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Management Choice of Buyback Method: Australian Evidence 回购方法的管理选择:澳大利亚证据
ARN Wiley-Blackwell Publishers Journals Pub Date : 2010-11-08 DOI: 10.1111/j.1467-629X.2010.00349.x
C. Brown, Daniel Norman
{"title":"Management Choice of Buyback Method: Australian Evidence","authors":"C. Brown, Daniel Norman","doi":"10.1111/j.1467-629X.2010.00349.x","DOIUrl":"https://doi.org/10.1111/j.1467-629X.2010.00349.x","url":null,"abstract":"This study investigates management choice of repurchase method for large Australian industrial companies from 1997 to 2007. We show that managers favour off-market buybacks to distribute excess franking credits to shareholders when the buyback is larger and when the firm is generating more cash. On-market buybacks are more likely when the firm is undervalued. These findings have implications for understanding how corporate managers approach the repurchase decision, the impact of taxes on corporate financial policy, and how transaction costs can influence the choice between an off-market and an on-market buyback.","PeriodicalId":134477,"journal":{"name":"ARN Wiley-Blackwell Publishers Journals","volume":"77 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-11-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114074761","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 10
The Value of Big 4 Audits in Australia 澳大利亚四大审计事务所的价值
ARN Wiley-Blackwell Publishers Journals Pub Date : 2010-11-08 DOI: 10.1111/j.1467-629X.2010.00346.x
Masoud Azizkhani, G. Monroe, Gregory Shailer
{"title":"The Value of Big 4 Audits in Australia","authors":"Masoud Azizkhani, G. Monroe, Gregory Shailer","doi":"10.1111/j.1467-629X.2010.00346.x","DOIUrl":"https://doi.org/10.1111/j.1467-629X.2010.00346.x","url":null,"abstract":"Research suggests that equity markets value Big N audits over non-Big N audits. Explanations include the information quality hypothesis, whereby Big N auditors increase information quality, and the insurance hypothesis, whereby investors value the deeper pockets of Big N auditors. Using client firms’ ex ante cost of capital as the dependent variable, we investigate whether capital market participants differentially value Big 4 versus non-Big 4 audits in Australia and whether the value of Big 4 audits in Australia changed as a result of the audit failures of 2001–2002. We find that Big 4 audits reduce the ex ante cost of equity capital until 2001, but not after 2001. We cannot dismiss the insurance hypothesis for the persistence of the loss beyond 2003 because of the establishment of liability caps, but the demise of the Big 4 audit value for 2001–2003 is consistent with the information quality hypothesis and does not support the insurance hypothesis.","PeriodicalId":134477,"journal":{"name":"ARN Wiley-Blackwell Publishers Journals","volume":"53 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-11-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129826135","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 44
Private Equity Bids in Australia: An Exploratory Study 澳大利亚私募股权收购:探索性研究
ARN Wiley-Blackwell Publishers Journals Pub Date : 2010-03-01 DOI: 10.1111/j.1467-629X.2009.00323.x
Larelle Law Chapple, Peter M. Clarkson, Jesse J. King
{"title":"Private Equity Bids in Australia: An Exploratory Study","authors":"Larelle Law Chapple, Peter M. Clarkson, Jesse J. King","doi":"10.1111/j.1467-629X.2009.00323.x","DOIUrl":"https://doi.org/10.1111/j.1467-629X.2009.00323.x","url":null,"abstract":"In this study, we provide an insight into how private equity players choose their targets and the bid arrangements they prefer. We test our expectations of the unique features of private equity targets using a sample of 23 listed private equity target firms during 2001–2007. We find, relative to a benchmark sample of 81 corporate targets matched by year and industry, the private equity target firms to be larger, more profitable, use their assets more efficiently, more highly levered and have greater cash flow. Multivariate testing indicates that private equity targets have relatively greater financial slack, greater financial stability, greater free cash flow and lower measurable growth prospects. All conclusions are found to be robust to a control sample of 502 takeover bids during 2001–2007.","PeriodicalId":134477,"journal":{"name":"ARN Wiley-Blackwell Publishers Journals","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123584263","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 20
Interaction of Size, Book-to-Market and Momentum Effects in Australia 澳大利亚规模、账面市值比和动量效应的相互作用
ARN Wiley-Blackwell Publishers Journals Pub Date : 2010-03-01 DOI: 10.1111/j.1467-629X.2009.00318.x
Michael A. O’Brien, T. Brailsford, C. Gaunt
