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We investigate the impact of tick size on price clustering and trading volume when the minimum price change varies with price level. Controlling the firm specific variables, we find that a smaller trading tick tends to exacerbate price clustering. Furthermore, a reduction in tick size is more likely to increase trading volume if the shares are heavily traded. These results suggest that previous studies on other stock markets may have overstated the benefits of a smaller trading tick to traders.\u003C\u002Fjats:p>",{"EN":134},"The Effect of Tick Size on Price Clustering and Trading Volume",{"VOID":136},"10.1111\u002F1468-5957.00216","PUBLICATION","VERIFIED","2024-09-24T23:45:32.114+00:00","Auto Verify",[142],"EN","https:\u002F\u002Fonlinelibrary.wiley.com\u002Fdoi\u002F10.1111\u002F1468-5957.00216",[145,166],{"id":146,"sortIndex":25,"researcher":24,"roles":147,"affiliations":148,"properties":159},"601e37db-6f16-4697-bfca-5214ad860261",[],[149],{"id":150,"sortIndex":25,"affiliation":151,"properties":24},"c5a62c58-14ea-4768-9510-9d1e0b0855ce",{"id":152,"createTime":153,"updateTime":153,"relativeEntities":154,"slug":155,"properties":156,"entityType":60,"verifyStatus":23,"verifyTime":24,"verifyNote":24,"syncStatus":23,"languages":24,"translateLanguages":24,"viewCount":25},"cc261840-98be-4788-9632-96f8a4e57df5","2024-09-24T23:45:32.129+00:00",[],"Department-of-Finance-and-Accounting-The-National-University-of-Singapore-10-Kent-Ridge-Crescent-Singapore-119260",{"title":157},{"EN":158},"Department of Finance and Accounting, The National University of Singapore, 10 Kent Ridge Crescent, Singapore 119260",{"openalex":160,"orcid":162,"title":164},{"VOID":161},"A5020141851",{"VOID":163},"https:\u002F\u002Forcid.org\u002F0000-0001-7512-5295",{"EN":165},"Allaudeen Hameed",{"id":167,"sortIndex":168,"researcher":24,"roles":169,"affiliations":170,"properties":177},"99a6aa38-ac1f-4fe6-a2de-974c1e55d3c0",1,[],[171],{"id":172,"sortIndex":25,"affiliation":173,"properties":24},"3c871e7b-4415-4b9d-8160-3a8227c75aac",{"id":152,"createTime":153,"updateTime":153,"relativeEntities":174,"slug":155,"properties":175,"entityType":60,"verifyStatus":23,"verifyTime":24,"verifyNote":24,"syncStatus":23,"languages":24,"translateLanguages":24,"viewCount":25},[],{"title":176},{"EN":158},{"openalex":178,"title":180},{"VOID":179},"A5043389570",{"EN":181},"Eric Terry","ARTICLE",{"url":24,"publisher":184,"properties":209},{"id":6,"createTime":7,"updateTime":8,"relativeEntities":185,"slug":10,"properties":186,"entityType":22,"verifyStatus":23,"verifyTime":24,"verifyNote":24,"syncStatus":23,"languages":24,"translateLanguages":24,"viewCount":25,"subjectFields":192,"manageAffiliations":193,"indexDatabases":194,"url":115,"thumbnailPath":24,"statistic":24,"gsStatistic":24,"type":24,"analyzePriority":24},[],{"country":187,"issn":188,"introduce":189,"eissn":190,"title":191},{"VOID":13},{"VOID":15},{"EN":17},{"VOID":19},{"EN":21},[],[],[195,202],{"id":95,"indexDatabase":196,"url":108,"indexYears":109,"academicFieldIds":201,"indexDatabaseRanking":114},{"id":97,"createTime":98,"updateTime":99,"relativeEntities":197,"label":198,"description":199,"key":105,"publicationTags":200,"standard":24},[],{"EN":102,"VI":102},{"EN":102,"VI":104},[107],[111,112,113],{"id":76,"indexDatabase":203,"url":91,"indexYears":24,"academicFieldIds":208,"indexDatabaseRanking":24},{"id":78,"createTime":79,"updateTime":80,"relativeEntities":204,"label":205,"description":206,"key":87,"publicationTags":207,"standard":24},[],{"EN":83,"VI":83},{"VI":85,"EN":86},[89,90],[93],{"volume":210,"pages":212,"issue":214},{"VOID":211},"25",{"VOID":213},"849-867",{"VOID":215},"7-8",53,{"total":216,"publishYear":24,"statisticByYear":218},{"2012":219,"2013":220,"2014":220,"2015":168,"2016":168,"2017":219,"2019":219,"2020":219,"2022":168,"2023":219,"2024":168},2,3,"1998-09-01",1998,[],false,{"id":226,"createTime":227,"updateTime":227,"relativeEntities":228,"slug":229,"properties":230,"entityType":137,"verifyStatus":23,"verifyTime":227,"verifyNote":242,"syncStatus":23,"languages":243,"translateLanguages":24,"viewCount":25,"primaryUrl":244,"fullTextUrl":24,"authors":245,"publicationType":182,"publisherRelationship":278,"citationCount":311,"citationInfo":312,"publishDate":316,"publishYear":317,"citationAnalyzeStatus":23,"lastCitationAnalyze":24,"indexDatabases":24,"openAccess":24,"references":318,"isForceReanalyzing":224},"310dc9eb-4d59-422b-a4fb-7d611563b366","2024-09-24T23:45:31.533+00:00",[],"Signalling-and-the-Long-run-Performance-of-Spanish-Initial-Public-Offerings-IPOs-",{"mag":231,"keywords":233,"openalex":234,"abstract":236,"title":238,"doi":240},{"VOID":232},"3126068929",{},{"VOID":235},"W3126068929",{"EN":237},"\u003Cjats:p>\u003Cjats:bold>Abstract: \u003C\u002Fjats:bold> Academic research into firms that have gone public has focused on the study of two anomalies: initial underpricing and long‐run underperformance. We analyse Spanish Initial Public Offerings to provide additional evidence on the long‐run performance of IPOs and its relationship with initial underpricing. Results reveal the existence of negative long‐run abnormal stock returns, in line with the international literature. Long‐run performance presents a positive relationship with underpricing and the volume of funds obtained in seasoned offerings, in consonance with the predictions of \u003Cjats:ext-link xmlns:xlink=\"http:\u002F\u002Fwww.w3.org\u002F1999\u002Fxlink\" xlink:href=\"#b4\">Allen and Faulhaber (1989)\u003C\u002Fjats:ext-link>, \u003Cjats:ext-link xmlns:xlink=\"http:\u002F\u002Fwww.w3.org\u002F1999\u002Fxlink\" xlink:href=\"#b46\">Welch (1989)\u003C\u002Fjats:ext-link> and \u003Cjats:ext-link xmlns:xlink=\"http:\u002F\u002Fwww.w3.org\u002F1999\u002Fxlink\" xlink:href=\"#b19\">Grinblatt and Hwang (1989)\u003C\u002Fjats:ext-link>.\u003C\u002Fjats:p>",{"EN":239},"Signalling and the Long‐run Performance of Spanish Initial Public Offerings (IPOs)",{"VOID":241},"10.1111\u002Fj.0306-686x.2005.00596.x","Author affiliation is blank",[142],"https:\u002F\u002Fonlinelibrary.wiley.com\u002Fdoi\u002F10.1111\u002Fj.0306-686X.2005.00596.x",[246,267],{"id":247,"sortIndex":168,"researcher":24,"roles":248,"affiliations":249,"properties":260},"ac7b3469-9337-489b-b39e-2318ab550156",[],[250],{"id":251,"sortIndex":25,"affiliation":252,"properties":24},"7f8073ca-d6d6-4a42-b38b-5d2815bff6fa",{"id":253,"createTime":254,"updateTime":254,"relativeEntities":255,"slug":256,"properties":257,"entityType":60,"verifyStatus":23,"verifyTime":24,"verifyNote":24,"syncStatus":23,"languages":24,"translateLanguages":24,"viewCount":25},"4073f141-1bf3-4d61-83f0-2e228e204430","2024-09-24T23:45:31.553+00:00",[],"The-authors-are-from-the-University-of-Oviedo-Spain-They-wish-to-thank-the-anonymous-referee-and-the-participants-of-the-European-Financial-Management-Association-at-Lugano-2001-and-the-Financial-Management-Association-European-Conference-at-Copenhagen-2002-especially-Raghu-Rau-and-Richard-Pettway-for-their-relevant-comments-that-helped-to-improve-the-paper-They-are-grateful-for-the-help-given-by-Susana-Men%C3%A9ndez-in-the-construction-of-firm-portfolios-This-work-has-benefited-from-financial-support-provided-by-the-Direcci%C3%B3n-General-de-Ense%C3%B1anza-Superior-e-Investigaci%C3%B3n-Cient%C3%ADfica-Project-PB98-1526-and-by-the-Ministerio-de-Ciencia-y-Tecnolog%C3%ADa-Project-BEC2000-0982-",{"title":258},{"EN":259},"The authors are from the University of Oviedo, Spain. They wish to thank the anonymous referee and the participants of the