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American J. of Finance and Accounting最新文献

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An analysis of audit fee premiums of the merged audit firm in Malaysia 马来西亚合并审计事务所审计费用溢价分析
American J. of Finance and Accounting Pub Date : 2010-11-24 DOI: 10.1504/AJFA.2010.037058
Mohd Mohid Rahmat, T. Iskandar, M. Osman
{"title":"An analysis of audit fee premiums of the merged audit firm in Malaysia","authors":"Mohd Mohid Rahmat, T. Iskandar, M. Osman","doi":"10.1504/AJFA.2010.037058","DOIUrl":"https://doi.org/10.1504/AJFA.2010.037058","url":null,"abstract":"After the Big 6 merger exercise in 1998, PriceWaterhouseCoopers (PWC) has become the industry market leader that provides high quality audit services. Consequently, it has acquired a greater capacity to develop expertise and provide better quality audit services. It is expected that PWC charges fee premiums in return on investment for the capacity building. This study investigates how audit fee (AF) premiums and how it relates to auditors' industry specialisation and reputation. The study utilises data of 679 Bursa Malaysia listed companies in 2001 and 796 in 2005. AF premiums are calculated using the Simunic (1980) AF model. Industry specialisation is determined based on the number of audit clients at 20% threshold. Results indicate PWC obtains highest average AFs, hence, maintains its industry leadership. Results show that PWC does not charge AF premiums over and above the amount charged by the Big 5/4 regardless of whether they are industry specialists or not, except on smaller clients.","PeriodicalId":379725,"journal":{"name":"American J. of Finance and Accounting","volume":"166 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":"129165695","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
Are exchange-traded funds effective instruments to invest in Islamic markets? Early evidence from Dow Jones DJIM Turkey ETF 交易所交易基金是投资伊斯兰市场的有效工具吗?道琼斯DJIM土耳其ETF的早期证据
American J. of Finance and Accounting Pub Date : 2010-11-24 DOI: 10.1504/AJFA.2010.037059
O. Gozbasi, Ekrem Erdem
{"title":"Are exchange-traded funds effective instruments to invest in Islamic markets? Early evidence from Dow Jones DJIM Turkey ETF","authors":"O. Gozbasi, Ekrem Erdem","doi":"10.1504/AJFA.2010.037059","DOIUrl":"https://doi.org/10.1504/AJFA.2010.037059","url":null,"abstract":"The purpose of this study is to evaluate the performance and pricing efficiency of the Dow Jones DJIM Turkey Exchange Traded Fund (DJIMTR), the world's first exchange-traded fund launched to track an Islamic market index. Using the daily data set, it is found that relative to its traditional index fund counterpart, DJIMTR tracks the benchmark index with a lower tracking error; thus reflecting the performance of the benchmark index more effectively. Our performance proxies, mean returns and risk adjusted returns, also demonstrate that DJIMTR outperforms its traditional index fund counterpart. In addition, as a result of various tests performed through VAR models, it is found that pricing deviation in the DJIMTR is of a temporary nature, meaning that 'the DJIMTR is efficiently priced'. In the regression model, the significant factors that explain transient premiums' size are identified as transaction cost, trading volume, intraday volatility and institutional ownership ratio. The results of the study are expected to provide new insights for founders who are planning to create mutual funds to track Islamic market indexes and to guide individual investors targeting Islamic indexes in their investment decisions.","PeriodicalId":379725,"journal":{"name":"American J. of Finance and Accounting","volume":"49 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":"133884415","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
Bank efficiency, profitability and equity capital: evidence from developing countries 银行效率、盈利能力和股本:来自发展中国家的证据
American J. of Finance and Accounting Pub Date : 2010-11-24 DOI: 10.1504/AJFA.2010.037062
Sok-Gee Chan, M. Karim
{"title":"Bank efficiency, profitability and equity capital: evidence from developing countries","authors":"Sok-Gee Chan, M. Karim","doi":"10.1504/AJFA.2010.037062","DOIUrl":"https://doi.org/10.1504/AJFA.2010.037062","url":null,"abstract":"This paper analysed the effects of profitability and equity capital on bank efficiency of commercial banks in the developing countries. To achieve the objectives, the stochastic frontier approach is used in the first stage of the analysis to obtain cost and profit efficiency scores. In the second stage, the efficiency scores obtained are regressed with a measure of bank's equity capital and profitability by using the Tobit regression model. The results show that equity to total assets ratio has a negative effect on efficiency indicating that either the use of debts in financing bank operations or less regulatory condition contribute to higher efficiency. The results also found that return on assets have a positive effect on profit efficiency suggesting the needs for efficient utilisation of banks assets.","PeriodicalId":379725,"journal":{"name":"American J. of Finance and Accounting","volume":"16 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":"121933382","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
Cash-out vs. cash-in refinancings: their dynamic relationships with stock market and real estate factors 套现与套现再融资:它们与股票市场和房地产因素的动态关系
American J. of Finance and Accounting Pub Date : 2010-11-24 DOI: 10.1504/AJFA.2010.037063
Ling T. He, K. Casey
