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The empirical results indicate that EPU exerts an adverse influence on banks’ return on assets (ROA), but this effect diminishes with the increasing level of bank ROA. The baseline result remains resilient to using state-level EPU as an alternative measure of policy uncertainty. In addition, the findings survive a battery of robustness and endogeneity tests, including instrumental variable (IV) regressions. It is observed that EPU exhibits a differential impact on banks' ROA during the 2008 financial crisis and the COVID-19 pandemic. Finally, it is found that while the deterring effect of EPU is more pronounced for banks with greater earning opacity, it is significantly mitigated by a bank’s search for yield, managerial ability, and diversified business models.",{"EN":102},"BHC brilliance in the fog of uncertainty: Illuminating trends in bank performance",{"VOID":104},"14025423249478624447",{"EN":106},"",{"VOID":108},"Aebi V, Sabato G, Schmid M (2012) Risk management, corporate governance, and bank performance in the financial crisis. J Bank Finance 36(12):3213–3226\nAlam AW, Farjana A, Houston R (2023a) State-level economic policy uncertainty (EPU) and firm financial stability: Is there any political insurance? Econ Lett 225:111027\nAlam AW, Farjana A, Houston R (2023b) Firm investment steering through state-level policy uncertainty. Financ Res Lett 58:104470\nAndreou PC, Philip D, Robejsek P (2016) Bank liquidity creation and risk-taking: Does managerial ability matter? J Bus Financ Acc 43(1–2):226–259\nAthari SA (2020) Domestic political risk, global economic policy uncertainty, and banks’ profitability: Evidence from Ukrainian banks. Post-Commun Econ 1–26. https:\u002F\u002Fdoi.org\u002F10.1080\u002F14631377.2020.1745563\nAzzimonti M (2018) Partisan conflict and private investment. J Monet Econ 93:114–131. https:\u002F\u002Fdoi.org\u002F10.1016\u002Fj.jmoneco.2017.10.007\nBajaj Y, Kashiramka S, Singh S (2021) Economic policy uncertainty and leverage dynamics: Evidence from an emerging economy. Int Rev Financ Anal 77:101836\nBaker SR, Bloom N, Davis SJ (2016) Measuring economic policy uncertainty. Quart J Econ 131(4):1593–1636. https:\u002F\u002Fdoi.org\u002F10.1093\u002Fqje\u002Fqjw024\nBaker SR, Davis SJ, Levy JA (2022) State-level economic policy uncertainty. J Monet Econ 132:81–99\nBanna H, Alam A, Alam AW, Chen XH (2023) Geopolitical Uncertainty and Banking Risk: International Evidence. Available at SSRN 4325966\nBerger AN, Bouwman CH (2013) How does capital affect bank performance during financial crises? J Financ Econ 109(1):146–176\nBerger AN, Guedhami O, Kim HH, Li X (2022) Economic policy uncertainty and bank liquidity hoarding. J Financial Intermed 49:100893\nBloom N, Floetotto M, Jaimovich N, Saporta-Eksten I, Terry SJ (2018) Really uncertain business cycles. Econometrica 86(3):1031–1065. https:\u002F\u002Fdoi.org\u002F10.3982\u002FECTA10927\nBonaime A, Gulen H, Ion M (2018) Does policy uncertainty affect mergers and acquisitions? J Financ Econ 129(3):531–558. https:\u002F\u002Fdoi.org\u002F10.1016\u002Fj.jfineco.2018.05.007\nCaglayan M, Xu B (2019) Economic policy uncertainty effects on credit and stability of financial institutions. Bull Econ Res 71(3):342–347\nChen PF, Lee CC, Zeng JH (2019) Economic policy uncertainty and firm investment: evidence from the US market. Appl Econ 51(31):3423–3435\nChi Q, Li W (2017) Economic policy uncertainty, credit risks and banks’ lending decisions: Evidence from Chinese commercial banks. China J Account Res 10(1):33–50\nChoi CY (2023) State political uncertainty and local housing markets-Evidence from US mid-term gubernatorial elections. Appl Econ 1–22\nChowdhury MAF, Haque MM, Masih M (2017) Re-examining the determinants of Islamic bank performance: new evidence from dynamic GMM, quantile regression, and wavelet coherence approaches. Emerg Mark Financ Trade 53(7):1519–1534\nCovas FB, Rump B, Zakrajšek E (2014) Stress-testing US bank holding companies: a dynamic panel quantile regression approach. Int J Forecast 30(3):691–713\nCuri C, Lozano-Vivas A (2020) Managerial ability as a tool for prudential regulation. J Econ Behav Organ 174:87–107\nDanisman GO, Demir E, Ozili P (2021) Loan loss provisioning of US banks: economic policy uncertainty and discretionary behavior. Int Rev Econ Financ 71:923–935\nDemerjian P, Lev B, McVay S (2012) Quantifying managerial ability: A new measure and validity tests. Manage Sci 58(7):1229–1248. https:\u002F\u002Fdoi.org\u002F10.1287\u002Fmnsc.1110.1487\nDemir E, Ersan O (2017) Economic policy uncertainty and cash holdings: Evidence from BRIC countries. Emerg Mark Rev 33:189–200\nDemirgüç-Kunt A, Huizinga H (2010) Bank activity and funding strategies: The impact on risk and returns. J Financ Econ 98(3):626–650\nDuong HN, Nguyen JH, Nguyen M, Rhee SG (2020) Navigating through economic policy uncertainty: The role of corporate cash holdings. J Corp Finan 62:101607\nElkamhi R, Jo C, Salerno M (2023) Measuring “State-Level” Economic Policy Uncertainty. J Fin Quant Anal 1–37. https:\u002F\u002Fdoi.org\u002F10.1017\u002FS0022109023000807\nFosu S, Ntim CG, Coffie W, Murinde V (2017) Bank opacity and risk-taking: Evidence from analysts’ forecasts. J Financ Stab 33:81–95\nGulen H, Ion M (2016) Policy uncertainty and corporate investment. Rev Fin Stud 29(3):523–564. https:\u002F\u002Fdoi.org\u002F10.1093\u002Frfs\u002Fhhv050\nHair JF, Black WC, Babin BJ, Anderson RE, Tatham RJ (2006) Multivariate data analysis (6th ed). Pearson International Edition\nHamdi K, Hassen G (2022) Economic policy uncertainty effect on credit risk, lending decisions and banking performance: Evidence from Tunisian listed banks. J Econ Admin Sci 38(2):287–303\nHe F, Ma Y, Zhang X (2020) How does economic policy uncertainty affect corporate Innovation?–Evidence from China listed companies. Int Rev Econ Financ 67:225–239\nIqbal U, Gan C, Nadeem M (2020) Economic policy uncertainty and firm performance. Appl Econ Lett 27(10):765–770\nJudge GG, Griffiths WE, Hill RC, Lütkepohl H, Lee TC (1991) The theory and practice of econometrics, vol 49. John Wiley & Sons\nJulio B, Yook Y (2012) Political uncertainty and corporate investment cycles. J Financ 67(1):45–83. https:\u002F\u002Fdoi.org\u002F10.1111\u002Fj.1540-6261.2011.01707.x\nJurado K, Ludvigson SC, Ng S (2015) Measuring Uncertainty. Am Econ Rev 105(3):1177–1216. https:\u002F\u002Fdoi.org\u002F10.1257\u002Faer.20131193\nKang W, Lee K, Ratti RA (2014) Economic policy uncertainty and firm-level investment. J Macroecon 39:42–53\nKido Y (2016) On the link between the US economic policy uncertainty and exchange rates. Econ Lett 144:49–52. https:\u002F\u002Fdoi.org\u002F10.1016\u002Fj.econlet.2016.04.022\nKong Q, Li R, Wang Z, Peng D (2022) Economic policy uncertainty and firm investment decisions: Dilemma or opportunity? Int Rev Financ Anal 83:102301\nLe TD, Ngo T (2020) The determinants of bank profitability: A cross-country analysis. Central Bank Review 20(2):65–73. https:\u002F\u002Fdoi.org\u002F10.1016\u002Fj.cbrev.2020.04.001\nLee BS, Li MYL (2012) Diversification and risk-adjusted performance: A quantile regression approach. J Bank Finance 36(7):2157–2173\nLee CC, Lee CC, Zeng JH, Hsu YL (2017) Peer bank behavior, economic policy uncertainty, and leverage decision of financial institutions. J Financ Stab 30:79–91\nLi XM, Qiu M (2021) The joint effects of economic policy uncertainty and firm characteristics on capital structure: Evidence from US firms. J Int Money Financ 110:102279\nLiu CC, Ryan SG, Wahlen JM (1997) Differential valuation implications of loan loss provisions across banks and fiscal quarters. Account Rev 133–146\nNelson SC, Katzenstein PJ (2014) Uncertainty, risk, and the financial crisis of 2008. Int Organ 68(2):361–392. https:\u002F\u002Fdoi.org\u002F10.1017\u002FS0020818313000416\nNguyen NH, Phan HV (2017) Policy uncertainty and mergers and acquisitions. J Fin Quant Anal 52(2):613–644\nNguyen TPT, Nghiem S, Tripe D (2021) Does oil price aggravate the impact of economic policy uncertainty on bank performance in India? Energy Econ 104:105529\nNguyen TV, Phan A, Tran DV (2023) Activity strategies, bank stability and policy uncertainty. J Econ Int Finance 47(4):959–983\nOrden‐Cruz C, Paule‐Vianez J, Lobão J (2022) The effect of Economic Policy Uncertainty on the credit risk of US commercial banks. Int J Finance Econ\nOzili PK, Arun TG (2022) Does economic policy uncertainty affect bank profitability? Int J Manag Finance. https:\u002F\u002Fdoi.org\u002F10.1108\u002FIJMF-04-2022-0177\nPham MH, Nguyen NM (2023) Bank funding diversity, risk and profitability: Evidence from Vietnam in the context of the Covid-19 pandemic. Cogent Bus Manag 10(1). https:\u002F\u002Fdoi.org\u002F10.1080\u002F23311975.2023.2191305\nPhan HV, Nguyen NH, Nguyen HT, Hegde S (2019) Policy uncertainty and firm cash holdings. J Bus Res 95:71–82\nSchultz L, David T, Kathleen W (2010) Endogeneity and the corporate governance-performance relation. Aust J Manag 35(2):145–163. https:\u002F\u002Fdoi.org\u002F10.1177\u002F0312896210370079\nShafi M, Liu J, Ren W (2020) Impact of COVID-19 pandemic on micro, small, and medium-sized Enterprises operating in Pakistan. Research in Globalization 2:100018. https:\u002F\u002Fdoi.org\u002F10.1016\u002Fj.resglo.2020.100018\nSufian F, Habibullah MS (2010) Assessing the impact of financial crisis on bank performance: Empirical evidence from Indonesia. ASEAN Econ Bull 245–262\nTran DV, Hassan MK, Alam AW, Pezzo L, Abdul-Majid M (2021a) Economic policy uncertainty, agency problem, and funding structure: