Abacus最新文献_第3页

Commentary on ‘Accounting for Inflation: The Dog That Didn't Bark’ 关于 "通货膨胀会计：不叫的狗

Abacus Pub Date : 2024-02-11 DOI: 10.1111/abac.12317

S. P. Kothari

引用次数: 0

Commentary on ‘Accounting for Inflation: The Dog That Didn't Bark’ 关于 "通货膨胀会计：不叫的狗

Abacus Pub Date : 2024-02-11 DOI: 10.1111/abac.12317

S. P. Kothari

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Interpreting IFRS: The Evolving Role of Agenda Decisions 解释《国际财务报告准则》：议程决定不断演变的作用

Abacus Pub Date : 2024-01-05 DOI: 10.1111/abac.12312

Paola Ramassa, Alberto Quagli

{"title":"Interpreting IFRS: The Evolving Role of Agenda Decisions","authors":"Paola Ramassa, Alberto Quagli","doi":"10.1111/abac.12312","DOIUrl":"https://doi.org/10.1111/abac.12312","url":null,"abstract":"This study examines the evolution of the interpretative support provided by the IFRS Interpretations Committee (IC), the interpretative body of the International Accounting Standards Board (IASB), over the period 2002–2019. The study focuses on its most frequent output, agenda decisions (ADs), which can provide guidance that practice has long considered relevant and has been explicitly considered authoritative since 2020. We investigate whether the IC has provided additional guidance and changed the formulation of ADs over time in response to constituents’ criticism from the perspective of legitimacy theory. We find that the IC has progressively added more explanatory material and formulated ADs in a more complete and nuanced manner so as to gain consequential legitimacy by substantially addressing the constituents’ interpretation demands. This evolution points to the growing role of ADs, which strike a balance between difficult to reconcile objectives. Providing more substantial support to constituents’ submissions can be seen as a balancing act between a more explicit shift from principles to rules, and leaving room for local interpretations that could threaten the consistent application of International Financial Reporting Standards (IFRS). In shedding light on the IC's substantial response to the challenges posed by conflicting pressures and objectives, we add to the standard-setting literature by providing evidence-based insights into under-researched areas of IFRS interpretation. We also respond to calls for more policy-oriented research and offer two proposals to enhance the clarity of ADs in the light of their evolving content and increasing relevance.","PeriodicalId":501337,"journal":{"name":"Abacus","volume":"37 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-01-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139375404","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

Bankruptcy Resolution: Misery or Strategy 解决破产问题：痛苦还是策略

Abacus Pub Date : 2024-01-04 DOI: 10.1111/abac.12311

Jairaj Gupta, Mariachiara Barzotto, André Aroldo Freitas De Moura

引用次数: 0

MARKET INSTITUTIONS, FAIR VALUE, AND FINANCIAL ANALYST FORECAST ACCURACY 市场机构、公允价值和金融分析师预测的准确性

Abacus Pub Date : 2023-12-20 DOI: 10.1111/abac.12310

Rui Ye, Saeed Heravi, Jason Xiao

{"title":"MARKET INSTITUTIONS, FAIR VALUE, AND FINANCIAL ANALYST FORECAST ACCURACY","authors":"Rui Ye, Saeed Heravi, Jason Xiao","doi":"10.1111/abac.12310","DOIUrl":"https://doi.org/10.1111/abac.12310","url":null,"abstract":"This study investigates the valuation usefulness of fair values and related information disclosure in China and examines how regional‐level market institutions influence the valuation usefulness of fair value information. Based on a sample of Chinese listed companies during 2007 to 2016, the empirical results show a negative association between overall fair values and analyst forecast accuracy. Further analyses suggest that the negative association is likely driven by biases and/or errors in fair value estimates. Using a difference‐in‐difference research design, the study also documents that the implementation of ASBE 39 in 2014 has improved the valuation usefulness of fair values. There is evidence that different aspects of market institutions—including the extent of government intervention in the market and the legal environment—influence analysts’ use of fair value information. This study contributes to the literature by providing new and different evidence on the usefulness of fair values to financial analysts outside developed countries. Moreover, by taking advantage of the uneven institutional development across China, the study shows that different aspects of market institutions influence the valuation usefulness of fair value information.","PeriodicalId":501337,"journal":{"name":"Abacus","volume":"32 2","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138957263","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

Accounting for Inflation: The Dog That Didn't Bark 通货膨胀会计：不叫的狗

Abacus Pub Date : 2023-12-13 DOI: 10.1111/abac.12308

Ray Ball

引用次数: 0

Crisis Capital: Private Placements During COVID-19 危机资本：COVID-19 期间的私募融资

Abacus Pub Date : 2023-12-11 DOI: 10.1111/abac.12309

Angelo Aspris, Edward Bi, Sean Foley, Jiri Svec

引用次数: 0

The Accruals–Cash Flow Relation and the Evaluation of Accrual Accounting 权责发生制与现金流的关系以及对权责发生制会计的评价

