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This study examines why private equity issues tend to be a repeated source of financing for public firms. We test the recent operational needs theory of public equity issuance within the context of repeated private equity issues. We find that repeated PIPE issuers burn through cash quickly and do not reach the standards of information transparency or profitability needed for a successful public equity offering. This has implications for investor composition and the market response to a PIPE. Initial PIPE offerings are characterized by substantial diversity in investor type. In successive transactions firms increasingly rely upon hedge funds, who extract greater price discounts and more often require cash flow rights as opposed to control rights. As firms select a path of repeated PIPEs to raise funds, successive issues become uninformative to the market. We conclude that, for small public firms, the same motive underlies public equity offerings and repeated private equity offerings—an acute need for cash. 相似文献
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《投资北京》2004,(Z1)
In order to adapt to the requirements of the modern circulation and further improve the organizing extent and scale level of chain operation in Beijing and help the resources integration and technical upgrading of the chain operation enterprises, enhance the market competitiveness of such enterprises and meet the demands of people to improve their living quality, Beijing Commerce Bureau and Beijing Development and Reform Commission recently issued Implementation Suggestions on Promoting Chain Operation Development. 相似文献
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Why do analysts issue forecast revisions inconsistent with prior stock returns? Determinants and consequences
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We examine the informativeness of analyst forecast revisions that are directionally inconsistent with prior stock price movements (sign‐inconsistent revisions). Sign‐inconsistent revisions represent approximately one‐half of the forecast revisions from 1995 through 2010. Our tests indicate that sign‐inconsistent revisions are less informative than are sign‐consistent revisions. Sign‐inconsistent revisions are less likely to be closer to actual earnings realizations and they generate smaller stock price reactions. We also find evidence that sign‐inconsistent revisions are associated with analysts' economic incentives to generate trading volume and their behavioural limitations related to information uncertainty. These results suggest that sign‐inconsistent revisions do not necessarily benefit investors. 相似文献
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Fabio Albuquerque Joaquín Texeira Quirós Rosário Justino 《Contaduría y Administración》2017,62(1):279-298
This paper aims to examine the financing options of the managers/owners of SMEs (small and medium-sized companies) from a point of view that incorporates cultural values, namely, conservatism and secrecy. Data were collected with the use of a questionnaire conducted for managers/owners of a sample of 1629 Portuguese SMEs, and with the use of accounting and financial information from the period 2009 to 2011. 438 managers/owners provided valid answers, corresponding to a response rate of 27%. Using multivariate regression techniques as a basis, the results showed that a significant number of managers/owners supported the negative relationship between conservatism/secrecy and the business financing options associated with a higher risk (debts with costs). The results also showed that a more significant number of managers/owners of national SMEs choose sources of financing in light of the pecking order theory. 相似文献
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《涉外税务》2006,(7)
entional CardiologyChinese Journal of Interventional CardiologyChinese Journal of Interventional CardiologyChinese Journal of Interventional CardiologyChinese Journal of Interventional CardiologyChinese Journal of Interventional CardiologyChinese Journal of Interventional CardiologyChinese Jo 相似文献
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Louis Kaplow 《International Tax and Public Finance》2010,17(1):25-42
The marginal social value of income redistribution is understood to depend on both the concavity of individuals’ utility functions
and the concavity of the social welfare function. In the pertinent literatures, notably on optimal income taxation and on
normative inequality measurement, it seems to be accepted that the role of these two sources of concavity is symmetric with
regard to the social concern about inequality in the distribution of income. Direct examination of the question, however,
reveals that this is not the case. Concavity of utility has a simple, direct effect on the marginal social value of redistribution,
as might be expected, whereas concavity of the social welfare function has a more subtle influence, one that in some cases
may not be very significant. The implications of this difference are examined for some standard forms of utility and welfare
functions, including particular versions that appear in the optimal income taxation literature. 相似文献
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Carl-Erik Quensel 《Scandinavian actuarial journal》2013,2013(3-4):210-219
