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Employees’ reviews and stock price informativeness (2023)
Journal Article
Kyiu, A., Tawiah, B., & Boamah, O. (2023). Employees’ reviews and stock price informativeness. Economics Letters, 233, Article 111406. https://doi.org/10.1016/j.econlet.2023.111406

We investigate the relationship between employee reviews and stock price informativeness. Using a sample of US firms, we find that firms with higher employee satisfaction are associated with greater stock price informativeness in terms of idiosyncrat... Read More about Employees’ reviews and stock price informativeness.

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.

Securitization, covered bonds and the risk taking behavior of European banks (2022)
Working Paper
Arif, A., Bottazzi, L., & Pastorello, S. (2022). Securitization, covered bonds and the risk taking behavior of European banks

This study investigates the impact of securitization and the issuance of covered bonds on the credit risk taking behavior of banks. We collected data for seven major European economies for the period between 2001 and 2014, that is, both before and af... Read More about Securitization, covered bonds and the risk taking behavior of European banks.

Growth opportunity and investment policy: The role of managerial incentives (2022)
Journal Article
Adu-Ameyaw, E., Danso, A., & Hickson, L. (2022). Growth opportunity and investment policy: The role of managerial incentives. Managerial and Decision Economics, 43(8), 3634-3646. https://doi.org/10.1002/mde.3619

Based on the neo-classical theory of investment (Tobin's Q), this study looks at how growth opportunity drives investment policies and the extent to which this relationship is sensitive to managerial incentives. We use data from 213 non-financial and... Read More about Growth opportunity and investment policy: The role of managerial incentives.

R and D spending intensity of private vs public firms: The role of cash flow, leverage and information quality (2022)
Journal Article
Adu-Ameyaw, E., Danso, A., Hickson, L., & Lartey, T. (2022). R and D spending intensity of private vs public firms: The role of cash flow, leverage and information quality. Journal of Applied Accounting Research, 23(4), 770-787. https://doi.org/10.1108/jaar-07-2021-0179

Purpose: This study provides a large sample comparison of research and development (R&D) spending intensity in private and public firms and the extent to which these firms' unique characteristics affect their R&D spending rate. Design/methodology/app... Read More about R and D spending intensity of private vs public firms: The role of cash flow, leverage and information quality.

Managerial compensation and fixed intangible assets investment: The role of managerial ownership and firm characteristics (2022)
Journal Article
Adu-Ameyaw, E., Hickson, L., & Danso, A. (2022). Managerial compensation and fixed intangible assets investment: The role of managerial ownership and firm characteristics. Journal of Applied Accounting Research, 23(5), https://doi.org/10.1108/JAAR-04-2021-0099

Purpose: This study examines how cash and stock bonus compensations influence top executives to allocate a firm's resources to fixed intangible assets investment and the extent to which this relationship is conditional on executives' ownership, firm... Read More about Managerial compensation and fixed intangible assets investment: The role of managerial ownership and firm characteristics.