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Abnormal real operations, real earnings management, and subsequent crashes in stock prices

Francis, Bill B.; Hasan, Iftekhar; Li, Lingxiang - Suomen Pankki - 2014

on real earnings management (REM) models, firms' deviation in real operations from industry norms (DRO) is shown to be … prior finding that managers shift from accrual earnings management (AEM) to REM after SOX. We further develop a suspect …

Persistent link: https://www.econbiz.de/10010945111

The impact of CFO gender on bank loan contracting

Francis, Bill; Hasan, Iftekhar; Wu, Qiang - Suomen Pankki - 2011

Motivated by recent studies that show female CFOs are more risk averse than male CFOs when making various corporate decisions, we examine whether banks take into consideration the gender of CFOs when pricing bank loans. We find that in our sample, firms under the control of female CFOs on...

Persistent link: https://www.econbiz.de/10009358946

The use of loan loss provisions for capital management, earnings management and signalling by Australian banks

Anandarajan, Asokan; Hasan, Iftekhar; McCarthy, Cornelia - Suomen Pankki - 2006

) for capital management, earnings management and signalling. We examine if there were changes in the use of LLPs due to the … capital management, but no evidence of a change in this behaviour after the implementation of the Basel Accord. Our results … earnings management using LLPs than unlisted commercial banks. We also find that earnings management behaviour is more …

Persistent link: https://www.econbiz.de/10005190730

The cost of sin: The effect of social norms on audit pricing

Leventis, Stergios; Hasan, Iftekhar; Dedoulis, Emmanouil - Suomen Pankki - 2013

In this paper we provide evidence for the effects of social norms on audit pricing by studying companies belonging to the alcohol, firearms, gambling, military, nuclear power, and tobacco industries, which are often described as “sin” companies. We hypothesize that the disparities between...

Persistent link: https://www.econbiz.de/10010818972

Are female CFOs less tax aggressive? Evidence from tax aggressiveness

Francis, Bill B.; Hasan, Iftekhar; Wu, Qiang; Yan, Meng - Suomen Pankki - 2014

This paper investigates the effect of CFO gender on corporate tax aggressiveness. Focusing on firms that experience a male-to-female CFO transition, the paper compares those firms’ degree of tax aggressiveness during the pre- and post-transition periods. Using the probability of tax...

Persistent link: https://www.econbiz.de/10010818974

Professors in the boardroom and their impact on corporate governance and firm performance

Francis, Bill B.; Hasan, Iftekhar; Wu, Qiang - Suomen Pankki - 2014

Directors from academia served on the boards of around 40% of S&P 1,500 firms over the 1998–2011 period. This paper investigates the effects of academic directors on corporate governance and firm performance. We find that companies with directors from academia are associated with higher...

Persistent link: https://www.econbiz.de/10010818982

The benefits of conservative accounting to shareholders: Evidence from the financial crisis

Francis, Bill; Hasan, Iftekhar; Wu, Qiang - Suomen Pankki - 2013

Using the recent financial crisis as a natural quasi-experiment, we test whether and to what extent conservative accounting affects shareholder value. We find that there is significantly positive and economically meaningful relation between conservatism and firm stock performance during the...

Persistent link: https://www.econbiz.de/10010818993

Gender differences in financial reporting decision-making: Evidence from accounting conservatism

Francis, Bill; Hasan, Iftekhar; Park, Jong Chool; Wu, Qiang - Suomen Pankki - 2014

This paper investigates the effect of CFO gender on corporate financial reporting decision-making. Focusing on firms that experience changes of CFO from male to female, the paper compares the firms’ degree of accounting conservatism between pre- and post-transition periods. We find that female...

Persistent link: https://www.econbiz.de/10010819003

Can firms learn by observing? Evidence from cross-border M&As

Francis, Bill B.; Hasan, Iftekhar; Sun, Xian; Waisman, Maya - Suomen Pankki - 2014

In the presence of high uncertainty and limited experience, can observing the actions of other acquiring predecessors help firms make better acquisition decisions? Using a sample of cross-border M&As conducted by US acquirers in developing countries, we document a positive and significant...

Persistent link: https://www.econbiz.de/10010945113

The risk of financial intermediaries

Delis, Manthos D.; Hasan, Iftekhar; Tsionas, Efthymios G. - Suomen Pankki - 2014

This paper reconsiders the formal estimation of bank risk using the variability of the profit function. In our model, point estimates of the variability of profits are derived from a model where this variability is endogenous to other bank characteristics, such as capital and liquidity. We...

Persistent link: https://www.econbiz.de/10010945115