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Download or read book Essays on the Role of Accounting Information in Financial Management written by and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : 靜宜大學會計系
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (849 download)
Download or read book Essays on the Role of Accounting Information in Financial Management written by 靜宜大學會計系 and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Yanfeng Xue
Publisher :
ISBN 13 :
Total Pages : 208 pages
Book Rating : 4.:/5 (59 download)
Download or read book Essays on the Relation Between Managers' Incentives and Financial Accounting Information written by Yanfeng Xue and published by . This book was released on 2004 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt: (Cont.) around thresholds do convey information about a firm's future performance, firms with a higher degree of information asymmetry between the management and investors are more likely to use this signaling mechanism, and the capital market recognizes the information content of the earnings management activities and rationally incorporates it in setting prices.
Author : Tao Jiao
Publisher :
ISBN 13 : 9789058922113
Total Pages : 115 pages
Book Rating : 4.9/5 (221 download)
Download or read book Essays in financial accounting written by Tao Jiao and published by . This book was released on 2009 with total page 115 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation aims to contribute to the literature about the quality of accounting information by investigating its interaction with institutional factors (i.e., their external environment) in which firms operate, such as industry and stock exchange. The research topics of this dissertation include the motivation of earnings management (chapter 2), the consequence of accounting frauds on the failure rate of IPO firms (chapter 3) and the effectiveness of actions taken by standard setters to improve the quality of accounting information (Chapter 4). Chapter 2 focuses on firms’ industry environment and investigates whether industry valuation impacts management's decision to manage earnings. Chapter 3 has been devoted to examine the consequence of large scale earnings management or accounting scandals on the firm's external environment. Chapter 4 examines whether the uniform adoption of IFRS by EU countries in 2005 improves the quality of accounting information by investigating the changes in the quality of analyst forecasts.
Author : Yifang Xie (Professor of accounting)
Publisher :
ISBN 13 :
Total Pages : 113 pages
Book Rating : 4.:/5 (119 download)
Download or read book Essays in Financial Accounting written by Yifang Xie (Professor of accounting) and published by . This book was released on 2020 with total page 113 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation is comprised of two empirical essays that examine how different economic forces impact the collection and processing of information. The first essay is motivated by a disclosure theory that suggests a negative impact of disclosure regulation on managers' information acquisition. When the regulator requires a disclosure of unfavorable information, firm managers might reduce information collection to avoid the mandatory disclosure (e. g. , Matthews and Postlewaite 1985; Shavell 1994; Polinsky and Shavell 2010). This theory lacks empirical evidence due to the difficulty in measuring managers' information collection behaviors. I overcome this challenge by investigating a 2007 regulation change that requires pharmaceutical firms to disclose newly found safety problems on their product labels. Using a difference-in-difference research design, I find that firms collect less new safety information in the post-regulation period. My study highlights one unintended negative consequence of disclosure regulation: mandatory disclosure might reduce managers' information production. The second essay is joint work with Zachary Kaplan and Xiumn Martin. We examine whether firm managers selectively convey information to Thomson Reuters I/B/E/S, to influence the generating process of the EPS consensus. We find that short-horizon optimistic forecasts are more likely to be removed from the I/B/E/S consensus calculation, after controlling for removal policies that I/B/E/S developed. This higher likelihood of removing optimistic forecasts is more pronounced when (i) the removals allows managers to meet or beat the I/B/E/S consensus, (ii) when managers have greater ability to influence I/B/E/S, and (iii) when costs of alternative options to achieve the meet-or-beat objective are higher. We also find that discretionary removals improve consensus accuracy, suggesting that I/B/E/S benefits from accepting the influence of firm managers. Collectively, our findings challenge the conventional view that I/B/E/S mechanically aggregates EPS forecasts from Wall Street analysts, and also yield insights into I/B/E/S's information production process.
