ORIGINAL_ARTICLE
Analyzing Inflation Dynamics in Ghana: Evidence as of Quantile Autoregressive Model
Inflation persistence (or inertia) has been a problem in many developing countries and due to the relationship between inflation and economic growth, much research has been conducted on the literature to study closely these macroeconomic variables in developing countries (Brick, 2010; Gokal and Hanif, 2004). This paper however made use of a superior method known as quantile autoregressive model proposed by Koenker and Xiao (2006) to estimate the persistence of inflation, the dynamic behavior and examine how diverse shocks may perhaps affect the rate of inflation within different quantiles. The data employed in this study is the monthly year-on-year Ghana inflation rate from January 2000 to July 2019. The result shows that Ghana inflation rates exhibits low persistence at both lower and higher quantiles and a mean reversion behavior across quantiles. Also, we observe that Ghana inflation rate is globally stationary as well as portraying non-stationary behavior in about 10% of the sampled observations. Evidently, the results again reveal that Ghana inflation rate has irregular characteristics at different quantiles in its conditional distribution. Also, there is a bidirectional relationship between Ghana overall inflation rate and its components (food and non-food inflation).
https://www.ijmae.com/article_119351_0c02e9a6e7254141f211f3381141a5d8.pdf
2020-10-01
558
579
10.5281/zenodo.4274823
Inflation
Quantile autoregressive
Ghana
Persistence
Food and Non-food indices
Patrick
Gbolonyo
patrickgbolonyo@yahoo.com
1
College of Statistics & Mathematics, Zhejiang Gongshang University, Hangzhou, 310018, China
AUTHOR
Gideon
Boyetey
2
College of Statistics & Mathematics, Zhejiang Gongshang University, Hangzhou, 310018, China
AUTHOR
Xiaorong
Yang
xryang@zjgsu.edu.cn
3
College of Statistics & Mathematics, Zhejiang Gongshang University, Hangzhou, 310018, China
LEAD_AUTHOR
Andrews, D. W. K. (1993). Tests for Parameter Instability and Structural Change With Unknown Change Point. Econometrica, 61(4), 821.
1
Brick, A. (2010). Threshold effects of inflation on economic growth in developing countries. Economics Letters, 108(2), 126–129.
2
Cecchetti, S. G., Hooper, P., Kasman, B. C., Schoenholtz, K. L., & Watson, M. W. (2007). U . S . Monetary Policy Forum 2007 Understanding the Evolving Inflation Process By.
3
Cicek, S., & Akar, C. (2013). The asymmetry of inflation adjustment in Turkey. Journal of Economic Modelling, 31, 104–118.
4
Engle, R. F., & Manganelli, S. (2004). CAViaR: Conditional autoregressive value at risk by regression quantiles. Journal of Business and Economic Statistics, 22(4), 367–381.
5
Gaglianone, W. P., & Lima, L. R. (2012). Constructing Density Forecasts from Quantile Regressions. Journal of Money, Credit and Banking, 44(8), 1589–1607.
6
Gaglianone, W. P., & Lima, L. R. (2014). Constructing optimal density forecasts from point forecast combinations. Journal of Applied Econometrics, 29(5), 736–757.
7
Gaglianone, W. P., Lima, L. R., Linton, O., & Smith, D. R. (2011). Evaluating Value-at-Risk Models via Quantile Regression. Journal of Business and Economic Statistics, 29(1).
8
Gerlach, S., & Tillmann, P. (2012). Inflation targeting and inflation persistence in Asia–Pacific. Journal of Asian Economics, 23(4), 360–373.
9
Gokal, V., & Hanif, S. (2004). RELATIONSHIP BETWEEN INFLATION AND.
10
IMF. (2017). World Economic Outlook.
11
Koenker, R, & Basset, G. (1978). Asymptotic theory of least absolute error regression. Journal of the American Statistical Association, 73(363), 618–622.
12
Koenker, R, & Machado, J. (1998). Likelihood ratio and goodness of fit processes for quantile regression. Praxis, 94(448).
13
Koenker, R, & Xiao, Z. (2004). Unit root quantile autoregression inference. Journal of the American Statistical Association, 99(467), 775–787.
14
Koenker, R, & Xiao, Z. (2006). Quantile autoregression. Journal of the American Statistical Association, 101(475), 980–990.
