Executives’ Blaming External Factors and Market Reactions: Evidence from Earnings Conference Calls

2021 ◽  
pp. 106358
Author(s):  
Joonki Noh ◽  
Dexin Zhou
Keyword(s):  
External Factors ◽  
Conference Calls ◽  
Market Reactions

Voluntary Disclosure to Influence Investor Reactions to Merger Announcements: An Examination of Conference Calls

2011 ◽  
Vol 86 (2) ◽  
pp. 637-667 ◽  
Author(s):  
Michael D. Kimbrough ◽  
Henock Louis
Keyword(s):  
Content Analysis ◽  
Private Information ◽  
Voluntary Disclosure ◽  
Press Releases ◽  
Conference Calls ◽  
Market Reactions ◽  
Related Information ◽  
Announcement Returns ◽  
Favorable Reaction ◽  
Merger Announcements

ABSTRACT: We find that bidders are more likely to hold conference calls at merger announcements when the mergers are financed with stock and when the transactions are large. After controlling for endogeneity, we also find that conference calls are associated with more favorable market reactions to merger announcements. A content analysis of merger-related information releases for a limited subsample indicates that the more favorable reaction is related to the fact that, compared to press releases, conference calls provide a greater volume of information and place greater emphasis on forward-looking details. We find no evidence that the superior announcement returns associated with conference calls subsequently reverse or that conference calls are positively associated with pre-merger announcement abnormal accruals. Overall, the results suggest that managers use conference calls around merger announcements to credibly convey favorable private information to the market.

scholarly journals Feverish Stock Price Reactions to COVID-19*

2020 ◽  
Vol 9 (3) ◽  
pp. 622-655 ◽  
Author(s):  
Stefano Ramelli ◽  
Alexander F Wagner
Keyword(s):  
Firm Value ◽  
Stock Price ◽  
The United States ◽  
Conference Calls ◽  
Financial Policies ◽  
Value Drivers ◽  
Market Reactions ◽  
Health Crisis ◽  
Real Shocks ◽  
Novel Coronavirus

Abstract Market reactions to the 2019 novel coronavirus disease (COVID-19) provide new insights into how real shocks and financial policies drive firm value. Initially, internationally oriented firms, especially those more exposed to trade with China, underperformed. As the virus spread to Europe and the United States, corporate debt and cash holdings emerged as important value drivers, relevant even after the Fed intervened in the bond market. The content and tone of conference calls mirror this development over time. Overall, the results illustrate how anticipated real effects from the health crisis, a rare disaster, were amplified through financial channels. (JEL G01, G12, G14, G32, F14) Received: May 27, 2020; editorial decision June 16, 2020 by Editor Andrew Ellul. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.

Interactive Experience and Identification as Predictors of Attributing Responsibility in Video Games

2018 ◽  
Vol 30 (1) ◽  
pp. 3-15
Author(s):  
Nathan Walter ◽  
Yariv Tsfati
Keyword(s):  
Video Game ◽  
Psychological Research ◽  
External Factors ◽  
Theoretical Expectation ◽  
Main Character ◽  
Attribution Of Responsibility ◽  
Attributions Of Responsibility ◽  
Violent Video Game ◽  
Grand Theft Auto Iv ◽  
Interactive Experience

Abstract. This study examines the effect of interactivity on the attribution of responsibility for the character’s actions in a violent video game. Through an experiment, we tested the hypothesis that identification with the main character in Grand Theft Auto IV mediates the effect of interactivity on attributions of responsibility for the main character’s antisocial behavior. Using the framework of the fundamental attribution error, we demonstrated that those who actually played the game, as opposed to those who simply watched someone else playing it, identified with the main character. In accordance with the theoretical expectation, those who played the game and came to identify with the main character attributed the responsibility for his actions to external factors such as “living in a violent society.” By contrast, those who did not interact with the game attributed responsibility for the character’s actions to his personality traits. These findings could be viewed as contrasting with psychological research suggesting that respondents should have distanced themselves from the violent protagonist rather than identifying with him, and with Iyengar’s (1991) expectation that more personalized episodic framing would be associated with attributing responsibility to the protagonist.

