Outputs (40)

Dividends, investment and pension contributions (2024)
Journal Article
Tucker, J., & Misirlioglu, I. U. (2024). Dividends, investment and pension contributions. International Journal of Banking, Accounting and Finance, 14(1), 1-27. https://doi.org/10.1504/IJBAAF.2024.137080

We study the determinants of pension contributions for UK listed companies to better understand how the contributions decision is placed within the wider operational and strategic framework of the company. We model the potential displacement effect o... Read More about Dividends, investment and pension contributions.

A conditional higher-moment CAPM (2023)
Journal Article
Vendrame, V., Guermat, C., & Tucker, J. (2023). A conditional higher-moment CAPM. International Review of Financial Analysis, 86, 102524. https://doi.org/10.1016/j.irfa.2023.102524

This paper investigates whether dynamic and moment extensions to the traditional CAPM can improve its empirical performance and offer some alternative explanation to the cross-section of average returns on portfolios of stocks double sorted on book-t... Read More about A conditional higher-moment CAPM.

Drivers of mandatory disclosure in GCC region firms (2021)
Journal Article
Misirlioglu, I. U., Tucker, J., & Boshnak, H. A. (2022). Drivers of mandatory disclosure in GCC region firms. Accounting Research Journal, 35(3), 382-407. https://doi.org/10.1108/ARJ-12-2020-0366

Purpose: This paper aims to investigate firm-level variations in the extent of mandatory disclosures and address the drivers of mandatory disclosure using data from the Gulf Co-operation Council (GCC) region. Design/methodology/approach: The extent o... Read More about Drivers of mandatory disclosure in GCC region firms.

Earnings management techniques in the context of Italian unlisted firms (2021)
Journal Article
Matonti, G., Iuliano, G., Palazzi, F., & Tucker, J. (2021). Earnings management techniques in the context of Italian unlisted firms. African Journal of Business Management, 15(2), 79-92. https://doi.org/10.5897/AJBM2021.9199

Our research expands the earnings management (EM) literature for Italian unlisted firms by investigating the drivers of both accrual-based (AEM) and real activity-based (REM) earnings management. According to prior literature, the reliability of fina... Read More about Earnings management techniques in the context of Italian unlisted firms.

The impact of financial difficulties on earnings management strategies: The case of Italian non-listed firms (2020)
Journal Article
Matonti, G., Tommasetti, A., Torre, C., & Tucker, J. (2020). The impact of financial difficulties on earnings management strategies: The case of Italian non-listed firms. African Journal of Business Management, 14(11), 511-528. https://doi.org/10.5897/AJBM2020.9105

This study investigates the impact of the degree of financial distress on the earnings management activities of Italian non-listed firms. The extant literature provides mixed evidence on this relationship for listed firms. We find a positive (negativ... Read More about The impact of financial difficulties on earnings management strategies: The case of Italian non-listed firms.

MtB versus VAIC in measuring intellectual capital: Empirical evidence from Italian listed companies (2019)
Journal Article
Forte, W., Matonti, G., Nicolo, G., & Tucker, J. (2019). MtB versus VAIC in measuring intellectual capital: Empirical evidence from Italian listed companies. African Journal of Business Management, 13(17), 588-601. https://doi.org/10.5897/AJBM2019.8840

The purpose of this paper is to compare two of the most commonly employed methods employed to measure the Intellectual Capital (IC) value: Market to Book (MtB) ratio and the VAIC, in order to determine the most suitable in the context of Italian list... Read More about MtB versus VAIC in measuring intellectual capital: Empirical evidence from Italian listed companies.

Ownership influence and CSR disclosure in China (2018)
Journal Article
Hu, Y. Y., Zhu, Y., Tucker, J., & Hu, Y. (2018). Ownership influence and CSR disclosure in China. Accounting Research Journal, 31(1), 8-21. https://doi.org/10.1108/ARJ-01-2017-0011

© 2018, Emerald Publishing Limited. Purpose: This paper aims to examine the relationship between ownership type and the likelihood of publication of a corporate social responsibility (CSR) report. Design/methodology/approach: Drawing on stakeholder s... Read More about Ownership influence and CSR disclosure in China.

