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Article
Publication date: 28 October 2022

Elena Fedorova, Pavel Chertsov and Anna Kuzmina

The purpose of this study is to assess how the information disclosed in prospectuses impacted the initial public offering (IPO) underpricing at a time of high government…

Abstract

Purpose

The purpose of this study is to assess how the information disclosed in prospectuses impacted the initial public offering (IPO) underpricing at a time of high government interference amid the ongoing pandemic.

Design/methodology/approach

The design of this study has several tracks, namely, a macro-level track, which is represented by the government measures to halt the pandemic; a micro-level track, which is followed by textual analysis of IPO prospectuses; and, finally, a machine learning track, in which the authors use state-of-the-art tools to improve their linear regression model.

Findings

The authors found that strict government anti-COVID-19 measures indeed contribute to the reduction of the IPO underpricing. Interestingly, the mere fact of such measures taking place is enough to take effect on financial markets, regardless of the resulting efficiency of such measures. At the micro-level, the authors show that prospectus sentiments and their significance differ across prospectus sections. Using linear regression and machine learning models, the authors find robust evidence that such sections as “Risk factors”, “Prospectus summary”, “Financial Information” and “Business” play a crucial role in explaining the underpricing. Their effect is different, namely, it turns out that the more negative “Risk factors” and “Financial Information” sentiment, the higher the resulting underpricing. Conversely, the more positive “Prospectus summary” and “Business” sentiments appear, the lower the resulting underpricing is. In addition, we used machine learning methods. Consisting of more than 580 IPO prospectuses, the study sample required modern and powerful machine learning tools like Isolation Forest for pre-processing or Random Forest Regressor and Light Gradient Boosting Model for modelling purposes, which enabled the authors to gain better results compared to the classic linear regression model.

Originality/value

At the micro level, this study is not confined to 2020, but also embraces 2021, the year of the record number of IPOs held. Moreover, in this paper, these were prospectuses that served as a source of management sentiment. In addition, the authors used a tailor-made government stringency index. At the micro level, basing the study on behavioural finance hypotheses, the authors conducted both separate and holistic analysis of prospectuses to assess investors’ reaction to different aspects of IPO companies as well as to the characteristics of the IPOs themselves. Lastly, the authors introduced a few innovations to the research methodology. Textual analysis was conducted on a corpus of prospectuses included in a study sample. However, the authors did not use pre-trained dictionaries, but instead opted for FLAIR, a modern open-source framework for natural language processing.

Details

Journal of Financial Reporting and Accounting, vol. 21 no. 4
Type: Research Article
ISSN: 1985-2517

Keywords

Article
Publication date: 4 August 2022

Nazar Habeeb Abbas

The purpose of this research is to determine the nature of the relationship between sporting, financial performance and a stock price of football clubs by adopting the quarterly…

Abstract

Purpose

The purpose of this research is to determine the nature of the relationship between sporting, financial performance and a stock price of football clubs by adopting the quarterly financial statements of the European clubs that represent the research sample: Juventus, Borussia Dortmund and Olympique Lyonnais, which helps clubs’ managers in evaluating the sporting and financial performance effect on the share price at the quarterly level.

Design/methodology/approach

The research is performed using the panel data technique, for Juventus, Borussia Dortmund and Olympique Lyonnais (2007–2016). The sporting performance is represented by the quarterly rate of the number of goals scored by the club to the number of goals scored against it; the quarterly rate of the number of wins to the total number of matches played by the club in local and international competitions. At the same time, financial performance is represented by the quarterly rate of current ratio, the quarterly rate of the leverage ratio, and the quarterly rate of earnings per share (EPS).

Findings

The analysis of the results was distributed at two levels: macro and micro. The analysis at the macro-level dealt with the correlation and influence between the sports performance indicators and the financial performance indicators of the three clubs combined on the share prices of those clubs. The micro-level performance is analyzed separately from the macro analysis. The results indicated that there was an effect on macro analysis. As for the microanalysis, the results showed no effect of the sporting performance of the three clubs on their share price.

Research limitations/implications

The main implications of this research reveal the weakness of the correlation between the clubs' share price in the financial market, possibly due to the quarterly rate of the data. But there is a slight change for Juventus. There is a moderate correlation between the quarterly sporting performance indicators of this club and the quarterly average of its share price in the market.

