these two variables operate through separate channels.  相似文献   

3.
This survey starts by reviewing the literature investigating whether political connectedness of companies creates wealth for their shareholders. It then moves on to examine whether there is an association between the orientation of the political executive or the phase of the electoral cycle with movements of the stock market index. The price impact of politically-relevant events, such as wars, terrorist attacks, revolutions, coups or issuance of communications by those in positions of power is also discussed. The review closes with an examination of the impact of political uncertainty on stock markets and with a reflection on the direction of causality.  相似文献   

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Beck’s risk society has become a highly influential theory in sociology and has begun to influence risk policy-making and regulation. The theory has been given too much credit, however. This article identifies and analyzes the troubling features of risk society, and demonstrates that it is a loose set of vague ideas, feelings, and hunches, rather than a theory. Risk society, as distinguished from modern industrial society, is a risk management society concerned with the identification and distribution of risks arising from industrial activities, while downplaying natural and other risks. Devoid of empirical content and analytical tools, it promotes a simplistic precautionary anti-industrial environmental and safety ethic. Risk society involves politicization of science and self-interested activism in risk management decision-making. Due to its unrealistic dogmas, ambitions, and side effects, risk society is unable to manage risks effectively and efficiently, and poses a threat to constitutional democracy. Policy-makers and risk managers, therefore, should not rely on risk society theory in designing and implementing risk management structures and regulations.  相似文献   

6.
While hypothesized, a consistent association between knowledge about a hazard and the estimation of risk associated with that hazard has not been found. Risk communication is premised on the fact that knowledge about a hazard (information) will change people's perceptions of risk and behaviour. In this review methodological and theoretical factors that might account for this lack of consistent association are explored. In this context issues to do with the measurement and assessment of hazard knowledge, knowledge calibration, and the role of context as a moderator are explored. It is argued that contextual factors moderate the knowledge–risk link, with this link being stronger in less controllable, ambiguous contexts. Further this review asks: How can messages be framed (using prospect theory) so as to be more effective in the work place? It is argued that messages framed as gains should be more useful for prevention behaviours (e.g. wearing ear guards) and messages framed as losses should be more effective for detection behaviours (using radiation meters). Finally, the role of personality (e.g. need for cognition, typical intellectual engagement, and self-esteem) in relation to knowledge about a hazard, message framing and risk perception is discussed.  相似文献   

7.
This paper considers how perceptions of costs and benefits can influence the association between personality and risky choice behaviour. We assessed perceptions and behaviours in six domains (ethical; investment; gambling; health and safety; recreational; social) using the DOSPERT and measured personality using the NEO PI‐R. Results from structural equation modelling showed that personality had a direct effect on risky choice behaviour in four domains (social, ethical, gambling and recreational risk‐taking). In addition, perceived costs and benefits mediated the relations between personality and risk‐taking in the five domains (social, ethical, gambling, recreational and investment risk‐taking). Evidence for a mechanism that integrates both direct and indirect effects of personality on behaviour is discussed.  相似文献   

8.
The aim of the current study was to examine the associations between a number of individual factors (demographic factors (age and gender), personality factors, risk-taking propensity, attitudes toward drink driving, and perceived legitimacy of drink driving enforcement) and how they influence the self-reported likelihood of drink driving. The second aim of this study was to examine the potential of attitudes mediating the relationship between risk-taking and self-reported likelihood of drink driving. In total, 293 Queensland drivers volunteered to participate in an online survey that assessed their self-reported likelihood to drink drive in the next month, demographics, traffic-related demographics, personality factors, risk-taking propensity, attitudes toward drink driving and perceived legitimacy of drink driving enforcement. An ordered logistic regression analysis was utilised to evaluate the first aim of the study; at the first step the demographic variables were entered; at step two the personality and risk-taking were entered; at the third step, the attitudes and perceptions of legitimacy variables were entered. Being a younger driver and having a high risk-taking propensity were related to self-reported likelihood of drink driving. However, when the attitudes variable was entered, these individual factors were no longer significant; with attitudes being the most important predictor of self-reported drink driving likelihood. A significant mediation model was found with the second aim of the study, such that attitudes mediated the relationship between risk-taking and self-reported likelihood of drink driving. Considerable effort and resources are utilised by traffic authorities to reducing drink driving on the Australian road network. Notwithstanding these efforts, some participants still had some positive attitudes toward drink driving and reported that they were likely to drink drive in the future. These findings suggest that more work is needed to address attitudes regarding the dangerousness of drink driving.  相似文献   

9.
Review of Quantitative Finance and Accounting - We empirically explore the risk relevance of Level 3 fair value estimates. Thereby we focus on banks’ default risk as well as banks’...  相似文献   

10.
We develop and test a model that investigates how controlling shareholders' expropriation incentives affect firm values during crisis and subsequent recovery periods. Consistent with the prediction of our model, we find that, during the 1997 Asian financial crisis, Asian firms with weaker corporate governance experience a larger drop in their share values but, during the post-crisis recovery period, such firms experience a larger rebound in their share values. We also find consistent evidence for Latin American firms during the 2001 Argentine economic crisis. Our results support the view that controlling shareholders' expropriation incentives imply a link between corporate governance and firm value.  相似文献   

