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Transaction Structuring and Canadian Convertible Debt 交易结构和加拿大可转换债务
Canadian Academic Accounting Association (CAAA) Pub Date : 2010-06-21 DOI: 10.2139/ssrn.1138683
Thomas W. Scott, Christine I Wiedman, Heather A. Wier
{"title":"Transaction Structuring and Canadian Convertible Debt","authors":"Thomas W. Scott, Christine I Wiedman, Heather A. Wier","doi":"10.2139/ssrn.1138683","DOIUrl":"https://doi.org/10.2139/ssrn.1138683","url":null,"abstract":"We examine whether Canadian firms issuing convertible debt over the period 1996–2003 structured issuances to minimize reported leverage. Over this sample period, some firms using payment-in-kind (PIK) provisions providing them with the option to make interest and/or principal payments in company shares were able to record significant amounts of the issuance as equity. In a sample of 195 convertible debt offerings, we find significant variation in accounting treatment, ranging from firms recording the entire issuance as debt to some recording the entire issuance as equity. We find evidence consistent with the contention that reporting benefits are an important reason why high-leverage corporations with material convertible debt transactions used PIK provisions. In contrast, our evidence suggests that the future financial flexibility ensuing from the use of PIK provisions was an important determinant of income trusts’ use of this feature. We acknowledge, however, that during our sample period PIK provisions simultaneously provide both financial flexibility and reporting benefits to any issuer, whether corporation or trust. Finally, we document a negative share price reaction on the part of convertible debt issuers employing PIK provisions at the time when the likelihood of the introduction of more restrictive accounting rules increased. This negative reaction is driven by the corporations in our sample, with the income trusts largely unaffected. Our findings are relevant to standard setters as they debate alternative models for distinguishing between equity and liabilities.","PeriodicalId":274826,"journal":{"name":"Canadian Academic Accounting Association (CAAA)","volume":"60 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-06-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128993815","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: 13
Do Family Firms Use More or Less Debt? 家族企业举债多还是少?
Canadian Academic Accounting Association (CAAA) Pub Date : 2010-01-10 DOI: 10.2139/ssrn.1534253
Imen Latrous, Samir Trabelsi
{"title":"Do Family Firms Use More or Less Debt?","authors":"Imen Latrous, Samir Trabelsi","doi":"10.2139/ssrn.1534253","DOIUrl":"https://doi.org/10.2139/ssrn.1534253","url":null,"abstract":"This paper investigates whether the identity of controlling shareholders influences the financing decision of the firm. In particular, we explore the impact of family control on firm debt levels. We also study the effect of family involvement in management on firm leverage. Using a sample of firms listed on the French stock market, our results show that family firms use less debt than non-family firms. Our findings are consistent with the hypothesis that family-controlled-shareholders prefer less debt as a mean to reduce firm risk. Furthermore, our results show that family firms that have a family member as CEO use more debt than family firms with outside CEOs.","PeriodicalId":274826,"journal":{"name":"Canadian Academic Accounting Association (CAAA)","volume":"75 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-01-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132674291","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: 5
The Myth of Shareholder Ownership and Its Implications for Accounting 股东所有权的神话及其对会计的启示
Canadian Academic Accounting Association (CAAA) Pub Date : 2009-08-29 DOI: 10.2139/ssrn.1464148
Todd L. Sayre
{"title":"The Myth of Shareholder Ownership and Its Implications for Accounting","authors":"Todd L. Sayre","doi":"10.2139/ssrn.1464148","DOIUrl":"https://doi.org/10.2139/ssrn.1464148","url":null,"abstract":"This paper demonstrates that shareholder ownership, a sacred cow of business, is a myth. According to our legal system, shareholders do not own the Modern Corporation itself, nor do they own the corporate assets or profits. While this finding raises many important questions, the focus of this paper is on the accounting profession. By equating shareholders’ equity to net assets and having it encompass profit, the accounting equation implies that shareholders own the corporate net assets and profit. Insinuating that shareholders have stronger claims to corporate resources than they actually do runs counter to accounting profession’s prime directive to provide useful information. A solution would be to replace shareholders’ equity with its components, such that Assets = Liabilities Capital Retained Earnings. This would better reflect the reality that corporation’s have no legal obligation to give shareholders any of the net assets or profit.","PeriodicalId":274826,"journal":{"name":"Canadian Academic Accounting Association (CAAA)","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-08-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132612907","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