Practical implications

The main implications of this research reveal the weakness of the correlation between the clubs' share price in the financial market, possibly due to the quarterly rate of the data. But there is a slight change for Juventus. There is a moderate correlation between the quarterly sporting performance indicators of this club and the quarterly average of its share price in the market.

Social implications

The social implications of the current research are clear by dealing with the relationship between the sports and Financial performance of football clubs and its relationship to the price of its shares in the financial market. The success of football clubs in achieving sporting victory attracts more fans. This leads to an increase in the club's profits and consequently to an increase in the price of its shares in the financial markets. Therefore, the societal benefit will be achieved by increasing the enjoyment of the audience and increasing the revenues of the club and the city to which it belongs.

Originality/value

The originality of this research is represented in its use of quarterly data to clarify the relationship between the sporting and financial performance of a sample of European football clubs with the price of its shares in the financial markets. Therefore, this research differs from previous research that used only daily and annual data for clubs to clarify the relationship between their sporting and financial performance.

Details

Review of Behavioral Finance, vol. 15 no. 3
Type: Research Article
ISSN: 1940-5979

Keywords

Article
Publication date: 14 February 2023

Chung Yim Edward Yiu, Ka Shing Cheung and Daniel Wong

This study aims to identify the pandemic’s impact on house rents by applying a rental gradient analysis to compare the pre-and post-COVID-19 periods in Auckland. The micro-level…

Abstract

Purpose

This study aims to identify the pandemic’s impact on house rents by applying a rental gradient analysis to compare the pre-and post-COVID-19 periods in Auckland. The micro-level household census data from the Integrated Data Infrastructure of Statistics New Zealand is also applied to scrutinise this WFH trend as a robustness check.

Design/methodology/approach

Since the outbreak of COVID-19, work-from-home (WFH) and e-commerce have become much more common in many cities. Many news reports have contended that households are leaving city centres and moving into bigger and better houses in the suburbs or rural areas. This emerging trend has been redefining the traditional theory of residential location choices. Proximity to central business district (CBD) is no longer the most critical consideration in choosing one’s residence. WFH and e-commerce flatten the traditional bid rent curve from the city centre.

Findings

The authors examined micro-level housing rental listings in 242 suburbs of the Auckland Region from January 2013 to December 2021 (108 months) and found that the hedonic price gradient models suggest that there has been a trend of rental gradient flattening and that its extent was almost doubled in 2021. Rents are also found to be increasing more in lower-density suburbs.

Research limitations/implications

The results imply that the pandemic has accelerated the trend of WFH and e-commerce. The authors further discuss whether the trend will be a transient phenomenon or a long-term shift.

Practical implications

Suppose an organisation is concerned about productivity and performance issues due to a companywide ability to WFH. In that case, some standard key performance indicators for management and employees could be implemented. Forward-thinking cities need to focus on attracting skilful workers by making WFH a possible solution, not by insisting on the primacy of antiquated nine-to-five office cultures.

Social implications

WFH has traditionally encountered resistance, but more and more companies are adopting WFH policies in this post-COVID era. The early rental gradient and the micro-level household data analysis all confirm that the WFH trend is emerging and will likely be a long-term shift. Instead of resisting the change, organisations should improve their remote work policies and capabilities for this WFH trend.

Originality/value

So far, empirical studies of post-COVID urban restructuring have been limited. This study aims to empirically test such an urban metamorphosis by identifying the spatial and temporal impacts of COVID on house rental gradients in the Auckland Region, New Zealand. The authors apply rental gradient analysis to test this urban restructuring hypothesis because the method considers the spatial-temporal differences, i.e. a difference-in-differences between pre-and post-pandemic period against the distance measured from the city centre. The method can control for the spatial difference and the endogeneity involved.

Details

International Journal of Housing Markets and Analysis, vol. 16 no. 3
Type: Research Article
ISSN: 1753-8270

Keywords

Article
Publication date: 8 September 2023

David Aboagye-Darko, Samuel Nii Boi Attuquayefio, Nathaniel Ankomah, Amanda Quist Okronipa and Jones Yeboah Nyame

Thus, this study aims to determine the status-quo of research on the role of IT in M&A from 2010 to 2022 by providing a summative meta-analysis of this phenomenon.

Abstract

Purpose

Thus, this study aims to determine the status-quo of research on the role of IT in M&A from 2010 to 2022 by providing a summative meta-analysis of this phenomenon.

