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The Impact of Earnings-Announcement Timing to Technical Analysis Signal: The Case of Indonesia 盈余公告时间对技术分析信号的影响:以印尼为例
Canadian Academic Accounting Association (CAAA) Pub Date : 2014-11-25 DOI: 10.2139/ssrn.2530415
D. Sulistiawan
{"title":"The Impact of Earnings-Announcement Timing to Technical Analysis Signal: The Case of Indonesia","authors":"D. Sulistiawan","doi":"10.2139/ssrn.2530415","DOIUrl":"https://doi.org/10.2139/ssrn.2530415","url":null,"abstract":"This study discusses technical analysis signal and earnings-announcements timing.  Technical analysis signal is used to capture price reaction around earnings announcement dates. Technical analysis is selected because it is potential for competing information as fundamental information in emerging market, especially in Indonesian stock market. The longer reporting lag will result in a tendency of bigger  information leakage which makes price reaction before announcements stronger.  That reaction produces a reliable technical analysis signal. By using Indonesian  stock market data, the results show that (1) technical analysis signal generates bigger (lower) return for late (earlier) reporting, and (2) reporting lag positively affects  the performance of technical analysis signal that emerge before annual earnings  announcements. These findings indicate a tendency of bigger information leakage  for companies that delay earnings announcements. It contributes to building a  bridge between technical analysis and earnings-announcement timing studies.","PeriodicalId":274826,"journal":{"name":"Canadian Academic Accounting Association (CAAA)","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-11-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134187291","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
Directors’ and Officers’ Liability Insurance and Tax Aggressiveness 董事和高级管理人员的责任保险和税收进取心
Canadian Academic Accounting Association (CAAA) Pub Date : 2014-11-20 DOI: 10.2139/ssrn.2528580
T. Zeng
{"title":"Directors’ and Officers’ Liability Insurance and Tax Aggressiveness","authors":"T. Zeng","doi":"10.2139/ssrn.2528580","DOIUrl":"https://doi.org/10.2139/ssrn.2528580","url":null,"abstract":"This paper examines the relationship between directors' and officers’ liability insurance (D&O insurance) and tax aggressiveness. Using large Canadian public companies listed on TSX300 and relying on several proxies for tax aggressiveness including GAAP and cash effective tax rates and the book-tax difference, I find that D&O insurance exhibits a strong negative relationship with the GAAP effective tax rates and a relatively moderate positive relationship with the book-tax difference, but there is no evidence that the D&O insurance is associated with the cash effective tax rates. I interpret these results as indicating that D&O insurance reduces the tax expenses reported in the financial statements but not the actual tax paid. In other words, the D&O liability insurance contributes to financial tax management but not to cash tax savings.","PeriodicalId":274826,"journal":{"name":"Canadian Academic Accounting Association (CAAA)","volume":"187 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-11-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123723011","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
Revisiting the Common Assumptions About the Desirability of Earnings Smoothness 重新审视关于盈余平滑性可取性的常见假设
Canadian Academic Accounting Association (CAAA) Pub Date : 2014-01-15 DOI: 10.2139/ssrn.2379260
Najlaa Kallousa, Hussein A. Warsame
{"title":"Revisiting the Common Assumptions About the Desirability of Earnings Smoothness","authors":"Najlaa Kallousa, Hussein A. Warsame","doi":"10.2139/ssrn.2379260","DOIUrl":"https://doi.org/10.2139/ssrn.2379260","url":null,"abstract":"Using a sample of all firm-year observations for the period 1990 to 2010, this study investigates (1) the theoretical assumption that earnings smoothness enhances earnings predictability through increasing earnings persistence, (2) informativeness of high-smoothed earnings versus low-smoothed earnings, and (3) the conventional wisdom that highly smoothed earnings have less risk premium, thus, have lower cost of capital. Robust empirical models are developed to address the three research questions. We find that in contrast to the common assumptions, earnings smoothness improves forecast accuracy but not through increasing the persistence of earnings. The findings support the informativeness hypothesis that earnings announcements of lower-smoothing firms convey more value-relevant information than higher-smoothing firms. Finally, the study supports the third hypothesis that earnings smoothness leads to lower cost of capital through certain accounting practices. Contrary to the common belief, the results suggest that earnings smoothness is not a desirable property and caution needs to be exerted before engaging in more earnings smoothness.","PeriodicalId":274826,"journal":{"name":"Canadian Academic Accounting Association (CAAA)","volume":"171 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-01-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131897407","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