Author : John Bannon Donovan
Publisher :
ISBN 13 :
Total Pages : 137 pages
Book Rating : 4.:/5 (953 download)
Download or read book Essays in Accounting Information and External Finance written by John Bannon Donovan and published by . This book was released on 2016 with total page 137 pages. Available in PDF, EPUB and Kindle. Book excerpt: I examine the use of accounting information in external finance. In Chapter 1, I study the use of accounting disclosure in equity crowdfunding to understand how accounting and financial reporting facilitates start-up financing. I find no relation between historical accounting disclosure and start-up capital obtained from crowdfunding investors, on average. However, I find a positive relation between capital raised and the entrepreneurs long-term forecasts of expected future performance. In Chapter 2, I examine the use of financial covenants in private debt contracts when borrowers have incentives to increase the riskiness of the firms investments. I find that debt contracts to borrowers with greater risk-taking incentives prior to contract inception are more likely to include a debt-to-earnings covenant. In Chapter 3, in co-authored work with Peter Demerjian and Jared Jennings, I examine whether the borrowers management earnings forecast accuracy is useful information in screening by providing an observable signal of the borrowers ability to anticipate future economic conditions. We find that borrowers with more accurate forecasts prior to contract inception receive a lower interest rate.
Author : Philip Brown
Publisher : Routledge
ISBN 13 : 1135077584
Total Pages : 443 pages
Book Rating : 4.1/5 (35 download)
Download or read book Financial Accounting and Equity Markets written by Philip Brown and published by Routledge. This book was released on 2013-06-19 with total page 443 pages. Available in PDF, EPUB and Kindle. Book excerpt: Philip Brown is one of the most admired and respected accounting academics alive today. He was a pioneer in capital markets research in accounting, and his 1968 article, co-authored with Ray Ball, "An Empirical Evaluation of Accounting Income Numbers," arguably had a greater impact on the course of accounting research, directly and indirectly, than any other article during the second half of the twentieth century. Since that time, his innovative research has focused on issues that bridge accounting and finance, including the relationships between net profit reports and the stock market, the long-run performance of acquiring firms, statutory sanctions and voluntary corporate disclosure, and the politics and future of national accounting standards to name a few. This volume brings together the greatest hits of Brown’s career, including several articles that were published in out-of-the-way places, for easier use by students and researchers in the field. With a foreword written by Stephen A. Zeff, and an introduction that discusses the evolution of Brown’s research interests and explains the context for each of the essays included in the volume, this book offers the reader a unique look inside this remarkable 50-year career.
Author : Michael Bromwich
Publisher : Pitman Publishing
ISBN 13 :
Total Pages : 376 pages
Book Rating : 4.:/5 (31 download)
Download or read book Essays in British Accounting Research written by Michael Bromwich and published by Pitman Publishing. This book was released on 1981 with total page 376 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Muhammed Yesilhark
Publisher : GRIN Verlag
ISBN 13 : 3638152952
Total Pages : 11 pages
Book Rating : 4.6/5 (381 download)
Download or read book What are the roles and responsibilities of a finance department written by Muhammed Yesilhark and published by GRIN Verlag. This book was released on 2002-11-10 with total page 11 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essay from the year 2000 in the subject Business economics - Investment and Finance, grade: 1.5 (A), Lancaster University (Management), course: Contemporary Management Techniques, language: English, abstract: Nowadays the finance department of a firm has a broad range of roles to undertake inside and outside its business and carries large responsibilities especially in fields such as "Shareholder Value" which is increasingly gaining in importance. The essay focuses on traditional responsibilities such as financial accounting, payroll, estimating and handling cash in- and outflow thus managing liquidity. The second part analyses the newer roles like management accounting, strategy involvement, management information systems, financial analysis and the broader range of responsibilities in the finance department. Finally, a review of the roles and responsibilities will be undertaken to evaluate the importance of the finance department.
Author : Ulf Brüggemann
Publisher : Springer Science & Business Media
ISBN 13 : 3834969524
Total Pages : 162 pages
Book Rating : 4.8/5 (349 download)
Download or read book Essays on the Economic Consequences of Mandatory IFRS Reporting around the world written by Ulf Brüggemann and published by Springer Science & Business Media. This book was released on 2011-08-31 with total page 162 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ulf Brüggemann discusses and empirically investigates the economic consequences of mandatory switch to IFRS. He provides evidence that cross-border investments by individual investors increased following the introduction of IFRS.