Pengembangan Butik Muslim yang Terkait dengan Pelayanan Prima dan Kualitas Produk pada Butik Firta Collection

Liquidity ◽  
2018 ◽  
Vol 7 (2) ◽  
pp. 97-107
Author(s):  
Esust Setiawati
Keyword(s):  
Strategic Management ◽  
Product Quality ◽  
Qualitative Method ◽  
Swot Analysis ◽  
External Environment ◽  
Marketing Mix ◽  
External Factors ◽  
Customer Trust

This study aims to analyze how strategic management in the Firta Collection Boutique to develop its business, especially in providing services to customers. The method used in this research is a qualitative method that includes Marketing Mix (4P Analysis) and SWOT Analysis, to find out what external factors are opportunities or threats to the Firta Collection Boutique. The results of the study show that the strategies adopted by the Firta Collection Boutique are still inappropriate and need to use other strategies. Changes in the external environment have continued to increase so that it is an opportunity and anticipates threats by utilizing strengths and minimizing weaknesses by innovating and improving approaches and gaining customer trust in product quality, in order to compete in the fashion sector.

External Factors of Big Business Transformation in Russia

2005 ◽  
pp. 72-89 ◽  
Author(s):  
Ya. Pappe ◽  
Ya. Galukhina
Keyword(s):  
Financial Market ◽  
Capital Market ◽  
Business Groups ◽  
External Factors ◽  
Big Business ◽  
Business Transformation ◽  
Global Standards ◽  
The World ◽  
Principal Subject

The paper is devoted to the role of the global financial market in the development of Russian big business. It proves that terms and standards posed by this market as well as opportunities it offers determine major changes in Russian big business in the last three years. The article examines why Russian companies go abroad to attract capital and provides data, which indicate the scope of this phenomenon. It stresses the effects of Russian big business’s interaction with the world capital market, including the modification of the principal subject of Russian big business from integrated business groups to companies and the changes in companies’ behavior: they gradually move away from the so-called Russian specifics and adopt global standards.

Problems of Science and Its Effectiveness

2011 ◽  
pp. 151-157 ◽  
Author(s):  
A. Varshavsky
Keyword(s):  
Higher Education ◽  
Public Management ◽  
External Factors ◽  
Education Sector ◽  
Russian Science ◽  
Russian Academy Of Sciences ◽  
Scientific Results ◽  
Academy Of Sciences ◽  
Academic Sector

The article considers current problems of Russia´s science. Special attention is paid to external factors that negatively influence its effectiveness including considerable lag in public management sector. The issues of opposing higher education sector to the Russian Academy of Sciences (RAS) are also discussed. A number of indicators of the Russian science and its academic sector effectiveness are presented. The expediency of comparing scientific results with R&D expenditures is shown. The problems connected with using bibliometric methods are discussed. Special attention is paid to the necessity of preserving and further developing Russian science including RAS.

Role of the Structural Characteristics of Dendrimers in the Manifestation of the Antiamyloid Properties

INEOS OPEN ◽  
2020 ◽  
Vol 3 ◽  
Author(s):  
S. A. Sorokina ◽  
◽  
Yu. Yu. Stroilova ◽  
V. I. Muronets ◽  
Z. B. Shifrina ◽  
...  
Keyword(s):  
Neurodegenerative Diseases ◽  
Structural Characteristics ◽  
Short Review ◽  
External Factors ◽  
Amyloid Aggregation ◽  
Amyloid Proteins ◽  
Molecular Parameters ◽  
Amyloid Aggregates ◽  
Aggregation Processes

Among the compounds able to efficiently inhibit the amyloid aggregation of proteins and decompose the amyloid aggregates that cause neurodegenerative diseases, of particular interest are dendrimers, which represent individual macromolecules with the hypercrosslinked architectures and given molecular parameters. This short review outlines the peculiarities of the antiamyloid activity of dendrimers and discusses the effect of dendrimer structures and external factors on their antiamyloid properties. The potential of application of dendrimers in further investigations on the aggregation processes of amyloid proteins as the compounds that exhibit the remarkable antiamyloid activity is evaluated.