Design/methodology/approach

This study presents a meta-analysis of mergers and acquisitions (M&A) research in information systems (IS), aimed at accounting for themes in M&A literature over the past 13 years, research methodology, research frameworks, level of analysis and geographical distribution. A total of 47 articles from 24 peer review articles and 23 conference publications were analyzed from 2010 to 2022.

Findings

Findings of the study suggest that M&A research in IS emphasizes IS integration at the expense of other under-explored dimensions such as M&A context, stakeholder involvement and within-firm conditions. Although studies on M&A have increased over the past 10 years, a significant number of studies have not been underpinned by models and theories. Also, a large number of studies adopted the qualitative approach as research methodology compared to quantitative, design science and mixed methods.

Originality/value

This study contributes to the literature on M&A in IS by proposing an M&A in IS research framework that bridges the gap between existing and future studies on M&A in IS research by shedding more light into well research areas and opportunities for further studies.

Details

Kybernetes, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0368-492X

Keywords

Book part
Publication date: 28 July 2023

Andrea Tomo

Abstract

Details

Identity in the Public Sector
Type: Book
ISBN: 978-1-83753-594-1

Book part
Publication date: 28 July 2023

Andrea Tomo

Abstract

Details

Identity in the Public Sector
Type: Book
ISBN: 978-1-83753-594-1

Article
Publication date: 5 March 2024

Sana Ramzan and Mark Lokanan

This study aims to objectively synthesize the volume of accounting literature on financial statement fraud (FSF) using a systematic literature review research method (SLRRM). This…

Abstract

Purpose

This study aims to objectively synthesize the volume of accounting literature on financial statement fraud (FSF) using a systematic literature review research method (SLRRM). This paper analyzes the vast FSF literature based on inclusion and exclusion criteria. These criteria filter articles that are present in the accounting fraud domain and are published in peer-reviewed quality journals based on Australian Business Deans Council (ABDC) journal ranking. Lastly, a reverse search, analyzing the articles' abstracts, further narrows the search to 88 peer-reviewed articles. After examining these 88 articles, the results imply that the current literature is shifting from traditional statistical approaches towards computational methods, specifically machine learning (ML), for predicting and detecting FSF. This evolution of the literature is influenced by the impact of micro and macro variables on FSF and the inadequacy of audit procedures to detect red flags of fraud. The findings also concluded that A* peer-reviewed journals accepted articles that showed a complete picture of performance measures of computational techniques in their results. Therefore, this paper contributes to the literature by providing insights to researchers about why ML articles on fraud do not make it to top accounting journals and which computational techniques are the best algorithms for predicting and detecting FSF.

Design/methodology/approach

This paper chronicles the cluster of narratives surrounding the inadequacy of current accounting and auditing practices in preventing and detecting Financial Statement Fraud. The primary objective of this study is to objectively synthesize the volume of accounting literature on financial statement fraud. More specifically, this study will conduct a systematic literature review (SLR) to examine the evolution of financial statement fraud research and the emergence of new computational techniques to detect fraud in the accounting and finance literature.

Findings

The storyline of this study illustrates how the literature has evolved from conventional fraud detection mechanisms to computational techniques such as artificial intelligence (AI) and machine learning (ML). The findings also concluded that A* peer-reviewed journals accepted articles that showed a complete picture of performance measures of computational techniques in their results. Therefore, this paper contributes to the literature by providing insights to researchers about why ML articles on fraud do not make it to top accounting journals and which computational techniques are the best algorithms for predicting and detecting FSF.

Originality/value

This paper contributes to the literature by providing insights to researchers about why the evolution of accounting fraud literature from traditional statistical methods to machine learning algorithms in fraud detection and prediction.

Details

Journal of Accounting Literature, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0737-4607

Keywords

Article
Publication date: 17 August 2021

Ali Amin, Rizwan Ullah Khan and Arif Maqsood

This study examines whether financial development affects entrepreneurship, and how financial openness moderate this relationship.

Abstract

Purpose

This study examines whether financial development affects entrepreneurship, and how financial openness moderate this relationship.

Design/methodology/approach

The study employs panel data consisting of 781 country-year observations of 48 countries of Asia for the period 2001–2018.

Findings

The study provides empirical support for the eclectic theory of entrepreneurship in Asian countries. The findings of the study indicate that effective allocation of resources and ease of transactions increases the entrepreneurial activities in the country. Additionally, the less stringent regulations, allowing for the cross border transactions, increase the funds availability to the entrepreneurs which in turn increase innovation and establishment of new businesses.