Evidence from US banking industry. Res Int Bus Financ 58:101470\nTran DV, Hoang K, Nguyen C (2021b) How does economic policy uncertainty affect bank business models? Financ Res Lett 39:101639. https:\u002F\u002Fdoi.org\u002F10.1016\u002Fj.frl.2020.101639\nTran DV, Nguyen C, Hoang HV (2023) How do banks manage their capital during uncertainty? Appl Econ Lett 30(2):195–199\nTran DV, Houston R (2021) The effects of policy uncertainty on bank loan loss provisions. Econ Model 102. https:\u002F\u002Fdoi.org\u002F10.1016\u002Fj.econmod.2021.105575\nVo XV, Pham THA, Doan TN, Luu HN (2021) Managerial ability and bank lending behavior. Financ Res Lett 39:101585\nWen J, Khalid S, Mahmood H, Yang X (2022) Economic policy uncertainty and growth nexus in Pakistan: a new evidence using NARDL model. Econ Change Restruct 1–15. https:\u002F\u002Fdoi.org\u002F10.1007\u002Fs10644-021-09364-2\nWu J, Zhang J, Zhang S, Zou L (2020) The economic policy uncertainty and firm investment in Australia. Appl Econ 52(31):3354–3378\nXu Z (2020) Economic policy uncertainty, cost of capital, and corporate innovation. J Bank Finance 111:105698. https:\u002F\u002Fdoi.org\u002F10.1016\u002Fj.jbankfin.2019.105698\nZhang G, Han J, Pan Z, Huang H (2015) Economic policy uncertainty and capital structure choice: Evidence from China. Econ Syst 39(3):439–457\nZheng Y (2020) Does bank opacity affect lending? J Bank Finance 119:105900",{"VOID":110},"10.1007\u002Fs12197-024-09664-z","PUBLICATION","VERIFIED","2025-01-30T08:14:38.087+00:00","Auto Verify","https:\u002F\u002Flink.springer.com\u002Farticle\u002F10.1007\u002Fs12197-024-09664-z",[117,135,150,165,183],{"id":118,"sortIndex":21,"researcher":20,"roles":119,"affiliations":121,"properties":130},"4e8679ea-bd29-4c99-b54f-764d6a81270b",[120],"AUTHOR",[122],{"id":123,"sortIndex":21,"affiliation":124,"properties":20},"ff93dacf-c3bd-4dab-91e9-846d82a5a42f",{"id":123,"createTime":20,"updateTime":20,"relativeEntities":125,"slug":20,"properties":126,"entityType":20,"verifyStatus":20,"verifyTime":20,"verifyNote":20,"languages":20,"translateLanguages":20,"viewCount":20,"url":20,"parentIds":129,"statistic":20},[],{"title":127},{"VI":128},"Banking Academy of Vietnam, Hanoi, Vietnam",[],{"title":131,"gsAuthor":133},{"VI":132},"Minh N. 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Moreover, the time path of scale economies for a given firm has not been studied in the banking literature at all. Examining scale economies, either from cross-sectional or panel data, based only on a single estimate ignores the dynamic behavior (both cost- and production-wise) of a banking firm as well as of the banking industry. We study the time-varying scale economies of commercial banking firms. We employ the Kalman-filter approach in estimating the translog cost function. The Kalman filter allows the parameters of the translog cost function and therefore the scale economies to be time dependent and varying. The estimation results indicate significant variation in inter- and within-firm scale economies over time for sample banks.",{"EN":258},"The temporal behavior of scale economies within A banking firm",{"VOID":260},"[\"17276779592559178145\"]",{"VOID":262},"Bauer, P.W., A.N. Berger, and D. Humphrey, 1993, Efficiency and Productivity Growth in U.S. Banking, in: H.O. Fried, C.A.K. Lovell and S.S. Schmidt, eds., The Measurement of Productive Efficiency: Techniques and Applications (Oxford University Press), 386–413.\nBell, F.W. and N.B. Murphy, 1968, Costs in Commercial Banking: A Quantitative Analysis of Bank Behavior and Its Relation to Bank Regulation, Research Report No. 41, (Boston: Federal Reserve Bank of Boston).\nBenston, G.J., 1965, Branch Banking and Economies of Scale, Journal of Finance, 20, 312–31.\nBenston, G.J., 1972, Economies of Scale of Financial Institutions, Journal of Money, Credit, and Banking, 4, 312–41.\nBenston, G.J., G.A. Hanweck and D.B. Humphrey, 1982. Scale Economies in Banking: A Restructuring and Reassessment, Journal of Money, Credit, and Banking, 14, 435–56.\nBerger, A.N., G.A. Hanweck and D.B. Humphrey, 1987, Competitive Viability of in\nBanking: Scale, Scope, and Product Mix Economies, Journal of Monetary Economics, 16, 501–520.\nBerger, A.N., and D.B. Humphrey, 1992, Measurement and Efficiency Issues in Commercial Banking, in: Zvi Griliches ed., Output Measurement in the Service Sectors, National Bureau of Economic Research, (University of Chicago Press, Chicago, IL), 245–279.\nBerger, A.N., 1993. Distribution-Free Estimates of Efficiency in the U.S. Banking Industry and Tests of the Standard Distributional Assumptions. Journal of Productivity Analysis, 4, 261–292.\nCebenoyan, S.A., 1988, Multiproduct Cost Functions and Scale Economies, Financial Review, 23, 499–512.\nChambers, R.G., 1988, Applied Production Analysis: A Dual Approach, (Cambridge University Press).\nClark, J.A., 1984, Estimation of Economies of Scale in Banking Using a Generalized Functional Form, Journal of Money, Credit, and Banking, 16, 53–67.\nEvanoff, D.D. and P.R. Israilevich, July\u002FAugust 1991, Productive Efficiency in Banking, Economic Perspectives, Federal Reserve Bank of Chicago, 11–32.\nFerrier, G.D. and C.A.K. Lowell, 1990, Measuring Cost Efficiency in Banking: Econometric and Linear Programming Evidence, Journal of Econometrics, 46(2), 229–245.\nFields, J., N.B. Murphy and D. Tirtiro Ju, 1993, An International Comparison of Scale Economies in Banking: Evidence from Turkey, Journal of Financial Services Research, 7(2), 111–125.\nGlass, J.C. and D.G. McKillop, 1992, An Empirical Analysis of Scale and Scope Economies and Technical Change in an Irish Multiproduct Banking Firm, Journal of Banking and Finance, 16, 423–437.\nHumphrey, D.B., 1992, Flow versus Stock Indicators of Banking Output: Effects on Productivity and Scale Economy Measurement, Journal of Financial Services Research, 6, 115–135.\nHunter, W.C. and S.G. Timme, 1986, Technical Change, Organizational Form, and the Structure of Bank Production, Journal of Money, Credit, and Banking, 18, 152–166.\nHunter, W.C. and S.G. Timme, 1991, Technological Change in Large U.S. Commercial Banks, Journal of Business, 44(3), 339–362.\nThe Efficiency of Financial Institutions, April 1993, Journal of Banking and Finance (Special Issue), vol. 17, No. 2–3.\nKalman, R.E., 1960, A New Approach to Linear Filtering and Prediction Problem, Transactions o ASME, Series D: Journal of Basic Engineering, 82, 35–45.\nKalman, R.E. and R.S. Bucy, 1961, New Results in Linear Filtering and Prediction Theory, Journal of Basic Engineering, 83, 95–108.\nMeinhold, R.J. and N.Z. Singpurwalla, 1983, Understanding Kalman Filter, American Statistician, 37(2), 123–127.\nMester, L.J., 1992, Traditional and Non-traditional Banking: An Information-Theoretic Approach, Journal of Banking and Finance, 16, 545–566.\nNoulas, A.G., S.C. Ray and S.M. Miller, 1990, Returns to Scale and Input Substitution for Large U.S. Banks, Journal of Money, Credit, and Banking, 22, 94–108.\nSlade, M., 1989, Modeling Stochastic and Cyclical Components of Technical Change,",{"VOID":264},"10.1007\u002FBF02920890","2024-05-12T04:32:04.515+00:00","https:\u002F\u002Flink.springer.com\u002Farticle\u002F10.1007\u002FBF02920890",[268,285],{"id":269,"sortIndex":21,"researcher":20,"roles":270,"affiliations":271,"properties":280},"6ece9f19-3577-4300-9108-b57e2c16ea01",[120],[272],{"id":273,"sortIndex":21,"affiliation":274,"properties":20},"fbbab310-a460-49a8-9fdc-146e3cc8a472",{"id":273,"createTime":20,"updateTime":20,"relativeEntities":275,"slug":20,"properties":276,"entityType":20,"verifyStatus":20,"verifyTime":20,"verifyNote":20,"languages":20,"translateLanguages":20,"viewCount":20,"url":20,"parentIds":279,"statistic":20},[],{"title":277},{"VI":278},"Department of Finanes, Virginia Commonwealth University, Riethmond",[],{"title":281,"gsAuthor":283},{"VI":282},"Kenneth Daniels",{"VOID":284},"[\"YSVmP08AAAAJ\"]",{"id":286,"sortIndex":83,"researcher":20,"roles":287,"affiliations":288,"properties":297},"37916cb1-0b6b-40f1-8e94-bb976baf8120",[120],[289],{"id":290,"sortIndex":21,"affiliation":291,"properties":20},"cc6d9e6b-ef60-4e64-8092-8c4c85370e8c",{"id":290,"createTime":20,"updateTime":20,"relativeEntities":292,"slug":20,"properties":293,"entityType":20,"verifyStatus":20,"verifyTime":20,"verifyNote":20,"languages":20,"translateLanguages":20,"viewCount":20,"url":20,"parentIds":296,"statistic":20},[],{"title":294},{"VI":295},"School of Business, Salisbury State University, Salisbury",[],{"title":298,"gsAuthor":300},{"VI":299},"Doĝan