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Selection Bias And Econometric Remedies In Accounting And Finance Research
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Book Synopsis Selection Bias and Econometric Remedies in Accounting and Finance Research by : Jenny Wu Tucker
Download or read book Selection Bias and Econometric Remedies in Accounting and Finance Research written by Jenny Wu Tucker and published by . This book was released on 2019 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: While managers' accounting and financial decisions are, for many, fascinating topics, selection bias poses a serious challenge to researchers estimating the decisions' effects using non-experimental data. Selection bias potentially occurs because managers' decisions are non-random and the outcomes of choices not made are never observable. “Selection bias due to observables” arises from sample differences that researchers can observe but fail to control. “Selection bias due to unobservables” arises from the unobservable and thus uncontrolled sample differences that affect managers' decisions and their consequences. In this article I review two econometric tools developed to mitigate these biases - the propensity score matching (PSM) method to mitigate selection bias due to observables and the Heckman inverse-Mills-ratio (IMR) method to address selection bias due to unobservables - and discuss their applications in accounting and finance research. The article has four takeaways. First, researchers should select the correct method to alleviate potential selection bias: the PSM method mitigates selection bias due to observables, but does not alleviate selection bias due to unobservables. Second, in applying PSM researchers are advised to restrict their inferences to firms whose characteristics can be found in both the sample and control groups. Third, the IMR method, though popular, is limited to situations in which the choices are binary, the outcomes of choices are modeled in a linear regression, and the unobservables in the choice and outcome models follow a multivariate normal distribution. Researchers can overcome these constraints by using full information maximum likelihood estimation. Last, when the IMR method is used, special attention should be paid to the formulas in calculating IMRs. The article also calls for researchers' attention to other approaches to evaluating the effects of managers' decisions.
Book Synopsis Research Methods in Accounting by : Malcolm Smith
Download or read book Research Methods in Accounting written by Malcolm Smith and published by SAGE. This book was released on 2022-03-29 with total page 409 pages. Available in PDF, EPUB and Kindle. Book excerpt: This unique and popular text, now in a sixth edition, clearly and succinctly guides Accounting students and researchers in their understanding and conducting of research from conception to completion, across a wide range of research methods, including quantitative, qualitative and mixed-methods research. This latest edition provides new and extended coverage, including the role and impact of social media, big data analytics, data mining, and emerging and disruptive technologies, such as Blockchain. There is also a renewed focus on the role of ethics in Accounting research. This text remains essential reading for those completing a research methods course, project/dissertation or other form of individual study in Accounting. Malcolm Smith was Foundation Professor of Accounting at the University of South Australia.
Book Synopsis Proceedings of the 4th International Conference on Research in Management and Technovation by : Thi Hong Nga Nguyen
Download or read book Proceedings of the 4th International Conference on Research in Management and Technovation written by Thi Hong Nga Nguyen and published by Springer Nature. This book was released on with total page 655 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Accounting and Debt Markets by : Mark Clatworthy
Download or read book Accounting and Debt Markets written by Mark Clatworthy and published by Taylor & Francis. This book was released on 2021-05-13 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt: Accounting and Debt Markets: Four Pieces on the Role of Accounting Information in Debt Markets provides novel and up-to-date evidence on the role of accounting information in debt markets Companies and organisations worldwide rely heavily on debt markets for short, medium and long-term financing, and debt markets and financial intermediaries have significant effects on the real economy. Accounting information has various functions in debt markets, including inter alia, informing pricing decisions and credit ratings, determining the allocation of creditor control rights and establishing bank capital adequacy requirements. The chapters in this book provide illustrative discussion, analysis and evidence on the importance of accounting information in credit markets. The first of the four pieces reflects on how a conservative financial reporting system helps firms obtain debt funds and with better conditions, and why this is the case. The second examines the effects of accounting disclosure on credit ratings of private companies and shows that accounting information is useful for credit rating agencies. The two final pieces reflect on how banks should account for credit losses, and on how regulators are tackling this issue. The chapters in this book were originally published as a special issue of Accounting and Business Research.
Book Synopsis Efficiency in Business and Economics by : Tadeusz Dudycz
Download or read book Efficiency in Business and Economics written by Tadeusz Dudycz and published by Springer. This book was released on 2017-12-29 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume offers a collection of studies on problem of organization’s efficiency, criteria for evaluating the efficiency, tools and methods for measuring the efficiency. The articles included present an interdisciplinary look at efficiency, its essence and the principles of its measurement. The contributions also identify a broad spectrum of conditions for achieving efficiency in various types of organizations and systems (e.g. public institution, non-profit organizations), representing various industries. The book collects selected papers presented at the 7th International Conference "Efficiency as a Source of the Wealth of Nations", held in Wrocław, Poland, in May 2017.
