Canadian Academic Accounting Association (CAAA)最新文献_第3页

Managerial Discretion over Initial Earnings Forecasts 初始收益预测的管理裁量权

Canadian Academic Accounting Association (CAAA) Pub Date : 2016-10-24 DOI: 10.2139/ssrn.2206057

T. Iwasaki, N. Kitagawa, Akinobu Shuto

{"title":"Managerial Discretion over Initial Earnings Forecasts","authors":"T. Iwasaki, N. Kitagawa, Akinobu Shuto","doi":"10.2139/ssrn.2206057","DOIUrl":"https://doi.org/10.2139/ssrn.2206057","url":null,"abstract":"The main purpose of this study is to investigate managerial discretion over managersâ€™initial management forecasts issued concurrently with earnings announcements. The unique reporting system for management forecasts in Japan, systematic bundled management forecasts, creates an earnings benchmark (i.e., forecast innovations) to which earnings management research has not paid much attention. This study investigates whether and why firm managers manage their initial forecasts to avoid negative forecast innovations. First, we find that managers engage in forecast management through discretionary forecasts to avoid negative forecast innovations. Second, we reveal that 1) firms that avoid negative forecast innovations enjoy a higher return even when they use discretionary forecasts to do so and that 2) the relation between forecast innovations and return is S-shaped. These results suggest that the market rewards firms that achieve a forecast innovation benchmark, providing a sound rationale for managersâ€™ use of forecast management. Finally, our additional analyses suggest that managers are not likely to conduct forecast management to convey their private information on future performance to investors, suggesting opportunistic managerial behaviors concerning their earnings forecasts.","PeriodicalId":274826,"journal":{"name":"Canadian Academic Accounting Association (CAAA)","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128400336","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: 3

Finance-Theoretic Analysis of a Banking-Firm: Case Study of First Bank of Nigeria PLC 银行企业的财务理论分析:以尼日利亚第一银行为例

Canadian Academic Accounting Association (CAAA) Pub Date : 2016-10-01 DOI: 10.2139/ssrn.2894342

Oluseun A. Paseda

{"title":"Finance-Theoretic Analysis of a Banking-Firm: Case Study of First Bank of Nigeria PLC","authors":"Oluseun A. Paseda","doi":"10.2139/ssrn.2894342","DOIUrl":"https://doi.org/10.2139/ssrn.2894342","url":null,"abstract":"Banks have been historically the most important kind of financial intermediaries. In Nigeria, they account for more than 60 percent of the market capitalization of quoted firms on the Nigerian Stock Exchange. Even though, there have been many well-known studies on the relationship between financial (services) development and economic growth, a micro-economic approach to the analysis of banks’ performance has almost been ignored to the detriment of the industry practitioners, potential investors and financial system supervisors. This study attempts a finance-theoretic performance analysis of First Bank of Nigeria along four dimensions namely: common ratios, CAMELS framework, Z-score and Black-Scholes option pricing frameworks. These four frameworks were shown to be mutually reinforcing in insights from the performance of First Bank in terms of capital adequacy, assets quality, management efficiency, earnings quality, liquidity, sensitivity to market risk and overall risk strategy of the bank. The option-theoretic framework that generates the time values of First Bank and a peer (Zenith Bank) rationalizes the distinction between the two banks’ overall risk appetite wherein the higher risk tolerant bank corresponds to a higher time value with consistent CAMELS metrics. The study recommends improved disclosures in published financial statements to aid investor and market discipline; strict enforcement of prudential regulations to check-mate excessive risk taking; prudential guidelines to provide appropriate incentives for banks’ portfolio choices across economic sectors; product and geographic diversification strategy by banks to minimize risk; provision of public infrastructure such as electricity and security to contain escalating bank overheads which threaten their operating efficiency.","PeriodicalId":274826,"journal":{"name":"Canadian Academic Accounting Association (CAAA)","volume":"82 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116472347","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

Core of HR Strategy: System Thinking and HRM 人力资源战略的核心:系统思维与人力资源管理

Canadian Academic Accounting Association (CAAA) Pub Date : 2016-08-01 DOI: 10.17265/2328-2185/2017.06.006

G. Uysal

{"title":"Core of HR Strategy: System Thinking and HRM","authors":"G. Uysal","doi":"10.17265/2328-2185/2017.06.006","DOIUrl":"https://doi.org/10.17265/2328-2185/2017.06.006","url":null,"abstract":"Research topic of study is to discuss system approach in strategic HRM. It assumes system approaches as core of HR strategy. This study presumes that task performance is key to human resource management. Technical field knowledge increases task performance. Society for Human Resources Management, USA, applies technical HR knowledge for HR professionals in their certification programs. Research question is how various issues of HRM have an impact on effectiveness of HRM. Research methodology contains in-depth literature review to discuss research topic and agenda. Further, study explores various issues related with HRM (Human Resource Management) field. They are personnel management, task performance, economical impact of HRM, and intellectual capital. Firms may compete in isomorphism context by intellectual capital policy. Personnel management is application of implementing organizational jobs by personnel as a traditional method. Task performance is key to employee’s individual and department performance, and impact of HRM on economy may be observed on talent management and intellectual capital. There are three case studies in paper. Therefore, case study methodology is used in the study. This study mentions importance of system approach in strategic HRM field. In conclusion, PM is interested with organizational jobs, and HRM focuses on employees, and performance, which is aligned with resource-based view theory.","PeriodicalId":274826,"journal":{"name":"Canadian Academic Accounting Association (CAAA)","volume":"51 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131124196","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