Tirtiroĝlu",{"VOID":301},"[\"dEy3904AAAAJ\"]",{"url":266,"publisher":303,"properties":343},{"id":6,"createTime":7,"updateTime":8,"relativeEntities":304,"slug":10,"properties":305,"entityType":18,"verifyStatus":19,"verifyTime":20,"verifyNote":20,"languages":20,"translateLanguages":20,"viewCount":21,"subjectFields":309,"manageAffiliations":318,"indexDatabases":324,"url":78,"thumbnailPath":20,"statistic":338,"gsStatistic":20,"type":87,"analyzePriority":20},[],{"issn":306,"title":307,"eissn":308},{"VOID":13},{"EN":15},{"VOID":17},[310,314],{"id":24,"createTime":20,"updateTime":20,"relativeEntities":311,"label":312,"description":313,"parentId":20,"standard":20,"scholarHubFieldId":20},[],{"EN":27},{},{"id":30,"createTime":20,"updateTime":20,"relativeEntities":315,"label":316,"description":317,"parentId":20,"standard":20,"scholarHubFieldId":20},[],{"EN":33},{},[319],{"id":37,"createTime":20,"updateTime":20,"relativeEntities":320,"slug":20,"properties":321,"entityType":20,"verifyStatus":20,"verifyTime":20,"verifyNote":20,"languages":20,"translateLanguages":20,"viewCount":20,"url":20,"parentIds":323,"statistic":20},[],{"title":322},{"EN":41},[43],[325,332],{"id":46,"indexDatabase":326,"url":57,"indexYears":58,"academicFieldIds":331,"indexDatabaseRanking":62},{"id":48,"createTime":20,"updateTime":20,"relativeEntities":327,"label":328,"description":329,"key":54,"publicationTags":330,"standard":20},[],{"EN":51,"VI":51},{"EN":51,"VI":53},[56],[60,61],{"id":64,"indexDatabase":333,"url":77,"indexYears":20,"academicFieldIds":20,"indexDatabaseRanking":20},{"id":66,"createTime":20,"updateTime":20,"relativeEntities":334,"label":335,"description":336,"key":73,"publicationTags":337,"standard":20},[],{"EN":69,"VI":69},{"EN":71,"VI":72},[75,76],{"impactFactor":21,"impactFactorByYear":339,"i10Index":21,"i10IndexLast5Year":21,"totalPublication":81,"totalPublicationByYear":340,"totalCitation":21,"totalCitationByYear":341,"totalCitationPerPublication":21,"totalCitationPerPublicationByYear":342,"hindexLast5Year":21,"hindex":21},{},{"1994":83,"1996":84,"2000":83,"2007":83,"2008":84,"2015":83,"2016":83,"2018":83,"2019":83,"2022":83,"2023":83},{},{},{"pages":344,"volume":346},{"VOID":345},"33-45",{"VOID":347},"20",{"total":83,"publishYear":349,"statisticByYear":350},1996,{"2018":83},"1996-06-01",[62,75],{"id":354,"createTime":355,"updateTime":356,"relativeEntities":357,"slug":358,"properties":359,"entityType":111,"verifyStatus":112,"verifyTime":368,"verifyNote":114,"languages":20,"translateLanguages":20,"viewCount":21,"primaryUrl":369,"fullTextUrl":20,"authors":370,"publicationType":197,"publisherRelationship":405,"citationCount":451,"citationInfo":452,"publishDate":456,"publishYear":453,"citationAnalyzeStatus":244,"lastCitationAnalyze":356,"indexDatabases":457,"openAccess":20,"references":458,"isForceReanalyzing":247},"3362e0a3-427c-448e-804b-7000e0babcc8","2024-01-21T15:28:26.552+00:00","2026-07-19T07:14:13.396+00:00",[],"Market-impact-of-international-sporting-and-cultural-events",{"abstract":360,"title":362,"gsPaper":364,"doi":366},{"EN":361},"We study market reaction to the announcements of the selected country hosting the Summer and Winter Olympic Games, the World Football Cup, the European Football Cup and World and Specialized Exhibitions. We generalize previous results analyzing a large number and different types of mega-events, evaluate the effects for winning and losing countries, investigate the determinants of the observed market reaction and control for the ex ante probability of a country being a successful bidder. Average abnormal returns measured at the announcement date and around the event are not significantly different from zero. Further, we find no evidence supporting that industries, that a priori were more likely to extract direct benefits from the event, observe positive significant effects. Yet, when we control for anticipation, the stock price reactions around the announcements are significant.",{"EN":363},"Market impact of international sporting and cultural events",{"VOID":365},"[\"3311180093701434412\"]",{"VOID":367},"10.1007\u002Fs12197-009-9087-1","2024-04-30T10:07:25.263+00:00","https:\u002F\u002Flink.springer.com\u002Farticle\u002F10.1007\u002Fs12197-009-9087-1",[371,388],{"id":372,"sortIndex":21,"researcher":20,"roles":373,"affiliations":374,"properties":383},"a0d67f74-b9f8-43cd-a1c4-4154954b4c59",[120],[375],{"id":376,"sortIndex":21,"affiliation":377,"properties":20},"55f24631-5e15-4d37-addd-0a8b59d300ac",{"id":376,"createTime":20,"updateTime":20,"relativeEntities":378,"slug":20,"properties":379,"entityType":20,"verifyStatus":20,"verifyTime":20,"verifyNote":20,"languages":20,"translateLanguages":20,"viewCount":20,"url":20,"parentIds":382,"statistic":20},[],{"title":380},{"VI":381},"Faculdade de Economia da Universidade do Porto, Porto, Portugal",[],{"title":384,"gsAuthor":386},{"VI":385},"António Miguel Martins",{"VOID":387},"[\"q9SCJ5UAAAAJ\"]",{"id":389,"sortIndex":83,"researcher":20,"roles":390,"affiliations":391,"properties":400},"f241a9f3-8f87-4df1-81b3-91a9076c6ec6",[120],[392],{"id":393,"sortIndex":21,"affiliation":394,"properties":20},"20aad1b4-28b1-4083-977b-99ea55a2f06d",{"id":393,"createTime":20,"updateTime":20,"relativeEntities":395,"slug":20,"properties":396,"entityType":20,"verifyStatus":20,"verifyTime":20,"verifyNote":20,"languages":20,"translateLanguages":20,"viewCount":20,"url":20,"parentIds":399,"statistic":20},[],{"title":397},{"VI":398},"CEMPRE, Faculdade de Economia da Universidade do Porto, Porto, Portugal",[],{"title":401,"gsAuthor":403},{"VI":402},"Ana Paula Serra",{"VOID":404},"[\"hYIGReYAAAAJ\"]",{"url":369,"publisher":406,"properties":446},{"id":6,"createTime":7,"updateTime":8,"relativeEntities":407,"slug":10,"properties":408,"entityType":18,"verifyStatus":19,"verifyTime":20,"verifyNote":20,"languages":20,"translateLanguages":20,"viewCount":21,"subjectFields":412,"manageAffiliations":421,"indexDatabases":427,"url":78,"thumbnailPath":20,"statistic":441,"gsStatistic":20,"type":87,"analyzePriority":20},[],{"issn":409,"title":410,"eissn":411},{"VOID":13},{"EN":15},{"VOID":17},[413,417],{"id":24,"createTime":20,"updateTime":20,"relativeEntities":414,"label":415,"description":416,"parentId":20,"standard":20,"scholarHubFieldId":20},[],{"EN":27},{},{"id":30,"createTime":20,"updateTime":20,"relativeEntities":418,"label":419,"description":420,"parentId":20,"standard":20,"scholarHubFieldId":20},[],{"EN":33},{},[422],{"id":37,"createTime":20,"updateTime":20,"relativeEntities":423,"slug":20,"properties":424,"entityType":20,"verifyStatus":20,"verifyTime":20,"verifyNote":20,"languages":20,"translateLanguages":20,"viewCount":20,"url":20,"parentIds":426,"statistic":20},[],{"title":425},{"EN":41},[43],[428,435],{"id":46,"indexDatabase":429,"url":57,"indexYears":58,"academicFieldIds":434,"indexDatabaseRanking":62},{"id":48,"createTime":20,"updateTime":20,"relativeEntities":430,"label":431,"description":432,"key":54,"publicationTags":433,"standard":20},[],{"EN":51,"VI":51},{"EN":51,"VI":53},[56],[60,61],{"id":64,"indexDatabase":436,"url":77,"indexYears":20,"academicFieldIds":20,"indexDatabaseRanking":20},{"id":66,"createTime":20,"updateTime":20,"relativeEntities":437,"label":438,"description":439,"key":73,"publicationTags":440,"standard":20},[],{"EN":69,"VI":69},{"EN":71,"VI":72},[75,76],{"impactFactor":21,"impactFactorByYear":442,"i10Index":21,"i10IndexLast5Year":21,"totalPublication":81,"totalPublicationByYear":443,"totalCitation":21,"totalCitationByYear":444,"totalCitationPerPublication":21,"totalCitationPerPublicationByYear":445,"hindexLast5Year":21,"hindex":21},{},{"1994":83,"1996":84,"2000":83,"2007":83,"2008":84,"2015":83,"2016":83,"2018":83,"2019":83,"2022":83,"2023":83},{},{},{"pages":447,"volume":449},{"VOID":448},"382-416",{"VOID":450},"35",48,{"total":451,"publishYear":453,"statisticByYear":454},2009,{"2011":83,"2012":167,"2013":455,"2014":167,"2015":455,"2017":84,"2018":84,"2019":167,"2020":167,"2021":167,"2022":455,"2023":185,"2024":83,"2026":185},5,"2009-06-16",[62,75],[459,466,472,478,485,489,496,503,507,514,520,524,531,538,545,551,554,561,568,571,578,581,588,591,594,597,604],{"id":20,"text":460,"url":461,"identifiers":462},"Acharya S (1993) Value of latent information: Alternative event study methods. J Finance 48:363–385. doi:10.2307\u002F2328895","https:\u002F\u002Fdoi.org\u002F10.1111\u002Fj.1540-6261.1993.tb04715.x",{"mag":463,"openalex":464,"doi":465},"2099365611","W2099365611","10.1111\u002Fj.1540-6261.1993.tb04715.x",{"id":467,"text":468,"url":469,"identifiers":470},"6d61d518-3c0c-4dc1-9852-ba2a30177d7d","Akhigbe A, Madura J, Whyte AM (2004) Partial anticipation and the gains to bank mergers. J Financ Serv Res 26:55–71. doi:10.1023\u002FB:FINA.0000029657.34575.d2","https:\u002F\u002Flink.springer.com\u002Farticle\u002F10.1023\u002FB:FINA.0000029657.34575.d2",{"doi":471},"10.1023\u002FB:FINA.0000029657.34575.d2",{"id":473,"text":474,"url":475,"identifiers":476},"4c68646b-0035-4279-8000-0006b275d4fa","Baade RA, Matheson VA (2004) The quest for the cup: Assessing the economic impact of the World Cup. Reg Stud 38:343–354","https:\u002F\u002Flink.springer.com\u002F10.1007\u002Fs10440-022-00541-7",{"doi":477},"10.1007\u002Fs10440-022-00541-7",{"id":20,"text":479,"url":480,"identifiers":481},"Berman G, Brooks R, Davidson S (2000) The Sydney Olympic Games announcement and the Australian stock market reaction. Appl Econ Lett 7:781–784. doi:10.1080\u002F135048500444796","https:\u002F\u002Fdoi.org\u002F10.1080\u002F135048500444796",{"mag":482,"openalex":483,"doi":484},"2064184532","W2064184532","10.1080\u002F135048500444796",{"id":20,"text":486,"url":20,"identifiers":487},"Blose LE, Shieh JCP (1997) Tobin’s Q-ratio and market reaction to capital investment announcements. Financ Rev 32:449–476. doi:10.1111\u002Fj.1540-6288.1997.tb00434.x",{"doi":488},"10.1111\u002Fj.1540-6288.1997.tb00434.x",{"id":20,"text":490,"url":491,"identifiers":492},"Boehmer E, Musumeci J, Poulsen A (1991) Event study methodology under conditions of events induced variance. J Financ Econ 30:253–272. doi:10.1016\u002F0304-405X(91)90032-F","https:\u002F\u002Fdoi.org\u002F10.1016\u002F0304-405x(91)90032-f",{"mag":493,"openalex":494,"doi":495},"2033910434","W2033910434","10.1016\u002F0304-405x(91)90032-f",{"id":20,"text":497,"url":498,"identifiers":499},"Brown S, Warner J (1980) Measuring security price performance. J Financ Econ 8:205–258. doi:10.1016\u002F0304-405X(80)90002-1","https:\u002F\u002Fdoi.org\u002F10.1016\u002F0304-405x(80)90002-1",{"mag":500,"openalex":501,"doi":502},"2101718392","W2101718392","10.1016\u002F0304-405x(80)90002-1",{"id":20,"text":504,"url":20,"identifiers":505},"Brown S, Warner J (1985) Using