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Copyright of Contemporary Accounting Research is the property of Canadian Academic Accounting Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Contemporary Accounting Research is the property of Canadian Academic Accounting Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Collecting large asset managers' capital market assumptions, we revisit the relationships between subjective equity premium expectations, equity valuations, and financial portfolios. In contrast to the well-documented extrapolative expectations of retail investors, asset managers' equity premium expectations are countercyclical: they are high (low) when valuations are low (high). We find that asset managers' portfolios reflect their heterogeneous expectations: allocation funds of asset managers with larger U.S. equity premium expectations invest significantly more in U.S. equities. The sensitivity of portfolios to expectations seems to be muted by investment mandates and is smaller than the one predicted by a standard portfolio choice model. [ABSTRACT FROM AUTHOR]

The literature provides conflicting arguments and mixed results regarding whether capital markets punish managerial myopia. Using managers cutting research and development (R&D) investments to meet short-term earnings goals as a research setting, this study reveals that capital markets penalize managerial myopia, especially for firms with high investor sophistication. Moreover, the negative market reactions to managerial myopia are weaker for firms with overinvestment problems than for those without such problems. Overall, the results support the notion that security markets are not shortsighted. In further analysis, we document that compensation, especially earnings-based compensation, may cause managers to behave myopically. Our study contributes to the literature, reconciling previously mixed findings by capturing managers' myopic behavior in a more targeted way and showing that markets punish myopic R&D cutting. [ABSTRACT FROM AUTHOR]

We examine the association between margin requirements and the market's efficiency in incorporating firm-specific and market-level public news. Combining the Fed's 22 changes in margin requirements with a hand-collected sample of earnings announcements between 1934 and 1975, we show that higher margin requirements induce greater delay in incorporating earnings information into prices. We draw similar conclusions when we analyze the Hou and Moskowitz (2005) price delay measure, as well as indirect measures of leverage constraints over recent years. Further tests suggest that, despite the Fed's expressed intent to curtail excess speculation, higher margin requirements restrict trading by arbitrageurs more than noise traders. [ABSTRACT FROM AUTHOR]

Copyright of Contemporary Accounting Research is the property of Canadian Academic Accounting Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Contemporary Accounting Research is the property of Canadian Academic Accounting Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Contemporary Accounting Research is the property of Canadian Academic Accounting Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper considers how a manager decides to disclose or withhold segment information in a capital market setting. In particular, we develop a multi-period model in which a manager in each period decides how to allocate her effort between two businesses. The profit earned in each segment is determined by the manager's effort and ability as well as each segment's market profitability and inherent uncertainty. In this setting, in contrast to the expectation of segment disclosure being withheld due to conflicts of interest between managers and shareholders, we identify the conditions under which the manager rationally withholds segment information and achieves higher social welfare. In a setting where the manager is concerned about the current stock price, disclosing more disaggregated information to the stock market does not necessarily lead to more efficient monitoring. The capital market values various segment earnings differently, and in response to this valuation, a rational manager may greatly alter her behavior, leading to inefficient outcomes. [ABSTRACT FROM AUTHOR]

The article analyzes the legislative acts that defined the scope of the control and supervisory powers of the National Securities and Stock Market Commission (hereinafter - the Commission) during the inception and formation of the securities market in Ukraine. The purpose is to identify the development trends in the legal regulation of relations within the capital markets. The article highlights changes in the system of state administration bodies overseeing the securities market. It notes that the function of state control was divided among three bodies based on substantive and functional characteristics, with the Commission taking a ce ntral role. A steady trend towards the legislator expanding the areas of activity and the range of issues under the Commission's control is observed. The expansion of the Commission's state control sphere and the range of subjects under its jurisdiction had logical justification determined by their activities. However, the scope of state control expanded significantly, requiring substantial human and material resources, which necessitated reforms in the Commission's structure and methods. The article also notes significant changes in defining the forms of implementation of the Commission's control powers. According to the current version of the Law of Ukraine «On State Regulation of Capital Markets and Organized Commodity Markets,» traditional state control methods, such as scheduled inspections, have become secondary. Instead, state supervision methods focusing on observing events in the capital markets have gained prominence. The legislator's attention has shifted from monitoring individual market participants to assessing overall market functioning. This shift requires further development of the monitoring system and enhancement of supervisory powers, reflecting the evolving content of the Commission's activities. The future development of relations between the state and subordinate subjects necessitates a differentiated approach to regulating its control and supervisory functions. This approach aims to reduce the scope of state control measures and promote economic libera lization. [ABSTRACT FROM AUTHOR]