Book Synopsis Addressing Unobserved Selection Bias in Accounting Studies by : Michael J. Peel
Download or read book Addressing Unobserved Selection Bias in Accounting Studies written by Michael J. Peel and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This note explains the minimum-biased estimator (MBE), which accounting researchers can use to analyze the robustness of regression or propensity score-matched treatment estimates to unobserved selection (endogeneity) bias. Based on the principles of the Heckman treatment model, the MBE entails estimating matched treatment effects within a range of propensity scores that minimizes unobserved selection bias. A major advantage of the MBE is that an instrumental variable is not required. The potential utility of the MBE in accounting studies is highlighted, and a familiar empirical illustration is provided.
Book Synopsis Essays on the Quality of Audited Financial Statements by : Ulf Mohrmann
Download or read book Essays on the Quality of Audited Financial Statements written by Ulf Mohrmann and published by Logos Verlag Berlin GmbH. This book was released on 2016-02-15 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: The dissertation consists of four essays on the quality of audited financial statements. The first analysis investigates the association between several regulations of the audit market and earnings characteristics. The second essay differentiates between different drivers of audit quality after an auditor change by comparing the effects of voluntary and mandatory auditor changes. The third study analyses the different strategies of Big4 and non-Big4 auditors in dealing with Level 3 fair values. The fourth part examines banks' valuation behavior concerning Level 3 fair values.
Book Synopsis Financial Microeconometrics by : Marek Gruszczyński
Download or read book Financial Microeconometrics written by Marek Gruszczyński and published by Springer Nature. This book was released on 2019-11-23 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores new topics in modern research on empirical corporate finance and applied accounting, especially the econometric analysis of microdata. Dubbed “financial microeconometrics” by the author, this concept unites both methodological and applied approaches. The book examines how quantitative methods can be applied in corporate finance and accounting research in order to predict companies getting into financial distress. Presented in a clear and straightforward manner, it also suggests methods for linking corporate governance to financial performance, and discusses what the determinants of accounting disclosures are. Exploring these questions by way of numerous practical examples, this book is intended for researchers, practitioners and students who are not yet familiar with the variety of approaches available for data analysis and microeconometrics. “This book on financial microeconometrics is an excellent starting point for research in corporate finance and accounting. In my view, the text is positioned between a narrative and a scientific treatise. It is based on a vast amount of literature but is not overloaded with formulae. My appreciation of financial microeconometrics has very much increased. The book is well organized and properly written. I enjoyed reading it.” Wolfgang Marty, Senior Investment Strategist, AgaNola AG
Book Synopsis Accounting for Selection Bias in Observational Studies by : Rebecca D. Koperski
Download or read book Accounting for Selection Bias in Observational Studies written by Rebecca D. Koperski and published by . This book was released on 2000 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book State on Board! written by Nga Pham and published by Springer Nature. This book was released on 2021-09-01 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt: Research in this book focuses on the strategic behaviour of the State as a shareholder in businesses, and the implications it has for the other shareholder(s) and business performance. It investigates the institutional characteristics of State-linked and State-owned firms (SIEs & SOEs), in emerging markets using Vietnam as a case study with comparative analysis on China and selected ASEAN countries. In doing so, the book adopts an evidence-based approach to explain the State’s role as a shareholder in the different aspects of corporate governance, including CEO appointment, board structure and impact of State ownership on business strategy and performance. It highlights the influence of the State as a shareholder by investigating institutional factors consistent with “path dependence” theory, which postulates that the initial and underlying structure of an economy influences its performance. In addition, the book presents empirical evidence of the dynamics of corporate governance arising from interactions between the State and other shareholders, which has not yet been addressed in the literature, and is distinctive in providing new insights from both qualitative and empirical research on how to successfully navigate the emerging market business environments from the perspective of the State as an “owner-participant”. Explaining the theoretical constructs in corporate governance in State-invested firms, empirical research methodologies, and results to draw and validate inferences, the book is comprehensive and provides a practical guide for practitioners as well as a reference for academics, undergraduate and postgraduate students. The new theoretical models proposed integrate traditional political-economic and agency theories, which also underpin tertiary business courses and academic research.
Book Synopsis Disclosure Behavior of European Firms around the Adoption of IFRS by : Michael H. R. Erkens
Download or read book Disclosure Behavior of European Firms around the Adoption of IFRS written by Michael H. R. Erkens and published by Springer. This book was released on 2016-05-12 with total page 175 pages. Available in PDF, EPUB and Kindle. Book excerpt: Michael Erkens analyzes the determinants and consequences of information disclosure. He presents an empirical investigation of corporate risk management disclosures of nearly 400 firms from 20 European countries. The results show that countries’ institutional settings and cultural values are predominant factors why firms disclose information on their risk management practices. In another study, the author analyzes the economic consequences associated with the publication of an annual report in English by European firms from non-English speaking countries. He finds that the release of English annual reports attracts more analysts and foreign investors to the firm, and decreases information asymmetries between insiders and outsiders of the firm.
Book Synopsis Selection Bias Adjustment in Treatment-effect Models as a Method of Aggregation by : Robert A. Moffitt
Download or read book Selection Bias Adjustment in Treatment-effect Models as a Method of Aggregation written by Robert A. Moffitt and published by . This book was released on 1995 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: The aim of this note is to interpret estimation of the conventional treatment-effect selection-bias model in econometrics as a method of aggregation and to draw the implications of this interpretation. In addition, the paper notes the connection of this interpretation with an older style of analysis using grouped data and illustrates the aggregation analogy with examples from the literature. The estimation technique used to illustrate the points is the method of instrumental variables.
