Search

Your search keyword '"Lobo, Gerald"' showing total 480 results
Start Over Author "Lobo, Gerald"
480 results on '"Lobo, Gerald"'

221. Discretion in bank loan loss allowance, risk taking and earnings management.

Author

Jin, Justin, Kanagaretnam, Kiridaran, and Lobo, Gerald J.

Subjects
BANK loan default, MANAGEMENT of bank loans, BANK loans, BANK loan laws, BANK loans -- Government policy
Abstract

Abstract: We study whether banks use the allowance for loan losses (ALL) for efficiency or for opportunistic reasons. We find that banks that had higher abnormal ALL during the period prior to the 2007–2009 crisis engaged in less risk taking during the pre‐crisis period and had a lower probability of failure during the crisis period. In testing earnings management to meet or beat earnings benchmarks, we find that abnormal ALL is unrelated to next period's loss avoidance and just meeting or beating the prior year's earnings. Our results suggest that banks use ALL for efficiency and not for opportunistic purposes. [ABSTRACT FROM AUTHOR]

Published
2018
Full Text
View/download PDF

228. The Impact of Mandatory IFRS Adoption on IPOs in Global Capital Markets

Author

Hong, Hyun, Hung, Mingyi, Lobo, Gerald, Hong, Hyun, Hung, Mingyi, and Lobo, Gerald

Abstract

This study examines the impact of mandatory IFRS adoption on IPO underpricing and the relative amount of IPO capital raised in foreign markets. Using a difference-in-differences design, we find a decrease in IPO underpricing and an increase in the relative proceeds from foreign markets following mandatory IFRS adoption. We also find that mandatory IFRS adoption has a greater impact on IPO underpricing and relative foreign proceeds for firms in countries with a larger number of accounting changes, and this relation is more pronounced among firms in countries with stronger implementation credibility. In addition, we find that the decrease in underpricing associated with mandatory IFRS adoption holds for both domestic IPOs and global IPOs, and this effect is more pronounced for global IPOs than for domestic IPOs. Overall, our study contributes to the literature by documenting the impact of changes in financial accounting standards on IPO underpricing and capital market globalization.

Published
2014

244. Does the Relation between Information Quality and Capital Structure Vary with Cross-Country Institutional Differences?

Author

Jeff Zeyun Chen, Chee Yeow Lim, and Lobo, Gerald J.

Subjects
MARKET orientation, MARKETING strategy, INVESTOR protection, EARNINGS management, INVESTORS, ACCOUNTING, MANAGEMENT
Abstract

Prior research based on U.S. data finds that firms with better information quality raise more equity whereas firms with poorer information quality prefer to issue debt when they seek external financing. Little is known about whether the same conclusion holds outside the U.S. and how the country-level institutional environment influences the relation between information quality and capital structure choices. We examine the relation between accounting information quality (measured by earnings precision, accruals quality, and analyst consensus) and financial leverage across 24 countries and whether that relation varies systematically with country-level investor protection and financial orientation. We document a lower financial leverage for firms with better information quality. More importantly, we find a stronger relation between information quality and financial leverage in countries with weaker investor protection and more market-oriented economies. These cross-country results suggest that information quality is especially important in shaping a firm's capital structure decision when investor demand for information is greater. [ABSTRACT FROM AUTHOR]

Published
2016
Full Text
View/download PDF

245. Troubled by unequal pay rather than low pay: The incentive effects of a top management team pay gap.

Author

Xu, Yue, Liu, Yunguo, and Lobo, Gerald J.

Abstract

We examine the relationships with firm performance of the internal pay gap among individual members of the top management team (TMT) and the compensation level of TMT members relative to their industry peers. We find that pay gap is positively related to firm performance and that this positive relation is stronger when the TMT pay level is higher than the industry median. However, we do not observe such effects in Chinese state-owned enterprises (SOEs), in which both the executive managerial market and compensation are government-regulated. We also document that cutting central SOE managers’ pay level can increase firm value, whereas doing so for local SOE managers has the opposite effect. Our findings have important implications for research on TMT compensation as well as for policy makers considering SOE compensation reform. [ABSTRACT FROM AUTHOR]

Published
2016
Full Text
View/download PDF

Catalog

Books, media, physical & digital resources
See catalog results