@article{beasley_branson_pagach_2023, title={An Evolving Risk Landscape: Insights from a Decade of Surveys of Executives and Risk Professionals}, volume={16}, ISSN={["1911-8074"]}, url={https://doi.org/10.3390/jrfm16010029}, DOI={10.3390/jrfm16010029}, abstractNote={We report on the results obtained from ten annual surveys of global business executives on their perceptions of the most significant risks facing their organizations in the ensuing calendar year. These surveys of C-suite executives, directors and other risk professionals elicit their concerns about risks that may affect their organization’s success over the near-term horizon (i.e., the next calendar year). After a decade, we believe these results provide an opportunity to examine how the global risk landscape has evolved. In addition, two additional survey questions allow us to examine how these executives view the overall risk context and how enterprise risk management (ERM) is deployed and augmented in the face of an escalating risk environment. On average, we find that executives view the risk landscape they face as persistently risky over the ten-year period, even during the relatively robust economic environments for much of that time frame. Two industries report much more volatility in their risk environments, with respondents from the Healthcare sector and in Technology, Media and Telecommunications acknowledging the largest volatility. We also observe an increase in entities’ decisions to devote more time and resources to risk management over the ten-year period, suggesting that ERM has become an essential mechanism for organizational success. Our goal is to highlight the realities of constantly changing risk conditions and how context (e.g., industry and time) is an important distinguishing factor that affects an organization’s given risk profile, which is relevant to both executives and academics. Collectively, our findings emphasize the importance of understanding the ever-changing context of an organization’s environment, that risk identification must be an ongoing process, and that there is no “one-size-fits-all” approach to risk governance. We believe all this signals the importance of future research to help organizations respond with robust risk governance.}, number={1}, journal={JOURNAL OF RISK AND FINANCIAL MANAGEMENT}, author={Beasley, Mark and Branson, Bruce and Pagach, Don}, year={2023}, month={Jan} }
 @article{beasley_branson_braumann_pagach_2023, title={Understanding the Ecosystem of Enterprise Risk Governance}, volume={98}, ISSN={["1558-7967"]}, DOI={10.2308/TAR-2020-0488}, abstractNote={ABSTRACT}, number={5}, journal={ACCOUNTING REVIEW}, author={Beasley, Mark S. and Branson, Bruce C. and Braumann, Evelyn C. and Pagach, Donald P.}, year={2023}, month={Sep}, pages={99–128} }
 @article{beasley_branson_pagach_panfilo_2021, title={Are required SEC proxy disclosures about the board's role in risk oversight substantive?}, volume={40}, ISSN={["1873-2070"]}, url={https://doi.org/10.1016/j.jaccpubpol.2020.106816}, DOI={10.1016/j.jaccpubpol.2020.106816}, abstractNote={The U.S. Securities and Exchange Commission (SEC) requires companies it regulates to include disclosures about the board's role in risk oversight in the annual proxy statement to shareholders. The SEC does not mandate specific content or actions that boards should perform as part of their risk oversight responsibilities, leaving the nature of activities and extent of those disclosures to the discretion of the reporting entity. This study examines whether these disclosures contain substantive information reflective of the effectiveness of the organization's risk oversight. We find that organizations disclosing more specific information (but not simply more information) about board risk oversight practices are associated with firms independently assessed as having the strongest management and governance processes. These findings suggest that these firms use the discretion provided by the SEC's disclosure rule to provide substantive and potentially value-relevant information for stakeholders about the entity's risk management processes and board risk oversight activities.}, number={1}, journal={JOURNAL OF ACCOUNTING AND PUBLIC POLICY}, publisher={Elsevier BV}, author={Beasley, Mark and Branson, Bruce and Pagach, Don and Panfilo, Silvia}, year={2021} }