A conditional regime switching CAPM (2017)
Journal Article
Vendrame, V., Guermat, C., & Tucker, J. (2018). A conditional regime switching CAPM. International Review of Financial Analysis, 56, 1-11. https://doi.org/10.1016/j.irfa.2017.12.001

© 2017 Elsevier Inc. The standard Capital Asset Pricing Model (CAPM) is simple, intuitive, and grounded in sound economic theory. Yet, almost half a century's worth of empirical testing has so far failed to demonstrate its relevance. One major reason... Read More about A conditional regime switching CAPM.

Measuring the intellectual capital of Italian listed companies (2017)
Journal Article
Nicolò, G., Forte, W., Tucker, J., & Matonti, G. (2017). Measuring the intellectual capital of Italian listed companies. Journal of Intellectual Capital, 18(4), 710-732. https://doi.org/10.1108/JIC-08-2016-0083

© 2017, © Emerald Publishing Limited. Purpose: The purpose of this paper is to investigate the relationship between intellectual capital (IC), measured in terms of the market to book (MTB) ratio, and potential key determinants of IC value such as int... Read More about Measuring the intellectual capital of Italian listed companies.

MtB versus VAIC in measuring intellectual capital: Empirical evidence from Italian listed companies (2017)
Presentation / Conference
Forte, W., Matonti, G., Tucker, J., & Nicolo, G. (2017, September). MtB versus VAIC in measuring intellectual capital: Empirical evidence from Italian listed companies. Paper presented at 13TH INTERDISCIPLINARY WORKSHOP ON INTANGIBLES AND INTELLECTUAL CAPITAL, Università Politecnica delle Marche, Ancona, Italy

Purpose – Grounded in the extant theoretical and empirical literature, the purpose of this paper is to compare two of the most employed methods measuring IC value in order to find the most suitable in the context of Italian listed firms. Moreover, th... Read More about MtB versus VAIC in measuring intellectual capital: Empirical evidence from Italian listed companies.

The relationship between equity and bond returns: An empirical investigation (2017)
Journal Article
Tucker, J., Guermat, C., & Demirovic, A. (2017). The relationship between equity and bond returns: An empirical investigation. Journal of Financial Markets, 35, 47-64. https://doi.org/10.1016/j.finmar.2017.08.001

© 2017 Elsevier B.V. The correlation between equity and corporate debt is ambiguous. News affecting the value of a firm's assets induces a positive correlation, whereas an increase in the volatility of a firm's assets induces a negative correlation.... Read More about The relationship between equity and bond returns: An empirical investigation.

The impact of monetary policy on gold price dynamics (2017)
Journal Article
Zhu, Y., Fan, J., & Tucker, J. (2018). The impact of monetary policy on gold price dynamics. Research in International Business and Finance, 44, 319-331. https://doi.org/10.1016/j.ribaf.2017.07.100

© 2017 Elsevier B.V. Ever since the collapse of the Bretton-Woods system, gold has retained its function as an important monetary commodity (Baur and Lucey, 2010), and continues to provide important inflation forecasting information to monetary polic... Read More about The impact of monetary policy on gold price dynamics.

The Financial Crisis and White Collar Crime - Legislative and Policy Responses (2017)
Book
Ryder, N., Turksen, U., & Tucker, J. (2017). The Financial Crisis and White Collar Crime - Legislative and Policy Responses. Routledge

In September 2007, the collapse of the United States (US) sub-prime mortgage market resulted in the global meltdown of the financial markets. This in turn led to the collapse of many international financial institutions including Northern Rock, Brad... Read More about The Financial Crisis and White Collar Crime - Legislative and Policy Responses.

A new composite financial maturity index and its application to China’s province-level regions (2016)
Journal Article
Zhang, J., Zhao, Z., & Tucker, J. (in press). A new composite financial maturity index and its application to China’s province-level regions. Journal of Finance and Management in Public Services, 15(1),

This paper introduces a new regional “financial maturity index” (FMI) based on previous studies of financial development theory. We explore a unified measure of regional financial development by constructing a new composite financial maturity model.... Read More about A new composite financial maturity index and its application to China’s province-level regions.

Some extensions of the CAPM for individual assets (2016)
Journal Article
Vendrame, V., Tucker, J., & Guermat, C. (2016). Some extensions of the CAPM for individual assets. International Review of Financial Analysis, 44, 78-85. https://doi.org/10.1016/j.irfa.2016.01.010

© 2016 Elsevier Inc. There is ample evidence that stock returns exhibit non-normal distributions with high skewness and excess kurtosis. Experimental evidence has shown that investors like positive skewness, dislike extreme losses and show high level... Read More about Some extensions of the CAPM for individual assets.