A new method for quantifying the blocking of coated paperboard

TAPPI Journal ◽  
2010 ◽  
Vol 9 (5) ◽  
pp. 29-35 ◽  
Author(s):  
PAULINE SKILLINGTON ◽  
YOLANDE R. SCHOEMAN ◽  
VALESKA CLOETE ◽  
PATRICE C. HARTMANN
Keyword(s):  
Surface Roughness ◽  
Fatty Acid ◽  
Surface Energy ◽  
Film Thickness ◽  
External Factors ◽  
Additive Concentration ◽  
Pressure Surface ◽  
Fatty Acid Amides ◽  
Coated Surfaces ◽  
Definite Period

Blocking is undesired adhesion between two surfaces when subjected to pressure and temperature constraints. Blocking between two coated paperboards in contact with each other may be caused by inter-diffusion, adsorption, or electrostatic forces occurring between the respective coating surfaces. These interactions are influenced by factors such as the temperature, pressure, surface roughness, and surface energy. Blocking potentially can be reduced by adjusting these factors, or by using antiblocking additives such as talc, amorphous silica, fatty acid amides, or polymeric waxes. We developed a method of quantifying blocking using a rheometer. Coated surfaces were put in contact with each other with controlled pressure and temperature for a definite period. We then measured the work necessary to pull the two surfaces apart. This was a reproducible way to accurately quantify blocking. The method was applied to determine the effect external factors have on the blocking tendency of coated paperboards, i.e., antiblocking additive concentration, film thickness, temperature, and humidity.

Kegunaan Informasi Akuntansi dalam Pengambilan Keputusan Internal oleh Unit Akuntansi Kuasa Pengguna Anggaran (UAKPA)

2017 ◽  
Vol 2 (4) ◽  
pp. 73-91
Author(s):  
Karno Pandu Wibowo
Keyword(s):  
Decision Making ◽  
Accounting Information ◽  
Information Use ◽  
External Factors ◽  
Accrual Accounting ◽  
Related Factors ◽  
Internal Factors ◽  
Level Of Use ◽  
Accrual Basis ◽  
Cash Basis

This study aims to determine the usefulness level of accounting information (on cash basis and accrual basis) in central goverment agencies internal decision-making process. In addition, this study also aims to determine the influence of the organization’s external factors, the organization's internal factors and Individual Actor’s Characteristic Related Factors on the level of use of accounting information in central goverment agencies internal decision making.The research show that  level of accrual accounting information use in the context of internal decision making is high. In addition it showed differences between  level of cash-based accounting information use and accrual-based accounting information use. This study also addressed that the organization’s external factors, the organization's internal factors and individual actor’s characteristic related factors significantly influence both level of accounting information use  on cash basis and accrual basis in the internal decision-making. Except for the organization’s external factors  did not significantly affect the level of accrual accounting information use  in the internal decision-making.   Abstrak Penelitian ini bertujuan untuk mengetahui tingkat kegunaan informasi akuntansi (berbasis kas dan akrual) dalam proses pengambilan keputusan internal Unit Akuntansi Kuasa Pengguna Anggaran (UAKPA). Selain itu penelitian ini juga bertujuan untuk mengetahui pengaruh faktor eksternal organisasi, faktor internal organisasi dan faktor karakteristik individu pengguna terhadap tingkat penggunaan informasi akuntansi dalam pengambilan keputusan internal Unit Akuntansi Kuasa Pengguna Anggaran (UAKPA).Temuan peneliti menunjukan bahwa tingkat penggunaan informasi akuntansi berbasis akrual tinggi dalam rangka pengambilan keputusan internal. Selain itu penelitian menunjukan adanya perbedaan tingkat penggunaan antara informasi akutansi berbasis kas dan informasi akutansi berbasis akrual. Penelitian juga menujukan bahwa faktor eksternal organisasi, faktor internal organisasi dan faktor karakteristik individu pengguna berpengaruh signifikan terhadap tingkat penggunaan informasi akuntansi (berbasis kas dan akrual) dalam pengambilan keputusan internal. Kecuali untuk faktor eksternal organisasi tidak berpengaruh signifikan terhadap tingkat penggunaan informasi akuntansi akrual dalam pengambilan keputusan internal.

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