Abstract One of the fundamental laws of the distribution of errors within modern theoretical statistics is the »Student»-Fisher law of distribution, which answers the question: 相似文献
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Karthik Balakrishnan Lakshmanan Shivakumar Peeyush Taori 《Journal of Accounting and Economics》2021,71(2-3):101367
We explore a large sample of analysts' estimates of the cost of equity capital (CoE) to evaluate their usefulness as expected return proxies (ERP). We find that the CoE estimates are significantly related to a firm's beta, size, book-to-market ratio, leverage, and idiosyncratic volatility but not other risk proxies. Even after controlling for the popular return predictors, the CoE estimates incrementally predict future stock returns. This predictive ability is better explained as the CoE estimates containing ERP information rather than reflecting stock mispricing. When evaluated against traditional ERPs, including the implied costs of capital, the CoE estimates are found to be the least noisy. Finally, we document CoE responses around earnings announcements, demonstrating their usefulness to study discount-rate reactions of market participants. We conclude that analysts' CoE estimates are meaningful ERPs that can be fruitfully employed in a variety of asset pricing contexts. 相似文献
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Yohannes Aberra 《Journal of Risk Research》2013,16(7):771-785
Climate change has become an issue which touches upon all spheres of life. To combat the problem, understanding the perceptions of all that have stake in it provides with stronger ground for decision-making. Ethiopia is one those countries that are or going to be severely affected by climate change, the solution of which partly depends on how its key decision-makers perceive the problem. In light of this a questionnaire survey was conducted on 195 volunteering members of the House of People’s Representatives in Ethiopia. The results of data analysis reveal that most identified rainfall variability, declining hydrology and increasing temperature as manifestations of climate change, and emission reduction and forest protection as its key solutions. 相似文献
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Although the relationship between bank ownership and performance is the current focus of much research, this paper investigates the relationship between ownership and the prudential behavior of banks. Using Chinese data, I show that lending by state-owned banks has been less prudent than lending by joint-equity banks, but has improved over time. This is consistent with the hypothesis that accountability to shareholders and depositors gives joint-equity banks a better incentive than state-owned banks to engage in prudent lending, and with the hypothesis that the reform of the banking system has improved the incentive for state-owned banks to behave more prudently in their lending. 相似文献
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When the underlying stock price is a strict local martingale process under an equivalent local martingale measure, the Black–Scholes PDE associated with a European option may have multiple solutions. In this paper, we study an approximation for the smallest hedging price of such an European option. Our results show that a class of rebate barrier options can be used for this approximation. Among them, a specific rebate option is also provided with a continuous rebate function, which corresponds to the unique classical solution of the associated parabolic PDE. Such a construction makes existing numerical PDE techniques applicable for its computation. An asymptotic convergence rate is also studied when the knock-out barrier moves to infinity under suitable conditions. 相似文献
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《Journal of Accounting Education》1994,12(2):115-120
The Accounting Education Change Commission (AECC) has called for change in the accounting curriculum “so that entrants to the accounting profession possess the skills, knowledge, and attitudes required for success in accounting career paths (AAA, 1986). Concluding that “change just for the sake of change may not bring any improvement,” the Federation of Schools of Accountancy (FSA) charged its Committee on Assessment of Curriculum Changes in January, 1991 “ to identify the theories and suggest methods to allow Departments and Schools of Accounting to measure the results of curriculum changes (FSA, 1991).” 1 This paper summarizes the committee's findings and its recommendations regarding issues that should be addressed by accounting programs undertaking the development of an assessment program.2 相似文献
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Pami Dua 《The Journal of Real Estate Finance and Economics》2008,37(4):335-350
This paper examines the determinants of consumers’ buying attitudes for houses from January 1984 through June 2005. Data on
buying attitudes are from responses to the Surveys of Consumer Attitudes conducted by the Survey Research Center, University
of Michigan. The determinants considered include current and expected interest rates, wealth, expected real disposable income,
expected change in financial status and house prices. The empirical estimates show that a long-run relationship exists between
buying attitudes for houses and each of the above variables. Each of these determinants also Granger cause buying perceptions.