daily stock returns: the case of event studies. J Financ Econ 14:3–31. doi:10.1016\u002F0304-405X(85)90042-X",{"doi":506},"10.1016\u002F0304-405X(85)90042-X",{"id":20,"text":508,"url":509,"identifiers":510},"Burton B, Lonie A, Power P (1999) The stock market reaction to investment announcement: The case of individual capital expenditure projects. J Bus Finance Account 26:681–708. doi:10.1111\u002F1468-5957.00271","https:\u002F\u002Fdoi.org\u002F10.1111\u002F1468-5957.00271",{"mag":511,"openalex":512,"doi":513},"2149906677","W2149906677","10.1111\u002F1468-5957.00271",{"id":515,"text":516,"url":517,"identifiers":518},"230acf13-1507-4941-9e3d-8871164c1cd3","Corrado CJ (1989) A non-parametric test for abnormal security price performance in event studies. J Financ Econ 23:385–395. doi:10.1016\u002F0304-405X(89)90064-0","https:\u002F\u002Fwww.sciencedirect.com\u002Fscience\u002Farticle\u002Fpii\u002F0304405X89900640",{"doi":519},"10.1016\u002F0304-405x(89)90064-0",{"id":20,"text":521,"url":20,"identifiers":522},"Dimson E, Mussavian M (1998) Professional forum: a brief history of market efficiency. Eur Financ Manag 4:91–103. doi:10.1111\u002F1468-036X.00056",{"doi":523},"10.1111\u002F1468-036X.00056",{"id":20,"text":525,"url":526,"identifiers":527},"Dwyer L, Forsyth P, Spurr R (2005) Estimating the impacts of special events on an economy. J Travel Res 43:351–359. doi:10.1177\u002F0047287505274648","https:\u002F\u002Fdoi.org\u002F10.1177\u002F0047287505274648",{"mag":528,"openalex":529,"doi":530},"2154096756","W2154096756","10.1177\u002F0047287505274648",{"id":20,"text":532,"url":533,"identifiers":534},"Edmans A, García D, Norli Ø (2007) Sports sentiments and stock returns. J Finance 62:1967–1998. doi:10.1111\u002Fj.1540-6261.2007.01262.x","https:\u002F\u002Fdoi.org\u002F10.1111\u002Fj.1540-6261.2007.01262.x",{"mag":535,"openalex":536,"doi":537},"2134183765","W2134183765","10.1111\u002Fj.1540-6261.2007.01262.x",{"id":20,"text":539,"url":540,"identifiers":541},"Fama E (1991) Efficient capital markets: II. J Finance 46:1575–1617. doi:10.2307\u002F2328565","https:\u002F\u002Fdoi.org\u002F10.1111\u002Fj.1540-6261.1991.tb04636.x",{"mag":542,"openalex":543,"doi":544},"2116988722","W2116988722","10.1111\u002Fj.1540-6261.1991.tb04636.x",{"id":20,"text":546,"url":547,"identifiers":548},"Fama E (1998) Market efficiency, long-term returns, and behavioral finance. J Financ Econ 49:283–306. doi:10.1016\u002FS0304-405X(98)00026-9","https:\u002F\u002Fdoi.org\u002F10.2139\u002Fssrn.15108",{"openalex":549,"doi":550},"W4205384207","10.2139\u002Fssrn.15108",{"id":20,"text":552,"url":20,"identifiers":553},"Kothari SP, Warner J (2006) Econometrics of event studies. In: Eckbo BE (ed) Handbook of corporate finance: Empirical corporate finance. Handbooks in Finance Series, Elsevier\u002FNorth-Holland",{},{"id":20,"text":555,"url":556,"identifiers":557},"Jones E, Danbolt J, Hirst I (2004) Company investment announcements and the market value of the firm. Eur J Finance 10:437–452. doi:10.1080\u002F1351847032000168696","https:\u002F\u002Fdoi.org\u002F10.1080\u002F1351847032000168696",{"mag":558,"openalex":559,"doi":560},"3125008050","W3125008050","10.1080\u002F1351847032000168696",{"id":20,"text":562,"url":563,"identifiers":564},"Malatesta P, Thompson R (1985) Partially anticipated events: a model of stock price reactions with an application to corporate acquisitions. 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Rev Financ Stud 6:683–707",{"doi":477},{"id":20,"text":582,"url":583,"identifiers":584},"Merton R (1987) A simple model of capital market equilibrium with incomplete information. J Finance 42:483–510. doi:10.2307\u002F2328367","https:\u002F\u002Fdoi.org\u002F10.1111\u002Fj.1540-6261.1987.tb04565.x",{"mag":585,"openalex":586,"doi":587},"1999918735","W1999918735","10.1111\u002Fj.1540-6261.1987.tb04565.x",{"id":473,"text":589,"url":475,"identifiers":590},"Miller M, Modigliani F (1958) The cost of capital, corporation finance and the theory of investment. Am Econ Rev 48:261–297",{"doi":477},{"id":473,"text":592,"url":475,"identifiers":593},"Siegfried J, Zimbalist A (2000) The economics of sports facilities and their communities. J Econ Perspect 14:95–114",{"doi":477},{"id":473,"text":595,"url":475,"identifiers":596},"Titman S, Wei KCJ, Xie F (2004) Capital investments and stock returns. J Financ Quant Anal 39:677–700",{"doi":477},{"id":20,"text":598,"url":599,"identifiers":600},"Veraros N, Kasimati E, Dawson P (2004) The 2004 Olympic Games announcement and its effect on the Athens and Milan stock exchanges. Appl Econ Lett 11:749–753. doi:10.1080\u002F1350485042000254584","https:\u002F\u002Fdoi.org\u002F10.1080\u002F1350485042000254584",{"mag":601,"openalex":602,"doi":603},"2134361581","W2134361581","10.1080\u002F1350485042000254584",{"id":20,"text":605,"url":606,"identifiers":607},"Woolridge J, Snow C (1990) Stock market reaction to strategic investment decisions. Strateg Manage J 11:353–363. doi:10.1002\u002Fsmj.4250110503","https:\u002F\u002Fdoi.org\u002F10.1002\u002Fsmj.4250110503",{"mag":608,"openalex":609,"doi":610},"2037079167","W2037079167","10.1002\u002Fsmj.4250110503",{"id":612,"createTime":613,"updateTime":614,"relativeEntities":615,"slug":616,"properties":617,"entityType":111,"verifyStatus":112,"verifyTime":628,"verifyNote":114,"languages":20,"translateLanguages":20,"viewCount":21,"primaryUrl":629,"fullTextUrl":20,"authors":630,"publicationType":197,"publisherRelationship":661,"citationCount":21,"citationInfo":707,"publishDate":710,"publishYear":708,"citationAnalyzeStatus":19,"lastCitationAnalyze":614,"indexDatabases":711,"openAccess":20,"references":20,"isForceReanalyzing":247},"c6268fde-f0a8-4e8d-80f7-d4524dbdcacb","2024-01-08T09:57:13.675+00:00","2026-07-13T00:03:40.476+00:00",[],"Developing-a-decision-rule-to-predict-failure-The-case-of-savings-and-loan-associations",{"abstract":618,"title":620,"gsPaper":622,"references":624,"doi":626},{"EN":619},"The relative costs of misclassifying institutions by their financial health is an issue that concerns researchers. In this paper, a model and decision rule are developed that improve the probability of identifying those Savings and Loans that are predicted not to fail, but are actually failing. For obvious reasons, stakeholders in those institutions are very much interested in avoiding this type I error. The study also makes available evidence that the examination of Z-scores can be useful in identifying other financial institutions that may experience financial failure.",{"EN":621},"Developing a decision rule to predict failure: The case of savings and loan associations",{"VOID":623},"[\"17867019126914693988\"]",{"VOID":625},"Altman, Edward I.The Development of a Performance-Predictor System for Savings and Loan Associations. Washington, D.C.: The Office of Policy and Economic Research, Division of Federal Home Loan Bank Board, 1975. Invited Research Working Paper no. 10.\nAltman, Edward I. “Predicting Performance in the Savings and Loan Association Industry.”Journal of Monetary Economics (October 1977): 443–466.\nBarth, James R., Dan Brumbaugh, Jr.,Daniel Sauerhaft, andGeorge H.K. Wang. “Thrift-Institution Failures: Causes and Policy Issues.”Bank Structure and Competition. Chicago: Federal Reserve Bank of Chicago, 1985, 184–216.\nBarth, James R., Dan R. Brumbaugh, Jr.,Daniel Sauerhaft, andGeorge H.K. Wang.Thrift-Institution Failures: Estimating the Regulator's Closure Rules. Washington, D.C.: The Office of Policy and Economic Research, Division of Federal Home Loan Bank, Board, 1987. Research Working Paper no. 125.\nBenston, George J.An Analysis of the Causes of Savings and Loan Association Failures. Monograph Series in Finance and Economics, Salomon Brothers Center for the Study of Financial Institutions, New York University, Monograph 1985, 4–5.\nBloch, Ernest. “The Setting of Standards of Supervision for Savings and Loans Associations.” InStudy of the Savings and Loan Industry, vol. 4, ed. by Irwin Friend. Washington, D.C.: Federal Home Loan Bank Board, 1969, 1619–1689.\nBooth, David E., Pervaiz Alam, Sharif N. Ahkam, and Barbara Osyk. “A Robust Multivariate Procedure for the Identification of Problem Savings and Loan Institutions.”Decision Sciences Journal (Spring 1989): 320–33.\nElmer, Peter J., and David M. Borowski. “An Expert System Approach to Financial Analysis: The Case of S&L Bankruptcy.”Financial Management (Autumn 1988): 66–76.\nMaddala, G.S. Econometric Issues in The Empirical Analysis of Thrift Instutions' Insolvency and Failures. Washington, D.C.: The Office of Policy and Economic Research, Division of Federal Home Loan Bank Board, 1986. Invited Research Working Paper no. 56.\nPantalone, Coleen C., andMarjorie B. Platt. “Predicting Failure of Savings and Loan Associations.”Journal of The American Real Estate and Urban Economics Association 15 (Summer 1987): 46–64.\nRudolph, Patricia M., andMarvin Karson. “The Effect of Unequal Priors and Unequal Misclassification Cost on MDA.”Journal of Applied Statistics 15, no. 1 (1988): 69–81.\nRudolph, Patricia, andBassam Hamdan. “An Analysis of Post-Deregulation Savings and Loan Failures.”Journal of The American Real Estate and Urban Economics Association 16 (Spring 1988): 17–33.\nThompson, Frank A., Jr., Prasad V. Medury, Anju Ramjee, Balasubramani Ramjee, and Narendar V. Rao. “Predicting Risk Models Associated with Failure of FSLIC Insured Thrifts: Use of Alternative Classification Methodologies.” Paper presented at the Southern Risk and Insurance Association meeting, Charleston, South Carolina. 21 November 1988, 1–49.