European Financial Management Association at Lugano (2001) and the Financial Management Association European Conference at Copenhagen (2002), especially Raghu Rau and Richard Pettway, for their relevant comments that helped to improve the paper. They are grateful for the help given by Susana Menéndez in the construction of firm portfolios. This work has benefited from financial support provided by the Dirección General de Enseñanza Superior e Investigación Científica, Project PB98-1526 and by the Ministerio de Ciencia y Tecnología, Project BEC2000-0982.",{"openalex":261,"orcid":263,"title":265},{"VOID":262},"A5102731224",{"VOID":264},"https:\u002F\u002Forcid.org\u002F0000-0003-4013-0590",{"EN":266},"Víctor Manuel González Méndez",{"id":268,"sortIndex":25,"researcher":24,"roles":269,"affiliations":270,"properties":271},"4f9a8a2d-2269-4a32-a1a1-7c5ed69cf356",[],[],{"openalex":272,"orcid":274,"title":276},{"VOID":273},"A5064829940",{"VOID":275},"https:\u002F\u002Forcid.org\u002F0000-0001-8603-5690",{"EN":277},"Susana Álvarez Otero",{"url":24,"publisher":279,"properties":304},{"id":6,"createTime":7,"updateTime":8,"relativeEntities":280,"slug":10,"properties":281,"entityType":22,"verifyStatus":23,"verifyTime":24,"verifyNote":24,"syncStatus":23,"languages":24,"translateLanguages":24,"viewCount":25,"subjectFields":287,"manageAffiliations":288,"indexDatabases":289,"url":115,"thumbnailPath":24,"statistic":24,"gsStatistic":24,"type":24,"analyzePriority":24},[],{"country":282,"issn":283,"introduce":284,"eissn":285,"title":286},{"VOID":13},{"VOID":15},{"EN":17},{"VOID":19},{"EN":21},[],[],[290,297],{"id":95,"indexDatabase":291,"url":108,"indexYears":109,"academicFieldIds":296,"indexDatabaseRanking":114},{"id":97,"createTime":98,"updateTime":99,"relativeEntities":292,"label":293,"description":294,"key":105,"publicationTags":295,"standard":24},[],{"EN":102,"VI":102},{"EN":102,"VI":104},[107],[111,112,113],{"id":76,"indexDatabase":298,"url":91,"indexYears":24,"academicFieldIds":303,"indexDatabaseRanking":24},{"id":78,"createTime":79,"updateTime":80,"relativeEntities":299,"label":300,"description":301,"key":87,"publicationTags":302,"standard":24},[],{"EN":83,"VI":83},{"VI":85,"EN":86},[89,90],[93],{"volume":305,"pages":307,"issue":309},{"VOID":306},"32",{"VOID":308},"325-350",{"VOID":310},"1-2",78,{"total":311,"publishYear":24,"statisticByYear":313},{"2012":220,"2013":314,"2014":72,"2015":61,"2016":61,"2017":72,"2018":72,"2019":72,"2020":220,"2021":219,"2022":315,"2024":168},7,4,"2005-01-01",2005,[319,322,325,329,332,335,338,341,344,347,350,353,356,359,362,365,368,371,374,377,380,383,386,389,392,395,398,401,404,407,410,413,416,419,422,425,428,431,434,437,440,443,447,450,453,456],{"id":24,"text":320,"url":24,"identifiers":321},"10.2307\u002F3665609",{"doi":320},{"id":24,"text":323,"url":24,"identifiers":324},"10.2307\u002F3665964",{"doi":323},{"id":24,"text":326,"url":24,"identifiers":327},"Aggarwal R. 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Y.KimandU.Lim1993 ‘The Short‐Run and Long‐Run Performance of Korean IPOs: 1980–90’ Mimeograph(University of Cincinnati).",{},{"id":24,"text":357,"url":24,"identifiers":358},"Eckbo B.E.andO.Norli2001 ‘Risk and Long‐run IPO Returns’ Unpublished Working Paper (Tuck School of Business Dartmouth College NH).",{},{"id":24,"text":360,"url":24,"identifiers":361},"10.1111\u002Fj.1540-6261.1992.tb04398.x",{"doi":360},{"id":24,"text":363,"url":24,"identifiers":364},"10.1016\u002F0304-405X(93)90023-5",{"doi":363},{"id":24,"text":366,"url":24,"identifiers":367},"Farinós J.E., 2001, ‘Rendimientos anormales de las OPV en España’, Investigaciones Económicas, 417",{},{"id":24,"text":369,"url":24,"identifiers":370},"Fernández P. E.Martínez‐AbascalandA.Rahnema1993 ‘Initial Public Offerings (IPOs): The Spanish Experience’ Working Paper No. 243(IESE University of Navarra).",{},{"id":24,"text":372,"url":24,"identifiers":373},"Freixas X.andA.Inurrieta1991 ‘Infravaloración en las salidas a bolsa’ Working Paper No. 91–21 (FEDEA Madrid).",{},{"id":24,"text":375,"url":24,"identifiers":376},"10.1111\u002Fj.1540-6261.1989.tb05063.x",{"doi":375},{"id":24,"text":378,"url":24,"identifiers":379},"10.1016\u002F0304-405X(94)00797-5",{"doi":378},{"id":24,"text":381,"url":24,"identifiers":382},"Hin T., 1993, ‘The Long‐Run Performance of Initial Public Offerings in Singapore’, Securities Industry Review, 19, 47",{},{"id":24,"text":384,"url":24,"identifiers":385},"10.1016\u002F0304-405X(75)90015-X",{"doi":384},{"id":24,"text":387,"url":24,"identifiers":388},"10.1111\u002Fj.1745-6622.1994.tb00395.x",{"doi":387},{"id":24,"text":390,"url":24,"identifiers":391},"Jacquillat B.1986 ‘French Auctions of Common Stock: Methods and Techniques of New Issues 1966–86’ Going Public: An International Overview Working Paper No. 2.",{},{"id":24,"text":393,"url":24,"identifiers":394},"10.1016\u002F0889-1583(90)90020-7",{"doi":393},{"id":24,"text":396,"url":24,"identifiers":397},"10.1016\u002F0014-2921(88)90194-8",{"doi":396},{"id":24,"text":399,"url":24,"identifiers":400},"10.1016\u002F0927-538X(95)00016-E",{"doi":399},{"id":24,"text":402,"url":24,"identifiers":403},"10.1016\u002F0304-405X(89)90058-5",{"doi":402},{"id":24,"text":405,"url":24,"identifiers":406},"10.1016\u002F0378-4266(93)00016-I",{"doi":405},{"id":24,"text":408,"url":24,"identifiers":409},"10.1016\u002F0378-4266(95)00053-4",{"doi":408},{"id":24,"text":411,"url":24,"identifiers":412},"10.2307\u002F3665963",{"doi":411},{"id":24,"text":414,"url":24,"identifiers":415},"Ljungqvist A., 1996, Empirical Issues in Raising Equity Capital",{},{"id":24,"text":417,"url":24,"identifiers":418},"10.1016\u002FS0014-2921(96)00035-9",{"doi":417},{"id":24,"text":420,"url":24,"identifiers":421},"10.1016\u002F0304-405X(93)90006-W",{"doi":420},{"id":24,"text":423,"url":24,"identifiers":424},"10.1111\u002Fj.1540-6261.1995.tb05166.x",{"doi":423},{"id":24,"text":426,"url":24,"identifiers":427},"10.1016\u002F0927-538X(94)90016-7",{"doi":426},{"id":24,"text":429,"url":24,"identifiers":430},"10.1111\u002F0022-1082.00101",{"doi":429},{"id":24,"text":432,"url":24,"identifiers":433},"10.1111\u002Fj.1468-5957.1993.tb00658.x",{"doi":432},{"id":24,"text":435,"url":24,"identifiers":436},"10.1093\u002Frfs\u002F7.2.279",{"doi":435},{"id":24,"text":438,"url":24,"identifiers":439},"10.1016\u002F0927-538X(96)00013-3",{"doi":438},{"id":24,"text":441,"url":24,"identifiers":442},"10.1086\u002F296260",{"doi":441},{"id":24,"text":444,"url":24,"identifiers":445},"Ritter J., 1984, ‘Signalling and the Valuation of Unseasoned New Issues: A Comment’, The Journal of Finance, 39, 1.231, 10.1111\u002Fj.1540-6261.1984.tb03907.x",{"doi":446},"10.1111\u002Fj.1540-6261.1984.tb03907.x",{"id":24,"text":448,"url":24,"identifiers":449},"10.1016\u002F0304-405X(87)90005-5",{"doi":448},{"id":24,"text":451,"url":24,"identifiers":452},"10.1111\u002Fj.1540-6261.1991.tb03743.x",{"doi":451},{"id":24,"text":454,"url":24,"identifiers":455},"Rydqvist K.1993 ‘Initial Public Offerings in Sweden’ Working Paper No. 48(Stockholm School of Economics).",{},{"id":24,"text":457,"url":24,"identifiers":458},"10.1111\u002Fj.1540-6261.1989.tb05064.x",{"doi":457},{"id":460,"createTime":461,"updateTime":461,"relativeEntities":462,"slug":463,"properties":464,"entityType":137,"verifyStatus":138,"verifyTime":476,"verifyNote":140,"syncStatus":23,"languages":477,"translateLanguages":24,"viewCount":25,"primaryUrl":478,"fullTextUrl":24,"authors":479,"publicationType":182,"publisherRelationship":578,"citationCount":610,"citationInfo":611,"publishDate":614,"publishYear":615,"citationAnalyzeStatus":23,"lastCitationAnalyze":24,"indexDatabases":24,"openAccess":24,"references":616,"isForceReanalyzing":224},"169b481e-327e-4ccf-bf28-b261fa9ad0f2","2024-09-24T23:45:24.746+00:00",[],"How-Do-Investment-Banks-Value-Initial-Public-Offerings-IPOs-",{"mag":465,"keywords":467,"openalex":468,"abstract":470,"title":472,"doi":474},{"VOID":466},"2149591697",{},{"VOID":469},"W2149591697",{"EN":471},"\u003Cjats:p>\u003Cjats:bold>Abstract: \u003C\u002Fjats:bold> We investigate the valuation and the pricing of initial public offerings (IPOs) by investment banks for a unique dataset of 49 IPOs on Euronext Brussels in the 1993–2001 period. We find that for each IPO several valuation methods are used, of which Discounted Free Cash Flow (DFCF) is the most popular. The offer price is mainly based on DFCF valuation, to which a discount is applied. Our results suggest that DDM tends to underestimate value, while DFCF produces unbiased value estimates. When using multiples, investment banks rely mostly on \u003Cjats:italic>future\u003C\u002Fjats:italic> earnings and cash flows. Multiples based on post‐IPO forecasted earnings and cash flows result in more accurate valuations.\u003C\u002Fjats:p>",{"EN":473},"How Do Investment Banks Value Initial Public Offerings (IPOs)?",{"VOID":475},"10.1111\u002Fj.1468-5957.2008.02117.x","2024-09-24T23:45:24.745+00:00",[142],"https:\u002F\u002Fonlinelibrary.wiley.com\u002Fdoi\u002F10.1111\u002Fj.1468-5957.2008.02117.x",[480,522,549],{"id":481,"sortIndex":25,"researcher":24,"roles":482,"affiliations":483,"properties":515},"215b15c2-939d-4101-b6c7-d0df334426b2",[],[484,494,505],{"id":485,"sortIndex":168,"affiliation":486,"properties":24},"5da32a07-6560-400d-add1-cb365b15ef48",{"id":487,"createTime":488,"updateTime":488,"relativeEntities":489,"slug":490,"properties":491,"entityType":60,"verifyStatus":23,"verifyTime":24,"verifyNote":24,"syncStatus":23,"languages":24,"translateLanguages":24,"viewCount":25},"4ae34004-1234-4f6b-8eff-a51e58091c7e","2024-09-24T23:45:24.766+00:00",[],"The-authors-are-respectively-from-University-of-Antwerp-and-Universit%C3%A9-catholique-de-Louvain",{"title":492},{"EN":493},"The authors are respectively from University of Antwerp and Université catholique de Louvain",{"id":495,"sortIndex":25,"affiliation":496,"properties":24},"2de5bd70-b2d5-4ba6-9b4e-0036a1e57a79",{"id":497,"createTime":498,"updateTime":499,"relativeEntities":500,"slug":501,"properties":502,"entityType":60,"verifyStatus":23,"verifyTime":24,"verifyNote":24,"syncStatus":23,"languages":24,"translateLanguages":24,"viewCount":25},"5b520e16-3567-4b24-82b1-37f89c14a4f3","2023-12-23T03:43:08.028+00:00","2026-06-19T01:24:17.306+00:00",[],"Erasmus-University-Rotterdam",{"title":503},{"VI":504},"Erasmus University, Rotterdam",{"id":506,"sortIndex":219,"affiliation":507,"properties":24},"c8ed6b41-bbe6-4e85-86a3-42929cf4c157",{"id":508,"createTime":509,"updateTime":509,"relativeEntities":510,"slug":511,"properties":512,"entityType":60,"verifyStatus":23,"verifyTime":24,"verifyNote":24,"syncStatus":23,"languages":24,"translateLanguages":24,"viewCount":25},"e142505f-eb49-4cf1-9094-c020d1d5effe","2024-09-24T23:45:24.770+00:00",[],"University-College-Ghent-and-Ghent-University-They-are-grateful-to-an-anonymous-referee-An-Buysschaert-Marc-De-Ceuster-Nancy-Huyghebaert-Marc-Jegers-Rez-Kabir-Sophie-Manigart-and-Ilse-Verschueren-for-helpful-comments-and-suggestions-on-an-earlier-draft-of-this-paper-The-usual-disclaimer-applies-",{"title":513},{"EN":514},"University College Ghent and Ghent University. They are grateful to an anonymous referee, An Buysschaert, Marc De Ceuster, Nancy Huyghebaert, Marc Jegers, Rez Kabir, Sophie Manigart and Ilse Verschueren for helpful comments and suggestions on an earlier draft of this paper. The usual disclaimer applies.",{"openalex":516,"orcid":518,"title":520},{"VOID":517},"A5013468733",{"VOID":519},"https:\u002F\u002Forcid.org\u002F0000-0002-6314-5528",{"EN":521},"Marc 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Acquisitions",{},{"id":24,"text":1250,"url":24,"identifiers":1251},"10.1111\u002Fj.1468-036X.1995.tb00018.x",{"doi":1250},{"id":24,"text":1253,"url":24,"identifiers":1254},"Sudarsanam P.S. P.HollandA.R.Salami(1996) ‘Shareholder Wealth Gains in Mergers: Effect of Synergy and Ownership Structure’ Journal of Business Finance & Accounting(forthcoming).",{"doi":1255},"10.1111\u002Fj.1468-5957.1996.tb01148.x",{"id":24,"text":1257,"url":24,"identifiers":1258},"10.2307\u002F2330762",{"doi":1257},{"id":24,"text":1260,"url":24,"identifiers":1261},"10.2469\u002Ffaj.v41.n1.27",{"doi":1260},{"id":1263,"createTime":1264,"updateTime":1264,"relativeEntities":1265,"slug":1266,"properties":1267,"entityType":137,"verifyStatus":138,"verifyTime":1264,"verifyNote":140,"syncStatus":23,"languages":1279,"translateLanguages":24,"viewCount":25,"primaryUrl":1280,"fullTextUrl":24,"authors":1281,"publicationType":182,"publisherRelationship":1318,"citationCount":1351,"citationInfo":1352,"publishDate":1364,"publishYear":1365,"citationAnalyzeStatus":23,"lastCitationAnalyze":24,"indexDatabases":24,"openAccess":24,"references":1366,"isForceReanalyzing":224},"12db9497-d0ee-4fec-9ec8-e0403ba9735a","2024-12-18T21:03:30.149+00:00",[],"Mandatory-IFRS-Adoption-and-Accounting-Quality-of-European-Banks",{"mag":1268,"keywords":1270,"openalex":1271,"abstract":1273,"title":1275,"doi":1277},{"VOID":1269},"3122004590",{},{"VOID":1272},"W3122004590",{"EN":1274},"\u003Cjats:p>\u003Cjats:bold>Abstract: \u003C\u002Fjats:bold> This paper examines the implications of mandatory IFRS adoption on the accounting quality of banks in twelve EU countries. Specifically, we analyse how the change in the recognition and measurement of banks’ main operating accrual item, the loan loss provision, affects income smoothing behaviour and timely loss recognition. We find that the restriction to recognise only incurred losses under IAS 39 significantly reduces income smoothing. This effect is less pronounced in countries with stricter bank supervision, widely dispersed bank ownership and for EU banks cross‐listed in the US. This provides additional evidence that institutions matter in shaping financial reporting outcomes. Further, the application of the incurred loss approach results in less timely loan loss recognition implying delayed recognition of future expected losses. In the light of the ongoing financial crisis it is questionable whether this is a desirable financial reporting outcome of mandatory IFRS adoption.