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Content

Accounting

Does Ownership Identity Matter? A Meta‐analysis of Research on Firm Financial Performance in Relation to Government versus Private Ownership 

Kun Tracy Wang ，Greg Shailer 

Australian National University, Canberra, Australia

R. J. Chambers on Securities and Obscurities: Making a Case for the Reform of the Law of Company Accounts in the 1970s

Christopher J. Napier ，Martin E. Persson

School of Management, Royal Holloway University of London

Ivey Business School, Western University

Financial 

The Future of Financial Reporting: Insights from Research

Mary E. Barth

Graduate School of Business, Stanford University

Future Realized Return, Firm‐specific Risk and the Implied Expected Return

Pengguo Wang

Xfi Centre for Finance and Investment at the Exeter University Business School

Noise Momentum Around the World

Charlie X. Cai,Robert Faff,Yongcheol Shin 

University of Queensland

Abstract

Does Ownership Identity Matter? A Meta‐analysis of Research on Firm Financial Performance in Relation to Government versus Private Ownership 

Kun Tracy Wang ，Greg Shailer 

Australian National University, Canberra, Australia

Abstract:We examine whether reported ownership–performance relations systematically differ for government versus private ownership by integrating the diverse empirical results for listed corporations in emerging markets. Our meta‐analysis confirms popular perceptions that, compared to private ownership, government ownership is associated with inferior performance. We find that, on average, the underlying ownership–performance relation is negative for government ownership and positive for private ownership, and the difference between these relations is significant. We also find that the positive private ownership–performance relation is stronger for institutional/foreign ownership compared to family/management ownership. Further analysis shows that negative (positive) government (private) ownership and performance relations have weakened (strengthened) over time. Our assessment of the sources of heterogeneity shows that reported relations are biased by estimation methods that fail to adequately control for endogeneity. Our results suggest that the nature of ownership–performance relations in emerging markets remains very dynamic and warrants ongoing research interest. 

keywords:Corporate governance,Emerging markets,Government ownership,Meta‐analysis,Performance

R. J. Chambers on Securities and Obscurities: Making a Case for the Reform of the Law of Company Accounts in the 1970s

Christopher J. Napier ，Martin E. Persson

School of Management, Royal Holloway University of London

Ivey Business School, Western University

Abstract:This study examines the contribution of Raymond J. Chambers to the British inflation accounting debate in the early‐to‐mid 1970s, from the perspective of the reception of his book, Securities and Obscurities: A Case for Reform of the Law of Company Accounts, published in 1973. To structure the empirical narrative, drawing on previously unpublished documents from the R. J. Chambers Archives, we employ Czarniawska and Joerges’ (1996) notion of the ‘travel of ideas’, and Mumford’s (1979) observation of the existence of ‘inflation accounting debate cycles’. The result is a narrative that traces the environmental and material circumstances that led to Chambers’ book having a lesser impact on the British inflation debate than one would expect based on the international exposure of his ideas, his influence at the time, and the empirical rigour of his proposal. The purpose of this exercise is to assess how contextual factors, such as the choice of publisher, use of promotional material, and distribution methods, can be as (or more) important than the substance of the proposed ideas, arguments, and solutions. 

keywords:Accounting cycles,Inflation,R. J. Chambers,Securities and Obscurities ,Travel of ideas

The Future of Financial Reporting: Insights from Research

Mary E. Barth

Graduate School of Business, Stanford University

Abstract:Research offers insights that, if heeded and built upon, could improve financial reporting, thereby contributing to a more prosperous society. In particular, research suggests improvement could stem from greater use of fair value; a performance statement designed to reveal the information embedded in changes in fair value; better information to help investors assess the value of intangible assets; more specific information about risk and uncertainty; information that is unbiased, rather than conservative; acceptance of a degree of earnings management together with a determination of how much earnings management is acceptable; and a financial reporting package designed to convey information users need, which presumably is broader than today's financial statements. 

keywords:Financial reporting，Research insights，Fair value，Intangible assets，Risk and uncertainty

Future Realized Return, Firm‐specific Risk and the Implied Expected Return

Pengguo Wang

Xfi Centre for Finance and Investment at the Exeter University Business School

Abstract:In this paper, I propose a novel approach to derive a firm‐specific measure of expected return. It builds on recent accounting‐based valuation models developed by Clubb (2013) and Ashton and Wang (2013). The measure is intrinsically linked to commonly used financial ratios, including book‐to‐market, (forward) earnings yield, and dividend‐to‐price, as well as growth and past returns. The empirical evidence shows that it is significantly positively associated with future realized stock returns and also significantly correlated with commonly used risk characteristics in a theoretically predictable manner. The results are likely to be of interest to practitioners and managers in making capital allocation decisions and to academics in need of proxies for firms’ discount rates and expected returns. 

keywords:Earnings forecasts，Firm risk characteristics，Implied cost of capital，Implied risk premium

Noise Momentum Around the World

Charlie X. Cai,Robert Faff,Yongcheol Shin 

University of Queensland

Abstract:We argue that arbitrageurs will strategically limit their initial investment in an arbitrage opportunity in anticipation of further mispricing caused by the deepening of noise traders' misperceptions. Such ‘noise momentum’ is an important determinant of the overall arbitrage process. We design an empirical strategy to capture noise momentum in a two‐period generalized error correction model. Applying it to a wide range of international spot‐futures market pairs, we document pervasive evidence of noise momentum around the world. 

keywords:Futures and spot prices，Initial mispricing correction，Limited arbitrage，Noise momentum

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本期编审人员

素材整理丨山西财经大学   在读会计硕士生 闫峻连

执行编辑丨 西安工业大学  在读会计本科生  贾  琼

审核编辑 | 某会计师事务所审计师  万   通

终审 | 西北师范大学 在读会计硕士生  杨   阳

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