The Signaling Value of Nonrecurring Items and CEO Market-Based Compensation 非经常性项目的信号价值与CEO市场化薪酬
Canadian Academic Accounting Association (CAAA) Pub Date : 2014-01-15 DOI: 10.2139/ssrn.2379713
Yoshie Saito
{"title":"The Signaling Value of Nonrecurring Items and CEO Market-Based Compensation","authors":"Yoshie Saito","doi":"10.2139/ssrn.2379713","DOIUrl":"https://doi.org/10.2139/ssrn.2379713","url":null,"abstract":"Nonrecurring items are often characterized as transitory and are assumed to be irrelevant for firm valuation. However, I find that industry-level measures of the informativeness of special items and discontinued operations help to revise market assessments of firm value, and these signals are also systematically associated with CEO market-based compensation. The results suggest that discontinued operations provide clear signals about the business environment in the sector and reduce goodwill, while special items send noisy signals about future performance and increase goodwill. I also find a significant positive (negative) link between CEO market-based compensation and the signals sent by discontinued operations (special items). My results suggest that compensation committees in firms across an industry consider the information contained in these nonrecurring items, and selectively alter the level of incentives pay to encourage managerial efforts.","PeriodicalId":274826,"journal":{"name":"Canadian Academic Accounting Association (CAAA)","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-01-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116524089","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
Peer Group and Audit Fees in Chinese Firms 中国事务所的同业团体与审计费用
Canadian Academic Accounting Association (CAAA) Pub Date : 2014-01-14 DOI: 10.2139/ssrn.2379139
Heibatollah Sami, Haiyan Zhou, F. Gul, Junxiong Fang
{"title":"Peer Group and Audit Fees in Chinese Firms","authors":"Heibatollah Sami, Haiyan Zhou, F. Gul, Junxiong Fang","doi":"10.2139/ssrn.2379139","DOIUrl":"https://doi.org/10.2139/ssrn.2379139","url":null,"abstract":"Drawing on herding behavior theory, prior studies regarding the use of peers for investment decisions and compensation practices and the recent reports which suggest that firms use peer information for audit pricing, we examine the effect of peer groups on the audit pricing process of a sample of Chinese firms. Using observations for the years 2002-2012, and matching groups based on the Industry, Industry/Region, Industry/Big4 and Industry/Size to define peer group, we find that peer group information is used in audit pricing. We also find evidence that peer group information are more likely to be used in firms in low technology industry, less developed regions, and firms audited by non-Big 4 CPA firms compared to those in high technology industry, more developed regions, and firms audited by Big 4 CPA firms. Finally, we find that clients with lower audit fees than their peer groups in the previous period are more likely to increase audit fees in the current period. These are consistent with the herding theory that peer group information is most likely used in conditions when information asymmetry risk is high.","PeriodicalId":274826,"journal":{"name":"Canadian Academic Accounting Association (CAAA)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-01-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129118468","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
Conditional Conservatism in U.S. High- and Low- Technology Firms 美国高技术和低技术企业的条件保守主义
Canadian Academic Accounting Association (CAAA) Pub Date : 2014-01-14 DOI: 10.2139/ssrn.2379154
Mariem Khalifa, Samir Trabelsi, Hamadi Matoussi
{"title":"Conditional Conservatism in U.S. High- and Low- Technology Firms","authors":"Mariem Khalifa, Samir Trabelsi, Hamadi Matoussi","doi":"10.2139/ssrn.2379154","DOIUrl":"https://doi.org/10.2139/ssrn.2379154","url":null,"abstract":"In this study, we investigate whether U.S. high-technology firms are more or less conditionally conservative relative to low-technology firms. If U.S. high-tech firms are required to expense immediately all R&D costs according to the accounting standard SFAS 2, which reflects unconditional conservatism, then in case of bad news (conditional conservatism), these firms cannot write-off their R&D costs. We expect that high-tech firms are less conditionally conservative since unconditional conservatism dampens the timeliness of accounting income. Our findings are consistent with the prediction that high-technology firms are less conditionally conservative than low-technology firms. The level of conditional conservatism increases with the level of leverage regardless of the technology level of the firm. Only low-technology firms are more conditionally conservative when they face higher auditor litigation risk. We find that neither in high-technology firms nor in low-technology firms, taxation affects conditional conservatism.","PeriodicalId":274826,"journal":{"name":"Canadian Academic Accounting Association (CAAA)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-01-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129741605","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
Does Information Technology Reputation Affect Bank Loan Terms? 信息技术声誉是否影响银行贷款条件?
