Congratulations to Kiwon Choi (叠颁辞尘鈥�19), Hugo Ouimet (BCom鈥�19 鈥� currently in GCPA program) and Christopher Wolf (BCom鈥�20), undergraduate scholarship recipients from the Ordre des comptables professionnels agr茅茅s du Qu茅bec.
Published on: 2 Jul 2019
Congratulations to Amanda Abrams, Faculty Lecturer, and Elliot Lifson, Professor of Practice and Desautels Faculty Advisory Board member, who were honored at 成人VR视频鈥檚 Management Convocation ceremony for their excellence in teaching at the undergraduate and graduate levels respectively.
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Published on: 29 May 2019
Congratulations to听Dongyoung Lee, Assistant Professor in Accounting, Jingjing Zhang, Assistant Professor in Accounting, and Hongping Tan, Associate Professor in Accounting, awarded 2018 SSHRC Connection Grant - 2019 Financial Accounting Research Conference: 鈥淎ccounting Disclosure, Financial Intermediaries, and Capital Market Outcomes鈥� on May 28th 鈥� 29th, 2019.
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Published on: 15 Apr 2019
Professor Brian Wenzel has been awarded the 2018 AJFS Best Reviewer Award on behalf of Korean Securities Association and Asia-Pacific Journal of Financial Studies.
The award recognizes specifically Professor Wenzel鈥檚 outstanding review of an article submission to the Journal in the Corporate Finance area.
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Published on: 26 Feb 2019
Authors:听Mark T. Bradshaw, Alan G. Huang, Hongping Tan
Publication:听Journal of Accounting Research, Forthcoming
础产蝉迟谤补肠迟:听
Prior research demonstrates that a strong institutional infrastructure in a country moderates self鈥恠erving behavior of market participants. Cross鈥恈ountry economic activities have increased significantly, presenting a research opportunity to examine the relative influence of local versus foreign institutional infrastructure on individual market participants. We utilize variation in analyst鈥恈ountry location relative to covered firm location to examine institutional determinants of optimism in analyst research. Focusing on target prices, where persistent optimism is well documented, we find that analysts domiciled in countries with stronger institutional infrastructures exhibit significantly attenuated target price optimism and more value鈥恟elevant target prices. Our results demonstrate the importance of domestic country鈥恖evel institutional factors in moderating self鈥恠erving behavior of market participants engaged in cross鈥恈ountry activities.
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Published on: 15 Nov 2018
Authors:听Jorien Pruijssers, Pursey Pmar Heugens and Hans J. Van Oosterhout
Publication: Journal of Business Ethics, Forthcoming
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Published on: 12 Sep 2018
Congratulations to the six Desautels undergraduate students who were awarded scholarships by the Foundation of CPAs of Quebec.
The scholarships, valued at $1,000 each, recognize academic excellence and community involvement among students in Quebec who are interested in pursuing accounting.
This year鈥檚 recipients are: Nicole Butkowsky; Chaeyoung Lee; Shannon Levy; Sateesh Pararajasingham; Nathalie Shen-Picotte and Elizabeth Tkach.
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Published on: 27 Feb 2018
Authors: David S. Koo and Dongyoung Lee
Publication: The Accounting Review, Forthcoming
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We examine the role of the chief marketing officer (CMO) in corporate voluntary disclosure of future revenues. Using a sample of S&P 1500 firms for the period from 2003 to 2011, we find that the presence of an influential CMO in top management is positively associated with the likelihood of a firm's issuing a management revenue forecast. We also find that firms with an influential CMO provide more accurate revenue forecasts than other firms. These findings extend to long-window change analyses and are robust to the use of a propensity-score matched-pair approach. Overall, the results are consistent with the notion that CMO influence in top management appears to play an important role in voluntary revenue disclosures.
