Research Methods & Methodology in Accounting eJournal最新文献_第10页

Theories and Determinants of Voluntary Disclosure 自愿披露的理论和决定因素

Research Methods & Methodology in Accounting eJournal Pub Date : 2014-01-06 DOI: 10.5430/AFR.V3N1P18

Nermeen Shehata

引用次数: 144

Taking the Pulse of the Real Economy Using Financial Statement Analysis: Implications for Macro Forecasting and Stock Valuation 利用财务报表分析把握实体经济的脉搏:对宏观预测和股票估值的启示

Research Methods & Methodology in Accounting eJournal Pub Date : 2013-12-09 DOI: 10.2139/ssrn.2365633

Yaniv Konchitchki, Panos N. Patatoukas

引用次数: 115

Inference on Co-Integration Parameters in Heteroskedastic Vector Autoregressions 异方差向量自回归中协整参数的推断

Research Methods & Methodology in Accounting eJournal Pub Date : 2013-11-14 DOI: 10.2139/ssrn.2359482

H. Boswijk, Giuseppe Cavaliere, Anders Rahbek, A. Taylor

{"title":"Inference on Co-Integration Parameters in Heteroskedastic Vector Autoregressions","authors":"H. Boswijk, Giuseppe Cavaliere, Anders Rahbek, A. Taylor","doi":"10.2139/ssrn.2359482","DOIUrl":"https://doi.org/10.2139/ssrn.2359482","url":null,"abstract":"We consider estimation and hypothesis testing on the coefficients of the co-integrating relations and the adjustment coefficients in vector autoregressions driven by shocks which display both conditional and unconditional heteroskedasticity of a quite general and unknown form. We show that the conventional results in Johansen (1996) for the maximum likelihood estimators and associated likelihood ratio tests derived under homoskedasticity do not in general hold under heteroskedasticity. As a result, standard confidence intervals and hypothesis tests on these coefficients are potentially unreliable. Solutions based on Wald tests (using a “sandwich” estimator of the variance matrix) and on the use of the wild bootstrap are discussed. These do not require the practitioner to specify a parametric model for volatility. We establish the conditions under which these methods are asymptotically valid. A Monte Carlo simulation study demonstrates that significant improvements in finite sample size can be obtained by the bootstrap over the corresponding asymptotic tests in both heteroskedastic and homoskedastic environments. An application to the term structure of interest rates in the US illustrates the difference between standard and bootstrap inferences regarding hypotheses on the co-integrating vectors and adjustment coefficients.","PeriodicalId":202880,"journal":{"name":"Research Methods & Methodology in Accounting eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-11-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122935123","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: 31

Non-Discretionary Conservatism: Evidence and Implications 非自由裁量保守主义:证据与启示

Research Methods & Methodology in Accounting eJournal Pub Date : 2013-10-01 DOI: 10.2139/ssrn.2016610

A. Lawrence, Richard G. Sloan, Estelle Y. Sun

引用次数: 119

Financial Contagion and Asset Pricing 金融传染与资产定价

Research Methods & Methodology in Accounting eJournal Pub Date : 2013-09-01 DOI: 10.2139/ssrn.2319168

Renée Fry-McKibbin, Vance L. Martin, Chrismin Tang

{"title":"Financial Contagion and Asset Pricing","authors":"Renée Fry-McKibbin, Vance L. Martin, Chrismin Tang","doi":"10.2139/ssrn.2319168","DOIUrl":"https://doi.org/10.2139/ssrn.2319168","url":null,"abstract":"Asset market interconnectedness can give rise to significant contagion risks during periods of financial crises that extend beyond the risks associated with changes in volatilities and correlation. These channels include the transmission of shocks operating through changes in the higher order comoments of asset returns, including changes in coskewness arising from changes in the interaction between volatility and average returns across asset markets. These additional contagion channels have nontrivial implications for the pricing of options through changes in the payoff probability structure and more generally, in the management of financial risks. The effects of incorrectly pricing risk has proved to be significant during many financial crises, including the subprime crisis from mid 2007 to mid 2008, the Great Recession beginning 2008 and the European debt crisis from 2010. Using an exchange options model, the effects of changes in the comoments of asset returns across asset markets are investigated with special emphasis given to understanding the effects on hedging risk during financial crises. The results reveal that by not correctly pricing the risks arising from higher order moments during financial crises, there is significant mispricing of options, while hedged portfolios during noncrisis periods become exposed to price movements in times of crises.","PeriodicalId":202880,"journal":{"name":"Research Methods & Methodology in Accounting eJournal","volume":"95 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114956204","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: 30

