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This study provides estimation results suggesting that firms that compensate managers with LTPP are associated with lower levels of managed earnings than firms that have only short-term bonus plans. In addition, we find evidence that suggests that firms with long-term performance plans have significantly higher annual returns than firms that have only short-term bonus plans. We also find that firms with long-term performance plans are typically larger firms with smaller managerial ownership and larger institutional ownership than firms without long-term performance plans.",{"EN":116},"The Influence of Long-Term Performance Plans on Earnings Management and Firm Performance",{"VOID":118},"[\"1708636818373614428\"]",{"VOID":120},"10.1023\u002FA:1014517102230","PUBLICATION","VERIFIED","2024-04-30T07:50:52.719+00:00","Auto Verify","https:\u002F\u002Flink.springer.com\u002Farticle\u002F10.1023\u002FA:1014517102230",[127,145],{"id":128,"sortIndex":21,"researcher":20,"roles":129,"affiliations":131,"properties":140,"displayName":142,"givenName":20,"familyName":20},"fe2e4e50-3091-4bf7-81d2-74dc496015c8",[130],"AUTHOR",[132],{"id":133,"sortIndex":21,"affiliation":134,"properties":20},"3844b469-1247-40c0-a439-b471d9b0ddc0",{"id":133,"createTime":20,"updateTime":20,"relativeEntities":135,"slug":20,"properties":136,"entityType":20,"verifyStatus":20,"verifyTime":20,"verifyNote":20,"languages":20,"translateLanguages":20,"viewCount":20,"url":20,"parentIds":139,"statistic":20},[],{"title":137},{"VI":138},"School of Business, University of Kansas, Lawrence",[],{"title":141,"gsAuthor":143},{"VI":142},"Vernon J. Richardson",{"VOID":144},"[\"oEnTO24AAAAJ\"]",{"id":146,"sortIndex":97,"researcher":20,"roles":147,"affiliations":148,"properties":155,"displayName":157,"givenName":20,"familyName":20},"ec5b51dd-5a0c-4e8c-9f19-c94485c4e954",[130],[149],{"id":133,"sortIndex":21,"affiliation":150,"properties":20},{"id":133,"createTime":20,"updateTime":20,"relativeEntities":151,"slug":20,"properties":152,"entityType":20,"verifyStatus":20,"verifyTime":20,"verifyNote":20,"languages":20,"translateLanguages":20,"viewCount":20,"url":20,"parentIds":154,"statistic":20},[],{"title":153},{"VI":138},[],{"title":156},{"VI":157},"James F. Waegelein","ARTICLE",{"url":125,"publisher":160,"properties":210},{"id":6,"createTime":7,"updateTime":8,"relativeEntities":161,"slug":10,"properties":162,"entityType":18,"verifyStatus":19,"verifyTime":20,"verifyNote":20,"languages":20,"translateLanguages":20,"viewCount":21,"subjectFields":166,"manageAffiliations":179,"indexDatabases":190,"url":94,"thumbnailPath":20,"statistic":205,"gsStatistic":20,"type":101,"analyzePriority":20},[],{"issn":163,"title":164,"eissn":165},{"VOID":13},{"EN":15},{"VOID":17},[167,171,175],{"id":24,"createTime":20,"updateTime":20,"relativeEntities":168,"label":169,"description":170,"parentId":20,"standard":20,"scholarHubFieldId":20},[],{"EN":27},{},{"id":30,"createTime":20,"updateTime":20,"relativeEntities":172,"label":173,"description":174,"parentId":20,"standard":20,"scholarHubFieldId":20},[],{"EN":33},{},{"id":36,"createTime":20,"updateTime":20,"relativeEntities":176,"label":177,"description":178,"parentId":20,"standard":20,"scholarHubFieldId":20},[],{"EN":39},{},[180,185],{"id":43,"createTime":20,"updateTime":20,"relativeEntities":181,"slug":20,"properties":182,"entityType":20,"verifyStatus":20,"verifyTime":20,"verifyNote":20,"languages":20,"translateLanguages":20,"viewCount":20,"url":20,"parentIds":184,"statistic":20},[],{"title":183},{"EN":47},[],{"id":50,"createTime":20,"updateTime":20,"relativeEntities":186,"slug":20,"properties":187,"entityType":20,"verifyStatus":20,"verifyTime":20,"verifyNote":20,"languages":20,"translateLanguages":20,"viewCount":20,"url":20,"parentIds":189,"statistic":20},[],{"title":188},{"EN":54},[56],[191,198],{"id":59,"indexDatabase":192,"url":72,"indexYears":20,"academicFieldIds":197,"indexDatabaseRanking":20},{"id":61,"createTime":20,"updateTime":20,"relativeEntities":193,"label":194,"description":195,"key":68,"publicationTags":196,"standard":20},[],{"EN":64,"VI":64},{"EN":66,"VI":67},[70,71],[74],{"id":76,"indexDatabase":199,"url":87,"indexYears":88,"academicFieldIds":204,"indexDatabaseRanking":93},{"id":78,"createTime":20,"updateTime":20,"relativeEntities":200,"label":201,"description":202,"key":84,"publicationTags":203,"standard":20},[],{"EN":81,"VI":81},{"EN":81,"VI":83},[86],[90,91,92],{"impactFactor":21,"impactFactorByYear":206,"i10Index":21,"i10IndexLast5Year":21,"totalPublication":97,"totalPublicationByYear":207,"totalCitation":21,"totalCitationByYear":208,"totalCitationPerPublication":21,"totalCitationPerPublicationByYear":209,"hindexLast5Year":21,"hindex":21},{},{"2008":97},{},{},{"pages":211,"volume":213},{"VOID":212},"161-183",{"VOID":214},"18",{"total":21,"publishYear":216,"statisticByYear":217},2002,{},"2002-03-01","DONE_ANALYZE_CITATION","2026-07-29T17:08:17.137+00:00",[70,93],[223,229,232,235,238,241,244,247,250,253,256,259,265,268,271,274,277,280,283,286,289,292,295,298,301,304,307,310,313,316],{"id":224,"text":225,"url":226,"identifiers":227},"4c68646b-0035-4279-8000-0006b275d4fa","Bushee, B., “The Influence of Institutional Investors on Myopic R&D Investment Behavior. ” The Accounting Review 73, 305–333, (1998).","https:\u002F\u002Flink.springer.com\u002F10.1007\u002Fs10440-022-00541-7",{"doi":228},"10.1007\u002Fs10440-022-00541-7",{"id":224,"text":230,"url":226,"identifiers":231},"Dechow, P. M., R. G. Sloan and A. P. Sweeney, “Detecting Earnings Management. ” The Accounting Review 70, 193–225, (1995).",{"doi":228},{"id":224,"text":233,"url":226,"identifiers":234},"DeFond, M. and J. Jiambalvo, “Debt Covenant Violation and Manipulation of Accruals. ” Journal of Accounting and Economics 17, 145–176, (1994).",{"doi":228},{"id":224,"text":236,"url":226,"identifiers":237},"Duke, J. and H. Hunt, “An Empirical Examination of Debt Covenant Restrictions and Accounting-Related Debt Proxies. ” Journal of Accounting and Economics 12, 45–63, (1990).",{"doi":228},{"id":224,"text":239,"url":226,"identifiers":240},"Dye, R., “Earnings Management in an Overlapping Generations Model. ” Journal of Accounting Research 26, 195–235, (1988).",{"doi":228},{"id":224,"text":242,"url":226,"identifiers":243},"Fama, E. F. and K. R. French, “The Cross-Section of Expected Stock Returns. ” Journal of Finance 47, 427–465, (1992).",{"doi":228},{"id":224,"text":245,"url":226,"identifiers":246},"Gaver, J., “Incentive Effects and Managerial Compensation Contracts: A Study of Performance Plan Adoptions. ” Journal of Accounting, Auditing and Finance 7, 137–160, (1992).",{"doi":228},{"id":224,"text":248,"url":226,"identifiers":249},"Gaver, J., K. Gaver and J. Austin, “Additional Evidence on Bonus Plans and Income Management. ” Journal of Accounting and Economics 19, 3–28, (1995).",{"doi":228},{"id":20,"text":251,"url":20,"identifiers":252},"Gaver, J., K. Gaver and G. Battistel, “The Stock Market Reaction to Performance Plan Adoptions. ” The Accounting Review, January, 172–182, (1992).",{},{"id":224,"text":254,"url":226,"identifiers":255},"Guay, W. R., S. P. Kothari and R. L. Watts, “A Market-Based Evaluation of Discretionary Accrual Models. ” Journal of Accounting Research (Supplement), 83–105, (1996).",{"doi":228},{"id":224,"text":257,"url":226,"identifiers":258},"Healy, P., “The Effect of Bonus Schemes on Accounting Decisions. ” Journal of Accounting and Economics 7, 85–107, (1985).",{"doi":228},{"id":260,"text":261,"url":262,"identifiers":263},"05f05794-cce5-4f4d-9e9b-1051280d3e96","Holthausen, R., D. Larcker and R. Sloan, “Annual Bonus Schemes and the Manipulation of Earnings. ” Journal of Accounting and Economics 19, 29–74, (1995).","https:\u002F\u002Fwww.sciencedirect.com\u002Fscience\u002Farticle\u002Fpii\u002F016541019400376G",{"doi":264},"10.1016\u002F0165-4101(94)00376-g",{"id":20,"text":266,"url":20,"identifiers":267},"Hunt, A., S. Moyer and T. Shevlin, Earnings Volatility, Earnings