15
Koenker, Roger, & Zhao, Q. (1996). Conditional Quantile Estimation and Inference for Arch Models. In Econometric Theory (Vol. 12).
16
Lima, L. R., Gaglianone, W. P., & Sampaio, R. M. B. (2008). Debt ceiling and fiscal sustainability in Brazil: A quantile autoregression approach. Journal of Development Economics, 86(2), 313–335.
17
Lima, L. R., & Sampaio, R. (2005). The Asymmetric Behavior of the U . S . Public. https://doi.org/http://hdl.handle.net/10438/841
18
Lin, S., & Ye, H. (2009). Does inflation targeting make a difference in developing countries? Journal of Development Economics, 89(1), 118–123.
19
Maia, A. L. S., & Cribari-Neto, F. (2006). Brazilian inflationary dynamics: results of quantile autoregression. Brazilian Journal of Economics, 60(2).
20
Mallick, S. K., & Sousa, R. M. (2012). REAL EFFECTS OF MONETARY POLICY IN LARGE EMERGING ECONOMIES. Macroeconomic Dynamics, 16(S2), 190–212.
21
Mavikela, N., Mhaka, S., & Phiri, A. (2018). The inflation-growth relationship in SSA inflation targeting countries. Munich Personal RePEc Archive, (73357).
22
Mendonça, H. F., & Souza, G. J. G. e. (2012). Is inflation targeting a good remedy to control inflation? Journal of Development Economics, 98(2), 178–191.
23
Mishkin, F. S. (2007). Inflation Dynamics. International Finance, 10(3), 317–334.
24
Ocran, M. K. (2007). A modelling of Ghana’s inflation experience : 1960-2003. Studies in Economics and Econometrics, 31, 119-144(26).
25
Oliveira, F. N. De, & Petrassi, M. (2014). Is Inflation Persistence Over ? 393–422.
26
Osei, V. (2015). Inflation Dynamics in Ghana. International Finance and Banking, 2(1), 38.
27
Phiri, A. (2012). Threshold effects and inflation persistence in South Africa. Journal of Financial Economic Policy, 4(3), 247-269.
28
Phiri, A. (2016a). Inflation persistence and monetary policy in South Africa: is the 3% to 6% inflation target too persistent? International Journal of Sustainable Economy, 8(2).
29
Phiri, A. (2016b). Inflation persistence in African countries : Does inflation targeting matter ? 5(3), 65–71.
30
Piazza, W., Teixeira, O., Guillén, D. C., Marcos, F., & Figueiredo, R. (2018). Estimating inflation persistence by quantile autoregression with quantile-specific unit roots ☆. Economic Modelling, 73(June), 407–430.
31
Pivetta, F., & Reis, R. (2007). The persistence of inflation in the United States. Journal of Economic Dynamics and Control, 31(4), 1326–1358.
32
Roache, S. (2014). Inflation Persistence in Brazil: A Cross Country Comparison. IMF Working Papers, 14(55), 1.
33
Rudd, J., & Whelan, K. (2007). Modeling Inflation Dynamics: A Critical Review of Recent Research. Journal of Money, Credit and Banking, 39(s1), Pages 155-170.
34
S.Gonçalves, C. E., & M.Salles, J. (2008). Inflation targeting in emerging economies: What do the data say? Journal of Development Economics, 85(1–2), 312–318.
35
Samarina, A., Terpstra, M., & Haan, J. De. (2014). Inflation targeting and inflation performance: a comparative analysis. Journal of Applied Econometrics, 46(1), 41–56.
36
Schmidt-hebbel, K., & Mishkin, F. S. (2007). DOES INFLATION TARGETING MAKE A DIFFERENCE?
37
Stock, J. H., & Watson, M. W. (2007). Why Has U.S. Inflation Become Harder to Forecast? 39(1), 3–33.
38
Vega, M., & Winkelried, D. (2005). Inflation Targeting and Inflation Behavior: A Successful Story? International Journal of Central Banking, 1(3), 18.
39
Walsh, C. E. (2009). Inflation Targeting: What Have We Learned? International Finance, 12(2), 195–233.
40
Waltrup, L. S., Sobotka, F., & Kneib, T. (2015). Expectile and quantile regression — David and Goliath ? 15(5), 433–456.
41
Wolters, M. H., & Tillmann, P. (2015). The changing dynamics of US inflation persistence: a quantile regression approach. Studies in Nonlinear Dynamics & Econometrics, 19(2).
