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Author : Sven Hartlieb
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (125 download)
Download or read book Essays on Cost and Earnings Management written by Sven Hartlieb and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Wenxia Ge
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (659 download)
Download or read book Essays on Real Earnings Management written by Wenxia Ge and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Raunaq Sushil Pungaliya
Publisher :
ISBN 13 :
Total Pages : 150 pages
Book Rating : 4.:/5 (654 download)
Download or read book Three Essays on Earnings Management, Financial Irregularities, and Capital Structure written by Raunaq Sushil Pungaliya and published by . This book was released on 2010 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt: If firms adjust their actual leverage toward this target leverage over time, then rational investors should consider both current and target leverage in pricing contracts whose value depends on the firm's default risk. Using a large sample of corporate bonds and credit default swap (CDS) contracts during 2000 to 2007, we document evidence consistent with this prediction. In particular, target leverage is both an economically and statistically significant determinant of bond and CDS spreads, and its role increases with contract maturity. Credit ratings also reflect the effect of target leverage, which suggests that the credit rating agencies rate firms as if their capital structure decisions are consistent with the tradeoff theory. In the third and final essay, I examine how the disclosure of fraudulent reporting affects bondholder wealth, credit ratings, and contract features of new bond issues. I find that fraud announcements trigger swift, sharp, and long lasting credit rating downgrades and are associated with significant declines in bondholder wealth. An examination of new bond issues confirms a significant increase in both the yield spread and the gross spread charged by the investment bank compared to pre-fraud levels. Moreover, a significant proportion of bonds issued after a fraud contain call provisions that are more expensive in the short run but may be potentially value maximizing in the long run if credit conditions improve. Thus, I argue that managers are optimistic that the increase in the cost of debt induced by the fraud is temporary. However, contrary to managers' optimistic beliefs, I find that corporate credit ratings, once decreased, remain significantly depressed for at least three years following the fraud announcement.
Author : Michael Thomas Paz
Publisher :
ISBN 13 :
Total Pages : 298 pages
Book Rating : 4.:/5 (978 download)
Download or read book Essays on Cost Management written by Michael Thomas Paz and published by . This book was released on 2016 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of two essays studying cost management within firms. The first essay examines the impact of declining firm performance on managers' investment decisions. Investment decisions have significant implications for firm operating risk in that they represent expenditures of firm capital with uncertain future benefits. Behavioral theories predict that managers are likely to exhibit shifts in their risk preferences in response to declining performance. Analyzing cost data from a cross-sectional sample of firms from the years 1992 through 2014, I find that managers shift investments away from less risky capital expenditures toward more risky R & D expenditures following periods of declining performance. I also examine and find moderating effects of firm losses, corporate governance, and financial incentives on the relationship between declining performance and firm investment behavior. These results suggest that managers take on additional operating risk through their investment decisions following periods of declining performance. The second essay, with Hsihui Chang and Curtis Hall, examines the effects of customer concentration levels on firm cost structure decisions. Analyzing cost data from a sample of manufacturing firms from 1976 through 2013, we find a negative relationship between customer concentration and cost elasticity whereby firms exhibit lower proportions of variable-to-fixed costs in the presence of higher levels of customer concentration. Additionally, we find that greater customer bargaining power, proxied by supplier industry competition and product market fluidity, leads to lower cost elasticity as customer concentration becomes greater. These results are robust to alternate specifications as well as controlling for endogeneity using a two-stage model. Our results suggest that suppliers respond to customer concentration by pursuing increased mutual dependence and cooperation with customers rather than attempting to reduce the effect of power imbalances within the supplier-customer relationship. This dissertation is accompanied by an extensive, multidisciplinary review of the literature related to managerial risk-taking, an important determinant of managers' cost management decisions which underlies both of these studies.