Management, and Equity Value. Working paper, University of Washington, Seattle, WA, 1995.",{},{"id":224,"text":269,"url":226,"identifiers":270},"Jiambalvo, J., “Discussion of “Causes and Consequences of Earnings Manipulation: An Analysis of Firms Subject to Enforcement Actions by the SEC. ” Contemporary Accounting Research, Spring, 37–47, (1996).",{"doi":228},{"id":224,"text":272,"url":226,"identifiers":273},"Jones, J., “Earnings Management During Import Relief Investigations. ” Journal of Accounting Research 29, 193–228, (1991).",{"doi":228},{"id":224,"text":275,"url":226,"identifiers":276},"Kumar, R. and P. R. Sopariwala, “The Effect of Adoption of Long-Term Performance Plans on Stock Prices and Accounting Numbers. ” Journal of Financial & Quantitative Analysis 27, 561–573, (1992).",{"doi":228},{"id":224,"text":278,"url":226,"identifiers":279},"Larcker, D., “The Association Between Performance Plan Adoption and Corporate Capital Investment. ” Journal of Accounting and Economics 5, 3–30, (1983).",{"doi":228},{"id":224,"text":281,"url":226,"identifiers":282},"Morck, R., A. Shleifer and R. Vishny, “Management Ownership and Market Valuation: An Empirical Analysis. ” Journal of Financial Economics 20, 293–315, (1988).",{"doi":228},{"id":224,"text":284,"url":226,"identifiers":285},"Narayanan, M., “Managerial Incentives for Short-Term Results. ” Journal of Finance 40, 1469–1484, (1985).",{"doi":228},{"id":224,"text":287,"url":226,"identifiers":288},"Rangan, S., “Earnings Around Seasoned Equity Offerings: Are They Overstated?” Journal of Financial Economics, (forthcoming).",{"doi":228},{"id":224,"text":290,"url":226,"identifiers":291},"Richardson, V., “Information Asymmetry and Earnings Management: Some Evidence. ” Review of Quantitative Finance and Accounting 15, December, 325–348, (2000).",{"doi":228},{"id":20,"text":293,"url":20,"identifiers":294},"Shivakumar, L., Earnings Management around Seasoned Equity Offerings. Working paper, London Business School, London, 1997.",{},{"id":224,"text":296,"url":226,"identifiers":297},"Smith, C. and R. Watts, “Incentive and Tax Effects of Executive Compensation Plans. ” Australian Journal of Management 7, 139–157, (1982).",{"doi":228},{"id":224,"text":299,"url":226,"identifiers":300},"Sweeney, A. P., “Debt-Covenant Violations and Managers' Accounting Responses. ” Journal of Accounting and Economics 17, 281–308, (1994).",{"doi":228},{"id":224,"text":302,"url":226,"identifiers":303},"Tehranian, H., N. Travlos and J. Waegelein, “Management Compensation Contracts and Merger Induced Abnormal Returns. ” Journal of Accounting Research (Supplement), 51–76, (1987).",{"doi":228},{"id":224,"text":305,"url":226,"identifiers":306},"Tehranian, H., N. Travlos and J. Waegelein, “The Effect of Long-Term Performance Plans on Corporate Selloff Induced Abnormal Returns. ” Journal of Finance 42, 933–942, (1987).",{"doi":228},{"id":224,"text":308,"url":226,"identifiers":309},"Trueman, B. and S. Titman, “An Explanation for Accounting Income Smoothing. ” Journal of Accounting Research 26 (Supplement), 127–139, (1988).",{"doi":228},{"id":224,"text":311,"url":226,"identifiers":312},"Watts, R. and J. Zimmerman, “Towards a Positive Theory of the Determination of Accounting Standards. ” The Accounting Review 53, 112–134, (1978).",{"doi":228},{"id":224,"text":314,"url":226,"identifiers":315},"Warfield, T. D., J. J. Wild and K. L. Wild, “Managerial Ownership, Accounting Choices, and Informativeness of Earnings. ” Journal of Accounting and Economics 20, 61–91, (1995).",{"doi":228},{"id":224,"text":317,"url":226,"identifiers":318},"Zmijewski, M. and R. Hagerman, “An Income Strategy Approach to the Positive Theory of Accounting Standard Setting. ” Journal of Accounting and Economics 3, 129–149, (1981).",{"doi":228},false,{"id":321,"createTime":322,"updateTime":323,"relativeEntities":324,"slug":325,"properties":326,"entityType":121,"verifyStatus":122,"verifyTime":339,"verifyNote":124,"languages":20,"translateLanguages":340,"viewCount":21,"primaryUrl":342,"fullTextUrl":20,"authors":343,"publicationType":158,"publisherRelationship":390,"citationCount":446,"citationInfo":447,"publishDate":450,"publishYear":448,"citationAnalyzeStatus":219,"lastCitationAnalyze":451,"indexDatabases":452,"openAccess":20,"references":453,"isForceReanalyzing":319},"35944981-e54d-4806-801e-6820e7452a59","2024-01-12T11:12:57.091+00:00","2026-07-26T19:54:37.372+00:00",[],"The-Ex-Post-Performance-of-Four-Portfolio-Selection-Algorithms",{"abstract":327,"title":330,"gsPaper":333,"keywords":335,"doi":337},{"EN":328,"VI":329},"This paper explores the ex post performance of four widely cited (and sometimes applied) normative portfolio selection models. Each is supposed to solve the same portfolio selection problem relative to the same mean-variance efficiency criteria. It has been shown elsewhere, and this paper confirms, that the models result in vastly different ex ante stock selection strategies. However, the acid test of normative theory is ex post performance relative to a set of efficiency criteria or some other standard. The empirical results reported here show that, with one exception, the ex post performance of the models is consistent with the same mean-variance efficiency criteria, and, over a predictable range of outcomes, consistently outperform the index portfolio based on Standard & Poor's 500 Stock Index.","Bài báo này khám phất hiệu suất sau thực tế của bốn mô hình lựa chọn danh mục đầu tư định tính thường được trích dẫn (và đôi khi được áp dụng). Mỗi mô hình này đều nhằm giải quyết cùng một vấn đề lựa chọn danh mục đầu tư theo các tiêu chí hiệu quả trung bình- phương sai giống nhau. Đã được chứng minh ở nơi khác, và bài báo này xác nhận, rằng các mô hình tạo ra các chiến lược lựa chọn cổ phiếu khác nhau đáng kể trước thực tế. Tuy nhiên, bài kiểm tra quyết định của lý thuyết định tính là hiệu suất sau thực tế liên quan đến một bộ tiêu chí hiệu quả hoặc tiêu chuẩn khác. Các kết quả thực nghiệm được báo cáo ở đây cho thấy, với một ngoại lệ, hiệu suất sau thực tế của các mô hình nhất quán với các tiêu chí hiệu quả trung bình- phương sai giống nhau, và, trong một dải kết quả có thể dự đoán, thường xuyên vượt trội hơn danh mục chỉ số dựa trên chỉ số cổ phiếu Standard & Poor's 500.",{"EN":331,"VI":332},"The Ex Post Performance of Four Portfolio Selection Algorithms","Hiệu suất sau thực tế của bốn thuật toán lựa chọn danh mục đầu tư",{"VOID":334},"[\"11540804953554682891\"]",{"VI":336},"mô hình lựa chọn danh mục đầu tư, hiệu suất sau thực tế, tiêu chí hiệu quả trung bình- phương sai, cổ phiếu, chỉ số cổ phiếu",{"VOID":338},"10.1023\u002FA:1008341723242","2024-04-24T02:24:30.667+00:00",[341],"VI","https:\u002F\u002Flink.springer.com\u002Farticle\u002F10.1023\u002FA:1008341723242",[344,359,374],{"id":345,"sortIndex":21,"researcher":20,"roles":346,"affiliations":347,"properties":356,"displayName":358,"givenName":20,"familyName":20},"ca1ce6bc-eea8-4cb3-ae22-6631690b0434",[130],[348],{"id":349,"sortIndex":21,"affiliation":350,"properties":20},"fadab40f-9bcf-4bd7-a124-52ffa18d77d4",{"id":349,"createTime":20,"updateTime":20,"relativeEntities":351,"slug":20,"properties":352,"entityType":20,"verifyStatus":20,"verifyTime":20,"verifyNote":20,"languages":20,"translateLanguages":20,"viewCount":20,"url":20,"parentIds":355,"statistic":20},[],{"title":353},{"VI":354},"College of Business Administration, Louisiana State University, Baton Rouge",[],{"title":357},{"VI":358},"George M. Frankfurter",{"id":360,"sortIndex":97,"researcher":20,"roles":361,"affiliations":362,"properties":371,"displayName":373,"givenName":20,"familyName":20},"0323da51-f0c8-4b66-84a7-78851b1a4f65",[130],[363],{"id":364,"sortIndex":21,"affiliation":365,"properties":20},"7e6d2bc1-33bb-43d7-92a6-b301ad87ffc0",{"id":364,"createTime":20,"updateTime":20,"relativeEntities":366,"slug":20,"properties":367,"entityType":20,"verifyStatus":20,"verifyTime":20,"verifyNote":20,"languages":20,"translateLanguages":20,"viewCount":20,"url":20,"parentIds":370,"statistic":20},[],{"title":368},{"VI":369},"School of Business and Management, Temple University, Philadelphia",[],{"title":372},{"VI":373},"Herbert E. 