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1 – 10 of over 6000Ruixiang Jiang, Bo Wang, Chunchi Wu and Yue Zhang
This chapter examines the impacts of scheduled announcements of 14 widely followed macroeconomic news on the corporate bond market from July 2002 to June 2017 and documents…
Abstract
This chapter examines the impacts of scheduled announcements of 14 widely followed macroeconomic news on the corporate bond market from July 2002 to June 2017 and documents several new findings. First, good (bad) macroeconomic news tends to have a negative (positive) effect on IG bond returns and a positive (negative) effect on high-yield (HY) bond returns. Second, nonfarm payroll (NFP) appears to be the “King of announcements” for the corporate bond market. Third, while information about revisions of prior releases is incorporated into bond prices on announcement days, future revisions fail to be priced in. Fourth, the news information is thoroughly and quickly reflected in bond prices on the announcement day. Finally, corporate bond volatility increases on announcement days, whereas the Zero Lower Bound (ZLB) policy has little effect on conditional volatility.
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This study investigates the significance of trade credit (TC) as an alternative source of funding in financing the growth of financially dependent firms.
Abstract
Purpose
This study investigates the significance of trade credit (TC) as an alternative source of funding in financing the growth of financially dependent firms.
Design/methodology/approach
Panel data analysis using the difference generalized method of moments (GMM) and fixed-effects ordinary least squares (FE-OLS) is conducted on annual data from publicly listed firms across a number of developing economies. The data cover the period from 2003 to 2019.
Findings
The findings indicate that financially dependent firms rely on TC to manage their growth, especially when they have exhausted their debt capacity. This dependence on TC displays a cyclical pattern. As firms enhance their financial position, they tend to scale back their dependence. Nevertheless, firms with significant growth opportunities continue utilizing TC for at least two years after their initial identification as financially dependent.
Practical implications
The author's conclusion highlights that TC can be a valuable and accessible source of funding, especially in developing economies where the real sector may require alternative financing channels. Hence, TC has the potential to play a very significant role in financing corporate growth in these economies.
Originality/value
The current study adds to the existing body of literature by revealing that access to alternative sources of finance is also critical for firms that are dependent on external sources and for firms that have exhausted their financial debt capacity.
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Peng Xie, Hongwei Du, Jiming Wu and Ting Chen
In prior literature, online endorsement system allowing the users to “like” or “dislike” shared information is found very useful in information filtering and trust elicitation in…
Abstract
Purpose
In prior literature, online endorsement system allowing the users to “like” or “dislike” shared information is found very useful in information filtering and trust elicitation in most social networks. This paper shows that such systems could fail in the context of investment communities due to several psychological biases.
Design/methodology/approach
This study develops a series of regression analyses to model the “like”/“dislike” voting process and whether or not such endorsement distinguishes between valuable information and noise. Trading simulations are also used to validate the practical implications of the findings.
Findings
The main findings of this research are twofold: (1) in the context of investment communities, online endorsement system fails to signify value-relevant information and (2) bullish information and “wisdom over the past event” information receive more “likes” and fewer “dislikes” on average, but they underperform in stock market price discovery.
Originality/value
This study demonstrates that biased endorsement may lead to the failure of the online endorsement system as information gatekeeper in investment communities. Two underlying mechanisms are proposed and tested. This study opens up new research opportunities to investigate the causes of biased endorsement in online environment and motivates the development of alternative information filtering systems.
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Sara Schumacher and Hillary B. Veeder
This article unpacks the construction of authority in architectural trade journals as multimodal disciplinary communication and how librarians can use these journals to engage…
Abstract
Purpose
This article unpacks the construction of authority in architectural trade journals as multimodal disciplinary communication and how librarians can use these journals to engage student's critical thinking in information and visual literacy instruction.
Design/methodology/approach
An analysis of project articles was done in two consecutive issues of ten architecture print trade journals including tracking details about the building types, geographic locations, firms represented, visual coverage, and visual categorizes and conventions.
Findings
The projects represented in the analyzed trade journals were predominately public buildings built by established firms in Europe, North America and Asia. The journals employed various methods for crediting and captioning visuals, showing marked differences in conferring authority on architectural photographers and descriptive versus analytical analysis of visual communications. Overall, visuals in architecture trade journals dominate the article space, with photographs being the most prominent type; however, individual journals differ in disciplinary conventions such as presence of people, use of color and indications of scale and compass direction.