Generalized impulse responses show that shocks to each of the above variables have a predictable and permanent impact on buying
attitudes. Furthermore, generalized variance decompositions suggest that both current and expected interest rates explain
a large proportion of the variation in consumers’ perceptions towards buying houses. Since consumers’ attitudes towards buying
houses are likely to be translated into actual purchases, this study shows that in order of importance, interest rates—both
current and future—have the maximum impact on decisions to purchase houses followed by expectations of real disposable income.
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Pami DuaEmail: |
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Mary B. Curtis 《International Journal of Accounting Information Systems》2012,13(3):263-266
Gonzalez et al. (2012) apply the Unified Theory of Acceptance and Use of Technology (UTAUT, Venkatesh et al., 2003) to the issue of adoption of continuous auditing (CA) by internal auditors. The authors make a very convincing case for the slow evolution of CA and propose that this can be explained by the four factors contained in the UTAUT as well as annual sales and voluntariness of use. They find, in their revised model, that effort expectancy and social influence directly impact intentions to use the technology, while performance expectancy is moderated by annual sales and social influence is moderated by voluntariness of use. Interestingly, the authors also identify geographical differences in these influences. I offer commentary on these findings and suggest avenues for future research in the domain of technology adoption and use in accounting. 相似文献
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Wouter Poortinga 《Journal of Risk Research》2013,16(7-8):583-597
Many studies have examined the relationship between various individual variables and people's perceptions of genetically modified (GM) food. A problem with this type of research is that contextual factors are completely ignored. This article explores the use of multi‐level modelling in the field of risk research, by re‐analysing a recent British study of public perceptions of GM food. As the study employed a multi‐stage sampling strategy, it could be used to examine simultaneously the individual and spatial variation in trust and the acceptability of GM food. While the geographical variation in acceptability was largely due to compositional differences between the sampling points, a geographical variation in trust remained after controlling for individual differences. The analysis demonstrated that city‐dwellers commonly have more trust in the regulation of GM food than other respondents. Next to being associated with a number of socio‐demographic variables, both acceptability and trust were related strongly to voting intention. Moreover, the results suggest that there is a link between vulnerable groups, feelings of exclusion, and (dis)trust. The article is concluded by arguing that multi‐level modelling provides new opportunities for simultaneously examining the individual and contextual basis of public perceptions of controversial risk issues. 相似文献
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Angelika Sachs 《Quantitative Finance》2013,13(9):1677-1692
This paper assesses the impact of a certain structure of interbank exposures on the stability of a stylized financial system. Given a certain balance sheet structure of financial institutions, a large number of valid matrices of interbank exposures is created by a random generator. Assuming a certain loss given default, domino effects are simulated. The main results are, first, that financial stability depends not only on the completeness and interconnectedness of the network, but also on the distribution of interbank exposures within the system (measured by entropy). Second, looking at random graphs, the sign of the correlation between the degree of equality of the distribution of claims and financial stability depends on the connectivity of the financial system as well as on additional parameters that affect the vulnerability of the system to interbank contagion. Third, the more concentrated the assets are within a money center model, the less stable it is. Fourth, a money center model with asset concentration among core banks is less stable than a random graph with banks of homogeneous size. 相似文献
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Interest in management control of intangibles has grown remarkably during the last decades and now includes managing employee health. Research in this field is so far in the early stages: few empirical studies have been undertaken and fewer studies take into consideration the implications of such systems. In this paper we wish to contribute to the field with a qualitative study of instances of management control of health in ten Swedish organizations.Many good intentions lie behind the idea of making health and ill-health a subject for management control and the expected results are very positive—lower sick-leave rates, reduction of costs and human suffering. Such intentions stand for an intension, i.e. the ideas, properties or state of affairs that are connoted by a word or symbol, in this case what can be connoted by the concept of management control of health, its conceptual position. An intension, however, is not given insofar as a word or concept may be associated to more than one. Thus we set out to interpret management control of health in terms of two conceptual positions, modernism and postmodernism, in order to bring forth two very different intensions of management control of health: one where the practice is seen as an investment with a purpose to visualize ill-health and increase efficiency by putting in place measures to increase employee health; the other where the practice is seen as a means to make the individual accountable in order to be able to intensify control and colonize leisure. 相似文献