Financial microeconometrics: a research methodology in corporate finance and accounting
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cham
Springer
[2020]
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | xx, 215 Seiten Diagramme |
| ISBN: | 9783030342210 9783030342180 |
Internformat
MARC
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Datensatz im Suchindex
| _version_ | 1804180939113234432 |
|---|---|
| adam_text | Contents 1 Introduction................................................................................................... 1.1 The Core of This Book: Microdata, Microeconometrics, Corporate Finance, and Accounting.................................................. Microeconometrics.............................................................................. Microdata............................................................................................. Financial Microeconometrics............................................................. Empirical Corporate Finance and Applied Accounting................... FM and ECF........................................................................................ A Pragmatic Approach in Corporate Finance and Accounting... FM and ECF in the Classroom.......................................................... 1.2 Corporate Finance, the Theory of Corporate Finance, and the Theory of Economics.......................................................................... 1.3 The Theory of Corporate Finance: Tirolé......................................... 1.4 Empirical Corporate Finance/Financial Microeconometrics: Eckbo................................................................................................... Eckbo................................................................................................... Literature on ECF/FM........................................................................ 1.5 Sample Considerations....................................................................... Sources of Microdata for
FM............................................................ Sampling.............................................................................................. Analyzing the Entire Population....................................................... Puiposive Samples.............................................................................. 1.6 ECF and FM: An Introductory Resume............................................ ECF = FM?......................................................................................... Financial Econometrics and FM........................................................ Examples of FM Models.................................................................... What Comes Next and What Has Been Omitted?........................... References....................................................................................................... 1 1 2 2 3 3 4 5 5 5 8 10 10 12 13 13 13 14 15 15 15 16 16 18 19 ix
x 2 Contents Models of Financial Microeconometrics................................................... 2.1 The Types of Models Used in Empirical Corporate Finance and Accounting Research................................................................... Types of Microdata............................................................................. Types of Models.................................................................................. Modeling Equation.............................................................................. Modeling Strategy............................................................................... 2.2 The Binomial Model: An Auditor Change After a Going-Concem-Modified Audit Opinion in Australia.................. Outline.................................................................................................. The Logit Model.................................................................................. Estimation............................................................................................ The Marginal Effect and the Odds Ratio.......................................... Statistical Validity............................................................................... Comment.............................................................................................. 2.3 Practical Use of the Binomial Logit: Prior Correction..................... 2.4 Multinomial Ordered Variables Model: The Security Choice by US Companies............................................................................... More on Ordered
Models................................................................... 2.5 The Multinomial Unordered Variables Model: The Choice of Auditor by Chinese Companies..................................................... 2.6 The Tobit Model: Why Foreign Outside Investors Provide Capital to a Country’s Firms?............................................................ 2.7 Multiple Regression: CEO Cash Compensation, Accounting Performance, and Compensation Committee Quality...................... More on Multiple Regression and Statistical Signification............. 2.8 How to Prove Causality in Regression: The Advent of “Metrics”......................................................................................... 2.9 Treatment Effects in Empirical Corporate Finance: Effects of French IPOs.................................................................................... ATE and ATT..................................................................................... Propensity Score Matching................................................................ More on Treatment Effects Methodology......................................... 2.10 Self-Selection Modeling in Empirical Corporate Finance and Accounting Research: Dividend Decisions, Dividend Payments, and Corporate Social Responsibility................................................. Outline................................................................................................. The Heckit Method............................................................................. Self-Selection, the Tobit, and Treatment
