Forthcoming and Online First Articles

International Journal of Banking, Accounting and Finance

International Journal of Banking, Accounting and Finance (IJBAAF)

Forthcoming articles have been peer-reviewed and accepted for publication but are pending final changes, are not yet published and may not appear here in their final order of publication until they are assigned to issues. Therefore, the content conforms to our standards but the presentation (e.g. typesetting and proof-reading) is not necessarily up to the Inderscience standard. Additionally, titles, authors, abstracts and keywords may change before publication. Articles will not be published until the final proofs are validated by their authors.

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International Journal of Banking, Accounting and Finance (5 papers in press)

Regular Issues

  • Hedge fund activism and short-term value creation prior to the initial filing: evidence from US firms   Order a copy of this article
    by Efstathios Karpouzis, Dimitris Margaritis, Maria Psillaki, Christos Staikouras 
    Abstract: Hedge funds trade on non-public information which is not clearly disclosed to the market at the time of schedule 13D or 13G filings. Using a hand-collected dataset of US hedge funds interventions we provide new evidence on the value of non-public information at the time the filer surpasses the 5% threshold and the filing obligation is triggered. We find returns are abnormally high prior to the disclosure and more importantly prior to the 5% threshold date but only for schedule 13D events. Both 13D and 13G targeted firms generate abnormal returns in the post filing period which are significantly lower than the 13D returns prior to the filing date. The novelty of our approach is that it distinguishes gains resulting from insider trading around the 5% threshold event from those generated by information asymmetry around the filing event.
    Keywords: hedge fund activism; asymmetric information; insider trading; abnormal returns; event studies.
    DOI: 10.1504/IJBAAF.2022.10051472
  • Dynamic linkages among financial stress, house prices and residential investment in Greece.   Order a copy of this article
    by Dimitrios Anastasiou, Panayotis Kapopoulos 
    Abstract: We examine the relationship between financial instability and real estate price fluctuation in Greece, whose experience during the last two decades makes it an ideal laboratory. Employing a VAR and a Bayesian VAR model, we demonstrate the ability of this measure to explain the phases of the housing market (in terms of both residential prices and investment). We find that an adverse shock in financial stability has prolonged adverse effects in the real estate market, with our findings offering a rigorous interpretation of how the perfect financial storm hit the Greek market during the previous decade. Our findings also suggest that residential prices are more sensitive to changes in financial stress conditions than residential investment.
    Keywords: house prices; residential investment; financial stability; uncertainty; Greek economy; Greece.
    DOI: 10.1504/IJBAAF.2022.10052202
  • Is the turn of the month an anomaly on which an investment strategy could be based? Evidence from Bitcoin and Ethereum   Order a copy of this article
    by Evangelos Vasileiou 
    Abstract: We examine the turn of the month effect (TOM) in cryptocurrency markets. In contrast to most calendar effect studies, we do not take for granted that the TOM period is the last trading day of the month up to the first three trading days (-1, 3), as Lakonishok and Smidt (1988) proposed in their seminal paper, but we employ an optimisation algorithm which tests several four-day intramonth periods. Our findings confirm the existence of the TOM effect because the most profitable four-day periods are those between the last days of one month and the first trading days of the next one (the (-1, 3) definition is included in these combinations). We reach the conclusion that the existence of a TOM effect may not always lead to higher profits in comparison with a buy-and-hold (BnH) strategy, but it presents better returns to risk reward and it could be beneficial for investment strategies.
    Keywords: turn of the month effect; TOM; calendar anomalies; Bitcoin; Ethereum; pricing efficiency; efficient market hypothesis; EMH; investment strategies.
    DOI: 10.1504/IJBAAF.2022.10052430
  • Goodwill impairment disclosure and integrated reporting: evidence on credit ratings and earnings manipulation   Order a copy of this article
    by Athanasios Pavlopoulos, George Emmanuel Iatridis 
    Abstract: This study examines the effect of goodwill impairment disclosure quality and integrated reporting (IR) compliance on earnings manipulation and credit ratings. We assess whether IR and goodwill impairment disclosure quality are associated with managerial behaviour. We find that firms with goodwill impairment are likely to use earnings manipulation and display lower IR compliance and goodwill impairment disclosure quality. We examine the impact of managerial discretion over goodwill impairment on the decision to publish voluntary IR information. We find that companies are likely to voluntarily adopt IR when goodwill impairment is low and goodwill impairment disclosure quality is high. When we broaden our investigation to companies that have already adopted IR, we find that IR compliance is likely to decrease earnings manipulation, increase credit ratings and improve the quality of goodwill impairment disclosure even in the presence of goodwill impairment. Our results highlight the informativeness of IR compliance and support the need for firms to disclose goodwill impairment losses in order to reduce information asymmetry and uncertainty.
    Keywords: integrated reporting; goodwill impairment; credit ratings; voluntary disclosure; earnings manipulation.
    DOI: 10.1504/IJBAAF.2022.10053127
  • Do idiosyncratic volatility and liquidity in stock returns still matter in post global financial crisis? UK evidence   Order a copy of this article
    by Ghaith El-Nader, Yasmeen Al-Halabi 
    Abstract: This paper investigates the roles of idiosyncratic volatility and liquidity in explaining the variation in the UK stock returns following the aftermath of the global financial crisis. Results provide strong evidence of a positive idiosyncratic volatility premium across different return data intervals, implying that investors require compensation for higher idiosyncratic volatility stocks. Also, liquidity explains the positive idiosyncratic volatility-return relation and must be considered when seeking a move away from highly volatile stocks. Results of the industry analysis indicate that idiosyncratic volatility (liquidity) is relevant in explaining variations in six (seven) of the ten industry-level returns. The findings of this paper are important for active investors to understand how different industry volatilities are related, and therefore to increase their diversification capacity or speculate by timing their investment strategies.
    Keywords: idiosyncratic volatility; liquidity; UK stock market.
    DOI: 10.1504/IJBAAF.2023.10053224