Search results

1 – 10 of 63
To view the access options for this content please click here
Article
Publication date: 16 March 2018

Weiwei Wang and Kenneth Zheng

The purpose of this paper is to investigate the association between unemployment insurance (UI) benefits and firms’ future performance as well as the association between…

Abstract

Purpose

The purpose of this paper is to investigate the association between unemployment insurance (UI) benefits and firms’ future performance as well as the association between UI benefits and volatility of firms’ future performance.

Design/methodology/approach

Quantitative analyses are used to perform empirical testing, and the variables in this study have been selected from previous literature. Empirical data consists of UI benefits data published from 2003 to 2012 on the US Department of Labor website, accounting data from Compustat, and stock return data from CRSP.

Findings

Unemployment benefits are positively associated with firms’ future earnings and cash flows. Also, unemployment benefits are negatively associated with volatility of firms’ future earnings and cash flows. Finally, the positive association between unemployment benefits and firms’ future performance is more pronounced for firms with larger changes in labor force, and the negative association between unemployment benefits and volatility of firms’ future performance is more pronounced for firms with higher labor force volatility and capital structure volatility.

Research limitations/implications

To the extent that other correlated omitted variables exist, the readers are asked to interpret the findings in this paper with caution.

Originality/value

This study contributes to prior literature on labor economics, finance, and accounting. The findings may be of interest to academic researchers and policy makers.

Details

International Journal of Managerial Finance, vol. 14 no. 3
Type: Research Article
ISSN: 1743-9132

Keywords

Content available
Article
Publication date: 25 September 2019

Chamil W. Senarathne

The purpose of this paper is to examine whether Fama–French common risk-factor portfolio investors herd on a daily basis for five developed markets, namely, Europe, Japan…

Abstract

Purpose

The purpose of this paper is to examine whether Fama–French common risk-factor portfolio investors herd on a daily basis for five developed markets, namely, Europe, Japan, Asia Pacific ex Japan, North America and Globe.

Design/methodology/approach

To examine the herd behavior of common risk-factor portfolio investors, this paper utilizes the cross-sectional absolute deviations (CSAD) methodology, covering a daily data sampling period of July 1990 to January 2019 from Kenneth R. French-Data Library. CSAD driven by fundamental and non-fundamental information is assessed using Fama–French five-factor model.

Findings

The results do not provide evidence for herding under normal market conditions, either when reacting to fundamental information or non-fundamental information, for any region under consideration. However, Fama–French common risk-factor portfolio investors mimic the underlying risk factors in returns related to size and book-to-market value, size and operating profitability, size and investment and size and momentum of the equity stocks in European and Japanese markets during crisis period. Also, no considerable evidence is found for herding (on fundamental information) under crisis and up-market conditions except for Japan. Ancillary findings are discussed under conclusion.

Research limitations/implications

Further research on new risk factors explaining stock return variation may help improve the model performance. The performance can be improved by adding new risk factors that are free from behavioral bias but significant in explaining common stock return variation. Also, it is necessary to revisit the existing common risk factors in order to understand behavioral aspects that may affect cost of capital calculations (e.g. pricing errors) and valuation of investment portfolios.

Originality/value

This is the first paper that examines the herd behavior (fundamental and non-fundamental) of Fama–French common risk-factor investors using five-factor model.

Details

Journal of Capital Markets Studies, vol. 3 no. 2
Type: Research Article
ISSN: 2514-4774

Keywords

To view the access options for this content please click here
Article
Publication date: 4 March 2014

Neil Kenneth McBride

The purpose of this paper is to present a novel mnemonic, ACTIVE, inspired by Mason's 1985 PAPA mnemonic, which will help researchers and IT professionals develop an…

Abstract

Purpose

The purpose of this paper is to present a novel mnemonic, ACTIVE, inspired by Mason's 1985 PAPA mnemonic, which will help researchers and IT professionals develop an understanding of the major issues in information ethics.

Design/methodology/approach

Theoretical foundations are developed for each element of the mnemonic by reference to philosophical definitions of the terms used and to virtue ethics, particularly MacIntyrean virtue ethics. The paper starts with a critique of the elements of the PAPA mnemonic and then proceeds to develop an understanding of each of the elements of ACTIVE ethics, via a discussion of the underpinning virtue ethics.

Findings

This paper identifies six issues, described by the mnemonic, ACTIVE. ACTIVE stands for: autonomy, the ability of the individual to manage their own information and make choice; community, the ethical effect of an information systems on the community which it supports; transparency, the extent to which the derivation of content and process in an information system is made clear; identity, the social and ethical effect of an information system on the definition and maintenance of the distinctive characteristics of a person; value, the value or moral worth placed on information associated with an individual and hence on the relationship with the individual; and empathy, the ability of the information systems professional to emotionally connect with the user and the extent to which the information system distances or connects.

