3rd & 4th CompNet Data Provider Forum
3rd & 4th CompNet Data Provider Forum Given the current circumstances that require social distancing due to COVID-19,it was decided to have the 3rd & 4th CompNet Data Provider…
Zur Seite
CompNet-EBRD Workshop
Localization and Productivity CompNet-EBRD Workshop, October 8-9, 2018, European Bank for Reconstruction and Development, London, United Kingdom The workshop of The…
Zur Seite
8th vintage
8th Vintage CompNet Dataset The CompNet dataset includes a set of micro-aggregated indicators to enhance policy and academic analysis on competitiveness and productivity. All the…
Zur Seite
6th vintage
6th Vintage CompNet Dataset CompNet has created a competitiveness indicator dataset including a number of European countries. The dataset is unique in terms of its coverage and…
Zur Seite
7th vintage
7th Vintage CompNet Dataset The CompNet dataset includes a set of micro-aggregated indicators to enhance policy and academic analysis on competitiveness and productivity. All the…
Zur Seite
4th and 5th vintage
4th and 5th Vintage CompNet Dataset In 2015-2016 The Competitiveness Research Network released to the public respectively the 4th & 5th Vintage of its aggregated micro-based…
Zur Seite
ComProd Monitor
ComProd Monitor The CompNet monitor of Competitiveness and Productivity indicators ComProd is a comprehensive dataset of innovative and traditional indicators of competitiveness…
Zur Seite
IWH-CompNet Discussion Papers
IWH-CompNet Discussion Papers This section highlights the CompNet-related paper series , which showcases research in the field of competitiveness—both studies that use CompNet…
Zur Seite
Do Markets Value Manager-investor Interaction Quality? Evidence from IPO Returns
Shibo Bian, Iftekhar Hasan, Xunxiao Wang, Zhipeng Yan
Review of Quantitative Finance and Accounting,
Vol. 63 (August),
2024
Abstract
This paper investigates the impact of manager-investor interaction quality on stock returns by utilizing an online IPO roadshow dataset and leveraging a word-embedding model. We find that such interactions are positively valued, as reflected in initial returns. The effect is particularly pronounced for firms characterized by higher levels of information asymmetry, greater investor attention, increased question uncertainty, or discussions on topics not covered in prospectus. Additionally, our research reveals that effective management communication leads to increased first-day turnover rates and thus higher returns. These heightened returns persist up to 180 days following the IPO, without displaying a significant long-term reversal associated with interaction quality. These findings underscore the meaningful impact of the quality of manager-investor interactions on firm valuation.
Artikel Lesen
State Ownership and Financial Statement Comparability
William Francis, Xian Gu, Iftekhar Hasan, Joon Ho Kong
Journal of Business Finance and Accounting,
Vol. 51 (7),
2024
Abstract
This paper investigates how state ownership affects financial reporting practices in China. Using several measures of state (government) ownership, we show that a one-standard-deviation increase in state ownership decreases financial statement comparability by 36.61%, and the impact is more pronounced when the central authority has majority control of the company. Moreover, lower earnings quality and lower levels of accounting conservatism among state-owned enterprises (SOEs) may explain the lower accounting comparability between SOEs and non-SOEs (NSOEs). Additionally, similar (different) managerial objectives converge (diverge) financial statement comparability between SOEs and NSOEs. Last, the geographical locations of firms also contribute to financial statement comparability. We employ a difference-in-differences design, changes regression and entropy balancing to mitigate potential endogeneity bias.
Artikel Lesen