Auditor choice in Italian non-listed firms (2016)
Journal Article
Matonti, G., Tucker, J., & Tommasetti, A. (2016). Auditor choice in Italian non-listed firms. Managerial Auditing Journal, 31(4-5), 458-491. https://doi.org/10.1108/MAJ-07-2015-1215

© Emerald Group Publishing Limited. Purpose – This paper aims to investigate auditor choice in those Italian non-listed firms adopting the “traditional” model of corporate governance. In Italy, non-listed firms can choose between two types of auditor... Read More about Auditor choice in Italian non-listed firms.

Bank regulation and stock market stability across countries (2016)
Journal Article
ElKelish, W. W., & Tucker, J. (2016). Bank regulation and stock market stability across countries. Journal of Financial Regulation and Compliance, 24(4), 402-419. https://doi.org/10.1108/JFRC-09-2015-0049

© 2016, © Emerald Group Publishing Limited. Purpose: The purpose of this paper is to investigate whether bank capital strength and external auditing requirements influenced international stock market stability during the 2007/2008 global financial cr... Read More about Bank regulation and stock market stability across countries.

Intellectual capital and its determinants in Italian listed companies (2015)
Presentation / Conference
Forte, W., Tucker, J., Matonti, G., & Nicolo, G. (2015, September). Intellectual capital and its determinants in Italian listed companies. Paper presented at 11th Interdisciplinary Workshop on Intangibles, Intellectual Capital and Extra-financial Information - EIASM, Athens, Greece

PURPOSE: The purpose of the paper is to match the intellectual capital (IC) measurement methods and the reporting practices of a group of Italian listed firms, in order to examine potential convergence in practice. The study applies a holistic market... Read More about Intellectual capital and its determinants in Italian listed companies.

Accounting data and the credit spread: An empirical investigation (2015)
Journal Article
Demirovic, A., Tucker, J., & Guermat, C. (2015). Accounting data and the credit spread: An empirical investigation. Research in International Business and Finance, 34, 233-250. https://doi.org/10.1016/j.ribaf.2015.02.013

© 2015 Elsevier B.V. Measures of credit risk based on Merton (1974) rely upon information available in the market prices of securities. Under the Efficient Market Hypothesis market prices should reflect all available information and, hence, make redu... Read More about Accounting data and the credit spread: An empirical investigation.

Property rights institutions and bank performance across countries (2015)
Journal Article
ElKelish, W. W., & Tucker, J. (2015). Property rights institutions and bank performance across countries. Managerial Finance, 41(1), 80-101. https://doi.org/10.1108/MF-10-2013-0288

© 2015, © Emerald Group Publishing Limited. Purpose – The purpose of this paper is to investigate the relationship between the quality of property rights institutions (PRIs) and bank financial performance in an empirical study of 136 countries over t... Read More about Property rights institutions and bank performance across countries.

The impact of analyst sentiment on UK stock recommendations and target prices (2015)
Journal Article
Yukselturk, O., & Tucker, J. (2015). The impact of analyst sentiment on UK stock recommendations and target prices. Accounting and Business Research, 45(6-7), 869-904. https://doi.org/10.1080/00014788.2015.1044496

© 2015 Taylor & Francis. The aim of this paper is to investigate the relationship between narrative sentiment in analysts' company reports and their recommendation and target price outputs. We study an industry-balanced sample of 275 UK quoted comp... Read More about The impact of analyst sentiment on UK stock recommendations and target prices.

Do Italian non-listed firms manage earnings efficiently or opportunistically? (2014)
Presentation / Conference
Matonti, G., Tomasetti, A., & Tucker, J. (2014, April). Do Italian non-listed firms manage earnings efficiently or opportunistically?. Paper presented at 2nd Global Virtual Conference, Slovakia

Earnings management may be efficient or opportunistic depending on the ability of discretionary accruals to communicate information about a firm's future profitability to the public. The existing literature, which focuses mainly on listed firms, prov... Read More about Do Italian non-listed firms manage earnings efficiently or opportunistically?.

Does mandatory adoption of IFRS guarantee compliance? (2013)
Journal Article
Yükseltürk, O., Misirlioǧlu, I. U., Misirlioglu, I. U., Tucker, J., & Yukselturk, O. (2013). Does mandatory adoption of IFRS guarantee compliance?. International Journal of Accounting, 48(3), 327-363. https://doi.org/10.1016/j.intacc.2013.07.002

In this study, we examine whether the mandatory adoption of IFRS by Turkish listed companies in 2005 was successful in practice and what role firm and country level factors played in the adoption. We determine the firm-specific factors that affect th... Read More about Does mandatory adoption of IFRS guarantee compliance?.