Originality/value

The paper applies virtue ethics to developing a tool to help information professionals reflect on their ethical practice in developing and supporting information systems.

Details

Journal of Information, Communication and Ethics in Society, vol. 12 no. 1
Type: Research Article
ISSN: 1477-996X

Keywords

To view the access options for this content please click here
Book part
Publication date: 28 September 2020

Dazhi Zheng, Thomas C. Chiang and Edward Nelling

This chapter examines a multifactor model for stock returns in nine Asian markets (Japan, China, South Korea, Hong Kong, Taiwan, Singapore, Indonesia, Malaysia, and…

Abstract

This chapter examines a multifactor model for stock returns in nine Asian markets (Japan, China, South Korea, Hong Kong, Taiwan, Singapore, Indonesia, Malaysia, and Thailand). The authors develop a model using the market risk premium, size, book-to-market, profitability, investment, momentum, price-to-earnings ratio, and dividend yield factors for each market. The empirical results suggest that this eight-factor model can better explain the variations of stock returns than the original Fama–French three-factor model. Factor-based models using local data outperform those using data from US markets. In addition, the evidence suggests that the eight-factor model can better explain stock returns when the market is under stress.

To view the access options for this content please click here
Article
Publication date: 1 April 1991

Paul Frantz

In the literature of librarianship, the education of a reference librarian has, on the whole, meant two things. First, it has referred to the theoretical and/or practical…

Abstract

In the literature of librarianship, the education of a reference librarian has, on the whole, meant two things. First, it has referred to the theoretical and/or practical training in reference services that a student receives in library school. Second, it has meant the training, or lack of it, the new librarian receives in making the transition from library school to the reference desk. What reference education has not meant, to judge by the literature, is the ongoing training or professional development a working reference librarian might receive on the job.

Details

Reference Services Review, vol. 19 no. 4
Type: Research Article
ISSN: 0090-7324

To view the access options for this content please click here
Book part
Publication date: 7 October 2019

Abstract

Details

Advances in Accounting Education: Teaching and Curriculum Innovations
Type: Book
ISBN: 978-1-78973-394-5

To view the access options for this content please click here
Book part
Publication date: 20 October 2015

Raquel Meyer Alexander, LeAnn Luna and Steven L. Gill

Section 529 college savings plans are tax-favored investment vehicles, which saw tremendous growth after the Economic Growth and Tax Relief Reconciliation Act of 2001…

Abstract

Section 529 college savings plans are tax-favored investment vehicles, which saw tremendous growth after the Economic Growth and Tax Relief Reconciliation Act of 2001 expanded 529 plan benefits to include tax-free distributions for qualified higher education expenses. However, regulators, the press, and fund advisors criticized the Section 529 college savings plan industry for inadequate and nonuniform disclosures of investor information, such as historical returns, fees, taxes, and underlying investments. We investigate consumers’ investment choices after a disclosure regime change in 2003 and find that after enhanced disclosures became widely available, investors selected fewer plans offered exclusively through brokers, increasingly chose portfolios based on past investment performance, but remained unresponsive to state tax benefit disclosures. We also analyze the plans’ performance and find evidence that 529 investors are constrained to invest in portfolios with high, return-eroding fees. Nearly 20 percent of the portfolios have a statistically significant negative alpha, the measure of risk-adjusted excess return, while less than 1 percent have a statistically significant positive alpha.

Details

Advances in Taxation
Type: Book
ISBN: 978-1-78560-277-1

Keywords

To view the access options for this content please click here
Article
Publication date: 3 September 2019

Narges Kia, Beni Halvorsen and Timothy Bartram

Against the backdrop of the Royal Commission into Misconduct in the Banking, Superannuation and Finance Services Industry in Australia, this study on ethical leadership is…

Abstract

Purpose

Against the backdrop of the Royal Commission into Misconduct in the Banking, Superannuation and Finance Services Industry in Australia, this study on ethical leadership is timely. The purpose of this paper is to examine the mediating effects of organisational identification, customer orientated behaviour, service climate and ethical climate on the relationship between ethical leadership and employee in-role performance.

Design/methodology/approach

The hypotheses were tested using a two-wave survey study of 233 bank employees in Australia.

Findings

Evidence from the study indicated that organisational identification, service climate and ethical climate mediate the relationship between ethical leadership and employee in-role performance. Surprisingly, the proposed mediation effect of customer orientation was not supported. However, ethical leadership was positively associated with customer orientated behaviour among employees.