\u003C\u002Fjats:p>",{"EN":1276},"Mandatory IFRS Adoption and Accounting Quality of European Banks",{"VOID":1278},"10.1111\u002Fj.1468-5957.2011.02242.x",[142],"https:\u002F\u002Fonlinelibrary.wiley.com\u002Fdoi\u002F10.1111\u002Fj.1468-5957.2011.02242.x",[1282,1301],{"id":1283,"sortIndex":25,"researcher":24,"roles":1284,"affiliations":1285,"properties":1296},"cdb6b595-0d42-48b0-aa30-034cfa013344",[],[1286],{"id":1287,"sortIndex":25,"affiliation":1288,"properties":24},"2a34015a-4a8b-4c0e-bc83-42e781d53d2a",{"id":1289,"createTime":1290,"updateTime":1290,"relativeEntities":1291,"slug":1292,"properties":1293,"entityType":60,"verifyStatus":23,"verifyTime":24,"verifyNote":24,"syncStatus":23,"languages":24,"translateLanguages":24,"viewCount":25},"3f280c97-b072-41af-8120-f2402dc5711a","2024-12-18T21:03:30.156+00:00",[],"The-authors-are-from-Goethe-University-Frankfurt-They-thank-participants-at-the-2008-joint-Doctoral-Seminar-of-Goethe-University-of-Frankfurt-and-University-of-Mannheim-the-2008-University-of-Cyprus-INTACCT-Workshop-the-2009-University-of-Valencia-INTACCT-Colloquium-the-2010-JBFA-Capital-Markets-Conference-at-the-University-of-North-Carolina-the-2010-AAA-Annual-Meeting-in-San-Francisco-an-anonymous-referee-and-Andrew-Stark-editor-for-their-valuable-comments-They-appreciate-the-comments-by-Jannis-Bischof-Felix-Fischer-Urska-Kosi-Michael-Scholz-and-Joao-Toniato-A-part-of-the-data-was-collected-during-a-research-visit-to-the-INTACCT-partner-institution-HEC-Paris-France-This-research-is-part-of-the-INTACCT-Research-Training-Network-The-European-IFRS-Revolution-Compliance-Consequences-and-Policy-Lessons-Contract-No-MRTN-CT-2006-035850-The-authors-gratefully-acknowledge-the-financial-contribution-of-the-European-Commission-",{"title":1294},{"EN":1295},"The authors are from Goethe University Frankfurt. They thank participants at the 2008 joint Doctoral Seminar of Goethe University of Frankfurt and University of Mannheim, the 2008 University of Cyprus INTACCT Workshop, the 2009 University of Valencia INTACCT Colloquium, the 2010 JBFA Capital Markets Conference at the University of North Carolina, the 2010 AAA Annual Meeting in San Francisco, an anonymous referee and Andrew Stark (editor) for their valuable comments. They appreciate the comments by Jannis Bischof, Felix Fischer, Urska Kosi, Michael Scholz and Joao Toniato. A part of the data was collected during a research visit to the INTACCT partner institution HEC, Paris (France). This research is part of the INTACCT Research Training Network 'The European IFRS Revolution: Compliance, Consequences and Policy Lessons (Contract No. MRTN-CT-2006-035850)'. The authors gratefully acknowledge the financial contribution of the European Commission.",{"openalex":1297,"title":1299},{"VOID":1298},"A5082174041",{"EN":1300},"Günther Gebhardt",{"id":1302,"sortIndex":168,"researcher":24,"roles":1303,"affiliations":1304,"properties":1311},"5f4b2d61-4438-40f0-9d80-88505c907f4f",[],[1305],{"id":1306,"sortIndex":25,"affiliation":1307,"properties":24},"ead8d2d2-391b-406a-b479-f71462f3e613",{"id":1289,"createTime":1290,"updateTime":1290,"relativeEntities":1308,"slug":1292,"properties":1309,"entityType":60,"verifyStatus":23,"verifyTime":24,"verifyNote":24,"syncStatus":23,"languages":24,"translateLanguages":24,"viewCount":25},[],{"title":1310},{"EN":1295},{"openalex":1312,"orcid":1314,"title":1316},{"VOID":1313},"A5053585242",{"VOID":1315},"https:\u002F\u002Forcid.org\u002F0000-0003-0107-0687",{"EN":1317},"Zoltán Novotny‐Farkas",{"url":24,"publisher":1319,"properties":1344},{"id":6,"createTime":7,"updateTime":8,"relativeEntities":1320,"slug":10,"properties":1321,"entityType":22,"verifyStatus":23,"verifyTime":24,"verifyNote":24,"syncStatus":23,"languages":24,"translateLanguages":24,"viewCount":25,"subjectFields":1327,"manageAffiliations":1328,"indexDatabases":1329,"url":115,"thumbnailPath":24,"statistic":24,"gsStatistic":24,"type":24,"analyzePriority":24},[],{"country":1322,"issn":1323,"introduce":1324,"eissn":1325,"title":1326},{"VOID":13},{"VOID":15},{"EN":17},{"VOID":19},{"EN":21},[],[],[1330,1337],{"id":95,"indexDatabase":1331,"url":108,"indexYears":109,"academicFieldIds":1336,"indexDatabaseRanking":114},{"id":97,"createTime":98,"updateTime":99,"relativeEntities":1332,"label":1333,"description":1334,"key":105,"publicationTags":1335,"standard":24},[],{"EN":102,"VI":102},{"EN":102,"VI":104},[107],[111,112,113],{"id":76,"indexDatabase":1338,"url":91,"indexYears":24,"academicFieldIds":1343,"indexDatabaseRanking":24},{"id":78,"createTime":79,"updateTime":80,"relativeEntities":1339,"label":1340,"description":1341,"key":87,"publicationTags":1342,"standard":24},[],{"EN":83,"VI":83},{"VI":85,"EN":86},[89,90],[93],{"volume":1345,"pages":1347,"issue":1349},{"VOID":1346},"38",{"VOID":1348},"289-333",{"VOID":1350},"3-4",253,{"total":1351,"publishYear":24,"statisticByYear":1353},{"2012":1354,"2013":1354,"2014":1355,"2015":1356,"2016":1357,"2017":1358,"2018":1359,"2019":1360,"2020":1359,"2021":1361,"2022":1362,"2023":1356,"2024":1363},14,20,21,28,19,17,22,25,12,16,"2011-04-01",2011,[1367,1370,1373,1376,1379,1383,1386,1389,1392,1395,1398,1401,1404,1407,1410,1413,1416,1419,1422,1425,1428,1431,1434,1438,1441,1444,1447,1450,1453,1456,1459,1462,1465,1468,1471,1474,1477,1480,1483,1486,1489,1492,1495,1498,1501,1505,1508,1512,1515,1518,1521,1524,1527,1530,1533,1536,1539,1542,1545,1548,1551,1554,1557,1560,1563,1566],{"id":24,"text":1368,"url":24,"identifiers":1369},"10.1016\u002FS0165-4101(99)00017-8",{"doi":1368},{"id":24,"text":1371,"url":24,"identifiers":1372},"10.1016\u002Fj.jacceco.2009.07.002",{"doi":1371},{"id":24,"text":1374,"url":24,"identifiers":1375},"10.1016\u002Fj.jacceco.2004.04.001",{"doi":1374},{"id":24,"text":1377,"url":24,"identifiers":1378},"10.1016\u002FS0165-4101(00)00012-4",{"doi":1377},{"id":24,"text":1380,"url":24,"identifiers":1381},"Barth J. 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G., 2002, Financial Instruments and Institutions – Accounting and Disclosure Rules",{},{"id":24,"text":1555,"url":24,"identifiers":1556},"SEC(2008) ‘Report and Recommendations Pursuant to Section 133 of the Emergency Economic Stabilization Act of 2008: Study on Mark‐To‐Market Accounting’ downloadable at:http:\u002F\u002Fwww.sec.gov\u002Fnews\u002Fstudies\u002F2008\u002Fmarktomarket123008.pdf(download: March 25 2010).",{},{"id":24,"text":1558,"url":24,"identifiers":1559},"10.1016\u002Fj.jbankfin.2004.10.004",{"doi":1558},{"id":24,"text":1561,"url":24,"identifiers":1562},"10.2308\u002Faccr.2010.85.4.1375",{"doi":1561},{"id":24,"text":1564,"url":24,"identifiers":1565},"Wall L. D., 2000, Bank Loan‐Loss Accounting: A Review of Theoretical and Empirical Evidence, Economic Review – Federal Reserve Bank of Atlanta, 85, 1",{},{"id":24,"text":1567,"url":24,"identifiers":1568},"World Bank(2002) ‘Bank Loan Classification and Provisioning Practices in Selected Developed and Emerging Countries’ World Bank Working Paper No. 1 ( Washington DC ).",{},{"id":1570,"createTime":1571,"updateTime":1571,"relativeEntities":1572,"slug":1573,"properties":1574,"entityType":137,"verifyStatus":23,"verifyTime":1571,"verifyNote":242,"syncStatus":23,"languages":1586,"translateLanguages":24,"viewCount":25,"primaryUrl":1587,"fullTextUrl":24,"authors":1588,"publicationType":182,"publisherRelationship":1641,"citationCount":1673,"citationInfo":1674,"publishDate":1676,"publishYear":1677,"citationAnalyzeStatus":23,"lastCitationAnalyze":24,"indexDatabases":24,"openAccess":24,"references":1678,"isForceReanalyzing":224},"20b1b8a9-0d93-49e7-bbba-456df1a21edf","2024-10-11T20:37:35.975+00:00",[],"Insider-Trading-and-Firm-Performance-Following-Open-Market-Share-Repurchase-Announcements",{"mag":1575,"keywords":1577,"openalex":1578,"abstract":1580,"title":1582,"doi":1584},{"VOID":1576},"2327955088",{},{"VOID":1579},"W2327955088",{"EN":1581},"\u003Cjats:title>Abstract\u003C\u002Fjats:title>\u003Cjats:p>The long‐run performance of equity securities subsequent to announcements of open market repurchases (OMR) remains a contentious topic. In this paper we propose the “dichotomous expectations hypothesis” which posits that insider trading following share repurchase announcements reveals private information concerning the future operating performance of announcing firms. In particular, insider abnormal purchases (abnormal sales) should predict an improvement (decline) in operating performance that leads to higher (lower) long‐run stock returns. Our hypothesis offers a credible economic link between insider trading and subsequent long‐run stock performance through the intervening variable of operating performance. The empirical results show consistency with this linkage.