Information asymmetry and REITs’ excess dividends: US and European market comparison

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Giacomo Morri ◽  
Federico Palmieri ◽  
Emiliano Sironi
Keyword(s):  
Information Asymmetry ◽  
Cash Flow ◽  
European Market ◽  
Joint Analysis ◽  
Linear Regression Models ◽  
Content Type ◽  
Asymmetry Information ◽  
The Us ◽  
The Usa ◽  
The Uk

PurposeThe purpose of this study is to analyze the determinants that lead REITs to pay out more dividends than the required level to retain their tax-favored status. In particular, the focus is on the effect that information asymmetry has on REITs’ excess dividends distribution.Design/methodology/approachA sample of 341 REITs from the USA, France, the UK, Spain, Belgium, Germany, the Netherlands and Italy has been analyzed for the period 2000–2016. Employing multiple linear regression models, the effects of information asymmetry, cash flow, size, ROA, leverage and treasury shares on excess dividends have been explored.FindingsResults indicate that REITs with greater information asymmetry distribute significantly more excess dividends, with superior evidence in Europe than in the USA. Regarding other determinants, cash flow influences excess dividends the most, whereas ROA and common shares repurchase have an inverse relationship with excess dividends.Practical implicationsThe paper explores the effects of excess dividends distribution on the most relevant REITs features. The joint analysis of the European and the US samples allows this study to make a comparison between the two markets and to identify affinities and differences.Originality/valueThe paper tests whether a proxy of asymmetry information plays a role in affecting the excess dividends distribution. In contrast to previous researches, it expands the analysis by comparing the US and European markets to underline any difference in the effect of asymmetry information on excess dividends. The topic has never been investigated before in relation to the European market.

scholarly journals Are IPO underwriters paid for the services they provide?

2015 ◽  
Vol 11 (4) ◽  
pp. 414-437 ◽  
Author(s):  
Michele Meoli ◽  
Andrea Signori ◽  
Silvio Vismara
Keyword(s):  
Stock Price ◽  
Financial Intermediation ◽  
Institutional Setting ◽  
Anglo Saxon ◽  
Going Public ◽  
Content Type ◽  
Italian Market ◽  
The Us ◽  
The Usa ◽  
The Uk

Purpose – The purpose of this paper is to relate the fees paid to IPO underwriters to the nature and quality of the services they provide. Design/methodology/approach – Controlling for the characteristics of the firm going public, the risk associated with the offering, and the reputation of the underwriter, the authors study on a sample of Italian IPOs whether a formal commitment by underwriters to provide ancillary services allows them to charge higher fees. Findings – The authors document that asking underwriters to stabilize stock price is costly to the issuer, while to support liquidity is not. The authors’ also show that underwriters stabilize IPOs that really need it, whereas the provision of liquidity support does not seem to be always aligned with the issuer’s interest. Originality/value – Investigating the Italian underwriting market is instructive for two main reasons. First, the institutional setting in IPOs is similar to most continental European countries, but significantly different from the US market. For instance, allocation policies in US IPOs are discretionary for both retail and institutional investors, while in Europe shares cannot be discretionarily allocated to retail investors. Second, the Italian market offers the opportunity to study the going-public decision outside the typical Anglo-Saxon financial systems. This is of interest because while both the UK and the USA have well-developed equity markets and a related industry of financial intermediation centered on providing equity, our analysis sheds light on financial intermediation of IPOs in a bank-centered system.

Employment for all: United States disability policy

2016 ◽  
Vol 21 (3) ◽  
pp. 154-161
Author(s):  
Rebecca Monteleone
Keyword(s):  
Individuals With Disabilities ◽  
Employment Services ◽  
Content Type ◽  
Cross Cultural Communication ◽  
The Us ◽  
Us Government ◽  
The Usa ◽  
The Uk ◽  
The Impact ◽  
Individuals With Intellectual Disabilities

