共查询到20条相似文献,搜索用时 31 毫秒
1.
Social scientists and futurists have suggested that societal development is advancing to a novel stage, to an ‘information society’. However, the crucial qualifiers of this ‘new’ society are ambiguous. Furthermore, environmental goals have created new challenges for information society studies. This paper examines the interaction and dynamics between the information society and sustainable development, which most often manifest themselves as competing scientific and socio-political discourses. On the one hand, there is the potential for reducing the stress on the environment: the emergence of information technologies and services can lead to a dematerialisation of production and immaterialisation of consumption. On the other hand, there are risks: positive environmental effects might be overcome by the ‘rebound effect’ caused by excessive economic growth. It is concluded that further theoretical and empirical studies are needed in order to examine the complex and contradictory relationship between the information society and environmental issues. 相似文献
2.
The metaphor of networking is widely used to describe how the emerging communications and information technologies are supposedly overcoming the tyranny of distance. In this case it has positive overtones, as if the barriers are coming down for a more open exchange among different people separated by distance and culture, making for some kind of better world, but is such technological optimism justified? Also, is it deliberate promotion on the part of eager technocrats whose vested interests have been favoured often ahead of a concern for the human condition? Here, an alternative metaphor, netweaving, is used in order to examine the apparent tensions and paradoxes surrounding the introduction of new communications and information technologies. Especially it will investigate the complex associations between apparently opposing dimensions within three layers of the social fabric: globalisation/localisation; centralisation/decentralisation; and standardisation/diversification. A futures studies assessment is used to anticipate alternative scenarios for the impact on the social fabric by the emerging technologies a generation from now, in 2020. 相似文献
3.
Jane Diplock AO 《Australian Accounting Review》2009,19(3):155-160
Twentieth‐century global financial architectural solutions are outdated and have been found wanting. They are fundamentally structural solutions and continuing to rely on them would be to run the risk of repeating our mistakes. We must look to twenty‐first century solutions. Solutions created post‐1945 need replacing with networked solutions, reflecting what we see in the Internet and its development. These are not fanciful notions but concepts that have already been successfully modelled, albeit in a relatively narrow sphere. What we need is a mechanism by which global financial standards can be implemented in every jurisdiction around the world. This paper proceeds from the premise that the nexus between investor confidence and financial market stability is a crucial one, and one that a regulatory approach can impact. It discusses the international regulatory environment and the role of key players in the emerging global financial architecture, in particular the International Organization of Securities Commissions ( IOSCO ). It also examines the potential that mutual recognition offers for the trans‐Tasman market. 相似文献
4.
Value creation with Dye’s disclosure option: optimal risk-shielding with an upper tailed disclosure strategy 总被引:1,自引:1,他引:0
Adam J. Ostaszewski Miles B. Gietzmann 《Review of Quantitative Finance and Accounting》2008,31(1):1-27
Dye [J Account Res 23 (1985) 123] showed that the optimal disclosure policy, when a manager is randomly endowed with perfect private information,
is upper tailed, i.e., the manager only discloses firm value above an appropriate cutoff level. We interpret this strategically
as an optimal exercise by management of the embedded formal option to report value. Given any disclosure cutoff level, we value the corresponding option using contingent claims analysis. It
is shown that the Dye disclosure cutoff value maximizes the formal option value. We find it to be the minimum possible conditional valuation (conditioned by non-disclosure) which is thus consistent with the intuition that investors should value
conservatively. We show how the Dye cutoff can be interpreted as a strike price in a ‘protective put’ which offers a shield
against risk of disclosure of low value. The strategic analysis is further extended by allowing the probability level that
the manager is informed to be a choice variable. We show that the manager will never choose to be perfectly endowed with information,
and is likely to be more endowed than unendowed. We also present a simple worked example which shows how the total value of
the firm changes once the Dye option is formally incorporated.
相似文献
Miles B. GietzmannEmail: |
5.
