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Article
Publication date: 25 January 2022

Aniel Nieves-González, Javier Rodríguez and José Vega Vilca

This study examines the tracking error (TE) of a sample of sector exchange traded funds (ETFs) using spectral techniques.

175

Abstract

Purpose

This study examines the tracking error (TE) of a sample of sector exchange traded funds (ETFs) using spectral techniques.

Design/methodology/approach

TE is examined by computing its power spectrum using the wavelet transform. The wavelet transform maps the TE time series from the time domain to the time–frequency domain. Albeit the wavelet transform is a more complicated mathematical tool compared with the Fourier transform, it also has important advantages such as that it allows to analyze non-stationary data and to detect transient behavior.

Findings

Results show that changes in the TE of a sample of sector ETFs are captured by the wavelet transform. Moreover, the authors also find that the wavelet coherence function can be used as a measure of TE in the time–frequency domain.

Originality/value

The study shows that the wavelet coherence function can be used as a reliable measure of TE.

Details

The Journal of Risk Finance, vol. 23 no. 2
Type: Research Article
ISSN: 1526-5943

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Article
Publication date: 6 September 2016

Tránsito Ferreras-Fernández, Francisco García-Peñalvo, José A. Merlo-Vega and Helena Martín-Rodero

The purpose of this paper is to report the benefits of scientific communication model of open access (OA) repositories to e-theses. Specifically, the study focusses on the…

1562

Abstract

Purpose

The purpose of this paper is to report the benefits of scientific communication model of open access (OA) repositories to e-theses. Specifically, the study focusses on the benefits of accessibility, dissemination, visibility and impact of PhD e-theses deposited in repositories.

Design/methodology/approach

The study analysed a random sample of 125 PhD e-theses deposited in an OA repository, specifically in the institutional repository (IR) of the University of Salamanca (Gredos). It tracked the sample for analysing on one side the visits and downloads of the e-theses, whose data are obtained from the statistics module of the repository, and on the other side the data citation provided by Google Scholar Citation on these e-theses. To analyse the differences between the indicators (visits, downloads and citations) in different knowledge areas, the Kurskall-Wallis test has been used.

Findings

The results indicate that OA IRs become an advantageous channel of scientific communication to grey literature like dissertations and PhD theses, because it increases visibility and use and also produces a significant citation rate.

Originality/value

The paper uses metrics that are used in IR to measure the visibility and impact of a type of grey literature that is very difficult to track because it is unpublished. The dissemination of the grey literature through OA repositories makes it possible. The value of the work lies in the empirical evidence obtained from the analysed PhD e-theses of Gredos repository.

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Article
Publication date: 3 September 2018

Michael Schuldt and Jose Vega

The purpose of this study is to examine the association between revenue-based earnings management in the periods immediately before and after firms’ initial public offerings…

862

Abstract

Purpose

The purpose of this study is to examine the association between revenue-based earnings management in the periods immediately before and after firms’ initial public offerings (IPOs) and regulatory scrutiny by the United States Securities and Exchange Commission (SEC) during review of IPO firms’ registration statements.

Design/methodology/approach

This paper uses conditional discretionary revenues (Stubben, 2010) as its measure of earnings management, and revenue recognition comments delivered by the SEC as its measure of regulatory scrutiny. The authors use ordinary least squares regression (OLS) models, as well as a supplemental count model, to assess the association between conditional discretionary revenues and revenue recognition comments delivered by the SEC.

Findings

This study finds evidence of a positive association between earnings management measures in the pre-IPO period and the number of revenue recognition comments received by those firms during the SEC’s review. Furthermore, this study provides evidence that greater numbers of comments are associated with declining earnings management measures in the post-IPO period. However, the evidence suggests that these associations apply only to income-decreasing earnings management.

Originality/value

This paper extends the IPO earnings management literature by using conditional discretionary revenues as the measure of earnings management, and contributes to a nascent research stream in the accounting literature by investigating the SEC’s comment letter process and its association with, and impact upon, earnings management in the IPO process.