11.
Using a rich dataset from a commercial bank in Albania, we utilize the introduction of a public credit registry by the Albanian central bank in January 2008 as a natural experiment to analyze the effect of information sharing between lenders on (1) access to credit, (2) cost of credit, and (3) loan performance. Our results suggest that information sharing by means of a credit registry does not affect access to or cost of credit, but improves loan performance. Specifically, loans granted after the introduction of the credit registry are 3% points less likely of turning problematic, representing a 35% reduction of the overall sample average arrear probability. We further find that the effect is more pronounced for repeat borrowers and in areas, where competition is weak. This indicates that information sharing among lenders improves loan performance mainly by disciplining borrowers to repay in their concern about future access to credit.  相似文献   

12.
We seek to deepen and increase knowledge on the evolution of scholarship regarding digital payments by highlighting the main interpretative strands in the literature and the changes, if any, in research approaches. Using bibliometric and scientometric measures, we explore research hotspots and developmental trends in digital payments to identify influential aspects of published contributions and research streams. Our sample consists of 723 articles published between 1985 and 2021 obtained from the Web of Science. The results show that the most investigated digital payments are mobile payments, with the main analysis methodologies typically linked to technology adoption models. This review, original in terms of sample size and methodology, advances knowledge on the evolution of innovative payments and guides scholars in visualising various research models.  相似文献   

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Approximately 60 percent of adjacent fiscal quarters contain a different number of calendar days. In preliminary analyses, we find the change in quarter length is significantly associated with the changes in sales and earnings and that analysts condition on the prior quarter's results when making their forecasts. These results indicate that it is important for analysts to adjust for changes in quarter length when making forecasts. However, we find the quarterly change in days is positively associated with analysts’ sales and earnings forecasts errors, where forecast error equals the actual earnings minus the forecasted earnings. These results indicate that analysts systematically underestimate (overestimate) performance when quarter length increases (decreases). We find evidence indicating investors make similar errors as returns around earnings announcements are positively associated with the change in quarter length, but only when changes in firm performance is more sensitive to changes in quarter length. Corroborating these findings, managers are more (less) likely to discuss quarter length during conference calls when quarter length decreases (increases). These results are consistent with managers’ strategic disclosure incentives. In summary, our evidence suggests analysts and investors fail to fully take account of the quasi-mechanical effect that quarter length has on firm performance and managers strategically alter their voluntary disclosures to take advantage of these failures.  相似文献   

15.
This paper documents that sellers who employ brokerage offices that list a large number of properties (“active brokerages”) obtain higher selling prices, smaller negotiated discounts from the corresponding list prices, and shorter times on the market for their listed properties. Sellers who employ active brokerages list their properties at prices that are closer to our hedonic model’s predicted prices. Interestingly, properties that are listed at discounts relative to their predicted prices are snapped up more quickly only if they are associated with brokerages that list a relatively small number of properties. In addition, properties listed by active brokerages are less likely to be listed “as is” and are more likely to have their defects repaired prior to being listed. Moreover, because the efficacy of brokerage services varies across brokerage offices, the results also suggest that the use of an indicator variable for the use of brokerage services is not sufficient to capture the complete impact of the use of a real estate broker on transaction outcomes. In addition, the Appendix discusses the concern for potential endogeneities between the number of brokerage listings and transaction outcomes. It documents that the Durban–Wu–Hausman test indicates that exogeneity cannot be rejected.  相似文献   

16.
The authors explain why social impact bonds (SIBs) are an excellent—and probably the only—example of the finance–social services–co-production link. They show how SIBs can provide a functional linking mechanism in social service systems. Furthermore, they can help boost the innovation and sustainability of this system. The co-production concept is related to practice by studying two prison SIBs (HMP Peterborough in the UK and Rikers Island in the USA). They explain why co-production is relevant and how it works in SIBs.  相似文献   

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This study directly investigates the relationship between the firm’s information environment and its cash holding decision using two separate country-level events as proxies for a general improvement of the information environment: the initial enforcement of new insider trading laws and the mandatory adoption of International Financial Reporting Standards. Analysing a large international sample, we find that firms reduce their cash holdings after both exogenous information shocks. We also find that the reductions are greater for firms facing greater financing constraints and agency issues, and for those for which the informational shocks are stronger. Further analyses reveal a reduction in firms’ average cash savings rate, an increase in performance, an increase in the use of external debt, a decrease in abnormal investment, and an increase in the value of cash holdings. Taken together, our results suggest that an improvement in the information environment mitigates both the adverse selection and moral hazard problems thereby, leading to a reduction in cash reserves held for transaction and precautionary motives, and the likelihood of entrenched managers building large cash balances for private benefit.  相似文献   

19.
Young firms disproportionately employ and hire young workers. On average, young employees in young firms earn higher wages than young employees in older firms. Young employees disproportionately join young firms with greater innovation potential and that exhibit higher growth, conditional on survival. We argue that the skills, risk tolerance, and joint dynamics of young workers contribute to their disproportionate share of employment in young firms. Moreover, an increase in the supply of young workers is positively related to new firm creation in high-tech industries, supporting a causal link between the supply of young workers and new firm creation.  相似文献   

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