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International journal of accounting and financial ... 16건

  1. [해외논문]   A Global Comparison of Insider Trading Regulations  

    Thompson, James H.
    International journal of accounting and financial reporting v.3 no.1 ,pp. 1 , 2013 ,

    초록

    As the business world continues to expand in global markets, trading of shares, bonds, derivatives and other instruments continues to increase. One form of trading that has received considerable interest in recent years is insider trading. Insider trading occurs when individuals with potential access to non-public information about a corporation buy or sell stock of that corporation. When the information is material and non-public, such trading is illegal. However, if the trading is done in a manner that does not take advantage of non-public information, it is often permissible. This study compares insider trading laws, penalties, and convictions in countries represented by the 14 largest securities markets throughout the world and provides data indicating that there are important differences.

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  2. [해외논문]   The Association between Various Earnings and Cash Flow Measures of Firm Performance and Stock Returns: some Iranian evidence  

    Mazloom, Ali , Azarberahman, Alireza , Azarberahman, Jalal
    International journal of accounting and financial reporting v.3 no.1 ,pp. 24 , 2013 ,

    초록

    The main purpose of this research is the study of association between various measures of firm performance based on earnings and cash flows and stock returns. This research is an applied research, and its design is semi-empirical, which is done by the method of post-event (past information). The statistical population of the research includes all companies listed in Tehran Stock Exchange (TSE), and its period is nine consecutive years, from 2003 to 2011. Simple and multiple regressions are applied in order to test the hypotheses. Results of the research represent that earning based measures are more related to stock returns than cash flow based measures. Furthermore, earning based measures depict the company performance better than cash flow measures in some companies with higher accruals. But in companies with lower accruals, the company performance cannot be depicted properly neither by earning based nor cash flow based measures.

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    회원님의 원문열람 권한에 따라 열람이 불가능 할 수 있으며 권한이 없는 경우 해당 사이트의 정책에 따라 회원가입 및 유료구매가 필요할 수 있습니다.이동하는 사이트에서의 모든 정보이용은 NDSL과 무관합니다.

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  3. [해외논문]   The impact of the Law on Strengthening the Security of Financial Relations on the value relevance of accounting information in Tunisian Stock Exchange  

    Ben Ayed, Mohamed Rafik , Abaoub, Ezzeddine
    International journal of accounting and financial reporting v.3 no.1 ,pp. 42 , 2013 ,

    초록

    This paper empirically investigates the value relevance of accounting earnings measures in the emerging capital market of Tunisia. The issue is tested by estimating the regression of annual security returns on different earnings measures extracted from income statements. In Tunisia, firms prepare their financial statements in accordance with Tunisian Accounting Standards (TAS) which are inspired from International Financial Reporting Standards (IFRS). Based on a sample of 389 firm years for firms listed on the Tunis Stock Exchange (TSE) during the period 1997-2008 and using pooled regressions, we find that accounting earnings measures are weakly related to security returns. However, we find that earnings before taxes has the higher explanatory power for stock returns. This is perhaps due to the fact that financial statements are often influenced by taxation rules (ROSC, 2006; section 42). Further, we find that cash flow from operations and Total accruals are not value relevant for valuation. We tested whether the value relevance of each measure of performance improved after the adoption in October 2005 of the Law on Strengthening the Security of Financial Relations (LSSFR). Consistent with prior US and other international findings, results show that the explanatory power and the magnitude of the slope coefficient of each measure increased when we take into account for the impact of this enactment. However, the increase is not statistically significant. This is perhaps due to the employed specification of the relation between security returns and accounting information.

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    회원님의 원문열람 권한에 따라 열람이 불가능 할 수 있으며 권한이 없는 경우 해당 사이트의 정책에 따라 회원가입 및 유료구매가 필요할 수 있습니다.이동하는 사이트에서의 모든 정보이용은 NDSL과 무관합니다.

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  4. [해외논문]   Disclosure regime for mandatory disclosures by banks and financial institutions in Nepal  

    Sharma, Narendra
    International journal of accounting and financial reporting v.3 no.1 ,pp. 64 , 2013 ,

    초록

    What are the components of the 'disclosure regime' in Nepal that require the mandatory disclosures by banks and financial institutions? The objective of this paper was to explore and trace the rules, regulations, and provisions governing disclosure by banks and finance companies listed on Nepal Stock Exchange. The banks and financial institutions had a two-pronged regulatory and monitoring regime requiring them to make disclosures: one as a financial institution and another as a public company. The disclosure regime comprised of accounting standards, directives from Nepal Rastra Bank (NRB), listing requirements of Nepal Stock Exchange (NEPSE), provisions of Companies Act 2006 and Banks and Financial Institutions Act 2006, and requirements placed by Securities Board of Nepal (SEBON). The study makes a significant contribution in understanding the disclosure expectations from banks and financial institutions in a developing country like Nepal.