Research limitations/implications

The study only considered the moderating influence of financial openness on the nexus. Other indicators such as governance quality and political stability could also have significant impact on entrepreneurship. Further, our study was based on countries belonging to Asian continent. Since Asian continent has culture distinguished from other regions, therefore, the results cannot be generalized to the other continents.

Practical implications

The study’s results provide insight to policymakers and regulators that in order to increase the entrepreneurial activities, the financial sector improvement is of paramount importance. The regulators should focus on well-functioning financial system and availability of capital to improve the investor's confidence and boost economic activities.

Originality/value

The study provides novel evidence on the effects of financial development on entrepreneurship and moderating influence of financial openness in the context of the entire Asian region, which is yet an unexplored area. This paper offers a fresh contribution in this area.

Details

Journal of Economic and Administrative Sciences, vol. 39 no. 3
Type: Research Article
ISSN: 1026-4116

Keywords

Open Access
Article
Publication date: 17 July 2023

Marian Crowley–Henry, Shamika Almeida, Santina Bertone and Asanka Gunasekara

Skilled migrants' careers are heterogeneous, with existing theories capturing only some of their diversity and dynamic development over time and circumstance. This paper aims to…

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Abstract

Purpose

Skilled migrants' careers are heterogeneous, with existing theories capturing only some of their diversity and dynamic development over time and circumstance. This paper aims to draw out the multilevel (macro, meso and micro levels) influences impacting skilled migrants' careers by using the lens of the intelligent career framework. Furthermore, structuration theory captures the agency of skilled migrants facing different social structures at and across levels and explains the idiosyncratic nature of skilled migrants' careers.

Design/methodology/approach

Following an abductive approach, this paper examines the career influences for a sample of 41 skilled migrants in three different host countries. Individual career stories were collected through qualitative interviews. Important career influences from these narratives are categorised across the intelligent career competencies (knowing why, how and whom) at the macro, meso and micro levels.

Findings

Findings illustrate the lived reality for skilled migrants of these interrelated multilevel career influences and go some way in elucidating the heterogeneity of skilled migrants' careers and outcomes. The interplay of individual agency in responding to both facilitating and challenging social structures across the multilevels further explains the idiosyncratic nature of skilled migrants' careers and how/whether they achieve satisfying career outcomes. Some potential policy implications and options arising from these findings are suggested.

Originality/value

By considering multilevel themes that influence skilled migrants' career capital, the authors were able to better explain the complex, relational and idiosyncratic shaping of their individual careers. As such, the framework informs and guides individuals, practitioners and organisations seeking to facilitate skilled migrants' careers.

Details

Career Development International, vol. 28 no. 5
Type: Research Article
ISSN: 1362-0436

Keywords

Article
Publication date: 21 March 2023

Tong Yang, Yanzhong Dang and Jiangning Wu

This paper aims to propose a method for dynamic product perceived quality analysis using social media data and to achieve a macro–micro combination analysis. The method enables…

Abstract

Purpose

This paper aims to propose a method for dynamic product perceived quality analysis using social media data and to achieve a macro–micro combination analysis. The method enables the prioritization of perceived quality attributes and provides perception causes.

Design/methodology/approach

To rationalize the macro–micro combination, ANOVA and multiple linear regression were used to identify the main factors affecting perceived quality which served as the combination basis; by using the combination basis for consumer segmentation, macro-knowledge (i.e. attribute importance and quality category of the attribute) is achieved by term frequency-inverse document frequency (TF-IDF)-based attribute importance calculation and KANO-based attribute classification, which is combined with micro-quality diagnostic information (i.e. perceived quality, perception causes and quality parameters). Further, dynamic perception Importance-Performance Analysis (IPA) is built to present the attribute priority and perception causes.

Findings

The framework was validated by the new energy vehicle (NEV) data of Autohome. The results show that price and purchase purpose are the most influential factors of perceived quality and that dynamic perception IPA can effectively prioritize attributes and mine perception causes.

Originality/value

This is one of the first studies to analyze dynamic perceived quality using social media data, which contributes to the research on perceived quality. The paper also contributes by achieving a combined macro–micro analysis of perceived quality. The method rationalizes the macro–micro combination by identifying the factors influencing perceived quality, which provides ideas for other studies using social media data.

Details

Industrial Management & Data Systems, vol. 123 no. 5
Type: Research Article
ISSN: 0263-5577

Keywords

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