Template-type: ReDIF-Article 1.0
Author-Name: Andrea Bafundi
Author-Name: Claudia Imperatore

Title: Information asymmetries and debt financing: New evidence from the 2007-2008 financial crisis
Abstract: Purpose: Focusing on the 2007-2009 financial crisis, this study investigates how firms? and debtholders? information sensitivity jointly shape corporate debt financing. According to the pecking order theory, opaque firms prefer bank loans over more information-sensitive sources like bonds and equity. When external conditions worsen, firms face difficulties accessing bank loans and look for alter-natives. Yet, as bondholders are more information-sensitive than banks, the substi-tution effect may not occur especially for firms with lower financial reporting qual-ity (FRQ).
Design/methodology/approach: A matching difference-in-differences ap-proach is used to compare the debt financing of firms with and without access to corporate bond markets before and after the onset of the financial crisis. A sample of quarterly data of US-listed firms is analyzed for the 2006Q3-2009Q2 period.
Findings: The reduction in debt financing due to the crisis was greater for firms with access to bond markets. The effect is more pronounced for firms with lower FRQ. These firms also looked more for alternatives such as equity and cash re-sources.
Classification-JEL: D53, D81, E41, F34
Keywords: 
Note: 
Pages:5-38
Volume: 2023/2
Year: 2023
Issue:2
File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=74344&Tipo=Articolo PDF
File-Format: text/HTML
Handle: RePEc:fan:Frfrfr:v:html10.3280/FR2023-002001
Number: 1
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Template-type: ReDIF-Article 1.0
Author-Name: Paola Paoloni
Author-Name: Giuseppe Modaffari
Author-Name: Martina Manzo

Title: Non-Fungible Token valuation: State of the art and future insight
Abstract: Purpose: This paper aims to provide an exploratory analysis of Non-Fungible Tokens (NFTs) valuation. NFTs are a new kind of digital asset born out of the dis-ruptive technologies? introduction (i.e., blockchain). A lot of small and medium en-terprises (SMEs), as innovative start-ups, are involved in this domain. Nowadays, several issues in the evaluation field remain unclear. To fill this gap, this research adopts a holistic approach is crucial to draw a clear picture of the first-time ac-counting treatment of these new digital assets.
Design/methodology/approach: Using a structured approach, this research considers some of the state-of-the-art international practices and reviews some major scholars? opinions on the matter. Particularly, the study analyses the main contributions provided by international entities (e.g., European Financial Reporting Advisory Group - EFRAG, Chartered Business Valuators institute - CBV, PriceWa-terhouseCoopers - PWC), digital operators, and academia.
Findings: Based on the two main strands defined for the NFT?s nature, NFTs valuation issues can be resumed in twofold. The first one that considers NFTs as intangible assets suggests following the traditional valuation approaches (cost, in-come, or market) that is already a part of international accounting standards. The second strand that considers NFTs as financial assets proposes a different valua-tion approach based on quantitative methods coming mainly from finance fun-damentals. 
Originality/value: The originality of this study includes the different NFT val-uation approaches, which enrich the literature and can help SMEs in managing and accounting for this new kind of digital asset.
Classification-JEL: M100
Keywords: 
Note: 
Pages:39-70
Volume: 2023/2
Year: 2023
Issue:2
File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=74345&Tipo=Articolo PDF
File-Format: text/HTML
Handle: RePEc:fan:Frfrfr:v:html10.3280/FR2023-002002
Number: 2
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Template-type: ReDIF-Article 1.0
Author-Name: Alessandra Allini
Author-Name: Fiorenza Meucci
Author-Name: Flavio Spagnuolo
Author-Name: Annamaria Zampella