Research limitations/implications
These findings strengthen the case for library print subscriptions to trade journals as useful when facilitating student exploration of disciplinary communication to identify markers of authority, examine bias and apply disciplinary conventions in their own scholarly output.
Originality/value
By interrogating the value of print journals in architecture, findings of this study may influence further research into the significance of print journals in other disciplines and a larger professional discussion about the implications of library trends to providing digital-only journal access.
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Bona Kim and Sut Ieng Lei
The cruise industry has used technology to attract more millennials than ever before. The progression of social media has transformed the way young individuals gather information…
Abstract
Purpose
The cruise industry has used technology to attract more millennials than ever before. The progression of social media has transformed the way young individuals gather information for their travel decision-making. Hence, this study aims to investigate the effects of the characteristics of social media – Instagram – on millennials’ trust in and attitudes toward social media content and their behavioral intentions.
Design/methodology/approach
A self-administered survey was designed to test the study model, and 323 responses collected were deemed valid for main data analysis.
Findings
The results revealed that perceived enjoyment of content is a powerful antecedent of trust, attitudes and behavioral intentions. Content quality is a strong predictor of trust but has no meaningful effect on attitudes and behavioral intentions.
Originality/value
Theoretically, this study contributes to the research in the tourism literature on social media and cruise marketing based on integrating into the technology acceptance model, the characteristics of social media content and trust based on commitment-trust theory. This study can help cruise operators use Instagram to influence millennials and suggests significant implications based on social media interactions with millennials.
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Keywords
- Cruise tourism
- Characteristics of Instagram content
- Trust
- Extended technology acceptance model
- Millennials’ behavioral intentions
- 邮轮旅游、Instagram 内容特征、信任、扩展技术接受模型、千禧一代行为意向
- Turismo de cruceros
- Características del contenido de Instagram
- Confianza
- Modelo de Aceptación de la Tecnología ampliado
- Intenciones de comportamiento de los millennials
Giacomo Pigatto, Lino Cinquini, Andrea Tenucci and John Dumay
This study is an analysis that aims to understand the rationale behind the concept of value creation contained in the integrated reporting (IR) framework. As such, the authors…
Abstract
Purpose
This study is an analysis that aims to understand the rationale behind the concept of value creation contained in the integrated reporting (IR) framework. As such, the authors examined the quality of the disclosures made in integrated reports by measuring the level to which the six capitals (6Cs) have been integrated into disclosures on value creation.
Design/methodology/approach
The IR framework’s value creation model focuses on six content elements and three guiding principles. Hence, the present analysis combines content analysis with quantitative measures in the form of a bespoke Integrated Disclosure Index. The index measures the level of integration found in the disclosures instead of the mere presence or absence of mentioned capitals, content elements and guiding principles in isolation. The present sample comprised the 2016 integrated/sustainability reports for 184 listed companies sourced from the Integrated Reporting Examples Database.
Findings
The 6Cs are well disclosed in form but only partially disclosed in substance. Further, overall levels of integration between the capitals, the content elements and the guiding principles are higher than average. Disclosures on materiality, business models and stakeholder relationships are somewhat lacking, as are the related medium- and long-term disclosures on outlook.
Practical implications
The paper contributes to the academic debate on IR by building a case for holistically assessing the substance of integrated reports. Considering that the IR value creation model can underpin and align with the 17 UN sustainable development goals, the authors show how the fundamental concept of the 6Cs sustaining value creation is understood and implemented differently across the various elements and principles of the IR framework.
Social implications
This research also provides guidance for overcoming some of the practical hurdles associated with assessing the quality of reports because the authors provide tools for spotlighting the substance of disclosures over their form.
Originality/value
This paper delves into the substance of integrated reports by assessing how well the 6Cs have been integrated into disclosures on the content elements and guiding principles of the IR framework. In contrast to previous IR research that has mainly analysed capital, elements and principles in isolation, the authors develop an index assessing the integration of these three fundamental concepts of IR.
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Baojun Ma, Jingxia He, Hui Yuan, Jian Zhang and Chi Zhang
Corporate social responsibility (CSR) is significant in the financial market. Despite plenty of existing research on CSR, few studies have quantified the fine-grained aspects of…
Abstract
Purpose
Corporate social responsibility (CSR) is significant in the financial market. Despite plenty of existing research on CSR, few studies have quantified the fine-grained aspects of CSR and examined how diverse CSR aspects are associated with firms' trade credit. Based on the released CSR reports, this paper strives to measure the CSR fulfillment of firms and examine the relationships between CSR and trade credit in terms of textual features presented in these reports.