Disclosure and the cost of equity in international cross-listing 总被引:1,自引:1,他引:0
Tim V. Eaton John R. Nofsinger Daniel G. Weaver 《Review of Quantitative Finance and Accounting》2007,29(1):1-24
In this paper, we examine the relationship between disclosure level and the cost of equity capital for a sample of international
firms cross-listing on the New York Stock Exchange. Increased disclosure has the potential to reduce information asymmetry,
reduce the cost of financing and increase analyst following. Using an international asset pricing model, we find that listing
firms experience a decrease in both disclosure risk and systematic risk while matching firms do not. Further, we find that
the magnitude of the decrease is related to three types of disclosure: accounting standards; analyst following; and exchange/regulatory
investor protection. Our results suggest that increased disclosure through accounting standards is beneficial to investors
and that disclosure can be accomplished through information intermediaries, e.g., analyst following. For firms with the lowest
levels of disclosure prior to cross-listing, all three types of disclosure appear to be valuable.
相似文献
Daniel G. WeaverEmail: |
6.
As a burning issue of the modern era, national identity is currently subjected to two main contradictory forces. Globalization processes from above and localization forces from below are simultaneously integrating and fragmenting national identities. This essay examines the negotiation of cultural identities in light of the historical transitions from premodern to modern and postmodern modalities and sensibilities. The essay argues that the commodity fetishism of the marketplace is as important an element in contemporary cultural formations as the identity fetishism of militant social movements. Both phenomena are fostered by global communication processes in which identity formations increasingly depend on commodification and distantiation. While global advertising focuses on consumption to frame status identities, mediated communication appeals to primordial myths to structure civic and political identities within imagined communities. The two phenomena must be considered as dialectical twins in contemporary motivation, legitimation, and hegemonic crises. 相似文献
7.
An evaluation of SFAS No. 130 comprehensive income disclosures 总被引:3,自引:0,他引:3
Dennis Chambers Thomas J. Linsmeier Catherine Shakespeare Theodore Sougiannis 《Review of Accounting Studies》2007,12(4):557-593
In this study, we provide evidence on the pricing of other comprehensive income (OCI) that differs from most evidence in prior
research. Prior archival research has largely concluded that OCI is not priced by investors. In contrast, we provide evidence
in the post-SFAS 130 period that OCI is priced on a dollar-for-dollar basis as is predicted by economic theory for transitory
income items. We attribute this finding to our use of post-SFAS 130 as-reported measures of OCI rather than pre-SFAS 130 as-if estimates of OCI measures. Furthermore, we document that two components of OCI, foreign currency translation adjustment and
unrealized gains/losses on available-for-sale securities, are priced by investors. In the post-SFAS 130 period, we also find
that the type of financial statement in which firms report OCI and its components affects pricing, consistent with the conclusions
of prior experimental research. However, our evidence suggests that investors pay greater attention to OCI information reported
in the statement of changes in equity, rather than in a statement of financial performance. This could be attributed to investors
becoming more familiar in the post-SFAS 130 period with the predominant reporting of OCI and its components in the statement
of changes in equity. These findings may be relevant to both the Financial Accounting Standards Board and the International
Accounting Standards Board, which jointly are undertaking a new project that, in part, is addressing financial statement presentation
of OCI items.
相似文献
Theodore SougiannisEmail: |
8.
Marcel Naujoks Kevin Aretz Alexander G. Kerl Andreas Walter 《Financial Markets and Portfolio Management》2009,23(1):3-29
We employ an innovative methodology suggested by Bernhardt et al. (J. Financ. Econ. 80:657–675, 2006) to examine the herding (or anti-herding) behavior of German analysts regarding earnings forecasts. This methodology avoids
well-known shortcomings often encountered in related studies, such as correlated information signals, unexpected common shocks
to earnings, systematic optimism or pessimism, or forecast target mismeasurement. Our findings suggest that German analysts
anti-herd, that is, they systematically issue earnings forecasts that are further away from the consensus forecast than their
private information indicates. Furthermore, we analyze the association between herding behavior and different characteristics,
including the size of the brokerage, general or firm-specific experience, and the coverage of firms on the Neuer Markt. We mainly confirm findings for the United States, for example, that anti-herding is more severe in cases of higher competition
among analysts. Contrary to anecdotal evidence, we also find anti-herding behavior in earnings forecasts for Neuer Markt firms during the “new economy” bubble.