{"title":"Cash-out vs. cash-in refinancings: their dynamic relationships with stock market and real estate factors","authors":"Ling T. He, K. Casey","doi":"10.1504/AJFA.2010.037063","DOIUrl":"https://doi.org/10.1504/AJFA.2010.037063","url":null,"abstract":"This study addresses the relationship between cash-out and cash-in mortgage refinancings and the stock market. Liquefying home equity is the major reason for the cash-out refinancings, whereas the cash-in refinancings are primarily for an earlier mortgage payoff. This study analyses responses of each type of refinancing to innovations in the stock market, mortgage rates, effective maturity and home appreciation rates and the relative importance of these innovations to refinancing activities using orthogonalised impulse response and variance decomposition matrixes from vector autoregression. We find that changes in stock prices do appear to impact mortgage refinancing decisions.","PeriodicalId":379725,"journal":{"name":"American J. of Finance and Accounting","volume":"1 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":"129036573","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
Corporate governance and foreign direct investment inflows: cross-sectional international evidence 公司治理与外国直接投资流入:国际横向证据
American J. of Finance and Accounting Pub Date : 2010-08-09 DOI: 10.1504/AJFA.2010.034564
O. Farooque, Subba Reddy Yarram
{"title":"Corporate governance and foreign direct investment inflows: cross-sectional international evidence","authors":"O. Farooque, Subba Reddy Yarram","doi":"10.1504/AJFA.2010.034564","DOIUrl":"https://doi.org/10.1504/AJFA.2010.034564","url":null,"abstract":"This study examines the interrelationships between foreign direct investment (FDI) inflows and country-level corporate governance in a large sample of countries for 2004. Building on the new paradigm shift of FDI attractiveness towards a host country's existing corporate governance environment, accounting/disclosure standards, property rights, openness of markets and legal/institutional infrastructure, this study provides new evidence of a significant positive bi-directional relationship between corporate governance and FDI. However, there is no significant effect of adoption of international accounting standards and legal origin on improving corporate governance and FDI inflows in the recipient country. But disclosure has significant positive impact on FDI inflows. While ownership diffusion has a significant positive effect on corporate governance, it shows a negative influence on FDI inflows. These evidences provide policy makers an insight to frame county-level strategy and implement appropriate measures in attracting FDI and improving quality of country-level corporate governance in an internationally competitive environment.","PeriodicalId":379725,"journal":{"name":"American J. of Finance and Accounting","volume":"56 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-08-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128337519","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
Evidence on the volatility of Indian and Japanese stock markets 印度和日本股市波动的证据
American J. of Finance and Accounting Pub Date : 2010-08-09 DOI: 10.1504/AJFA.2010.034567
Tarika Singh, S. Mehta, Deepali Gupta
{"title":"Evidence on the volatility of Indian and Japanese stock markets","authors":"Tarika Singh, S. Mehta, Deepali Gupta","doi":"10.1504/AJFA.2010.034567","DOIUrl":"https://doi.org/10.1504/AJFA.2010.034567","url":null,"abstract":"The purpose of the present study is to find out the historical volatility of the CNX S&P Nifty and Nikkie225 stock exchanges of India and Japan, respectively. The researchers have also tried to find out the impact of treasury bond rates changes on insurance companies in Japan and banking companies in India. The study done is descriptive in nature where secondary sources were used to collect the data. Purposive sampling technique was used for sampling insurance and banking companies. The sample size was of 8 insurance companies from Nikkie225 and 15 banking companies from NSE CNX S&P Nifty stock exchanges (used in the formulation of index). The study resulted in checking of volatility of Indian Nifty and Japanese Nikkie225 stock exchanges where high-frequency volatility was found out in Nikkie225 exchange. Similarly, it was found that insurance companies of Japan are more volatile to treasury bond rate changes as compared to Indian banking companies.","PeriodicalId":379725,"journal":{"name":"American J. of Finance and Accounting","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-08-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131425414","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 impact of exchange rate misalignment on portfolio inflows in Malaysia 汇率失调对马来西亚投资组合流入的影响
American J. of Finance and Accounting Pub Date : 2010-08-09 DOI: 10.1504/AJFA.2010.034566
N. M. Sidek, M. Yusoff