42
Xiao, Z. (2009). Quantile cointegrating regression. Journal of Econometrics, 150(2), 248–260.
43
Xiao, Z. (2014). Right-Tail Information in Financial Markets. Econometric Theory, 30(1), 94–126.
44
ORIGINAL_ARTICLE
A Comparative Evaluation of Profitability of Conventional Banks versus Islamic Banks in Bangladesh
Generally two types of banking system exist in Bangladesh: conventional banking system and Islamic banking system. The conventional banking system consists of interest based banking system. On the other hand Islamic banking system is free of interest. As a result their profitability also differs. The purpose of this study is to compare the profitability of conventional banking system with that of Islamic banking system. Total 270 bank-years are considered as sample from the 30 listed banks of DSE of which 23 are conventional and 7 are Islamic banks during the period of 2010 to 2018 (3rd quarter for 2018). The result of this study is that conventional banks are more profitable than Islamic banks. Conventional banks’ Return on Assets (ROA) and Profit Expense Ratio (PER) is significantly higher than those of Islamic banks but there is no significant difference in Return on Equity (ROE). Moreover it is also found that for conventional banks Total Equity to Total Assets (TETA) and Deposit to Total Assets (DTA) significantly affect ROA but for Islamic banks only Total Equity to Total Assets (TETA) affects ROA significantly. For conventional banks Deposit to Total Assets (DTA) affects ROE significantly and for Islamic banks Total Equity to Total Assets (TETA) and Debt Equity Ratio (DER) affects ROE significantly. This result may help these two sectors to know their position so that they can improve their present conditions. Besides, the regulatory authority will find it easier to incorporate new rules and regulations for those banking system. Further research can be done using the data of other countries where Islamic banking system exists.
https://www.ijmae.com/article_119354_5ca6c080fa04ee9b34b86c381aa0ce49.pdf
2020-10-01
580
597
10.5281/zenodo.4274900
Profitability
performance
Conventional Bank
Islamic Bank
Bangladesh
Jabir
Bin Abdullah
1
Department of Accounting & Information Systems, University of Dhaka, Dhaka, Bangladesh
AUTHOR
Rokibul
Sakib
rhsakib158@gmail.com
2
Department of Accounting & Information Systems, University of Dhaka, Dhaka, Bangladesh
LEAD_AUTHOR
Dewan
Hossain
3
Department of Accounting & Information Systems, University of Dhaka, Dhaka, Bangladesh
AUTHOR
Ishtiak
Sakib
ahmedsakib294@gmail.com
4
Department of Accounting & Information Systems, University of Dhaka, Dhaka, Bangladesh
AUTHOR
Beck, T., Kunt, A. D., & Merrouche, O. (2013). Islamic vs. conventional banking: Business model, efficiency and stability. Journal of Banking & Finance, 37, 433-447.
1
Hossain, D. A. (2019). Intellectual Capital (IC) Disclosing Pattern of a Conventional Bank having Islamic Banking Window: Longitudinal Case Study. International Journal of Innovative Science and Research Technology, 4(12), 974-981. Retrieved from https://ijisrt.com/intellectual-capital-ic-disclosing-pattern-of-a-conventional-bank-having-islamic-banking-window-longitudinal-case-study
2
Ibrahim, M. (2015). A Comparative Study of Financial Performance between Conventional and Islamic Banking in United Arab Emirates. International Journal of Economics and Financial, 5(4), 868-874.
3
Islam, K. A., Alam, I., & Hossain, S. A. (2014). Examination of Profitability between Islamic Banks and Conventional Banks in Bangladesh: A Comparative Study. Research In Business And Management, 1(1), 78.
4
Islam, M. U., & Ashrafuzzaman, M. (2016). A Comparative Study of Islamic and Conventional Banking in Bangladesh: Camel Analysis. Journal Of Business And Technology (Dhaka), 10(1), 73-91.
5
Milhem, M. M., & Istaiteyeh, R. M. (2015). Financial Performance of Islamic And Conventional Banks: Evidence from Jordan. Global Journal of Business Research, 9(3), 27-41.
6
Moin, M. S. (2013). Financial Performance of Islamic Banking and Conventional Banking in Pakistan: A Comparative Study. International Journal Of Innovative And Applied Finance.