In this study, we investigate the link between economic policy uncertainty (EPU) and manager sentiment. Analysing a comprehensive dataset of Chinese non-financial listed firms spanning from 2007 to 2021, the findings indicate a negative relationship between EPU and manager sentiment expressed in annual reports. Additionally, we observed a significant reduction in manager sentiment bias in the presence of high EPU. The impact of EPU on manager sentiment is moderated by firms benefiting from government industrial policy and those exhibiting stronger risk-taking capability, as the negative effect is less pronounced in these cases. Our channel analysis reveals that EPU diminishes manager sentiment by impairing operating performance and capital market performance. [ABSTRACT FROM AUTHOR]

This paper investigates the influence of industry-level overvaluation on technological acquisitions, utilizing merger and acquisition (M&A) data from Chinese listed firms spanning 2007 to 2022. Our analysis confirms that industry-level overvaluation promotes technological acquisitions, a finding that remains significant even after several robustness checks. Compared to acquirers with lower financial constraints, those with higher financial constraints rely more on industry-level overvaluation to drive technological acquisitions. Furthermore, the study indicates that technological acquisitions initiated by industry-level overvaluation tend to enhance the innovative output of the acquirer. By exploring the relationship between industry-level overvaluation and technological acquisitions, this research extends the literature on misvaluation-driven M&A. Additionally, this study provides new evidence and perspectives on the impact of capital markets on the real economy, and contributes to the healthy development of capital markets and M&A markets in emerging countries. [ABSTRACT FROM AUTHOR]

The implementation of Shanghai-Hong Kong Stock Connect marks the maturity of China's capital market, and the effect of the implementation has been the focus of academic attention. Based on this quasi-natural experiment, We select 3248 samples of heavily polluting enterprises listed in China in 2010–2020 to examine the impact of capital market liberalization and on corporate environmental performance.The results show that capital market liberalization significantly improves the environmental performance of heavy polluting enterprises. The results of the heterogeneity analysis indicate that the positive effect varies across firms with different ownership and internal controls. Finally, mechanism analysis results find that capital market liberalization promotes the environmental performance of heavily polluting firms by increasing environmental assets,reducing stock price volatility,and improving the quality of information disclosure. [ABSTRACT FROM AUTHOR]

Purpose: Although a growing number of companies are using growth hacking (GH) to grow their businesses, scholars know little about its operationalization, namely through growth hacking capability (GHC), its antecedents and its effectiveness in improving their performance. Indeed, there are no studies that have examined the role of intellectual capital (IC) in this sense. The aim of this study is to fill these gaps and explore the effects of IC (composed of human, relational and structural capital) in influencing GHC and – in turn – whether GHC influences companies' financial and market performance. Design/methodology/approach: Empirical research was conducted using partial least squares structural equation modelling (PLS-SEM) to examine the validity of the proposed hypotheses and research model. Quantitative data were collected from 38 SMEs in the Italian context through a specifically designed questionnaire. Findings: The results of the analysis show that IC has a positive and significant impact on SMEs' GHC, thus confirming its role as a relevant antecedent; at the same time, the empirical results underscore the positive effect GHC has on SMEs' financial and market performance. Originality/value: First, the present body of work operationalizes GH, thereby, following previous work on lean startup and explores for the first time in literature the effect of IC on it. Second, from a contextual standpoint, the article deepens scholars' understanding of GHC by focusing on SMEs. Lastly, the adopted method represents a novel approach to investigating GHC, as scholarly literature has primarily focused on qualitative and theoretical dimensions. [ABSTRACT FROM AUTHOR]

SMEs play a crucial role for inclusive development, but their growth is often hampered by lacking access to finance. This paper explores whether capital markets can be harnessed to foster SME finance. Given the negligible use of market-based financing by SMEs, it is analysed to what extent capital market development indirectly alleviates SMEs' financing constraints by improving their access to loans. Thus, the study builds on the theoretical model by Song and Thakor (2010), which consolidated the view that markets and banks are complementary and co-evolve. Using a modification of the analysis framework by Rajan and Zingales (1998) for 68,712 firm-level observations from 50 mostly low- and middle-income countries for 2006-2019, it empirically investigates the central prediction of Song and Thakor (2010) that capital market development is associated with an increase in bank lending, in particular, towards smaller and riskier firms. I find a positive and significant effect; in support of Song and Thakor (2010), the effect runs through increased capital market usage by financial institutions and expanded loan availability. The findings underline that markets and banks co-evolve and that the most important contribution of capital markets to SME finance is their indirect effect on bank lending and loan availability. [ABSTRACT FROM AUTHOR]

Considering the Italian automotive supply chain, this work investigates the relation between investments in R&D and financial constraints, unpacking the expected uncertainties in the innovation process, and highlighting the most relevant factors that might prevent access to external financial resources. We use new information from a survey presented to a sample of firms between 2018 and 2021, adopting a logistic regression model and several robustness checks to test the proposed hypotheses. Based on our results, we identify two relevant scenarios characterised by the presence of market and regulatory uncertainty (first scenario), and financial uncertainty (second scenario). We estimate that the odds of being under financial constraints are 4.02 times in the former scenario, while they are 10.13 times in the latter scenario. Policy implications concern the opportunity to work on the key elements of these scenarios to facilitate the financing of R&D investments and innovation, which might well be fundamental to achieve the targets set by the Paris Agreement on climate change. Managerial practical implications concern the identification of the essential conditions necessary in R&D proposals to collect financial resources on the capital market. [ABSTRACT FROM AUTHOR]