Short run reaction to news announcements: UK evidence (2013)
Journal Article
Tucker, J., Guermat, C., & Prasert, S. (2013). Short run reaction to news announcements: UK evidence. Studia Universitatis Babeș-Bolyai Oeconomica, 58(2), 41-71

In this paper we aim to investigate the behaviour of returns around corporate news announcements. The motivation of the paper is that neither the broad classification of news into “good” and “bad” in many previous studies, nor the focus on only one n... Read More about Short run reaction to news announcements: UK evidence.

Rating or no rating? That is the question: An empirical examination of UK companies (2012)
Journal Article
Tucker, J., Gonis, E., & Paul, S. (2012). Rating or no rating? That is the question: An empirical examination of UK companies. European Journal of Finance, 18(8), 709-735. https://doi.org/10.1080/1351847X.2011.649215

The aim of this paper is to examine the main determinants of the rating likelihood of UK companies. We use a binary probit specification to model the main drivers of a firm's propensity to be rated. Using a sample of 245 non-financial UK companies ov... Read More about Rating or no rating? That is the question: An empirical examination of UK companies.

Rating or no rating: That is the question: An empirical examination of UK companies (2012)
Journal Article
Gonis, E., Tucker, J., & Paul, S. (2012). Rating or no rating: That is the question: An empirical examination of UK companies. European Journal of Finance, 18(8), 709-735

The aim of this paper is to examine the main determinants of the rating likelihood of UK companies. We use a binary probit specification to model the main drivers of a firm’s propensity to be rated. Using a sample of 245 non-financial UK companies ov... Read More about Rating or no rating: That is the question: An empirical examination of UK companies.

The use of financial information by capital providers (2012)
Working Paper
Tucker, J., Misirlioglu, I., Gonis, E., & Yukselturk, O. The use of financial information by capital providers

In this brief literature review paper, we explore four areas of the theoretical and empirical literature to discuss the use of financial information by capital providers: (i) Who are capital providers to companies, including all forms of debt, equity... Read More about The use of financial information by capital providers.

Industry membership and capital structure dynamics in the UK (2011)
Journal Article
Tucker, J., & Stoja, E. (2011). Industry membership and capital structure dynamics in the UK. International Review of Financial Analysis, 20(4), 207-214. https://doi.org/10.1016/j.irfa.2011.03.002

We examine the impact of industry membership on the capital structure dynamics of UK quoted firms over the period 1968 to 2006 by analysing how the components of common gearing ratios are adjusted in relation to one another. More specifically, if we... Read More about Industry membership and capital structure dynamics in the UK.

Financial crises: A culture of complacency (2010)
Journal Article
Tucker, J. (2010). Financial crises: A culture of complacency. Journal of Organisational Transformation and Social Change, 7(1), 7-23. https://doi.org/10.1386/jots.7.1.7_1

The aim of this paper is to consider the role of complacency in financial crises over the last two decades, with a closer look at the ongoing Subprime Mortgage Financial Crisis. The theme of complacency and the concept of financial crisis are both ex... Read More about Financial crises: A culture of complacency.

Target gearing in the UK: A triangulated approach (2010)
Journal Article
Tucker, J., Pointon, J., & Olugbode, M. (2010). Target gearing in the UK: A triangulated approach. International Journal of Managerial Finance, 6(1), 58-80. https://doi.org/10.1108/17439131011015797

Purpose: The purpose of this study is to investigate the incidence of target gearing behaviour in firms as well as the drivers of such behaviour. Design/methodology/approach: The paper employs a triangulation approach across three methodological phas... Read More about Target gearing in the UK: A triangulated approach.

How to set the hurdle rate for capital investments (2009)
Book Chapter
Tucker, J. (2009). How to set the hurdle rate for capital investments. In D. Stauffer (Ed.), Qfinance: The Ultimate Resource (322-324). A & C Black

EXECUTIVE SUMMARY • There exists a wide range of approaches to setting the hurdle rate for capital investments. • It is essential that we do not set the hurdle rate too high, thereby foregoing valuable investment opportunities, or too low, thereby... Read More about How to set the hurdle rate for capital investments.

