Earnings quality and investment efficiency: the role of the institutional settings

Review of Quantitative Finance and Accounting - The current study examines the association between earnings quality (EQ) and investment efficiency (IE) using the conditional effect of legal origin....     

The disabling effects of enabling social policies on organisations’ human capital development practices for women

Paid parental leave and externally provided childcare are social policies designed to enhance parents' labour force participation. These policies influence not only men's and women's decisions regarding their labour market activity but also organisational decision makers' (ODMs) expectations about their employees' availability to work and thus, their willingness to invest in their employees' human capital. Using a sample of over 13,000 individuals from 19 countries, we investigate the interaction between gender and social policies on human capital development practices. In line with statistical discrimination theory, which suggests that ODMs hold different expectations about female and male productivity, we find that paid parental leave and externally provided childcare are negatively associated with the provision of human capital development for women but not for men.     

An empirical investigation of tourism-led growth hypothesis in the European countries: evidence from augmented mean group estimator

Portuguese Economic Journal - Due to urbanization and the need for people to go from one country to another either for commercial purpose or tourism, it is therefore important to determine the...     

Exothermic reactions of DCPD and protection against them

Dicyclopentadiene (DCPD), which is usually considered inert, undergoes exothermic reactions at high temperatures. These reactions initially lower the pressure but ultimately can generate very high pressures. Adiabatic and nonadiabatic laboratory data are presented and characterized into a kinetic model. Strategies are described for safeguarding against potentially high temperatures in DCPD containing vessels and for relieving overpressures should runaway reactions occur.     

Does mutual fund ownership reduce stock price clustering? Evidence from active and index funds

Review of Quantitative Finance and Accounting - The literature is rich with examples of price clustering in financial markets. This study focuses on the relation between mutual fund ownership (both...     

Targets' Accounting Conservatism and the Gains from Acquisition*

We present evidence on the effects of target firms' accounting conservatism in a merger and acquisition transaction. Conservatism is distinct from other accounting or accrual quality constructs examined in prior work. Its unique features can lead to potential benefits for both the targets and the acquirers. The use of conservatism by targets reduces acquirers' risks of acquiring underperforming assets or overpaying for well-performing assets. In addition, targets' conservatism results in greater production of verifiable information that can help the acquirers better estimate and realize synergies of the combined firm. Consistent with these arguments, we find that firms with greater accounting conservatism are more likely to receive a bid. We also find that targets' conservatism increases the deal premium and the announcement returns of both the targets and the acquirers, respectively. Overall, these results indicate that conservatism provides benefits to both sellers and buyers of equity in an acquisition transaction.     

Intermittent exporting: unusual business or business as usual?

Review of World Economics - We construct an empirically supported definition of incidental and perennial exporting and investigate to what extent incidental exporting is a steady-state of firms, to...     

Small open economies and external shocks: an application of Bayesian global vector autoregression model

Quality & Quantity - This study assesses the impact of external shocks on select small open economies (SOEs) using the Bayesian variant of the global vector autoregression model with time...