Academy of Accounting and Financial Studies Journal最新文献

{"title":"Cryptography in Financial Markets: Potential Channels for Future Financial Stability","authors":"Alim Al Ayub Ahmed, Harish Paruchuri, Siddhartha Vadlamudi, Apoorva Ganapathy","doi":"10.5281/ZENODO.4774829","DOIUrl":"https://doi.org/10.5281/ZENODO.4774829","url":null,"abstract":"Digital finance is assuming a significant part in the arrangement of financial services all over the world. Fast growth with digitalization, data analysis, and computing capacities allows for a whole new scope of financial services and transactions. This financial development empowered by digital financial technology (Fintech) has pulled in a ton of attention, as it could offer some potential for economic growth and development. As a part of the Fintech environment, cryptography has started to grow quickly and digital assets are acquiring in favorability among financial bankers and investors. Human behavior as they engage with financial activities is personally associated with the noticed market elements. However, with many existing theories and studies on the fundamental motivations of the conduct of people in financial frameworks, there is still restricted experimental derivation of the behavioral conduct of the financial agents from a definite market analysis. Cryptocurrency technology has given a map to this analysis with its voluminous data and its transparency of financial transactions. It has empowered us to perform inference on the personal conduct standards of users in the market, which we analyze in the bitcoin and ethereum cryptocurrency markets. In our study, we initially decide different properties of the cryptography users by complex network analysis. Financial cryptography is a difficult subject that necessitates abilities from a variety of seemingly unrelated fields. There is a serious risk that attempts to establish Financial Cryptography frameworks would simplify or omit key disciplines because they are caught between central banking and cryptography. This paper discusses research that attempts to limit the scope of Financial Cryptography. This model should assist the project, administrative, and requirements personnel by classifying each discipline into a seven-layer model of basic nature, where the link between each adjoining layer is evident. While this model is shown as effective, all models have cutoff points. This one does not present a design system or a protocol agenda. Furthermore, given the model's initial adaptation and the field, it should be viewed as a suggestion of complexity rather than a definitive approach.","PeriodicalId":39296,"journal":{"name":"Academy of Accounting and Financial Studies Journal","volume":"25 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-05-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49620896","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}

{"title":"Does Book-Tax Difference Influence the Value Relevance of Book Income? Empirical Evidence from Japan","authors":"A. Yamada","doi":"10.2139/SSRN.2615213","DOIUrl":"https://doi.org/10.2139/SSRN.2615213","url":null,"abstract":"This paper analyzes the effects of the book-tax difference (BTD) on accounting accruals and value relevance. Recent studies argued that book-tax conformity increases earnings quality. However, other studies argued that book-tax conformity decreases earnings quality. The previous studies failed to isolate the components of BTD, and they did not consider the design of the operation of accounting or tax systems, which is the reason for the conflicting results. This paper isolates the elements of BTD and compares these elements and similar items. In addition, this paper focuses on the timing of changing accounting and tax systems. We predict and find that (1) large discretionary book-only accruals (DBOA) reduce the value relevance of earnings, (2) the value relevance of firms with large non-discretionary book-only accruals (NBOA) are higher than other firms. However, this result is not clear from a comparison of the value relevance of firms with large non-discretionary book-tax accruals (NBTA), and (3) the relationship between BTD and value relevance depends on the accounting system and the taxation system.","PeriodicalId":39296,"journal":{"name":"Academy of Accounting and Financial Studies Journal","volume":"20 1","pages":"123"},"PeriodicalIF":0.0,"publicationDate":"2016-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68226031","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}