A novel methodology to investigate the fine structure of interest rates based on Machine Learning techniques is discussed. The aim is to capture in an unsupervised way the common stochastic structure that drives the dynamics of interest rates of different maturities. The proposed approach is based on the Wasserstein barycenter, a powerful tool of analysis that allows us to construct, from a set of assigned probability distributions, a single probability distribution that captures the essential features of the whole set. To identify common stochastic factors, a Gaussian Mixture Model is fitted to the Wasserstein barycenter by maximum likelihood using the Expectation-Maximization algorithm with an initialization strategy based on Graph Machine Learning techniques. A fine-tuning of single-maturity interest rates is discussed in an attempt to capture maturity-specific stochastic factors. The proposed analysis also gives us the opportunity to test the hypothesis of a market segmentation into a short-term segment, the money market, and a long-term segment, the capital market, each with its own segment-specific stochastic factors. The methodology is tested on the US zero-coupon Treasury yield curve. The results obtained seem to show that most of the stochastic nature of the dynamics of the US zero-coupon yield curve can be captured by a three-component Gaussian Mixture Model describing the Wasserstein barycenter of the short-term segment of the yield curve. [ABSTRACT FROM AUTHOR]

The paper examines the current state and development of the Bulgarian economy in 2023, considering domestic and regional factors. We analyze the real sector by tracking GDP, inflation, and unemployment, linking these to EU processes. Emphasis is placed on labour market adjustments in the context of digitalization and transitioning to a climate-neutral economy. The sustainability of the fiscal sector is explored through financing the green and digital transition with EU funds, and the necessary policies to maintain fiscal stability. We discuss foreign trade prospects, considering the economic conditions and expectations for Bulgaria's main trading partners, the high dependence on euro area performance, and the specifics of foreign trade relations. The banking sector and the capital market analysis focus on the implications of European Central Bank monetary policy, regulatory actions of the Bulgarian National Bank, and risks to sector stability in a dynamic macroeconomic environment. Expectations and forecasts for the Bulgarian economy through 2026 are based on assumptions about global economic processes and local challenges. We make economic policy recommendations aimed at preserving the purchasing power of the population's income and restructuring certain fiscal measures. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to investigate markets' integration using the capital enhanced equilibrium exchange rate (CHEER) model for seven, highly competitive, East Asian countries. Design/methodology/approach: The sample consists of monthly observations, whereas unit root and cointegration techniques with structural shifts have been used. Findings: The evidence shows that the weak form of the CHEER approach holds for Malaysia and Thailand. For China, Japan, Korea, Singapore and Taipei, only the uncovered interest parity condition is validated, implying capital markets integration. In contrast, for these five countries, the results indicate absence of goods' markets integration. This outcome can be attributed to the impact of quite high non-tariff barriers and the Balassa–Samuelson effect. Originality/value: To the best of the author's knowledge, this is the first study that investigate markets' integration in several East Asian economies, using the CHEER approach and more accurate price indices. [ABSTRACT FROM AUTHOR]

The capital market plays an important part in Brazil's economic development. It meets a large part of companies' financing requirements and protects against market fluctuations. BSM is the main self-regulator of the Brazilian capital market. It performs self-regulation, supervision and inspection for organised markets managed by B3 — Brasil, Bolsa, Balcao — one of the world's largest financial market infrastructure companies, providing trading services in an exchange and over-the-counter (OTC) environment. Pursuant to these goals, BSM monitors operations, orders and trades executed in this trading environments, supervises market participants and, if necessary, applies penalties against those who violate regulations. In this paper, the author shares how, in his current role, he verified the need for strategic mapping of BSM's self-regulatory agenda. The paper aims to map opportunities for creating and updating legal standards that govern the capital market, to establish incentives for economic agents to reduce cost of compliance and make their regulation more efficient and effective. Several key drivers for BSM developments are: autonomy and empowerment, collaborative culture, agility and adaptability, and technology and digital transformation. BSM is adopting innovations in several areas, including trading technology with advanced analytical tools for monitoring electronic trading platforms, risk management systems and advanced analytical tools, as well as market surveillance monitoring: artificial intelligence (AI), machine learning (ML) and other technologies to detect abusive trading activities. Furthermore, it is promoting education and research: workshops, executive education courses and partnerships with universities and market schools and other initiatives to strengthen market understanding and improve trading analysis practices. All these tools bring to self-regulatory organisations (SROs) significant benefits, including greater transparency and efficiency. [ABSTRACT FROM AUTHOR]