Author : Christopher S. Chapman
Publisher : OUP Oxford
ISBN 13 : 0191609374
Total Pages : 458 pages
Book Rating : 4.1/5 (916 download)
Download or read book Accounting, Organizations, and Institutions written by Christopher S. Chapman and published by OUP Oxford. This book was released on 2009-08-13 with total page 458 pages. Available in PDF, EPUB and Kindle. Book excerpt: Accounting has an ever-increasing significance in contemporary society. Indeed, some argue that its practices are fundamental to the development and functioning of modern capitalist societies. We can see accounting everywhere: in organizations where budgeting, investing, costing, and performance appraisal rely on accounting practices; in financial and other audits; in corporate scandals and financial reporting and regulation; in corporate governance, risk management, and accountability, and in the corresponding growth and influence of the accounting profession. Accounting, too, is an important part of the curriculum and research of business and management schools, the fastest growing sector in higher education. This growth is largely a phenomenon of the last 50 years or so. Prior to that, accounting was seen mainly as a mundane, technical, bookkeeping exercise (and some still share that naive view). The growth in accounting has demanded a corresponding engagement by scholars to examine and highlight the important behavioural, organizational, institutional, and social dimensions of accounting. Pioneering work by accounting researchers and social scientists more generally has persuasively demonstrated to a wider social science, professional, management, and policy audience how many aspects of life are indeed constituted, to an important extent, through the calculative practices of accounting. Anthony Hopwood, to whom this book is dedicated, has been a leading figure in this endeavour, which has effectively defined accounting as a distinctive field of research in the social sciences. The book brings together the work of leading international accounting academics and social scientists, and demonstrates the scope, vitality, and insights of contemporary scholarship in and on accounting and auditing.
Author : Sarfraz A. Khan
Publisher :
ISBN 13 :
Total Pages : 274 pages
Book Rating : 4.:/5 (875 download)
Download or read book Managerial Attributes and Accounting and Financial Practices written by Sarfraz A. Khan and published by . This book was released on 2013 with total page 274 pages. Available in PDF, EPUB and Kindle. Book excerpt: This research consists of two essays that examine the impact of managerial attributes on a firm's accounting and financial practices. Essay 1 documents the relationship between Chief Executive Officer (CEO) and Chief Financial Officer (CFO) power, and earnings management decisions. My investigation reveals that the use of specific earnings mechanism, such as accruals and real activities management, is inversely related to its cost. Further, I do not find any consistent evidence to support that the relative power of CEOs and CFOs interacts with the costs of these earnings management mechanism to determine the specific components used in the earnings management mix. In second essay, I examine whether the quality of earnings and financial policies of a firm improves when its CFO serves on another company's board of directors. Consistent with my hypotheses, I find that firms with their CFOs on outside boards are associated with better accruals quality, lower likelihood of restatements, more persistent earnings, and greater financial flexibility, as reflected in faster adjustment toward target debt ratios and lower sensitivity between cash holdings and cash flow shocks. These findings are based on several methods that control for unobserved factors that may affect both incidence of CFO outside directorship and a firm's accounting and financial policies.
Author : Joshua Ronen
Publisher : Springer Science & Business Media
ISBN 13 : 0387257713
Total Pages : 587 pages
Book Rating : 4.3/5 (872 download)
Download or read book Earnings Management written by Joshua Ronen and published by Springer Science & Business Media. This book was released on 2008-08-06 with total page 587 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a study of earnings management, aimed at scholars and professionals in accounting, finance, economics, and law. The authors address research questions including: Why are earnings so important that firms feel compelled to manipulate them? What set of circumstances will induce earnings management? How will the interaction among management, boards of directors, investors, employees, suppliers, customers and regulators affect earnings management? How to design empirical research addressing earnings management? What are the limitations and strengths of current empirical models?
Author : Paul A Tomolonis
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (119 download)
Download or read book Three Essays on the Conveyance of Economic Information: Firm, Public, and Educational written by Paul A Tomolonis and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The use of economic information drives economic agents’ actions in their pursuit of optimal outcomes; specifically, it helps individuals achieve the highest aggregate welfare possible given available resources. Firms face a tradeoff between earnings management (manipulation of reported profits) and corporate governance that results in an optimal firm value (profits over time); this determines the information provided to external parties and might lower aggregate welfare. Generally, investment in corporate governance is beneficial since accurate information is provided to the firm’s investors and other counterparties; however, in cases of high information opacity (e.g. complex firms) the higher cost of corporate governance might make earnings management a better societal outcome even though it reduces welfare. Public regulation might help in these most opaque cases, but at the higher cost of blanket regulation over firms that are capable of self-regulation through corporate governance. In the public (government) realm, the reported funding status of public employee pension funds faces similar manipulation issues as it provides information to members regarding their future benefits and to the public regarding potential future taxes. The variation in funding status across states suggests differences in the way states approach this obligation and in the transparency of the information they provide. Conveying this information affects individual action regarding public employment and migration across state lines, which would deteriorate the future tax base of poorly funded states, exacerbating their funding issue; therefore, states have reason to be opaque in reporting their myopic budgetary decisions similar to the earnings management of firms. Information provision from both the firm and the government relies on the ability of the individual to ingest and utilize it; this starts with discussions in the classroom. Application of economic reasoning to decision making is achieved by discussing economic concepts in an applied setting, both formally and informally. Social media is often seen as benefit in engaging students and all economic agents, but it can also serve to distract from critical thinking due to its informal nature. The lessons learned suggest firms and governments use social media to convey short, summary measures that can be interpreted by economic agents.