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    회원님의 원문열람 권한에 따라 열람이 불가능 할 수 있으며 권한이 없는 경우 해당 사이트의 정책에 따라 회원가입 및 유료구매가 필요할 수 있습니다.이동하는 사이트에서의 모든 정보이용은 NDSL과 무관합니다.

    NDSL에서는 해당 원문을 복사서비스하고 있습니다. 아래의 원문복사신청 또는 장바구니담기를 통하여 원문복사서비스 이용이 가능합니다.

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  5. [해외논문]   The Effect of Intellectual Capital Disclosure on the Value Creation: An Empirical Study Using Tunisian Annual Reports  

    Ferchichi, Jihene , Paturel, Robert
    International journal of accounting and financial reporting v.3 no.1 ,pp. 81 , 2013 ,

    초록

    This study examines the informational value of intellectual capital on Tunisian financial markets, which appears as a highly topical issue, especially with the broadening notion of the intellectual capital and its increasing role in investment decisions. Using content analysis of annual reports of 50 companies listed on the Tunisian Stock Exchange selected for the period 2006–2009, we developed a weighted disclosure index based on the users' needs and expectations in order to estimate the relationship between intellectual capital disclosures and value creation.The results show that the intellectual capital information is positively and significantly correlated with the firm creation value. Reporting on intellectual capital allows resolving uncertainty about the firm, thereby improving an increase in value. This finding confirms the pivotal role of intellectual capital in the valuation of firms listed on the Tunisian Stock Exchange.

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    회원님의 원문열람 권한에 따라 열람이 불가능 할 수 있으며 권한이 없는 경우 해당 사이트의 정책에 따라 회원가입 및 유료구매가 필요할 수 있습니다.이동하는 사이트에서의 모든 정보이용은 NDSL과 무관합니다.

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  6. [해외논문]   Market Reaction to Health Care Law: An Event Study  

    Ababneh, Musab , Tang, Alex
    International journal of accounting and financial reporting v.3 no.1 ,pp. 108 , 2013 ,

    초록

    We investigate the effect of the U.S. Supreme Court's decision to uphold President Obama's health care reform (Patient Protection and Affordable Care Act), and other reform-related events, on the stocks of impacted firms. More specifically, we use an event study methodology to compute cumulative average abnormal returns (CAARs) for health insurance companies, hospitals, brand-name drug makers, and generic drug makers. Overall, we find that the law has a negative effect on health insurance companies, and on generic drug makers. On the other hand, it has a positive effect on hospitals and on brand-name drug makers.

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    회원님의 원문열람 권한에 따라 열람이 불가능 할 수 있으며 권한이 없는 경우 해당 사이트의 정책에 따라 회원가입 및 유료구매가 필요할 수 있습니다.이동하는 사이트에서의 모든 정보이용은 NDSL과 무관합니다.

    NDSL에서는 해당 원문을 복사서비스하고 있습니다. 아래의 원문복사신청 또는 장바구니담기를 통하여 원문복사서비스 이용이 가능합니다.

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  7. [해외논문]   Constructive Capitalization of Operating Leases in the Hong Kong Fast-Food Industry  

    Y. Tai, Benjamin
    International journal of accounting and financial reporting v.3 no.1 ,pp. 128 , 2013 ,

    초록

    The current study is undertaken to investigate the potential problems resulting from the proposed adoption of a new accounting standard concerning mandatory capitalization of all lease contracts. In 2010, the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) issued a joint exposure draft (ED2010/9) on accounting for leases. Under the new standard, lessees are required to capitalize all lease contracts as assets and liabilities. The distinction between operating leases and capital (finance) leases will no longer exist. The long-standing off-balance sheet treatment of operating leases will be prohibited. After the adoption of the proposed standard, companies with significant operating leases are likely to experience an increase in assets, increase in liabilities, and decrease in equity, resulting in the deterioration of their return-on- assets and debt-to-equity ratios. This research examines two large fast-food restaurant chains based in Hong Kong; and through constructive capitalization, demonstrates how the companies' key financial ratios are negatively impacted if the new standard is implemented. The results indicate that both the return-on-assets and debt-to-equity ratios of the two companies, under various discount rates assumptions, suffer serious deterioration when their operating leases are capitalized.