Transitory Earnings Components and the Two Faces of Non-GAAP Earnings 临时收益组成部分和非公认会计准则收益的两面

Research Methods & Methodology in Accounting eJournal Pub Date : 2013-07-01 DOI: 10.2139/ssrn.2115466

Young-Soo Choi, S. Young

引用次数: 3

Yalova’daki Aile İşletmelerinde Karşılaşılan Muhasebe-Finansman ve Yönetim Organizasyon Sorunları (Accounting-Finance and Management Organization Problems Encountered in Family Businesses in Yalova)

Research Methods & Methodology in Accounting eJournal Pub Date : 2013-06-19 DOI: 10.2139/ssrn.3507122

Cevdet Kizil, Vedat Akman

{"title":"Yalova’daki Aile İşletmelerinde Karşılaşılan Muhasebe-Finansman ve Yönetim Organizasyon Sorunları (Accounting-Finance and Management Organization Problems Encountered in Family Businesses in Yalova)","authors":"Cevdet Kizil, Vedat Akman","doi":"10.2139/ssrn.3507122","DOIUrl":"https://doi.org/10.2139/ssrn.3507122","url":null,"abstract":"Bu calýþmada, gunumuzde ulke ekonomilerinin lokomotifi konumunda olan aile iþletmelerinin ozelliklerini, ustun ile zayýf yonlerini, karþýlaþtýklarý muhasebe-finansman ve yonetim organizasyon sorunlarýný ortaya cýkarmak amaclanmýþtýr. Bu doðrultuda, aile iþletmesi kavramý hakkýnda genel bilgilendirme yapýldýktan sonra Yalova ilinde faaliyet gosteren aile iþletmeleri uzerinde bilimsel bir araþtýrma gercekleþtirilmiþtir. Yalova Ticaret ve Sanayi Odasý ile KOSGEB’e kayýtlý aile iþletmelerinin sahipleri, yoneticileri ve sorumlu mudurlerine anket formlarý daðýtýlmýþtýr. 79 sorudan oluþan anket formlarý 100 firmaya daðýtýlmýþ, 83 iþletme geri donmuþ, 80 firmanýn anket formlarý deðerlendirmeye alýnmýþtýr. Ayrýca, hazýrlanan ankete verilen cevaplar analiz edilmiþ, ankete katýlan kiþilerin ve iþletmelerin demografik ozellikleri ile ankete katýlan iþletmelerin mevcut durumu tablolarla gosterilmiþtir. Calýþma onemli sonuclara ulaþmýþ, bunlarý deðerlendirilmiþ ve birtakým oneriler getirmiþtir.","PeriodicalId":202880,"journal":{"name":"Research Methods & Methodology in Accounting eJournal","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-06-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129568867","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: 1

Have IFRS Changed How Stock Prices Associate with Earnings and Book Values? Evidence from Norway 国际财务报告准则改变了股票价格与收益和账面价值的关系吗?来自挪威的证据

Research Methods & Methodology in Accounting eJournal Pub Date : 2013-06-11 DOI: 10.2139/ssrn.1334533

Leif Atle Beisland, Kjell Henry Knivsflå

{"title":"Have IFRS Changed How Stock Prices Associate with Earnings and Book Values? Evidence from Norway","authors":"Leif Atle Beisland, Kjell Henry Knivsflå","doi":"10.2139/ssrn.1334533","DOIUrl":"https://doi.org/10.2139/ssrn.1334533","url":null,"abstract":"Purpose - – The purpose of this paper is to examine how the mandatory shift from Norwegian Generally Accepted Accounting Principles (NGAAP) to International Financial Reporting Standards (IFRS) in Norway affected the valuation weights of earnings and book values, with the aim of gaining insights that are relevant for standard setters, investors and other users of accounting information. Design/methodology/approach - – The authors extend the IFRS literature on structural shifts between the pre- and post-adoption periods by comprehensively controlling for factors that vary between the IFRS sample and the domestic Generally Accepted Accounting Principles (GAAP) sample. Moreover, the tests are designed to reveal the underlying accounting causes of the observed differences in value relevance. Findings - – IFRS are balance sheet-oriented and emphasize measurement at fair value. By contrast, NGAAP are earnings-oriented and focus on historical cost. IFRS also differ from NGAAP by recognizing more intangible assets. Overall, IFRS are thus less conservative than NGAAP. It was found that expanded fair value accounting increases the value relevance of book values and decreases the value relevance of earnings. However, the improved matching of intangible asset expenditures with the future economic benefits of such intangible assets increases the persistence and value relevance of earnings relative to book values. Originality/value - – This paper introduces a test methodology that is designed to identify the effects that specific accounting differences between the IFRS sample and the domestic GAAP sample have on value relevance. Consequently, this paper not only identifies the overall effects on value relevance but also contributes to the literature by identifying specific accounting differences between IFRS and GAAP that cause these overall effects, and thus obtain insights that are valuable for standard setters and other users of accounting information.","PeriodicalId":202880,"journal":{"name":"Research Methods & Methodology in Accounting eJournal","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-06-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129145752","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: 15