7
Paul, S. C., Bhowmik, P. K., Islam, M. R., Kaium, M. A., & Masud, A. A. (2013). Profitability and Liquidity of Conventional Banking and Islamic Banking in Bangladesh: A Comparative Study. European Journal of Business and Management, 5(24).
8
Ramlan, H., & Adnan, M. S. (2016). The Profitability of Islamic and Conventional Bank: Case Study in Malaysia. Procedia Economics And Finance, 35, 359-367.
9
Rana, M., Hossain, M. K., & Rekha, R. S. (2016). Profitability and liquidity of conventional banking and Islamic banking in Bangladesh: A comparative study. International Journal of Applied Research, 2(9), 318-327.
10
Sukmana, & Febriyati, N. (2016). Islamic Banks vs Conventional Banks in Indonesia: An Analysis on Financial Performances. Jurnal Pengurusan, 47(1), 81-90.
11
Uddin, M. S., Ahsan, M. K., & Haque, A. (2017). Comparisons of Financial Performance of Islamic Banks and Conventional Banks in Bangladesh. ABC Research Alert, 5(2).
12
Zaheer, R., & Jamil, H. (2016). Performance Comparison Analysis of Islamic and Conventional Banks - Case Study of Pakistan. Journal of Philosophy, Culture and Religion, 16, 14-25.
13
ORIGINAL_ARTICLE
Factors Impacting on Pricing Decisions in Industrial Markets
The main objective of this study was to consider the impacting factors on pricing decisions in industrial markets. Research method was of experimental type and data was gathered using semi-structured interview. Population consists of all accountants in Industrial companies in Tehran Province, who 65 expert accountants on related field were selected as sample size through randomly sampling method and were interviewed by researchers. To gather data, the researchers, firstly, send an email to firm and researcher was allowed to interview with the accountants of the firms. Then, they go the firms and the interviews were administrated. Validity and reliability of interview questions were obtained using proposed method of Guba (Holloway& Wheeler, 2013), in such a way that researchers refer to participants and provide them the selected factors and variables and after that they confirmed them and provided their satisfaction, its validity and reliability were confirmed. Results showed that 23 sub-main factors are identified in which 6 sub-main factors belong to internal factors, 8 sub-main factors belong to external factors and price sensitivity has 9 sub-main factors. In addition to, 16 primary codes belong to internal factors, 22 primary codes refer to external factors and 12 primary codes belong to price sensitivity. Totally, 3 main factors impacting on pricing decision in industrial markets, 23 sub-main factors impact on pricing decisions in industrial markets and 50 primary codes are identified that impact on pricing decision in industrial markets based on accountant perspectives.
https://www.ijmae.com/article_119355_e3fda05765da1d61f4007b1354434bce.pdf
2020-10-01
598
610
10.5281/zenodo.4274928
pricing decisions
Determining factors
Industrial
Azizollah
Moradi
a.m.moradi63@gmail.com
1
Young Researchers and Elite Club, Islamic Azad University, Safadasht Branch, Tehran, Iran
LEAD_AUTHOR
Assmus, G., Cartsten W (1995). How to Address the Gray Market Threat Using Price Coordination? Sloan Management Review, Spring, 31-41.
1
Benson P. Sh., Bonoma, T. V. (1984). How to Segment Industrial Markets. Harvard business review. https://hbr.org/1984/05/how-to-segment-industrial-markets.
2
Cavusgil TS (1996) Pricing for global markets. The Columbia Journal of World Business 31: 66-78.
3
Cavusgil, A., Ed Sikora (1988). How Multinationals Can Counter Gray Market Imports. Columbia Journal of World Business, 23 (November/December) 27-33.
4
Dana, J. D.Jr. (1998). Advance Purchase Discounts and Price Discrimination in Competitive Markets. Journal of Political Economy, 106(2), 395-422.
5
Dantas CD, Taboubi S, ZaccourG(2014) Which business model for e-book pricing? Econ Lett 125:126–129.
6
Gaudin G, White A (2014) On the antitrust economics of the electronic books industry. Working paper
7
Ghazizadeh, M., Hadadi, M., Ahmadi, M. (2010). The effective factor on pricing and its role on export development. Bank and Economic. 111 (2010): 57-61.
8
Jackson, D. S., John S. Demott, and Allen Pusey, “Dirty Tricks in Dallas,” Time, March 7, 1983, http://www.time.com/time/magazine/article/0,9171,953755,00.html (accessed December 15, 2009).
