Machine Learning and Expert Judgement: Analyzing Emerging Topics in Accounting and Finance Research in the Asia–Pacific

In this paper, we focus on the question to what extent machine learning (ML) tools can be used to support systematic literature reviews. We apply a ML approach for topic detection to analyze emerging topics in the literature—our context is accounting and finance research in the Asia–Pacific region. To evaluate the robustness of the approach, we compare findings from the automated ML approach with the results from a manual analysis of the literature. The automated approach uses a keyword algorithm detection mechanism whereby the manual analysis uses common techniques for qualitative data analysis, that is, triangulation between researchers (expert judgement). From our paper, we conclude that both methods have strengths and weaknesses. The automated analysis works well for large corpora of text and provides a very standardized and non-biased way of analyzing the literature. However, the human researcher is potentially better equipped to evaluate current issues and future trends in the literature. Overall, the best results might be achieved when a variety of tools are used together.     

RESPONSE OF FINANCIAL MARKETS TO ANNOUNCEMENTS OF THE AUSTRALIAN CURRENT ACCOUNT BALANCE

This paper documents the response of exchange rates, interest rates and stock prices to monthly announcements of the Australian current account balance. Survey data on market participants' expectations and forecasts generated from ARIMA time series models are used to identify the unexpected component of the announcements. The study also controls for day-of-the-week effects that have been documented in the Australian equity market The results support the efficient market hypothesis and show a significant depreciation of the Australian dollar in foreign exchange markets and a significant rise in both short- and long-term interest rates to announcements of larger than expected current account deficits. The study was, however, unable to find evidence of a significant stock price response to the current account announcements.     

On the efficiency comparison of certain randomized response strategies

Comparisons between different randomized response strategies have already been performed by several workers but all have concentrated solely on comparing the variances of the appropriate estimators. A very little attention has been paid by these workers to the degree of privacy protection offered to the interviewees. In the present paper, an attempt has been made in this direction and some important randomized response strategies have been compared with the Warner's model, taking into account the aspect of privacy protection. Received February 2000     

Shareholder Value Maximisation,Stock Market and New Technology: Should the US Corporate Model be the Universal Standard? 1

In 1992 a blue‐ribbon group of US economists led by Michael Porter concluded that the US stock market‐based corporate model was misallocating resources and jeopardising US competitiveness. The faster growth of US economy since then and the supposed US lead in the spread of information technology has brought new legitimacy to the stock market and the corporate model, which is being hailed as the universal standard. Two main conclusions of the analysis presented here are: (a) there is no warrant for revising the blue‐ribbon group’s conclusion; and (b) even US corporations let alone developing country ones would be better off not having stock market valuation as a corporate goal.     

Efficiency Characterization of Liability Rules When Liability Payments Differ from the Actual Harm

Journal of Quantitative Economics - By now, it is well known that damage awards under a liability rule affect the efficiency of the rule. Due to variety of reasons, damage awards fixed by courts...     

Transaction utility effects when quality is uncertain

The existing literature finds that price discrepancy, which represents the difference between expected and observed price, helps explain brand choice and purchase intention. This effect is often attributed to transaction utility, that is, the incremental utility associated with the surprise of observing a price lower or higher than expected. This research considers the possibility, however, that transaction utility is a less important determinant of choice when quality is uncertain. We propose and find that acquisition utility (perceived value for the money) tends to dominate the explanation of purchase intention, but transaction utility is significant only when consumers are more certain about quality. Our discussion considers the relative role of transaction utility in explaining consumer decision making and how the informative and allocative roles of price might be distinguished. He received his Ph.D. in marketing from Ohio State University and his B.S. from Ohio State University. His research interests include information economics and pricing. Previously, he taught at the University of South Carolina. He has published in theJournal of Consumer Research, Journal of Marketing, andJournal of Retailing, among others. He received his Ph.D. at the University of South Carolina, his M.B.A. from the University of Georgia, and a B.S. degree from Clemson University. Previously, he taught at the University of Alabama. His research interests include consumer perceptions of value and interpersonal influences. He has published in theJournal of Consumer Research and theJournal of Marketing Research, among others. He received his Ph.D. in marketing from the University of South Carolina and has a Bachelor’s degree in economics from the University of Delhi. His research interests include price bundling, price effects on perceived quality perceptions, and segmentation of business-to-business markets. He has published in theJournal of Business Research and theAdvances in Consumer Research series, published by the Association of Consumer Research. He previously taught on the faculty of Valdosta State University. She received a B.S. in statistics, a Ph.D. in marketing from the University of South Carolina, and a M.S. in statistics from Virginia Polytechnic Institute. She previously taught at Lehigh University. Her research interests include market segmentation, discrete data analysis, and pricing. She has published in theJournal of Marketing Research, as well as in theProceedings of the American Marketing Association and theAssociation for Consumer Research.     

Diversification strategy and systematic risk

This paper addresses the relationship between diversification strategy and systematic risk (beta). Beta values are examined for six diversification categories, and it is found that betas for unrelated diversifiers are significantly higher than those of other firms. Possible contributions to this difference, including market power, capital structure, and capital intensity are explored.     

An investigation of subliminal embed effect on multiple measures of advertising effectiveness

The effect of subliminal sex and death embeds on attention to advertising, change in attitude, behavioral intention, and day-after recall of advertising were investigated for two products. Contrary to findings in some previous research, no significant effects were indicated in the current study at any level. A review and comparison to previous research is provided, along with a possible explanation for conflicting research findings in the area.     

Almost unbiased estimation in multiplicative models

In the lognormal linear models the estimation of constant term presents problems. In this paper we use weighted jackknife procedure (suggested by Hinkley 1977) for reducing the bias of the maximum likelihood estimator. The resulting estimator is unbiased upto order (1/T),T being the number of observations, and has the same MSE as that of the MLE to the same order of approximation; moreover, being the jackknife estimator it enjoys all the desirable large sample properties like any other jackknife estimator. The research of this author is partially supported through a research grant from NSERC of Canada.     

The content and focus of Canadian corporate codes of ethics

This paper primarily reports the findings of content analyses of seventy-five codes of ethics ofFinancial Post 500 corporations. The contents of each code were comprehensively evaluated along sixty-one criteria according to four levels. It was found that the focus of these codes was the protection of the firm. While some of them refer to issues of social responsibility, they are principally concerned with conduct against the firm.Maurica Lefebvre holds an Honours Bachelor of Arts Degree in Psychology from the University of Western Ontario and a Bachelor of Commerce degree and MBA from the University of Windsor. She is presently employed marketing consumer packaged goods.Jang B. Singh, B. A. (Toronto), M. A. (St. Thomas), M. A. (Toronto), M. B. A. (Windsor), Ph. D. (Toronto) is Associate Professor at the Faculty of Business Administration of the University of Windsor. His research focus is on ethical issues involved in the management process.