An Analysis of Auditor's Learning Costs and Non-Audit Services on Audit Quality 审计人员学习成本与非审计服务对审计质量的影响分析

Canadian Academic Accounting Association (CAAA) Pub Date : 2016-01-11 DOI: 10.2139/ssrn.2714011

Ling Chu, Ping Zhang

{"title":"An Analysis of Auditor's Learning Costs and Non-Audit Services on Audit Quality","authors":"Ling Chu, Ping Zhang","doi":"10.2139/ssrn.2714011","DOIUrl":"https://doi.org/10.2139/ssrn.2714011","url":null,"abstract":"This study uses a very simple but intuitive model to examine how audit quality is determined. It concludes that audit quality is higher if two forces have opposite effects on an auditor’s conservatism are balanced and significant. A force that makes an auditor less conservative is the benefit from future engagements with a client, while the force that makes the auditor more conservative is the expected liabilities from overstated accounting values. Given that the expected auditor’s liabilities from overstated accounting values are usually significant, we find that significant rents from future engagements with a client improve audit quality through inducing greater audit efforts and less biased reports. Our analysis suggests that learning costs and non-audit services would be sources for these future rents, and auditors should be allowed to provide non-audit services to their clients and these revenues should be higher as auditor tenure lengthens. Furthermore, our analysis shows that mandatory auditor rotation is detrimental to audit quality since it reduces the future rents to auditors which lead to lower audit effort and more biased report. Finally, well-developed auditing standards need to be properly enforced by the regulator/profession for auditors to render appropriate audit quality when the costs associated with over and under reporting are low and/or not balanced.","PeriodicalId":274826,"journal":{"name":"Canadian Academic Accounting Association (CAAA)","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-01-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130875995","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: 2

Extrapolation Bias in Explaining the Asset Growth Anomaly: Evidence from Analysts’ Multi-Period Earnings Forecasts 解释资产增长异常的外推偏差:来自分析师多期盈利预测的证据

Canadian Academic Accounting Association (CAAA) Pub Date : 2015-10-01 DOI: 10.2139/ssrn.2378215

Hyungjin Cho, Sunhwa Choi, Lee-Seok Hwang, Woo‐Jong Lee

{"title":"Extrapolation Bias in Explaining the Asset Growth Anomaly: Evidence from Analysts’ Multi-Period Earnings Forecasts","authors":"Hyungjin Cho, Sunhwa Choi, Lee-Seok Hwang, Woo‐Jong Lee","doi":"10.2139/ssrn.2378215","DOIUrl":"https://doi.org/10.2139/ssrn.2378215","url":null,"abstract":"Using analysts’ multi-period earnings forecasts, this paper investigates whether analyst forecast errors are related to asset growth and, if so, to what extent analysts’ optimism for high-growth firms can explain the asset growth anomaly. We find that analyst forecasts are more optimistic for firms with high asset growth, particularly for longer-term forecasts (e.g., two- and three-year-ahead forecasts than one-year-ahead forecasts). We also find that analysts’ optimism for high-growth firms is more pronounced for (1) firms that have maintained similar levels of growth in recent periods, (2) firms with higher information uncertainty, and (3) forecasts with longer forecast horizons (e.g., forecasts issued far before fiscal year end). Adding forecast errors to a growth-return regression substantially reduces the coefficient on asset growth, suggesting an important role of forecast errors in the growth anomaly. Path analysis suggests that analysts’ long-term forecast errors, but not short-term forecast errors, are important mediators through which biased expectations about asset growth are incorporated into stock returns. Overall, our findings support the extrapolation bias explanation for the asset growth anomaly.","PeriodicalId":274826,"journal":{"name":"Canadian Academic Accounting Association (CAAA)","volume":"358 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122814854","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

Earnings Persistence, Fundamentals, and Anticipation of Breaking Earnings Strings 盈利持续性，基本面和预期打破盈利串

Canadian Academic Accounting Association (CAAA) Pub Date : 2015-03-01 DOI: 10.2139/ssrn.2374695

L. Yao

引用次数: 2

The Disclosure and Valuation of Foreign Cash Holdings 外资现金持有量的披露与估值

Canadian Academic Accounting Association (CAAA) Pub Date : 2015-01-31 DOI: 10.2139/ssrn.2558350