9
Knetter, M. M. (1994). Is Export Price Adjustment Asymmetric? Evaluating the Market Share and Marketing Bottleneck Hypothesis. Journal of International Money and Finance, 13, 13-68.
10
Musonera, E., Ndagijimana, U. (20140. An Examination of Factors that Affect Pricing Decisions for Export Markets. Electronic copy available at: http://ssrn.com/ abstract=1922867.
11
Myers, M. B. (1997). The Pricing of Export Products: Why Aren’t Managers Satisfied with the Results. Journal of World Business, 32(3), 277-289.
12
Sammut-Bonnici, T., Channon, D. F. (2017). pricing strategy. Wiley Encyclopedia of Management, edited by Professor Sir Cary L Cooper.
13
Smith, G. E., Woodside, A. G. (2009). Business-to-Business Brand Management: Theory, Research and Executive Case Study Exercises Advances in Business Marketing and Purchasing, Volume 15, 429–486.
14
Taqipour, M., Taleiezadeh, A. (2019). Pricing And Warranty Period Decisions For Substitutable Products Under Cooperative And Non-Cooperative Strategies. Journal of Sharif, Industry and management Engineering. 1 (35): 135-147.
15
Xia, L., Monroe, K.B., Cox,J.L.(2004).Thepriceisunfair!Aconceptualframeworkof price fairnessperceptions. Journal ofMarketing, 68(October), 1–15.
16
ORIGINAL_ARTICLE
The Effect of Audit Quality on the Market Value of Cash Holdings: Evidence from Tehran Stock Exchange and IACPA
In this study, the effect of audit quality on the market value of cash holdings was investigated. The company’s auditor expertise and tenure were considered as measures of audit quality. The regression model developed by Faulkender and Wang (2006) was applied to estimate the market value of cash holdings.Target sample includes 175 listed companies in the Tehran Stock Exchange during 2008-2014 (1387-1393Iranian calendars). In this study, it was supposed that audit quality affects the market value of cash holdings. The hypotheses were examined using panel data and a multivariate regression model of generalized least squares. The results indicated that the company’s auditor expertise affects the market value of cash holdings (the positive and significant relationship statistically). However, tenure does not affect the market value of cash holdings.
https://www.ijmae.com/article_119356_df815f5fd62c2ddd2f48476a318a0048.pdf
2020-10-01
611
621
10.5281/zenodo.4274939
Audit Quality
company’s auditor expertise
cash holdings
tenure
Moslem
Tahmasbi
tahmasbi.m281@gmail.com
1
Department of Accounting, University of Isfahan, Isfahan, Iran
LEAD_AUTHOR
Hesam
Rahmani
2
Department of Accounting, University of Isfahan, Isfahan, Iran
AUTHOR
Mohammad
Bakhtiarvand
zamani_mohammad123@yahoo.com
3
Department of Accounting, University of Isfahan, Isfahan, Iran
AUTHOR
Alimov, A. (2014). Product Market Competition and the Value of Corporate Cash: Evidence from Trade Liberalization. Journal of Corporate Finance, 25: 122–139.
1
Ashbaugh-Skaife, H., D. Collins, & W. Kinney Jr. (2007). The Discovery and Reporting of Internal Control Deficiencies prior to SOX-Mandated Audits. Journal of Accounting and Economics, 44 (1-2): 166–192.
2
Ashbaugh-Skaife, H., D. Collins, W. Kinney Jr., & R. LaFond. (2008). The Effect of SOX Internal Control Deficiencies and their Remediation on Accrual Quality. The Accounting Review, 83 (1): 217-250.
3
Balsam, S., J. Krishnan, & J. Yang. (2003). Auditor Industry Specialization and Earnings Quality. Auditing: A Journal of Practice and Theory, 22 (2): 71–97.
4
Basu, S. (1997). The Conservatism Principle and the Asymmetric Timeliness of Earnings. Journal of Accounting and Economics, 24 (1): 3–37.
5
Bates, T., K. Kahle, & R. Stulz. (2009). Why do U.S. Firms Hold so much more Cash than they used to?. Journal of Finance, 64 (5): 1985–2021.
6
Bushman, R., and R. Indjejikian. (1993). Accounting Income, Stock Price, and Managerial Compensation. Journal of Accounting and Economics, 16 (1-3): 3–23.
7
Dittmar, A., and J. Mahrt-Smith. (2007). Corporate Governance and the Value of Cash Holdings. Journal of Financial Economics, 83 (3): 599–634.