This study investigates how economic policy uncertainty (EPU) impacts the syndication behaviors of venture capital firms (VCs). Analyzing data from China, we find that EPU boosts the likelihood that VCs take syndicated investments. When facing great EPU, compared with their domestic and private counterparts, foreign and state-backed VCs exhibit a greater propensity for syndication, particularly in collaboration with VCs from distinct capital backgrounds. Further, EPU reduces VCs' risk-taking tendencies and exacerbates inadequate information exchange in the market, thereby making VCs more inclined to syndicate their investments. Finally, EPU adversely affects VCs' exit performance, but syndication helps alleviate this impact. [ABSTRACT FROM AUTHOR]

The People's Republic of China (PRC) lacks the macroeconomic conditions to internationalise its currency, the renminbi (RMB). Despite tight controls on capital markets in China, the international use of the RMB has increased significantly with the RMB becoming the fifth most used currency in global trade and financial markets. We argue that the internationalisation of the RMB has followed an unusual process, differing from the more typical features depicted in the literature on currency internationalisation. The RMB has internationalised despite the reluctance of the Chinese government to liberalise the country's current and capital accounts and its financial market. We argue that the investment role of money—overlooked or downplayed in this literature—is the main driver of RMB internationalisation. The Chinese government has created specific investment channels for non‐Chinese investors that allow a controlled flow of capital to enter China's securities markets. The major players promoting the international use of the RMB are Western banks, the investment fund industry and financial services firms that have included Chinese securities in their indices. In the absence of structural conditions to expand the RMB's international use, we suggest that agents matter the most in this phase of limited RMB internationalisation. [ABSTRACT FROM AUTHOR]

Greenwashing is a fraudulent environmental, social and governance (ESG) behavior. Previous literature has explored the impact of unidirectional disclosure on greenwashing. However, how interactive disclosures affect greenwashing has not been fully explored. Given the background of the regulatory transformation of China's capital market, we use data from the Q&A boards of the Shenzhen Stock Exchange (SZSE) "Interactive Easy" and Shanghai Stock Exchange (SSE) "SSE e‐Interactive" online platforms to investigate the impact of interactive disclosure between firms and retail investors on greenwashing. We find that online platform interactions (OPIs) inhibit greenwashing. Moreover, such negative effects are more pronounced for firms with high‐quality internal controls, high executive shareholding, high analyst coverage, low financing constraints, and executives with overseas backgrounds. Overall, our research provides empirical evidence that OPIs improve capital market efficiency by inhibiting greenwashing. [ABSTRACT FROM AUTHOR]

Modeling and predicting fluctuations are important for many financial applications, including asset allocation, risk measurement and option pricing. This paper identifies and ranks the factors affecting market ambiguity and equity investment in companies listed on the Tehran Stock Exchange. This paper reviews the literature to identify the factors affecting market ambiguity and equity investment while conducting semi-structured interviews using the qualitative method of theme analysis. The experts interviewed were eighteen university professors and capital market activists and experts. A literature review, research, and interview results revealed six main themes, categorizing the factors influencing market ambiguity and equity investment in companies. This paper identified and ranked the main factors by the identified key factors and the fuzzy Delphi method. The results showed that the factors of financial performance, market, liquidity, financial analysis, environment, ambiguity and corporate governance are effective in market ambiguity and equity investment of companies, respectively. [ABSTRACT FROM AUTHOR]

China is in the midst of a critical transition to a carbon-neutral economy, with various policies and regulations being introduced to facilitate this shift. This study focuses on the open-end funds market in China, a significant component of the country's capital market, to explore how it is adapting during this period of economic transformation. Specifically, we investigate the influence of carbon and Environmental, Social, and Governance (ESG) risks on the flow of open-end funds. Our findings indicate that sustainability factors are considered in the investment decision-making process by investors. Notably, there exists a negative relationship between sustainable risk factors and fund flows. This observation is particularly pronounced for funds that are designated as low carbon, have a high sustainability rating, or are primarily held by retail investors, underscoring the growing importance of sustainability considerations in the investment landscape of China's capital market. [ABSTRACT FROM AUTHOR]

For decades, the data-centric digital circuits of global finance have been driving financial markets toward algorithmic management. The penetration of algorithms into finance dates back to the 1980s, well before becoming a significant trend in Internet and social media companies. AI is now considered the new frontier of this process. This paper examines Brazil, the most important financial center in Latin America, as a case study to explore Machine Learning applications in capital markets, providing new evidence on the penetration of automated trading systems in the region. Grounded in a historical overview of the digitalization of capital markets in Brazil, the paper draws on the STS definition of infrastructures and the political economy of digitalized finance to analyze AI as an emerging financial infrastructure. Beyond its physical and material aspects, this approach also addresses how digitalization and AI relate to financialization and the emergence of new financial risks. [ABSTRACT FROM AUTHOR]