Purpose – The purpose of this paper is to provide a brief overview of policy regarding employment for individuals with intellectual disabilities (ID) in the USA. Drawing from recent data, it assesses the impact of policy on current employment services and rates of employment. Design/methodology/approach – An introduction provides details regarding the benefits of employment for individuals with disabilities, current demographic information in the USA and salient definitions. Next, ten key national laws and one state law relating to employment for individuals with disabilities are outlined briefly. Finally, current outcomes for adults with disabilities are presented in order to assess the implementation and effectiveness of the legislation presented. Findings – Whilst this paper is a policy review, and therefore no novel findings have been produced, it is clear by juxtaposing the mandates enacted by the US Government with practical outcomes that there is a need to assess implementation and effectiveness of such legislation. Originality/value – It is imperative to scrutinize policy in the context of practical outcomes in order to assess its viability and relevance. Additionally, it is crucial that practitioners and academics be aware of the legislation that impacts the populations with whom they interact. Finally, in the context of this publication, it is important that researchers and practitioners in the UK understand US policy, and likewise US professionals understand UK policies in order to facilitate greater cross-cultural communication and collaboration for the mutual benefit of both nations.

scholarly journals A comparative study between the UK and the USA house price indicators before and during the financial crisis of 2007-2009

2018 ◽  
Vol 10 (4) ◽  
pp. 456-472
Author(s):  
Abdelhafid Benamraoui
Keyword(s):  
Interest Rate ◽  
Financial Crisis ◽  
House Price ◽  
Content Type ◽  
Economic Fundamentals ◽  
Study Results ◽  
Wide Range ◽  
The Us ◽  
The Usa ◽  
The Uk

Purpose This paper aims to examine the relationship between key economic fundamentals and average house price (AHP) movements before and during the financial crisis of 2007 to 2009 in the UK and the USA. Design/methodology/approach Multiple regression analysis is applied in assessing the correlation between AHPs and a set of selected economic fundamentals. Findings The study results show that earnings and to less extent interest rate have the highest correlation with the AHP and among the different types of interest rate used variable interest rate has the strongest correlation with AHP. The results also reveal that most indicators behave in the same way both before and during the financial crisis, but with better explanatory power for the pre-crisis period. Another key finding is that the directions of relationship for some of the parameters have changed when the market is in crisis, especially in the case of loans extended to house purchase for the UK market and number of households for the US market. Originality/value The originality of the paper stems in using a wide range and thoroughly selected economic fundamentals to explain the movement in house prices and to observe the effect of financial crisis on the correlation between each economic factor and house price movements. The study is also unique in comparing the UK and the US housing markets for the time frame under consideration and for the economic parameters used.

scholarly journals Trends in educational mobility: How does China compare to Europe and the United States?

2019 ◽  
Vol 5 (2) ◽  
pp. 214-240
Author(s):  
Rob J Gruijters ◽  
Tak Wing Chan ◽  
John Ermisch
Keyword(s):  
Educational Opportunity ◽  
The United States ◽  
International Standards ◽  
Educational Mobility ◽  
The Us ◽  
The Usa ◽  
Economic Boom ◽  
The Uk ◽  
Large Decline ◽  
Inequality Of Educational Opportunity

Despite an impressive rise in school enrolment rates over the past few decades, there are concerns about growing inequality of educational opportunity in China. In this article, we examine the level and trend of educational mobility in China, and compare them to the situation in Germany, the Netherlands, the UK and the USA. Educational mobility is defined as the association between parents’ and children’s educational attainment. We show that China’s economic boom has been accompanied by a large decline in relative educational mobility chances, as measured by odds ratios. To elaborate, relative rates of educational mobility in China were, by international standards, quite high for those who grew up under state socialism. For the most recent cohorts, however, educational mobility rates have dropped to levels that are comparable to those of European countries, although they are still higher than the US level.

scholarly journals Who shuns entrepreneurship journals? Why? And what should we do about it?