Author : Jun Chen
Publisher :
ISBN 13 :
Total Pages : 168 pages
Book Rating : 4.:/5 (133 download)
Download or read book Essays in Financial Accounting and Corporate Governance written by Jun Chen and published by . This book was released on 2022 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation comprises three papers examining several questions in finance and accounting. A common thread is investigating the strategic interactions between public firms and stock market investors. Chapter 1 studies how investors with short-term horizons can impact firms' behaviors. Chapters 2 and 3 examine the impact of corporate disclosure and the market pricing of information. In Chapter 1, I use the unique features of the margin trading system in China to identify the causal impact of transient investors on managerial myopia. Specifically, I employ a regression discontinuity design that exploits the ranking procedure that determines a stock's margin trading eligibility. I find that margin traders are extremely short-term oriented and cause a sharp increase in stock share turnover. Moreover, marginable firms cater to these transient investors by manipulating current earnings and reducing long-term investments. Consistent with managerial myopia, these firms experience a short-term price increase but a long-term decline in operating performance. Chapter 2 is joint work with John Hughes, Jun Liu, and Dan Yang. We reexamine the relation between disclosure indices and cost of equity capital employing an empirical specification similar to that of (botosan97) for a substantially larger sample over an extended time frame made possible by textual analysis. Our results provide no support for a hypothesis of a negative relation between disclosure indices and implied cost of equity capital. Rather, consistent with a bias of implied cost of equity capital as a proxy for expected return depicted by (Hughes2009) we find strong evidence of a positive relation. Chapter 3 is joint work with Yibin Liu. We exploit an earnings-based delisting policy and examine its adverse effect on investor trust in earnings news. Besides providing prominent visual evidence of large-scale earnings management at the required earnings threshold, we find that firms close to this threshold are trusted less by investors, regardless of whether they have manipulated earnings. Moreover, we provide causal evidence by studying firms that approach this threshold due to a plausibly exogenous profitability shock. Our results suggest that earnings-based regulations with harsh punishment may lead to a decline in investor trust.
Author : Rick Antle
Publisher : Springer Science & Business Media
ISBN 13 : 0387303995
Total Pages : 334 pages
Book Rating : 4.3/5 (873 download)
Download or read book Essays in Accounting Theory in Honour of Joel S. Demski written by Rick Antle and published by Springer Science & Business Media. This book was released on 2007-02-15 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt: The integration of accounting and the economics of information developed by Joel S. Demski and those he inspired has revolutionized accounting thought. This volume collects papers on accounting theory in honor of Professor Demski. The book also contains an extensive review of Professor Demski’s own contributions to the theory of accounting over the past four decades.
