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American J. of Finance and Accounting最新文献

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Challenges and trends of debt capital raising by SME: experience of the Baltic States 中小企业债务筹资的挑战和趋势:波罗的海国家的经验
American J. of Finance and Accounting Pub Date : 2012-05-15 DOI: 10.1504/AJFA.2012.046874
Elvīra Zelgalve, I. Romānova
{"title":"Challenges and trends of debt capital raising by SME: experience of the Baltic States","authors":"Elvīra Zelgalve, I. Romānova","doi":"10.1504/AJFA.2012.046874","DOIUrl":"https://doi.org/10.1504/AJFA.2012.046874","url":null,"abstract":"The paper analyses topical issue of debt capital raising by small and medium-sized enterprises in the Baltic States under changing economic conditions. Raise of debt capital is crucial for SME, as financing and its availability is a critical precondition for the survival and development of enterprises. The paper gives an assessment of recent developments in debt capital raising in the Baltic States, identifies the most important challenges and problems, as well as the mistakes made. Based on the analysis made, authors provide solutions for debt capital raising challenges and possible changes in corporate finance of enterprises.","PeriodicalId":379725,"journal":{"name":"American J. of Finance and Accounting","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127483856","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
Bridging the environmental accounting gap between the accounting and economics disciplines 弥合会计与经济学科之间的环境会计差距
American J. of Finance and Accounting Pub Date : 2012-05-15 DOI: 10.1504/AJFA.2012.046873
R. Ismail, V. Forgie, Khalizul Khalid
{"title":"Bridging the environmental accounting gap between the accounting and economics disciplines","authors":"R. Ismail, V. Forgie, Khalizul Khalid","doi":"10.1504/AJFA.2012.046873","DOIUrl":"https://doi.org/10.1504/AJFA.2012.046873","url":null,"abstract":"This paper discusses how to find the 'real' return for a tourism site by constructing accounting statements that take into account financial and environmental expenses, assets and liabilities. The concept of environmental accounting (EA) allows businesses and nations to report financial/economic and environmental activity in the same framework. This paper proposes an EA reporting tool which comprises an income statement, balance sheet and physical unit statement (incorporating environmental assets and liabilities in financial terms) referred to as 'environmentally sustainable accounting statements' (ESAS). To produce the ESAS, techniques from environmental economics and national accounting are integrated into regular financial accounts using methodologies that align with standard accounting principles as far as possible.","PeriodicalId":379725,"journal":{"name":"American J. of Finance and Accounting","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122622332","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
Macroeconomic factors and conditional bond volatility: evidence from emerging and developed bond markets 宏观经济因素与有条件债券波动:来自新兴和发达债券市场的证据
American J. of Finance and Accounting Pub Date : 2012-05-15 DOI: 10.1504/AJFA.2012.046875
K. Nair, M. Thenmozhi
{"title":"Macroeconomic factors and conditional bond volatility: evidence from emerging and developed bond markets","authors":"K. Nair, M. Thenmozhi","doi":"10.1504/AJFA.2012.046875","DOIUrl":"https://doi.org/10.1504/AJFA.2012.046875","url":null,"abstract":"This study investigates the effect of macroeconomic factors on the conditional volatility of developed and emerging bond markets using ARMA-GARCH model and examines the effect of macroeconomic factors themselves rather than the effect of announcement of macroeconomic factors. The findings show that the macroeconomic factors exhibit a significant relationship with volatility in all the bond markets, more specifically in the emerging bond markets. It is found that past lags explain bond volatility in India, Brazil, USA, UK and Japan, which reasserts that the assumptions of random walk hypothesis does not hold true and bond markets are predictable in the long run. The predictive power of macroeconomic variables and ARMA terms is high in the Indian and Brazilian bond market compared to the developed bond markets. The study shows that, similar to the equity market, the bond market too incorporates information on economic activity and it is more significant in emerging markets.","PeriodicalId":379725,"journal":{"name":"American J. of Finance and Accounting","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116962061","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
Causal effect of volume on stock returns and conditional volatility in developed and emerging market 发达市场和新兴市场成交量对股票收益和条件波动的因果效应
American J. of Finance and Accounting Pub Date : 2012-05-15 DOI: 10.1504/AJFA.2012.046876
Manish Kumar, M. Thenmozhi