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    NDSL에서는 해당 원문을 복사서비스하고 있습니다. 아래의 원문복사신청 또는 장바구니담기를 통하여 원문복사서비스 이용이 가능합니다.

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  8. [해외논문]   An Empirical Analysis for Abnormal Returns from Initial Public Offerings (IPOs): evidence of Iranian oil and chemical industries  

    Filsaraei, Mahdi , Azarberahman, Alireza , Azarberahman, Jalal
    International journal of accounting and financial reporting v.3 no.1 ,pp. 143 , 2013 ,

    초록

    Purpose: The core purpose of this paper empirically study of the initial public offerings (IPOs) of companies accepted in oil and chemical industries. The paper attempts to answer the question of is there any abnormal return from IPOs in listed companies in Tehran Stock Exchange (TSE).Design/methodology/approach: This research is an applied research, and its design is empirical, which is done by the method of post-event (past information). For the purpose of the study the t-statistic, regression and variance analyses are applied to examine the hypotheses. We use in the analyses a sample of 29 newly accepted Iranian oil and chemical companies listed on TSE for the period of 2001 to 2012. This paper has studied abnormal return and three abnormal phenomena have been considered in capital market. These phenomena consist: (1) underpricing or overpricing of the firm's stock, (2) lower or higher stock return of the firms and (3) Particular period in market for stock transactions volume.Findings: The results support the hypothesis that there is a positive abnormal return to investing in the newly accepted oil and chemical firms for stockholders. It also shown the firm size is the only factor that can affect the stock abnormal return. With considering significance level, investors have to give attention sequentially to other variables such as stock ownership centralization, going public time and stock offering volume.

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    NDSL에서는 해당 원문을 복사서비스하고 있습니다. 아래의 원문복사신청 또는 장바구니담기를 통하여 원문복사서비스 이용이 가능합니다.

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  9. [해외논문]   How CFO's communicate financial information - A pedagogical task in theory and practice  

    Bredmar, Krister
    International journal of accounting and financial reporting v.3 no.1 ,pp. 162 , 2013 ,

    초록

    An important result when communicating is to gain a deeper understanding and that meaning is created by the reciever of that which is communicated by the transmitter. This can in a way be described as the core of the pedagogical communication. The premise of this study is that the pedagogical communication can be understood and explained by means of the financial reports (1), oral presentation (2), using concepts and illustrations (3) and by the social context, the group where the communication takes place (4). The theoretical areas that form the basis of the first question in this study, how the communication can be designed, are based on these four areas. In a second part 111 CFOs in Swedish municipalities responded, via a web-based questionnaire, how they work with these areas. The result shows that they are largely working with several of the pedagogical areas, such as in the financial reports and oral presentations but that there are also areas such as the social context and the group's importance in the pedagogical communication that are not as developed. Although much is already working well, there are areas that can be developed to get the pedagogical communication of financial information to work even better.

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  10. [해외논문]   Analysis of Determinants of Split Ratings and Rating Conservativeness between Japanese and US Credit Rating Agencies  

    Shimizu, Yoshiki , Lee, Junghee , Takei, Hideki
    International journal of accounting and financial reporting v.3 no.1 ,pp. 182 , 2013 ,

    초록

    In the previous paper, we confirmed the existence of the split ratings between Japanese and US credit rating agencies (CRAs). Our study did not support early studies suggesting that the split ratings were merely random occurrences. Rather, our findings suggested that the split ratings occurring between Japanese and US CRAs were not random and frequently occurring. The Japanese CRA assigned less conservative ratings than the US CRAs. In this paper, we performed the multivariate regression analysis to find variables which would differentiate the degree of rating conservativeness. Our samples were 192 Japanese companies which were assigned their ratings by Japanese and US credit rating agencies. We used 10-year bond ratings of these companies from 2000 and 2009. Our data sources were Nikkei NEEDS-Financial Quest for Japanese ratings and financial information and Thomson Reuters Datastream for US ratings. All financial data of the 192 firms were collected from Nikkei NEEDS-Financial Quest. According to our findings, Japanese agency seems to put higher weight on ROA than US agencies while all agencies seem to use variables such as asset, liquidity, and leverage to assign ratings. We assume that this is the main variable that has differentiated the degree of rating conservativeness.

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    NDSL에서는 해당 원문을 복사서비스하고 있습니다. 아래의 원문복사신청 또는 장바구니담기를 통하여 원문복사서비스 이용이 가능합니다.

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