Author : Philip O'Regan
Publisher : Routledge
ISBN 13 : 1317906683
Total Pages : 637 pages
Book Rating : 4.3/5 (179 download)
Download or read book Financial Information Analysis written by Philip O'Regan and published by Routledge. This book was released on 2015-10-16 with total page 637 pages. Available in PDF, EPUB and Kindle. Book excerpt: The accounting landscape shifted following the era of global financial crisis and accounting information continues to play a vital role. Philip O’Regan’s authoritative textbook provides readers with the tools and techniques to fruitfully analyse accounting and financial data. Updated to reflect changes in corporate governance, regulatory frameworks and new forms of IFRS, the text continues to shed light on the growing emphasis placed on the role of accounting information in formulating financial strategy. Features which add value to this third edition of Financial Information Analysis include case studies in every chapter with numerous supporting articles from the major financial presses, questions for review, and a comprehensive companion website. This essential textbook is core reading for advanced undergraduate and postgraduate students of finance and accounting.
Author : Lucas Mahieux
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (17 download)
Download or read book Essays in Financial Accounting and Auditing written by Lucas Mahieux and published by . This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis focuses on financial reporting. The main objective of the first chapter is to understand the role of fair value accounting, taking into account the possibility for banks to use their private information (Level 3 reporting) to compute fair values. Namely, I analyze a model of prudential regulation to shed some light on banks' incentives to use Level 3 reporting. I bring in accounting measures as the primary inputs into capital requirements set by a regulator to efficiently allocate control rights within a bank and to provide managerial discipline. My analysis of the Level 3 reporting externalities highlights an interesting tradeoff between transparency and financial stability. On the one hand, Level 3 reporting reduces the ability for a bank's stakeholders to extract information from financial statements of similar banks. On the other hand, Level 3 reporting decreases systemic risk caused by mark-to-market accounting. Further, manipulation makes Level 3 reporting less desirable, which may in turn increase systemic risk. I believe that the framework of this chapter offers other opportunities to study the real-effects of fair value accounting that have not yet been explored. The second chapter of this thesis is co-authored with Jeremy Bertomeu of the University of California San Diego and Haresh Sapra of the University of Chicago. In this chapter, we tackle the question of the optimal loan loss provisioning system for banks. In particular, we develop first a framework to study how accounting measurement and prudential regulation interact to affect a bank's incentives to originate credit. Our main result is that the accounting measurement system and bank leverage are policy tools that should be used in tandem, generating more value than systems that rely either on accounting regulation or on prudential regulation. Then, we use our results to shed some light on the current debate on the appropriate loan loss provisioning model for banks. We show that while banks engage in excessive risk-taking under an incurred loss model, an expected loss model can lead to excessive liquidations. The third chapter of this thesis moves away from financial reporting for banks to focus on the analysis of auditors' incentives to deliver high audit quality. In particular, I try to understand the impact of the provision of non-audit services (NAS) on audit firms' incentives, in order to conclude on the best way to regulate this industry. I believe that a better understanding of auditors' incentives is necessary to design better regulations. To that end, I develop a framework that provides new insights into the incentive effects of NAS on auditors. I show that it can be optimal for the investors of a client firm to let the external auditor provide NAS because of an incentive externality. Indeed, the possibility of providing NAS contingent on detecting financial misstatements increases the auditor's incentives to exert audit effort. However, despite this positive externality, the provision of NAS may decrease perceived audit quality, which may in turn render the provision of NAS by auditors undesirable. Thus, my analysis uncovers an interesting tradeoff for regulators between the positive incentive effect and the decrease in audit quality. Removing the current restriction on contingent audit fees may offset this ex post decrease in audit quality while preserving the ex ante incentives.
Author : Musbau Kolawole Kayode
Publisher : GRIN Verlag
ISBN 13 : 3668067686
Total Pages : 21 pages
Book Rating : 4.6/5 (68 download)
Download or read book The Users of Accounting Information and their Needs. An Introduction to Accounting and its Branches written by Musbau Kolawole Kayode and published by GRIN Verlag. This book was released on 2015-10-15 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2015 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: A, ( Atlantic International University ) (School of Buisness and Economics), course: Ph.D Accounting, language: English, abstract: The objective of this paper is to justify the existence of the accounting function as a significant and integral requirement of each organization and institution as well as its purpose in the current society we live in today. This entails the analysis of the users of accounting information, the various branches of accounting and the relevance of this information to various stakeholders in the society that surround and support organizations and institutions. Accounting, in itself is a fundamental part of the information systems of organizations today. This is because there are various parties in the society that need this information apart from the managers and owners of the organizations and institutions. Furthermore, accounting is now regarded as a service function of organizations and the society in general. This is because as an informative function of organizations, it enables various users to make relevant and valid decisions of an economic and financial viewpoint.