Details

Accounting Research Journal, vol. 31 no. 3
Type: Research Article
ISSN: 1030-9616

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Article
Publication date: 30 October 2019

Jan M. Smolarski, Neil Wilner and Jose G. Vega

This paper aims to examine the applicability of real options methodology with respect to developing internal transfer pricing mechanisms. A pervasive theme in existing models is…

964

Abstract

Purpose

This paper aims to examine the applicability of real options methodology with respect to developing internal transfer pricing mechanisms. A pervasive theme in existing models is their inability to handle the dynamic and volatile nature of today’s business environment, as well as their lack of objective managerial flexibility. The authors address these and other issues and develop a transfer pricing mechanism based on Black–Scholes and the binomial options pricing methodology, which is better suited in today’s dynamic business environment.

Design/methodology/approach

The authors use a conceptual approach in developing theoretical justifications and show, practically, how a transfer price can be developed using two different real options pricing models.

Findings

The authors find that real options transfer price mechanism (real options framework [ROF]) can effectively deal with many of the issues that permeate a modern organization with complex multi-dimensional operations. The authors argue that uncertainty and behavioral issues commonly associated with setting transfer prices are better handled using a transfer pricing mechanism that preserves flexibility at the business unit level, the managerial level and the firm level. The approach allows for different managerial styles in both centralized and decentralized sub-units within the same organization. The authors argue that an open multi-dimensional framework using real options is suitable under conditions of uncertainty and managerial opportunism.

Practical implications

ROF-based transfer pricing may be significant in that firms can use it as a tool to manage an organization by setting the prices centrally and at the same time allowing managers to select the transfer price that best suits their specific situation and operating conditions. This may result in a more efficient and more profitable organization.

Originality/value

The contribution of the paper is the melding of the ROF from the finance literature with the accounting problem of setting a transfer price for items lacking a competitive market price. The authors also contribute to existing research by explicitly developing a framework that values managerial flexibility, takes into account uncertainty and considers the behavioral aspects of the transfer pricing process. The authors establish the conditions under which a generic real options model is a feasible alternative in determining a transfer price.

Details

Journal of Accounting & Organizational Change, vol. 15 no. 4
Type: Research Article
ISSN: 1832-5912

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Article
Publication date: 18 November 2019

Jose G. Vega, Jan Smolarski and Jennifer Yin

The purpose of this paper is to examine restrictions placed by the Troubled Asset Relief Program (TARP) on executive compensation during the financial crisis. Since it remains…

193

Abstract

Purpose

The purpose of this paper is to examine restrictions placed by the Troubled Asset Relief Program (TARP) on executive compensation during the financial crisis. Since it remains unclear if TARP restored public confidence in financial institutions, the authors also analyze what effect such regulations had on investors’ confidence in the information provided by earning with respect to executive compensation during this critical period.

Design/methodology/approach

To test the assertions, the authors employ an Earnings Response Coefficient model, which captures the association between firms’ earnings surprise (ES) and perceived earnings informativeness. The authors implement both a long- and short-window test to obtain a better understanding of the effects of TARP on financial institutions’ earnings informativeness. The authors use the long-window approach to gather evidence about whether and how financial institutions’ ES are absorbed into security prices conditional on both their participation in TARP and their compliance with TARP’s compensation restrictions. The authors attempt to establish a stronger causal link by also using a short-window approach.

Findings

The authors find that firms paying their CEOs above the TARP threshold show higher earnings informativeness. Financial institutions that paid their CEOs above the TARP threshold achieved better performance during their participation in TARP. The authors also find that a decrease in total compensation while participating in TARP is associated with improved earnings informativeness. Lastly, separating total compensation into its cash and stock-based components, the authors find that firms improve earnings informativeness when they increase (decrease) cash (performance) compensation during TARP. However, overall earnings informativeness decreases during and after TARP relative to the pre-TARP period.

Practical implications

The research suggests that executive compensation incentives affect earnings informativeness and that tradeoffs are made between direct and indirect costs in retaining executives. The results have implications for policy makers, investors and researchers because the results allow policy makers and regulators to improve on how they design and implement accounting, market and finance regulations and reforms. Investors may potentially use the results when evaluating firm experiencing financial and, in some case, political distress. It also helps firms and offering optimal compensation contracts to create proper incentives for executives and ensure that managerial actions result in successful firm performance.

