Journal of International Financial Management & Accounting最新文献_第10页

Does audit report information improve financial distress prediction over Altman's traditional Z-Score model? 与奥特曼传统的Z-Score模型相比，审计报告信息是否改善了财务困境预测？

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2019-09-19 DOI: 10.1111/jifm.12110

Nora Muñoz-Izquierdo, Erkki K. Laitinen, María-del-Mar Camacho-Miñano, David Pascual-Ezama

{"title":"Does audit report information improve financial distress prediction over Altman's traditional Z-Score model?","authors":"Nora Muñoz-Izquierdo, Erkki K. Laitinen, María-del-Mar Camacho-Miñano, David Pascual-Ezama","doi":"10.1111/jifm.12110","DOIUrl":"https://doi.org/10.1111/jifm.12110","url":null,"abstract":"We analyze empirically the usefulness of combining accounting and auditing data in order to predict corporate financial distress. Concretely, we examine whether audit report information incrementally predicts distress over a traditional accounting model: the Altman's Z-Score model. Although the audit report seems to play a critical part in financial distress prediction because auditors should warn investors about any default risks, this is the first study that uses audit report disclosures for predicting purposes. From a dataset of 1,821 Spanish distressed private firms, we analyze a sample of distressed and non-distressed firms and develop logit prediction models. Our results show that while the only accounting model registers a classification accuracy of 77%, combined models of accounting and auditing data exhibit considerably higher accuracy (about 87%). Specifically, our findings indicate that the number of disclosures included in the audit report, as well as disclosures related to a firm's going concern status, firms’ assets, and firms’ recognition of revenues and expenses contribute the most to the prediction. Our empirical evidence has implications for financial distress practice. For managers, our study highlights the importance of audit report disclosures for anticipating a financial distress situation. For regulators and auditors, our study underscores the importance of recent changes in regulation worldwide intended to increase auditor's transparency through a more informative audit report.","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"31 1","pages":"65-97"},"PeriodicalIF":5.1,"publicationDate":"2019-09-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/jifm.12110","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72158560","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 37

After Modigliani, Miller, and Hamada: A new way to estimate cost of capital 继Modigliani, Miller和Hamada之后:一种估算资本成本的新方法

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2019-08-07 DOI: 10.1111/jifm.12109

Roland Clère

引用次数: 6

Controlling risks to ensure financial stability and reducing volatility 控制风险，确保金融稳定，减少波动

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2019-07-18 DOI: 10.1111/jifm.12107

Giampaolo Gabbi, Richard Levich

{"title":"Controlling risks to ensure financial stability and reducing volatility","authors":"Giampaolo Gabbi, Richard Levich","doi":"10.1111/jifm.12107","DOIUrl":"10.1111/jifm.12107","url":null,"abstract":"The 11th International Risk Management Conference was held at the University of Paris-Dauphine and the EM LYON Business School (Paris Campus) in June 2018. The conference theme “1968–2018: From Z-Score to Contemporary Risk Management, 50 Years of Risk Measurement and Management” was selected as a means to showcase the many ways that financial risk measurement has evolved and impacted financial risk management in banks and corporations as well as the tools used by asset managers and market regulators. The four papers included in this special issue of the Journal of International Financial Management and Accounting focus on a wide range of issues: How small differences in credit ratings effect the speed of adjustment in corporate leverage, the impact of using soft variables to assess default probabilities in European corporations, a new approach to measuring a company's intrinsic risk, and the effectiveness of short sale circuit breaker rules to limit stock price volatility. Our Foreword highlights the main findings of these papers and offers our assessment of the lessons they provide for financial managers and policymakers.","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"30 3","pages":"183-187"},"PeriodicalIF":5.1,"publicationDate":"2019-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/jifm.12107","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130922449","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 5

Rating and capital structure: How do the signs affect the speed of adjustment? 评级和资本结构:这些迹象如何影响调整速度?