Effects Modeling............ 2.11 Endogeneity......................................................................................... Endogeneity in Examining Company Performance Versus CEO “Power”............................................................................................... Reverse Causality and Unobserved Heterogeneity.......................... Instrumental Variables Approach...................................................... 23 23 23 24 24 26 28 28 30 31 32 32 34 34 36 40 40 43 46 48 49 52 52 54 56 59 59 60 61 63 63 64 64
Contents The Surveys of Roberts and Whited (2013), Atanasov and Black (2016), and Gippel et al. (2015)........................................................ 2.12 Difference-in-Differences Estimators and Regression Discontinuity Designs in Copporate Finance and Accounting Research.............................................................................................. Difference-in-Differences Estimators................................................ Regression Discontinuity Design...................................................... 2.13 Good Practices.................................................................................... Modeling Strategy in Financial Microeconometrics........................ The Deficiencies of the Regression Model....................................... Good Practices.................................................................................... References....................................................................................................... 3 4 Modeling Financial Distress and Bankruptcy......................................... 3.1 Research on Corporate Financial Distress and Bankruptcy............ Fifty Years of the Altman Z-Score................................................... The Notion of Financial Distress...................................................... Does Financial Distress Lead to Bankruptcy?................................. Going-Concern Opinions................................................................... 3.2 Microeconometric Models of Bankruptcy and Financial
Distress................................................................................................ Methods for Predicting Bankruptcy/Distress................................... The Choice of Predictors and the Drawbacks of Modeling............ Comparing Financial Distress and Bankruptcy Models.................. Multinomial Models........................................................................... Binomial Models................................................................................ 3.3 Unbalanced Samples in Bankruptcy Prediction............................... Bankruptcy: A Rare Event................................................................. Unbalanced Samples.......................................................................... Sampling Bias, Weighting, WoE, and Resampling......................... Prior Correction in the Logit Model................................................. 3.4 Models of Firm Exit........................................................................... Two States of Exit: Binomial Models and LDA.............................. Models for Many States of Exit........................................................ 3.5 Models of Firm Survival.................................................................... Microeconometric Models of Firm Survival.................................... Single Spell Duration Models........................................................... Competing Risks Models...................................................................
References....................................................................................................... Accounting Research and Disclosure Microeconometrics.................... 4.1 Topics in Empirical Accounting Research and Sources of Knowledge...................................................................................... Introduction......................................................................................... Categories of Research Topics and Methods................................... xi 65 66 66 67 68 68 69 69 73 77 77 77 79 80 82 82 82 84 86 89 94 97 97 97 99 100 105 105 106 109 109 Ill 112 116 121 121 121 122
xii 5 Contents Australia................................................................................................ USA....................................................................................................... Europe................................................................................................... Probability Expressions in Accounting.............................................. 4.2 Microeconometric Methodology in Accounting Research.............. Surveys by Maddala (1991) and Ge and Whitmore (2010)............ Choice-Based and Matched Samples................................................. Sample Selection.................................................................................. Financial Microeconometrics in Accounting: Two Examples. ... 4.3 Financial Disclosure, Investor Protection, and Disclosure Indices................................................................................................... Accounting Disclosure and Corporate Governance......................... Investor Protection, Disclosure, and Legal Systems........................ Disclosure Indices................................................................................ Disclosure Ratings and Rankings....................................................... Text Analyses for Disclosure Research............................................. 4.4 The Microeconometrics of Disclosure............................................... Research Questions............................................................................. Studies on the Association Between