 @article{hsu_jin_ma_zhou_beasley_branson_pagach_panfilo_kim_kim_et al._2021, title={Bios Vol. 40, #1}, volume={40}, ISSN={["1873-2070"]}, DOI={10.1016/j.jaccpubpol.2021.106835}, number={1}, journal={JOURNAL OF ACCOUNTING AND PUBLIC POLICY}, author={Hsu, Charles and Jin, Qinglu and Ma, Zhiming and Zhou, Jing and Beasley, Mark S. and Branson, Bruce and Pagach, Don and Panfilo, Silvia and Kim, Jae B. and Kim, Yongtae and et al.}, year={2021} }
 @article{pagach_warr_2020, title={Analysts versus time-series forecasts of quarterly earnings: A maintained hypothesis revisited}, volume={51}, ISSN={["1046-5715"]}, DOI={10.1016/j.adiac.2020.100497}, abstractNote={We re-examine the maintained hypothesis of analysts' quarterly earnings per share (EPS) superiority versus ARIMA time-series forecasts. While our empirical results are consistent with overall analysts' dominance, they suggest a more contextual interpretation of this important relationship. Specifically, we find that for a relatively large number of cases (approximately 40%) ARIMA time-series forecasts of quarterly EPS are equal to or more accurate than consensus analysts' forecasts. Moreover, the percentage of time-series superiority increases: (1) for longer forecast horizons, (2) as firm size decreases, and (3) for high-technology firms. Due to the data demands that ARIMA forecasting requires we also examine using a seasonal random walk (SRW) model that requires only one year of data to create quarterly forecasts. Although the ARIMA time-series model results in a significant reduction in sample size it dominates the SRW model. Our findings support the analyst dominance over time series models but suggest that ARIMA time-series models may provide useful input to researchers seeking quarterly EPS expectation models for certain types of firms.}, journal={ADVANCES IN ACCOUNTING}, author={Pagach, Donald P. and Warr, Richard S.}, year={2020}, month={Dec} }
 @article{sekerci_pagach_2020, title={Firm Ownership and Enterprise Risk Management Implementation: Evidence from the Nordic Region}, volume={13}, url={https://doi.org/10.3390/jrfm13090210}, DOI={10.3390/jrfm13090210}, abstractNote={The purpose of this paper is to investigate whether firm ownership characteristics can explain demand for Enterprise Risk Management (ERM) implementation. Specifically, we examine the relationship between the presence of large shareholders, multiple blockholders and a dual-class share structure, and ERM implementation. To our knowledge we provide the first evidence on the effect of multiple blockholders and dual-class share structures on the implementation of ERM. ERM best practices can be considered as governance tools, used to monitor managerial discretion in risk management, ultimately reducing the agency cost of risk management. Accordingly, we analyze the demand for ERM in certain governance (e.g., ownership) settings. We use quantitative methods in our study: survey and regressions (tobit and logit models). Ownership data is hand-collected while ERM data comes from a survey conducted in the Nordic region. We find that ERM is implemented less frequently in firms where there are multiple blockholders, and where large controlling owners hold dual-class shares. These findings indicate that there is less demand for ERM’s monitoring role in firms that are associated with high agency costs. Given the increasing use of dual-class share structures, we believe further examination of ownership characteristics and corporate risk management is warranted.}, number={9}, journal={Journal of Risk and Financial Management}, publisher={MDPI AG}, author={Sekerci, Naciye and Pagach, Don}, year={2020}, month={Sep}, pages={210} }
 @article{pagach_wieczorek-kosmala_2020, title={The Challenges and Opportunities for ERM Post-COVID-19: Agendas for Future Research}, url={https://doi.org/10.3390/jrfm13120323}, DOI={10.3390/jrfm13120323}, abstractNote={In this paper, we examine the impact that COVID-19 has had on enterprise risk management (ERM). Guided by the origins and philosophy of ERM, we suggest an agenda for future research on ERM in a “post-COVID-19” reality, by addressing its integrated, strategic, and value-enhancing orientation. To guide future research endeavors in ERM, which is still an evolving discipline, we present topics that would benefit from additional research attention within both risk identification and analysis, as well as the strategic dimension of ERM.}, journal={Journal of Risk and Financial Management}, author={Pagach, Don and Wieczorek-Kosmala, Monika}, year={2020}, month={Dec} }