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2019-07-03 DOI: 10.1111/jifm.12106

Reyes Samaniego-Medina, Filippo di Pietro

引用次数: 7

The pricing accuracy of alternative equity valuation models: Scandinavian evidence 另类股权估值模型的定价准确性：斯堪的纳维亚证据

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2019-05-18 DOI: 10.1111/jifm.12097

Sebastian Anesten, Niclas Möller, Kenth Skogsvik, Stina Skogsvik

{"title":"The pricing accuracy of alternative equity valuation models: Scandinavian evidence","authors":"Sebastian Anesten, Niclas Möller, Kenth Skogsvik, Stina Skogsvik","doi":"10.1111/jifm.12097","DOIUrl":"https://doi.org/10.1111/jifm.12097","url":null,"abstract":"In many decision contexts, there is a need for benchmark equity valuations, based on simplified modeling and publicly available information. Prior research on U.S. data however shows that the accuracy of such valuation models can be low and sensitive to the choice of model specifications and value driver predictions. In this paper, we test the applicability and pricing accuracy of three fundamental valuation (dividend discount, residual income, and abnormal earnings growth) models, all based on forecasts of company dividends, earnings, and/or equity book values. Extending prior research, we apply these models to Scandinavian firms with accounting data from the period 2005–2014, explicitly testing two approaches for the prediction of the value drivers—exogenously forecasted numbers versus projected historical numbers. Given access to the forecasted value drivers, the dividend discount model comes out as the most accurate valuation model. In particular, this holds in a comparison between the most parsimonious model specifications. The residual income valuation model generates the best pricing accuracy given the prediction of value drivers based on historical financial numbers. Notably, we observe pricing errors that in general are lower than what has been reported in prior U.S.-based research for the dividend discount and the residual income valuation models. The pricing accuracy of the abnormal earnings growth models is surprisingly weak in the Scandinavian setting. However, these models improve somewhat after a couple of complexity adjustments, in particular with value driver predictions based on the projected history setting.","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"31 1","pages":"5-34"},"PeriodicalIF":5.1,"publicationDate":"2019-05-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/jifm.12097","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72156780","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 7

Antecedents of the international association for accounting education and research (1966–1983): A review of early initiatives to develop an international academic accounting association 国际会计教育与研究协会的前身(1966-1983):对建立国际学术会计协会的早期倡议的回顾

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2019-05-03 DOI: 10.1111/jifm.12096

Frank Clarke, Graeme Dean, Martin Persson

{"title":"Antecedents of the international association for accounting education and research (1966–1983): A review of early initiatives to develop an international academic accounting association","authors":"Frank Clarke, Graeme Dean, Martin Persson","doi":"10.1111/jifm.12096","DOIUrl":"10.1111/jifm.12096","url":null,"abstract":"Interest in this topic followed examination of new data discussing several antecedent proposals for establishing an international academic accounting association in the period 1966–1983, culminating in the 1984 formation of the International Association for Accounting Education and Research (IAAER). Relevant correspondence between several academics is now publicly available in the R.J. Chambers Archive at the University of Sydney. This enables justified statements to be made about the pre-1984 antecedents of the IAAER, thereby filling a vacuum in our understanding of the history of the organization. We initially discuss Ray Chambers’ and others’ desire for, and attempts to promote an international approach to accounting research and practice. Chambers unsuccessfully attempted to organize an international think-tank, beginning in the mid-1960s with something like the International Economic Association of that time. He persisted, through participation in the Accounting Researchers International Association, an elite accounting society. Eventually, those proposals were discarded as he and others like Adolf Enthoven and David Solomons proposed an international confederation of accounting educators and researchers in 1977 and 1978. Efforts of other leading accounting academics of that time, in particular Norlin Rueschhoff and Seigo Nakajima, are also shown to have influenced the eventual formation of the simplified 1984 IAAER body with, initially, its individual-based membership and objectives. Later, IAAER would become much more like the international confederation of accounting educators and researchers that Chambers had proposed in the 1997 Berlin International Conference on Accounting Education.","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"30 2","pages":"163-178"},"PeriodicalIF":5.1,"publicationDate":"2019-05-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/jifm.12096","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116427623","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 3