Disclosure and Investor Protection.............................................................................................. Comparative Cross-Country Studies.................................................. Research on a Specific Type of Disclosure....................................... Single Country Studies........................................................................ 4.5 The Polish Corporate Disclosure Index (PCDĪ) and Investor Protection.............................................................................................. Composition of the PCDI................................................................... PCDI for Companies Listed on the Warsaw Stock Exchange.... PCDI and Investor Protection............................................................ Disclosure Types and Market Sentiment.......................................... References........................................................................................................ 123 123 125 126 127 128 128 129 130 The Microeconometrics of Corporate Governance................................ 5.1 Sources of Knowledge and Areas of Corporate Governance.......... Literature on CG.................................................................................. The Areas of CG................................................................................. CG in Common Law and Civil Law Countries................................ Codes of Good Governance............................................................... 5.2 Research Topics in Corporate
Governance....................................... Research Questions............................................................................. Methodological Issues........................................................................ Corporate Governance and the Performance of Companies: Two Studies......................................................................................... Firm Performance and CEO Change: TwoStudies........................... The Accounting Effects of CG: Two Studies................................... 5.3 Indices and Ratings of Corporate Governance................................. 159 159 160 161 164 164 166 166 167 135 135 136 138 140 140 141 141 143 144 145 146 148 148 149 150 150 154 168 173 175 178
Contents 6 xiii CG Ratings and CG Indices at the Country Level.......................... International CG Ratings and Indices............................................... CG Ratings and CG Indices in the USA.......................................... Discussion on Uses and Misuses of CG Indices: Klausner (2018).................................................................................................. Six Myths: Armstrong et al. (2010), Brickley and Zimmerman (2010).................................................................................................. Seven (Other) Myths: Larcker and Tayan (2011, 2015b)............... CG Indices and Company Performance........................................... 5.4 Corporate Governance and Firm Performancein Poland.................. CG Ratings for Polish Companies.................................................... References....................................................................................................... 179 179 180 Topics in Empirical Corporate Finance and Accounting..................... 6.1 Value Relevance of Companies’ Financial Statements................... The NYSE........................................................................................... The Warsaw Stock Exchange (WSE)............................................... 6.2 Microeconometrics for Equity Valuation......................................... Fundamental Analysis........................................................................ Relative
Valuation.............................................................................. Regression Models for Relative Valuation....................................... Fundamental Strategies...................................................................... 6.3 Mergers and Acquisitions, IPOs, and Dividend Payouts................ Mergers and Acquisitions.................................................................. Initial Public Offerings...................................................................... Dividend Payout................................................................................. References....................................................................................................... 197 197 199 199 202 203 203 204 206 208 208 209 210 213 180 181 182 182 183 183 192
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| author | Gruszczyński, Marek 1948- |
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| id | DE-604.BV046404659 |
| illustrated | Not Illustrated |
| indexdate | 2024-07-10T08:43:43Z |
| institution | BVB |
| isbn | 9783030342210 9783030342180 |
| language | English |
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| owner_facet | DE-355 DE-BY-UBR DE-N2 |
| physical | xx, 215 Seiten Diagramme |
| publishDate | 2020 |
| publishDateSearch | 2020 |
| publishDateSort | 2020 |
| publisher | Springer |
| record_format | marc |
| spelling | Gruszczyński, Marek 1948- Verfasser (DE-588)1203668430 aut Financial microeconometrics a research methodology in corporate finance and accounting Marek Gruszcyński Cham Springer [2020] xx, 215 Seiten Diagramme txt rdacontent n rdamedia nc rdacarrier Mikroökonomie (DE-588)4039225-9 gnd rswk-swf Ökonometrie (DE-588)4132280-0 gnd rswk-swf Ökonometrie (DE-588)4132280-0 s Mikroökonomie (DE-588)4039225-9 s 1\p DE-604 Erscheint auch als Online-Ausgabe 978-3-030-34219-7 Digitalisierung UB Regensburg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=031817367&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Gruszczyński, Marek 1948- Financial microeconometrics a research methodology in corporate finance and accounting Mikroökonomie (DE-588)4039225-9 gnd Ökonometrie (DE-588)4132280-0 gnd |
| subject_GND | (DE-588)4039225-9 (DE-588)4132280-0 |
| title | Financial microeconometrics a research methodology in corporate finance and accounting |
| title_auth | Financial microeconometrics a research methodology in corporate finance and accounting |
| title_exact_search | Financial microeconometrics a research methodology in corporate finance and accounting |
| title_full | Financial microeconometrics a research methodology in corporate finance and accounting Marek Gruszcyński |
| title_fullStr | Financial microeconometrics a research methodology in corporate finance and accounting Marek Gruszcyński |
| title_full_unstemmed | Financial microeconometrics a research methodology in corporate finance and accounting Marek Gruszcyński |
| title_short | Financial microeconometrics |
| title_sort | financial microeconometrics a research methodology in corporate finance and accounting |
| title_sub | a research methodology in corporate finance and accounting |
| topic | Mikroökonomie (DE-588)4039225-9 gnd Ökonometrie (DE-588)4132280-0 gnd |
| topic_facet | Mikroökonomie Ökonometrie |
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