Social implications

The study shows how firms react to changing regulations that affect executive compensation and earning informativeness. The results of the study allow regulators to potentially design more effective regulations by targeting certain aspects of firms’ operation such excessive risk-taking behavior and rent extraction opportunities.

Originality/value

There are very few studies that deal with how firms react to regulation that affect executive compensation. The authors provide evidence regarding what effect TARP and its compensation restrictions had on financial institutions’ earnings informativeness. The evidence in the study will further regulators’ understanding of whether TARP improved investors’ confidence in financial institutions. The paper also contributes to the understanding in how changes in executive compensation in times of high political scrutiny affect investors’ perceptions of firm performance.

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Article
Publication date: 11 July 2022

Dennis M. Lopez, Michael A. Schuldt and Jose G. Vega

The purpose of this study is to examine the association between auditor industry specialization and accounting quality in the European Union (EU).

346

Abstract

Purpose

The purpose of this study is to examine the association between auditor industry specialization and accounting quality in the European Union (EU).

Design/methodology/approach

This study employs a difference-in-differences design and explores audit quality from different industry specialist perspectives and different accounting standard regimes. Specifically, this study examines accounting quality among audits performed by non-industry specialists, EU member country-level industry specialists (EUM-level), EU community-level industry specialists (EUC-level), as well as joint industry specialists.

Findings

This study finds evidence of an improvement in accounting quality among audits performed by non-industry specialists post-IFRS. There is also evidence of an improvement in accounting quality among audits performed by EUC-level industry specialists post-IFRS. In addition, accounting quality among audits performed by EUM-level industry specialists seems to be greater than that of audits performed by non-industry specialists in either the pre-IFRS period or the post-IFRS period. Overall, the mandatory adoption of IFRS in the EU appears to be associated with an improvement in accounting quality among some auditor groups.

Research limitations/implications

Industry specialization and accounting quality are not directly observable constructs; this study inevitably employs proxy measures for both. The findings of this study are location-specific and apply to mandatory IFRS adopters only.

Practical implications

This study informs regulators with respect to the importance of industry specialist auditors and financial reporting quality, particularly within the context of the EU. The findings suggest that industry specialists were a significant accounting quality determinant during the mandatory adoption of IFRS. The findings have implications for regulators in the EU and beyond.

Originality/value

This study is among the first to investigate the impact of auditor specialization on accounting quality in the EU, particularly in connection with the adoption of IFRS.

Details

Asian Review of Accounting, vol. 30 no. 4
Type: Research Article
ISSN: 1321-7348

Keywords

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Article
Publication date: 20 May 2020

Ricardo Jose Chacon Vega, Stephen P. Gale, Yujin Kim, Sungil Hong and Eunhwa Yang

This study aims to investigate the performance of open-plan office layouts and to identify occupants’ concerns in existing open-plan office layouts.

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Abstract

Purpose

This study aims to investigate the performance of open-plan office layouts and to identify occupants’ concerns in existing open-plan office layouts.

Design/methodology/approach

Workplace activity questionnaire (WAQ) was administered in the form of an online survey in March 2019, as part of a design briefing process for the expansion of the office facilities located in Bangalore, India, for a Fortune 100 software technology company. A total of 4,810 questionnaires were distributed and 3,877 responses were received (80.6% response rate). After that, 849 incomplete responses were eliminated from the analysis, resulting in a final sample size of 3,028. The questionnaire included 11 key activities conducted by the office workers and established the gap between the workers’ perceived importance and support from their existing facilities using a five-point Likert scale.

Findings

The findings of this study provide strong evidence that different physical environments influence the satisfaction of occupants. An improvement of the facilities, especially by enabling areas for quiet working, should be prioritized in relation to the other activities surveyed. Also, office workers perceived significantly different support levels for quiet working depending on their department, while there was no significant difference between the workers of different buildings.

Research limitations/implications

Individual demographic information was not collected because of the possibility of personal identification. There was also a lack of objective environmental measures, such as temperature and noise level. Thus, the quality of indoor environments was unknown. In this study, some respondents mentioned dissatisfaction with indoor environmental quality, including noise, temperature and air quality in their comments.