Data assets serve functions such as value preservation and appreciation, financing, and value creation. They contain extensive information about enterprises' operational status and future development prospects, providing significant references for external investors' decision-making and greatly impacting the information efficiency in capital market. This study examines the correlation between data assetization and capital market information efficiency, along with the mechanisms and influencing factors involved. We select a sample of Chinese Hidden Champion small and medium-sized enterprises (SMEs) from 2011 to 2021, utilize text analysis methods to build a data assets dictionary, and extract keywords from corporate annual reports to depict the level of data assetization. The research results indicate that data assetization significantly enhances the information efficiency of capital market, specifically reducing stock price synchronicity and stock price delay. By categorizing data assets into own-use data assets and transactional data assets, we find that both types can improve the information efficiency of the capital market. Mechanism analysis reveals that enterprise data assetization can enhance the information efficiency of capital market by alleviating corporate financing constraints and improving forward-looking information disclosure. Factors analysis demonstrates that digital infrastructure and data circulation transactions can strengthen the enhancement effect of data assetization on the information efficiency of capital market. This study enriches the research outcomes in the micro-research field of data assets, providing valuable insights for promoting the digital transformation of Hidden Champion SMEs and the high-quality development of capital market. [ABSTRACT FROM AUTHOR]

AbstractGlobal project finance investments have become one of the primary funding mechanisms for large infrastructure projects worldwide over the past few decades. This paper examines the country-level dynamics of global project finance loans from 1981 to 2018, using data from all project finance deals reported in the DealScan database. Our analysis reveals that most international project finance loans originate from banks and financial institutions in advanced democracies, while the recipient countries vary widely in terms of regime type and economic development. Through systematic visualization and statistical analysis, we find that transnational capital flows for infrastructure projects are more likely to occur between countries with similar political systems or between those with starkly different regimes. This finding indicates significant lending and borrowing between full democracies and closed autocracies, suggesting that investments raised in liberal democracies enable some of the most closed dictatorships to finance their infrastructure development. The study suggests that closed and repressive regimes might substantially benefit from the globalized project financing system, warranting increased attention from scholars in International Political Economy on political implications of the globalized project finance market. [ABSTRACT FROM AUTHOR]

AbstractResearch and development (R&D) activities are crucial to remain competitive. Extant literature presents divergent views on R&D’s contribution to company performance, specifically profitability. It hints at cultural differences in approaching R&D. This leads to analyzing such relationships within a regional comparison. Filling the research gap by focusing on the Technology, Media and Telecommunication (TMT) sector, this study evaluated a sample of 132 Asian and European companies operating in the TMT sector for 2018 – 2022. Using the panel generalized method of moments, results showed that R&D intensity had an insignificant impact on profitability but a positive and significant effect on capital market performance. Furthermore, Asian firms’ R&D intensity had a more pronounced influence on performance, supporting the literature’s view on cultural differences in R&D strategies. [ABSTRACT FROM AUTHOR]

The past performance and the capital structure of the companies that are involved in mergers and acquisition (M&As) are considered into the analysis of the circular causality relationship between financial performance and market value. Considering two models, one for value relevance and one for accounting conservatism, this paper aims to analyze if the capital market influences the accounting practices of a target company or that the accounting figures influence the capital market. The analyzed sample used in the study is represented by the target companies involved in M&As which took place in the European Union Enlarged in 2017–2018. Financial and market data were considered for eight years (2011–2018). Using the conservatism model, the results show that targets' earnings are significantly influenced by their financial leverage as an indicator for financial structure. Using the value relevance model, the capital market reaction is influenced by prices and return on equity that indicates the capital market influence on accounting figures. [ABSTRACT FROM AUTHOR]

This study develops a theoretical model to capture volatility-managed portfolios' risk-adjusted returns affected by investor sentiment, and uses Chinese A-share market data to analyze the volatility-managed effect based on the small-minus-big (SMB) factor and explain the abnormal returns of volatility-managed portfolios from the investor sentiment perspective. Our results show that the Sharpe ratio of the SMB factor significantly increases after volatility management, especially in low-sentiment periods. Moreover, the mechanism analysis shows that in low-sentiment periods, small-cap stock investors overreact to volatility compared to large-cap stock investors, making the SMB factor significantly positively correlated with lagged volatility. Additional analyses show that volatility-managed portfolios constructed through stocks with gambling characteristics can achieve higher abnormal returns, and the abnormal returns of volatility-managed portfolios cannot be corrected by arbitrage traders as arbitrage is ineffective, reflecting the immaturity of China's emerging capital market. [ABSTRACT FROM AUTHOR]

