A5070954391- Corporate Finance and Governance
- Auditing, Earnings Management, Governance
- Financial Markets and Investment Strategies
- Financial Reporting and Valuation Research
- Banking stability, regulation, efficiency
- Corporate Social Responsibility Reporting
- Credit Risk and Financial Regulations
- Private Equity and Venture Capital
- State Capitalism and Financial Governance
- Accounting and Organizational Management
- Global Financial Regulation and Crises
- Economic theories and models
- Firm Innovation and Growth
- Fiscal Policies and Political Economy
- Housing Market and Economics
- Climate Change Policy and Economics
- Sustainable Finance and Green Bonds
- Environmental Sustainability in Business
- Capital Investment and Risk Analysis
- Monetary Policy and Economic Impact
- Economic Policies and Impacts
- Accounting Theory and Financial Reporting
- Stochastic processes and financial applications
- Forecasting Techniques and Applications
- FinTech, Crowdfunding, Digital Finance
University of Oxford
2013-2024
University of Cambridge
2007-2016
Stanford University
2014
Using survey data from mainstream investment organizations, we provide insights into why and how investors use reported environmental, social, governance (ESG) information. Relevance to performance is the most frequent motivation, followed by client demand, product strategy, then, ethical considerations. An important impediment of ESG information lack reporting standards. Among various styles, negative screening perceived be least beneficial investments driven Full integration engagement are...
Using survey data from a sample of senior investment professionals mainstream (i.e. not SRI funds) organizations we provide insights into why and how investors use reported environmental, social governance (ESG) information. Relevance to performance is the most frequent motivation for ESG followed by client demand product strategy, bringing change in companies, then ethical considerations. Important impediments information are lack reporting standards as result comparability, reliability,...
ABSTRACT This paper investigates whether and how financial restatements affect the market for corporate control. We show that firms recently filed are significantly less likely to become takeover targets than a propensity score matched sample of non-restating firms. For those restating do receive bids, bids more be withdrawn or take longer complete made Finally, there is some evidence deal value multiples lower targets. Our analyses suggest information risk associated with main driver these...
This paper is concerned with the allegation that fair value accounting rules have contributed significantly to recent financial crisis. It focuses on one particular channel for contribution: impact of actual or potential failure banks. The compares four criteria failure: economic, two legal and regulatory. clear from this comparison balance sheet valuations assets are, in cases, crucial these definitions, so choice between ‘fair value’ other can be decisive whether a bank fails; but cases...
This paper reviews the empirical literature on determinants and decision usefulness of goodwill reporting. We structure our discussion around five guiding questions that reflect longstanding policy issues: recognition, initial subsequent measurement, disclosure, role governance monitoring. In addition to summarizing findings, we assess validity evidence. Our review indicates amounts, average, are associated with underlying economics combining firms but also shaped by managerial incentives...
This paper examines the value relevance of goodwill impairment and information content announcements with introduction Financial Reporting Standard (FRS) 11 in UK 1998 which allowed an annual review as alternative to capitalisation subsequent systematic amortisation goodwill. In contrast capitalised goodwill, our results suggest that is associated economically significant reductions market value. We also find evidence a negative reaction announcements. The impact greater for firms higher...
We construct a novel data set to show that, between 2003-2020, up one-fifth of America's largest firms had non-financial blockholder or insider as their shareholder. Blockholders and insiders tend be less diversified than institutional investors. Measures "universal" "common" ownership are therefore lower previously believed based on analyses investors' holdings alone, the heterogeneity in structures across is greater. Consolidation asset management industry increases universal common...
This paper examines the size effect in German stock market and intends to address several unanswered issues on this widely known anomaly. Unlike recent evidence of a reversal anomaly study documents conditional relation between returns. I also detect strong momentum across portfolios. The results indicate that marginal firm returns is firm's past performance. use an instrumental variable estimation Berk's critique simultaneity bias prior studies small investigate economic rationale behind as...
ABSTRACT Managers expend significant time and effort preparing disclosures about firm performance strategy. Although prior literature has explored how variation in the style presentation of impacts investors' perceptions firms, little is known firms actually create these this process presentation. Based on field data collected from nearly 200 we show that there considerable who prepares disclosures, when they are prepared, amount expended by different types managers (e.g., legal, public...
This paper is concerned with the allegation that fair value accounting rules have contributed significantly to recent financial crisis. It focuses on one particular channel for contribution: impact of actual or potential failure banks. The compares four criteria failure: economic, two legal and regulatory. clear from this comparison balance sheet valuations assets are in cases crucial these definitions, so choice between “fair value” other can be decisive whether a bank fails; but...
This paper explores the application of machine learning methods to financial statement analysis. We compare a range models in repertoire their ability predict sign and magnitude abnormal stock returns around earnings announcements based on past data alone. Random Forests produce most accurate forecasts highest returns. (Nonlinear) neural network-based perform relatively better for predictions extreme market reactions, while linear are predicting moderate reactions. Long-short portfolios...
This paper examines the textual characteristics of firms' 10-K filings over a 20 year time period. We find that investors' reaction to MD&A in 10-Ks is much stronger and more timely than their notes financial statements. Characteristics footnotes are also predictive future returns, volatility, firm profitability. Particularly, changes text differences between tone two sections predict negative stock returns operating performance. Our evidence suggests investors generally underreact...
This paper attempts to tease out some of the reasons why history M&A accounting has been so fraught. It compares different regimes which have tried over time in UK, US and international standards. illustrates quantitative impact alternative on financial statements. asks whether resulting numbers make any difference decisions behaviour. charts rising scale expenditures accompanied regimes. And it suggests that a number historical developments intensified challenges posed by for – firms'...
This study consolidates the existing body of knowledge on theory and empirical evidence shareholder value effects social responsibility returns to socially responsible investing. In doing so, it draws from literature in accounting, economics, finance, law management with related disciplines. Based findings prior proposes a framework that distinguishes between corporate view (CSR) investor (SRI). CSR discriminates three hypotheses responsibility: Agency costs, delegated philanthropy 'doing...
This study uses advanced natural language processing methods to identify companies that are aligned with the UN SDGs based on text in their sustainability disclosures. Using CSR reports of Russel 1000 between 2010-2019 we apply a logistic classifier, support vector machines (SVM) and fully-connected neural network predict alignment SDGs. Specifically, use word embeddings augment dictionary-based input features as well themselves Word2Vec Doc2Vec models classify companies' over time....