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Gruber, “Estimating the Dependence Structure of Share Prices—Implications for Portfolio Selection.” Journal of Finance 28, 1203-1232, (1973).",{"doi":228},{"id":224,"text":461,"url":226,"identifiers":462},"Elton, E., M.J. Gruber, and M.W. Padberg, “Simple Criteria for Optimal Portfolio Selection.” Journal of Finance 31, 1341-1357, (1976).",{"doi":228},{"id":224,"text":464,"url":226,"identifiers":465},"Elton, E., M.J. Gruber, and M.W. Padberg, “Simple Criteria for Optimal Portfolio Selection: Tracing Out the Efficient Frontier.” Journal of Finance 33, 296-302, (1978).",{"doi":228},{"id":20,"text":467,"url":20,"identifiers":468},"Frankfurter, G.M. and C.G. Lamoureux, “Estimation and Selection Bias in Mean-Variance Portfolio Selection.” The Journal of Financial Research 12, 173-181, (1989).",{},{"id":224,"text":470,"url":226,"identifiers":471},"Frankfurter, G.M., H.E. Phillips, and J.P. Seagle, “Portfolio Selection: The Effects of Uncertain Means, Variances, and Co-Variances.” Journal of Financial and Quantitative Analysis 6, 1251-1262, (1971).",{"doi":228},{"id":224,"text":473,"url":226,"identifiers":474},"Frankfurter, G.M., H.E. Phillips, and J.P. Seagle, “Performance of the Sharpe Portfolio Selection Model: A Comparison.” Journal of Financial and Quantitative Analysis 11, 195-204, (1976).",{"doi":228},{"id":224,"text":476,"url":226,"identifiers":477},"Hammer, J.A. and H.E. Phillips, “The Single Index Model: Cross-Sectional Residual Covariances and Superfluous Diversification.” The International Review of Financial Analysis 2, 39-50, (1992).",{"doi":228},{"id":20,"text":479,"url":20,"identifiers":480},"Markowitz, H.M., “Portfolio Selection.” Journal of Finance 7, 77-91, (1952).",{},{"id":20,"text":482,"url":20,"identifiers":483},"Markowitz, H.M., Portfolio Selection, New Haven: Yale University Press, 1959.",{},{"id":224,"text":485,"url":226,"identifiers":486},"Markowitz, H.M., “Foundations of Portfolio Theory.” Journal of Finance 46, 469-477, (1991).",{"doi":228},{"id":224,"text":488,"url":226,"identifiers":489},"Phillips, H.E., “Objectivist Misinterpretations of Bayesians Nuances in Portfolio Theory and the Models.” International Review of Financial Analysis 2, 69-76, (1993a).",{"doi":228},{"id":224,"text":491,"url":226,"identifiers":492},"Phillips, H.E., “Portfolio Optimization Algorithms, Simplified Criteria, and Security Selection: A Contrast and Evaluation.” Review of Quantitative Finance and Accounting 3, 91-97, (1993b).",{"doi":228},{"id":494,"text":495,"url":496,"identifiers":497},"9af57d51-57e2-45f8-8de3-87e572eb68a2","Savage, L.J., The Foundations of Statistics, New York: John Wiley & Sons, 1954.","http:\u002F\u002Flink.springer.com\u002F10.1007\u002FBF02477757",{"doi":498},"10.1007\u002FBF02477757",{"id":224,"text":500,"url":226,"identifiers":501},"Sharpe, W.F., “A Simplified Model of Portfolio Analysis.” Management Science 9, 277-293, (1963).",{"doi":228},{"id":224,"text":503,"url":226,"identifiers":504},"Tobin, J., “Liquidity Preference as Behavior Towards Risk.” Review of Economic Studies 26, 65-86, (1958).",{"doi":228},{"id":506,"createTime":507,"updateTime":508,"relativeEntities":509,"slug":510,"properties":511,"entityType":121,"verifyStatus":122,"verifyTime":522,"verifyNote":124,"languages":523,"translateLanguages":20,"viewCount":21,"primaryUrl":525,"fullTextUrl":20,"authors":526,"publicationType":158,"publisherRelationship":563,"citationCount":614,"citationInfo":615,"publishDate":618,"publishYear":616,"citationAnalyzeStatus":19,"lastCitationAnalyze":508,"indexDatabases":619,"openAccess":20,"references":620,"isForceReanalyzing":319},"080ff849-8783-490e-8026-3f288a4c258c","2024-04-13T10:55:24.982+00:00","2026-07-16T05:15:20.256+00:00",[],"A-stochastic-dominance-analysis-of-the-turnover-related-performance-of-mutual-funds",{"openalex":512,"mag":514,"title":516,"gsPaper":518,"doi":520},{"VOID":513},"W2086924564",{"VOID":515},"2086924564",{"EN":517},"A stochastic dominance analysis of the turnover related performance of mutual funds",{"VOID":519},"[\"6226746971349243623\"]",{"VOID":521},"10.1007\u002Fbf01076998","2024-04-29T09:49:31.728+00:00",[524],"EN","http:\u002F\u002Flink.springer.com\u002F10.1007\u002FBF01076998",[527,544],{"id":528,"sortIndex":21,"researcher":20,"roles":529,"affiliations":530,"properties":539,"displayName":541,"givenName":20,"familyName":20},"3b9a97dc-d226-4b9b-81fa-7dde7958bd0b",[],[531],{"id":532,"sortIndex":21,"affiliation":533,"properties":20},"01818341-5198-49ee-94bf-9fcf1095e066",{"id":532,"createTime":20,"updateTime":20,"relativeEntities":534,"slug":20,"properties":535,"entityType":20,"verifyStatus":20,"verifyTime":20,"verifyNote":20,"languages":20,"translateLanguages":20,"viewCount":20,"url":20,"parentIds":538,"statistic":20},[],{"title":536},{"EN":537},"Division of Business, University of Southern Mississippi, Gulf Park, Long Beach",[],{"title":540,"openalex":542},{"EN":541},"Walton R. L. Taylor",{"VOID":543},"A5066594697",{"id":545,"sortIndex":97,"researcher":20,"roles":546,"affiliations":547,"properties":556,"displayName":558,"givenName":20,"familyName":20},"25940d1f-7a4a-4783-ae74-d2e93f41b4d5",[],[548],{"id":549,"sortIndex":21,"affiliation":550,"properties":20},"b165f2e2-9ac8-4e48-b914-8fcb31fc8f55",{"id":549,"createTime":20,"updateTime":20,"relativeEntities":551,"slug":20,"properties":552,"entityType":20,"verifyStatus":20,"verifyTime":20,"verifyNote":20,"languages":20,"translateLanguages":20,"viewCount":20,"url":20,"parentIds":555,"statistic":20},[],{"title":553},{"EN":554},"College of Business, Department of Finance, University of South Alabama, Mobile",[],{"title":557,"gsAuthor":559,"openalex":561},{"EN":558},"James A. 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Logue, ?The Portfolio Turnover Explosion Explored.?The Journal of Portfolio Management 13, 38?45, (1987).",{"doi":624},"10.3905\u002Fjpm.1987.409099",{"id":20,"text":626,"url":20,"identifiers":627},"Blume, M., ?On the Assessment of Risk.?Journal of Finance 26, 1?10, (1971).",{"doi":628},"10.1111\u002Fj.1540-6261.1971.tb00584.x",{"id":20,"text":630,"url":20,"identifiers":631},"Blume, M., ?Betas and Their Regression Tendencies.?Journal of Finance 30, 785?795, (1975).",{"doi":632},"10.1111\u002Fj.1540-6261.1975.tb01850.x",{"id":20,"text":634,"url":20,"identifiers":635},"Fama, Eugene F., ?Efficient Capital Markets: A Review of Theory and Empirical Work.?Journal of Finance 25, 383?417, (1970).",{"doi":636},"10.2307\u002F2325486",{"id":20,"text":638,"url":20,"identifiers":639},"Grinblatt, M. and Sheridan Titman, ?Mutual Fund Performance: An Analysis of Quarterly Portfolio Holdings.?Journal of Business 62, 393?416, (1989).",{"doi":640},"10.1086\u002F296468",{"id":20,"text":642,"url":20,"identifiers":643},"Grossman, S., ?On the Efficiency of Competitive Stock Markets Where Trades Have Diverse Information.?Journal of Finance 31, 573?585, (1976).",{"doi":644},"10.1111\u002Fj.1540-6261.1976.tb01907.x",{"id":20,"text":646,"url":20,"identifiers":647},"Ibbotson, Roger G. and Rex A. Sinquefield,Stocks, Bonds, Bills, and Inflation: Historical Returns (1926?1990). New York: Dow Jones Company, 1991.",{},{"id":20,"text":649,"url":20,"identifiers":650},"Ippolito, R., ?Efficiency with Costly Information, a Study of Mutual Fund Performance 1965?84.?Quarterly Journal of Economics 104, 1?23, (1989).",{"doi":651},"10.2307\u002F2937832",{"id":20,"text":653,"url":20,"identifiers":654},"Levy, Haim, and M. Sarnat,Portfolio and Investment Selection: Theory and Practice. Englewood Cliffs, NJ: Prentice Hall International, 1984.",{},{"id":20,"text":656,"url":20,"identifiers":657},"Roll, R., ?A Critique of the Asset Pricing Theory's Tests; Part I: On Past and Potential Testability of the Theory.?Journal of Financial Economics 4, 