This paper explores the symbiotic relationship between the Cayman Islands and the centrality of the United States (US) in global financial networks, using their connection as a test case for a broader theory of how infrastructural power of states is achieved through transnational and networked strategies. The legal and financial infrastructure of the Cayman Islands is extensively used by US financial institutions. This infrastructure supports the development of a significantly US-centric fund industry, facilitating substantial investments into US capital markets. Additionally, it serves as a global conduit, channelling funds from regions such as Asia and Latin America into US markets, streamlining the process by which foreign investors acquire US securities, and supporting the development of complex USD-denominated financial products. This dynamic enhances the depth, liquidity, and complexity of US capital markets, thereby reinforcing US centrality in global financial networks and bolstering its geopolitical power through financial diplomacy, economic sanctions, regulatory influence, and control over critical financial infrastructure. The relationship underscores the infrastructural power of the Cayman Islands, whose financial and legal framework is essential for sustaining and amplifying US centrality. Consequently, this paper aims to integrate the transnational perspective on infrastructural power within the International Political Economy (IPE) and Geopolitics literature, demonstrating how the Cayman Islands function as a multifaceted networked site that strengthens, projects, and sustains US state power on a global scale. [ABSTRACT FROM AUTHOR]

As an essential material foundation, the development of the mineral resources capitalization market is crucial for promoting high-quality growth in the mining industry. By analyzing the current state of China's mineral resource capitalization market, including its futures market, risk exploration capital market, and credit system construction, this paper proposes strategies for establishing a multi-level mineral capital market system. Drawing from international experience and aligning with the realities of China's mining industry development, the paper provides a systematic analysis. China's mining capital market is still in its early stages, with a lagging mining sector and challenges in financing exploration enterprises. Establishing a futures market, a risk exploration capital market, and a sound mining credit system can effectively promote the development of the mining capital market and strengthen the security of industrial and supply chains. By improving the multi-tiered mining capital market and market regulation system, China can enhance its mining industry's international competitiveness and provide a solid foundation for the nation' s sustainable economic development. This research offers reflections and references for establishing and improving China' s mineral resource capitalization market. [ABSTRACT FROM AUTHOR]

We examine the timing of returns around the publication of anomaly trading signals. Using a database that captures when information is first publicly released, we show that anomaly returns are concentrated in the first month after information release dates, and these returns decay soon thereafter. We also show that the academic convention of forming portfolios in June underestimates predictability because it uses stale information, which makes some anomalies appear insignificant. In contrast, we show many anomalies do predict returns if portfolios are formed immediately after information releases. Finally, we develop guidance on forming portfolios without using stale information. [ABSTRACT FROM AUTHOR]

Objective: The changes caused by the intellectual paradigms in the financial fields from the 80s caused the reliance on quantities in the field of reporting and the focus on objectivity in information disclosure to change, and the movement towards intangible capital began, and the method of reporting from purely quantitative fields to to develop qualitative and valuable domains. The development of this competitive strategy caused industries and companies to pay special attention to the effective way of managing intellectual capital (IC) as an urgent need for commercial success and consider it as a requirement for success in organizational functions so that based on those processes; Products and services become part of the innovative ecosystem. With the emergence of the basis of intellectual capital, competitive advantage was considered the focus of competitive strategies, and the knowledge resulting from this approach became the basis for the development and strategic directions of companies in various fields of the company such as finance and accounting. This research aims to create a Sustainable intellectual capital reporting framework and evaluate key examples in the context of capital market companies. Method: The methodology of this study was exploratory from the point of view of the developmental result and based on the type of objective and qualitative and quantitative basis used to collect the data. The statistical population in the qualitative part was university experts and financial managers of capital market companies in the quantitative part. Data collection tools were interviews in the qualitative part and fuzzy scales and language comparison checklists in the quantitative part. Therefore, first, through three stages of coding, the model's dimensions were identified, and based on the fuzzy Delphi analysis, the reliability level was determined by calculating the average between the first and second rounds of Delphi. Finally, the appropriate fuzzy model was first defined through the default tests. Then, a hierarchical fuzzy analysis based on TODIM's approach was used to determine the most favorable axis of sustainable intellectual capital reporting. Results: In this research, due to the lack of a coherent framework to evaluate the dimensions of sustainable intellectual capital reporting, an effort was made to identify the dimensions of the phenomenon under investigation by relying on the foundation's data analysis through Glazer's emerging approach based on interviews with experts. Therefore, during the three stages of coding, the six-dimensional theoretical framework of sustainable intellectual capital reporting was presented. Then, based on the fuzzy Delphi analysis process, an attempt was made to explore the reliability level of the identified dimensions. During two stages of fuzzy Delphi analysis and according to the difference between the average of the first and second rounds, it was determined that all the pillars of sustainable intellectual capital reporting could be generalized to capital market companies. In the second part of the analysis, through the hierarchical process and comparing the fuzzy and real values and during cross-validation (CV), an attempt was made to determine which fuzzy analysis process is appropriate to the research data through fuzzy default tests. The result in this part indicated the confirmation of the hierarchical fuzzy analysis that to innovate the analysis, the Todim type was used in this field to answer the fourth question of the research regarding the selection of the most favorable axis of sustainable intellectual capital reporting. The results in the qualitative part indicate the existence of 3 categories 6 components and 39 conceptual themes in the form of a six-dimensional model. In the quantitative part, the results showed that by confirming the dimensions identified through fuzzy Delphi analysis, the most desirable axis of intellectual capital reporting is the component of technological capital reporting, which can play a more effective role in sustainable reporting. Conclusion: Technological capital is a technological capability in the systemic structure of companies that has the values of knowledge creation and information flow feedback from inside to outside the company, and vice versa. It can help the company's sustainability by developing technological dimensions in intellectual capital. Always the past models in intellectual capital relying on the three dimensions of human capital, structural and communication, the effectiveness of this competitive strategy in companies is limited to the disclosure of innovation, disclosure of educational and communication initiatives and policies with stakeholders while focusing on expanding the disclosure of the comprehensive dimensions of intellectual capital can play an effective role in improving the level of information transparency of companies and at the same time can help the sustainable development of companies in the economic system. [ABSTRACT FROM AUTHOR]