Book review: Chris Mallin and Kean Ow-Yong, Corporate governance in alternative investment market (AIM) companies x+119pp., £15.00, Institute of Chartered Accountants of Scotland, Edinburgh, United Kingdom (2008) ISBN 978-1-904574-44-6 (2008)
Journal Article
Tucker, J. (2008). Book review: Chris Mallin and Kean Ow-Yong, Corporate governance in alternative investment market (AIM) companies x+119pp., £15.00, Institute of Chartered Accountants of Scotland, Edinburgh, United Kingdom (2008) ISBN 978-1-904574-44-6. British Accounting Review, 40(4), 380-381. https://doi.org/10.1016/j.bar.2008.08.003

Book review for the British Accounting Review

A simplified approach to modeling the CO-movement of asset returns (2007)
Journal Article
Harris, R. D., Stoja, E., & Tucker, J. (2007). A simplified approach to modeling the CO-movement of asset returns. Journal of Futures Markets, 27(6), 575-598. https://doi.org/10.1002/fut.20262

The authors propose a simplified multivariate GARCH (generalized autoregressive conditional heteroscedasticity) model (the S-GARCH model), which involves the estimation of only univariate GARCH models, both for the individual return series and for th... Read More about A simplified approach to modeling the CO-movement of asset returns.

A UK test of an inflation-adjusted Ohlson model (2005)
Journal Article
Gregory, A., Saleh, W., & Tucker, J. (2005). A UK test of an inflation-adjusted Ohlson model. Journal of Business Finance and Accounting, 32(3-4), 487-534. https://doi.org/10.1111/j.0306-686X.2005.00602.x

This paper conducts a UK test of a version of the Ohlson (1995) model. We should only expect abnormal earnings to revert to zero if the book value of assets is economically meaningful. In this paper we make use of the property revaluations common in... Read More about A UK test of an inflation-adjusted Ohlson model.

Practitioners' perspectives on the UK cost of capital (2004)
Journal Article
McLaney, E., Pointon, J., Thomas, M., & Tucker, J. (2004). Practitioners' perspectives on the UK cost of capital. European Journal of Finance, 10(2), 123-138. https://doi.org/10.1080/1351847032000137401

The aims of this study were to determine how UK finance practitioners derive and review the cost of capital, and to ascertain whether the final figure varied with the choice of method. To investigate behaviour in the real world a survey questionnaire... Read More about Practitioners' perspectives on the UK cost of capital.

Small firm finance and public policy (2003)
Journal Article
Lean, J., & Tucker, J. (2003). Small firm finance and public policy. Journal of Small Business and Enterprise Development, 10(1), 50-61. https://doi.org/10.1108/14626000310461367

Examines how a finance gap for small firms might be addressed by means of government policy to support informal financing initiatives. A review of both the finance and the government policy literature provides the basis for discussing and conceptuali... Read More about Small firm finance and public policy.

Micro-credit in a UK context (2001)
Report
Tucker, J., & Lean, J. (2001). Micro-credit in a UK context

The aim of this study was to investigate the need for and use of micro-credit and other sources of finance in small firms. The objectives in pursuit of this aim were as follows: • To establish a clear definition of micro-credit in a UK context and... Read More about Micro-credit in a UK context.

Information asymmetry, small firm finance and the role of government (2001)
Journal Article
Tucker, J., & Lean, J. (2001). Information asymmetry, small firm finance and the role of government. Journal of Finance and Management in Public Services, 1(1), 43-60

Diversification and performance in the UK defense industry (1997)
Journal Article
Tucker, J., Bishop, P., & Thomas, M. (1997). Diversification and performance in the UK defense industry. Defense Analysis, 13(3), 271-282. https://doi.org/10.1080/07430179708405737

This article examines the relationship between diversification and performance in the UK defence industry. The theoretical arguments which have been advanced to support a general link between diversification and performance are examined together with... Read More about Diversification and performance in the UK defense industry.

European taxation and capital investment (1996)
Journal Article
Pointon, J., Farrar, S., & Tucker, J. (1996). European taxation and capital investment. International Journal of Phytoremediation, 21(1), 57-76. https://doi.org/10.1080/135184796337607

A simulated study is conducted of the relative tax incentives to capital investment in Europe. For 1994 required pre-tax rates of return vary from 8.5% for plant and machinery investments in Spain to l3.8% for commercial property in Ireland. Within i... Read More about European taxation and capital investment.