129?176, (1977).",{"doi":658},"10.1016\u002F0304-405X(77)90009-5",{"id":20,"text":660,"url":20,"identifiers":661},"Tinic, S. and Richard West, ?Risk, Return and Equilibrium: A Revisit.?Journal of Political Economy 94, 126?147, (1986).",{"doi":662},"10.1086\u002F261365",{"id":20,"text":664,"url":20,"identifiers":665},"Wiesenberger, A.,Investment Companies. New York: Arthur Wiesenberger & Company: annually 1980?1992.",{},{"id":667,"createTime":668,"updateTime":669,"relativeEntities":670,"slug":671,"properties":672,"entityType":121,"verifyStatus":122,"verifyTime":683,"verifyNote":124,"languages":20,"translateLanguages":20,"viewCount":21,"primaryUrl":684,"fullTextUrl":20,"authors":685,"publicationType":158,"publisherRelationship":718,"citationCount":21,"citationInfo":774,"publishDate":777,"publishYear":775,"citationAnalyzeStatus":219,"lastCitationAnalyze":778,"indexDatabases":779,"openAccess":20,"references":20,"isForceReanalyzing":319},"0f1a47f8-a939-43e4-80fc-1eec2522e956","2024-02-16T08:41:05.469+00:00","2026-07-16T01:34:29.381+00:00",[],"Banking-Mergers-The-Impact-of-Financial-Liberalization-on-the-Taiwanese-Banking-Industry",{"abstract":673,"title":675,"gsPaper":677,"references":679,"doi":681},{"EN":674},"The objective of this paper is to examine the nature of the Taiwanese banking sector and to analyze the impact of financial liberalization on the Taiwanese banking industry. We present empirical evidence to show that the recent wave of bank mergers observed in other countries is also suitable for Taiwan. Based on empirical results for overall economies of scale and expansion path subadditivity, Taiwanese banks should obtain the benefit of scale economies by merging with other banks rather than expanding by opening more branches. Furthermore, we show that the Relative Market Power hypothesis—which postulates that greater market shares lead to higher profitability—finds empirical support in Taiwanese banking data after financial reforms were enacted.",{"EN":676},"Banking Mergers: The Impact of Financial Liberalization on the Taiwanese Banking Industry",{"VOID":678},"[\"11749107075599553176\"]",{"VOID":680},"Altunbas, Y., E. P. M. Gardener, P. Molyneux and B. Moore, “Efficiency in European Banking. ” European Economic Review 45, 1931–1955 (2001).\nAvery, R. B., “Error Components and Seemingly Unrelated Regressions. ” Econometrica 45(1), 199–209 (1977).\nBauer, P., “Recent Developments in the Econometric Estimations of Frontiers. ” Journal of Econometrics 46, 39–56 (1990).\nBenston, G. J., A. N. Berger, G. Hanweck and D. Humphrey, “Operating Costs in Commercial Banking. ” Federal Reserve Bank of Atlanta Economic Review 6–21 (1982).\nBerndt, E. R., B. E. Hall, and J. A. Hausman, “Estimation and Inference in Nonlinear Structural Models. ” Annals of Economic and Social Measurement 3, 653–665 (1974).\nBerger, A. N., “Distribution-Free Estimates of Efficiency in the US Banking Industry and Tests of the Standards Distributional Assumptions. ” Journal of Productivity Analysis 4, 261–292 (1993).\nBerger, A. N., “The Profit-Structure Relationship in Banking—Tests of Market-Power and Efficient-Structure Hypotheses. ” Journal of Money, Credit and Banking 27(2), 404–431 (1995).\nBerger, A. N., G. A. Hanweck and D. B. Humphrey “Competitive Viability in Banking: Scale, Scope and Product Mix Economies. ” Journal of Monetary Economies 20, 501–520 (1987).\nBerger, A. N., W. C. Hunter and S. G. Timme, “The Efficiency of Financial Institutions: A Review and Preview of Research Past, Present and Future. ” Journal of Banking and Finance 17, 221–249 (1993).\nBox, G. and D. Cox, “An Analysis of Transformation. ” Journal of Royal Statistical Society, Series B, 211–264 (1964).\nBureau of Monetary Affairs, The Modernization of ROC Financial System, Taipei: Taiwan Ministry of Finance, 2000.\nBureau of Monetary Affairs, Annual Report 2001, Taipei: Taiwan Ministry of Finance, 2002.\nCarbo, S., E. P. M. Gardener and J. Williams, “Efficiency in Banking: Empirical Evidence from the Savings Banks Sector. ” The Manchester School 70, 204–228 (2002).\nChen, T. Y. and T. L. Yeh, “Technical and Scale Efficiency in Taiwan's Banks: A Comparative Study. ” Asia Pacific Journal of Finance 2, 191–205 (1999).\nChristensen, L. R., D. E. Jorgenson and L. J. Lau, “Transcendental Logarithmic Production Frontiers. ” Review of Economics and Statistics 55, 28–45 (1973).\nDeyoung, Robert, “A Diagnostic Test for the Distribution-Free Efficiency Estimator: An Example Using U.S. Commercial Bank Data. ” European Journal of Operational Research 98, 243–249 (1997).\nGreene, W. H., Econometric Analysis, 3rd edition, New Jersey: Prentice Hall, 1997.\nHumphrey, D. B., “Cost and Scale Economies in Bank Intermediation. ” In R. Aspinwall and R. Eisenbeis (Eds.), Handbook for Banking Strategy, New York: John Wiley, 1985, pp. 745–785.\nKolari, J. W. and A. Zardkoohi, Bank Costs, Structure and Performance, Lexington, MA: D.C. Heath and Company, 1987.\nLambson, Val E. “Is the Concentration-Profit Correlation Partly an Artifact of Lumpy Technology?” American Economic Review 77, September 731–33 (1987).\nLeibenstein, H., “Allocative Efficiency vs. ‘X-Efficiency’. ” American Economic Review 56, 392–415 (1966).\nLeibenstein, H., “X-Efficiency, Technical Efficiency, and Incomplete Information Use: A Comment. ” Economic Development and Cultural Change 25, 311–316 (1977).\nLeibenstein, H., Inflation, Income Distribution and X-Efficiency Theory, London: Croom Helm, 1980.\nMcAllister, P. H. and D. A. McManus, “Resolving the Scale Efficiency Puzzle in Banking. ” Journal of Banking and Finance 17, 389–405 (1993).\nMester, L. J., “A multiproduct Cost Study of Savings and Loans. ” Journal of Finance 42, 423–445 (1987).\nMitchell, K. and N. M. Onvural, “Economies of Scale and Scope at Large Commercial Banks: Evidence from the Fourier Flexible Functional Form. ” Journal of Money, Credit and Banking 28(2), 178–199 (1996).\nMolyneux P., Y. Altunbas and E. Gardener, Efficiency in European Banking New York: John Wiley & Sons, Inc., 1997.\nNoulas, A. G., S. M. Miller and S. C. Ray, “Regularity Conditions and Scope Estimates: The Case of Large-Sized U.S. Banks. ” Journal of Financial Services Research 7, 235–248 (1993).\nPeltzman, S., “The Gains and Losses from Industrial Concentration. ” Journal of Law and Economics 20, 229–263 (1977).\nPunt, L. W. and M. C. J. van Rooij, “The Profit-Structure Relationship, Efficiency and Mergers in the European Banking Industry: An Empirical Assessment. ” Research Memorandum WO&E no. 604 Dutch Central Bank, 1999.\nPulley, L. and D. Humphrey, “The Role of Fixed Costs and Cost Complementarities in Determining Scope Economies and the Cost of Narrow Banking Proposals. ” Journal of Business 66, 437–462 (1993).\nShepherd, W. G., “Economies of scale and Monopoly Profits. ” In J. V. Craven (Ed.) 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Journal of Financial Economics 17:5–26",{},{"id":224,"text":933,"url":226,"identifiers":934},"Gietzmann M, Ireland J (2005) Cost of capital, strategic disclosures and accounting choice. Journal of Business Finance & Accounting 32:599–634",{"doi":228},{"id":224,"text":936,"url":226,"identifiers":937},"Glosten L, Milgrom P (1985) Bid, ask, and transaction prices in a specialist market with heterogeneously informed traders. Journal of Financial Economics 14:71–100",{"doi":228},{"id":939,"text":940,"url":941,"identifiers":942},"c251e691-e402-45f6-b977-93a0df4a599a","Glosten L, Harris L (1988) Estimating the components of bid\u002Fask spread. Journal of Financial Economics 21:123–4","https:\u002F\u002Fwww.sciencedirect.com\u002Fscience\u002Farticle\u002Fpii\u002F0304405X88900347",{"doi":943},"10.1016\u002F0304-405x(88)90034-7",{"id":224,"text":945,"url":226,"identifiers":946},"Hail L (2002)The impact of voluntary corporate disclosures on the ex-ante cost of capital for swiss firms. 