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Competition Culture and Corporate Finance
A Measure of Firms¿ Competition Culture Based on a Textual Analysis of 10-K Filings
Buch von Terry Harris
Sprache: Englisch

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Beschreibung
This book introduces a measure of firms¿ competition culture based on a textual analysis and natural language processing (NPL) of firms¿ 10-K filings. Using this measure, the book explores the relationship between competition culture and various phenomena in corporate finance, specifically, institutional ownership structure, stock return performance, idiosyncratic stock price crash risk, meeting/beating analysts¿ earnings expectations, and earnings management activity, for a large sample of US-based financial and non-financial firms. In particular, the book provides evidence that transient institutional ownership intensifies firms¿ competition culture, while dedicated institutional ownership lessens it. In addition, the book¿s findings suggest that firms with greater levels of competition culture achieve higher levels of short-term stock return performance, experience greater incidence of idiosyncratic stock price crashes, and are more prone to meet/beat analysts forecast and engagein accruals-based earnings manipulation.

Finally, the book examines the role played by competition culture in financial firms (i.e., banks). Specifically, the book explores the effect of competition culture on bank lending and shows that banks with greater levels of competition culture are generally more prone to engage in procyclical lending activity. The findings of the book have significant policy implications and will be of interests to regulators, accounting standard-setters, managers and those charged with firm governance, career academics and researchers, graduates, and those generally interested in the role played by corporate culture in the related fields of finance, economics, and accounting.
This book introduces a measure of firms¿ competition culture based on a textual analysis and natural language processing (NPL) of firms¿ 10-K filings. Using this measure, the book explores the relationship between competition culture and various phenomena in corporate finance, specifically, institutional ownership structure, stock return performance, idiosyncratic stock price crash risk, meeting/beating analysts¿ earnings expectations, and earnings management activity, for a large sample of US-based financial and non-financial firms. In particular, the book provides evidence that transient institutional ownership intensifies firms¿ competition culture, while dedicated institutional ownership lessens it. In addition, the book¿s findings suggest that firms with greater levels of competition culture achieve higher levels of short-term stock return performance, experience greater incidence of idiosyncratic stock price crashes, and are more prone to meet/beat analysts forecast and engagein accruals-based earnings manipulation.

Finally, the book examines the role played by competition culture in financial firms (i.e., banks). Specifically, the book explores the effect of competition culture on bank lending and shows that banks with greater levels of competition culture are generally more prone to engage in procyclical lending activity. The findings of the book have significant policy implications and will be of interests to regulators, accounting standard-setters, managers and those charged with firm governance, career academics and researchers, graduates, and those generally interested in the role played by corporate culture in the related fields of finance, economics, and accounting.
Über den Autor

Terry Harris is an Associate Professor at Durham University Business School, Durham University, United Kingdom. He received his Bachelor's degree (double major) in Computer Science and Accounting, a Master of Philosophy (MPhil) in Computer Science focusing on Machine Learning, a professional accounting designation with the Association of Chartered Certified Accountants (ACCA), and a Doctor of Philosophy (PhD) in Finance. Terry has engaged in theoretical and applied research and publications primarily focused on the impact of corporate culture on firms' economic outcomes. In this vein, he has co-authored and published the articles entitled "Institutional Ownership and Firms' Thrust to Compete" in the British Journal of Management and "Measuring firms' market orientation using textual analysis of 10-K filings" also in the British Journal of Management.

Zusammenfassung

Explores the relationship between competition culture and earnings management

Introduces a new measure of firms' competition culture based on a textual analysis and natural language processing

Covers ownership structure, crash risk, and bank lending and loan loss provisioning

Inhaltsverzeichnis

Chapter 1 Introduction.- Chapter 2 Literature Review: What is Culture?.- Chapter 3 Literature Review: What is Textual Analysis, and can we use it to Measure Corporate Culture?.- Chapter 4 Institutional Investors and Competition Culture.- Chapter 5 Competition Culture and Performance.- Chapter 6 Competition Culture and Crash Risk.- Chapter 7 Competition Culture and Meeting/Beating Analysts' Earnings Forecasts.- Chapter 8 Competition Culture and Earnings Management.- Chapter 9 Competition Culture and Bank Lending.- Chapter 10 Conclusion.

Details
Erscheinungsjahr: 2023
Fachbereich: Betriebswirtschaft
Genre: Wirtschaft
Rubrik: Recht & Wirtschaft
Medium: Buch
Seiten: 268
Inhalt: xv
249 S.
2 s/w Illustr.
249 p. 2 illus.
ISBN-13: 9783031301551
ISBN-10: 3031301552
Sprache: Englisch
Ausstattung / Beilage: HC runder Rücken kaschiert
Einband: Gebunden
Autor: Harris, Terry
Auflage: 2023
Hersteller: Springer International Publishing
Springer International Publishing AG
Maße: 216 x 153 x 20 mm
Von/Mit: Terry Harris
Erscheinungsdatum: 25.04.2023
Gewicht: 0,463 kg
Artikel-ID: 126705422
Über den Autor

Terry Harris is an Associate Professor at Durham University Business School, Durham University, United Kingdom. He received his Bachelor's degree (double major) in Computer Science and Accounting, a Master of Philosophy (MPhil) in Computer Science focusing on Machine Learning, a professional accounting designation with the Association of Chartered Certified Accountants (ACCA), and a Doctor of Philosophy (PhD) in Finance. Terry has engaged in theoretical and applied research and publications primarily focused on the impact of corporate culture on firms' economic outcomes. In this vein, he has co-authored and published the articles entitled "Institutional Ownership and Firms' Thrust to Compete" in the British Journal of Management and "Measuring firms' market orientation using textual analysis of 10-K filings" also in the British Journal of Management.

Zusammenfassung

Explores the relationship between competition culture and earnings management

Introduces a new measure of firms' competition culture based on a textual analysis and natural language processing

Covers ownership structure, crash risk, and bank lending and loan loss provisioning

Inhaltsverzeichnis

Chapter 1 Introduction.- Chapter 2 Literature Review: What is Culture?.- Chapter 3 Literature Review: What is Textual Analysis, and can we use it to Measure Corporate Culture?.- Chapter 4 Institutional Investors and Competition Culture.- Chapter 5 Competition Culture and Performance.- Chapter 6 Competition Culture and Crash Risk.- Chapter 7 Competition Culture and Meeting/Beating Analysts' Earnings Forecasts.- Chapter 8 Competition Culture and Earnings Management.- Chapter 9 Competition Culture and Bank Lending.- Chapter 10 Conclusion.

Details
Erscheinungsjahr: 2023
Fachbereich: Betriebswirtschaft
Genre: Wirtschaft
Rubrik: Recht & Wirtschaft
Medium: Buch
Seiten: 268
Inhalt: xv
249 S.
2 s/w Illustr.
249 p. 2 illus.
ISBN-13: 9783031301551
ISBN-10: 3031301552
Sprache: Englisch
Ausstattung / Beilage: HC runder Rücken kaschiert
Einband: Gebunden
Autor: Harris, Terry
Auflage: 2023
Hersteller: Springer International Publishing
Springer International Publishing AG
Maße: 216 x 153 x 20 mm
Von/Mit: Terry Harris
Erscheinungsdatum: 25.04.2023
Gewicht: 0,463 kg
Artikel-ID: 126705422
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