Title: What drives discretionary loan loss provisions? The role of banks? business model, listing status and COVID-19 crisis in the European banking sector
Abstract: Purpose: This study examines whether banks? business models and listing sta-tus drive the discretionary use of loan loss provisions (LLPs) under the Interna-tional Financial Reporting Standard (IFRS) 9 "Financial Instruments".
Design/methodology/approach:  Ordinary least squares regression is per-formed on a sample of 5,147 listed and unlisted European banks for the 2018-2021 period.
Findings: The main results show that after Expected Credit Loss (ECL) im-plementation, banks are prone to manage their earnings via LLPs. In detail, origi-nate-to-hold and listed banks use LLPs to manage their earnings more strongly than originate-to-distribute and unlisted banks. Further, during the financial crisis due to the COVID-19 pandemic, European banks tended to manage earnings more than during the pre-crisis period.
Originality/value: This study contributes to the existing literature by expand-ing research on LLPs and highlighting ex-ante factors that might influence banks? provisioning behavior, such as their listing status and business model. 
Practical implications: This study provides useful insights for regulators and accounting setters in making informed decisions regarding provisioning policies, even during periods of turmoil.
Classification-JEL: M40, M41
Keywords: 
Note: 
Pages:71-96
Volume: 2023/2
Year: 2023
Issue:2
File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=74346&Tipo=Articolo PDF
File-Format: text/HTML
Handle: RePEc:fan:Frfrfr:v:html10.3280/FR2023-002003
Number: 3
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Template-type: ReDIF-Article 1.0
Author-Name: Carlo D?Augusta

Title: Accrual quality, investor reaction to earnings, and the confirmatory role of sales news
Abstract: Purpose: Agency theory predicts that information asymmetry provides agents with an incentive to manipulate performance signals to maximize their utility, which gives principals reasons to distrust such signals. The accounting and finance literature finds empirical support for this prediction by studying how earnings reliability attributes affect investors? reactions to earnings an-nouncements. However, research pays less empirical attention to whether in-vestors skeptical of earnings reliability look for confirmatory signals in other parts of the income statement. This study aims at filling such this research gap.
Design/methodology/approach: This study examines investors? combined use of earnings and sales news. It adopts an event-study methodology to ana-lyze whether sales news moderates the stock market response to annual earn-ings announcements.
Findings: The results show that investors do not fully trust earnings news if earnings beat analyst expectations and the firm has a reputation for low accru-al quality. In this case, positive sales data alleviate investors? skepticism of earnings news and, thus, make them react more favorably. In contrast, sales data do not affect the market response if the earnings news is negative, or the firm accrual quality is high. These results are robust to different model speci-fications and explanations.
Originality/value: The findings shed new light on how investors use sales data to complement earnings news and our understanding of the consequences of accruals quality on investor information processing.
Classification-JEL: M41, G14
Keywords: 
Note: 
Pages:97-121
Volume: 2023/2
Year: 2023
Issue:2
File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=74347&Tipo=Articolo PDF
File-Format: text/HTML
Handle: RePEc:fan:Frfrfr:v:html10.3280/FR2023-002004
Number: 4
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Template-type: ReDIF-Article 1.0
Author-Name: Francesca Francioli
Author-Name: Alessandra Lardo
Author-Name: Raffaele Fiume

Title: Dialogue with standard setters. The creation of the International Sustainability Standards Board: Evidence from the steps
undertaken by the IFRS Foundation for Sustainability Reporting
Abstract: 
Classification-JEL: 
Keywords: 
Note: 
Pages:123-136
Volume: 2023/2
Year: 2023
Issue:2
File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=74348&Tipo=Articolo PDF
File-Format: text/HTML
Handle: RePEc:fan:Frfrfr:v:html10.3280/FR2023-002005
Number: 5
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Template-type: ReDIF-Article 1.0
Author-Name: Riccardo Camilli
Author-Name: Hira Salah ud din Khan

Title: Book Review
Abstract: 
Classification-JEL: 
Keywords: 
Note: 
Pages:137-144
Volume: 2023/2
Year: 2023
Issue:2
File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=74349&Tipo=Articolo PDF
File-Format: text/HTML
Handle: RePEc:fan:Frfrfr:v:html10.3280/FR2023-002006
Number: 6