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N., ?The Economic Effects of Technological Progress: Evidence from the Banking Industry.? Journal of Money, Credit, and Banking 35(2), 141?176 (2003).",{"doi":1118},"10.1353\u002Fmcb.2003.0009",{"id":20,"text":1120,"url":20,"identifiers":1121},"Black, F. and M. Scholes, ?The Pricing of Options and Corporate Liabilities.? Journal of Political Economy 81(2), 637?659 (1973).",{"doi":1122},"10.1086\u002F260062",{"id":20,"text":1124,"url":20,"identifiers":1125},"Bulow, J. I, J. D. Geanakoplos and P. D. Klemperer, ?Multimarket Oligopoly: Strategic Substitutes and Complements.? Journal of Political Economy 93(3), 488?511 (1985).",{"doi":1126},"10.1086\u002F261312",{"id":20,"text":1128,"url":20,"identifiers":1129},"Cestone, G. and L. White, ?Anticompetitive Financial Contracting: The Design of Financial Claims.? Journal of Finance 58(5), 2109?2141 (2003).",{"doi":1130},"10.1111\u002F1540-6261.00599",{"id":20,"text":1132,"url":20,"identifiers":1133},"Cooper, I. A. and A. S. Mello, ?The Default Risk of Swaps.? Journal of Finance 46(2), 597?620 (1991).",{"doi":1134},"10.1111\u002Fj.1540-6261.1991.tb02676.x",{"id":20,"text":1136,"url":20,"identifiers":1137},"Crouhy, M. and D. Galai, ?A Contingent Claim Analysis of a Regulation Depositary Institution.? Journal of Banking and Finance 15(1), 73?90 (1991).",{"doi":1138},"10.1016\u002F0378-4266(91)90038-N",{"id":20,"text":1140,"url":20,"identifiers":1141},"Duffie, D. and M. Huang, ?Swap Rates and Credit Quality.? Journal of Finance 51(3), 921?949 (1996).",{"doi":1142},"10.1111\u002Fj.1540-6261.1996.tb02712.x",{"id":20,"text":1144,"url":20,"identifiers":1145},"Duffie, D. and K. Singleton, ?An Econometric Model of the Term Structure of Interest-Rate Swap Yields.? Journal of Finance 52(4), 1287?1321 (1997).",{"doi":1146},"10.1111\u002Fj.1540-6261.1997.tb01111.x",{"id":20,"text":1148,"url":20,"identifiers":1149},"Gupta, A. and M. G. Subrahmanyam, ?An Empirical Investigation of the Convexity Bias in the Pricing of Interest Rate Swaps.? Journal of Financial Economics 55(3), 239?279 (2000).",{"doi":1150},"10.1016\u002FS0304-405X(99)00051-3",{"id":20,"text":1152,"url":20,"identifiers":1153},"Hancock, D., ?A Model of the Financial Firm with Imperfect Asset and Deposit Elasticities.? Journal of Banking and Finance 10(1), 37?54 (1986).",{"doi":1154},"10.1016\u002F0378-4266(86)90019-1",{"id":20,"text":1156,"url":20,"identifiers":1157},"Klein, M. A., ?A Theory of the Banking Firm.? Journal of Money, Credit, and Banking 3(2), 205?218 (1971).",{"doi":1158},"10.2307\u002F1991279",{"id":20,"text":1160,"url":20,"identifiers":1161},"Lin, J. H. and Y. Y. Teng, ?Optimal Bank Interest Margin under Capital Regulation and Deposit Insurance: A Contingent Claim Analysis.? Advances in Quantitative Analysis of Finance and Accounting 9, 229?247 (2001).",{},{"id":20,"text":1163,"url":20,"identifiers":1164},"Longstaff, F. A., P. Santa-Clara and E. S. Schwartz, ?The Relative Valuation of Caps and Swaptions: Theory and Empirical Evidence.? Journal of Finance 56(6), 2067?2109 (2001).",{"doi":1165},"10.1111\u002F0022-1082.00399",{"id":20,"text":1167,"url":20,"identifiers":1168},"Merton, R. C., ?An Analytic Derivation of the Cost of Deposit Insurance and Loan Guarantees.? Journal of Banking and Finance 1(1), 3?11 (1977).",{"doi":1169},"10.1016\u002F0378-4266(77)90015-2",{"id":20,"text":1171,"url":20,"identifiers":1172},"Minton, B., ?An Empirical Examination of Basic Valuation Models for Plain Vanilla U.S. Interest Rate Swaps.? Journal of Financial Economics 44(2), 251?277 (1997).",{"doi":1173},"10.1016\u002FS0304-405X(97)00005-6",{"id":20,"text":1175,"url":20,"identifiers":1176},"Mozumdar, A., ?Corporate Hedging and Speculative Incentives: Implications for Swap Market Default Risk.? Journal of Financial and Quantitative Analysis 36(2), 221?250 (2001).",{"doi":1177},"10.2307\u002F2676272",{"id":20,"text":1179,"url":20,"identifiers":1180},"Mullins, H. M. and D. H. Pyle, ?Liquidation Costs and Risk-Based Bank Capital.? Journal of Banking and Finance 18(1), 113?138 (1994).",{"doi":1181},"10.1016\u002F0378-4266(94)00081-6",{"id":20,"text":1183,"url":20,"identifiers":1184},"Neal, R. S., ?Credit Derivatives: New Financial Instruments for Controlling Credit Risk.? Federal Reserve Bank of Kansas City, Economic Review 81(2), 15?27 (1996).",{},{"id":20,"text":1186,"url":20,"identifiers":1187},"Ramaswamy, K. and S. M. Sundaresan, ?The Valuation of Floating-Rate Instruments: Theory and Evidence.? Journal of Financial Economics 17(2), 251?272 (1986).",{"doi":1188},"10.1016\u002F0304-405X(86)90066-8",{"id":20,"text":1190,"url":20,"identifiers":1191},"Santomero, A. M., ?Modelling the Banking Firm.? Journal of Money, Credit, and Banking 16(4), 576?612 (1984).",{"doi":1192},"10.2307\u002F1992092",{"id":20,"text":1194,"url":20,"identifiers":1195},"Santomero, A. M. and N. R. Blackwell, ?Bank Credit Rationing and the Customer Relation.? Journal of Monetary Economics 9(1), 121?129 (1982).",{"doi":1196},"10.1016\u002F0304-3932(82)90055-1",{"id":20,"text":1198,"url":20,"identifiers":1199},"Sorensen, E. H. and T. F. Bollier, ?Pricing Swap Default Risk.? Financial Analysts Journal May-June, 23?33 (1994).",{"doi":1200},"10.2469\u002Ffaj.v50.n3.23",{"id":20,"text":1202,"url":20,"identifiers":1203},"Stiroh, K. J. and P. P. Strahan, ?Competitive Dynamics of Deregulation: Evidence from U. S. Banking.? Journal of Money, Credit, and Banking 35(5), 801?828 (2003).",{"doi":1204},"10.1353\u002Fmcb.2003.0040",{"id":20,"text":1206,"url":20,"identifiers":1207},"Sun, T. S., S. M. Sundaresan and C. Wang, ?Interest Rate Swaps: An Empirical Investigation.? Journal of Financial Economics 34(1), 77?99 (1993).",{"doi":1208},"10.1016\u002F0304-405X(93)90041-9",{"id":20,"text":1210,"url":20,"identifiers":1211},"Wong, K. P., ?On the Determinants of Bank Interest Margins under Credit and Interest Rate Risks.? Journal of Banking and Finance 21(2), 251?271 (1997).",{"doi":1212},"10.1016\u002FS0378-4266(96)00037-4",{"id":20,"text":1214,"url":20,"identifiers":1215},"Zarruk, E. and J. Madura, ?Optimal Bank Interest Margin under Capital Regulation and Deposit Insurance.? Journal of Finance and Quantitative Analysis 27(1), 143?149 (1992).",{"doi":1216},"10.2307\u002F2331303",{"id":1218,"createTime":1219,"updateTime":1220,"relativeEntities":1221,"slug":1222,"properties":1223,"entityType":121,"verifyStatus":122,"verifyTime":1234,"verifyNote":124,"languages":20,"translateLanguages":20,"viewCount":21,"primaryUrl":1235,"fullTextUrl":20,"authors":1236,"publicationType":158,"publisherRelationship":1282,"citationCount":1338,"citationInfo":1339,"publishDate":1342,"publishYear":1340,"citationAnalyzeStatus":219,"lastCitationAnalyze":1343,"indexDatabases":1344,"openAccess":20,"references":20,"isForceReanalyzing":319},"a29ce63c-1f37-40a7-814f-c811b7c3a816","2024-01-17T11:01:46.908+00:00","2026-07-11T10:41:52.822+00:00",[],"Activity-in-futures-does-underlying-market-size-relate-to-futures-trading-volume-",{"abstract":1224,"title":1226,"gsPaper":1228,"references":1230,"doi":1232},{"EN":1225},"This study investigates the determinants of trading volume in the futures markets and focuses on underlying market characteristics as an explanation for futures trading volume. Four major futures contracts traded on the Sydney Futures Exchange are investigated: the stock price index (SPI); the 90-day bank accepted bill (BAB); the 3-year bond; and the 10-year bond. An important outcome of this study is an identification of the fundamental drivers of trading volume in the futures markets, which have largely gone undocumented in prior research. We find evidence that futures trading volume is related to underlying market characteristics: the size of the Australian superannuation fund investments in equities (for the SPI), short term treasury notes (for the BAB), non-government bonds on issue (for the 3-year contract) and government bonds on issue (for the 10-year contract).",{"EN":1227},"Activity in futures: does underlying market size relate to futures trading volume?",{"VOID":1229},"[\"11621563069607234967\"]",{"VOID":1231},"Berkman H (1992) The market spread, limit orders, and options. 