Author : Zhongwei Huang
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (959 download)
Download or read book Three Essays on the Monitoring Role of Financial Analysts written by Zhongwei Huang and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three chapters that present three standalone essays on the monitoring role of financial analysts. Chapter 1 investigates the monitoring role of financial analysts in the financial reporting process by examining the informativeness and monitoring effect of their written comments on earnings quality. I find that these comments have incremental predictability with respect to future accounting restatements, and convey information to investors beyond that in the earnings forecasts, stock ratings, price targets, and other qualitative text in analyst reports. Further analyses suggest that the market's reaction to these comments is primarily driven by negative comments and comments written with certainty. In addition, controlling for accrual reversals, I find that firms significantly reduce the level of accruals-based earnings management after receiving negative comments, and this reduction is not accompanied by an increase in real activities management. Overall, the first chapter provides direct evidence on analysts' monitoring role in financial reporting. Chapter 2 examines whether and how analysts' monitoring of the financial reporting process alleviates a well-known agency problem in which a manager inflates her compensation by manipulating earnings. I argue that analysts' monitoring reduces a manager's ability to conceal earnings management from directors, thus facilitating directors' adjustment of executive compensation in the presence of earnings management. Consistent with this argument, I find that earnings carry a lower weight in the determination of CEO compensation in firms that are criticized by analysts regarding earnings quality, but only when directors are likely to be aware of the critical analyst reports. The main findings are robust to matching on performance and controlling for firm-fixed effects and are not driven by other text in the analyst reports. Additional analyses suggest that the weight placed on earnings decreases as the actual accruals deviate from analysts' accruals forecasts. Overall, the second chapter emphasizes analysts' monitoring role in alleviating managerial rent extraction in executive compensation. Chapter 3 provides evidence on the impact of recent analyst independence reforms (the National Association of Securities Dealers [NASD] Rule 2711 and the companion New York Stock Exchange [NYSE] Rule 472 Amendment, and the Global Settlement) on analysts' monitoring role in the financial reporting process. The NASD Rule 2711 requires brokerage firms to structurally separate investment banking from equity research; meanwhile, the Global Settlement mandates the participating banks to fund independent research firms to the amount of 432.5 million dollars from 2004 to 2009. I find evidence consistent with an increase in analysts' monitoring effectiveness following the reforms. Further analyses suggest that this increase is primarily driven by the Global Settlement, rather than by the adoption of NASD Rule 2711. The evidence is robust to a difference-in-difference specification with Canadian firms as the control group. Moreover, I document a reversal of the increase in monitoring effectiveness following the end of the Global Settlement's five-year funding. Overall, the third chapter highlights the interaction between the monitoring role of financial analysts and the regulatory environment.