相似文献
Andreas Walter (Corresponding author)Email: |
9.
Ren-Raw Chen Hsien-Hsing Liao Tyler T. Yang 《The Journal of Real Estate Finance and Economics》2008,36(1):121-140
Due to the complex prepayment behavior, mortgage contracts and their derivatives are generally priced using Monte Carlo simulations.
The typical approach used by the industry, which involves simulating interest rates under the risk-neutral measure and applying a physically measured prepayment function, is subject to the problem of internal inconsistency. This is the first paper that directly investigates
the potential impact of this issue. Following the general equilibrium setting by Cox, Ingersoll and Ross, we incorporate the
market risk price parameter to derive the physical interest rate process from an observed yield curve. This allows us to model
mortgage values under the consistent physical measures of interest rates and prepayment functions. By analyzing a default-free
Ginnie Mae MBS, we find that the mixed measures lead to slower prepayment rate estimates and overpriced mortgage securities
by approximately 5%. Further, there can be substantial biases in the duration and convexity measures depending on market condition
and the particular security of interest. The internal inconsistency also leads to biased predictions of both expected and
stressed returns for different investment horizons. Depending on the particular security, the bias in expected and stressed
returns can be either positive or negative. These biases in risk estimates can introduce misallocation of risk-based capital
and/or failure in hedging the market risk of a mortgage-related portfolio.
相似文献
Tyler T. YangEmail: |
10.
Large-scale participatory co-shaping of technological developments: First experiments with PARDIZIPP
A future-oriented participatory procedure on the basis of the Delphi method was developed and empirically tested a first time with the goal to improve the shaping of technological developments. The technology under study here was micro-electronics or rather their relationship with labor and the test took place in NorthRhine-Westphalia.Today problems exist in all walks of life. There is a lot of talk about today's problems as if they were new, though one has heard similar arguments throughout history. How do we assess if we are really in danger of bringing the world to an end? Although this danger appears real, it would not be the first time in history that people have thought and felt like this--However, one thing that is new are the consequences of modern sciences and technology, which are not suited to given social and environmental requirements. They have given rise to questions concerning the quality of the decision-makers. The questioning of many of these decisions has increased for some time and is now getting more and more specific, with a demand for quality and information rather than managerial skills and competitiveness from the decision-makers. The term ‘decision-maker’ describes those who determine the application of technology, science and technical equipment which has either existed for a long time already or has recently been developed.--It is not easy to change the structures and processes of decision-making so that new structures and processes will be more suited to social and environmental requirements. We have tested our ideas as to how this could be done, in an empirical project. Although we called it ‘Project NRW-2000’, it would probably be better described as an experiment.--We persuaded 90 ordinary people to participate in this project as ‘experts on daily life and work’. This group was asked to work in six regional sub-groups and discuss, with reference to three given normative societal scenarios for the year 2020, the relationship between microelectronics and labour markets of the year 2020, on the basis of a participatory Delphi procedure. Before we elaborate on the concept of our project in Section 3, we would like to outline it in terms of the mainstream of the sociology of technology as well as with research on ‘acceptance’ in Section 1. In Section 2 we will briefly illustrate the framework of the research programme ‘Socially Oriented Shaping of Technology’ of the state of Northrhine-Westphalia, which funded our research project. Section 4 particularly deals with the participatory elements of our project, while Section 5 is devoted to the development of the scenarios. Section 6 sums up the results of the ‘scenario-construction’. Regarding specific elements, we restrict ourselves to topics concerning technology, labour, and the relationship between women workers/employees and technology. As a final outlook we deal with the political implications of our approach. All that is left is to remind our readers that we regard this project as a first application or experiment within our overall approach. 相似文献
11.