{"title":"Interaction of Size, Book-to-Market and Momentum Effects in Australia","authors":"Michael A. O’Brien, T. Brailsford, C. Gaunt","doi":"10.1111/j.1467-629X.2009.00318.x","DOIUrl":"https://doi.org/10.1111/j.1467-629X.2009.00318.x","url":null,"abstract":"This study seeks to disentangle the effects of size, book-to-market and momentum on returns. Initial results show that each characteristic has a role in explaining returns, but that there is interaction between size and momentum, as well as between size and book-to-market. Three key findings emerge. First, the size premium is the strongest, particularly in the loser portfolios. Second, the value premium is generally limited to the smallest portfolios. Third, the momentum premium is evident for the large- and middle-sized portfolios, but loser stocks significantly outperform winner stocks in the smallest size portfolio. When these interactions are controlled with multivariate regression, we find a significant negative average relation between size and returns, a significant positive average relation between book-to-market and returns, and a significant positive average relation between momentum and returns.","PeriodicalId":134477,"journal":{"name":"ARN Wiley-Blackwell Publishers Journals","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121902209","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 62
Size and Momentum in European Equity Markets: Empirical Findings from Varying Beta Capital Asset Pricing Model 欧洲股票市场的规模和动量:来自不同贝塔资本资产定价模型的实证研究
ARN Wiley-Blackwell Publishers Journals Pub Date : 2010-03-01 DOI: 10.1111/j.1467-629X.2009.00314.x
G. Karathanasis, Konstantinos Kassimatis, S. Spyrou
{"title":"Size and Momentum in European Equity Markets: Empirical Findings from Varying Beta Capital Asset Pricing Model","authors":"G. Karathanasis, Konstantinos Kassimatis, S. Spyrou","doi":"10.1111/j.1467-629X.2009.00314.x","DOIUrl":"https://doi.org/10.1111/j.1467-629X.2009.00314.x","url":null,"abstract":"We use securities listed on 13 European equity markets to form size and momentum portfolios. We find limited evidence of a size premium but significant momentum returns in eight sample markets. We find that these premia may not constitute an anomaly because they are consistent with a varying-beta Capital Asset Pricing Model. We also show that systematic risk is related to the business cycle. Furthermore, the results suggest that although size and especially momentum returns are significant, it would be difficult to exploit them in the short to medium run, because they are positive and sizeable in very few years in our sample.","PeriodicalId":134477,"journal":{"name":"ARN Wiley-Blackwell Publishers Journals","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124973986","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 7
Corporate Communication of Financial Risk 企业财务风险沟通
ARN Wiley-Blackwell Publishers Journals Pub Date : 2009-11-17 DOI: 10.1111/j.1467-629X.2009.00326.x
Grantley Taylor, G. Tower, J. Neilson
{"title":"Corporate Communication of Financial Risk","authors":"Grantley Taylor, G. Tower, J. Neilson","doi":"10.1111/j.1467-629X.2009.00326.x","DOIUrl":"https://doi.org/10.1111/j.1467-629X.2009.00326.x","url":null,"abstract":"This study provides insights on the Financial Risk Management Disclosure (FRMD) patterns of Australian listed resource companies for the 2002–2006 period leading up to and immediately following adoption of the International Financial Reporting Standards (IFRS). Regression analysis demonstrates that corporate governance and capital raisings of firms are significant and positively associated with FRMD patterns. In contrast, overseas stock exchange listing of firms is significantly negatively associated with FRMD patterns. The findings show that the introduction of IFRS changes corporation’s willingness to communicate risk information.","PeriodicalId":134477,"journal":{"name":"ARN Wiley-Blackwell Publishers Journals","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-11-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133125396","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 97
Earnings Management Following Chief Executive Officer Changes: The Effect of Contemporaneous Chairperson and Chief Financial Officer Appointments 首席执行官变动后的盈余管理:同时任命董事长和首席财务官的影响
ARN Wiley-Blackwell Publishers Journals Pub Date : 2009-11-17 DOI: 10.1111/j.1467-629X.2009.00324.x
Mark Wilson, Lian Wang
{"title":"Earnings Management Following Chief Executive Officer Changes: The Effect of Contemporaneous Chairperson and Chief Financial Officer Appointments","authors":"Mark Wilson, Lian Wang","doi":"10.1111/j.1467-629X.2009.00324.x","DOIUrl":"https://doi.org/10.1111/j.1467-629X.2009.00324.x","url":null,"abstract":"Using a sample of listed Australian firms from 1999 to 2007, we examine the relationship between discretionary accruals and concurrent senior management appointments. Employing panel data regression models and focusing on a measure of discretionary accruals that excludes the effect of transparent write-downs such as restructuring charges, we find that chief executive officer (CEO) appointments, as a general phenomenon, are not significantly associated with opaque earnings management in the year of appointment or the following year. However, we find that CEO changes accompanied by a concurrent change in board chairperson are associated with significant income-decreasing earnings management in the year of appointment. We detect no significant relationship between contemporaneous CEO and chief financial officer changes and discretionary accruals. We find no evidence of earnings management in the first compete financial period following CEO appointment, regardless of whether or not concurrent Chair or chief financial officer appointments occurred.","PeriodicalId":134477,"journal":{"name":"ARN Wiley-Blackwell Publishers Journals","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-11-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131715254","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 34