Industry 'Closeness' and the Contagion Effects of Accounting Information Announcements 行业“贴近度”与会计信息公告的传染效应

Research Methods & Methodology in Accounting eJournal Pub Date : 2013-05-10 DOI: 10.2139/ssrn.2266586

Jonathan F. Ross

{"title":"Industry 'Closeness' and the Contagion Effects of Accounting Information Announcements","authors":"Jonathan F. Ross","doi":"10.2139/ssrn.2266586","DOIUrl":"https://doi.org/10.2139/ssrn.2266586","url":null,"abstract":"Firm closeness or comparability is an important concept to investors. Knowing that two firms have been historically close and observing an information announcement by one of the firms gives the investor cues as to the future performance of the other firm. Furthermore, from a methodological point of view, researchers commonly control for firm-group closeness by using industrial classification schemes such as the SIC. To the extent that these schemes group dissimilar firms, the advantage of using these schemes is undermined.This paper more formally examines the comparability concept and develops a new measure of firm -- group accounting closeness. The measure is based on the co-movement of accounting fundamentals. This measure adds to the De Franco et al. measure in the sense that it is designed to judge the closeness of a group of firms, rather than just firm-pairs. I provide insight regarding the extent to which the SIC scheme groups similar firms. The mean SIC two-digit industry closeness over the time period 1999-2010 is 0.15 (on a scale of 0 to 1). I demonstrate that this is only slightly better than if the groups were randomly chosen. Furthermore, a trading strategy utilizing information in the measure is developed and tested. Results indicate that, when industry closeness is high enough, abnormal returns in the range of 1-3% over a 1-3 day window can be earned around leader information announcement dates. Finally, I replicate Gleason et al. (2008) and document that the industry contagion effect of an accounting restatement is increasing with the closeness of that industry.Together, these two results contribute to the contagion/information transfer literature by empirically establishing a positive relationship between the industry contagion effects of an accounting information announcement and the closeness of that particular industry. These two results also help to bolster the construct validity of the closeness measure.","PeriodicalId":202880,"journal":{"name":"Research Methods & Methodology in Accounting eJournal","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-05-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114995341","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: 0

Dissecting Earnings Recognition Timeliness 剖析盈余确认的时效性

Research Methods & Methodology in Accounting eJournal Pub Date : 2013-05-01 DOI: 10.2139/ssrn.1808988

Ryan T. Ball, Peter Easton

{"title":"Dissecting Earnings Recognition Timeliness","authors":"Ryan T. Ball, Peter Easton","doi":"10.2139/ssrn.1808988","DOIUrl":"https://doi.org/10.2139/ssrn.1808988","url":null,"abstract":"We dissect the portion of stock price change of the fiscal year that is recognized in reported accounting earnings of the year. We call this portion earnings recognition timeliness (ERT). The emphasis in our dissection is on empirical identification of two fundamental precepts of financial accounting: (1) the matching principle, which is manifested in the recognition of expenses in the same period as the related benefits (i.e., sales revenue) accrue; and (2) recognition of expenses in the current period due to changes in expectations regarding earnings of future periods (we refer to these expenses as the expectations element of expenses). Although the expectations element has implicitly been at the core of much of the recent empirical literature on asymmetry in the earnings/return relation, it has not been explicitly identified. This recent literature is based on the premise that bad news about the future leads to more recognition of expenses in the current period (such as write-downs) whereas good news about the future tends to have a much lesser effect on expenses of the current period; asymmetry in the expenses/return relation is captured implicitly via the observation of asymmetry in the earnings/return relation (i.e., asymmetry in ERT). Since the ERT reflects the relation between sales revenue and returns, matched expenses and returns, as well as the relation between the expectations element of expenses and returns, a focus on the expectations element may lead to sharper inferences. Our straightforward empirical procedure permits a focus on this element.","PeriodicalId":202880,"journal":{"name":"Research Methods & Methodology in Accounting eJournal","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133019065","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: 9