As China is the largest emerging capital market, stock price crash risk (SPCR) due to corporate governance failures is a frequent phenomenon. The board of directors stands as the cornerstone of corporate governance, wielding a substantial influence on the SPCR. The influence of board diversity (BD) on SPCR remains a topic rife with unanswered questions. To fill this gap, we construct a multidimensional index system to capture BD and examine its impact on the SPCR based on companies listed on the Chinese A-share market from 2010 to 2020. Our findings show that BD mitigates SPCR rather than exacerbates it. The foundational findings remain intact even after addressing issues of endogeneity and executing thorough validity tests. We further identify four mechanisms to lower SPCR through influencing board monitoring, including reducing agency costs, alleviating inefficient investments, improving information disclosure, and appointing diverse executives. Overall, our research underscores the pivotal importance of BD within the capital market and provides new insights into the mitigation mechanisms of the SPCR. [ABSTRACT FROM AUTHOR]

Prior research finds mixed evidence that firms strategically manage their earnings announcement timing to either highlight or obscure financial information. While most prior studies focus on the specific timing and the nature of individual earnings announcements, we instead focus on the variability of firms' annual earnings announcement dates (hereafter referred to as EADs) over a span of time. Using archival data collected from I/B/E/S and Compustat, we find that firms with fewer resources, weaker internal monitoring systems, and greater financial uncertainty are much more likely to exhibit increased EAD variability. Furthermore, we provide substantial evidence that the capital market's response to earnings is noticeably weaker when a firm's EAD variability is higher. Additional in-depth analysis reveals that firms exhibiting higher EAD variability tend to report significantly lower future performance in both the short- and long-term horizons. Consequently, while managers might intentionally alter an earnings announcement date to exploit variations in investor attention, this comprehensive study provides significant evidence that they should also consider how the market perceives and interprets the overall EAD variability. This understanding is crucial to improve strategic financial communication and maintain investor trust. [ABSTRACT FROM AUTHOR]

This paper proposes a hybrid approach that integrates fuzzy multi-criteria decision-making with multi-objective mathematical optimization to address the investment management problem in the Iranian capital market under interval uncertainty. To achieve this, we first employ the fuzzy SWARA method to assess the global importance of the criteria weights. Subsequently, we develop a fuzzy EDAS method to rank the active industries in the Iranian capital market, including basic metals, chemical products, investment services, metal ore mining, financing, insurance, pension funds, and social security. Next, we present a mathematical model to determine the optimal investment amount for each ranked alternative. According to the numerical results, the most critical criteria for evaluating different investment areas are access to financial resources, distribution networks, and raw materials. The highest optimal share of investment is associated with Fars 1, while the lowest value pertains to Gharn 1. When solving the model under conditions of uncertainty, we observe that increasing parameter ⌈1 from small to large values decreases the value of the first objective function for the most efficient Pareto member. However, when ⌈1 exceeds 10, the value of the first objective function stabilizes. Additionally, the third objective function shows an increasing trend as the parameter ⌈3 decreases. The results obtained can serve as a managerial tool for stakeholders involved in research participation. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to investigate the level of reporting compliance in terms of content elements, measure to what extent each content element of the integrated reporting (IR) framework is linked to value creation and demonstrate the relationship between the level of compliance and value creation linkages. Design/methodology/approach: The sample for this study consists of 12 companies, 11 of which are public and 1 is non-public. The data is obtained from the Integrated Reporting Turkey Network founded in 2015 in Turkey. This study applies a holistic approach integrating two different content analysis methods. First, a multi-weighted scoring system is constructed by using the IR content elements and the previously developed indexes in the literature. Second, in-depth, sentence-by-sentence content analysis is used to determine the relation between the content elements and value creation. Findings: The results of the multi-weighted scoring system indicate a high level of compliance in the banking sector. On the other hand, the scores of the content analysis demonstrate higher scores in the disclosures of "basis of preparation and presentation", "organizational overview and external environment", "strategy and resource allocation", "performance" and "business model" elements, while lower scores in the elements of "risk and opportunities" and "outlook." The lowest compliance level associated with lower content analysis scores may indicate a low level of value creation potential. Consequently, this two-stage scoring is critical, as it clarifies the relation between compliance level and the explanatory power of each content element from a value creation perspective. Originality/value: This study aims to support the policymakers and regulators in highlighting the importance of measuring and reporting value. Furthermore, it intends to encourage companies to produce reports that increase the value relevance of accounting information to contribute to the development of capital markets. The current literature includes research that mainly concentrates only on the quality or extent of IR disclosure practices. This study offers a combined analysis that helps to determine at what level a company has accomplished the expectations of the International Integrated Reporting Council in terms of both the content and the value creation potential. [ABSTRACT FROM AUTHOR]

