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Artificial intelligence and machine learning in finance: A bibliometric review
No full textInternational audienceThis study reviewed the artificial intelligence (AI) and machine learning (ML) literature in the finance field. Using a bibliometric approach, we collected 348 articles published in 2011–2021 from journals indexed in the Scopus database. Multiple software (RStudio, VOSviewer, and Excel) were employed to analyze the data and depict the most active scientific actors in terms of countries, institutions, sources, documents, and authors. Our review revealed an upward trajectory in the publication trend starting from 2015 and found the application of AI and ML in bankruptcy prediction, stock price prediction, portfolio management, oil price prediction, anti-money laundering, behavioral finance, big data analytics, and blockchain. Moreover, the United States, China, and the United Kingdom were the top three contributors to the literature. Our results provide practical guidance to market participants, especially, fintech and finance companies, on how AI and ML can be used in their decision-making
Does the power of negotiation influence audit fees? Evidence from the Chinese context
No full textInternational audienceThis paper aims to test the impact of negotiation power between auditors and audited companies, in relation to audit fees. The study found that there is a significant positive relationship between auditors' power of negotiation and the audit fees. In addition, it found that there is a significant negative relationship between the size of the audited companies, their negotiating power and the audit fees. These findings indicate that when companies negotiate with Big4 audit firms, their bargaining power does not have a significant effect on the audit fees. Nevertheless, if the auditor is not one of the Big4, there is a significantly negative relationship between the company's bargaining power and audit fees. The relationship therefore changes according to the size of a company. If a company is large, there will be a negative relationship with the audit fees. However, if it is a small company, the relationship is not significant
Regional Expansion of Emerging Market Banks: Evidence from the Middle East
No full textInternational audienceThis study investigates challenges and opportunities that regionally expanding emerging market banks face. We focus on four leading Middle Eastern banks’ internationalization trajectories and performances by employing a case study approach. We first examine the four banks’ choices of target markets, entry sequencing, and entry modes over time and then analyze their entry strategies and post-entry financial performances in one of their key markets, Turkey. We show that the success of regional expansion strategies depends on parent bank characteristics such as scale and capital strength, strategic decisions regarding entry mode and timing, and host market structure and competitiveness
Network exploration and exploitation capabilities and foreign market knowledge: The enabling and disenabling boundary conditions for international performance
No full textInternational audienceThis empirical study analyzes how strategic orientations influence the relationships between exploration and exploitation-related networking capabilities, foreign market knowledge, and market performance of 198 internationally operating firms in Bangladesh. The results of hierarchical regression showed that a higher level of network exploration capability and network exploitation capability individually generate greater foreign market knowledge. In addition, our results show that international entrepreneurial orientation reinforces the positive effect of network exploration capability. The positive association between market knowledge and performance, in turn, is accentuated by a proactive export market orientation but attenuated by a responsive export market orientation. These findings suggest that, while both types of networking capabilities are beneficial to develop stocks of foreign market knowledge, firms can acquire and create greater knowledge if they strategically align entrepreneurial orientation with network exploration capability. Further, to use this market knowledge with the goal of improving their position in international markets, firms need to develop a proactive rather than a responsive export market orientation. The current study contributes to the literature on networking capabilities by analyzing firms' networking capabilities with the lens of exploration-exploitation typologies and incorporating strategic orientations as the contextual factors of such capabilities
The COVID-19 black swan crisis: Reaction and recovery of various financial markets
No full textInternational audienceThis paper examines and compares financial market reaction and recovery of four broad classes of financial assets – equity indexes, precious metals, 10-year benchmark bonds and cryptocurrencies, to the COVID-19 pandemic. The data set comprises daily observations of close prices in the selected markets from 17-04-2018 to 20-06-2021. Using the Yang and Zhao (2020) and Koenker and Xiao (2004) quantile unit-root tests for return persistence, we find heterogeneity in reactions and recovery patterns not only across asset classes, but also within them. Specifically, we find strong potential for mean reversion in equity markets even at high levels of shocks. While gold offers limited mean reversion, platinum shows very strong resistance to the COVID. Government bonds show small declines in value to the COVID in addition to high persistence. Cryptocurrencies, as a group, turn out to be the riskiest in the long-term, with more than a 50% decline in value coupled with high degrees of persistence. Our results raise questions as to the safe haven characteristics of the newly-popular Bitcoin. Our findings are useful for policy makers and investors through a better understanding of differences in the potential for mean reversion provided by different asset classes