\nWang, George H.K., Daniel Sauerhaft, andDonald Edwards.Predicting Thrift-Institution Examination Ratings. Washington, D.C.: The Office of Policy and Economic Research, Division of Federal Home Loan Bank Board, 1987. Research Working Paper no. 131.",{"VOID":627},"10.1007\u002FBF02920221","2024-05-14T19:01:40.709+00:00","https:\u002F\u002Flink.springer.com\u002Farticle\u002F10.1007\u002FBF02920221",[631,646],{"id":632,"sortIndex":21,"researcher":20,"roles":633,"affiliations":634,"properties":643},"4ba07d15-b64f-476d-96ef-381c3f88fa3c",[120],[635],{"id":636,"sortIndex":21,"affiliation":637,"properties":20},"c5fdf216-92d0-459a-ac73-66a1b6120545",{"id":636,"createTime":20,"updateTime":20,"relativeEntities":638,"slug":20,"properties":639,"entityType":20,"verifyStatus":20,"verifyTime":20,"verifyNote":20,"languages":20,"translateLanguages":20,"viewCount":20,"url":20,"parentIds":642,"statistic":20},[],{"title":640},{"VI":641},"Jackson State University, Jackson",[],{"title":644},{"VI":645},"Phillip Fuller",{"id":647,"sortIndex":83,"researcher":20,"roles":648,"affiliations":649,"properties":658},"3288b8e1-d792-4649-85e8-95f1cf4ba033",[120],[650],{"id":651,"sortIndex":21,"affiliation":652,"properties":20},"0ec0849d-8330-4f47-bb7b-df69eb1e053e",{"id":651,"createTime":20,"updateTime":20,"relativeEntities":653,"slug":20,"properties":654,"entityType":20,"verifyStatus":20,"verifyTime":20,"verifyNote":20,"languages":20,"translateLanguages":20,"viewCount":20,"url":20,"parentIds":657,"statistic":20},[],{"title":655},{"VI":656},"Mississippt State University, Mississippi State",[],{"title":659},{"VI":660},"Theodor Kohers",{"url":629,"publisher":662,"properties":702},{"id":6,"createTime":7,"updateTime":8,"relativeEntities":663,"slug":10,"properties":664,"entityType":18,"verifyStatus":19,"verifyTime":20,"verifyNote":20,"languages":20,"translateLanguages":20,"viewCount":21,"subjectFields":668,"manageAffiliations":677,"indexDatabases":683,"url":78,"thumbnailPath":20,"statistic":697,"gsStatistic":20,"type":87,"analyzePriority":20},[],{"issn":665,"title":666,"eissn":667},{"VOID":13},{"EN":15},{"VOID":17},[669,673],{"id":24,"createTime":20,"updateTime":20,"relativeEntities":670,"label":671,"description":672,"parentId":20,"standard":20,"scholarHubFieldId":20},[],{"EN":27},{},{"id":30,"createTime":20,"updateTime":20,"relativeEntities":674,"label":675,"description":676,"parentId":20,"standard":20,"scholarHubFieldId":20},[],{"EN":33},{},[678],{"id":37,"createTime":20,"updateTime":20,"relativeEntities":679,"slug":20,"properties":680,"entityType":20,"verifyStatus":20,"verifyTime":20,"verifyNote":20,"languages":20,"translateLanguages":20,"viewCount":20,"url":20,"parentIds":682,"statistic":20},[],{"title":681},{"EN":41},[43],[684,691],{"id":46,"indexDatabase":685,"url":57,"indexYears":58,"academicFieldIds":690,"indexDatabaseRanking":62},{"id":48,"createTime":20,"updateTime":20,"relativeEntities":686,"label":687,"description":688,"key":54,"publicationTags":689,"standard":20},[],{"EN":51,"VI":51},{"EN":51,"VI":53},[56],[60,61],{"id":64,"indexDatabase":692,"url":77,"indexYears":20,"academicFieldIds":20,"indexDatabaseRanking":20},{"id":66,"createTime":20,"updateTime":20,"relativeEntities":693,"label":694,"description":695,"key":73,"publicationTags":696,"standard":20},[],{"EN":69,"VI":69},{"EN":71,"VI":72},[75,76],{"impactFactor":21,"impactFactorByYear":698,"i10Index":21,"i10IndexLast5Year":21,"totalPublication":81,"totalPublicationByYear":699,"totalCitation":21,"totalCitationByYear":700,"totalCitationPerPublication":21,"totalCitationPerPublicationByYear":701,"hindexLast5Year":21,"hindex":21},{},{"1994":83,"1996":84,"2000":83,"2007":83,"2008":84,"2015":83,"2016":83,"2018":83,"2019":83,"2022":83,"2023":83},{},{},{"pages":703,"volume":705},{"VOID":704},"43-54",{"VOID":706},"18",{"total":21,"publishYear":708,"statisticByYear":709},1994,{},"1994-03-01",[62,75],{"id":713,"createTime":714,"updateTime":715,"relativeEntities":716,"slug":717,"properties":718,"entityType":111,"verifyStatus":112,"verifyTime":729,"verifyNote":114,"languages":20,"translateLanguages":20,"viewCount":21,"primaryUrl":730,"fullTextUrl":20,"authors":731,"publicationType":197,"publisherRelationship":747,"citationCount":21,"citationInfo":793,"publishDate":796,"publishYear":794,"citationAnalyzeStatus":19,"lastCitationAnalyze":715,"indexDatabases":797,"openAccess":20,"references":20,"isForceReanalyzing":247},"82b45505-6020-4407-810b-4705a065963a","2024-01-18T17:43:22.927+00:00","2026-05-10T06:07:31.512+00:00",[],"An-anomaly-in-the-pricing-of-bank-non-interest-mortgage-charges",{"abstract":719,"title":721,"gsPaper":723,"references":725,"doi":727},{"EN":720},"This paper uses a monopolistically competitive model to study the determinants of bank mortgage charges. The study shows that concentration and the loan-price ratio do not have significant effects on the bank mortgage charges. Significantly, the charges are found to be positively related to the number of banks and bank offices in a given market and inversely related to the market size or population. (JEL L130, G210)",{"EN":722},"An anomaly in the pricing of bank non-interest mortgage charges",{"VOID":724},"[\"11828321707797569780\"]",{"VOID":726},"Aspinwall, Richard C. 1970. “Market Structure and Commercial Bank Mortgage Interest Rates.”Southern Economic Journal 36: 376–384.\nBenston, George J., Gerald A. Hanweck, and David B. Humphrey. 1982. “Scale Economies in Banking: A Restructuring and Reassessment.”Journal of Money, Credit, and Banking 14: 435–454.\nBerger, Allen N., and Timothy H. Hannan. 1989. “The Price-Concentration Relationship in Banking.”Review of Economics and Statistics 71: 291–299.\nCapozza, Dennis R., and Robert Van Order. 1978. “A Generalized Model of Spatial Competition.”American Economic Review 68: 896–908.\nCebula, Richard J. 1993. “An Empirical Analysis of Federal Budget Deficits and Interest Rates Directly Affecting Saving and Loans.”Southern Economic Journal 60: 28–36.\n— 1991. “Federal Government Borrowing and New Home Mortgage Rates in the United States: An Empirical Note.”International Review of Economics and Business (Rivista Internazionale di Scienze Economiche e Commerciali) 38: 45–54.\nCebula, Richard J., and Chao-shun Hung. 1995. “A Note on Bank Mortgage Charges in the U.S.”International Review of Economics and Business (Rivista Internazionale di Scienze Economiche e Commerciali) 42: 917–926.\n— 1992. “Government Budget Deficits and Interest Rates: An Empirical Analysis for the United States and Canada.”International Review of Economics and Business (Rivista Internazionale di Scienze Economiche e Commerciali) 39: 917–928.\nChamberlin, Edward.1933.The Theory of Monopolistic Competition. Cambridge, MA: Harvard University Press.\nDrum, Dale. 1976. “MBHCs: Evidence After Two Decades of Regulation.” Federal Reserve Bank of ChicagoBusiness Conditions (December): 3–15.\nEderington, Louis H., and Samuel L. Skogstad. 1977. “Measurement of Banking Competition and Geographic Markets.”Journal of Money, Credit, and Banking 9: 469–482.\nEdwards, Franklin R. 1964. “Concentration in Banking and Its Effects on Business Loan Rates.”Review of Economics and Statistics 46: 294–300.\nHotelling, Harold. 1929. “Stability in Competition.”Economic Journal 39: 41–57.\nHung, Chao-shun. 1993. “Budget Deficits and the Financial Services Industry in the United States: An Empirical Note.”International Review of Economics and Business (Rivista Internazionale di Scienze Economiche e Commerciali) 40: 75–79.\nHung, Chao-shun. 1986. “The Effects of Entry on Spatial Pricing and Their Implications in Industrial Economics.”Atlantic Economic Journal 14: 18–23.\nKaufman, George G. 1996. “Bank Market Structure and Performance: The Evidence From Iowa.”Southern Economic Journal 32: 429–439.\nMarlow, Michael L. 1982. “Bank Structure and Mortgage Rates: Implications for Interstate Banking.”Journal of Economics and Business 34: 135–142.\nRhoades, Stephen A. 1981. “Does Market Structure Matter in Commercial Banking?”Antitrust Bulletin 26: 155–181.\nSatterthwaite, Mark. A. 1979. “Consumer Information, Equilibrium Industry Price, and the Number of Sellers.”Bell Journal of Economics 10: 483–502.\nSlovin, Myron B., and Marie E. Sushka. 1984. “A Note on the Evidence on Alternative Models of the Banking Firm: A Cross Section Study of Commercial Loan Rates.”Journal of Banking and Finance 8: 99–108.\nWeiss, Leonard W. 1989. “A Review of Concentration—Price Studies in Banking.” InConcentration and Price, edited by Leonard W. Weiss. Cambridge, MA: MIT Press.\nWhite, Halbert. 