2021 ◽  
Author(s):  
Alex Stewart
Keyword(s):  
Small Business ◽  
Business Schools ◽  
English Summary ◽  
Business Economics ◽  
Economics Journal ◽  
The Us ◽  
The Usa ◽  
Business Professors ◽  
The Uk

AbstractSome scholars assert that entrepreneurship has attained “considerable” legitimacy. Others assert that it “is still fighting” for complete acceptance. This study explores the question, extrapolating from studies of an “elite effect” in which the publications of the highest ranked schools differ from other research-intensive schools. The most elite business schools in the USA, but not the UK, are found to allocate significantly more publications to mathematically sophisticated “analytical” fields such as economics and finance, rather than entrepreneurship and other “managerial” fields. The US elites do not look down upon entrepreneurship as such. They look down upon journals that lack high mathematics content. Leading entrepreneurship journals, except Small Business Economics Journal (SBEJ), are particularly lacking. The conclusion argues that SBEJ can help the field’s legitimacy, but that other journals should not imitate analytical paradigms.Plain English Summary Academic snobs shun entrepreneurship journals. A goal for snobs is to exhibit superiority over others. For business professors, one way to do this is with mathematically sophisticated, analytical publications. Entrepreneurship journals, Small Business Economics excepted, do this relatively infrequently. These journals focus on the lives, activities, and challenges of diverse entrepreneurs. In the USA, the most elite business schools, compared with not-quite elite business schools, allocate significantly more of their articles to the journals of analytical fields such as economics, and fewer to entrepreneurship journals. This pattern is not found in the UK, where elites may have other ways to signal superiority. These elites, who accommodate entrepreneurship researchers, could pioneer with outputs of both relevance and scholarly quality, through collaboration between their practice-based and research-based professors.

Is Hong Kong ready for accounting education reform: an analysis of tri-partite views

2014 ◽  
Vol 27 (3) ◽  
pp. 249-265 ◽  
Author(s):  
Theodore T.Y. Chen
Keyword(s):  
Hong Kong ◽  
Education Reform ◽  
Financial Reporting ◽  
Accounting Education ◽  
Accounting Firms ◽  
Content Type ◽  
The Usa ◽  
Accounting Practitioners ◽  
The Uk ◽  
Big Four

Purpose – The purpose of this study is to determine whether Hong Kong is ready for accounting education reform. Design/methodology/approach – The approach for this study is using a Likert-scale questionnaire for the academic institutions, the Hong Kong Institute of Certified Public Accountants and the big four accounting firms, followed by detailed follow-up interviews with each. Findings – There is general agreement among accounting academics and the profession that the Accounting Education Change Commission initiatives should be adopted in Hong Kong. Hong Kong accounting academics in public institutions do not oppose to a balance between teaching and research, but would oppose to an emphasis of teaching over research. This is important as an overemphasis on research could mean less time for teaching and curriculum development. The big four accounting firms are either happy with the way Hong Kong universities have been educating the accounting graduates or have no complaints against them. This is also important as an urge for accounting education reform usually comes from the practitioners as in the USA. Originality/value – The USA was the first country that saw the need for accounting education reform as accounting practitioners felt that curriculum and pedagogical considerations placed heavy emphasis on the technical aspects of accounting at the expense of a general, broad-based education. Similar needs for change were also found in the UK and Australia. As Hong Kong is one of the world’s major financial centres with a large securities exchange, there is a great deal of emphasis on accounting standards, financial reporting, corporate governance, etc., and hence the importance of accounting education. Is Hong Kong ready for the change?

Asset recovery in corruption cases

2016 ◽  
Vol 19 (1) ◽  
pp. 4-20 ◽  
Author(s):  
Peter Leasure
Keyword(s):  
Vice President ◽  
Comparative Case Study ◽  
Content Type ◽  
Case Study Analysis ◽  
Asset Recovery ◽  
The Us ◽  
Quasi Experimental ◽  
The Usa ◽  
The Republic