Canadian Academic Accounting Association (CAAA) Pub Date : 2014-01-13 DOI: 10.2139/ssrn.2378484
Jeong‐Bon Kim, Byron Y. Song, Theophanis C. Stratopoulos
{"title":"Does Information Technology Reputation Affect Bank Loan Terms?","authors":"Jeong‐Bon Kim, Byron Y. Song, Theophanis C. Stratopoulos","doi":"10.2139/ssrn.2378484","DOIUrl":"https://doi.org/10.2139/ssrn.2378484","url":null,"abstract":"The aim of this study is to provide a systematic analysis of the effect of information technology (IT) reputation (i.e., the accumulation of public recognition of the quality of a firm’s IT capability) on bank loan contracting. More specifically, we are interested in the effect of IT reputation on the interest rate charged, collateral requirement, covenants, and number of lenders in syndicated loans. To study the effect of IT reputation on loan contracts, we analyzed 4,145 loan facility-years for borrowers with superior IT reputation in the year before the loan versus borrowers with no IT reputation. Our results indicate that firms that have appeared five consecutive years in the prestigious annual Information week 500 list of America’s most IT innovative firms, a proxy for superior IT reputation, are more likely to be charged a lower interest rate, face less covenant restrictions, and have a have a higher number of participating banks in their loans.","PeriodicalId":274826,"journal":{"name":"Canadian Academic Accounting Association (CAAA)","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-01-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125434623","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: 35
Accounting for Indigenous Rights and Environmental Protection versus Economic Insatiability 土著权利核算、环境保护与经济贪得无厌
Canadian Academic Accounting Association (CAAA) Pub Date : 2014-01-10 DOI: 10.2139/SSRN.2377365
Wendy Brookes, Fayez A. Elayan, Jennifer Li
{"title":"Accounting for Indigenous Rights and Environmental Protection versus Economic Insatiability","authors":"Wendy Brookes, Fayez A. Elayan, Jennifer Li","doi":"10.2139/SSRN.2377365","DOIUrl":"https://doi.org/10.2139/SSRN.2377365","url":null,"abstract":"The economic consequences of human rights violations and environmental concerns resulting from the impact businesses have on society will be examined through the Northern Gateway, an oil pipeline Project. Findings show that the market reacts negatively to human rights violation and environmental risk.","PeriodicalId":274826,"journal":{"name":"Canadian Academic Accounting Association (CAAA)","volume":"600 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-01-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123169772","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
On Efficient Taxation 论有效税收
Canadian Academic Accounting Association (CAAA) Pub Date : 2013-05-17 DOI: 10.2139/ssrn.2266690
M. Dudek
{"title":"On Efficient Taxation","authors":"M. Dudek","doi":"10.2139/ssrn.2266690","DOIUrl":"https://doi.org/10.2139/ssrn.2266690","url":null,"abstract":"This paper solves an often neglected problem of efficient taxation where the policymaker is interested in minimizing the dead weight burden imposed on the society by labor income taxes. Specifically, it argues that the efficient tax function assumes the form of a step function. Furthermore, it allows the policymaker to exhibit aversion towards inequality and shows that the key result prevails, (i.e., that the tax function that ensures efficiency is locally flat).","PeriodicalId":274826,"journal":{"name":"Canadian Academic Accounting Association (CAAA)","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-05-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114812496","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
Alternative Perspectives on Accounting in the Public Interest 公共利益会计的不同视角
Canadian Academic Accounting Association (CAAA) Pub Date : 2013-01-13 DOI: 10.2139/ssrn.2200148
C. R. Baker
{"title":"Alternative Perspectives on Accounting in the Public Interest","authors":"C. R. Baker","doi":"10.2139/ssrn.2200148","DOIUrl":"https://doi.org/10.2139/ssrn.2200148","url":null,"abstract":"Similar to other professional groups, the accounting profession has asserted that it serves the ‘public interest’. However, the definition of exactly what constitutes the ‘public interest’ has been subject to considerable debate and there is no general agreement on its meaning. The purpose of this chapter is to illustrate that there have been and continue to be differing perspectives regarding accounting in the public interest. For example, during the last 30 years, the interpretive and critical strands of the academic accounting literature have contributed various reflections regarding the co-opting of accounting rhetoric, philosophical perspectives, and discourse in an age of neoliberalism. A lack of similar research in the ‘mainstream’ accounting literature may indicate that there is a lack of interest regarding accounting in the public interest on the part of mainstream researchers. However, one reason for this difference may involve the definition of the ‘public interest’. This chapter seeks to examine these alternative perspectives on accounting in the public interest.","PeriodicalId":274826,"journal":{"name":"Canadian Academic Accounting Association (CAAA)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-01-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129195641","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: 6
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