1980. “A Heteroskedasticity-consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity.”Econometrica 48: 817–838.",{"VOID":728},"10.1007\u002FBF02745950","2024-05-17T04:28:44.272+00:00","https:\u002F\u002Flink.springer.com\u002Farticle\u002F10.1007\u002FBF02745950",[732],{"id":733,"sortIndex":21,"researcher":20,"roles":734,"affiliations":735,"properties":744},"5fabe71f-85c8-4d05-98c4-1d63c0838f5d",[120],[736],{"id":737,"sortIndex":21,"affiliation":738,"properties":20},"76ba2722-1618-4883-9454-ce691ed0fb07",{"id":737,"createTime":20,"updateTime":20,"relativeEntities":739,"slug":20,"properties":740,"entityType":20,"verifyStatus":20,"verifyTime":20,"verifyNote":20,"languages":20,"translateLanguages":20,"viewCount":20,"url":20,"parentIds":743,"statistic":20},[],{"title":741},{"VI":742},"Department of Economics, Florida Atlantic University, Boca Raton",[],{"title":745},{"VI":746},"Chao-shun Hung",{"url":730,"publisher":748,"properties":788},{"id":6,"createTime":7,"updateTime":8,"relativeEntities":749,"slug":10,"properties":750,"entityType":18,"verifyStatus":19,"verifyTime":20,"verifyNote":20,"languages":20,"translateLanguages":20,"viewCount":21,"subjectFields":754,"manageAffiliations":763,"indexDatabases":769,"url":78,"thumbnailPath":20,"statistic":783,"gsStatistic":20,"type":87,"analyzePriority":20},[],{"issn":751,"title":752,"eissn":753},{"VOID":13},{"EN":15},{"VOID":17},[755,759],{"id":24,"createTime":20,"updateTime":20,"relativeEntities":756,"label":757,"description":758,"parentId":20,"standard":20,"scholarHubFieldId":20},[],{"EN":27},{},{"id":30,"createTime":20,"updateTime":20,"relativeEntities":760,"label":761,"description":762,"parentId":20,"standard":20,"scholarHubFieldId":20},[],{"EN":33},{},[764],{"id":37,"createTime":20,"updateTime":20,"relativeEntities":765,"slug":20,"properties":766,"entityType":20,"verifyStatus":20,"verifyTime":20,"verifyNote":20,"languages":20,"translateLanguages":20,"viewCount":20,"url":20,"parentIds":768,"statistic":20},[],{"title":767},{"EN":41},[43],[770,777],{"id":46,"indexDatabase":771,"url":57,"indexYears":58,"academicFieldIds":776,"indexDatabaseRanking":62},{"id":48,"createTime":20,"updateTime":20,"relativeEntities":772,"label":773,"description":774,"key":54,"publicationTags":775,"standard":20},[],{"EN":51,"VI":51},{"EN":51,"VI":53},[56],[60,61],{"id":64,"indexDatabase":778,"url":77,"indexYears":20,"academicFieldIds":20,"indexDatabaseRanking":20},{"id":66,"createTime":20,"updateTime":20,"relativeEntities":779,"label":780,"description":781,"key":73,"publicationTags":782,"standard":20},[],{"EN":69,"VI":69},{"EN":71,"VI":72},[75,76],{"impactFactor":21,"impactFactorByYear":784,"i10Index":21,"i10IndexLast5Year":21,"totalPublication":81,"totalPublicationByYear":785,"totalCitation":21,"totalCitationByYear":786,"totalCitationPerPublication":21,"totalCitationPerPublicationByYear":787,"hindexLast5Year":21,"hindex":21},{},{"1994":83,"1996":84,"2000":83,"2007":83,"2008":84,"2015":83,"2016":83,"2018":83,"2019":83,"2022":83,"2023":83},{},{},{"pages":789,"volume":791},{"VOID":790},"162-169",{"VOID":792},"23",{"total":21,"publishYear":794,"statisticByYear":795},1999,{},"1999-06-01",[62,75],{"id":799,"createTime":800,"updateTime":801,"relativeEntities":802,"slug":803,"properties":804,"entityType":111,"verifyStatus":112,"verifyTime":815,"verifyNote":114,"languages":20,"translateLanguages":20,"viewCount":21,"primaryUrl":816,"fullTextUrl":20,"authors":817,"publicationType":197,"publisherRelationship":846,"citationCount":20,"citationInfo":20,"publishDate":892,"publishYear":893,"citationAnalyzeStatus":894,"lastCitationAnalyze":895,"indexDatabases":896,"openAccess":20,"references":20,"isForceReanalyzing":247},"d8786e19-00b5-4618-80cb-3eaa05c16c4f","2024-02-13T10:40:08.288+00:00","2026-03-11T14:59:28.991+00:00",[],"What-Can-explain-catering-of-dividend-Environment-information-and-investor-sentiment",{"abstract":805,"title":807,"gsPaper":809,"references":811,"doi":813},{"EN":806},"This paper offers a new evidence of the catering theory of dividend explained by three proxies proposed by Baker and Wurgler in the emerging market. Even although the result Investor preference for dividend is explained by different factors related to market situation and investor psychology is different from markets, it can be the evidence supporting the catering theory of dividend, not only in well-developed markets, but also in emerging markets such as our country. The purpose of this paper is to examine whether investor sentiment and market situation can influence the investor demand for dividend in 6 countries from MENA region. The sample includes all listed stocks in the Stock Exchange of 6 countries from MENA region during the years 2004–2013, excluding the firms from financial industries and firms with incomplete information. The catering theory explained by three proxies is measured by dividend premium, modified dividend premium and the previous market to book. Investor sentiment explains by four proxies, and the market situation explains by some factors. The findings yield qualitatively consistent with the previous research. After controlling the effect of investor sentiment and market situation, the result shows that the investor demands for dividend affected by behavior and market reaction. Furthermore, investors prefer dividends more in a bear market (underperforming) rather than bull markets (underperforming). Investors demand more dividends when their sentiment is negative. The findings of the study suggest that fair induction of corporate his feeling and the development of the financial market can help investor to take an efficacy decision to demand or not dividend from firms.",{"EN":808},"What Can explain catering of dividend? Environment information and investor sentiment",{"VOID":810},"[]",{"VOID":812},"Alstadsæter A, Jacob M, Michaely R (2017) do dividend taxes affect corporate investment? J Public Econ 151:74–83\nBaker M, Wurgler J (2004a) A catering theory of dividends. J Financ:1125–1165\nBaker M, Wurgler J (2004b) Appearing and disappearing dividends: the link to catering incentives. J Financ Econ 73:271–288\nBaker M, Wurgler J (2006) Investor sentiment and the cross-section of stock returns. J Financ 61:1645–1680\nBaker M, Wurgler J, Yuan Y (2011) Global, local, and contagious investor sentiment. J Financ Econ forthcoming\nBalachandran B, Khan A, Mather P, Theobald M (2017) Insider ownership and dividend policy in an imputation tax environment. J Corp Finan:1–41\nBaldwin ME, Kain JS (2006) Sensitivity of several performance measures to displacement error, bias, and event frequency. Wea Forecasting 21:636–648\nBeck THL, Levine R, Loayza NV (2000) Financial Intermediation and Growth: Causality and Causes. J Monet Econ 46(1):25–40\nBergeron C (2011) Dividend growth, stock valuation, and long-run risk. J Econ Financ 37(4):547–559\nBlack F, Scholes MS (1974) The effects of dividend yield and dividend policy on common stock prices and returns. J Financ Econ 1:1–22\nBreuera W, Oliver Riegerb M, Can Soypak K (2014) The behavioral foundations of corporate dividend policy a cross-country analysis. J Bank Financ 42:247–265\nChan C-H, Lin M-H (2017) Imputation tax system, dividend payout, and investor behavior: Evidence from the Taiwan stock exchange. Asia Pac Manag Rev 22(3):146–158\nChazi A, Boubakri N, Zanella F (2011) Corporate dividend policy in practice: evidence from an emerging market with a tax-free environment. Pac Basin Financ J 19:245–259\nCoval JD, Stein JC, Baker M (2008) Corporate Financing Decisions When Investors Take the Path of Least Resistance. J Financ Econ 84(2):266–298\nDahlquist M, Robertsson G, Rydqvist K (2014) direct evidence of dividend tax clienteles. J Empir Financ 28:1–12\nDaniel K, Hirshleifer D, Subrahmanyam A (1998) Investor psychology and security market under- and overreactions. J Financ 53(6):1839–1885\nDenis D, Osobov I (2008) Why do firms pay dividends? 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J Bank Financ:1730–1738\nFilbeck G, Ricciardi V, Evensky HR, Fand SZ, Holzhauere HM, Spieler A (2017) Behavioral finance: A panel discussion. J Behav Exp Financ 15:52–58\nFoucault T, Sraer D, Thesmar DJ (2011) Individual investors and volatility. J Financ 66(4):1369–1406\nFuller KP, Goldstein MA (2011) Do Dividends Matter More in Declining Markets? J Corp Finan 17(3):457–473\nGhosh C (1993) Do managerial motives impact dividend decisions in REITs? The Journal of Real Estate Finance and Economics 32(3):327–355\nGraham JR, Kumar A (2006) Do dividend clienteles exist? Evidence on dividend preferences of retail investors. The Journal of Finance 61(3):1305–1336\nGrullo G, Mickaely R (2002) Dividends, share repurchases, and the substitution hypothesis. J Financ:1648–1683\nHan B (2008) Investor Sentiment and Option Prices. Rev Financ Stud 21(1):387–414\nHanlon M, Hoopes JL (2014) What do firms do when dividend tax rates change? An examination of alternative payout responses. 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A dissertation, University of Toronto, 1-38",{"VOID":814},"10.1007\u002Fs12197-021-09540-0","2024-05-11T15:12:49.159+00:00","https:\u002F\u002Flink.springer.com\u002Farticle\u002F10.1007\u002Fs12197-021-09540-0",[818,833],{"id":819,"sortIndex":21,"researcher":20,"roles":820,"affiliations":821,"properties":830},"a8d58521-2372-4283-beaa-92e3d0e22cb7",[120],[822],{"id":823,"sortIndex":21,"affiliation":824,"properties":20},"04677ddf-5a9b-455f-91b0-1462b3a571c9",{"id":823,"createTime":20,"updateTime":20,"relativeEntities":825,"slug":20,"properties":826,"entityType":20,"verifyStatus":20,"verifyTime":20,"verifyNote":20,"languages":20,"translateLanguages":20,"viewCount":20,"url":20,"parentIds":829,"statistic":20},[],{"title":827},{"VI":828},"Faculty of economics and management of Tunis, University of Tunis el Manar, Tunis, Tunisia",[],{"title":831},{"VI":832},"Hadfi Bilel",{"id":834,"sortIndex":83,"researcher":20,"roles":835,"affiliations":836,"properties":843},"92d51bd4-0b21-4892-9f37-4a68894cd606",[120],[837],{"id":823,"sortIndex":21,"affiliation":838,"properties":20},{"id":823,"createTime":20,"updateTime":20,"relativeEntities":839,"slug":20,"properties":840,"entityType":20,"verifyStatus":20,"verifyTime":20,"verifyNote":20,"languages":20,"translateLanguages":20,"viewCount":20,"url":20,"parentIds":842,"statistic":20},[],{"title":841},{"VI":828},[],{"title":844},{"VI":845},"Kouki