{"title":"Causal effect of volume on stock returns and conditional volatility in developed and emerging market","authors":"Manish Kumar, M. Thenmozhi","doi":"10.1504/AJFA.2012.046876","DOIUrl":"https://doi.org/10.1504/AJFA.2012.046876","url":null,"abstract":"This study examines the dynamic causal (linear as well as non-linear) relationship between trading volume and return and between volatility and returns. We have used the vector autoregression based Granger causality framework to examine the linear causality, while the non-linear causality have been investigated using bivariate noisy Macke-Glass model which has been used so far in only economic and commodity data sets. The results of linear and non-linear causality show that trading volume Granger does not cause returns and volatility and suggests that there is unidirectional causality from returns to volume and from volatility to volume. The results strongly support the noise trader model, partially support the sequential information model hypothesis, and contradict the efficient market hypothesis. The evidence that volume does not influence stock returns and volatility can be incorporated by market participants in their trading strategies.","PeriodicalId":379725,"journal":{"name":"American J. of Finance and Accounting","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127209596","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: 12
Wealth effects and financial performance of cross- border mergers and acquisitions in five East Asian countries 东亚五国跨国并购的财富效应与财务绩效
American J. of Finance and Accounting Pub Date : 2011-04-25 DOI: 10.1504/AJFA.2011.039883
Saw-Imm Song, Dorothy Chiok Choo Kueh, R. Rahman, E. Chu
{"title":"Wealth effects and financial performance of cross- border mergers and acquisitions in five East Asian countries","authors":"Saw-Imm Song, Dorothy Chiok Choo Kueh, R. Rahman, E. Chu","doi":"10.1504/AJFA.2011.039883","DOIUrl":"https://doi.org/10.1504/AJFA.2011.039883","url":null,"abstract":"This study analyses the performance of cross-border mergers and acquisitions (CBMAs) in five East Asian countries using the event study method and key financial ratios. Although the results for average abnormal returns in Indonesia and Korea were inconclusive, the results for Malaysia, Thailand and the Philippines suggest that the market had reacted positively by adding value to the target firms upon merger announcements. There was a significant improvement in targets' free cash flow after CBMAs when compared to both before CBMAs and also control firms after CBMAs. The results also reveal that that these five East Asian countries have moved towards more efficient markets.","PeriodicalId":379725,"journal":{"name":"American J. of Finance and Accounting","volume":"6 3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-04-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116868682","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
The value relevance of discretionary loan loss disclosures for Saudi banks 沙特银行酌情贷款损失披露的价值相关性
American J. of Finance and Accounting Pub Date : 2011-04-25 DOI: 10.1504/AJFA.2011.039882
Haider H. Madani
{"title":"The value relevance of discretionary loan loss disclosures for Saudi banks","authors":"Haider H. Madani","doi":"10.1504/AJFA.2011.039882","DOIUrl":"https://doi.org/10.1504/AJFA.2011.039882","url":null,"abstract":"This paper investigates the value relevance of discretionary loan loss disclosures using a sample of Saudi banks over the period 1992–2006. It is motivated by the fact that (1) Saudi Arabia is joining the World Trade Organization and the results of this timely study will provide international investors and the international community at large with the information content of loan loss provisions for Saudi banks and (2) the expected results should also aid in any public policy that seek to improve financial reporting and transparency regulation in Saudi Arabia and other countries in the Middle East. The results support the signalling hypothesis, indicating that bank managers use their discretion over provisions for loan losses to signal favourable private information and convey 'good news' about future cash flows. However, contrary to previous research, investors appear to value each disclosure independently of each other, rather than jointly. Furthermore, only non-performing loans are very important piece of information that is negatively related to bank future performance.","PeriodicalId":379725,"journal":{"name":"American J. of Finance and Accounting","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-04-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116851146","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 economic impact of mergers and acquisitions in Greece: lessons from a comparative analysis regarding western economies 希腊并购的经济影响:来自西方经济体比较分析的教训
American J. of Finance and Accounting Pub Date : 2011-04-25 DOI: 10.1504/AJFA.2011.039885
Ioannis Tampakoudis, Demetres N. Subeniotis, I. Eleftheriadis
{"title":"The economic impact of mergers and acquisitions in Greece: lessons from a comparative analysis regarding western economies","authors":"Ioannis Tampakoudis, Demetres N. Subeniotis, I. Eleftheriadis","doi":"10.1504/AJFA.2011.039885","DOIUrl":"https://doi.org/10.1504/AJFA.2011.039885","url":null,"abstract":"In line with the international literature mergers and acquisitions produce ambiguous economic impact in Greece. Target-companies gain positive returns up to 6%, while bidder-companies show indifferent results around zero. The level of the abnormal returns in Greece converges with those in Continental Europe, while in contrast differs significantly with the Anglo-Saxons. Certain parameters affect the level of the wealth effects both to target- and bidder-companies; however, the former gain constantly positive abnormal returns, while the latter do not show satisfactory results in any case. Certainly, managerial incentives and the hybrid hypothesis constitute primary driving forces for mergers and acquisitions.","PeriodicalId":379725,"journal":{"name":"American J. of Finance and Accounting","volume":"336 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-04-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122102296","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