Book Synopsis Characterizing Selection Bias Using Experimental Data by :
Download or read book Characterizing Selection Bias Using Experimental Data written by and published by . This book was released on 1998 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: This paper develops and applies semiparametric econometric methods to estimate the form of selection bias that arises from using nonexperimental comparison groups to evaluate social programs and to test the identifying assumptions that justify three widely-used classes of estimators and our extensions of them: (a) the method of matching; (b) the classical econometric selection model which represents the bias solely as a function of the probability of participation; and (c) the method of difference-in-differences. Using data from an experiment on a prototypical social program combined with unusually rich data from a nonexperimental comparison group, we reject the assumptions justifying matching and our extensions of that method but find evidence in support of the index-sufficient selection bias model and the assumptions that justify application of a conditional semiparametric version of the method of difference-in-difference. Fa comparable people and to appropriately weight participants and nonparticipants a sources of selection bias as conveniently measured. We present a rigorous defin bias and find that in our data it is a small component of conventially meausred it is still substantial when compared with experimentally-estimated program impa matching participants to comparison group members in the same labor market, givi same questionnaire, and making sure they have comparable characteristics substan the performance of any econometric program evaluation estimator. We show how t analysis to estimate the impact of treatment on the treated using ordinary obser.
Book Synopsis Selection Bias in Evaluating Treatment Effects by : Arthur Stanley Goldberger
Download or read book Selection Bias in Evaluating Treatment Effects written by Arthur Stanley Goldberger and published by . This book was released on 1972 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Nonparametric Estimation and Inference in the Presence of Sample Selection Bias in Experimental Economics Studies by : Huizhen Zhong
Download or read book Nonparametric Estimation and Inference in the Presence of Sample Selection Bias in Experimental Economics Studies written by Huizhen Zhong and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Experimental economics studies usually involve self-selection behaviors. In this dissertation, we explore the use of nonparametric approaches to estimate the treatment effect in these studies in the presence of sample selection bias. The first chapter reviews the econometrics literature on nonparametric estimation of treatment effects under sample selection. Specifically, we focus on the Heckman (1979) two-step correction approach, its nonparametric extensions, and three bounding estimation approaches: Horowitz and Manski (2000), Lee (2009), and Behaghel et al. (2015). We also discuss the different estimands and the relative performance in these studies. The second chapter explores the treatment effect of a higher match ratio on an individual's donation behavior based on evidence from a field experiment using multiple waves of email solicitations. Since donation decisions are observable only for email openers and opening rates differ between treatment and control groups, we apply the nonparametric bounding estimation approaches of Lee (2009) and Behaghel et al. (2015) to correct for selection bias when estimating the treatment effect. A higher match rate significantly increases an email opener's likelihood to give and increases the donation amount for those who contributed to the fund in the past 24 months. The third chapter investigates whether randomized advertised show-up fees can be used as an exclusion restriction in the Heckman (1979) correction model to correct for bias caused by individuals self-selection into lab experiment studies. We control for the actual participation fee and study the impact of the advertised show-up fee on an individual's participation decision, subject's decision making, and the treatment effects in three well-studied lab experiment tasks. We estimate these impacts using nonparametric regressions. For the range of show-up fees in our study, we find no impact on an individual's participation decision. Also, the advertised show-up fee does not affect the participant's decision-making or the treatment effect in the tasks related to individuals' social preference and risk attitude. However, the advertised show-up fee impacts subjects strategic performance under a higher cognitive load. Therefore, caution should be made when we incorporate the randomized advertised show-up fee in the experiment design to correct for participation bias.
Book Synopsis Correcting Selection Bias in Innovation and Entrepreneurship Research by : David Bendig
Download or read book Correcting Selection Bias in Innovation and Entrepreneurship Research written by David Bendig and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Concerns about selection bias in empirical innovation and entrepreneurship research receive an increasing relevance and awareness. Mitigating a selection bias can significantly improve the validity of an empirical study and help identify causal inferences. The Heckman two-stage estimation emerged as a powerful method to detect and mitigate sample-induced endogeneity. Our meta-study finds numerous examples in the innovation and entrepreneurship literature where the Heckman two-stage estimation is applied incorrectly and incompletely. We sense considerable confusion concerning theoretical assumptions and methodological aspects in this context. For that reason, this paper offers a practical and comprehensible guide to applying Heckman's technique. The guide supports scholars and practitioners regardless of their econometrical expertise by offering stepwise descriptions and elaborating on common econometric difficulties.
Book Synopsis A Note on the Estimation of Models with Sample-selection Biases by : Kazumitsu Nawata
Download or read book A Note on the Estimation of Models with Sample-selection Biases written by Kazumitsu Nawata and published by . This book was released on 1993 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt:
