The role of board secretaries is a unique institutional feature in China. Individuals this senior executive are responsible for coordinating information disclosure. We study the impact on management earnings forecasts and find that their legal expertise, accounting expertise foreign experience help improve forecast quality. quality forecasts, as indicated by occurrence, frequency, precision accuracy, also positively associated with duality (e.g. director, CFO or other role) equity holdings...

Abstract We examine the impact of bank mergers on chief executive officer (CEO) compensation during period 1992–2014, a characterised by significant banking consolidation. show that CEO is positively related to both merger growth and non‐merger internal growth, with former relationship being higher in magnitude. While pay–risk sensitivity not significantly pay–performance negatively growth. Collectively, our results suggest that, through mergers, CEOs can earn decouple personal wealth from...

Employing an international sample of bank loans from 37 countries, we find that both borrowers' intensive media coverage and positive sentiment reduce the interest rate spreads on loans. In syndicated lending, increases likelihood a non-relationship leading or participating in loan syndicate decreases share lead arranger. Furthermore, demonstrate negative impact news is more pronounced countries with better financial information governance environments, higher representation privately owned...

Purpose Currently, few academics agree on a standard and scientific way to measure risk tolerance. This paper aims create unique model for empirically measuring tolerance make strong contribution the growing literature in management. Design/methodology/approach The authors use factor analysis regression identify relevant factors Findings is based acronymed riskTRACK, which includes five significant this identifies tolerance: traditional factor, reflective allocation capacity knowledge...

This article examines the profitability of style momentum strategies on portfolios based firm growth/value characteristics and market capitalization. The authors use monthly total returns nine S&P indexes to avoid concerns about size, liquidity, credit risk, short-sale constraints, transaction costs. They find that, historically, buying a past best-performing index short-selling worst-performing generates an economically statistically significant profit 0.8% month over June 1995 March...

Empirical studies find that marketing efforts can reduce the offer price discount in SEO by attracting more investors’ attention. However, existing measures of attention are all indirect. This article contributes to field first direct measure, user search frequency index from Google Insight for Search (GIS). We a one-point increase pre-issue GIS indicates about 3% reduction discount. More importantly, this effect is not weakened after including previously found indirect measures, confirming...

Abstract Using a sample of 38 countries, our study is the first to show on global scale that relation between media coverage and implied cost equity capital ( ICOC ) negative both statistically economically significant. On average, one‐unit increase in (approximately two news articles) leads 0.38% decrease . This effect hinges degree press freedom reporting country credibility specific outlets. The more pronounced countries with less developed markets but greater US penetration. Furthermore,...

This study investigates daily stock market anomalies in the African markets, using two most representative index ETFs, each over at least eleven-year time period spanning from pre-financial crisis era to ten years into financial crisis. research attempts test presence of weekend effect on returns exchanges during The results indicate a significant negative Mondays. Our shed some light degree efficiency one major emerging capital markets world.

The notion that information has a different value based on the time of its first availability is at heart being able to quantify any stock market indicators. Compared using investors’ trading data predict liquidity and volatility in market, use information-seeking behavior before actual an important advantage value. This article investigates online search frequency Google users explore how traders’ response asymmetry would future liquidity. findings show Insight for Search (GIS) daily index...

This research differentiates itself from previous SEO marketing studies by using the first direct attention measure: user search frequency index Google Insight for Search (GIS), a service that tracks on daily basis every engine user. We find as an proxy, GIS has significant power in capturing impact around time of offering. A one point increase pre-issue change corresponds to future reduction offer price discount about 3%. In addition, only measure research, indirect measures some effects...

Since their favorable introduction in the U.S. 2006, leveraged bull and bear exchangetraded funds (ETFs) have provided short-term investors with opportunity to express directional views regarding a wide variety of indexes. However, unlike traditional unleveraged ETFs, ETFs are not intended be used as long-term trading instruments. Instead, designed return multiple benchmark index on daily basis. Leveraged structured only for because these must rebalanced each day prevent leverage from...

Purpose The authors investigate the extent to which online talk can influence contemporaneous and future stock trading, especially when market news is unpresented. Design/methodology/approach propose an improved sentiment formula incorporating hype, neutral poster reputation. In addition, they conduct event study, OLS regression analyses probit models. Findings First, investors tend be more talkative in relation firms that are (1) smaller size, (2) growth-like, (3) with lower prices higher...

This study aims to research the language service of linguistic landscape in Da Li ancient city, China. In order achieve goal, questions are put forward. (1) What kind does provide area? (2) How The data sources collected from most densely populated places with large population flow and uncertain source people make more reliability validity. methods collection mainly observation interview. techniques analysis combined descriptive quantitative qualitative analysis. result showed that belongs...