Abacus Pub Date : 2023-12-06 DOI: 10.1111/abac.12307

Hyung Il Oh, Stephen Penman

{"title":"The Accruals–Cash Flow Relation and the Evaluation of Accrual Accounting","authors":"Hyung Il Oh, Stephen Penman","doi":"10.1111/abac.12307","DOIUrl":"https://doi.org/10.1111/abac.12307","url":null,"abstract":"Considerable research has evaluated the role of accruals in determining informative earnings, with an accrual–cash flow relation at the centre of the investigation. However, much of the research is based on a misunderstanding. First, accruals are identified as the numbers that reconcile earnings to cash flows in the cash flow statement. But these are not the non-cash accruals applied in determining earnings in the accrual accounting system; rather, they are changes in balance sheet items, most of which are the relevant accruals reduced by cash flow. Thus, they are in part determined by cash flows. Second, accruals are characterized as an adjustment to cash flows, to reduce volatility of cash flows. Consequently, a negative correlation between accruals and cash flow—the accruals–cash flow relation—has been taken as the criterion for quality accruals. However, the correlation with cash flows is spurious, for the so-called accruals are determined in part by cash flows. This paper presents a corrective analysis under which non-cash accruals are identified as the components of earnings that do not involve cash flows. With this correction, the paper then conducts empirical tests that re-examine hypotheses about accruals tested in previous research, reporting contrasting results.","PeriodicalId":501337,"journal":{"name":"Abacus","volume":"27 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138546048","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

Excess Cash Holdings, Stock Returns, and Investment Organicity: Evidence from UK Investment Announcements 超额现金持有、股票回报和投资有机性:来自英国投资公告的证据

Abacus Pub Date : 2022-12-02 DOI: 10.1111/abac.12275

Edward Jones, Hao Li, Oluwagbenga Adamolekun

{"title":"Excess Cash Holdings, Stock Returns, and Investment Organicity: Evidence from UK Investment Announcements","authors":"Edward Jones, Hao Li, Oluwagbenga Adamolekun","doi":"10.1111/abac.12275","DOIUrl":"https://doi.org/10.1111/abac.12275","url":null,"abstract":"This paper examines whether the market reaction to investment announcements is conditional on company excess cash holdings. Cash may convey significant price-relevant information about the future cash flows and strategic direction of a company. Using a sample of 4,256 corporate investment announcements by firms listed on the London Stock Exchange over the period 2005–2019, we show that market reactions to new company investment announcements are higher for firms with excess cash holdings. Furthermore, we provide evidence on the relationship between excess cash holdings and market valuation of various investment classes. The results reveal that organic investments are valued more highly by the market than inorganic investments, and the positive impact of excess cash holdings is more pronounced for the set of organic investment decisions, particularly product launches and R&D. Lastly, we evaluate how the motive for holding cash affects the market perception of excess cash holdings. The market views excess cash holdings as positive when cash is held as a result of high exposure to risk, high debt capacity, and high bid–ask spread. Market perception of excess cash holdings reverses from negative before to positive after the global financial crisis.","PeriodicalId":501337,"journal":{"name":"Abacus","volume":"30 11","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-12-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138522085","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 Post-earnings Announcement Drift: A Pre-earnings Announcement Effect? A Multi-period Analysis 收益公告后漂移:收益公告前效应?多时期分析

Abacus Pub Date : 2022-08-09 DOI: 10.1111/abac.12265

A. William Richardson, Kevin Veenstra

{"title":"The Post-earnings Announcement Drift: A Pre-earnings Announcement Effect? A Multi-period Analysis","authors":"A. William Richardson, Kevin Veenstra","doi":"10.1111/abac.12265","DOIUrl":"https://doi.org/10.1111/abac.12265","url":null,"abstract":"For many years, the post-earnings announcement drift (PEAD) has been accepted as an anomaly to the efficient markets hypothesis. This drift subsequent to earnings announcements has been ascribed to the incomplete incorporation by the market of the information in these earnings announcements. Interestingly, over the past five decades of extensive research, no rational economic explanation of the PEAD has been found. In addition, there has been no specific consideration of the effect of new economic information subsequent to the earnings announcements. Our multi-year examination of the cumulative abnormal return (CAR) incorporates the effect of economic information subsequent to the earnings announcement of traditional PEAD studies. Our analysis shows that a drift of CAR versus time can arise without recourse to invoking market inefficiency. Our results are consistent for three samples covering the period 1974–2016. We do not assert that we prove that there is no component of the traditional PEAD due to market inefficiency. Rather, our results show that studies to determine whether there is a market inefficiency component of the PEAD should use a multi-period approach in order to account for the effect of economic information subsequent to the earnings announcements and thereby focus more precisely upon the cause of the PEAD reported in previous research studies.","PeriodicalId":501337,"journal":{"name":"Abacus","volume":"194 2","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-08-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138522081","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