Accounting - Research Publications
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ItemThe differential use and effect of knowledge-based system explanations in novice and expert judgment decisions(SOC INFORM MANAGE-MIS RES CENT, 2006-03)
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ItemElectronic commerce investments, the resource-based view of the firm, and firm market value(Elsevier BV, 2005-03-01)
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ItemWhy did they do that? Variability in routine transactions(EMERALD GROUP PUBLISHING LIMITED, 2009)Purpose The purpose of this paper is to provide a frank reflection on the authors' journey in applying social theory to understand the routine use of a transaction‐processing system in a rich field context. Design/methodology/approach Inspired by a perplexing initial observation, the program of research moved quickly from one of more traditional positivist methods (experiments and surveys) to case study research. The case study involved observation and comparative analysis of the routine use of a reservation system across a large franchised accommodation chain. Findings As a reflective essay, the key findings relate to the research process itself. The essence of the findings is that applying social theory is itself a social process. Originality/value The paper finds that insight can come from understanding the routine use of IT as a social artefact, not just from studying crises or latest innovations.
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ItemState Control, Legal Investor Protection, and Ownership Concentration: Evidence from China(WILEY, 2009-03)ABSTRACT Manuscript Type: Empirical Research Question/Issue: To control for the omitted‐variables and aggregation biases problem existing in previous cross‐country studies, our paper investigates the relationship of ownership concentration and legal investor protection across regions and over time in one emerging economy, China, during the period 1992 to 2003. Moreover, this paper examines whether state control affects this relationship. Research Findings/Results: For state‐controlled firms, we cannot find the typical inverse relationship between ownership concentration and legal investor protection documented by La Porta, Lopez‐de‐Silanes, Shleifer, and Vishny (1998), since state per se works as a substitute for formal legal investor protection in protecting property rights by exploiting political power. However, for non‐state‐controlled firms, the inverse relationship does hold. Theoretical Implications: Our findings suggest that the nature of the controlling shareholder should be taken into account when examining the relationship between ownership concentration and legal investor protection. Moreover, our findings give new insights, especially to the study on other emerging economies that share similar characteristics with China in terms of legal development and government control. Finally, the cross‐region study within one country provides a new perspective on the research in this area. Practitioner Implications: First, to provide a level playing field for different types of investors, the state's dual role of controlling shareholder and political power holder should be separated. Second, it is important to build up a good legal system to protect investors in order for a country to develop its capital markets, especially for the development of the non‐state sector.
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ItemTop Management Turnover: An Examination of Portfolio Holdings and Fund Performance(SAGE Publications, 2006-01-01)We examine the performance and portfolio characteristics of actively managed equity funds impacted by top management turnover. Utilizing a unique database of monthly portfolio holdings, our study finds that, post-replacement, previously poor performing funds experience improved returns. However, this improved performance is not attributable to superior stock selection skill. We also find these new managers decrease the fund's reliance on momentum strategies and decrease the portfolio's concentration, which then leads to a reduced tracking-error volatility. Prior to the replacement event, underperforming investment managers exhibit preferences for larger, growth-oriented stocks, as well as riding momentum strategies and increasing portfolio turnover.
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ItemQualitative management accounting research: rationale, pitfalls and potential A comment on Vaivio (2008)(EMERALD GROUP PUBLISHING LTD, 2008)Purpose This paper's purpose is to provide a commentary on “Qualitative management accounting research: rationale, pitfalls and potential,” a paper by Juhani Vaivio. Design/methodology/approach The approach is to draw on alternative research paradigms to expand the definition and discussion of qualitative research in management accounting. Findings The paper endorses many of the prescriptions in Vaivio but expands the definition and discussion of qualitative research in management accounting to recognize the blurred boundaries with field research more generally, and to be more inclusive of qualitative field research from a positivist/functionalist perspective. Similarly, the need for qualitative research to challenge textbook, economics and consulting representations of management accounting is acknowledged, but the range of catalysts is expanded to highlight the potential for qualitative research building on both qualitative and quantitative extant research. This paper also seeks to broaden the discussion of legitimate study design characteristics and data collection methods, and to stress the importance of matching research design with research question. Originality/value The paper stresses the value of pluralism and inclusiveness in both methodological and method choices.
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ItemA multi-method approach to building causal performance maps from expert knowledge(Elsevier BV, 2005-06-01)
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ItemScale Effects in Capital Markets-Based Accounting Research(WILEY-BLACKWELL PUBLISHING, INC, 2009-04-01)Abstract: Based on data simulated using a modified Ohlson (1995) valuation model, we investigate effects on inferences of five potential scale‐related effects: multiplicative and additive omitted scale factors, scale‐varying coefficients, survivorship, and heteroscedasticity. We find that diagnostics identified in prior research are not successful in detecting or distinguishing these scale effects. Thus, we investigate the effectiveness at mitigating scale effects of six specifications of regressions of equity market value on equity book value and earnings: undeflated, share‐deflated, equity book value‐deflated, lagged price‐deflated, returns, and equity market value‐deflated. For each specification, we compare frequency of correct rejection that the coefficients equal zero, coefficient bias and absolute error, and regression explanatory power. We find that share‐deflated and undeflated specifications generally perform the best, regardless of the type of scale effect.
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ItemSeasonality in fund performance: An examination of the portfolio holdings and trades of investment managers(WILEY, 2006-09-01)Abstract: This study examines the extent to which seasonal variation arises across calendar months in the performance of active Australian equity managers. While it is well documented that there is seasonality in equity market returns, it is unknown whether calendar month variation in managed fund performance exists. Employing a unique database of monthly stock holdings, we find evidence consistent with systematic variation in the risk‐adjusted performance of active investment managers over the calendar year. Specifically, we find fund performance is higher in the months when corporate earnings are announced. We also document that the performance of fund managers is lower in the months preceding the tax year‐end. Finally, we report evidence that investment manager performance is greater than normal in December, possibly due to both window dressing and the Christmas holiday effect. These findings have important implications for investors attempting to exploit anomalies in fund returns by timing their entry and exit points from active equity funds.
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