Analysts strategically allocate more effort to portfolio firms that are relatively more important to their careers. Thus, the other firms the analysts cover indirectly affect a firm’s information ...environment. Controlling for analyst and firm characteristics, we find that an analyst makes more accurate, frequent, and informative earnings forecasts and recommendations for firms ranked higher within her portfolio based on proxies for importance to institutions. A firm’s relative rank widely varies across analysts, but its information environment improves when a larger proportion of analysts consider it to be relatively important. Analysts experience more favorable career outcomes when strategically allocating their efforts.
We introduce a novel approach to estimating latent oil risk factors and establish their significance in pricing nonoil securities. Our model, which features four factors with simple economic ...interpretations, is estimated using both derivative prices and oil-related equity returns. The fit is excellent in and out of sample. The extracted oil factors carry significant risk premia, and are significantly related to macroeconomic variables as well as portfolio returns sorted on characteristics and industry. The average nonoil portfolio exhibits a sensitivity to the oil factors amounting to a sixth (in magnitude) of that of the oil industry itself.
This study investigates whether and how managers’ opportunistic earnings management activities are affected by the degree of their firms’ accounting comparability with other firms. Using a large ...sample of U.S. firms, I find that managers’ real earnings management (REM) increases whereas their accrual-based earnings management (AEM) decreases with the degree of their firms’ accounting comparability with other firms. I also find that this opportunistic behavior to “escape” from AEM to REM facing higher accounting comparability is mitigated when firms’ information environment and/or audit quality are better. These findings are robust to various sensitivity tests including the one to address the possible endogeneity of accounting comparability.
This study follows the evolution of Chinese outbound tourism literature over a 30-year period, from 1983 to 2012. A systematic review is undertaken of articles published in the three leading tourism ...journals to identify research trends. The review uses an evolutionary metaphor to chronicle the main contributions over three distinct stages: crawling out (1983-1992), scurrying about (1993-2002), and walking erect (2003-2012). The article concludes with a discussion of the key findings and suggestions for future research. Walking erect is appropriate and suggests this body of knowledge is still developing and has a considerable way to go. It also denotes that Chinese outbound tourism is likely to impact on Western research and will increasingly make its own contributions to generating new theory within the broader international tourism domain.
This research examines the impact of labor power on the firm's repurchase decisions. Firms facing stronger labor power repurchase fewer shares, suggesting that, on average, repurchases are against ...the interests of labor. However, the negative effect of labor power on repurchases is significantly reduced when repurchases benefit employees by fending off an unwanted takeover or countering the dilution effects of employee stock options. We also examine the ex post consequences of share repurchases. Repurchases are positively related to the probability of a strike. Repurchase announcement returns and the operating performance of repurchasing firms are negatively related to labor power.
Malaysia proved to be at the forefront of Islamic banking and finance by adopting a dual banking system where the conventional and Islamic banking systems co-exist. The Islamic banking has been in ...operation since 1983 and offers a variety of Islamic financial instruments. In such a multi-ethnic and multi-religious country, customers get the financial products and services they like. In the early 1980s, the government encouraged all Malaysians to be involved in the fast-track development process with a vision to make Malaysia a fully industrialized country by the year 2020. Actually, the development of Malaysias dual banking system is tied up with its social and economic policy and that is why it was fully supported by the countrys top leadership in addition to the Central Bank, the Parliament, and the public in general. Islamic banks can motivate Muslims to increase savings and reduce hoarding. This kind of motivation was expected to enhance their participation in the development process contributing to savings mobilization and capital accumulation in order to improve their standard of living and bring them up to par with their countrymen of Chinese origin. Among the countries with a free market economic system, Malaysia has emerged as the first country to implement a dual banking and financial system. The Malaysian model has been recognized by many Islamic countries as the model to emulate.
Over the past three decades, the share of middle-skill jobs in the US has fallen sharply. The decline in the employment share of middle-skill jobs has been associated with a number of sweeping ...changes affecting the economy, including advancement of technology, outsourcing of jobs overseas, and contractions that have occurred in manufacturing. This article examines three decades of data from the Current Population Survey to characterize structural changes in the labor market due to job polarization. One common assumption is that job polarization has been driven mainly by contraction in a few sectors, such as manufacturing, where a large share of jobs are in the middle-skill category. However, the analysis shows that job polarization has stemmed less from a shift away from any one sector than from shifts in the skill-composition of jobs within each sector. The article also finds that workers' response to job polarization has differed depending on their gender, education, and age.
Celotno besedilo
Dostopno za:
CEKLJ, DOBA, IZUM, KILJ, NUK, PILJ, PNG, SAZU, UILJ, UKNU, UL, UM, UPUK
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