Originality/value

In the programming stage of a workplace design process, the WAQ survey tool has value because it renders important insight into the perception of a live workplace, which can then be used to determine priorities for a design effort. It clearly identifies the areas to focus on, ask questions about and develop improvements. Validating its reliability will enhance its credibility and confidence in its use. In addition, the large sample size provides statistical advantages in the data analysis, providing a higher likelihood to find a true positive of the findings of the study. Also, having a relatively high response rate provides an advantage of mitigating the risk of having non-response bias in the analysis.

Details

Journal of Corporate Real Estate, vol. 22 no. 4
Type: Research Article
ISSN: 1463-001X

Keywords

Available. Open Access. Open Access
Article
Publication date: 5 September 2019

José Carlos Sánchez de la Vega, José Daniel Buendía Azorín, Antonio Calvo-Flores Segura and Miguel Esteban Yago

The purpose of this paper is to provide a measure of competitiveness of the Spanish autonomous communities from a multidimensional and dynamic perspective for the period 2008-2016.

3148

Abstract

Purpose

The purpose of this paper is to provide a measure of competitiveness of the Spanish autonomous communities from a multidimensional and dynamic perspective for the period 2008-2016.

Design/methodology/approach

This paper adopts a broad definition of competitiveness based on five key environments (productive capital, human capital, social and institutional capital, infrastructure and knowledge) and comprising 53 indicators. The method used to construct the competitiveness index is based on the P-distance proposed by Pena Trapero (1979), which objectively assigns weights to the indicators. There is an important advantage in the methodological proposal of this study, as it allows analyzing the behavior of partial and aggregated indicators from a dynamic perspective, taking the same value as a reference for the entire period. Therefore, not only a classification obtained for each year but also the variation that occurs in terms of the reference period can be analyzed.

Findings

The classification of the autonomous communities is established using common intervals based on the results obtained for the whole period, i.e. 2008-2016. The data point to the unequal situations of the autonomous communities. The results also reveal that the evolution of the regional competitiveness synthetic index is clearly cyclical and the drop recorded in the recessive period is less pronounced than the increase recorded in the growth phase.

Originality/value

The main innovation of the competitiveness index presented here lies in its allowing comparisons over time.

Details

Applied Economic Analysis, vol. 27 no. 80
Type: Research Article
ISSN:

Keywords

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Book part
Publication date: 23 April 2019

Fidelia Ibekwe

Abstract

Details

European Origins of Library and Information Science
Type: Book
ISBN: 978-1-78756-718-4

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Article
Publication date: 5 June 2009

Juan Carlos Roca, Juan José García and Juan José de la Vega

The purpose of this paper is to test an augmented technology acceptance model (TAM) in the online financial trading context. This research aims to investigate how e‐investors are…

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Abstract

Purpose

The purpose of this paper is to test an augmented technology acceptance model (TAM) in the online financial trading context. This research aims to investigate how e‐investors are influenced by perceived trust, security, and privacy jointly with traditional TAM constructs.

Design/methodology/approach

The research examines e‐investors' behavioral intention to use online dealers' and stockbrokers' services. The model suggests that perceived trust jointly with perceived usefulness and perceived ease of use are important antecedents of intentions; the hypotheses are statistically tested using structural modeling.

Findings

The results from this study suggest that perceived trust, usefulness and ease of use are important issues in online trading systems. The findings suggest that online financial dealers and stockbrokers must improve the security of the online system since e‐investors form perceptions about its perceived security and when these perceptions are confirmed, their trust is enhanced and consequently they are more likely to use these online services particularly if the financial information is useful for their purposes.

Research limitations/implications

The findings of the present study have various implications for research as well as practice. First, perceived trust, perceived usefulness and perceived ease of use are critical to the success of an online trading system. Second, perceived privacy did not influence users' beliefs in trust. Since perceived trust and perceived usefulness are the most important antecedents of behavioral intention, managers can increase e‐investors' usage intention by improving their beliefs in how the online trading system can enhance their performance and effectiveness using a system with enough security mechanisms. The major limitation is that trust is examined as a single‐dimension construct.

Originality/value

This paper is one of the first that has empirically tested the link between trust, security, privacy, usefulness, ease of use and behavioral intention in the online trading context.

Details

Information Management & Computer Security, vol. 17 no. 2
Type: Research Article
ISSN: 0968-5227

Keywords

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