FEN: Other International Corporate Finance (Topic)最新文献_第5页

Assessment of Compliance With OHADA Uniform Accounting Act by Public Limited Companies 公共有限责任公司遵守OHADA统一会计法的评估

FEN: Other International Corporate Finance (Topic) Pub Date : 2016-06-07 DOI: 10.2139/ssrn.3433424

Michael Forzeh Fossung

{"title":"Assessment of Compliance With OHADA Uniform Accounting Act by Public Limited Companies","authors":"Michael Forzeh Fossung","doi":"10.2139/ssrn.3433424","DOIUrl":"https://doi.org/10.2139/ssrn.3433424","url":null,"abstract":"Francophone African countries have made a tremendous effort in harmonising domestic standards and reporting with the International Financial Reporting Standards (IFRS). Moving from two distinct OCAM streams to two OHADA streams (effective 1985) and now one OHADA Uniform Accounting Act embodying 17 member countries (effective 2001) is a milestone towards harmonisation of reporting practice both domestically and internationally. This empirical study examines whether the effort of harmonisation, especially after the 2001 standards has resulted in the successful convergence of firms' accounting practices by analysing public limited liability companies' compliance with the OHADA Uniform Accounting Act and if such compliance has improved over time. The study has been carried out using the 2008 and 2009 annual reports of three public limited companies in the OHADA zone that translate their financial statements into IFRS. The ranks of closeness and compliance index have been used to analyse data. Findings reveal a relatively high level of compliance with the accounting regulation by sampling limited liability companies. The results also give an indication of harmonisation in accounting practice of limited companies within member countries as they were found to be substantially consistent in compliance, especially in countries that have instituted the Statistics and Tax returns (or \"DSF\") as a reporting medium.","PeriodicalId":417524,"journal":{"name":"FEN: Other International Corporate Finance (Topic)","volume":"51 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-06-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116004267","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

Employment Protection Laws and Corporate Cash Holdings 就业保护法和公司现金持有

FEN: Other International Corporate Finance (Topic) Pub Date : 2016-05-06 DOI: 10.2139/ssrn.2773072

Ahmet Karpuz, Kirak Kim, Neslihan Ozkan

引用次数: 26

Sovereign Credit Ratings and the Stock Price Informativeness of Cross-Listings 主权信用评级与交叉上市的股价信息

FEN: Other International Corporate Finance (Topic) Pub Date : 2016-04-22 DOI: 10.2139/ssrn.2798422

Raja Patnaik

{"title":"Sovereign Credit Ratings and the Stock Price Informativeness of Cross-Listings","authors":"Raja Patnaik","doi":"10.2139/ssrn.2798422","DOIUrl":"https://doi.org/10.2139/ssrn.2798422","url":null,"abstract":"This paper examines the benefits foreign firms gain from cross-listing shares on a major U.S. exchange. I study sovereign credit rating changes in 49 countries to investigate whether secondary listings in the U.S. are associated with improvements in a firm’s information environment. I document that firms without a cross-listing experience significantly negative abnormal returns around negative sovereign rating events, while foreign firms with secondary listings on major U.S. exchanges on average experience no significant surprise reaction. I show that these events are value-relevant for cross-listed firms and that the difference in abnormal return behavior is not a result of unobservable disparities in firm characteristics between cross-listed firms and firms without a secondary listing. Several proxies for the amount of (private) information incorporated in U.S. share prices are determinants of abnormal return behavior for cross-listed firms around sovereign rating announcements. Ownership of cross-listed U.S. shares by more informed investors similarly reduces price sensitivity to these events for cross-listed firms. In addition, I examine the lead-lag relationship between returns of cross-listed U.S. shares and the underlying home market shares and document information spillovers from the U.S. to the home market shares in the period prior to a sovereign rating announcement. These results provide an information based rather than corporate governance related explanation for the observed value premium of cross-listed firms.","PeriodicalId":417524,"journal":{"name":"FEN: Other International Corporate Finance (Topic)","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-04-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125330958","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 Institutions on the Direction of International Capital Flows 制度对国际资本流动方向的作用

FEN: Other International Corporate Finance (Topic) Pub Date : 2016-04-18 DOI: 10.2139/ssrn.2932973