 @article{beasley_branson_pagach_2015, title={An analysis of the maturity and strategic impact of investments in ERM}, volume={34}, ISSN={["1873-2070"]}, url={http://www.scopus.com/inward/record.url?eid=2-s2.0-84931564939&partnerID=MN8TOARS}, DOI={10.1016/j.jaccpubpol.2015.01.001}, abstractNote={Over the past decade, expectations for more effective oversight of risks by boards of directors have significantly increased. These expectations emanate from stock exchanges, regulators, credit rating agencies and other key stakeholders. Proponents of enhanced risk oversight argue that an increased understanding of enterprise-wide risks provides strategic benefit by helping the board and management identify and manage risks that may impact the achievement of strategic objectives while at the same time helping the board monitor the extent of risk-taking on the part of management in their desire to meet these objectives. In response to these growing expectations, some boards have asked management to explore implementation of a more holistic, top-down approach to risk oversight widely known as enterprise risk management (ERM) while others have not. Institutional theory would suggest that a number of organizations implement minimal elements of ERM for symbolic reasons, lacking substance in risk oversight. In contrast, agency theory would suggest that boards embrace explicit and robust risk oversight activities to monitor management’s risk-taking actions, and resource dependence theory would suggest that they also do so to help the organization achieve strategic objectives. Little is known about the way in which boards and management organize their processes and the impact of those processes on the level of ERM adoption. More importantly, little is known about the extent to which ERM is perceived to provide strategic benefit to those organizations that have invested in developing a robust ERM process. Based on data gathered from 645 survey responses from executives of organizations spanning a number of industries and sizes, we find that organizations with greater ERM maturity are significantly more likely to have taken steps to formally engage the board and senior management in specific risk oversight tasks (consistent with agency theory), and certain board and management risk practices are associated with perceptions that ERM provides strategic advantage (consistent with resource dependence theory).}, number={3}, journal={JOURNAL OF ACCOUNTING AND PUBLIC POLICY}, author={Beasley, Mark and Branson, Bruce and Pagach, Don}, year={2015}, pages={219–243} }
 @article{lorek_pagach_2012, title={The impact of accruals and lines of business on analysts’ earnings forecast superiority}, volume={39}, ISSN={0924-865X 1573-7179}, url={http://dx.doi.org/10.1007/S11156-011-0254-Z}, DOI={10.1007/s11156-011-0254-z}, number={3}, journal={Review of Quantitative Finance and Accounting}, publisher={Springer Science and Business Media LLC}, author={Lorek, Kenneth S. and Pagach, Donald P.}, year={2012}, month={Oct}, pages={293–308} }
 @article{pagach_warr_2011, title={The Characteristics of Firms That Hire Chief Risk Officers}, volume={78}, ISSN={["1539-6975"]}, url={http://www.scopus.com/inward/record.url?eid=2-s2.0-79551550371&partnerID=MN8TOARS}, DOI={10.1111/j.1539-6975.2010.01378.x}, abstractNote={We examine the characteristics of firms that adopt enterprise risk management (ERM) and find support for the hypothesis that firms adopt ERM for direct economic benefit rather than to merely comply with regulatory pressure. Using chief risk officer (CRO) hires as a proxy for ERM adoption we find that firms that are larger, more volatile, and have greater institutional ownership are more likely to adopt ERM. In addition, when the CEO has incentives to take risk, the firm is also more likely to hire a CRO. Finally, banks with lower levels of Tier 1 capital are also more likely to hire a CRO.}, number={1}, journal={JOURNAL OF RISK AND INSURANCE}, author={Pagach, Donald and Warr, Richard}, year={2011}, month={Mar}, pages={185–211} }