\u003C\u002Fjats:p>",{"EN":1583},"Insider Trading and Firm Performance Following Open Market Share Repurchase Announcements",{"VOID":1585},"10.1111\u002Fjbfa.12059",[142],"https:\u002F\u002Fonlinelibrary.wiley.com\u002Fdoi\u002F10.1111\u002Fjbfa.12059",[1589,1600,1619,1630],{"id":1590,"sortIndex":25,"researcher":24,"roles":1591,"affiliations":1592,"properties":1593},"271b2767-beea-4b14-b9be-2c3a7f97f4f8",[],[],{"openalex":1594,"orcid":1596,"title":1598},{"VOID":1595},"A5035272671",{"VOID":1597},"https:\u002F\u002Forcid.org\u002F0000-0002-6001-1823",{"EN":1599},"Hsuan‐Chi Chen",{"id":1601,"sortIndex":220,"researcher":24,"roles":1602,"affiliations":1603,"properties":1614},"8c0e7997-6b0f-4189-a98e-2963a64fadcc",[],[1604],{"id":1605,"sortIndex":25,"affiliation":1606,"properties":24},"983d5c0e-9550-4b37-b465-914c861b86bf",{"id":1607,"createTime":1608,"updateTime":1608,"relativeEntities":1609,"slug":1610,"properties":1611,"entityType":60,"verifyStatus":23,"verifyTime":24,"verifyNote":24,"syncStatus":23,"languages":24,"translateLanguages":24,"viewCount":25},"3166f0d4-adc9-4500-b4ec-0063010f4b6f","2024-10-11T20:37:36.004+00:00",[],"Hsuan-Chi-Chen-and-John-Schatzberg-are-from-the-Anderson-School-of-Management-University-of-New-Mexico-Sheng-Syan-Chen-is-from-the-Department-of-Finance-National-Taiwan-University-Chia-Wei-Huang-is-from-College-of-Management-Yuan-Ze-University-Taiwan-The-authors-thank-an-anonymous-referee-Steven-Young-associate-Editor-Shao-Chi-Chang-Dosoung-Choi-Kim-Wai-Ho-Frank-C-Jen-Cheng-few-Lee-Jordan-Levy-and-seminar-participants-at-National-Cheng-Kung-University-for-their-helpful-comments-and-suggestions-Hsuan-Chi-Chen-gratefully-acknowledges-financial-support-from-the-Anderson-School-of-Management-of-the-University-of-New-Mexico-Paper-received-November-2010-revised-version-accepted-October-2013-",{"title":1612},{"EN":1613},"Hsuan-Chi Chen and John Schatzberg are from the Anderson School of Management, University of New Mexico. Sheng-Syan Chen is from the Department of Finance, National Taiwan University. Chia-Wei Huang is from College of Management, Yuan Ze University, Taiwan. The authors thank an anonymous referee, Steven Young (associate Editor), Shao-Chi Chang, Dosoung Choi, Kim Wai Ho, Frank C. Jen, Cheng-few Lee, Jordan Levy, and seminar participants at National Cheng Kung University for their helpful comments and suggestions. Hsuan-Chi Chen gratefully acknowledges financial support from the Anderson School of Management of the University of New Mexico. (Paper received November, 2010, revised version accepted October, 2013).",{"openalex":1615,"title":1617},{"VOID":1616},"A5048122699",{"EN":1618},"John D. Schatzberg",{"id":1620,"sortIndex":168,"researcher":24,"roles":1621,"affiliations":1622,"properties":1623},"bd8fd9ff-c9d0-43de-817c-8e1c9a52b433",[],[],{"openalex":1624,"orcid":1626,"title":1628},{"VOID":1625},"A5053810539",{"VOID":1627},"https:\u002F\u002Forcid.org\u002F0000-0003-3687-7018",{"EN":1629},"Sheng‐Syan Chen",{"id":1631,"sortIndex":219,"researcher":24,"roles":1632,"affiliations":1633,"properties":1634},"35ccb2e9-6223-416e-8c69-c87ebdbdb010",[],[],{"openalex":1635,"orcid":1637,"title":1639},{"VOID":1636},"A5026897506",{"VOID":1638},"https:\u002F\u002Forcid.org\u002F0000-0001-8080-9034",{"EN":1640},"Chia‐Wei Huang",{"url":24,"publisher":1642,"properties":1667},{"id":6,"createTime":7,"updateTime":8,"relativeEntities":1643,"slug":10,"properties":1644,"entityType":22,"verifyStatus":23,"verifyTime":24,"verifyNote":24,"syncStatus":23,"languages":24,"translateLanguages":24,"viewCount":25,"subjectFields":1650,"manageAffiliations":1651,"indexDatabases":1652,"url":115,"thumbnailPath":24,"statistic":24,"gsStatistic":24,"type":24,"analyzePriority":24},[],{"country":1645,"issn":1646,"introduce":1647,"eissn":1648,"title":1649},{"VOID":13},{"VOID":15},{"EN":17},{"VOID":19},{"EN":21},[],[],[1653,1660],{"id":95,"indexDatabase":1654,"url":108,"indexYears":109,"academicFieldIds":1659,"indexDatabaseRanking":114},{"id":97,"createTime":98,"updateTime":99,"relativeEntities":1655,"label":1656,"description":1657,"key":105,"publicationTags":1658,"standard":24},[],{"EN":102,"VI":102},{"EN":102,"VI":104},[107],[111,112,113],{"id":76,"indexDatabase":1661,"url":91,"indexYears":24,"academicFieldIds":1666,"indexDatabaseRanking":24},{"id":78,"createTime":79,"updateTime":80,"relativeEntities":1662,"label":1663,"description":1664,"key":87,"publicationTags":1665,"standard":24},[],{"EN":83,"VI":83},{"VI":85,"EN":86},[89,90],[93],{"volume":1668,"pages":1670,"issue":1672},{"VOID":1669},"41",{"VOID":1671},"156-184",{"VOID":310},15,{"total":1673,"publishYear":24,"statisticByYear":1675},{"2014":168,"2015":168,"2018":315,"2019":168,"2020":220,"2021":168,"2022":219,"2024":219},"2014-01-01",2014,[1679,1682,1686,1688,1691,1694,1697,1700,1703,1705,1708,1711,1714,1717,1720,1723,1726,1729,1732,1735,1738,1741,1744,1746,1749,1752,1755,1758,1761,1764,1767,1770,1773,1777,1781,1784,1787,1790,1793,1796,1799,1802,1805],{"id":24,"text":1680,"url":24,"identifiers":1681},"10.1086\u002F209673",{"doi":1680},{"id":24,"text":1683,"url":24,"identifiers":1684},"Artmann S., 2012, Determinants of Expected Stock Returns: Large Sample Evidence from the German Market, Journal of Business Finance & Accounting, 39, 758, 10.1111\u002Fj.1468-5957.2012.02286.x",{"doi":1685},"10.1111\u002Fj.1468-5957.2012.02286.x",{"id":24,"text":1019,"url":24,"identifiers":1687},{"doi":1019},{"id":24,"text":1689,"url":24,"identifiers":1690},"10.1017\u002FS0022109012000312",{"doi":1689},{"id":24,"text":1692,"url":24,"identifiers":1693},"Belsley D., 2004, Regression Diagnostics: Identifying Influential Data and Sources of Collinearity",{},{"id":24,"text":1695,"url":24,"identifiers":1696},"10.1111\u002Fj.1468-5957.2009.02173.x",{"doi":1695},{"id":24,"text":1698,"url":24,"identifiers":1699},"Bhattacharya U.andA.Dittmar(2008) ‘Costless versus Costly Signaling: Theory and Evidence’ Working Paper (Indiana University).",{},{"id":24,"text":1701,"url":24,"identifiers":1702},"10.1016\u002Fj.jcorpfin.2013.03.003",{"doi":1701},{"id":24,"text":345,"url":24,"identifiers":1704},{"doi":345},{"id":24,"text":1706,"url":24,"identifiers":1707},"Burnett M., 2007, Smart Money: Buyback's Mixed Signals, Wall Street Journal, 3",{},{"id":24,"text":1709,"url":24,"identifiers":1710},"10.1111\u002Fj.1540-6261.1997.tb03808.x",{"doi":1709},{"id":24,"text":1712,"url":24,"identifiers":1713},"10.1017\u002FS0022109000003987",{"doi":1712},{"id":24,"text":1715,"url":24,"identifiers":1716},"10.1016\u002Fj.jbankfin.2006.09.017",{"doi":1715},{"id":24,"text":1718,"url":24,"identifiers":1719},"10.1111\u002Fj.1755-053X.2012.01217.x",{"doi":1718},{"id":24,"text":1721,"url":24,"identifiers":1722},"10.1111\u002Fj.1468-5957.2011.02274.x",{"doi":1721},{"id":24,"text":1724,"url":24,"identifiers":1725},"10.1111\u002Fj.1540-6261.2007.01257.x",{"doi":1724},{"id":24,"text":1727,"url":24,"identifiers":1728},"10.1017\u002FS002210900000212X",{"doi":1727},{"id":24,"text":1730,"url":24,"identifiers":1731},"Comment R., 1991, The Relative Signaling Power of Dutch‐Auction and Fixed‐Price Self‐Tender Offers and Open‐Market Share Repurchases, Journal of Finance, 46, 1,243",{},{"id":24,"text":1733,"url":24,"identifiers":1734},"Cooke T., 2003, Key Energy: Key moves; CEO John Buys Shares; Past Purchases Resulted in 58% Six‐Month Gains, Wall Street