Research limitations/implications

Limitations of the study include collecting data at two time points, thereby rendering the study cross-sectional. Employee in-role performance was a self-rated measure.

Practical implications

This study showed that ethical leadership is critical to improving employee perceptions and experience of an organisation’s service climate, ethical climate, organisational identification, customer orientated behaviour and employee in-role performance. The authors raise a number of HRM implications for the development and enablement of ethical leaders in the banking context.

Originality/value

The findings presented in this paper highlight that ethical leadership is critical to improving employee perceptions and experience of an organisation’s service climate, ethical climate, organisational identification, customer orientated behaviour and employee in-role performance.

To view the access options for this content please click here
Book part
Publication date: 15 October 2008

Serge-Christophe Kolm

The relevant basic principle for overall distribution in macrojustice turns out to be the relevant equality of liberties. This study shows the consequence of this fact for…

Abstract

The relevant basic principle for overall distribution in macrojustice turns out to be the relevant equality of liberties. This study shows the consequence of this fact for the optimum distribution, taxation, and transfers of income. The liberties in question are social liberty (freedom from forceful interference, basic rights), and the possibilities offered by domains of choice which can provide equal liberty while being different for individuals with different productivities.

The method is deductive from the basic relevant concepts.

The result is that this distribution consists of an equal sharing of the proceeds of the same labour for all individuals (with their different productivities). The individuals choose freely their total labour (with no other tax). This redistributive structure is Equal-Labour Income Equalization or ELIE. It also has a number of other important meanings, such as: general balanced labour reciprocity (each yields to each other the proceeds of the same labour); equal basic universal income financed by an equal labour of all; and uniform linear concentration to the mean of the distribution of total incomes (including the value of leisure).

This result extends to multidimensional labour (duration, education, intensity, etc.), and to partial labour including unemployments.

The practical application relies on exemption of overtime labour from the income tax, and a tax credit. This is successfully applied in some countries.

This constitutes a new paradigm of optimum income distribution and taxation. The old paradigm was based on welfarism not found relevant by society for this application, and it has therefore never been applied.

Details

Inequality and Opportunity: Papers from the Second ECINEQ Society Meeting
Type: Book
ISBN: 978-1-84855-135-0

To view the access options for this content please click here
Book part
Publication date: 25 February 2016

Jana Hili, Desmond Pace and Simon Grima

The uncertainty as to whether investments in riskier and less efficient markets allow managers to ‘beat the market’ remains a question to which answers are required…

Abstract

Purpose

The uncertainty as to whether investments in riskier and less efficient markets allow managers to ‘beat the market’ remains a question to which answers are required. Accordingly, the purpose of this chapter is to offer new insights on portfolios of the US, European and Emerging Market (‘EM’) domiciled equity mutual funds whose objectives are the investment in emerging economies, and specifically analyses two main issues: alpha generation and the influence of the funds’ characteristics on their risk-adjusted performance.

Methodology/approach

The dataset is made up a survivorship-bias controlled sample of 137 equity funds over the period January 2004 to December 2014, which are then grouped into equally weighted portfolios according to the scheme’s origin. The Jensen’s (1968) Single-Factor model along with the Fama and French’s (1993) and Carhart’s (1997) multifactor models are employed to authenticate results and answer both research questions.

Findings

Research analysis reveals that EM exposed fund managers fail to collectively outperform the market. It thereby offers ground to believe that the emerging world is very close to being efficient, proving that the Efficient Market Hypothesis (‘EMH’) ideal exists in this scenario where market inefficiency might only be a perception of market participants as any apparent opportunity to achieve above-average returns is speedily snapped up by very active managers. Overall these managers take a conservative approach to portfolio construction, whereby they are more unperturbed investing in large cap equity funds so as to lessen somewhat the exposure towards risks associated with liquidity, stability and volatility.

Furthermore, the findings show that large-sized equity portfolios have the lead over the medium and small-sized competitors, whilst the high cost and mature collective investment vehicles enjoy an alpha which although is negative is superior to their peers. The riskiest funds generated the lowest alpha, and thereby produced doubts as to whether investors should accept a higher risk for the hope of earning higher returns, at least when aiming to gain an exposure into the emerging world.

Originality/value

Mutual fund performance is not an innovative topic so to speak. Nonetheless, researchers and academia have centred their efforts on appraising the behaviour of fund managers domiciled primarily in developed and more efficient economics, leaving the emerging region highly uncovered in this respect. This study, therefore aims at crafting meaningful contributions to the literature as well as to the practical perspective.

Details

Contemporary Issues in Bank Financial Management
Type: Book
ISBN: 978-1-78635-000-8

Keywords

1 – 10 of 63