Mondher",{"url":816,"publisher":847,"properties":887},{"id":6,"createTime":7,"updateTime":8,"relativeEntities":848,"slug":10,"properties":849,"entityType":18,"verifyStatus":19,"verifyTime":20,"verifyNote":20,"languages":20,"translateLanguages":20,"viewCount":21,"subjectFields":853,"manageAffiliations":862,"indexDatabases":868,"url":78,"thumbnailPath":20,"statistic":882,"gsStatistic":20,"type":87,"analyzePriority":20},[],{"issn":850,"title":851,"eissn":852},{"VOID":13},{"EN":15},{"VOID":17},[854,858],{"id":24,"createTime":20,"updateTime":20,"relativeEntities":855,"label":856,"description":857,"parentId":20,"standard":20,"scholarHubFieldId":20},[],{"EN":27},{},{"id":30,"createTime":20,"updateTime":20,"relativeEntities":859,"label":860,"description":861,"parentId":20,"standard":20,"scholarHubFieldId":20},[],{"EN":33},{},[863],{"id":37,"createTime":20,"updateTime":20,"relativeEntities":864,"slug":20,"properties":865,"entityType":20,"verifyStatus":20,"verifyTime":20,"verifyNote":20,"languages":20,"translateLanguages":20,"viewCount":20,"url":20,"parentIds":867,"statistic":20},[],{"title":866},{"EN":41},[43],[869,876],{"id":46,"indexDatabase":870,"url":57,"indexYears":58,"academicFieldIds":875,"indexDatabaseRanking":62},{"id":48,"createTime":20,"updateTime":20,"relativeEntities":871,"label":872,"description":873,"key":54,"publicationTags":874,"standard":20},[],{"EN":51,"VI":51},{"EN":51,"VI":53},[56],[60,61],{"id":64,"indexDatabase":877,"url":77,"indexYears":20,"academicFieldIds":20,"indexDatabaseRanking":20},{"id":66,"createTime":20,"updateTime":20,"relativeEntities":878,"label":879,"description":880,"key":73,"publicationTags":881,"standard":20},[],{"EN":69,"VI":69},{"EN":71,"VI":72},[75,76],{"impactFactor":21,"impactFactorByYear":883,"i10Index":21,"i10IndexLast5Year":21,"totalPublication":81,"totalPublicationByYear":884,"totalCitation":21,"totalCitationByYear":885,"totalCitationPerPublication":21,"totalCitationPerPublicationByYear":886,"hindexLast5Year":21,"hindex":21},{},{"1994":83,"1996":84,"2000":83,"2007":83,"2008":84,"2015":83,"2016":83,"2018":83,"2019":83,"2022":83,"2023":83},{},{},{"pages":888,"volume":890},{"VOID":889},"428-450",{"VOID":891},"45","2021-02-07",2021,"ERROR_IN_GET_PLATFORM_ID","2026-03-11T14:59:28.990+00:00",[62,75],{"id":898,"createTime":899,"updateTime":900,"relativeEntities":901,"slug":902,"properties":903,"entityType":111,"verifyStatus":112,"verifyTime":913,"verifyNote":114,"languages":20,"translateLanguages":20,"viewCount":83,"primaryUrl":914,"fullTextUrl":20,"authors":915,"publicationType":197,"publisherRelationship":961,"citationCount":20,"citationInfo":20,"publishDate":1007,"publishYear":1008,"citationAnalyzeStatus":894,"lastCitationAnalyze":1009,"indexDatabases":1010,"openAccess":20,"references":20,"isForceReanalyzing":247},"881b9fdd-6032-46b9-80da-f607480e5190","2024-02-20T13:38:34.133+00:00","2026-03-08T07:01:28.208+00:00",[],"The-political-economy-of-local-fracking-bans",{"abstract":904,"title":906,"gsPaper":908,"references":909,"doi":911},{"EN":905},"Concerns about harmful effects arising from the increased use of hydraulic fracturing (fracking) to extract underground fuel resources has led to efforts to ban the practice. Many townships in western New York, which lies above the gas-rich Marcellus shale formation, have enacted bans or moratoria using local zoning laws. Using spatial econometric techniques, we examine factors related to townships’ choice to adopt fracking bans and document the importance of spatial dependence when analyzing fracking bans. We find education levels, the poverty rate, and veterans groups are associated with an increased probability of a township banning or putting a moratorium on fracking. Our results inform the literature on NIMBYism as well as helping explain why local fracking bans were so pervasive despite the positive economic effect of fracking on local labor markets.",{"EN":907},"The political economy of local fracking bans",{"VOID":810},{"VOID":910},"Ainsworth S (1993) Regulating lobbyists and interest group influence. J Polit 55(1):41–56\nApergis N, Payne JE (2009) CO2 emissions, energy usage, and output in central america. 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Energy Policy 46:15–24",{"VOID":912},"10.1007\u002Fs12197-017-9420-z","2024-05-13T07:19:41.535+00:00","https:\u002F\u002Flink.springer.com\u002Farticle\u002F10.1007\u002Fs12197-017-9420-z",[916,931,946],{"id":917,"sortIndex":21,"researcher":20,"roles":918,"affiliations":919,"properties":928},"e0d89c8f-8e14-493e-a122-a8f8851eb8ca",[120],[920],{"id":921,"sortIndex":21,"affiliation":922,"properties":20},"280b1cd5-b3a0-40a1-85d5-8bb7d7ea1f01",{"id":921,"createTime":20,"updateTime":20,"relativeEntities":923,"slug":20,"properties":924,"entityType":20,"verifyStatus":20,"verifyTime":20,"verifyNote":20,"languages":20,"translateLanguages":20,"viewCount":20,"url":20,"parentIds":927,"statistic":20},[],{"title":925},{"VI":926},"Department of Economics, College of Business and Economics, West Virginia University, Morgantown, USA",[],{"title":929},{"VI":930},"Joshua C. 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The analysis is based on a sample of French listed companies on the CAC ALL tradable index for the period from 2010 to 2017. Our results show that earnings management is positively associated with firm performance. This finding suggests that accrual- based earnings management, real earnings management and classification shifting are beneficial when managers use accounting choices to reduce agency costs and create value for shareholders. We also find that high EPU triggers a credible signal of lower disclosure quality. It plays an important role in promoting the opportunistic use of earnings management, which harms firm performance. This study is interesting for potential investors, since it underlines the negative effect of managerial opportunistic behaviour on firm performance under policy uncertainty.",{"EN":1021},"The trilogy of economic policy uncertainty, earnings management and firm performance: empirical evidence from France",{"VOID":810},{"VOID":1024},"Amidu M, Yorke SM (2017) Tax avoidance and earnings management of firms in Ghana: Does the funding strategy matter? Int J Crit Account 9(3):238–264\nAtwood TJ, Drake MS, Myers LA (2010) Book-tax conformity, earnings persistence and the association between earnings and future cash flows. J Account Econ 50(1):111–125\nBaker SR, Bloom N, Davis SJ (2016) Measuring economic policy uncertainty. Q J Econ 131(4):1593–1636\nBermejo-Sanchez M, Rodriguez-Ariza L, Martinez-Ferrero J (2015) The link between earnings management and corporate performance: Evidence from family firms. Int J Entrep Small Bus 25(1):106–124\nBloom N (2009) The impact of uncertainty shocks. Econometrica 77(3):623–685\nBonaime A, Gulen H, Ion M (2018) Does policy uncertainty affect mergers and acquisitions? J Financ Econ 129(3):531–558\nBroye G, Schatt A (2003) Sous-évaluation à l’introduction et cessions d’actions par les actionnaires d’origine: Le cas français. Finance Contrôle Stratégie 6(2):67–89\nChau F, Deesomsak R, Wang J (2014) Political uncertainty and stock market volatility in the Middle East and North African (MENA) countries. J Int Finan Markets Inst Money 28:1–19\nChen Z, Cheok CK, Rasiah R (2016) Corporate tax avoidance and performance: Evidence from China’s listed companies. Inst Econ 8(3):61–83\nChen PF, Lee CC, Zeng JH (2019) Economic policy uncertainty and firm investment: Evidence from the US market. Appl Econ 51(31):3423–3435\nCohen DA, Dey A, Lys TZ (2008) Real and accrual-based earnings management in the pre-and post-Sarbanes-Oxley periods. Account Rev 83(3):757–787\nCormier D, Demaria S, Magnan M (2017) Beyond earnings: do EBITDA reporting and governance matter for market participants? Manag Financ 43(2):193–211\nDechow PM, Sloan RG, Sweeney AP (1995) Detecting earnings management. Account Rev 70(2):193–225\nDeFond ML, Park CW (1997) Smoothing income in anticipation of future earnings. J Account Econ 2:115–139\nDemir E, Ersan O (2017) Economic policy uncertainty and cash holdings: Evidence from BRIC countries. Emerg Mark Rev 33:189–200\nDesai MA (2005) The degradation of reported corporate profits. J Econ Perspect 19(4):171–192\nDing R, Li J, Wu Z (2018) Government affiliation, real earnings management, and firm performance: The case of privately held firms. J Bus Res 83:138–150\nEbrahim A (2007) Earnings management and board activity: An additional evidence. Rev Acc Financ 6(1):42–58\nEl Ghoul S, Guedhami O, Kim Y, Yoon HJ (2021) Policy uncertainty and accounting quality. Account Rev 96(4):233–260\nElshafie E, Yen A, Yu M (2010) The association between pro forma earnings and earnings management. Rev Acc Financ 9(2):139–155\nEmanuel D, Wong J, Wong N (2003) Efficient contracting and accounting. Account Finance 43(2):149–166\nEnamulHoque M, Zaidi MAS (2019) The impacts of global economic policy uncertainty on stock market returns in regime switching environment: Evidence from sectoral perspectives. Int J Financ Econ 24(2):991–1016\nFazeli YS, Rasouli HA (2011) Real earnings management and the value relevance of earnings. Int Res J Financ Econ 62(3):28–37\nGong G, Louis H, Sun AX (2008) Earnings management and firm performance following open-market repurchases. J Financ 63(2):947–986\nGraham JR, Harvey CR, Rajgopal S (2005) The economic implications of corporate financial reporting. J Account Econ 40(1–3):3–73\nGulen H, Ion M (2016) Policy uncertainty and corporate investment. Rev Financ Stud 29(3):523–564\nHa K, Thomas WB (2020) Classification shifting and earnings predictability. Available at SSRN 3299152\nHandley K, Limao N (2017) Policy uncertainty, trade, and welfare: Theory and evidence for China and the United States. Am Econ Rev 107(9):2731–2783\nHanlon M, Heitzman S (2010) A review of tax research. J Account Econ 50(2 & 3):127–178\nHealy PM, Palepu KG (2001) Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. J