8
Doyle, J., W. Ge, and S. McVay. (2007). Accruals Quality and Internal Control over Financial Reporting. The Accounting Review, 82 (5): 1141-1170.
9
Dunn, K., and B. Mayhew. (2004). Audit Firm Industry Specialization and Client Disclosure Quality. Review of Accounting Studies, 9 (1): 35–58.
10
Engel, E., E. Gordon, and R. Hayes. (2002). The Roles of Performance Measures and Monitoring in Annual Governance Decisions in Entrepreneurial Firms. Journal of Accounting Research, 40 (2): 485–518.
11
Faulkender, M., and R. Wang. (2006). Corporate Financial Policy and the Value of Cash. Journal of Finance, 61 (4): 1957–1990.
12
Feng, M., C. Li, and S. McVay. (2009). Internal Control and Management Guidance. Journal of Accounting and Economics, 48 (2-3): 190–209.
13
Francis, J. R., X. Martin. (2010). Acquisition Profitability and Timely Loss Recognition. Journal of Accounting and Economics, 49: 161–178.
14
Fresard, L., and C. Salva. (2010). The Value of Excess Cash and Corporate Governance: Evidence from US cross-listings. Journal of Financial Economics, 98 (2): 359–384.
15
Gompers, P., J. Ishii, and A. Metrick. (2003). Corporate Governance and Equity Prices. Quarterly Journal of Economics, 118(1): 107–155.
16
Harford, J. (1999). Corporate Cash Reserves and Acquisitions. Journal of Finance, 54 (6): 1969–1997.
17
Harford, J., S. A. Mansi, and W. F. Maxwell. (2008). Corporate Governance and Firm Cash Holdings in the US. Journal of Financial Economics, 87 (3): 535–555.
18
Huang, P., and Y. Zhang. (2012). Does Enhanced Disclosure really Reduce Agency Costs? Evidence from the Diversion of Corporate Resources. The Accounting Review, 87 (1): 199–229.
19
Jensen, M.C. (1986). The Agency Costs of Free Cash Flow: Corporate Finance and Takeovers. American Economic Review, 76 (2): 323–329.
20
Johnson, S., R. La Porta, F. Lopez-de-Silanes, and A. Shleifer. (2000), Tunneling. American Economic Review, 90: 22–27.
21
Khan, M., and R. Watts. (2009). Estimation and Empirical Properties of a Firm-year Measure of Accounting Conservatism. Journal of Accounting and Economics, 48 (2-3) 132–150.
22
Kim, J.-B., R. Chung, and M. Firth. (2003). Auditor Conservatism, Asymmetric Monitoring, and Earnings Management. Contemporary Accounting Research, 20 (2): 323–359.
23
Kim, J.B., B. Y. Song, and L. Zhang. (2011)a. Internal Control Weakness and Bank Loan Contracting: Evidence from SOX Section 404 Disclosures. The Accounting Review, 86 (4): 1157-1188.
24
Kim, J.-B., Y. Li, and L. Zhang. (2011)b. CFOs versus CEOs: Equity Incentives and Crashes. Journal of Financial Economics, 101: 713–730.
25
Krishnan, G. (2003). Does Big 6 Auditor Industry Expertise Constrain Earnings Management?. Accounting Horizons, 17: 1–16.
26
LaFond, R., and S. Roychowdhury. (2008). Managerial Ownership and Accounting Conservatism. Journal of Accounting Research, 4: 101–135.
27
Louis, H., A. Sun, and O. Urcan. (2012). Value of Cash Holdings and Accounting Conservatism. Contemporary Accounting Research, 29 (4): 1249–1271.
28
Masulis, R., C. Wang, and F. Xie. (2009). Agency Problems at Dual-class Companies. Journal of Finance, 64 (4): 1697–1727.
29
Myers, S., and R. Rajan. (1998). The Paradox of Iiquidity. Quarterly Journal of Economics
30
Opler, T., L. Pinkowitz, R. Stulz, and R. Williamson. (1999). The Determinants and Implications of Corporate Cash Holdings. Journal of Financial Economics, 52 (1): 3–46.
31
Reichelt, K., and D. Wang. (2010). National and Office-specific Measures of Auditor Industry Expertise and Effects on Audit Quality. Journal of Accounting Research, 48 (3): 647–686.
32