Business Strategy, Executive Compensation, and Firm Performance 企业战略、高管薪酬与公司绩效
Canadian Academic Accounting Association (CAAA) Pub Date : 2009-01-11 DOI: 10.2139/ssrn.1326183
Yasheng Chen, Johnny Jermias
{"title":"Business Strategy, Executive Compensation, and Firm Performance","authors":"Yasheng Chen, Johnny Jermias","doi":"10.2139/ssrn.1326183","DOIUrl":"https://doi.org/10.2139/ssrn.1326183","url":null,"abstract":"This study investigates the influence of business strategy on the relationship between executive compensation and firm performance. Using cluster analyzes to classify a firm's business strategy, we predict and find that performance-linked compensation and managerial share ownership are more effective for product differentiators than for cost leaders. The results are consistent with the view that managers of product differentiation firms are more willing to take risks and to make a trade-off between pay security and share ownership to benefit from anticipated future performance. We also find that, contrary to our prediction, current payment of a long-term incentive plan is less relevant for product differentiators than for cost leaders. One plausible explanation for this finding is that long-term incentive payouts reflect past performance that is less persistent for firms seeking innovation and differentiation. This study contributes to the existing literature on executive compensation by recognizing that the effects of executive compensation on performance vary systematically across business strategies.","PeriodicalId":274826,"journal":{"name":"Canadian Academic Accounting Association (CAAA)","volume":"66 4","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-01-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120868968","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 Role of the Management Accounting in Financial Auditing Quality Enhancement 管理会计在提高财务审计质量中的作用
Canadian Academic Accounting Association (CAAA) Pub Date : 2006-08-01 DOI: 10.2139/SSRN.924337
I. Georgescu, Leontina Beţianu, C. Macovei
{"title":"The Role of the Management Accounting in Financial Auditing Quality Enhancement","authors":"I. Georgescu, Leontina Beţianu, C. Macovei","doi":"10.2139/SSRN.924337","DOIUrl":"https://doi.org/10.2139/SSRN.924337","url":null,"abstract":"The financial audit should allow the auditor to opinionate that the financial statements were drafted in compliance with an identified framework of financial reporting. The financial auditing quality depends, among others, of the quality of the information the auditor avails of in judging the compliance with accounting principles and conventions. Most part of such information is supplied by financial accounting. In our work we attempt to identify the most significant contributions of the information drafted by management accounting in financial auditing and to show how such information, considered confidential, enhance the reliability of the auditor's opinion.","PeriodicalId":274826,"journal":{"name":"Canadian Academic Accounting Association (CAAA)","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116029849","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
A Study of Relationship Between Exchange Rate Volatility and Banking Indices (BANEX) – An Indian Perspective 汇率波动与银行指数(BANEX)关系研究——印度视角
Canadian Academic Accounting Association (CAAA) Pub Date : 1900-01-01 DOI: 10.2139/ssrn.3285696
Dr. Amit Kumar Sinha, Suresh Kumar Sahoo, D. Pattanaik