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Published on: 8 Feb 2018
Authors: Hyun Ah Kim, Seok Woo Jeong, Tony Kang and Dongyoung Lee
Publication: Australian Accounting Review, Vol. 27, No. 4, December 2017
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Published on: 8 Feb 2018
Author: MaryJane Rabier听
Publication: The Accounting Review, Vol. 93, No. 1, 2018, pp. 335-362
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Gupta and Gerchek (2002) argue that different acquirers can arrive at different equity valuations for the same target depending on their strategic intent. A reason for acquirers' equity valuations to vary, holding target fundamentals constant, may be that individual acquirers place different weights on underlying fundamentals. I examine this possibility using Burgstahler and Dichev (1997)'s theoretical framework. They argue that the relative importance of earnings and book value depends on expected adaptation, which is the likelihood that the existing earnings generating process will be altered. Using restructuring costs to proxy for expected adaptation at the individual acquirer level, I find that the association between the target's earnings (book value) and acquirers' bid prices is decreasing (increasing) in expected adaptation, consistent with theoretical predictions. These findings are less pronounced during merger waves and intense bid competition for the target.
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Published on: 28 Sep 2017
Author: MaryJane Rabier
Publication: Strategic Management Journal, Vol. 38, No. 13, 2017
Abstract:听
Research summary:
I examine how acquisition motives relate to the distribution of post-acquisition performance. I argue that acquisitions motivated by operating synergies have the potential to experience greater gains than acquisitions driven by financial synergies but are harder to value and implement, making them more uncertain. Using SEC filings, conference calls and press releases to capture acquisition motives, I find that acquirers pursuing operating synergies are more likely to experience highly positive and highly negative long-term returns than acquirers pursuing financial synergies.
I also find that acquisition experience and geographic proximity to targets soften acquirers' extreme downside outcomes in operating synergy acquisitions. My theory and results suggest that approaches that emphasize average outcomes for acquirers and use industry classifications to capture acquisition motives may be incomplete.
Managerial summary:听
Managers engage in acquisitions for various reasons. In this study, I find that reasons related to operating synergies (e.g., revenue growth through new product offerings or cost savings through economies of scale) are more likely to result in extreme high and low performance outcomes for the acquiring firm compared to reasons related to financial synergies (e.g., diversification of cash flow streams).
In addition, I find that the acquirer's prior acquisition experience and the geographic proximity between the target and acquirer help soften the extreme low performance outcomes related to operating synergies.听
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Published on: 28 Sep 2017
A blog post at Virgin.com looks at how adventure-seeking CEOs come at business from a more open, experimental angle.
Desautels Professor Jingjing Zhang鈥檚 research shows that chief execs who fly small airplanes in their off-hours tend to be more open to innovation.
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Published on: 7 Aug 2017
Authors: Florian听Hoos,听 Jorien听Louise听Pruijssers, Michel听W.听Lander
Publication: Journal of Business Ethics, Forthcoming
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Published on: 12 Jul 2017
CEOs with a real taste for excitement can be a company鈥檚 best bet for upping its innovation cred, according to a paper co-authored by a Desautels professor Jingjing Zhang.
The paper studied 88 CEOs who were pilots, comparing them to 1,123 non-pilot chief executives over ten years. Pilot CEOs helped increase their companies鈥� patents by almost 67 per cent.
Desautels Professor Zhang said that this comes down to thrill-seeking CEOs tending to love diverse, original projects to a higher degree.
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Published on: 9 Jun 2017
Jingjing Zhang, Assistant Professor in Accounting, was recently awarded a 2017 FRQSC New Academics Grant for her project "Effet d鈥檈ntra卯nement r茅glementaire transfrontalier : impact des r茅formes du processus de notation aux 脡tats-Unis sur la notation des obligations des soci茅t茅s canadiennes. / Cross-Border Regulatory Spillover: The Effect of U.S. Credit Rating Reforms on Canada鈥檚 Corporate Bond Ratings".
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Published on: 15 May 2017
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