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Many investors are motivated by passive income. Dividend income-seeking strategies have a long history. More recently, interest in derivative income strategies—such as covered calls and put underwriting—continues to develop. Do high derivative income-covered calls tend to deliver higher total returns? No. In fact, the relationship goes the other way. The authors demonstrate a strong negative mechanical relationship between expected total return and derivative income for covered-call strategies. They empirically validate this relationship over a nearly 25-year period on S&P 500 covered-call strategies. Those who have sought out and allocated to such strategies without accounting for this trade-off might have made a devil's bargain. [ABSTRACT FROM AUTHOR]

Corporate governance remains the focus of current research and a concept that continues to evolve to meet the needs of business managers. Faced with the need for companies to cope with a world characterized by perpetual change and successive economic crises (Prowse in Revue d'économie financière 31:119–158, 1994), the identification of the results of the implementation of good governance mechanisms in the structure of the management of companies on financial performance remains a necessity that helps managers and researchers specialized in management sciences and financial accounting to have a better visibility on the importance of corporate governance. It should be mentioned that the economic environment and the characteristics of the sectors of activity of the companies remain a relevant criterion in the study of the relation between the governance of the companies and their financial performance. In this sense, we have tried through this research work to study the impact of the implementation of effective corporate governance on the financial performance of 160 companies in the UK between 2005 and 2018 while taking into account the specificity of the business sectors. Through our study, we used multivariate regressions based on FGLS models while dividing our sample to several clusters. As a result, we found that the implementation of good corporate governance leads to the improvement of the financial performance of companies measured by the return on equity. As a motivation, it must be said that this study can be of major importance for future studies that want to make comparisons on the sectoral and temporal level. Indeed, this study gives the possibility for future research work to make comparative studies based on comparisons for different sectors of activity in the UK before and after the Brexit and also after the COVID 19 period. [ABSTRACT FROM AUTHOR]

There is evidence that a change in accounting regulation can stimulate global access to a country's capital market, thereby increase financial performance of firms. Corresponding to the change from the Generally Accepted Accounting Principles (GAAP) to the mandatory adoption of the International Financial Reporting Standards (IFRS) in Nigeria, this paper examines available information in order to confirm whether the change has created desired improvement in the firms' performance after the adoption in 2012. Three financial performance indicators related to productivity (asset turnover, ATO) and profitability (returns on assets, ROA, and return on equity, ROE) are examined on univariate tests of significance differences in the mean, median and variance of sample for the 'prior to' IFRS adoption period (2003-2011) and the post-IFRS adoption period (2012-2020). Accordingly, the Satterthwaite-Welch t-test, Wilcoxon/Mann-Whitney t-test and ANOVA-F-test are applied for the mean, median and variance, to verify the conjectured hypotheses. The results find that slight increase was perceived after adoption for average value of the ATO and ROA, but the considered tests are unable to indicate sufficient evidence to identify the improvement as significant. Contrary, the evidence supposes undesired significant decline in the ROE. The evidence finds the change in the variability, due to the transition to IFRS, for the indicators as significant. The findings have implications for the capital market and regulation; hence, the paper suggests that regulators should monitor firms' compliance to the standards and extend the use of IFRS to other non-listed companies in Nigeria. [ABSTRACT FROM AUTHOR]

Anecdotal evidence suggests widespread discrimination against community college transfer students, despite their prevalence among bachelor's degree holders in the US. I send out fictitious job applications and conduct a labor market audit study to examine such discrimination. All applicants have bachelor's degrees, and a random subset are transfer students who attended community colleges for their first two years of college. I find that, for accounting jobs, community college experience significantly reduces callback rates and undermines the value of graduating from selective four-year colleges. In comparison, sales and marketing firms do not exhibit signs of discrimination. • Audit study shows a lower callback rate for community college transfer students. • Accounting firms discriminate against community college transfers vs non-transfers. • The discrimination undermines valuation of college selectivity. • Sales and marketing firms do not exhibit signs of discrimination. [ABSTRACT FROM AUTHOR]