Author : Ling Tuo
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (971 download)
Download or read book Three Essays on the Voluntary Disclosure and Managerial Incentive written by Ling Tuo and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The importance of an effective corporate communication with all stakeholders including shareholders has been extensively debated in the business literature in the aftermath of 2007-2009 global financial crisis. The key indicator of business value have shifted from accounting profits and stock market performance, formerly, to firm reputation and sustainability performance, currently. Therefore, the transparency and value-relevance of conventional financial reporting has been questioned in terms of its capability to satisfy increasing information needs of all stakeholders. Many doubt whether those traditional financial metrics derived from financial statements can appropriately capture firm & rsquo;s long-term value creation ability. In recent years, users of corporate reports are demanding more relevant financial and non-financial on key performance indicators and forward looking information above and beyond conventional financial statements. To satisfy the demands of information users and decision makers, companies are expected to not only increase their reporting transparency in conventional financial statements but also disclose more inside information to outside public through different types of voluntary disclosure. The first dissertation investigates the role of sustainability report through examining the associations among voluntary disclosure, earnings quality and audit fee. Recently more and more firms begin to release sustainability reports, one important channel of voluntary disclosure, to satisfy the needs of information users and increase the transparency of financial reporting. In this paper, I especially examine the effect of voluntary disclosure quality on those associations. Through Difference-in-Difference test, I find that the release of sustainability report is positively correlated with innate earnings quality and negatively correlated with discretionary earnings quality. Moreover, the positive (negative) correlation between sustainability report and innate (discretionary) earnings quality is more (less) pronounced when the voluntary disclosure quality is high. I also find that the release of sustainability report is associated with higher audit fees and thus it suggests that the sustainability report cannot substitute the traditional financial statement. My conclusions are robust through additional tests of OLS regressions. This paper has important political, academic and industry application. The second dissertation investigates how the firm & rsquo;s cost stickiness strategy is associated with the firm & rsquo;s management earnings forecast (MEF). I conjecture that the managerial incentive regarding the cost strategy and voluntary disclosure strategy are interdependent. When managers choose their cost management, they will also choose the corresponding management earnings forecast strategy to align their interests. Through the empirical tests with a sample between year 2005 and 2011, I find that the firm & rsquo;s level of sticky cost is positively associated with the firm & rsquo;s propensity to issue MEF and the frequency of MEF. Moreover, I find that the firm & rsquo;s level of sticky cost is associated with more good earnings news forecasted by managers. Finally, I find that the relation between cost stickiness and MEF behaviors is more pronounced when the MEF is long-horizon oriented and when the firm efficiency is high. My research builds a link between financial accounting information and managerial accounting information, and also provides new evidence to understand the managerial incentives behind each strategy chosen by managers. This third dissertation investigates how industry peer firms tend to influence the specific firm & rsquo;s voluntary disclosure strategy. Through examining the empirical example of management earnings forecast between 2005 and 2011 and implementing the 2SLS regressions, I find that the specific firm & rsquo;s disclosure frequency, disclosure horizon and the disclosure of bad news are significantly influenced by its peers firms & rsquo; disclosure behaviors. Specifically, the increase in the peers & rsquo; disclosure frequency, disclosure horizon and disclosure of bad news tend to encourage the specific firm to increase its disclosure frequency, disclosure horizon and disclosure of bad news. Moreover, certain firms (such as firms with S & P credit rating, higher profit, larger size or higher market-to-book ratio) tend to be more sensitive to their peer firms & rsquo; voluntary disclosure strategy. Finally, I find that the specific leader-follower relation doesn & rsquo;t exist in the peer effects of disclosure strategy and thus the signaling theory, litigation risk and CEO reputation are more major reasons than herding theory and free rider theory in explaining this phenomenon.
Author : Runa Sarkar
Publisher : Springer
ISBN 13 : 9811031231
Total Pages : 228 pages
Book Rating : 4.8/5 (11 download)
Download or read book Essays on Sustainability and Management written by Runa Sarkar and published by Springer. This book was released on 2017-05-25 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers a comprehensive overview of sustainability and management in India and through its insightful essays highlights the complex and multifaceted nature of sustainability as a concept. It also demonstrates the debates surrounding the concept of sustainability and its ramifications for ground-level practice in managing organisations and for public policy. The contributions from sustainability enthusiasts, practitioners from disparate fields and academics working at the Indian Institute of Management Calcutta, have been divided into five themes: (1) sustainability as a normative concept; (2) sustainability concept at the global level, (3) sustainability practices in Indian organisations and consumer behaviour; (4) sustainability, corporate governance and corporate social responsibility and (5) sustainability: a critique of organisational practice and government regulation. The themes reflect both new and continuing issues confronting management in the country today. Examples and in-depth studies make it relevant to the grounded reality in India. The expertise and experience of the contributors ensure that readers are left with a grasp of our current understanding of how sustainability is related to society and business, the direction this understanding will take in the future.