Purpose – Asset recovery proceedings increasingly target corrupt foreign officials who acquire lavish assets as a result of capital gained through criminal acts. One extremely difficult issue arising in asset recovery proceedings is whether the capital used to acquire the assets can be traced to a criminal act. The purpose of this paper is to critique US tracing procedure through comparative analysis. Design/methodology/approach – A prominent series of cases brought by the USA and France against assets owned by Teodoro “Teodorín” Nguema Obiang, second Vice President of the Republic of Equatorial Guinea, produced mixed results on the tracing element. This paper utilizes a qualitative comparative case analysis to examine the US and French cases. Findings – The US results reflect serious weaknesses in the US law as compared to more effective French asset recovery procedure. Originality/value – Though this paper is certainly a comparative case study analysis, nearly identical facts and two different jurisdictions reaching separate conclusions bring us in the legal community as close as we can realistically come to quasi-experimental research. Comparative research in this area is severely lacking and sorely needed. The mechanisms identified in the French system clearly show flaws that are present in the US system.

scholarly journals Implications of divergences in adult protection legislation

2016 ◽  
Vol 18 (3) ◽  
pp. 149-160 ◽  
Author(s):  
Lorna Montgomery ◽  
Janet Anand ◽  
Kathryn Mackay ◽  
Brian Taylor ◽  
Katherine C. Pearson ◽  
...  
Keyword(s):  
Design Methodology ◽  
Elder Abuse ◽  
Consensus Model ◽  
Content Type ◽  
Legal Responses ◽  
The Usa ◽  
Protection Legislation ◽  
The Uk ◽  
Practical Implications ◽  
Adult Protection

Purpose – The purpose of this paper is to explore the similarities and differences of legal responses to older adults who may be at risk of harm or abuse in the UK, Ireland, Australia and the USA. Design/methodology/approach – The authors draw upon a review of elder abuse and adult protection undertaken on behalf of the commissioner for older people in Northern Ireland. This paper focusses on the desk top mapping of the different legal approaches and draws upon wider literature to frame the discussion of the relative strengths and weaknesses of the different legal responses. Findings – Arguments exist both for and against each legal approach. Differences in defining the scope and powers of adult protection legislation in the UK and internationally are highlighted. Research limitations/implications – This review was undertaken in late 2013; while the authors have updated the mapping to take account of subsequent changes, some statutory guidance is not yet available. While the expertise of a group of experienced professionals in the field of adult safeguarding was utilized, it was not feasible to employ a formal survey or consensus model. Practical implications – Some countries have already introduced APL and others are considering doing so. The potential advantages and challenges of introducing APL are highlighted. Social implications – The introduction of legislation may give professionals increased powers to prevent and reduce abuse of adults, but this would also change the dynamic of relationships within families and between families and professionals. Originality/value – This paper provides an accessible discussion of APL across the UK and internationally which to date has been lacking from the literature.

Macroeconomic conditions are only an illusion, not the solution, to firm sustainability: unveiling the new dimension of stakeholder well-being

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Zahid Irshad Younas ◽  
Mahvesh Khan ◽  
Mamdouh Abdulaziz Saleh Al-Faryan
Keyword(s):  
Well Being ◽  
Developed Countries ◽  
Macroeconomic Performance ◽  
Content Type ◽  
Macroeconomic Conditions ◽  
Us Economy ◽  
The Us ◽  
The Usa ◽  
Negative Impacts ◽  
The One

Purpose The purpose of the study is to explore the misconception that in developed countries, macroeconomic performance lead to sustainable firms or improves stakeholder well-being. The results may be the opposite or even worse. Design/methodology/approach This study examined this misconception using balanced panel data from 1,122 firms from different sectors of the US economy and data on macroeconomic performance from the World Bank. Findings The results of the one-step generalised method of moments indicate that most macroeconomic performance indicators had significant and negative impacts on firm sustainability and stakeholder well-being. Practical implications From a societal perspective, the results illustrate that the fruits of macroeconomic performance of the US economy do not reach stakeholders through firms’ sustainability. Thus, linking the economy’s macroeconomic performance with firm sustainability is vital for sustainably uplifting society and for stakeholder well-being. Originality/value From a policy perspective, this study reveals that the greater focus on macroeconomic performance in the USA over the past decades has resulted in lower firm sustainability because of the malfunctioning of social, economic, environmental and governance factors. This has negatively influenced stakeholder well-being in the country.

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