Design/methodology/approach
This research proposes a natural language processing-based framework to extract the overall readability and the sentiment of fine-grained aspects from CSR reports, which can signal the performance of firms' CSR in diverse aspects. Furthermore, this paper explores how the textual features are associated with trade credit through partial dependence plots (PDPs), and PDPs can generate both linear and nonlinear relationships.
Findings
The study’s results reveal that the overall readability of the reports is positively associated with trade credit, while the performance of the fine-grained CSR aspects mentioned in the CSR reports matters differently. The performance of the environment has a positive impact on trade credit; the performance of creditors, suppliers and information disclosure, shows a U-shaped influence on trade credit; while the performance of the government and customers is negatively associated with trade credit.
Originality/value
This study expands the scope of research on CSR and trade credit by investigating fine-grained aspects covered in CSR reports. It also offers some managerial implications in the allocation of CSR resources and the presentation of CSR reports.
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Prapaporn Kiattikulwattana and Ra-Pee Pattanapanyasat
This study examines whether investors value the timing and/or information of mandatory disclosures in a unique research setting of listed companies in Thailand.
Abstract
Purpose
This study examines whether investors value the timing and/or information of mandatory disclosures in a unique research setting of listed companies in Thailand.
Design/methodology/approach
The authors adopt an event-study based approach. Abnormal stock returns are calculated using an OLS market model to measure market reactions to three types of mandatory reports issued by listed Thai firms: financial statements, Form 56-1 and Form 56-2. These reports are released sequentially but contain overlapping information content. Multivariate regression models are employed to examine the market reactions to these regulatory reports and explore the characteristics of firms that affect the market response.
Findings
The stock market reacts differentially to these reports. The financial statements, which are filed the earliest and are the most concise, prompt the strongest reaction. Investors similarly react significantly to Form 56-1 and Form 56-2, although Form 56-2 provides additional information beyond Form 56-1. The market reactions to small firms are stronger. Collectively, equity investors focus on the timeliness of disclosures rather than the information disclosed in the mandatory reports.
Practical implications
The evidence provides support for ongoing regulatory initiatives aimed at improving the timeliness of mandatory disclosures in emerging economies.
Originality/value
Prior studies on disclosure regulation investigate either the effect of information content or the timing of mandatory disclosures in isolation. The authors differentiate the effect of information content from disclosure timing and extend the literature by suggesting that investors incrementally value timeliness of disclosures. Investors perceive the benefit of the timely release of quantitative information compared to subsequent narrative disclosures. Between Form 56-1 and Form 56-2, the earlier release of the narrative non-financial information is incrementally traded into share prices.
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Sha Zhou, Yaqin Su, Muhammad Aamir Shahzad and Zhengchi Liu
The integration of social media and e-commerce has resulted in a rising phenomenon among individual content providers (ICPs), who used to offer free content, to provide consumers…
Abstract
Purpose
The integration of social media and e-commerce has resulted in a rising phenomenon among individual content providers (ICPs), who used to offer free content, to provide consumers with paid content, such as online courses, Q&As or consultations. Despite the prevalence of ICPs’ content monetization, empirical research has rarely studied its underlying mechanism. This paper examines how the characteristics of free content contributed by ICPs on social media platforms influence their paid content sales, focusing on the perspective of human brand.
Design/methodology/approach
The empirical setting is an online knowledge exchange platform, where users are allowed to provide free content (e.g. answers) on the social media platform and launch paid content (e.g. lectures) on the e-commerce platform. A machine learning technique is employed to construct measures for the characteristics of free content, and fixed-effects estimation is presented to confirm which factors have a significant influence on the sales of paid content.
Findings
The empirical results show that the quality, diversity and expertness of free content have a significant positive impact on the sales of the ICP-paid content, with the brand popularity of ICP playing a mediating role.
Originality/value
This study is the first attempt to demystify the relationship between content contribution and ICPs’ content monetization from the perspective of human brand. The findings validate the effectiveness of the “Selling by Contribution” strategy and provide valuable insights for ICPs and social media platforms.
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