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Am Econ Rev June:314–343",{"VOID":1233},"10.1007\u002Fs11156-009-0132-0","2024-06-25T15:48:19.634+00:00","https:\u002F\u002Flink.springer.com\u002Farticle\u002F10.1007\u002Fs11156-009-0132-0",[1237,1254,1269],{"id":1238,"sortIndex":21,"researcher":20,"roles":1239,"affiliations":1240,"properties":1249,"displayName":1251,"givenName":20,"familyName":20},"cb4e6931-cafc-4586-9801-0d214509c847",[130],[1241],{"id":1242,"sortIndex":21,"affiliation":1243,"properties":20},"2cc515ce-733a-41fe-946b-bedbe01b8254",{"id":1242,"createTime":20,"updateTime":20,"relativeEntities":1244,"slug":20,"properties":1245,"entityType":20,"verifyStatus":20,"verifyTime":20,"verifyNote":20,"languages":20,"translateLanguages":20,"viewCount":20,"url":20,"parentIds":1248,"statistic":20},[],{"title":1246},{"VI":1247},"Finance Discipline, School of Business, The University of Sydney, Sydney, Australia",[],{"title":1250,"gsAuthor":1252},{"VI":1251},"Alex 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Jarnecic",{"VOID":1268},"[\"hrYvEVwAAAAJ\"]",{"id":1270,"sortIndex":376,"researcher":20,"roles":1271,"affiliations":1272,"properties":1279,"displayName":1281,"givenName":20,"familyName":20},"62dcee28-6b14-46e6-b8d0-dd716d9ba401",[130],[1273],{"id":1242,"sortIndex":21,"affiliation":1274,"properties":20},{"id":1242,"createTime":20,"updateTime":20,"relativeEntities":1275,"slug":20,"properties":1276,"entityType":20,"verifyStatus":20,"verifyTime":20,"verifyNote":20,"languages":20,"translateLanguages":20,"viewCount":20,"url":20,"parentIds":1278,"statistic":20},[],{"title":1277},{"VI":1247},[],{"title":1280},{"VI":1281},"Hui Zheng",{"url":1235,"publisher":1283,"properties":1333},{"id":6,"createTime":7,"updateTime":8,"relativeEntities":1284,"slug":10,"properties":1285,"entityType":18,"verifyStatus":19,"verifyTime":20,"verifyNote":20,"languages":20,"translateLanguages":20,"viewCount":21,"subjectFields":1289,"manageAffiliations":1302,"indexDatabases":1313,"url":94,"thumbnailPath":20,"statistic":1328,"gsStatistic":20,"type":101,"analyzePriority":20},[],{"issn":1286,"title":1287,"eissn":1288},{"VOID":13},{"EN":15},{"VOID":17},[1290,1294,1298],{"id":24,"createTime":20,"updateTime":20,"relativeEntities":1291,"label":1292,"description":1293,"parentId":20,"standard":20,"scholarHubFieldId":20},[],{"EN":27},{},{"id":30,"createTime":20,"updateTime":20,"relativeEntities":1295,"label":1296,"description":1297,"parentId":20,"standard":20,"scholarHubFieldId":20},[],{"EN":33},{},{"id":36,"createTime":20,"updateTime":20,"relativeEntities":1299,"label":1300,"description":1301,"parentId":20,"standard":20,"scholarHubFieldId":20},[],{"EN":39},{},[1303,1308],{"id":43,"createTime":20,"updateTime":20,"relativeEntities":1304,"slug":20,"properties":1305,"entityType":20,"verifyStatus":20,"verifyTime":20,"verifyNote":20,"languages":20,"translateLanguages":20,"viewCount":20,"url":20,"parentIds":1307,"statistic":20},[],{"title":1306},{"EN":47},[],{"id":50,"createTime":20,"updateTime":20,"relativeEntities":1309,"slug":20,"properties":1310,"entityType":20,"verifyStatus":20,"verifyTime":20,"verifyNote":20,"languages":20,"translateLanguages":20,"viewCount":20,"url":20,"parentIds":1312,"statistic":20},[],{"title":1311},{"EN":54},[56],[1314,1321],{"id":59,"indexDatabase":1315,"url":72,"indexYears":20,"academicFieldIds":1320,"indexDatabaseRanking":20},{"id":61,"createTime":20,"updateTime":20,"relativeEntities":1316,"label":1317,"description":1318,"key":68,"publicationTags":1319,"standard":20},[],{"EN":64,"VI":64},{"EN":66,"VI":67},[70,71],[74],{"id":76,"indexDatabase":1322,"url":87,"indexYears":88,"academicFieldIds":1327,"indexDatabaseRanking":93},{"id":78,"createTime":20,"updateTime":20,"relativeEntities":1323,"label":1324,"description":1325,"key":84,"publicationTags":1326,"standard":20},[],{"EN":81,"VI":81},{"EN":81,"VI":83},[86],[90,91,92],{"impactFactor":21,"impactFactorByYear":1329,"i10Index":21,"i10IndexLast5Year":21,"totalPublication":97,"totalPublicationByYear":1330,"totalCitation":21,"totalCitationByYear":1331,"totalCitationPerPublication":21,"totalCitationPerPublicationByYear":1332,"hindexLast5Year":21,"hindex":21},{},{"2008":97},{},{},{"pages":1334,"volume":1336},{"VOID":1335},"313-325",{"VOID":1337},"34",4,{"total":1338,"publishYear":1340,"statisticByYear":1341},2009,{},"2009-06-23","2026-07-11T10:41:52.821+00:00",[70,93],{"id":1346,"createTime":1347,"updateTime":1348,"relativeEntities":1349,"slug":1350,"properties":1351,"entityType":121,"verifyStatus":122,"verifyTime":1362,"verifyNote":124,"languages":20,"translateLanguages":20,"viewCount":21,"primaryUrl":1363,"fullTextUrl":20,"authors":1364,"publicationType":158,"publisherRelationship":1410,"citationCount":20,"citationInfo":20,"publishDate":1466,"publishYear":1467,"citationAnalyzeStatus":1468,"lastCitationAnalyze":1469,"indexDatabases":1470,"openAccess":20,"references":20,"isForceReanalyzing":319},"39a4c6cc-e9f7-4692-813d-62b74d064ba0","2024-01-18T11:49:33.195+00:00","2026-06-28T10:25:41.608+00:00",[],"The-context-of-earnings-management-and-its-ability-to-predict-future-stock-returns",{"abstract":1352,"title":1354,"gsPaper":1356,"references":1358,"doi":1360},{"EN":1353},"This paper constructs a signal-based composite index, namely ESCORE, which captures the context of earnings management. Specifically, ESCORE aggregates 15 individual signals related to both accrual and real earnings management based on prior relevant literature. After establishing that ESCORE is capable of capturing the context in which earnings management is more likely to occur, the study finds that low ESCORE firms outperform those with high ESCORE by an average of 1.37% per month after controlling for risk loadings on the market, size, book-to-market and momentum factors up to one year after portfolio formation in the UK. This finding implies that investors tend to ignore the observable context of earnings management. In addition, with ESCORE model, investors do not need to estimate the magnitude of earnings management, rather it is sufficient to look at the surrounding context to differentiate between low and high earnings management firms. Finally, when tested using the US data, most of the main results of the study appear to hold.",{"EN":1355},"The context of earnings management and its ability to predict future stock returns",{"VOID":1357},"[]",{"VOID":1359},"Agarwal V, Taffler R (2007) Twenty-five years of the Taffler z-score model: does it really have predictive ability? Account Bus Res 37:285–300\nAgarwal V, Taffler R (2008) Does financial distress risk drive the momentum anomaly? Financ Manage 37:461–484\nAl-Shattarat B, Hussainey K, Al-Shattarat W (2018) The impact of abnormal real earnings management to meet earnings benchmarks on future operating performance. Int Rev Financ Anal. https:\u002F\u002Fdoi.org\u002F10.1016\u002Fj.irfa.2018.10.001\nAllen EJ, Larson CR, Sloan RG (2013) Accrual reversals, earnings and stock returns. J Account Econ 56:113–129\nAlzoubi ESS (2016) Audit quality and earnings management: Evidence from Jordan. 