{"title":"The impact of exchange rate misalignment on portfolio inflows in Malaysia","authors":"N. M. Sidek, M. Yusoff","doi":"10.1504/AJFA.2010.034566","DOIUrl":"https://doi.org/10.1504/AJFA.2010.034566","url":null,"abstract":"The primary reason why exchange rate misalignment is of interest to economists lie with the notional premise that risks emanating from overvaluation may undermine the competitiveness of Malaysia as a destination for portfolio investment inflows. On the other hand, undervaluation should make her a more attractive host. This study presents an attempt to examine the impact of exchange rate misalignment on portfolio inflows in Malaysia. Results show that events of misalignment have a negative impact on portfolio inflows. Specifically, overvaluation has significant deterrent effect on portfolio inflows but the opposite could not be implied in the case of undervaluation. Therefore, exchange rate policies should be geared to keep the exchange rate in line with the economic fundamentals so as to avoid prolonged overvaluation.","PeriodicalId":379725,"journal":{"name":"American J. of Finance and Accounting","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-08-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130738685","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
Intellectual capital and the creation of value in Latvian banking sector: panel data analysis 拉脱维亚银行业的智力资本和价值创造:面板数据分析
American J. of Finance and Accounting Pub Date : 2010-08-09 DOI: 10.1504/AJFA.2010.034565
N. Titova
{"title":"Intellectual capital and the creation of value in Latvian banking sector: panel data analysis","authors":"N. Titova","doi":"10.1504/AJFA.2010.034565","DOIUrl":"https://doi.org/10.1504/AJFA.2010.034565","url":null,"abstract":"Intellectual capital (IC) has proven to be under valuated in many countries over the world. This paper provides some evidence that Latvia is not an exception. Author has used the research methods applied in the research on financial sector by the Malaysian, Finnish and Brazilian scientists to provide a view to the issues of IC in Latvian banking sector. The study is based on applying calculated intangible value (CIV), which measures the monetary value of IC or IC stock, value-added intellectual coefficient (VAIC™), which describes how a company's IC adds value to the company and intellectual capital efficiency (ICE), which measure the flow of IC. This paper presents the results on the analysis of different aspects of IC evaluation, its components and relationships based on the financial statement data collected for all the 24 Latvian banks during the period between 2004 and 2008.","PeriodicalId":379725,"journal":{"name":"American J. of Finance and Accounting","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-08-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129563632","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
The effects of ownership structure on asset restructuring performance 股权结构对资产重组绩效的影响
American J. of Finance and Accounting Pub Date : 2010-08-09 DOI: 10.1504/AJFA.2010.034569
Norazlan Alias, F. M. Nor, M. Yaacob
{"title":"The effects of ownership structure on asset restructuring performance","authors":"Norazlan Alias, F. M. Nor, M. Yaacob","doi":"10.1504/AJFA.2010.034569","DOIUrl":"https://doi.org/10.1504/AJFA.2010.034569","url":null,"abstract":"This study examined the relationship between firm characteristics such as board of directors' ownership (BODOWN), institutional ownership (INSOWN), concentrated ownership (CONOWN), debt ratio and levels of diversification which had been identified in the literature as the determinants of corporate restructuring and corporate performance before and after restructuring. Ninety six asset restructuring (AR) firms listed on the Bursa Malaysia (formerly known as Kuala Lumpur Stock Exchanges) between 1990 and 2002 were selected as the final samples. Prior to AR, BODOWN had significant negative relationship while INSOWN had significant positive relationship with performance. The findings also revealed that the ownership structure had significant relationship with performance following AR. However, only BODOWN had significant positive relationship with performance in post restructuring period. In conclusion, in Malaysia, the firm's ownership structure played a role in determining performance following AR.","PeriodicalId":379725,"journal":{"name":"American J. of Finance and Accounting","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-08-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124716578","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
The relation between performance-based budgeting and activity-based budgeting 绩效预算与活动预算的关系
American J. of Finance and Accounting Pub Date : 2010-08-09 DOI: 10.1504/AJFA.2010.034568
H. Vakilifard, M. Zeynali, R. Mohammadipour
{"title":"The relation between performance-based budgeting and activity-based budgeting","authors":"H. Vakilifard, M. Zeynali, R. Mohammadipour","doi":"10.1504/AJFA.2010.034568","DOIUrl":"https://doi.org/10.1504/AJFA.2010.034568","url":null,"abstract":"Successful and pioneer organisations are trying to combine budgeting process, strategic planning and performance management. Our objective is evaluating implementation of performance-based budgeting (PBB) by using activity-based budgeting (ABB). The research has been done in Telecommunication Organization in Iran and data gathering was done by the means of observation, document analysis and interview. The results of this research indicate that implementation of PBB by using ABB's abilities can be easier and PBB's goals which emphasise on efficiency, effectiveness, economy, outputs and outcomes will be reached. This research is as the first step of PBB's implementation, and it should be continued in order to reach and find the main frame as PBB's goals.","PeriodicalId":379725,"journal":{"name":"American J. of Finance and Accounting","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-08-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126327298","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
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