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

Sayce, S.L., Clayton, J., Devaney, S. and van de Wetering, J. (2022). "Climate Risks and Their Implications for Commercial Property Valuations", Journal of Property Investment and Finance.

View Paper

Keywords
Abstract

Purpose

The authors outline a framework that captures the channels through which physical climate risks could affect cash flows and pricing of income-producing real estate. This facilitates detailed consideration of how the future performance of real estate investments could be affected by such risks.

Design/methodology/approach

This is a literature-based investigation that draws on work commissioned by UNEP-FI (Clayton et al., 2021a, b). It extends this work to consider in more detail the channels through which climate risks may impact property performance and the implications for the valuation community.

Findings

Recent empirical studies have identified more instances where pricing is reflecting both current and anticipated climate risks. Market valuations cannot properly incorporate climate risk without clear evidence that it is priced by market participants, but valuers can advise clients on the potential for future impacts.

Research limitations/implications

While inferences can be made from studies of residential real estate, more research on commercial real estate pricing and climate risk is required to assist valuers and their clients, as well as other stakeholders in the real estate market.

Practical implications

Differences between a Market Value and an Investment Value context are considered, and how valuers could and should account for climate risk in each setting is discussed with reference to existing professional standards and guidance.

Originality/value

The article synthesises a wide range of literature to produce a framework for the channels by which real estate values could be influenced by climate risk.

Nguyen, Phuong-Anh, Ambrus Kecskés, and Sattar Mansi (2020). "Does Corporate Social Responsibility Create Shareholder Value? The Importance of Long-term Investors", Journal of Banking and Finance, 112.

View Paper

Keywords
Abstract We study the effect of corporate social responsibility (CSR) on shareholder value. We argue that long-term investors can ensure that managers choose the amount of CSR that maximizes shareholder value. We find that long-term investors do increase the value to shareholders of CSR activities, not through higher cash flow but rather through lower cash flow risk. Following prior work, we use indexing by investors and state laws on stakeholder orientation for identification. Our findings suggest that CSR activities can create shareholder value as long as managers are properly monitored by long-term investors.

Nguyen, Phuong-Anh, and Ambrus Kecskés (2020). "Do Technology Spillovers Affect the Corporate Information Environment?", Journal of Corporate Finance, 62.

Open Access Download

Keywords
Abstract Technology spillovers across firms affect corporate innovation, productivity, and value, according to prior research, so information about technology spillovers should matter to investors. We argue that technology spillovers increase the complexity and uncertainty of value relevant information about the firm, which makes information processing more costly, discourages it, and thereby increases information asymmetry between insiders and outsiders. We find that not only does information asymmetry increase, but so does avoidance by sophisticated market participants, uncertainty, and insider trading. We also find that investors do not misestimate short-term earnings, but they underestimate long-term earnings, consistent with the higher future stock returns that we also find.

Annisette, M., Anslem, T. and Vesty, G. (2017). "Accounting Values, Controversies and Compromises in Tests of Worth", Research in the Sociology of Organizations, 52, 209-239.

View Paper

Keywords
Abstract This article will consider the various ways in which accounting can be conceptualized within Boltanski and Thévenot’s economies of worth theoretic. Drawing on two case illustrations, a not-for-profit welfare agency and a government-owned water utility, we follow the unfolding of disputes and the variety of outcomes in which accounting is implicated. We illustrate the role of accounting in justificatory actions and the ways in which it “holds things together” in compromise arrangements. We also illustrate the situations which challenge the “test” of worth and the innovative accounting responses that either facilitate coordination and agreement or become controversial and be the object of organizational and institutional dispute.

Kecskés, A., Michaely, R. and Womack, K. (2017). "Do Earnings Estimates Add Value to Sell-Side Analysts’ Investment Recommendations?", Management Science, 63(6), 1855-1871.

View Paper

Keywords
Abstract Sell-side analysts change their stock recommendations when their valuations differ from the market’s. These valuation differences can arise from either differences in earnings estimates or the nonearnings components of valuation methodologies. We find that recommendation changes motivated by earnings estimate revisions have a greater initial price reaction than the same recommendation changes without earnings estimate revisions: about +1.3% (−2.8%) greater for upgrades (downgrades). Nevertheless, the postrecommendation drift is also greater, suggesting that investors underreact to earnings-based recommendation changes. Implemented as a trading strategy, earnings-based recommendation changes earn risk-adjusted returns of 3% per month, considerably more than non-earnings-based recommendation changes. Evidence from variation in firms’ information environment and analysts’ regulatory environment suggests that recommendation changes with earnings estimate revisions are less affected by analysts’ cognitive and incentive biases.

Narayanan, M., and M. Lévesque (2014). "Venture Capital Deals: Belief and Ownership", IEEE Transactions on Engineering Management, 61(4), 570-582.

View Paper

Keywords
Abstract We use a principal-agent model to examine how venture capitalists can determine the ownership division when fund-seeking entrepreneurs possess private information on their disutility of effort. This situation is especially applicable to early-stage first-time entrepreneurs seeking funding, since no history exists on their potential performance. The venture capitalist must thus consider this private information by forming a belief on the entrepreneur's effort level toward the proposed investment opportunity. Formal modeling enables us to describe how the deal process unfolds and to build a simulation. We then identify a unique investor's belief and resulting ownership sharing that maximizes the return to the entrepreneur, one that maximizes the return to the venture capitalist, as well as one that maximizes the deal welfare. We also conjecture an ordering relationship between these critical beliefs and between their resulting ownership allocations. Furthermore, we identify conditions under which the venture capitalist should choose to revise the investment offer if rejected by the entrepreneur. This paper thus moves us closer to a comprehensive theory of venture investment decisions.