Experimental evidence of how prior experience as an auditor influences managers’ strategic reporting decisions 总被引:1,自引:0,他引:1
Kendall O. Bowlin Jeffrey Hales Steven J. Kachelmeier 《Review of Accounting Studies》2009,14(1):63-87
We design an experiment to examine the influence of audit experience on subsequent reporting decisions when auditors become
managers of audited firms. In contrast to the independence issues that can arise when auditors and their clients are related
by prior affiliation, we focus this study on the more common case in which auditors assume subsequent employment with other firms’ clients. In a bi-matrix experimental game that captures key features of the strategic tension between auditors and
reporters, we find that reporters who have prior experience as an auditor, particularly the experience of having been a diligent
auditor, are more sensitive to large penalties for aggressive reporting than are reporters whose experience is exclusively
as a reporter. Our results suggest implications for regulators in predicting the effects of reporting penalties and for firms
in considering the effects of CPA experience when hiring for reporting positions.
相似文献
Steven J. Kachelmeier (Corresponding author)Email: |
12.
Richard J. Buttimer Jr. Steven P. Clark Steven H. Ott 《The Journal of Real Estate Finance and Economics》2008,36(1):81-102
We model and examine the financial aspects of the land development process incorporating the industry practice of preselling
lots to builders through the use of option contracts as a risk management technique. Using contingent claims valuation, we
are able to determine endogenously the land value, presale option value, credits spreads and the effects of presales on debt
pricing and equity expected returns. We show that using presales options effectively shift market risk from the land developer
to the builder. Results from the model are consistent with the high rates of return on equity observed in empirical surveys;
they also suggest that developers may be justified in pursuing projects with substantially lower expected returns to equity
when a large number of lots can be presold. Additionally, we show that presales reduce default risk dramatically for leveraged
projects and can support a considerable reduction in the cost of construction financing. Large debt risk premiums are justified
for highly levered projects, which helps explain the use of mezzanine financing in the land development industry to reduce
expected default costs.
相似文献
Steven H. OttEmail: |
13.
In commercial banking, various statistical models for corporate credit rating have been theoretically promoted and applied
to bank-specific credit portfolios. In this paper, we empirically compare and test the performance of a wide range of parametric
and nonparametric credit rating model approaches in a statistically coherent way, based on a ‘real-world’ data set. We repetitively
(k times) split a large sample of industrial firms’ default data into disjoint training and validation subsamples. For all model types, we estimate k out-of-sample discriminatory power measures, allowing us to compare the models coherently. We observe that more complex and
nonparametric approaches, such as random forest, neural networks, and generalized additive models, perform best in-sample.
However, comparing k out-of-sample cross-validation results, these models overfit and lose some of their predictive power. Rather than improving
discriminatory power, we perceive their major contribution to be their usefulness as diagnostic tools for the selection of
rating factors and the development of simpler, parametric models.
相似文献
Stefan DenzlerEmail: |
14.
We condition security price reactions to quarterly earnings announcements on whether firms disclose supplementary balance
sheet and/or cashflow information that can be used to estimate the consequences of earnings management. Disclosure of supplementary
information is voluntary, and thus, we consider the possibility that firms that disclose balance sheet and/or cashflow information
differ systematically from firms that do not disclose. Results indicate that investors discount evidence of earnings management
at the disclosure date when supplementary information is disclosed. Such results indicate more informed earnings interpretations
of quarterly earnings when firms provide balance sheet and/or cashflow information concurrently.
相似文献
William R. BaberEmail: |
15.
Analyst Activity and Firm Value: Evidence from the REIT Sector 总被引:2,自引:0,他引:2
Erik Devos Seow Eng Ong Andrew C. Spieler 《The Journal of Real Estate Finance and Economics》2007,35(3):333-356
This paper is the first to examine (1) properties of analyst forecasts and (2) effects of analyst following on firm value
for all REITs on CRSP, Compustat and I/B/E/S. Our results suggest that REITs operate in an information environment that has
changed over time. We find that for periods when the REIT industry was either in the developmental stage (pre-1992), or after
other structural changes in the industry (post-2000), more analysts cover REITs and forecasts are more accurate and less biased.
Further, we find that mortgage REITs are more transparent than other REIT structures and exhibit properties of analyst behavior
that are different from other types of REITs. Our investigation into the effect of analyst coverage on REIT value suggests
that analyst coverage increases REIT value (as measured by Tobin’s q) and that the causality does not run the opposite way.
相似文献
Andrew C. SpielerEmail: |
16.