 @article{beasley_pagach_warr_2008, title={Information Conveyed in Hiring Announcements of Senior Executives Overseeing Enterprise-Wide Risk Management Processes}, volume={23}, ISSN={0148-558X 2160-4061}, url={http://dx.doi.org/10.1177/0148558x0802300303}, DOI={10.1177/0148558X0802300303}, abstractNote={ Enterprise risk management (ERM) is the process of analyzing the portfolio of risks facing the enterprise to ensure that the combined effect of such risks is within an acceptable tolerance. While more firms are adopting ERM, little academic research exists about the costs and benefits of ERM. Proponents of ERM claim that ERM is designed to enhance shareholder value; however, portfolio theory suggests that costly ERM implementation would be unwelcome by shareholders who can use less costly diversification to eliminate idiosyncratic risk. This study examines equity market reactions to announcements of appointments of senior executive officers overseeing the enterprise's risk management processes. Based on a sample of 120 announcements from 1992-2003, we find that the univariate average two-day market response is not significant, suggesting that a general definitive statement about the benefit or cost of implementing ERM is not possible. However, our multiple regression analysis reveals that there are significant relations between the magnitude of equity market returns and certain firm specific characteristics. For nonfinancial firms, announcement period returns are positively associated with firm size and the volatility of prior periods' reported earnings and negatively associated with leverage and the extent of cash on hand relative to liabilities. For financial firms, however, there are fewer statistical associations between announcement returns and firm characteristics. These results suggest that the costs and benefits of ERM are firm-specific. }, number={3}, journal={Journal of Accounting, Auditing & Finance}, publisher={SAGE Publications}, author={Beasley, Mark and Pagach, Don and Warr, Richard}, year={2008}, month={Jul}, pages={311–332} }
 @article{branson_pagach_2006, title={Diversity in analyst coverage}, volume={22}, url={http://www.scopus.com/inward/record.url?eid=2-s2.0-33747196665&partnerID=MN8TOARS}, number={3}, journal={Journal of Applied Business Research}, author={Branson, B.C. and Pagach, D.P.}, year={2006}, pages={53–64} }
 @article{florin_bradford_pagach_2005, title={Information technology outsourcing and organizational restructuring: An explanation of their effects on firm value}, volume={16}, ISSN={1047-8310}, url={http://dx.doi.org/10.1016/j.hitech.2005.10.007}, DOI={10.1016/j.hitech.2005.10.007}, abstractNote={This paper draws from behavioral finance theory to provide an alternative explanation to the efficient market hypothesis that investor under- and overreactions occur by chance. Hypotheses propose relationships between information technology/systems outsourcing (hereafter IT/IS) decisions on short- and long-term abnormal returns, while exploring the potentially confounding effect of organizational restructuring events that frequently follow such decisions. Using event studies techniques, it is found that although IT/IS outsourcing announcements are positively related to short-term abnormal returns, restructuring charges after the announcement moderate the relationship between the short-term effect of such announcements and long-term abnormal returns, so that long-term returns become negative when followed by organizational restructuring efforts resulting from IT/IS outsourcing.}, number={2}, journal={The Journal of High Technology Management Research}, publisher={Elsevier BV}, author={Florin, Juan and Bradford, Marianne and Pagach, Don}, year={2005}, month={Dec}, pages={241–253} }
 @misc{pagach_2002, title={The financial numbers game: Detecting creative accounting practices}, volume={77}, number={4}, journal={Accounting Review}, author={Pagach, D. P.}, year={2002}, pages={1019–1020} }
 @article{pagach_peace_2000, title={Utility deregulation and stranded investments}, volume={11}, url={http://www.scopus.com/inward/record.url?eid=2-s2.0-0347117893&partnerID=MN8TOARS}, DOI={10.1006/cpac.1999.0388}, abstractNote={Abstract Electric utilities in the U.S. are moving towards full competition in the electricity market. Many utilities carry stranded investments on their balance sheets and the disposition of stranded investments is a public concern, affecting the competing interests of customers and shareholders. Stranded investments represent past utility investments that may not be recoverable in a competitive environment. Recent federal regulations allow utilities to collect their stranded investments in wholesale rates, which is a benefit to shareholders at the expense of existing customers. We find that investor owned utilities with high stranded investments enjoyed larger security returns on the date regulations that allowed utilities to recover stranded investments was enacted. We also find that firms with stranded investments had larger security returns in the one-year period following passage of legislation. In substance, the regulations delayed the movement of the utility industry toward competition and put the burden of stranded investments on consumers, as opposed to shareholders.