Account Econ 31(1 & 3):405–440\nHealy PM, Wahlen JM (1999) A review of the earnings management literature and its implications for standard setting. Account Horiz 13(4):365–383\nHolthausen RW (1990) Accounting method choice: Opportunistic behavior, efficient contracting, and information perspectives. J Account Econ 12(1–3):207–218\nIbhagui OW, Olokoyo FO (2018) Leverage and firm performance: New evidence on the role of firm size. N Am J Econ Financ 45:57–82\nIqbal U, Gan C, Nadeem M (2020) Economic policy uncertainty and firm performance. Appl Econ Lett 27(10):765–770\nJiraporn P, Miller GA, Yoon SS, Kim YS (2008) Is earnings management opportunistic or beneficial? An agency theory perspective. Int Rev Financ Anal 17(3):622–634\nKang W, Lee K, Ratti RA (2014) Economic policy uncertainty and firm-level investment. J Macroecon 39:42–53\nKennedy P (1985) A guide to econometrics. MIT Press, Cambridge\nKhuong NV, Ha NTT, Thu PA (2019) The relationship between real earnings management and firm performance: The case of energy firms in Vietnam. Int J Energy Econ Pol 9(2):307–314\nKrishnan GV (2003) Audit quality and the pricing of discretionary accruals. Audit J Pract Theory 22(1):109–126\nLazar S (2016) Determinants of firm performance: Evidence from Romanian listed companies. Rev Econ Bus Stud 9(1):53–69\nLuttmer E, Samwick A (2018) The welfare cost of perceived policy uncertainty: Evidence from social security. Am Econ Rev 108(2):275–307\nMakarem N, Roberts C (2020) Earnings management to avoid earnings boosts. J Appl Acc Res 21(4):657–676\nMcVay SE (2006) Earnings management using classification shifting: An examination of core earnings and special items. Account Rev 81(3):501–531\nMeek GK, Rao RP, Skousen CJ (2007) Evidence on factors affecting the relationship between CEO stock option compensation and earnings management. Rev Acc Financ 6(3):304–323\nMwaniki G, Omagwa J (2017) Asset structure and financial performance: A case of firms quoted under commercial and services sector at the Nairobi Securities Exchange, Kenya. Res J Financ Account 8(4):687–699\nNeter J, Wasserman W, Kutner M (1990) Applied linear statistical models, 3rd edn. Irwin, Home-wood\nNigrini MJ (2005) An assessment of the change in the incidence of earnings management around the Enron-Andersen episode. Rev Acc Financ 4(1):92–110\nO’Callaghan S, Ashton J, Hodgkinson L (2018) Earnings management and managerial ownership in private firms. J Appl Acc Res 19(4):648–668\nPhan HV, Nguyen NH, Nguyen HT, Hegde S (2019) Policy uncertainty and firm cash holdings. J Bus Res 95:71–82\nPindyck RS (1993) Investments of uncertain cost. J Financ Econ 34(1):53–76\nRoychowdhury S (2006) Earnings management through real activities manipulation. J Account Econ 42(3):335–370\nShackelford DA, Shevlin T (2001) Empirical tax research in accounting. J Account Econ 31(1–3):321–387\nSial MS, Chunmei Z, Khan T, Nguyen VK (2018) Corporate social responsibility, firm performance and the moderating effect of earnings management in Chinese firms. Asia Pac J Bus Adm 10(2\u002F3):184–199\nStein LC, Wang CC (2016) Economic uncertainty and earnings management. Harvard Business School Accounting & Management Unit Working Paper 16–103\nSusanto YK, Pradipta A (2016) Corporate governance and real earnings management. Int J Bus Econ Law 9(1):17–23\nTang HW, Chang CC (2015) Does corporate governance affect the relationship between earnings management and firm performance? An endogenous switching regression model. Rev Quant Financ Acc 45(1):33–58\nTeoh SH, Welch I, Wong TJ (1998) Earnings management and the long-run market performance of initial public offerings. J Financ 53(6):1935–1974\nWang W, Zheng K (2020) Real earnings manipulation and future performance: A revisit using quarterly data of firms with debt covenants. Rev Financ Econ 38(1):76–96\nYung K, Root A (2019) Policy uncertainty and earnings management: International evidence. J Bus Res 100:255–267\nZalata A, Roberts C (2016) Internal corporate governance and classification shifting practices: An analysis of UK corporate behavior. J Acc Audit Financ 31(1):51–78\nZang AY (2012) Evidence on the trade-off between real activities manipulation and accrual-based earnings management. Account Rev 87(2):675–703",{"VOID":1026},"10.1007\u002Fs12197-022-09605-8","2024-05-11T06:47:40.429+00:00","https:\u002F\u002Flink.springer.com\u002Farticle\u002F10.1007\u002Fs12197-022-09605-8",[1030,1045,1060],{"id":1031,"sortIndex":21,"researcher":20,"roles":1032,"affiliations":1033,"properties":1042},"b3e681d3-9d72-403a-a5a6-5e7b8ab7c04c",[120],[1034],{"id":1035,"sortIndex":21,"affiliation":1036,"properties":20},"bb3a5e50-dfb1-44e9-a8b7-8068fa9e1149",{"id":1035,"createTime":20,"updateTime":20,"relativeEntities":1037,"slug":20,"properties":1038,"entityType":20,"verifyStatus":20,"verifyTime":20,"verifyNote":20,"languages":20,"translateLanguages":20,"viewCount":20,"url":20,"parentIds":1041,"statistic":20},[],{"title":1039},{"VI":1040},"Higher Institute of Management, Sousse University, Sousse, Tunisia",[],{"title":1043},{"VI":1044},"Ines 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payout policy literature contends that firms’ propensity to pay dividends declined between 1978 and 1998. Using the Oaxaca decomposition methodology, we measure changes in the propensity to pay dividends between 1978 and 1998. Results suggest that firms today have only a slightly lower propensity to pay dividends. Furthermore, when we also categorize firms that use stock repurchases as dividend payers, we find that 100% of the decline in the proportion of dividend payers can be explained by changes in firm characteristics only. The difference is that firms that firms are now repurchasing stock instead of paying dividends.",{"EN":1133},"Not paying dividends? A decomposition of the decline in dividend payers",{"VOID":810},{"VOID":1136},"Baker M, Wurgler J (2004a) A catering theory of dividends. J Finance 59:1125–1165\nBaker M, Wurgler J (2004b) Appearing and disappearing dividends: the link to catering incentives. J Financ Econ 73:271–288\nBanerjee S, Gatchev V, Spindt P (2007) Stock market liquidity and firm dividend policy. J Financ Quant Anal 42:369–398\nBrockman P, Howe J, Mortal S (2008) Stock market liquidity and the decision to repurchase. J Corp Finance 14:446–459\nChetty R, Saez E (2005) Dividend taxes and corporate behavior: evidence from the 2003 dividend tax cut. Q J Econ 120:791–833\nDeAngelo H, DeAngelo L, Stulz R (2006) Dividend policy and the earned\u002Fcontributed capital mix: a test of the life cycle theory. J Financ Econ 81:227–254\nDittmar A, Dittmar R (2008) The timing of stock repurchases. Working paper, University of Michigan\nEades K, Hess P, Kim H (1994) Time series variation in dividend pricing. J Finance 49:1617–1638\nEven W, MacPherson D (1990) Plant size and the decline of unionism. Econ Lett 34:393–398\nFama E, Macbeth J (1973) Risk, return and equilibrium: empirical tests. J Polit Econ 81:607–636\nFama E, French K (2001) Disappearing dividends: changing firm characteristics or lower propensity to pay. J Financ Econ 60:3–43\nFama E, French K (2002) Testing trade-off and pecking order predictions about dividends and debt. Rev Financ Stud 15:1–33\nFaulkender M, Milbourn T, Thakor A (2006) Capital structure and dividend policy: two sides of the same coin? Working paper, Washington University in St. Louis\nFink J, Fink K, Grullon G, Weston J (2004) Firm age and fluctuations in idiosyncratic risk. Working paper, James Madison University and Rice University\nGreene W (2007) Econometric analysis, 6th edn. Prentice Hall, Upper Saddle River\nGrullon G, Michaely R, Swaminathan B (2002) Are dividend changes a sign of firm maturity? J Bus 75:387–424\nJovanovic B, Rousseau P (2001) Why wait? A century of life before IPO. Am Econ Rev 91:336–341\nLintner J (1956) Distribution of incomes of corporations among dividends, retained earnings, and taxes. Am Econ Rev 46:97–113\nMichaely R (1991) Ex-dividend day stock price behavior: the case of the 1986 Tax Reform Act. Journal of Finance 46:845–860\nOaxaca R (1973) Male-female differentials in urban labor markets. Int Econ Rev 14:693–709",{"VOID":1138},"10.1007\u002Fs12197-010-9132-0","2024-05-09T11:08:06.773+00:00","https:\u002F\u002Flink.springer.com\u002Farticle\u002F10.1007\u002Fs12197-010-9132-0",[1142,1157],{"id":1143,"sortIndex":21,"researcher":20,"roles":1144,"affiliations":1145,"properties":1154},"0531cb58-f626-428e-a668-b24ef935ef69",[120],[1146],{"id":1147,"sortIndex":21,"affiliation":1148,"properties":20},"52c76b65-a120-4e90-b313-0c8d18aa050a",{"id":1147,"createTime":20,"updateTime":20,"relativeEntities":1149,"slug":20,"properties":1150,"entityType":20,"verifyStatus":20,"verifyTime":20,"verifyNote":20,"languages":20,"translateLanguages":20,"viewCount":20,"url":20,"parentIds":1153,"statistic":20},[],{"title":1151},{"VI":1152},"Department of Finance, Eastern Illinois University, Charleston, USA",[],{"title":1155},{"VI":1156},"Candra S. 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The explanation is based on the assumption of endogenous firms, endogenous markups and variable marginal cost. A key feature of the model is that pass-through is firm-specific and depends on the degree of firm’s technology of production. The model predicts that high performance firms have higher markups as they pass more their cost into their exporting prices. It is also found out that in response to an exchange rate variation higher performance firms tend to absorb more these changes into their markups. 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