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Rev Acc Financ 19:30–47",{"VOID":1361},"10.1007\u002Fs11156-022-01041-3","2024-08-30T11:16:51.598+00:00","https:\u002F\u002Flink.springer.com\u002Farticle\u002F10.1007\u002Fs11156-022-01041-3",[1365,1380,1395],{"id":1366,"sortIndex":21,"researcher":20,"roles":1367,"affiliations":1368,"properties":1377,"displayName":1379,"givenName":20,"familyName":20},"d05a7f1a-4d66-4e8e-bded-c1e2ef510834",[130],[1369],{"id":1370,"sortIndex":21,"affiliation":1371,"properties":20},"ab2db23a-8efd-4803-86e0-68088b6d3b96",{"id":1370,"createTime":20,"updateTime":20,"relativeEntities":1372,"slug":20,"properties":1373,"entityType":20,"verifyStatus":20,"verifyTime":20,"verifyNote":20,"languages":20,"translateLanguages":20,"viewCount":20,"url":20,"parentIds":1376,"statistic":20},[],{"title":1374},{"VI":1375},"Faculty of Business and Law, University of Roehampton, London, UK",[],{"title":1378},{"VI":1379},"Nguyet T. M. Nguyen",{"id":1381,"sortIndex":97,"researcher":20,"roles":1382,"affiliations":1383,"properties":1392,"displayName":1394,"givenName":20,"familyName":20},"e64eb776-9bab-484c-859f-a8656bd19b68",[130],[1384],{"id":1385,"sortIndex":21,"affiliation":1386,"properties":20},"fff11892-c42b-4399-af0f-b329573b605b",{"id":1385,"createTime":20,"updateTime":20,"relativeEntities":1387,"slug":20,"properties":1388,"entityType":20,"verifyStatus":20,"verifyTime":20,"verifyNote":20,"languages":20,"translateLanguages":20,"viewCount":20,"url":20,"parentIds":1391,"statistic":20},[],{"title":1389},{"VI":1390},"Kent Business School, University of Kent, Chatham, UK",[],{"title":1393},{"VI":1394},"Abdullah Iqbal",{"id":1396,"sortIndex":376,"researcher":20,"roles":1397,"affiliations":1398,"properties":1407,"displayName":1409,"givenName":20,"familyName":20},"9fb47e7d-c9b6-455a-8fd1-5e4cd1add4a4",[130],[1399],{"id":1400,"sortIndex":21,"affiliation":1401,"properties":20},"b2d4a9bd-bb58-4058-894e-53d5a81990ab",{"id":1400,"createTime":20,"updateTime":20,"relativeEntities":1402,"slug":20,"properties":1403,"entityType":20,"verifyStatus":20,"verifyTime":20,"verifyNote":20,"languages":20,"translateLanguages":20,"viewCount":20,"url":20,"parentIds":1406,"statistic":20},[],{"title":1404},{"VI":1405},"Brunel Business School, Brunel University London, Uxbridge, UK",[],{"title":1408},{"VI":1409},"Radha K. Shiwakoti",{"url":1363,"publisher":1411,"properties":1461},{"id":6,"createTime":7,"updateTime":8,"relativeEntities":1412,"slug":10,"properties":1413,"entityType":18,"verifyStatus":19,"verifyTime":20,"verifyNote":20,"languages":20,"translateLanguages":20,"viewCount":21,"subjectFields":1417,"manageAffiliations":1430,"indexDatabases":1441,"url":94,"thumbnailPath":20,"statistic":1456,"gsStatistic":20,"type":101,"analyzePriority":20},[],{"issn":1414,"title":1415,"eissn":1416},{"VOID":13},{"EN":15},{"VOID":17},[1418,1422,1426],{"id":24,"createTime":20,"updateTime":20,"relativeEntities":1419,"label":1420,"description":1421,"parentId":20,"standard":20,"scholarHubFieldId":20},[],{"EN":27},{},{"id":30,"createTime":20,"updateTime":20,"relativeEntities":1423,"label":1424,"description":1425,"parentId":20,"standard":20,"scholarHubFieldId":20},[],{"EN":33},{},{"id":36,"createTime":20,"updateTime":20,"relativeEntities":1427,"label":1428,"description":1429,"parentId":20,"standard":20,"scholarHubFieldId":20},[],{"EN":39},{},[1431,1436],{"id":43,"createTime":20,"updateTime":20,"relativeEntities":1432,"slug":20,"properties":1433,"entityType":20,"verifyStatus":20,"verifyTime":20,"verifyNote":20,"languages":20,"translateLanguages":20,"viewCount":20,"url":20,"parentIds":1435,"statistic":20},[],{"title":1434},{"EN":47},[],{"id":50,"createTime":20,"updateTime":20,"relativeEntities":1437,"slug":20,"properties":1438,"entityType":20,"verifyStatus":20,"verifyTime":20,"verifyNote":20,"languages":20,"translateLanguages":20,"viewCount":20,"url":20,"parentIds":1440,"statistic":20},[],{"title":1439},{"EN":54},[56],[1442,1449],{"id":59,"indexDatabase":1443,"url":72,"indexYears":20,"academicFieldIds":1448,"indexDatabaseRanking":20},{"id":61,"createTime":20,"updateTime":20,"relativeEntities":1444,"label":1445,"description":1446,"key":68,"publicationTags":1447,"standard":20},[],{"EN":64,"VI":64},{"EN":66,"VI":67},[70,71],[74],{"id":76,"indexDatabase":1450,"url":87,"indexYears":88,"academicFieldIds":1455,"indexDatabaseRanking":93},{"id":78,"createTime":20,"updateTime":20,"relativeEntities":1451,"label":1452,"description":1453,"key":84,"publicationTags":1454,"standard":20},[],{"EN":81,"VI":81},{"EN":81,"VI":83},[86],[90,91,92],{"impactFactor":21,"impactFactorByYear":1457,"i10Index":21,"i10IndexLast5Year":21,"totalPublication":97,"totalPublicationByYear":1458,"totalCitation":21,"totalCitationByYear":1459,"totalCitationPerPublication":21,"totalCitationPerPublicationByYear":1460,"hindexLast5Year":21,"hindex":21},{},{"2008":97},{},{},{"pages":1462,"volume":1464},{"VOID":1463},"123-169",{"VOID":1465},"59","2022-03-16",2022,"ERROR_IN_GET_PLATFORM_ID","2026-06-28T10:25:41.607+00:00",[70,93],{"id":1472,"createTime":1473,"updateTime":1474,"relativeEntities":1475,"slug":1476,"properties":1477,"entityType":121,"verifyStatus":122,"verifyTime":1487,"verifyNote":124,"languages":20,"translateLanguages":20,"viewCount":21,"primaryUrl":1488,"fullTextUrl":20,"authors":1489,"publicationType":158,"publisherRelationship":1535,"citationCount":20,"citationInfo":20,"publishDate":1591,"publishYear":1592,"citationAnalyzeStatus":1468,"lastCitationAnalyze":1474,"indexDatabases":1593,"openAccess":20,"references":20,"isForceReanalyzing":319},"54eb5e9f-8b43-4cf3-812f-f2899e34db46","2024-02-02T04:05:27.945+00:00","2026-06-09T05:42:35.219+00:00",[],"Controlling-shareholders-opportunistic-use-of-share-repurchases",{"abstract":1478,"title":1480,"gsPaper":1482,"references":1483,"doi":1485},{"EN":1479},"This study examines how share repurchase and dividend policies are influenced by controlling shareholders in an emerging market. We maintain that the controlling shareholders can utilize share repurchase opportunistically, particularly when they exercise voting rights in excess of cash-flow rights. The evidence of Korean firms suggests that the wedge between the voting rights and cash-flow rights positively affects share repurchases but negatively affects cash dividends. We also find that share repurchases are not always supported by operating performances. The results indicate that firms may utilize share repurchases as a means to pursue private benefits of the controlling shareholders. We also document that share repurchases do not substitute for cash dividends, suggesting that share repurchases are not genuine distributions. Furthermore, we find that the wedge of share repurchases reduces firm value. Overall, our results indicate that the controlling shareholders of Korean firms use share repurchases opportunistically rather than strategically.",{"EN":1481},"Controlling shareholders’ opportunistic use of share repurchases",{"VOID":1357},{"VOID":1484},"Agrawal A, Jayaraman N (1994) The dividend policies of all-equity firms: a direct test of the free cash flow theory. Manag Decis Econ 15:139–148\nAli A, Chen T, Radhakrishnan S (2007) Corporate disclosures by family firms. J Account Econ 44:238–286\nAllen F, Bernardo A, Welch I (2000) A theory of dividends based on tax clienteles. J Financ 55(6):2499–2536\nAmbarish R, John K, Williams J (1987) Efficient signaling with dividends and investments. J Financ 42:321–344\nBaek J, Kang J, Park K (2004) Corporate governance and firm value: evidence from the Korean financial crisis. J Financ Econ 71:265–313\nBagwell L (1991) Shareholder heterogeneity: evidence and implications. Am Econ Rev 81(2):218–221\nBagwell L, Shoven J (1989) Cash distributions to shareholders. J Econ Perspect 3(3):129–140\nBaker H, Powell G, Viet E (2002) Revisiting the dividend puzzle: do all of piece now fit? Rev Financ Econ 11:241–261\nBarber B, Odean T (2000) Trading is hazardous to your wealth: the common stock investment performance of individual investors. J Financ 55:773–806\nBarber B, Odean T (2001) Boys will be boys: gender, overconfidence, and common stock investment. Quart J Econ 116:261–292\nBarber B, Lee Y, Liu Y, Odean T (2009) Just how much do individual investors lose by trading? Rev Financ Stud 22(2):609–632\nBarclay M, Smith C (1988) Corporate payout policy: cash dividends versus open-market repurchase. J Financ Econ 22:61–82\nBhattacharya S (1979) Imperfect information, dividend policy, and ‘the bird in the hand’ fallacy. Bell J Econ 10(1):259–270\nBrennan M, Thakor A (1990) Shareholder preferences and dividend policy. J Financ 45(4):993–1018\nChoi J, Park S, Yoo S (2007) Value of outsider directors: evidence from corporate governance reform in Korea. J Financ Quant Anal 42:941–962\nChowdhry B, Nanda V (1994) Repurchase Premia as a reason for dividends: a dynamic model of corporate payout policies. Rev Financ Stud 