Integrated Fraud Risk Factors and Robust Methodology: A Review and Comment 综合欺诈风险因素与稳健方法论:综述与评论
ARN Wiley-Blackwell Publishers Journals Pub Date : 2009-10-08 DOI: 10.1111/j.1099-1123.2009.00398.x
Tumpal Wagner Sitorus, Don R Scott
{"title":"Integrated Fraud Risk Factors and Robust Methodology: A Review and Comment","authors":"Tumpal Wagner Sitorus, Don R Scott","doi":"10.1111/j.1099-1123.2009.00398.x","DOIUrl":"https://doi.org/10.1111/j.1099-1123.2009.00398.x","url":null,"abstract":"This paper introduces a range of literature from a broad area of social sciences. It identifies a need to gain a better understanding of the causation of fraud and the complexity of fraud risk factors. Its suggestions are under consideration by the Public Company Accounting Oversight Board (PCAOB) for possible inclusion in the year 2009 material. Later descriptive and robust fraud risk models, such as those proposed by Krambia-Kapardis and Steane & Cockerell, have still not fully explained the aetiology of fraud and hence the causation of fraud, as well as the complexity of the problem. The paper concludes with a discussion of findings, resolutions and recommendations.","PeriodicalId":134477,"journal":{"name":"ARN Wiley-Blackwell Publishers Journals","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-10-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129243209","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 10
The Valuation of R&D Expenditures in Japan 日本R&D支出的价值评估
ARN Wiley-Blackwell Publishers Journals Pub Date : 2009-08-24 DOI: 10.1111/j.1467-629X.2010.00345.x
P. Nguyen, Sophie Nivoix, Mikiharu Noma
{"title":"The Valuation of R&D Expenditures in Japan","authors":"P. Nguyen, Sophie Nivoix, Mikiharu Noma","doi":"10.1111/j.1467-629X.2010.00345.x","DOIUrl":"https://doi.org/10.1111/j.1467-629X.2010.00345.x","url":null,"abstract":"The difficulty to measure the long-term benefits of R&D expenditures and the distortions induced by R&D accounting suggest that R&D-intensive firms could be undervalued. Using several methods commonly applied to detect the abnormal returns associated with mispricing, we find little evidence that the value of R&D investments has been underestimated in the Japanese stock market. Given that R&D accounting rules in Japan are similar to those in United States, the results appear to reject the hypothesis that accounting biases are the cause of the undervaluation of R&D investments observed in the United States.","PeriodicalId":134477,"journal":{"name":"ARN Wiley-Blackwell Publishers Journals","volume":"73 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-08-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129420424","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 27
The Use and Abuse of Accounting in the Public Sector Financial Management Reform Program in Australia 会计在澳大利亚公共部门财务管理改革计划中的使用和滥用
ARN Wiley-Blackwell Publishers Journals Pub Date : 2009-06-01 DOI: 10.1111/j.1467-6281.2009.00283.x
A. Barton
{"title":"The Use and Abuse of Accounting in the Public Sector Financial Management Reform Program in Australia","authors":"A. Barton","doi":"10.1111/j.1467-6281.2009.00283.x","DOIUrl":"https://doi.org/10.1111/j.1467-6281.2009.00283.x","url":null,"abstract":"Accrual accounting has been central to financial management reforms designed to promote greater efficiency, effectiveness and accountability in the Australian public sector. This is the setting for the article; however, the issues covered apply to all nations that have reformed their public sectors over recent years. The results of the reforms have been mixed. While accrual accounting has had some beneficial results for the above purposes, the benefits have been offset by aspects of accounting misuse resulting largely from adoption of the business model of accrual accounting, termination of the former cash accounting system, and adoption of some questionable marketization reforms which appear to be more driven by the objective of reducing the size of government rather than enhancing efficiency of operations. Because Treasury believed that the business model was not appropriate for budget fiscal policy purposes, it introduced a second combined accrual and cash accounting system—the Government Finance Statistics system. The use of two accrual accounting systems reporting different results caused much confusion in parliament.","PeriodicalId":134477,"journal":{"name":"ARN Wiley-Blackwell Publishers Journals","volume":"79 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134198635","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 96
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