}, number={5}, journal={Critical Perspectives on Accounting}, author={Pagach, Donald and Peace, R.}, year={2000}, pages={627–644} }
 @article{branson_guffey_pagach_1998, title={Information conveyed in announcements of analyst coverage}, volume={15}, url={http://www.scopus.com/inward/record.url?eid=2-s2.0-0000590643&partnerID=MN8TOARS}, DOI={10.1111/j.1911-3846.1998.tb00552.x}, abstractNote={Abstract}, number={2}, journal={Contemporary Accounting Research}, author={Branson, B.C. and Guffey, D.M. and Pagach, Donald}, year={1998}, pages={119–143} }
 @article{branson_pagach_1998, title={Instructional case: understanding innovative financial instruments}, volume={13}, number={1}, journal={Issues in Accounting Education}, author={Branson, B. and Pagach, D.}, year={1998}, pages={203–210} }
 @inproceedings{guffey_branson_pagach_1996, title={Information content of announcements of analyst coverage}, volume={1}, url={http://www.scopus.com/inward/record.url?eid=2-s2.0-0030376394&partnerID=MN8TOARS}, booktitle={Proceedings - Annual Meeting of the Decision Sciences Institute}, author={Guffey, Daryl M. and Branson, Bruce C. and Pagach, Donald P.}, year={1996}, pages={137–139} }
 @article{branson_lorek_pagach_1995, title={Evidence on the Superiority of Analysts Quarterly Earnings Forecasts for Small Capitalization Firms}, volume={26}, url={http://www.scopus.com/inward/record.url?eid=2-s2.0-84990619102&partnerID=MN8TOARS}, DOI={10.1111/j.1540-5915.1995.tb01428.x}, abstractNote={Financial analysts provide information to support investment analysis and decisions for an ever increasing number of firms. As part of their services they also produce earnings forecasts for covered firms. While there has been much research investigating the determinants of financial analyst earnings forecast superiority for large, widely‐followed firms, little research has focused on smaller firms. Until recently, these smaller firms have been largely ignored. This study focuses exclusively on small firms and provides evidence of differing behavior for such firms compared to results previously reported for large firms. Errors in quarterly earnings per share forecasts of small firms obtained from a univariate time‐series model are also examined. Regression results indicate that time‐series model parameters possess information content with respect to forecast accuracy for analyst‐covered firms only. These results are obtained after controlling for firm size, model adequacy, and industry, quarter, and year effects. This suggests that analysts are more likely to cover small firms for which they are able to decipher information correlated with that impounded in the “shocks” in the quarterly earnings time series as captured by the time‐series model parameters.}, number={2}, journal={Decision Sciences}, author={Branson, B.C. and Lorek, K.S. and Pagach, D.P.}, year={1995}, pages={243–263} }
 @article{baginski_hassell_pagach_1995, title={Further Evidence on Nontrading‐Period Information Release}, volume={12}, url={http://www.scopus.com/inward/record.url?eid=2-s2.0-84984204184&partnerID=MN8TOARS}, DOI={10.1111/j.1911-3846.1995.tb00487.x}, abstractNote={Abstract.  Using a sample of 856 management earnings forecasts, we provide evidence that managers release larger shock‐earnings forecasts in nontrading periods. Our results do not depend on whether the magnitude of the shock is measured exogenously (unexpected accounting earnings) or endogenously (security market reaction). The timing effects are more pronounced for less‐precise (i.e., open‐interval and closed‐interval) forecasts. Also, we provide evidence of an overnight reaction to closed‐period management forecast releases.}, number={1}, journal={Contemporary Accounting Research}, author={BAGINSKI, S.P. and HASSELL, J.M. and PAGACH, D.}, year={1995}, pages={207–221} }