{"title":"A Study of Relationship Between Exchange Rate Volatility and Banking Indices (BANEX) – An Indian Perspective","authors":"Dr. Amit Kumar Sinha, Suresh Kumar Sahoo, D. Pattanaik","doi":"10.2139/ssrn.3285696","DOIUrl":"https://doi.org/10.2139/ssrn.3285696","url":null,"abstract":"There has been an extensive debate on measuring the sensitivity of returns of stocks. Particularly some Internal and External conditions are involved in measuring the sensitivity of returns of stocks like; industrial Production, money Supply ,Foreign exchange Rate, Interest rate, gold prices, GDP and oil prices in the world economy are involved in external conditions whereas dividend policy, earning per share etc are the contributors of internal factors. This paper examines the impact of Macro (External) factor i.e. Exchange rate on BSE Bankex. Macroeconomic indicators are already exhibiting signs of deterioration as Rupee is depreciating against dollar. Especially, an attempt has been made to explore the relation between stock market performance and exchange rate. The results are mixed but interesting whereas, there is significant correlation between stock market and exchange rate.","PeriodicalId":274826,"journal":{"name":"Canadian Academic Accounting Association (CAAA)","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124382767","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
Client Relationship-Building and Audit Quality 客户关系建立和审计质量
Canadian Academic Accounting Association (CAAA) Pub Date : 1900-01-01 DOI: 10.2139/ssrn.3021279
J. Ronen, Minlei Ye
{"title":"Client Relationship-Building and Audit Quality","authors":"J. Ronen, Minlei Ye","doi":"10.2139/ssrn.3021279","DOIUrl":"https://doi.org/10.2139/ssrn.3021279","url":null,"abstract":"This paper presents a model of auditor-client relationship-building. Existing literature suggests that quasi-rents rising from long auditor tenure have a negative effect on auditor independence. In contrast to this conventional wisdom, our paper shows a positive effect of quasi-rents resulting from relationship-building on auditor independence. Prohibiting relationship-building takes away this benefit, and increases the likelihood of an auditor accepting an inaccurate, higher report. This is the first study analyzing the impact of client relationship-building initiated by auditors on audit quality.","PeriodicalId":274826,"journal":{"name":"Canadian Academic Accounting Association (CAAA)","volume":"28 1-3","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132089635","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: 4
The Significance of the Islamic Law (Shari'a) Supervision of the Islamic Banks 伊斯兰教法对伊斯兰银行监管的意义
Canadian Academic Accounting Association (CAAA) Pub Date : 1900-01-01 DOI: 10.2139/ssrn.3074091
Hussien Rababah, Y. Rababah
{"title":"The Significance of the Islamic Law (Shari'a) Supervision of the Islamic Banks","authors":"Hussien Rababah, Y. Rababah","doi":"10.2139/ssrn.3074091","DOIUrl":"https://doi.org/10.2139/ssrn.3074091","url":null,"abstract":"The financial transactions are among the major dealings introduced by the Islamic law or (shari’a), presented with strong rules and laws and deeply rooted principles to establish justice, bringing forth prosperity and righteousness for all human being. Therefore, Islamic shari’a compliant financing banks have been established in Muslim countries, committing themselves to avoid usury and other similar prohibited financing services. There are nearly 390 Islamic banks in 48 countries throughout the world. This study examines the significance of the concept of the Islamic law, or Shania’s supervision of the Islamic banking. It shows the areas of the Islamic sharia’s supervision of financing services. The study also addresses the extent of Jordan Islamic bank (JIB) compliance with the Islamic law principles pertaining to finance services extended to customers, individuals or organizations in all its branches in the Hashemite kingdom of Jordan.","PeriodicalId":274826,"journal":{"name":"Canadian Academic Accounting Association (CAAA)","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114976789","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 Accounting Profession:Throw Back, Throw In and Throw Out 会计职业:扔回来，扔进去，扔出去
Canadian Academic Accounting Association (CAAA) Pub Date : 1900-01-01 DOI: 10.2139/ssrn.3343442
Prof. Onafowokan Oluyombo
{"title":"The Accounting Profession:Throw Back, Throw In and Throw Out","authors":"Prof. Onafowokan Oluyombo","doi":"10.2139/ssrn.3343442","DOIUrl":"https://doi.org/10.2139/ssrn.3343442","url":null,"abstract":"This lecture reveals the summary of my major contributions to the field of Accounting based on my experience in the industry, and more importantly as an academic. It is the story of my career in Accounting that led to my elevation and appointment as the first Professor in Accounting in Pan Atlantic University, the first Professor in the Department of Accounting of PAU, and of course the first Chartered Accountant to be appointed a Professor by the University.","PeriodicalId":274826,"journal":{"name":"Canadian Academic Accounting Association (CAAA)","volume":"46 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130508069","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
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