{"title":"Timely Loss Recognition, Agency Costs and the Cash Flow Sensitivity of Firm Investment","authors":"Michael J Imhof","doi":"10.2139/ssrn.1465907","DOIUrl":"https://doi.org/10.2139/ssrn.1465907","url":null,"abstract":"INTRODUCTION I examine whether timely loss recognition affects the sensitivity of firm investment to cash flows, a proxy for internal funds (see Hayashi, 1982). (1) Two related streams of literature motivate my analyses. First, timely loss recognition may arise not only out of a contracting need (Watts, 2003), but also out of the need to reduce information asymmetries between managers and investors (e.g. LaFond and Watts, 2008; Biddle et al., 2009). Where managers have significant information advantages over investors, timely loss recognition may act as a governance mechanism by resulting in a more conservative estimate of firm value. In line with this argument, timely loss recognition has been shown to be negatively related to cost of capital (e.g. Zhang, 2008; Lara et al., 2010), indicating investors consider conservative firms to be less risky. Second, financial reporting may have real effects in that managers take into account financial reporting practices when making operating and investment decisions (see Kanodia, 2007; McNichols and Stubben, 2009). Recent studies by Bushman et al. (2005), Ahmed and Duellman (2011), Francis and Martin (2009), and Lara et al. (2009) provide evidence that timely loss recognition improves capital allocation and investment profitability. Collectively, these findings support the argument by Ball (2001) and Ball and Shivakumar (2005) that conservative accounting forces managers to be mindful ex-ante of how they will report the outcomes of their investment decisions to investors ex-post. Given the potential for timely loss recognition to reduce external capital costs and affect managers' investment decisions, I examine its impact on one of the more established relations in the corporate finance literature, namely, the sensitivity of firm investment to cash flows. (2) Because of its ability to decrease external capital costs, timely loss recognition should be associated with a lower sensitivity of firm investment to cash flows. Furthermore, to the extent that timely loss recognition provides governance benefits, its impact on the investment-cash flow relation should be strongest in firms with a high agency costs (see LaFond and Watts, 2008; Francis and Martin, 2010). To test these predictions I expand the basic investment-cash flow model (e.g., Myers and Majluf, 1984; Gurgler et al., 2007; Chen et al., 2007) and examine whether the sensitivity of investment to cash flows is decreasing in timely loss recognition. I then introduce agency costs into the model to determine whether the impact of timely loss recognition on the investment-cash flow relation is dependent upon a firm's potential for agency problems. Results support my predictions; timely loss recognition is associated with a lower sensitivity of firm investment to cash flows, and this effect is strongest in firms with high agency costs. These findings are robust to both a changes specification of my primary empirical model and alternative measures of timely","PeriodicalId":39296,"journal":{"name":"Academy of Accounting and Financial Studies Journal","volume":"18 1","pages":"45"},"PeriodicalIF":0.0,"publicationDate":"2014-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.2139/ssrn.1465907","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68183985","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}

{"title":"Methodologies Used to Determine Mergers and Acquisitions’ Performance","authors":"Madhvi Sethi, Dipali Krishnakumar","doi":"10.2139/SSRN.1803922","DOIUrl":"https://doi.org/10.2139/SSRN.1803922","url":null,"abstract":"Over the years, several studies have been done by researchers and practitioners to understand the significance of adopting Mergers & Acquisitions (MA identify the most popular methods; their limitations and benefits; and analyze whether research conclusions differ depending upon the method used to measure performance. We also research whether methods used in emerging markets such as India differ from those typically used in the developed markets. We find that internationally event studies dominate acquisition performance research; while research on Indian acquisitions has primarily been based on accounting returns. There are a few other methods such as data envelopment analysis and balanced score card methods which warrant further research and inclusion in MA which is an important factor for researchers and practitioners to consider while drawing conclusions on acquisition success or failure. We recommend that the method of evaluation should be based on the country of study, and more significantly the aspect under examination i.e. profitability, stock market perception or efficiency. Our contribution to the present body of knowledge is to suggest that methods of evaluation used in developed markets may not work in emerging markets and that method selection can influence research conclusions.","PeriodicalId":39296,"journal":{"name":"Academy of Accounting and Financial Studies Journal","volume":"7 1","pages":"75"},"PeriodicalIF":0.0,"publicationDate":"2012-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67748997","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}

{"title":"Goodwill Impairment: A Comparative Country Analysis","authors":"Zane L. Swanson, Robert Singer, Alexis Downs","doi":"10.2139/SSRN.1003941","DOIUrl":"https://doi.org/10.2139/SSRN.1003941","url":null,"abstract":"In response to proposed convergence of accounting standards, we investigate whether non-U.S. firms (which list their shares on U.S. secondary markets and report under U.S. standards) are more likely to interpret and apply the accounting rules in a different manner than their U.S. counterparts. Specifically, this paper evaluates a mediation effect that non-U.S. firms will take greater goodwill impairment charges under SFAS 142 than U.S. firms. Extending earlier international accounting research (e.g., d'Arcy 2006), the study illustrates the difference between de jure harmonization (harmonized rules) and de facto harmonization (harmonized practices) and examines the impact of legal, accounting, and cultural values upon the accounting for goodwill. The findings indicate that both firm-level and country-level characteristics affect the goodwill impairment decision.","PeriodicalId":39296,"journal":{"name":"Academy of Accounting and Financial Studies Journal","volume":"17 1","pages":"25"},"PeriodicalIF":0.0,"publicationDate":"2007-07-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.2139/SSRN.1003941","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68120235","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}