Shall the winning last? A study of recent bubbles and persistence
No full textInternational audienceIn this study, we analyze stock market performance of 43 firms that show very large price rises in COVID-19 times for the period 21/11/2019 – 20/1/2021. These cover 6 industries - work-from-home companies, stay-at-home companies, Cryptocurrency companies, Bitcoin companies, Coronavirus Vaccine companies and Coronavirus therapeutics companies. Our results demonstrate the presence of bubbles and persistence patterns
Corporate governance reforms and risk disclosure quality: evidence from an emerging economy
No full textInternational audiencePurpose The purpose of this paper is to examine the impact of corporate governance (hereafter, CG) reforms on the risk disclosure quality in an emerging economy, namely Pakistan. The authors also investigate the impact of CG reforms on the relationship between CG practices and risk disclosure quality. Design/methodology/approach The authors use a manual content analysis method to a sample of non-financial companies listed on the PSX-100 index for 2009–2015, to examine the impact of CG reforms on risk disclosure quality. The authors use pooled ordinary least squares and the system GMM estimations to test the research hypotheses. Findings The authors find that CG reforms have a positive impact on risk disclosure quality. The results indicate that certain CG practices such as CEO duality and board independence are associated with risk disclosure quality. Interestingly, the findings also highlight the effectiveness of CG reforms by showing that the revised code positively moderates the CG practices and risk disclosure relationship. Practical implications The findings of the study have policy implications for regulatory bodies of emerging economies trying to strengthen the CG structures and to introduce risk disclosure regulations to cater the information need of stakeholders. Originality/value The authors provide new empirical evidence for the impact of CG reforms on risk disclosure quality using a unique setting of an emerging economy, namely Pakistan
Sweat it for sustainability: Impact of physical activity/exercise on sustainable consumption
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Modelling the impact of audit/remuneration committee overlap on debtholders' perceptions of accounting information quality: The role of CEO power
No full textInternational audienceThis study examines how debtholders perceive accounting information qualityof firms with audit committee members who are also on the remunerationcommittee, and whether strong CEO power enhances or undermines the gov-ernance role of overlapping committees. Using 841 observations of Malaysianfirms over the period 2013–2015, we find that firms with overlapping audit andremuneration committees are perceived by debtholders to be transparent andof lower operating risk and, consequently, be associated with lower cost ofdebt. We also find that the beneficial effect of the presence of overlapping com-mittees is weakened by the level of CEO power. Our results are robust to con-cerns of endogeneity and alternative measurers of the key variables. This studyis timely in light of recently increasing call for the broadening of audit commit-tee members' understanding of business strategies, risks and incentives pro-vided by firms' executive compensation structures. Our study also contributesto the ongoing debate surrounding CEO power by suggesting that debtholdersperceive potent CEO power as detrimental to their investments and thuscharge higher interest rates from firms with powerful CEOs and overlappingdirectors
Using employee‐generated content from digital platforms to understand the luxury culture
No full textInternational audienceAs perceived by company employees, luxury culture is best understood by collecting and analyzing anonymous genuine current or past employee-generated comments (EGCs) about their experience of specific work culture, without fear of retaliation by using digital platforms. This paper focuses on luxury culture, including organizational culture, founder culture, and country-of-origin culture. It examines the employee-perception of organizational culture in the case of L'Oréal, a luxury cosmetics company, by analyzing EGCs collected from a digital platform. This study demonstrates that sentiment analysis methodology is a valuable technique in understanding how employees' perceptions of luxury companies' cultures and significantly that changes happening in luxury brands' dynamic organizational cultures may well be known relatively early by analyzing the EGCs. This study adds a new factor to the luxury organizational culture called “digital culture,” in addition to the previously identified cultural determinants, including collective, emotional, historical, symbolic, dynamic, and diffuse dimensions