Journal",{},{"id":24,"text":1736,"url":24,"identifiers":1737},"10.1007\u002Fs11142-006-6395-y",{"doi":1736},{"id":24,"text":1739,"url":24,"identifiers":1740},"10.1111\u002F0022-1082.00169",{"doi":1739},{"id":24,"text":1742,"url":24,"identifiers":1743},"10.1016\u002FS0304-405X(98)00026-9",{"doi":1742},{"id":24,"text":363,"url":24,"identifiers":1745},{"doi":363},{"id":24,"text":1747,"url":24,"identifiers":1748},"10.2202\u002F1565-3404.1039",{"doi":1747},{"id":24,"text":1750,"url":24,"identifiers":1751},"Fried J., 2005, Informed Trading and False Signaling with Open Market Repurchases, California Law Review, 93, 1,323",{},{"id":24,"text":1753,"url":24,"identifiers":1754},"10.1111\u002Fj.1540-6261.2008.01336.x",{"doi":1753},{"id":24,"text":1756,"url":24,"identifiers":1757},"10.1111\u002Fjbfa.12006",{"doi":1756},{"id":24,"text":1759,"url":24,"identifiers":1760},"10.1016\u002F0304-405X(95)00826-Z",{"doi":1759},{"id":24,"text":1762,"url":24,"identifiers":1763},"10.1111\u002F0022-1082.00291",{"doi":1762},{"id":24,"text":1765,"url":24,"identifiers":1766},"10.1111\u002Fj.1540-6261.2005.00783.x",{"doi":1765},{"id":24,"text":1768,"url":24,"identifiers":1769},"10.1111\u002Fj.1468-5957.2010.02185.x",{"doi":1768},{"id":24,"text":1771,"url":24,"identifiers":1772},"10.1016\u002Fj.jacceco.2004.11.002",{"doi":1771},{"id":24,"text":1774,"url":24,"identifiers":1775},"Lee D. S., 1992, Managers’ Trading Around Stock Repurchases, Journal of Finance, 47, 1,947, 10.1111\u002Fj.1540-6261.1992.tb04690.x",{"doi":1776},"10.1111\u002Fj.1540-6261.1992.tb04690.x",{"id":24,"text":1778,"url":24,"identifiers":1779},"Lee I., 1997, Do Firms Knowingly Sell Overvalued Equity, Journal of Finance, 52, 1,439, 10.1111\u002Fj.1540-6261.1997.tb01116.x",{"doi":1780},"10.1111\u002Fj.1540-6261.1997.tb01116.x",{"id":24,"text":1782,"url":24,"identifiers":1783},"10.1111\u002Fj.1540-6261.1989.tb04390.x",{"doi":1782},{"id":24,"text":1785,"url":24,"identifiers":1786},"10.1016\u002Fj.jacceco.2005.04.001",{"doi":1785},{"id":24,"text":1788,"url":24,"identifiers":1789},"10.1111\u002Fj.1755-053X.2010.01074.x",{"doi":1788},{"id":24,"text":1791,"url":24,"identifiers":1792},"10.1086\u002F209645",{"doi":1791},{"id":24,"text":1794,"url":24,"identifiers":1795},"10.1093\u002Frfs\u002Fhhn024",{"doi":1794},{"id":24,"text":1797,"url":24,"identifiers":1798},"10.7551\u002Fmitpress\u002F3951.001.0001",{"doi":1797},{"id":24,"text":1800,"url":24,"identifiers":1801},"10.1111\u002F0022-1082.115194",{"doi":1800},{"id":24,"text":1803,"url":24,"identifiers":1804},"10.1016\u002F0304-405X(81)90011-8",{"doi":1803},{"id":24,"text":1806,"url":24,"identifiers":1807},"10.2307\u002F1912934",{"doi":1806},{"id":1809,"createTime":1810,"updateTime":1810,"relativeEntities":1811,"slug":1812,"properties":1813,"entityType":137,"verifyStatus":23,"verifyTime":1810,"verifyNote":242,"syncStatus":23,"languages":1825,"translateLanguages":24,"viewCount":25,"primaryUrl":1826,"fullTextUrl":24,"authors":1827,"publicationType":182,"publisherRelationship":1869,"citationCount":1901,"citationInfo":1902,"publishDate":1907,"publishYear":1908,"citationAnalyzeStatus":23,"lastCitationAnalyze":24,"indexDatabases":24,"openAccess":24,"references":1909,"isForceReanalyzing":224},"f71d6021-945b-49d2-9e17-0fc8b00b7865","2024-09-21T19:07:41.287+00:00",[],"A-Comparison-of-Between-Country-Measures-of-Legal-Setting-and-Enforcement-of-Accounting-Standards",{"mag":1814,"keywords":1816,"openalex":1817,"abstract":1819,"title":1821,"doi":1823},{"VOID":1815},"2319974691",{},{"VOID":1818},"W2319974691",{"EN":1820},"\u003Cjats:title>Abstract\u003C\u002Fjats:title>\u003Cjats:p>Academics and practitioners agree that the enforcement of accounting standards has an important role in promoting high quality financial reporting and favourable capital market outcomes. We test three new enforcement proxies from Brown, Preiato and Tarca (2014) that focus specifically on auditing and accounting enforcement. We examine firms’ information environments, represented by the error in analysts’ consensus forecasts and the extent of disagreement among analysts, as indicated by forecast dispersion. For financial years ending from 2003 to 2009, we construct a sample of 357,034 firm–month observations on the errors and dispersion of analysts’ earnings forecasts for 10,769 firms domiciled in those 39 countries. We find that higher scores for all three proxies are associated with lower error and less disagreement in forecasts. In addition, we find that the indices have significant explanatory power when previously used enforcement proxies (such as Kaufmann et al.'s 2010 rule of law measure) are included in the regression models, pointing to the importance of specific measures of accounting enforcement. We conclude that accounting enforcement may be more important in securing favourable economic outcomes than has been previously realised, because researchers commonly have used noisier, more general legal proxies for enforcement that understate its marginal effects.\u003C\u002Fjats:p>",{"EN":1822},"A Comparison of Between‐Country Measures of Legal Setting and Enforcement of Accounting Standards",{"VOID":1824},"10.1111\u002Fjbfa.12112",[142],"https:\u002F\u002Fonlinelibrary.wiley.com\u002Fdoi\u002F10.1111\u002Fjbfa.12112",[1828,1837,1858],{"id":1829,"sortIndex":25,"researcher":24,"roles":1830,"affiliations":1831,"properties":1832},"c138813a-3107-4c28-aafb-e1f9af88be41",[],[],{"openalex":1833,"title":1835},{"VOID":1834},"A5046246628",{"EN":1836},"John P. Preiato",{"id":1838,"sortIndex":219,"researcher":24,"roles":1839,"affiliations":1840,"properties":1851},"7a1e5935-461b-4d46-9d20-a602b4eb05e5",[],[1841],{"id":1842,"sortIndex":25,"affiliation":1843,"properties":24},"96a2dfd9-f4b2-4952-a0ff-bd58c1a08149",{"id":1844,"createTime":1845,"updateTime":1845,"relativeEntities":1846,"slug":1847,"properties":1848,"entityType":60,"verifyStatus":23,"verifyTime":24,"verifyNote":24,"syncStatus":23,"languages":24,"translateLanguages":24,"viewCount":25},"35987cfc-6327-452c-9ab4-4ce5072432f5","2024-09-21T19:07:41.315+00:00",[],"The-first-author-is-from-University-of-Western-Australia-The-second-author-is-from-the-University-of-New-South-Wales-and-the-University-of-Western-Australia-The-third-author-is-from-the-Business-School-University-of-Western-Australia-Thanks-are-due-to-the-UWA-Business-School-for-research-funds-and-Jonathon-Burrows-and-Jonathan-Seow-for-research-assistance-The-authors-also-thank-the-Editors-Andrew-Stark-Peter-Pope-and-Martin-Walker-for-their-comments-and-appreciate-feedback-on-earlier-versions-of-this-paper-from-Yael-Almog-Mary-Barth-Mike-Bradbury-David-Cairns-Julie-Cotter-Philippe-Danjou-Holger-Erchinger-Carol-Ann-Frost-Keith-Godfrey-Niclas-Hellman-Anja-Hjelstr%C3%B6m-Martin-Hoogendorn-H-Y-Izan-Howell-Jackson-Sei-Ichi-Kaneko-Chris-Nobes-Jim-Ohlson-Carol-Page-Katherine-Schipper-Peter-Verhoeven-Marvin-Wee-Wei-Guo-Zhang-and-seminar-participants-at-Cass-Business-School-City-University-King-s-College-University-of-London-Catholic-University-Leuven-Stanford-University-Stockholm-School-of-Economics-University-of-Sydney-University-of-Technology-Sydney-s-2010-Accounting-Symposium-the-Accounting-and-Finance-Association-of-Australia-and-New-Zealand-AFAANZ-annual-meeting-Adelaide-2009-the-American-Accounting-Association-AAA-annual-meeting-New-York-2009-the-European-Accounting-Association-EAA-annual-meeting-Ljubljana-2012-the-South-African-Academic-Accounting-Association-SAAAA-annual-meeting-George-2011-the-AFAANZ-conference-Auckland-2014-and-the-IFRS-Foundation-2012-",{"title":1849},{"EN":1850},"The first author is from University of Western Australia. The second author is from the University of New South Wales and the University of Western Australia. The third author