7:321–350\nClaessens S, Djankov S, Lang L (2000) The separation of ownership and control in East Asian Corporation. J Financ Econ 58:81–112\nDenis D, Denis D, Sarin A (1994) The information content of dividend changes: cash flow signaling, overinvestment, and dividend clienteles. J Financ Quant Anal 29:567–587\nDittmar A (2000) Why do firms repurchase share. J Bus 73(3):331–355\nEasterbrook F (1984) Two agency-cost explanations of dividends. Am Econ Rev 74(4):650–659\nFairchild R (2006) When do share repurchases increase shareholder wealth? J Appl Financ 16(1):31–36\nFried J (2001) Open market repurchase: signaling or managerial opportunism? Theo Inq Law 2:865–894\nGompers P, Ishii J, Metrick A (2010) Extreme governance: an analysis of dual-class firms in United States. Rev Financ Stud 23(3):1051–1088\nGranger C (1969) Investigating causal relations by econometric models and cross-spectral methods. Economet 37(3):424–438\nGrullon G, Michaely R (2002) Dividends, share repurchase, and the substitution hypothesis. J Financ 57(4):1649–1684\nHowe K, He J, Kao G (1988) One-time cash flow announcements and free-cash-flow theory: share repurchase and special dividends. J Financ 47:1963–1975\nIkenberry D, Lakonishok J, Vermaelen T (1995) Market underreaction to open-market share repurchase. J Financ Econ 39:181–208\nJagannathan M, Stephens C, Weisbach M (2000) Financial flexibility and the choice between dividends and stock repurchases. J Financ Econ 57:355–384\nJensen M, Meckling W (1976) Theory of the firm: managerial behavior, agency costs, and capital structure. J Financ Econ 3:305–360\nJensen M, Solberg D, Zorn T (1992) Simultaneous determination of insider ownership, debt, and dividend policies. J Financ Quant Anal 27:247–264\nJo H, Kim Y, Shin D (2012) Underwriter syndication and corporate governance. Rev Quant Financ Account 38:61–86\nJoh S (2003) Corporate governance and firm profitability: evidence from Korea before the economic crisis. J Financ Econ 68:287–322\nJoh S (2004) Corporate restructuring. In: Chung DK, Eichengreen B (eds) The Korean economy beyond the crisis. Edward Elgar, Cheltenham\nJung S, Lee Y (2003) The long-term performance of repurchased shares. Korean J Financ 16(2):129–162 (Printed in Korean)\nKim J, Varaiya N (2008) Insiders’ timing ability and disclosure on corporate share buyback trading. Rev Account Financ 7:69–82\nKim J, Schremper R, Varaiya N (2004) Open market repurchase regulations: a cross-country examination. Corp Financ Rev 9:29–38\nLang L, Litzenberger R (1989) Dividend announcements: cash flow signaling vs. free cash flow hypothesis. J Financ Econ 24:181–191\nLie E (2000) Excess funds and agency problems: an empirical study of incremental cash disbursements. Rev Financ Stud 13:219–248\nLintner J (1956) Distribution of incomes of corporations among dividends, retained earnings, and taxes. Am Econ Rev 46:97–113\nLucas D, McDonald R (1998) Shareholder heterogeneity, adverse selection, and payout policy. J Financ Quant Anal 33:233–253\nNenova T (2003) The value of corporate votes and control benefits: a cross-country analysis. J Financ Econ 68:325–351\nOdean T (1999) Do investors trade too much? Am Econ Rev 89:1279–1298\nOfer A, Thakor A (1987) A theory of share price responses to alternative corporate cash disbursement methods: share repurchase and dividends. J Financ 42(2):365–394\nPark K, Bae K, Cho J (2006) Analyses on performance by different types of investors in Korean stock market. Asia-Pacific J Financ Stud 35:41–76\nRozeff M (1982) Growth, beta and agency costs as determinants of dividend payout ratios. J Financ Res 5:249–259\nSkinner D (2008) The evolving relation between earnings, dividends, and stock repurchases. J Financ Econ 87:582–609\nYoon P, Starks L (1995) Signaling, investment opportunities, and dividend announcements. Rev Financ Stud 8:995–1018",{"VOID":1486},"10.1007\u002Fs11156-012-0306-z","2024-06-23T06:56:13.033+00:00","https:\u002F\u002Flink.springer.com\u002Farticle\u002F10.1007\u002Fs11156-012-0306-z",[1490,1505,1520],{"id":1491,"sortIndex":21,"researcher":20,"roles":1492,"affiliations":1493,"properties":1502,"displayName":1504,"givenName":20,"familyName":20},"5a64365e-57ca-49a8-955a-a4156de1e0da",[130],[1494],{"id":1495,"sortIndex":21,"affiliation":1496,"properties":20},"9e3aca0a-217b-4d03-9313-ebf6d4ae002a",{"id":1495,"createTime":20,"updateTime":20,"relativeEntities":1497,"slug":20,"properties":1498,"entityType":20,"verifyStatus":20,"verifyTime":20,"verifyNote":20,"languages":20,"translateLanguages":20,"viewCount":20,"url":20,"parentIds":1501,"statistic":20},[],{"title":1499},{"VI":1500},"College of Business Administration, Jeonju University, Jeonju, Korea",[],{"title":1503},{"VI":1504},"Hyo Jin 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evidence on whether institutions are informed about dividend changes is mixed. We contribute to this debate by examining institutional trade around dividend changes by industrial firms and REITs. The unique features of REITs, which make them more transparent than industrial firms, present an opportunity to compare institutional trade around dividend changes by the two groups of firms and discern whether institutions are informed about dividend changes by the industrial firms. Using both univariate and multivariate difference-in-differences mean tests, we find that abnormal institutional volume is higher when industrial firms change dividends than when REITs do so. This is consistent with the higher information asymmetry associated with dividend changes by industrial firms, suggesting institutions trade more upon arrival of the more informative dividend changes by the industrial firms. Further, the observed higher abnormal institutional volume is non-directional, and institutional buys offset institutional sales after both dividend increases and reductions by the industrial firms. The higher abnormal institutional volume and the non-directional nature of the abnormal volume suggest that institutions, on average, are not as informed about dividend changes by the industrial firms as they are about the same events by REITs due to their transparent nature. Thus, we uncover new evidence that institutions are not informed about dividend changes by industrial firms.",{"EN":1604},"Are institutional investors informed? The case of dividend changes for REITS and Industrial Firms",{"VOID":1606},"9009002428651111228",{"VOID":1608},"10.1007\u002Fs11156-021-01035-7","2024-04-24T03:56:29.025+00:00","https:\u002F\u002Flink.springer.com\u002Farticle\u002F10.1007\u002Fs11156-021-01035-7",[1612,1629,1644,1661],{"id":1613,"sortIndex":21,"researcher":20,"roles":1614,"affiliations":1615,"properties":1624,"displayName":1626,"givenName":20,"familyName":20},"204819cb-dd7d-4715-8e0e-4591542f338b",[130],[1616],{"id":1617,"sortIndex":21,"affiliation":1618,"properties":20},"81d139d6-325b-4137-925a-30f18dbeee73",{"id":1617,"createTime":20,"updateTime":20,"relativeEntities":1619,"slug":20,"properties":1620,"entityType":20,"verifyStatus":20,"verifyTime":20,"verifyNote":20,"languages":20,"translateLanguages":20,"viewCount":20,"url":20,"parentIds":1623,"statistic":20},[],{"title":1621},{"EN":1622},"Dhillon School of Business, University of Lethbridge, Lethbridge, Canada",[],{"title":1625,"gsAuthor":1627},{"VI":1626},"Ebenezer Asem",{"VOID":1628},"UDrJDkwAAAAJ",{"id":1630,"sortIndex":97,"researcher":20,"roles":1631,"affiliations":1632,"properties":1639,"displayName":1641,"givenName":20,"familyName":20},"7a4ef308-1be4-4247-b947-7ce7224efbbb",[130],[1633],{"id":1617,"sortIndex":21,"affiliation":1634,"properties":20},{"id":1617,"createTime":20,"updateTime":20,"relativeEntities":1635,"slug":20,"properties":1636,"entityType":20,"verifyStatus":20,"verifyTime":20,"verifyNote":20,"languages":20,"translateLanguages":20,"viewCount":20,"url":20,"parentIds":1638,"statistic":20},[],{"title":1637},{"EN":1622},[],{"title":1640,"gsAuthor":1642},{"VI":1641},"Vishaal 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