An empirical investigation of the link between market share and valuation of earnings and growth opportunities 市场份额与收益和增长机会估值之间联系的实证研究
American J. of Finance and Accounting Pub Date : 2011-04-25 DOI: 10.1504/AJFA.2011.039884
Steven Swirsky, Mazhar M. Islam
{"title":"An empirical investigation of the link between market share and valuation of earnings and growth opportunities","authors":"Steven Swirsky, Mazhar M. Islam","doi":"10.1504/AJFA.2011.039884","DOIUrl":"https://doi.org/10.1504/AJFA.2011.039884","url":null,"abstract":"This study investigates the effect of changes in firm's market share on market valuation of earnings and growth opportunities during the period preceding the 2001 recession. The historical time horizon was selected to avoid bias caused by changes in market/economic conditions. Multiple regression models have been used to test different hypotheses contained in this study. Empirical results indicate that the link between current performance and future performance is significantly enhanced in the presence of market share gains. Furthermore, the relation holds for up to three years into the future after introducing other measures that represent the markets' beliefs about future growth prospects. In addition, the results support that the market incrementally prices the earnings of firms that are increasing market share when the market perceives future growth opportunities to be greater relative to when growth opportunities are perceived to be fewer. Future research is invited to extend this work into the current US recession.","PeriodicalId":379725,"journal":{"name":"American J. of Finance and Accounting","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-04-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125524136","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
Searching for seasonal patterns in exchange traded funds' trading characteristics 寻找交易所交易基金交易特征的季节性规律
American J. of Finance and Accounting Pub Date : 2010-11-24 DOI: 10.1504/AJFA.2010.037061
Gerasimos G. Rompotis
{"title":"Searching for seasonal patterns in exchange traded funds' trading characteristics","authors":"Gerasimos G. Rompotis","doi":"10.1504/AJFA.2010.037061","DOIUrl":"https://doi.org/10.1504/AJFA.2010.037061","url":null,"abstract":"This paper investigates the seasonal characteristics of exchange traded funds (ETFs) return, risk, tracking error and volume and reveals the existence of a strong November effect in performance. On the other hand, this study finds that the well-known January effect does not affect the performance of ETFs. Moreover, this paper demonstrates that a semi-strong seasonality effect on ETFs' risk exists in November and that ETFs achieve their best index replication in this month. The combination of substantial average performance and low average risk and tracking error signals an opportunity for investors to gain sufficient returns by exposing themselves in modest or low volatility and tracking failure. A straightforward relationship between risk and tracking error is also revealed. Finally, the study indicates that the trading activity of ETFs is lacking in any seasonal pattern but there is some evidence on the direct conjuncture between risk and volume. This connection implies that ETF investors sell their shares when their investments in ETFs are over risky.","PeriodicalId":379725,"journal":{"name":"American J. of Finance and Accounting","volume":"122 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-11-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132599660","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
Evaluating company's performance using multiple discriminant analysis: the case of Shariah compliance companies 用多元判别分析评价公司绩效:以符合伊斯兰教法的公司为例
American J. of Finance and Accounting Pub Date : 2010-11-24 DOI: 10.1504/AJFA.2010.037060
N. R. Dali, Hamdi Hakeim Mudasir, S. Hamid
{"title":"Evaluating company's performance using multiple discriminant analysis: the case of Shariah compliance companies","authors":"N. R. Dali, Hamdi Hakeim Mudasir, S. Hamid","doi":"10.1504/AJFA.2010.037060","DOIUrl":"https://doi.org/10.1504/AJFA.2010.037060","url":null,"abstract":"There are many tools that can be used to measure/evaluate the performance of a company and one of the most popular tools is using the financial ratios. This paper will explore the use of a combination of two different techniques using the time series data of share and market prices collected from Shariah compliance companies and cross-sectional financial ratios data of Shariah compliance companies. Share prices from 201 Shariah compliance companies listed in the Bursa Malaysia stock exchange were collected from 2000 to 2005 with their respective 2005 financial ratios. The Jensen Alpha technique is employed to classify the Shariah compliance companies in the Main Board Bursa Malaysia into two categories, i.e. performing and non-performing. Next, multiple discriminant analysis (MDA) technique is employed in identifying the ratio(s) that significantly influence the performing and non-performing companies. The MDA result shows that shareholders fund/share or net tangible asset ratio could differentiate significantly the non-performing and performing Shariah compliance companies.","PeriodicalId":379725,"journal":{"name":"American J. of Finance and Accounting","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-11-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122980178","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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