is from the Business School, University of Western Australia. Thanks are due to the UWA Business School for research funds and Jonathon Burrows and Jonathan Seow for research assistance. The authors also thank the Editors (Andrew Stark, Peter Pope and Martin Walker) for their comments, and appreciate feedback on earlier versions of this paper from Yael Almog, Mary Barth, Mike Bradbury, David Cairns, Julie Cotter, Philippe Danjou, Holger Erchinger, Carol Ann Frost, Keith Godfrey, Niclas Hellman, Anja Hjelström, Martin Hoogendorn, H.Y. Izan, Howell Jackson, Sei-Ichi Kaneko, Chris Nobes, Jim Ohlson, Carol Page, Katherine Schipper, Peter Verhoeven, Marvin Wee, Wei Guo Zhang and seminar participants at Cass Business School City University, King's College University of London, Catholic University Leuven, Stanford University, Stockholm School of Economics, University of Sydney, University of Technology Sydney's 2010 Accounting Symposium, the Accounting and Finance Association of Australia and New Zealand (AFAANZ) annual meeting Adelaide 2009, the American Accounting Association (AAA) annual meeting New York 2009, the European Accounting Association (EAA) annual meeting Ljubljana 2012, the South African Academic Accounting Association (SAAAA) annual meeting George 2011, the AFAANZ conference Auckland 2014, and the IFRS Foundation 2012.",{"openalex":1852,"orcid":1854,"title":1856},{"VOID":1853},"A5035396204",{"VOID":1855},"https:\u002F\u002Forcid.org\u002F0000-0002-5074-3828",{"EN":1857},"Ann Tarca",{"id":1859,"sortIndex":168,"researcher":24,"roles":1860,"affiliations":1861,"properties":1862},"de1286ac-ce68-4941-bf3b-1c1eeadcc840",[],[],{"openalex":1863,"orcid":1865,"title":1867},{"VOID":1864},"A5101640023",{"VOID":1866},"https:\u002F\u002Forcid.org\u002F0000-0002-1371-098X",{"EN":1868},"Philip Brown",{"url":24,"publisher":1870,"properties":1895},{"id":6,"createTime":7,"updateTime":8,"relativeEntities":1871,"slug":10,"properties":1872,"entityType":22,"verifyStatus":23,"verifyTime":24,"verifyNote":24,"syncStatus":23,"languages":24,"translateLanguages":24,"viewCount":25,"subjectFields":1878,"manageAffiliations":1879,"indexDatabases":1880,"url":115,"thumbnailPath":24,"statistic":24,"gsStatistic":24,"type":24,"analyzePriority":24},[],{"country":1873,"issn":1874,"introduce":1875,"eissn":1876,"title":1877},{"VOID":13},{"VOID":15},{"EN":17},{"VOID":19},{"EN":21},[],[],[1881,1888],{"id":95,"indexDatabase":1882,"url":108,"indexYears":109,"academicFieldIds":1887,"indexDatabaseRanking":114},{"id":97,"createTime":98,"updateTime":99,"relativeEntities":1883,"label":1884,"description":1885,"key":105,"publicationTags":1886,"standard":24},[],{"EN":102,"VI":102},{"EN":102,"VI":104},[107],[111,112,113],{"id":76,"indexDatabase":1889,"url":91,"indexYears":24,"academicFieldIds":1894,"indexDatabaseRanking":24},{"id":78,"createTime":79,"updateTime":80,"relativeEntities":1890,"label":1891,"description":1892,"key":87,"publicationTags":1893,"standard":24},[],{"EN":83,"VI":83},{"VI":85,"EN":86},[89,90],[93],{"volume":1896,"pages":1898,"issue":1900},{"VOID":1897},"42",{"VOID":1899},"1-50",{"VOID":310},77,{"total":1901,"publishYear":24,"statisticByYear":1903},{"2014":168,"2015":315,"2016":1904,"2017":61,"2018":1362,"2019":72,"2020":1905,"2021":613,"2022":1906,"2023":1906,"2024":220},11,10,8,"2015-01-01",2015,[1910,1913,1916,1919,1921,1924,1928,1931,1934,1937,1940,1943,1946,1949,1952,1955,1958,1961,1964,1967,1970,1973,1976,1979,1982,1985,1988,1991,1994,1997,2000,2003,2006,2009,2012,2015,2018,2021,2024,2027,2030,2033,2036,2039,2042,2044,2047,2050,2053,2056,2059,2062,2065,2068,2071,2074,2077,2081,2084,2087,2090,2092,2095,2098,2101,2104,2106,2109,2112,2115,2118,2121,2124,2127,2130,2133,2136],{"id":24,"text":1911,"url":24,"identifiers":1912},"10.1111\u002F1475-679X.00020",{"doi":1911},{"id":24,"text":1914,"url":24,"identifiers":1915},"10.1080\u002F09638180120069124",{"doi":1914},{"id":24,"text":1917,"url":24,"identifiers":1918},"10.1111\u002Fj.1745-6622.1995.tb00633.x",{"doi":1917},{"id":24,"text":1377,"url":24,"identifiers":1920},{"doi":1377},{"id":24,"text":1922,"url":24,"identifiers":1923},"10.1016\u002Fj.jacceco.2003.10.003",{"doi":1922},{"id":24,"text":1925,"url":24,"identifiers":1926},"Ball R. 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Available athttps:\u002F\u002Fwww.iosco.org\u002Flibrary\u002Findex.cfm?section=pubdocs&year=2003",{},{"id":24,"text":2063,"url":24,"identifiers":2064},"10.1016\u002Fj.jfineco.2008.08.006",{"doi":2063},{"id":24,"text":2066,"url":24,"identifiers":2067},"10.1016\u002FS0020-7063(00)00076-5",{"doi":2066},{"id":24,"text":2069,"url":24,"identifiers":2070},"10.1016\u002Fj.irfa.2011.05.006",{"doi":2069},{"id":24,"text":2072,"url":24,"identifiers":2073},"10.1596\u002F1813-9450-4149",{"doi":2072},{"id":24,"text":2075,"url":24,"identifiers":2076},"Kaufmann D., 2010, The Worldwide Governance Indicators Project",{},{"id":24,"text":2078,"url":24,"identifiers":2079},"Kim Y.andS.Li(2011) ‘The Externality Effect of Accounting Standards Convergence: Evidence from Cross‐Border Information Transfers Around EU Mandatory IFRS Adoption’ Working Paper Santa Clara University.",{"doi":2080},"10.2139\u002Fssrn.1936170",{"id":24,"text":2082,"url":24,"identifiers":2083},"10.2308\u002Faccr.2004.79.2.473",{"doi":2082},{"id":24,"text":2085,"url":24,"identifiers":2086},"Landsman W., 2011, The Information Content of Annual Earnings Announcements and Mandatory Adoption of IFRS, Journal of Accounting and Economics, 53, 34",{},{"id":24,"text":2088,"url":24,"identifiers":2089},"Lang M., 1996, Corporate Disclosure Policy and Analyst Behaviour, The Accounting Review, 71, 467",{},{"id":24,"text":1522,"url":24,"identifiers":2091},{"doi":1522},{"id":24,"text":2093,"url":24,"identifiers":2094},"10.1086\u002F250042",{"doi":2093},{"id":24,"text":2096,"url":24,"identifiers":2097},"10.1111\u002Fj.1540-6261.2006.00828.x",{"doi":2096},{"id":24,"text":2099,"url":24,"identifiers":2100},"10.1080\u002F00014788.2010.9663398",{"doi":2099},{"id":24,"text":2102,"url":24,"identifiers":2103},"Leuz C., 2003, Earnings Management and Investor Protection: An International Comparison, Journal of Accounting and Economics, 69, 505",{},{"id":24,"text":1534,"url":24,"identifiers":2105},{"doi":1534},{"id":24,"text":2107,"url":24,"identifiers":2108},"10.1111\u002Fj.1475-679X.2009.00326.x",{"doi":2107},{"id":24,"text":2110,"url":24,"identifiers":2111},"Meek G., 1990, A Survey of Research on Financial Reporting in a Transnational Context, Journal of Accounting Literature, 9, 145",{},{"id":24,"text":2113,"url":24,"identifiers":2114},"10.1111\u002Fj.1468-5957.1983.tb00409.x",{"doi":2113},{"id":24,"text":2116,"url":24,"identifiers":2117},"10.1111\u002F1467-6281.00028",{"doi":2116},{"id":24,"text":2119,"url":24,"identifiers":2120},"10.1080\u002F00014788.2011.575002",{"doi":2119},{"id":24,"text":2122,"url":24,"identifiers":2123},"10.1016\u002Fj.jaccpubpol.2006.11.004",{"doi":2122},{"id":24,"text":2125,"url":24,"identifiers":2126},"10.1111\u002Fj.1911-3846.1997.tb00518.x",{"doi":2125},{"id":24,"text":2128,"url":24,"identifiers":2129},"10.1080\u002F09638180020024061",{"doi":2128},{"id":24,"text":2131,"url":24,"identifiers":2132},"World Economic Forum (WEF)(2008) ‘The Global Competitiveness Report’ World Economic Forum. Available atwww.wef.org.",{},{"id":24,"text":2134,"url":24,"identifiers":2135},"World Economic Forum (WEF)(2010) ‘The Global Competitiveness Report’ World Economic Forum. Available