Results 111 to 120 of about 646 (230)
From Regression to Reasoning: Predicting M&A Announcement Returns With Large Language Models
European Financial Management, EarlyView.ABSTRACT This study investigates whether large language models (LLMs) can predict short‐term market reactions to M&A announcements. We prompt OpenAI's latest reasoning models (o3, GPT‐5, and GPT‐5.1) to forecast whether the combined market value of acquirer and target will increase or decrease, drawing on deal‐, firm‐, and macroeconomic data for large ...
Maximilian Schreiter +2 more
wiley +1 more source
Board Independence and Adjustment Speed of CEO Inside Debt
European Financial Management, EarlyView.ABSTRACT We find that firms with more independent directors adjust CEO inside debt towards an optimum more quickly. This effect is more pronounced in financially unconstrained, growth, and under‐levered firms, and also firms led by more powerful or overconfident CEOs.
Bonnie Buchanan, Shuhui Wang, Tina Yang
wiley +1 more source
Financial Management, EarlyView.ABSTRACT Diversity, equity, and inclusion (DEI) is one of the most polarizing issues in business and society. Advocates claim that DEI enhances fairness, while critics argue it undermines meritocracy. The problems often stem from the practice of DEI—reducing it to demographic diversity—rather than its principle.
Alex Edmans
wiley +1 more source
CEO Self‐Regulation and the Cost of Equity Capital
Financial Review, EarlyView.ABSTRACT We explore the association between CEO self‐regulation and the cost of equity capital by distinguishing between two dimensions of regulatory focus—promotion focus and prevention focus—based on Higgins' (1997) framework. A promotion focus prioritizes positive stimuli, accomplishment, and growth, while a prevention focus emphasizes negative ...
Ann Ling‐Ching Chan, Kyunghwa Yu
wiley +1 more source
Wealth Meets Value: The Role of Advice for High Net Worth Individuals
Financial Review, EarlyView.ABSTRACT While financial advice in retail banking frequently fails to generate net‐of‐cost value due to agency conflicts, evidence from the high‐net‐worth segment remains scarce. This paper examines advice effectiveness within a private banking environment characterized by dedicated advisor relationships with two asset‐based compensation models, one of
Maria Maas +3 more
wiley +1 more source
International Journal of Auditing, EarlyView.ABSTRACT Proponents of mandatory auditing claim that auditing reduces the risk of tax evasion and that firms disregarding tax payments distort competition because they operate with lower costs than firms that meet their tax obligations. To investigate this, we analyse data from a credit reference agency to examine whether unaudited firms are more ...
Irina Alexeyeva +5 more
wiley +1 more source
CEO Narcissism and Related Party Transactions
Journal of Business Finance &Accounting, EarlyView.ABSTRACT We examine the association between CEO narcissism and the likelihood of engaging in related party transactions (RPTs) and its influence on the value implications of these transactions. Furthermore, we investigate the effect of board monitoring on the relationship between CEO narcissism and the value effects of RPTs. We find that CEO narcissism
Anwer S. Ahmed +3 more
wiley +1 more source
To Acquire or to Ally? Foreign Competition and Firm Boundary
Journal of Business Finance &Accounting, EarlyView.ABSTRACT This study examines how foreign competition influences firms’ external growth strategies. Exploiting staggered US import tariff reductions as a quasi‐natural experiment, we find that heightened competition leads firms to expand their use of strategic alliances.
Hanwen Sun +3 more
wiley +1 more source
The Evolution of Interest‐Rate Models: From the Yield Curve to the Swaption Cube
Journal of Economic Surveys, EarlyView.ABSTRACT Interest‐rate modelling is often taught as a catalogue of competing stochastic equations, obscuring why models were created and why modern sell‐side desks use several simultaneously. This survey reorganises the field around five layers of a pricing architecture: curve construction; arbitrage‐free dynamics; volatility‐smile representation ...
Xuan Feng +2 more
wiley +1 more source
Journal of Economic Surveys, EarlyView.ABSTRACT This survey interprets the evolution of quantitative equity investing as a history of changing constraints rather than a succession of increasingly complicated forecasting models. Portfolio theory made diversification calculable; characteristic‐based investing converted value, momentum, profitability, and low‐risk effects into scalable ...
Xuan Feng, Julio P. Cardozo, Dehua Xia
wiley +1 more source