This study examines whether auditor opinions are affected by political and economic influences from governments. We use auditor
locality (local versus non-local) to capture such influences from local governments in China. Based on data from China’s stock
markets for the period 1996–2002, we find that local auditors, who have greater economic dependence on local clients and are subject to more political influence from local governments
than non-local auditors, are inclined to report favorably on local government-owned companies to mitigate probable economic
losses. Moreover, companies with qualified opinions are more likely to switch from a non-local auditor to a local auditor
than companies with unqualified opinions. Contrary to some prior studies, we find that in China’s political environment, local
government-owned companies that switched from a non-local auditor to a local auditor after receiving a qualified opinion can
succeed in opinion shopping.
相似文献
Phyllis Lai-lan MoEmail: |
17.
We investigate 95 takeovers of property companies all over the world and find that only two of those are hostile. To determine
the effectiveness of the market for corporate control, we first study characteristics of targets and acquirers compared to
a control sample, using the complete global universe of listed property companies during the most recent takeover wave (1999–2004).
We find that the inefficient management hypothesis holds for both REITs and non-REITs, as targets exhibit significant underperformance
before takeovers. In the second part of this study, we investigate shareholder wealth effects following takeovers and confirm
previous findings that abnormal returns for targets and bidders are distinctly different for the real estate sector. Moreover,
we show that this difference not only holds for REIT-to-REIT mergers, but also for mergers of real estate firms without a
REIT-status.
相似文献
Piet M. A. EichholtzEmail: |
18.
An owner delegates investment decisions to a better informed manager whose time preferences are unknown to the owner. Due
to exogenous capital constraints, not all profitable projects can be undertaken, and therefore the owner wants the manager
to select the NPV-maximizing set of projects. We show that the relative benefit cost allocation scheme proposed by prior literature
does not solve this problem. Adopting the same information structure as in Rogerson (J Polit Econ 105, 770–795, 1997) and
Reichelstein (Rev Account Stud 2, 157–180, 1997), we demonstrate how to obtain robust goal congruence using residual income.
The resulting revenue recognition and cost allocation rules lead to a performance measure reflecting the expected NPV-ranking
of projects in each and every period.
相似文献
Moshe BareketEmail: |
19.
Stephen P. Baginski John M. Hassell Michael D. Kimbrough 《Review of Quantitative Finance and Accounting》2008,31(3):311-330
The 1990s were characterized by substantial increases in the performance of and investor reliance on financial analysts. Because
managers possess superior private information and issue forecasts to align investors’ expectations with their own, we predict
that managers increased the quality of their earnings forecasts during the 1990s in order to keep pace with the improved forward-looking
information provided by financial analysts, upon which investors increasingly relied. Using a sample of 2,437 management earnings
forecasts, we document an increase in management earnings forecast precision, management earnings forecast accuracy, and managers’
tendency to explain earnings forecasts in 1993–1996 relative to 1983–1986. Given that these forecast characteristics are linked
to greater informativeness and credibility, we also document that the information content of management earnings forecasts,
as measured by the strength of share price responses to forecast news, increased in 1993–1996 relative to 1983–1986. As expected,
the increased information content of management forecasts primarily occurred for firms covered by financial analysts.
相似文献
Michael D. KimbroughEmail: |
20.
Our study analyzes market reaction to the entire content of a large sample of analysts’ reports from the period 2002 to 2004
for the German market. In particular, we explore whether the three summary measures in the reports, i.e., recommendation revisions,
earnings forecast revisions, and target price forecast revisions are acknowledged by the market. Additionally, we investigate
if stated justifications in the written text of analysts’ reports contain information value beyond the three summary measures.
We find that earnings forecast revisions and target price forecast revisions contain valuable information, both unconditionally
and conditional on the rest of the information in the report. Our findings also reveal that justifications made by analysts
are of high salience to market participants. These justifications provide valuable information, both unconditionally and conditional
on all other types of information in a report. Our findings also suggest that business ties between banks and the analyzed
companies do not affect market reaction to dissemination of an analysts’ report.
相似文献
Andreas Walter (Corresponding author)Email: |