atwww.wef.org.",{},{"id":24,"text":2137,"url":24,"identifiers":2138},"10.1016\u002Fj.jacceco.2007.02.002",{"doi":2137},{"id":2140,"createTime":2141,"updateTime":2141,"relativeEntities":2142,"slug":2143,"properties":2144,"entityType":137,"verifyStatus":23,"verifyTime":2141,"verifyNote":242,"syncStatus":23,"languages":2155,"translateLanguages":24,"viewCount":25,"primaryUrl":2156,"fullTextUrl":24,"authors":2157,"publicationType":182,"publisherRelationship":2201,"citationCount":2232,"citationInfo":2233,"publishDate":1676,"publishYear":1677,"citationAnalyzeStatus":23,"lastCitationAnalyze":24,"indexDatabases":24,"openAccess":24,"references":2244,"isForceReanalyzing":224},"e6f45dfd-1532-49f7-bf01-86f4478de2de","2024-09-21T19:07:25.846+00:00",[],"Measuring-Country-Differences-in-Enforcement-of-Accounting-Standards-An-Audit-and-Enforcement-Proxy",{"mag":2145,"keywords":2147,"openalex":2148,"abstract":2150,"title":2152,"doi":2154},{"VOID":2146},"2320876288",{},{"VOID":2149},"W2320876288",{"EN":2151},"\u003Cjats:title>Abstract\u003C\u002Fjats:title>\u003Cjats:p>In this paper we present an index designed to capture differences between countries in relation to the institutional setting for financial reporting, specifically the auditing of financial statements and the enforcement of compliance with each country's accounting standards. The use of a common set of standards such as International Financial Reporting Standards (IFRS) aims, in broad terms, to promote the comparability and transparency of financial statements and to improve the quality of financial reporting. However, the effectiveness of IFRS adoption may be hampered by differences, across countries, in the institutional setting in which financial reporting occurs. Studies of outcomes from adopting IFRS use a range of legal system proxies to capture these country differences, but the proxies are deficient in that they seldom focus explicitly on factors that affect how compliance with accounting standards is promoted through external audit and the activities of independent enforcement bodies. To address this deficiency, we calculate measures of the quality of the public company auditors’ working environment (\u003Cjats:italic>AUDIT\u003C\u002Fjats:italic>) and the degree of accounting enforcement activity (\u003Cjats:italic>ENFORCE\u003C\u002Fjats:italic>) by independent enforcement bodies. We do this for 51 countries for each of the years 2002, 2005 and 2008, using publicly available data provided by the International Federation of Accountants (IFAC), the World Bank and the national securities regulators. Preliminary tests suggest our indices have additional explanatory power (over more general legal proxies) for country‐level measures of economic and market activity, financial transparency and earnings management. We expect they will prove useful to researchers and other interested parties who require country‐level measures that focus on the degree of enforcement of financial reporting practices.\u003C\u002Fjats:p>",{"EN":2153},"Measuring Country Differences in Enforcement of Accounting Standards: An Audit and Enforcement Proxy",{"VOID":1953},[142],"https:\u002F\u002Fonlinelibrary.wiley.com\u002Fdoi\u002F10.1111\u002Fjbfa.12066",[2158,2165,2193],{"id":2159,"sortIndex":168,"researcher":24,"roles":2160,"affiliations":2161,"properties":2162},"3656a1bf-3564-4037-8859-43f184d89b20",[],[],{"openalex":2163,"title":2164},{"VOID":1834},{"EN":1836},{"id":2166,"sortIndex":219,"researcher":24,"roles":2167,"affiliations":2168,"properties":2189},"ebd80aab-3f62-491f-848c-46bc8a8ef260",[],[2169,2179],{"id":2170,"sortIndex":25,"affiliation":2171,"properties":24},"a48ef007-36d0-4de0-a8e3-98d0032bdaaa",{"id":2172,"createTime":2173,"updateTime":2173,"relativeEntities":2174,"slug":2175,"properties":2176,"entityType":60,"verifyStatus":23,"verifyTime":24,"verifyNote":24,"syncStatus":23,"languages":24,"translateLanguages":24,"viewCount":25},"27a84b56-2a08-402a-8cab-3eab41ac4fba","2024-09-21T19:07:25.875+00:00",[],"The-first-author-is-from-the-University-of-New-South-Wales-and-University-of-Western-Australia-The-second-author-is-from-the-University-of-Western-Australia-The-third-author-is-from-the-Business-School-University-of-Western-Australia-35-Stirling-Highway-Crawley-Western-Australia-6009-The-authors-thank-the-UWA-Business-School-for-research-funds-and-Jonathon-Burrows-and-Jonathan-Wei-Peng-Seow-for-research-assistance-The-authors-acknowledge-the-helpful-comments-received-from-the-journal-Editors-Peter-Pope-Andrew-Stark-and-Martin-Walker-and-from-Yael-Almog-Mary-Barth-Mike-Bradbury-David-Cairns-Julie-Cotter-Philippe-Danjou-Holger-Erchinger-Carol-Ann-Frost-Keith-Godfrey-Niclas-Hellman-Anja-Hjelstro-m-Martin-Hoogendorn-H-Y-Izan-Howell-Jackson-Sei-Ichi-Kaneko-Chris-Nobes-Jim-Ohlson-Carol-Page-Katherine-Schipper-Peter-Verhoeven-Michael-Vorraber-Marvin-Wee-Wei-Guo-Zhang-and-seminar-participants-at-Cass-Business-School-City-University-King-s-College-University-of-London-Catholic-University-Leuven-Stanford-University-Stockholm-School-of-Economics-University-of-Sydney-University-of-Technology-Sydney-s-2010-Accounting-Symposium-the-Accounting-and-Finance-Association-of-Australia-and-New-Zealand-AFAANZ-annual-meeting-Adelaide-2009-the-American-Accounting-Association-AAA-annual-meeting-New-York-2009-the-European-Accounting-Association-EAA-annual-meeting-Ljubljana-2012-the-South-African-Academic-Accounting-Association-SAAAA-annual-meeting-George-2011-and-the-IFRS-Foundation-2012-Paper-received-December-2013",{"title":2177},{"EN":2178},"The first author is from the University of New South Wales and University of Western Australia. The second author is from the University of Western Australia. The third author is from the Business School, University of Western Australia, 35 Stirling Highway, Crawley, Western Australia 6009. The authors thank the UWA Business School for research funds and Jonathon Burrows and Jonathan Wei Peng Seow for research assistance. The authors acknowledge the helpful comments received from the journal Editors Peter Pope, Andrew Stark and Martin Walker and from Yael Almog, Mary Barth, Mike Bradbury, David Cairns, Julie Cotter, Philippe Danjou, Holger Erchinger, Carol Ann Frost, Keith Godfrey, Niclas Hellman, Anja Hjelström, Martin Hoogendorn, H.Y. Izan, Howell Jackson, Sei-Ichi Kaneko, Chris Nobes, Jim Ohlson, Carol Page, Katherine Schipper, Peter Verhoeven, Michael Vorraber, Marvin Wee, Wei Guo Zhang and seminar participants at Cass Business School City University, King's College University of London, Catholic University Leuven, Stanford University, Stockholm School of Economics, University of Sydney, University of Technology Sydney's 2010 Accounting Symposium, the Accounting and Finance Association of Australia and New Zealand (AFAANZ) annual meeting Adelaide 2009, the American Accounting Association (AAA) annual meeting New York 2009, the European Accounting Association (EAA) annual meeting Ljubljana 2012, the South African Academic Accounting Association (SAAAA) annual meeting George 2011 and the IFRS Foundation 2012. (Paper received December, 2013",{"id":2180,"sortIndex":168,"affiliation":2181,"properties":24},"1e8f43f3-a690-4abd-b61e-39bdbab93b49",{"id":2182,"createTime":2183,"updateTime":2183,"relativeEntities":2184,"slug":2185,"properties":2186,"entityType":60,"verifyStatus":23,"verifyTime":24,"verifyNote":24,"syncStatus":23,"languages":24,"translateLanguages":24,"viewCount":25},"20d322e1-0671-4a43-a655-8dbdf8526c7c","2024-09-21T19:07:25.881+00:00",[],"revised-version-accepted-December-2013-",{"title":2187},{"EN":2188},"revised version accepted December, 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