Audit firm tenure and audit quality: A cross-European study 审计事务所任期与审计质量：跨欧洲研究

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2019-04-26 DOI: 10.1111/jifm.12098

Josep Garcia-Blandon, Josep Maria Argilés-Bosch, Diego Ravenda

{"title":"Audit firm tenure and audit quality: A cross-European study","authors":"Josep Garcia-Blandon, Josep Maria Argilés-Bosch, Diego Ravenda","doi":"10.1111/jifm.12098","DOIUrl":"https://doi.org/10.1111/jifm.12098","url":null,"abstract":"Directive 2014/56/EU and Regulation (EU) No. 537/2014, which came into effect in June 2016, introduced the mandatory rotation of audit firms after a maximum period of 10 years with the same client. We conduct a cross-European study with the aim of assessing whether long audit firm tenures are associated with lower levels of audit quality. The sample for the study is based on the constituents of the Standard & Poor's Europe 350 index for the years between 2009 and 2016, and we utilize three different sets of proxies for audit quality: discretionary accruals, differences between reported earnings and earnings benchmarks, and accounting restatements. The main result of the study finds that companies with more than 10 years of tenure with their auditors do not have a lower audit quality than other firms. In fact, this study provides some evidence of a higher audit quality for these firms. The results are robust to various checks. Therefore, if there does not seem to be a problem of a lack of audit quality associated with long audit firm tenures, the necessity of establishing a maximum tenure, as the new European regulation does, may be questioned.","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"31 1","pages":"35-64"},"PeriodicalIF":5.1,"publicationDate":"2019-04-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/jifm.12098","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72165292","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 36

What matters in disclosures of key audit matters: Evidence from Europe 关键审计事项披露的重要事项:来自欧洲的证据

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2018-12-23 DOI: 10.1111/jifm.12095

Inês Pinto, Ana Isabel Morais

{"title":"What matters in disclosures of key audit matters: Evidence from Europe","authors":"Inês Pinto, Ana Isabel Morais","doi":"10.1111/jifm.12095","DOIUrl":"10.1111/jifm.12095","url":null,"abstract":"New regulation in the European Union has introduced the mandatory disclosure of key audit matters (KAMs) to audit reports. The EU has identified KAMs as significant risks, significant transactions or events, or significant judgments by auditors. This paper aims to determine the factors that influence the number of KAMs that auditors disclose in the main European countries under the new regulation. We predict that the litigation risk, reputation loss, auditor–client relationship, precision of accounting standards, and the effect of regulators and supervisors’ activities affect the number of KAMs that auditors disclose. The sample consists of firms on the FTSE 100, CAC 40, or AEX 25 that have disclosed KAMs at the 2016 fiscal year-end. In line with our hypotheses, the findings show that a higher number of business segments (complexity) and more precise accounting standards lead to the disclosure of a higher number of KAMs. Contrary to our expectations, the results indicate that a positive association exists between the audit fee and the number of KAMs disclosed. As audit fees can be related to higher client risk, this finding could indicate that litigation risk dominates any auditor–client dependence. Further, although auditors often view their audits of banks as complex, the findings show a negative association between banks and the number of disclosed KAMs. This evidence may be related to the fact that financial institutions are in a highly regulated and supervised industry that reduces the need to disclose the KAMs.","PeriodicalId":46659,"journal":{"name":"Journal of International Financial Management & Accounting","volume":"30 2","pages":"145-162"},"PeriodicalIF":5.1,"publicationDate":"2018-12-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/jifm.12095","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114024623","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 78

Macroeconomic effects of aggregate accounting conservatism: A cross-country analysis 总体会计稳健性的宏观经济效应:一个跨国分析

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2018-12-21 DOI: 10.1111/jifm.12093

Chuong Do, Sandeep Nabar

引用次数: 6

International Financial Reporting Standards adoption and information quality: Evidence from Brazil 采用国际财务报告准则与信息质量:来自巴西的证据

IF 5.1 3区管理学

Journal of International Financial Management & Accounting Pub Date : 2018-11-05 DOI: 10.1111/jifm.12092

Li Li Eng, Jing Lin, João Neiva De Figueiredo

引用次数: 26