Objective: The aim of this study is to identify and rank the financial, nonfinancial, and behavioral components affecting companies' ERC. Methodology: Using data from 153 companies listed on the Tehran Stock Exchange over the period 2013 to 2022, and employing data mining techniques and two methods: stepwise forward regression and regression decision tree, the influential components on ERC were identified and ranked. Findings: The results of the stepwise forward regression method indicated that the components of auditor's opinion type, earnings per share (EPS), stock liquidity, growth opportunities, earnings stability, inflation rate, sales growth, operating profit ratio, relative strength index per share, and market index return respectively influence ERC. The regression decision tree method results also showed that the components of earnings stability, stock liquidity, EPS, stock price synchronicity, stock trading imbalance, adjusted trading volume, psychological line index, relative strength index per share, earnings conservatism, and financial statement restatements respectively influence ERC. The Wilcoxon test results also showed that the ranking of components influencing ERC is not the same in the two methods. Additionally, comparing the mean absolute error of the two methods indicated that the regression decision tree method identifies and ranks the influential components on ERC more accurately. Conclusion: The results of both methods confirm the high impact of EPS, stock liquidity, earnings stability, and relative strength index per share on the ERC of companies. [ABSTRACT FROM AUTHOR]

Copyright of International Journal of Professional Business Review (JPBReview) is the property of Open Access Publications LLC and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of International Journal of Professional Business Review (JPBReview) is the property of Open Access Publications LLC and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This study examines the effect of manager sentiment on conditional conservatism. Manager sentiment refers to widely held beliefs of financial managers about their firms' future economic prospects that are not justified by available economic fundamentals. Manager sentiment is likely to affect conditional conservative reporting because the decision to recognize unrealized economic losses in a timely manner flows from financial managers' beliefs about their firms' future cash flow prospects. We predict and find that manager sentiment is negatively associated with conditional conservatism, indicating that firms report less conservatively during periods of high manager sentiment (over‐optimism) and more conservatively during periods of low manager sentiment (over‐pessimism). Moreover, the effects of manager sentiment on conditional conservatism remain strongly negative after controlling for manager overconfidence. We further find that asset write‐offs are lower during high sentiment periods but higher in subsequent periods. Importantly, the manager sentiment effect on conservatism is incremental, and the opposite in sign, to the effect of investor sentiment, which has not been demonstrated in prior literature. [ABSTRACT FROM AUTHOR]

The capital market in Saudi Arabia is fast growing. Assurance of an informed decision while investing in the Saudi Stock Exchange is critical. There has also been an increased quest for advanced decision-making tools due to complexities in selecting a given portfolio, which remains a critical issue of concern among investors in the face of modern investment environment challenges. The research paper offered shall deliver an innovative MCDM technique through which an MCDM model shall be developed in the Saudi Stock Exchange. This MCDM model uses BTIFS with an OWA operator. A novelty of the proposed study is identifying the optimal weight that will be obtained through a newly developed optimization technique known as TFOA. TFOA is a hybrid methodology that brings on board the strengths of DMOA, MPA, and EO for a more precise and efficient calculation of the ideal weights in the portfolio selection process. This would improve the adaptability and effectiveness of the suggested MCDM structure. The effectiveness of the approach is established by comparative analysis with the already existing methods of MCDM, which proves it superior for the optimization of investment portfolios. Sensitivity analysis also conducted to evaluate the strength and dependability of the suggested method. The ranking of weighted portfolios by the ELECTRE method is also, which more establishes the applicability of BTIFS-OWA in real life. The results indicate that the BTIFS-OWA approach along with the TFOA for determining optimal weights provides significant improvements in decision-making accuracy and portfolio optimization compared to traditional methods. [ABSTRACT FROM AUTHOR]

Copyright of Journal of International Business Studies is the property of Springer Nature and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Zeitschrift für Bankrecht und Bankwirtschaft is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Zeitschrift für Bankrecht und Bankwirtschaft is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)