Rüçhan Kamil Altun

{"title":"The Role of Institutions on the Direction of International Capital Flows","authors":"Rüçhan Kamil Altun","doi":"10.2139/ssrn.2932973","DOIUrl":"https://doi.org/10.2139/ssrn.2932973","url":null,"abstract":"This paper studies the effect of different domestic institutions (property rights, corporate governance, and financial efficiency) on the net direction of different international capital flows (FDI and financial capital) in an empirical setting by taking the theoretical framework designed in Ju and Wei (2010) as a basis. Using a panel dataset for 123 countries covering the period 2006-2014 the results confirm the two-way direction of different international capital flows. The strength of property rights protection is found to have a statistically significant negative lagged effect on net FDI leading to a net outflow of FDI at relatively higher levels of property rights protection. Better corporate governance and financial efficiency is found to have a statistically significant positive effect on net financial capital leading to a net inflow of financial capital at relatively higher levels of financial system efficiency. The relationships holds for different specifications of the model although property rights becomes insignificant once the model has been corrected for potential autocorrelation and heteroskedasticity. Furthermore, there is potential reverse causality between institutions and capital flows that needs to be addressed using a proper time-variant instrument.","PeriodicalId":417524,"journal":{"name":"FEN: Other International Corporate Finance (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131779024","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

Spatial Dependence in Sovereign Wealth Funds' Investments 主权财富基金投资的空间依赖性

FEN: Other International Corporate Finance (Topic) Pub Date : 2016-01-05 DOI: 10.2139/ssrn.2711354

Nicolas Debarsy, J. Gnabo, Malik Kerkour

引用次数: 1

Using Broadband to Enhance Financial Inclusion 利用宽带加强普惠金融

FEN: Other International Corporate Finance (Topic) Pub Date : 2015-12-10 DOI: 10.2139/SSRN.1555053

Ignacio Mas

引用次数: 3

Chapter 11 - Cross-Border Company Seat Transfers in the EU - Conclusion 第十一章-欧盟境内跨国公司所在地转移-结论

FEN: Other International Corporate Finance (Topic) Pub Date : 2015-11-11 DOI: 10.2139/ssrn.2837424

Thomas Biermeyer

引用次数: 0

The Impact of Governance and Transparency on Firm Investment in Vietnam 治理和透明度对越南企业投资的影响

FEN: Other International Corporate Finance (Topic) Pub Date : 2015-10-01 DOI: 10.1111/ecot.12068

Edmund J. Malesky, N. McCulloch, Nguyen Duc Nhat

引用次数: 32

An Empirical Model Comparison for Valuing Crack Spread Options 裂纹扩展期权估值的经验模型比较

FEN: Other International Corporate Finance (Topic) Pub Date : 2015-06-01 DOI: 10.2139/ssrn.1557006

Steffen Mahringer, Marcel Prokopczuk

引用次数: 14

Constraints to the Development of A Fully-Fledged Municipal Bond Market in Ghana 加纳发展成熟市政债券市场的制约因素

FEN: Other International Corporate Finance (Topic) Pub Date : 2015-05-30 DOI: 10.2139/ssrn.2647391

N. O. Ansah

{"title":"Constraints to the Development of A Fully-Fledged Municipal Bond Market in Ghana","authors":"N. O. Ansah","doi":"10.2139/ssrn.2647391","DOIUrl":"https://doi.org/10.2139/ssrn.2647391","url":null,"abstract":"Financial markets have become vital tools for sustaining the economies of developing countries to this, many developing countries have embarked on a number of financial sector developments, the government of Ghana as part of the structural adjustment programme launched the Financial Sector Adjustment Programme (FINSAP) to address the deterioration problems in the financial sector. But Ghana still lacks a well-established banking sector and local commercial banks usually find it difficult to provide long-term loans for infrastructure projects. Infrastructure projects often require funding that would exceed the amount that a commercial bank can lend to a single customer under banking regulations. They are not well positioned to finance infrastructure that is intended to generate revenues over 20 to 30 years.Therefore in order to meet the country’s infrastructure financing needs, there is the need to fall on a substantial larger financial option to finance local infrastructure and projects. Ghana’s Local infrastructure projects typically involve a large investment of funds over several years and the expectation of the Priority Action Plan by African Development Bank has necessitated the need of issuing municipal bond to finance it infrastructure projects It was in this light that this paper focused on the constraints and challenges to the development and the implementation of a domestic bond market, and the applicability of such experiences to Ghana. The study specifically analyzed the challenges hindering the development and implementation of municipal bond market in Ghana.The study concludes that Current sources of finance for government of Ghana can’t meet the 10-30 years developmental needs of Ghana so there is the need for municipal bond market to issue municipal bonds. But Government of Ghana hasn’t made much concerted effort by putting a legal or operational framework in place which would enable metropolitan, municipal and district assemblies to issue bonds to finance their infrastructure projects.","PeriodicalId":417524,"journal":{"name":"FEN: Other International Corporate Finance (Topic)","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-05-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126448038","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