Shuo Yang

{"title":"The Disclosure and Valuation of Foreign Cash Holdings","authors":"Shuo Yang","doi":"10.2139/ssrn.2558350","DOIUrl":"https://doi.org/10.2139/ssrn.2558350","url":null,"abstract":"This paper studies the disclosure and valuation of foreign cash holdings using hand-collected data from 2010 to 2013. The SEC has been commenting on foreign cash in its review of 10-K filings since 2011. I find that the SEC tends to target big firms with limited growth and high permanently reinvested earnings. Conditional on the SEC’s comment, firms with Big 4 auditors are more likely to disclose foreign cash holdings, but firms with a CEO who is also the Chairman and more free cash flow are less likely to disclose. I find no evidence that the value of foreign cash is discounted relative to domestic cash on average, although the value of foreign cash decreases in foreign cash level. Furthermore, foreign cash is less valuable when firms only disclose limited foreign operations in Exhibit 21 relative to the overseas operations collected by the OSIRIS international database and when firms operate in more foreign countries, but more valuable when the U.S. parent controls the decision-rights of foreign subsidiaries and when foreign growth opportunities are higher. There is no evidence that proxies for the repatriation tax are negatively associated with the value of foreign cash. I also examine market reactions to the Treasury Department’s recent crackdown on tax inversions.","PeriodicalId":274826,"journal":{"name":"Canadian Academic Accounting Association (CAAA)","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126022478","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

Lean Healthcare and Ontario Case Costing - An Examination of Strategic Change and Management Control Systems 精益医疗保健和安大略省案例成本核算-战略变革和管理控制系统的检查

Canadian Academic Accounting Association (CAAA) Pub Date : 2014-12-14 DOI: 10.2139/ssrn.2538288

Jan Alpenberg, D. Scarbrough

{"title":"Lean Healthcare and Ontario Case Costing - An Examination of Strategic Change and Management Control Systems","authors":"Jan Alpenberg, D. Scarbrough","doi":"10.2139/ssrn.2538288","DOIUrl":"https://doi.org/10.2139/ssrn.2538288","url":null,"abstract":"In this paper we examine how two different strategic changes influence the Management Control Systems in six Ontario based hospitals. These changes are: 1. new funding regimes based on Ontario Case Costing and, 2. Lean Healthcare initiatives in Ontario Hospitals.The Ontario Case Costing (OCC) approach is based on the traditional MAS assumption that more accurate costs will lead to lower costs through better management decisions of some sort. In contrast, Lean Healthcare is premised on the assumption that the primary path to better performance is realized by individual employees, who serve as the leading actors in a daily process of waste removal and efficiency improvement.Based on the MA literature and on information about both the OCC and Lean Healthcare initiatives, we expect there to be significant frictions inside the financial management staff as well as between the Lean initiative and the financial management staff related to the OCC mandate. This study examines this set of interactions to learn how these issues impact the employees involved. In particular, the Ontario context allows us to examine the variety of responses to the interaction of Lean healthcare strategy and a traditional MAS such as OCC.We find that the MASs of hospitals in our sample are too loosely coupled to develop the frictions indicated by traditional MAS theory and propose modifications in application of the theory to accommodate this observation.","PeriodicalId":274826,"journal":{"name":"Canadian Academic Accounting Association (CAAA)","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-12-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114923979","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

Addressing Puzzle About Equity Valuation Using Multiples: How Earnings Forecasts Outperform Residual Income Model in Multiples 利用倍数解决股票估值难题:收益预测在倍数下如何优于剩余收益模型

Canadian Academic Accounting Association (CAAA) Pub Date : 2014-12-14 DOI: 10.2139/ssrn.2538209

Ja Ryong Kim

引用次数: 0

Meet/Beat Market Expectation, Accounting Conservatism and Corporate Governance 满足/超越市场预期、会计稳健性和公司治理

Canadian Academic Accounting Association (CAAA) Pub Date : 2014-12-11 DOI: 10.2139/ssrn.2537205

B. Jaggi, A. C. Ng, H. Xin

{"title":"Meet/Beat Market Expectation, Accounting Conservatism and Corporate Governance","authors":"B. Jaggi, A. C. Ng, H. Xin","doi":"10.2139/ssrn.2537205","DOIUrl":"https://doi.org/10.2139/ssrn.2537205","url":null,"abstract":"Accounting conservatism has been recognized as a reporting strategy that benefits shareholders and financial statement users. We hypothesize that managers in general are likely to sacrifice the benefit associated with accounting conservatism when adopting meeting/beating market expectations (hereafter MBME). Our findings show a negative association between MBME, proxied by analysts’ consensus forecasts, and accounting conservatism, defined in terms of conditional conservatism (Basu, 1997; Ball and Shivakumar, 2005, 2006) and we show that such relationship is not a mechanical connection between reporting strategy and managerial incentives to report higher earnings. Further analysis show that the negative relationship still exists after controlling for expectation as well as accrual-based and real earnings management. However, we document that G-index (Gompers et al., 2003), reflecting corporate governance in terms of anti-takeover provisions, has a significant impact on the negative association between accounting conservatism and MBME. Such finding shows that firms with less anti-takeover provisions, proxied by G-index, are less likely to sacrifice the benefit associated with conservative accounting for MBME.","PeriodicalId":274826,"journal":{"name":"Canadian Academic Accounting Association (CAAA)","volume":"60 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-12-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126240816","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: 2