Author : Xiaoli Rao
Publisher :
ISBN 13 : 9781374711938
Total Pages : pages
Book Rating : 4.7/5 (119 download)
Download or read book Two Essays on Information and Control Issues in Accounting? written by Xiaoli Rao and published by . This book was released on 2017-01-27 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation, "Two Essays on Information and Control Issues in Accounting?" by Xiaoli, Rao, 饒曉莉, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. Abstract: Abstract of the thesis entitled Two Essays on Information and Control Issues in Accounting Submitted By Rao Xiaoli for the Degree of Master of Philosophy at The University of Hong Kong in October 2003 Abstract This thesis consists of two essays: 1. Has Earnings Information Become Less Useful for Financial Analysts and Investors? 2. Consequences of Group Affiliation: Evidence from Financial Statement and Stock Market -An Analysis of Hong Kong Business Groups. The first study investigates whether the usefulness of earnings information has changed in the last two decades, in the eyes of both analysts and investors, using data from U.S. firms. Contrary to assertions made by other studies, I find no consistent evidence that the earnings have lost its value relevance over time. My result shows that there is a significant increase in the analysts' earnings response coefficient, implying that analysts place more trust on earnings information than before. I also examine four factors (i.e., size, industry, earnings and stability) that are likely to contribute to changes in the EPS over time. It seems that both analysts' ERC and investors' ERC are higher for high- technology firms than for other firms. This is contrary to the argument that for firms with iilarge amounts of unrecorded intangibles, financial accounting information is of limited value. I find that the earnings of larger firms are more trusted by analysts than the earnings of small firms. Moreover, for analysts' ERC study, I also consider the possibility that analysts under-react to information (accounting and non-accounting) received during the year. My results show that analysts' consensus forecast revisions (in the year-end, upon receiving of earnings information) are positively correlated with the revision of forecasts during the year (before receiving earnings information), suggesting the existence of under-reaction. However, it does not alter my conclusion that analysts trust more on earnings information throughout the years. The second study examines whether affiliation with business groups is beneficial for firms. Firms affiliated with business groups can benefit from access to some internal institutions to mitigate external market failure. However, group affiliation may also involve the cost of tunneling, which could lead to inferior performance for lower-level firms within a group. I analyze the accounting and stock market performance of HK listed firms, and find that group affiliation is on average beneficial for HK listed firms, especially those affiliated with standard groups. Firms affiliated with business groups are better at efficiently using total assets to generate profit, and they have higher profit margins, suggesting that they are better at cost control. The results also indicate that firms affiliated with business groups are valued more in the stock market. My evidence does not consistently support the existence of tunneling behavior in the Hong Kong stock market. iii DOI: 10.5353/th_b2929484 Subjects: Corporate profits - Accounting Corporate profits - China - Hong Kong - Accounting
Author : Mitchell Franklin
Publisher :
ISBN 13 : 9781680922912
Total Pages : 1056 pages
Book Rating : 4.9/5 (229 download)
Download or read book Principles of Accounting Volume 1 - Financial Accounting written by Mitchell Franklin and published by . This book was released on 2019-04-11 with total page 1056 pages. Available in PDF, EPUB and Kindle. Book excerpt: The text and images in this book are in grayscale. A hardback color version is available. Search for ISBN 9781680922929. Principles of Accounting is designed to meet the scope and sequence requirements of a two-semester accounting course that covers the fundamentals of financial and managerial accounting. This book is specifically designed to appeal to both accounting and non-accounting majors, exposing students to the core concepts of accounting in familiar ways to build a strong foundation that can be applied across business fields. Each chapter opens with a relatable real-life scenario for today's college student. Thoughtfully designed examples are presented throughout each chapter, allowing students to build on emerging accounting knowledge. Concepts are further reinforced through applicable connections to more detailed business processes. Students are immersed in the "why" as well as the "how" aspects of accounting in order to reinforce concepts and promote comprehension over rote memorization.
Author : Mark Clatworthy
Publisher : Routledge
ISBN 13 : 1000344665
Total Pages : 196 pages
Book Rating : 4.0/5 (3 download)
Download or read book Accounting and Debt Markets written by Mark Clatworthy and published by Routledge. This book was released on 2021-05-13 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt: Accounting and Debt Markets: Four Pieces on the Role of Accounting Information in Debt Markets provides novel and up-to-date evidence on the role of accounting information in debt markets Companies and organisations worldwide rely heavily on debt markets for short, medium and long-term financing, and debt markets and financial intermediaries have significant effects on the real economy. Accounting information has various functions in debt markets, including inter alia, informing pricing decisions and credit ratings, determining the allocation of creditor control rights and establishing bank capital adequacy requirements. The chapters in this book provide illustrative discussion, analysis and evidence on the importance of accounting information in credit markets. The first of the four pieces reflects on how a conservative financial reporting system helps firms obtain debt funds and with better conditions, and why this is the case. The second examines the effects of accounting disclosure on credit ratings of private companies and shows that accounting information is useful for credit rating agencies. The two final pieces reflect on how banks should account for credit losses, and on how regulators are tackling this issue. The chapters in this book were originally published as a special issue of Accounting and Business Research.