Author : Ulf Mohrmann
Publisher : Logos Verlag Berlin GmbH
ISBN 13 : 3832541853
Total Pages : 300 pages
Book Rating : 4.8/5 (325 download)
Download or read book Essays on the Quality of Audited Financial Statements written by Ulf Mohrmann and published by Logos Verlag Berlin GmbH. This book was released on 2016-02-15 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: The dissertation consists of four essays on the quality of audited financial statements. The first analysis investigates the association between several regulations of the audit market and earnings characteristics. The second essay differentiates between different drivers of audit quality after an auditor change by comparing the effects of voluntary and mandatory auditor changes. The third study analyses the different strategies of Big4 and non-Big4 auditors in dealing with Level 3 fair values. The fourth part examines banks' valuation behavior concerning Level 3 fair values.
Author : Don M. Chance
Publisher : John Wiley & Sons
ISBN 13 : 1118160649
Total Pages : 403 pages
Book Rating : 4.1/5 (181 download)
Download or read book Essays in Derivatives written by Don M. Chance and published by John Wiley & Sons. This book was released on 2011-07-05 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the updated second edition of Don Chance’s well-received Essays in Derivatives, the author once again keeps derivatives simple enough for the beginner, but offers enough in-depth information to satisfy even the most experienced investor. This book provides up-to-date and detailed coverage of various financial products related to derivatives and contains completely new chapters covering subjects that include why derivatives are used, forward and futures pricing, operational risk, and best practices.
Author : Pascal Alphonse
Publisher : Springer Nature
ISBN 13 : 303129050X
Total Pages : 344 pages
Book Rating : 4.0/5 (312 download)
Download or read book Essays on Financial Analytics written by Pascal Alphonse and published by Springer Nature. This book was released on with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : James R. DeLisle
Publisher : Springer Science & Business Media
ISBN 13 : 1461517036
Total Pages : 444 pages
Book Rating : 4.4/5 (615 download)
Download or read book Essays in Honor of James A. Graaskamp: Ten Years After written by James R. DeLisle and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 444 pages. Available in PDF, EPUB and Kindle. Book excerpt: As the title indicates, Essays in Honor of James A. Graaskamp: Ten Years After, is a collection of essays written to honor Graaskamp's major contributions to the field of real estate education and practice over the course of three decades. Upon his death in 1988, the industry lost a major influence for advancing the real estate discipline, both as an academic field and a professional field. The authors in this volume seek to extend Graaskamp's contributions and move the real estate discipline forward. The papers address the challenges posed by the market to return our attention to real estate fundamentals, and to strike a proper balance between Main Street and Wall Street. The authors and editors hope that this book will influence the industry to incorporate many of Grasskamp's ideas into mainstream real estate education and practice. Over the course of his career, Graaskamp made many noteworthy contributions to real estate theory and practice, ideas that if resurrected could offset some of the pressure in the industry to move away from market fundamentals. The authors try to capture the essence of Graaskamp's messages, and intend that the papers serve as a point of departure for discussing the future role and nature of real estate education. Part I focuses on the major contributions to the real estate discipline made by Graaskamp and the Wisconsin Real Estate Program. Part II contains some personal recollections and photos of Graaskamp, and also a summary of the groups that make up the Wisconsin Real Estate Program, a major co-sponsor of this volume. The rest of the book's three main parts are structured around major topics that reflect the multidisciplinary nature of real estate as espoused by Graaskamp. Part III treats real estate feasibility and development, Part IV concentrates on real estate valuation, and Part V discusses institutional economics.
Author : Bruno Maria Franceschetti
Publisher : Springer
ISBN 13 : 3319541218
Total Pages : 168 pages
Book Rating : 4.3/5 (195 download)
Download or read book Financial Crises and Earnings Management Behavior written by Bruno Maria Franceschetti and published by Springer. This book was released on 2017-08-03 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book approaches the question of the relation between financial crises and earnings management from two philosophical perspectives: positivism and critical realism. The results obtained using the positivist approach indicate that financial crises tend to have no consistent effect on earnings quality since managers’ earnings behavior does not differ from the pre-crisis to the crisis period. The author accordingly argues against the existence of a causal law based on a constant conjunction model (i.e., whenever a financial crisis happens, earnings management occurs) and concludes that financial crises cannot be seen as the cause of earnings management. The critical realism perspective, on the other hand, casts light on managers’ reasons for acting like an earnings manager; in conjunction with the more traditional positivist approach, it assists in refuting the idea of financial crises as a generative mechanism for earnings management. The author concludes by exploring other structures at work that might be responsible for earnings management. This book will be of interest to both academics and a wide range of professionals.
