Publications Database
Welcome to the new Schulich Peer-Reviewed Publication Database!
The database is currently in beta-testing and will be updated with more features as time goes on. In the meantime, stakeholders are free to explore our faculty’s numerous works. The left-hand panel affords the ability to search by the following:
- Faculty Member’s Name;
- Area of Expertise;
- Whether the Publication is Open-Access (free for public download);
- Journal Name; and
- Date Range.
At present, the database covers publications from 2012 to 2020, but will extend further back in the future. In addition to listing publications, the database includes two types of impact metrics: Altmetrics and Plum. The database will be updated annually with most recent publications from our faculty.
If you have any questions or input, please don’t hesitate to get in touch.
Search Results
Kanagaretnam, K., Jin, J.Y. and Lobo, G.J. (2018). "Discretion in Bank Loan Loss Allowance, Risk Taking and Earnings Management", Accounting & Finance, 58(1), 171-193.
Abstract
We study whether bank managers’ use their discretion in estimating the allowance for loan losses (ALL) for efficiency or for opportunistic reasons. We do so by examining whether the use of this discretion relates to bank stability and bank risk taking, or whether it relates to earnings management to meet or beat earnings benchmarks. We find that banks that had higher abnormal ALL during the period prior to the 2007-2009 financial crisis engaged in less risk taking during the pre-crisis period and had a lower probability of failure during the crisis period. In tests related to earnings management to meet or beat earnings benchmarks, we find that abnormal ALL is unrelated to next period’s loss avoidance and just meeting or beating the prior year’s earnings. Our results suggest that bank managers use their discretion over ALL for efficiency and not for opportunistic purposes. They inform policy makers and accounting standard setters on banks’ use of accounting discretion as a means to build a cushion against future credit losses as they transition from the incurred loss model to the expected loss model for loan loss accounting.Kanagaretnam, K., Lee, J., Lim, C.Y. and Lobo, G.J. (2017). "Effects of Informal Institutions on the Relationship between Accounting Measures of Risk and Bank Distress", Journal of International Accounting Research, 16(2), 37-66.
Keywords
Abstract
We investigate the effects of informal institutions (trust, religiosity and the media) on the relationship between accounting-based risk measures and bank distress. We conduct our analysis in two stages. In the first stage, we extend the prior literature by documenting a link between accounting-based risk measures and bank distress during the 2008-2009 financial crisis. In particular, given the environment characterized by rapid growth in financial innovation and complex financial transactions prior to the crisis, simple accounting-based risk measures continue to predict bank distress during this crisis period. In the second stage, we address our main research question related to the effects of selected informal institutions (societal trust, religiosity, and the media) in enhancing the predictive ability of accounting-based risk measures. As hypothesized, we find that these informal institutions enhance the predictive ability of accounting-based risk measures. Our results inform regulators that the focus on strengthening formal institutions should not ignore country-specific informal institutional structures.Kanagaretnam, K., Lobo, G.J., Wang, C. and Whalen, D.J. (2015). "Religiosity and Risk-taking in International Banking", Journal of Behavioral and Experimental Finance, 7, 42-59.
Abstract
We examine the relationship between religiosity and risk-taking in the international banking sector. Previous research indicates that individuals who are more religious have greater risk aversion. Additionally, prior literature documents a positive relation between religiosity and both financial accounting transparency and timely recognition of bad news. Given timely recognition of future loan losses, religiosity could constrain excessive risk-taking through enhanced internal and external monitoring. We hypothesize and find that banks located in more religious countries exhibit lower levels of risk in their decision-making. We also demonstrate that banks in more religious countries were less likely to encounter financial difficulty or fail during the 2007–2009 financial crisis.Bae, K. and Zhang, X. (2015). "The Cost of Stock Market Integration in Emerging Markets", Asia-Pacific Journal of Financial Studies, 44(1), 1-23.
Abstract
We find that stock markets more integrated towards global markets experienced larger price drops during the 2008 financial crisis. The negative relation between the crisis period return and the degree of stock market integration is evident only in emerging countries. We show that the withdrawal of foreign equity investments during the crisis period does not contribute to the negative relation between the crisis period stock return and the degree of stock market integration. Instead, the negative relation arises because integrated emerging markets experience increased exposure to the negative global shock during a financial crisis. We obtain similar results when the 1997 Asian financial crisis is used as an experimental setting.Kipping, M. and Westerhuis, G. (2014). "The Managerialization of Banking: From Blueprint to Reality", Management & Organizational History, 9(4), 374-393.
Abstract
This paper shows how banks in the USA and Western Europe became more managerial during the late 1960s and 1970s, due to the adoption of a multidivisional organizational structure, originally pioneered by industrial enterprises in the 1920s. This meant the introduction of a more elaborate hierarchy with more autonomy as well as accountability for all levels, including the branches, which were supposed to generate profits through more ‘aggressive’ marketing and selling, while the center exercised control through explicit management tools, including budgeting and planning. As this paper also shows, these changes were actively promoted by consultancies, and in particular McKinsey, which had developed a blueprint of a ‘modern’ banking organization that it subsequently implemented in a large number of banks – a process that this paper illustrates through an in-depth case study of the Dutch Amsterdam-Rotterdam (AMRO) bank. More generally, insights from this paper query an established timeline that links the more aggressive, even reckless behavior of banks with deregulation since the 1980s and also casts some doubt on the notion – often sustained by consultants – that management ideas and practices can easily be transferred from one sector to another.Bai, Q., Chang, Q. and Devine, A. (2014). "Capital Market Supply and REITs’ Financing and Investment Decisions", International Journal of Managerial Finance, 10(2), 146-167.
Abstract
Purpose: In the wake of the recent financial crisis, there has been extensive commentary regarding the rise and fall of REIT leverage, how much debt REITs should use, and the trendy “deleveraging” practice among REIT managers. The paper aims to discuss these issues. Design/methodology/approach: Identifying the late 2000s credit crunch as a supply shock, the paper uses difference-in-difference methodology to isolate alternative firm financing strategies and investment decision responses to the shock. Findings: Consistent with corporate survey results, this empirical analysis suggests that changes in capital structure are largely supply driven, and REIT managers “time” the debt market in response to credit conditions. Originality/value: This research clarifies the causes of the documented leverage pattern and provides fresh insights about REIT capital structure.Sadosky, P. (202). "Energy Related CO2 Emissions Before and After the Financial Crisis", Sustainability, 12(9).