DSpace 集合:https://scholars.lib.ntu.edu.tw/handle/123456789/450862024-03-29T15:09:26Z2024-03-29T15:09:26ZCorporate governance reforms and voluntary disclosure: International evidence on management earnings forecastsCHIH-HSIEN LIAOSan, ZiyaoTsang, Alberthttps://scholars.lib.ntu.edu.tw/handle/123456789/6400312024-02-29T08:36:56Z2024-03-01T00:00:00Z標題: Corporate governance reforms and voluntary disclosure: International evidence on management earnings forecasts
作者: CHIH-HSIEN LIAO; San, Ziyao; Tsang, Albert
摘要: This study examines whether and how a country's implementation of corporate governance reforms affects the propensity and properties of management earnings forecasts. We propose competing hypotheses that the implementation of corporate governance reforms will either increase or reduce the likelihood of management earnings forecasts. Our sample includes public firms from 22 countries spanning from 2004 to 2009. Using a difference-in-differences (DID) research design and logistic regressions, we compare the change in earnings forecast practices between firms domiciled in countries that implemented corporate governance reforms and firms domiciled in countries that did not. We find that the implementation of corporate governance reforms in a country increases the propensity of firms in that country to issue earnings forecasts. However, the implementation of corporate governance reforms in a country does not significantly influence the quality of earnings forecasts issued in the post-reform period. Also, the effect of reforms on the level of earnings forecasts issued by firms is greater for countries adopting the comply-or-explain type of reform, for firms in countries with a weaker level of pre-reform corporate governance, and for countries with a common law legal origin. Overall, our findings shed light on how strengthened corporate governance affects firms’ voluntary disclosure practices.2024-03-01T00:00:00ZDo Auditors Price Common Ownership?Raman, K. K.Ye, ChunlaiLIN-HUI YUhttps://scholars.lib.ntu.edu.tw/handle/123456789/6375112023-12-05T03:24:58Z2023-11-01T00:00:00Z標題: Do Auditors Price Common Ownership?
作者: Raman, K. K.; Ye, Chunlai; LIN-HUI YU
摘要: Common ownership (i.e., financial institutions’ block holding stock in industry rivals) and its implications for investors are matters of current interest and debate (Securities and Exchange Commission (SEC) 2018). Motivated by this debate and the salience of common ownership, we investigate whether and how auditors price common ownership. Consistent with the notion that common ownership improves monitoring, we find common ownership is related to lower audit fees (about 6 percent lower). Further, we find that the reduction in audit fees is more pronounced for companies whose common owners (1) have stronger incentives to monitor and (2) have “scale” in monitoring. Using path analysis, we find common ownership contributes to lower audit fees through improved earnings quality. Collectively, our findings speak to the effect of monitoring mechanisms from common ownership and are of potential interest to investors and the SEC as they attempt to assess the broader implications of common ownership.2023-11-01T00:00:00Z資產證券化對銀行抵押貸款規模成長之影響劉啟群吳思蓉楊東叡https://scholars.lib.ntu.edu.tw/handle/123456789/6375012023-12-05T02:13:17Z2023-07-01T00:00:00Z標題: 資產證券化對銀行抵押貸款規模成長之影響
作者: 劉啟群; 吳思蓉; 楊東叡
摘要: 本研究以2005年至2017年間美國銀行控股公司為對象,利用其旗下主要儲貸機構申報之HMDA房屋抵押貸款資料,探討金融危機前後銀行證券化活動對其核貸規模成長率之影響。實證結果發現,在金融危機前,銀行進行證券化活動確實有助提高信用供給,使得抵押放款核貸規模成長率上升;惟在金融危機後,證券化活動對於此成長率產生負面增額(incremental)影響,表示在金融危機之後,資產證券化對於放款成長的正向影響明顯被弱化,銀行放款行為相對謹慎。
This study investigates how asset securitization affects U.S. bank holding companies’ mortgage lending behavior during pre- and post-financial crisis periods. Using Home Mortgage Disclosure Act (HMDA) data and FR Y9-C data from 2005 to 2017, we find a positive effect of asset securitization on U.S. holding companies’ approved mortgage loan growth during pre-crisis period but such positive effect decreases dramatically after the crisis. Our results suggest that asset securitization do help increase banks’ credit supply before the crisis while after the crisis, banks, even those relatively active in asset securitization and sales market, became more cautious with their lending.2023-07-01T00:00:00ZThe effect of book-tax conformity on the information environment: from the analyst perspectiveWEN-HSIN HSUHSIN-TSAI LIUhttps://scholars.lib.ntu.edu.tw/handle/123456789/6318602023-06-07T01:57:37Z2023-05-01T00:00:00Z標題: The effect of book-tax conformity on the information environment: from the analyst perspective
作者: WEN-HSIN HSU; HSIN-TSAI LIU
摘要: This study investigates the effect of book-tax conformity on the information environment from the perspective of analysts’ forecasts. Whether book earnings and taxable income should be conformed has been extensively debated in the literature, but limited evidence is presented. Using international data across 34 countries, we examine how book-tax conformity in a country affects analyst forecast properties. The results indicate that after controlling for firm-specific and country-level factors, increased book-tax conformity is associated with a decrease in earnings forecast accuracy and increased earnings forecast dispersion. We further find that the adverse association between book-tax conformity and analyst forecast properties is mitigated when a firm has better environmental, social, and governance (ESG) performance. Overall, this study suggests that countries with higher book-tax conformity are associated with a less-favorable information environment for financial analysts while a firm’s ESG performance can help improve the information environment.2023-05-01T00:00:00Z