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William E. Bealing Jr Mark W. Dirsmith Timothy Fogarty 《Accounting, Organizations and Society》1996,21(4):317-338
It has been urged that research be directed at understanding the development of political institutions, particularly administrative institutions, in the American governance structure, as well as their role in providing order and change in American politics. Toward this end, the purpose of this paper is to examine the development of one specific administrative institution, the Securities and Exchange Commission (SEC), and the effect of its regulatory actions in establishing the SEC's own legitimacy with Congress, the press and regulatees, particularly in terms of the McKesson and Robbins enforcement action. Our archival analysis, using primary and secondary material, probes the SEC's efforts at developing a dramaturgy of exchange relations with its external constituents in terms of its:
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(a) conformity to sanctioned language forms; 2.
(b) use of both the acquiescence and compromise strategies in dealing with external constituents and in balancing needs for the appearance of regulation with de facto inaction in regulating audit practice; 3.
(c) development and application of a ritualistic pattern of interacting with regulatees. We conclude that in order to understand the SEC as a political institution, it is necessary to incorporate an appreciation of its self-interested behavior in terms of the form, content and rhetoric of its regulatory actions. A critical facet of early SEC efforts and success did not concern whether it did good in terms of applying effective regulations, or bad in terms of preserving the status quo in power relations among the business and political communities. The ability of the SEC to legitimate its existence and institutionalize its role in the financial markets and in the financial reporting and auditing communities proved more essential.
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This article introduces the 2007 Maastricht-Cambridge-MIT Symposium articles in this special issue. The introduction not only
briefly describes each of the four articles from that symposium included in this special issue, but also describes the symposium
including links to other papers and presentations of the symposium not published in this issue.
相似文献
David Geltner (Corresponding author)Email: |
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Howard W. H. Chan Robert W. Faff Philip Gharghori Yew Kee Ho 《Review of Quantitative Finance and Accounting》2007,29(1):25-51
The Australian accounting environment provides an ideal setting for examining the impact of different accounting treatments
of firms’ R&D activities on their subsequent returns. Unlike US firms, which can only expense R&D, Australian GAAP permits
firms to either expense or capitalize their R&D expenditure. We examine separately the market impact of the R&D intensity
of all R&D active firms, ‘capitalizers’ and ‘expensers’. Our results suggest that firms with higher R&D intensity perform
better, regardless of the accounting method used, consistent with the resource-based view of the firm. We also find some evidence
that firms which expense R&D outperform those which capitalize R&D after controlling for R&D intensity.
相似文献
Yew Kee HoEmail: |
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Valuation of loss firms in a knowledge-based economy 总被引:2,自引:0,他引:2
Recent research in accounting has documented a substantial increase in the number of loss firms. Existing theories on the
valuation of loss firms are based on adaptation/abandonment options or limited liability, assuming that these firms are operationally
distressed. In this paper, we show that many loss firms do not fit this stereotype and identify the primary value drivers
of this new type of loss firms. Our analysis helps resolve the puzzling negative relation between earnings and market value
documented in prior research. Overall, our findings underscore the importance of “hidden assets” or intangibles in the study
of loss firms.
相似文献
Jianming YeEmail: |
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This study examines empirically the extent to which the frequency of interim financial reporting affects stock price volatility
over the course of the fiscal year in four countries with different interim reporting regimes: the United States and Canada
with quarterly reporting, and Great Britain and Australia with semi-annual interim reporting. It is hypothesized that, in
the tradeoff between timeliness and predictive value of the interim reports, semi-annual interim reporting will lead to lesser
price volatility after accounting for other potential influences. These expectations are supported in the results found. Moreover,
additional tests conducted on American ADRs of British and Australian companies show that those firms have higher volatility
than comparable purely domestic firms on their home stock exchanges.
相似文献
Robert H. WernerEmail: |
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How do commodity futures respond to macroeconomic news? 总被引:1,自引:1,他引:0
Dieter Hess He Huang Alexandra Niessen 《Financial Markets and Portfolio Management》2008,22(2):127-146
This paper investigates the impact of seventeen US macroeconomic announcements on two broad and representative commodity futures
indices. Based on a large sample from 1989 to 2005, we show that the daily price response of the CRB and GSCI commodity futures
indices to macroeconomic news is state-dependent. During recessions, news about higher (lower) inflation and real activity
lead to positive (negative) adjustments of commodity futures prices. In contrast, we find no significant reactions during
economic expansions. We attribute this asymmetric response to the state-dependent interpretation of macroeconomic news. Our
findings are robust to several alternative business cycle definitions.
相似文献
Alexandra Niessen (Corresponding author)Email: |
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Among the issues raised by consolidation within the banking industry is a concern that small businesses will be less able
to obtain credit as community banks are acquired by larger or non-local institutions. Community banks have traditionally been
a major source of funding for small businesses. The impact of bank consolidation on credit availability may depend in part
on whether the remaining community institutions expand their small business lending activities. This study examines whether
credit unions have a propensity to extend business loans in markets that have experienced bank merger and acquisition activity.
We find some evidence that credit unions are more likely to engage in business lending in markets characterized by greater
bank merger and acquisition activity. Moreover, the estimated economic significance is meaningful in many of the specifications.
相似文献
Kenneth J. RobinsonEmail: |
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A recent trend in the German asset-backed securities (ABS) market is the securitization of subordinated loans and profit participation agreements (PPAs) granted to medium-sized
enterprises (MEs). This paper provides an overview of this growing market and analyzes the benefits of such transactions for
portfolio companies as well as for originators and potential investors. Simulations of 10 recent transactions indicate that
despite the relatively low interest rates charged on obligors, originators and investors can earn attractive returns at fairly
low risk. In particula, the junior tranches of these securitizations exhibit quite attractive risk-return profiles.
相似文献
Julia Hein (Corresponding author)Email: |
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Paul K. Asabere Forrest E. Huffman 《The Journal of Real Estate Finance and Economics》2009,38(4):408-419
This study examines the impacts of trails and greenbelts and other amenities on home value. Using the hedonic framework the
study provides analyses of a database consisting of roughly 10,000 sales of homes occurring from April 2001 to March 2002
in and around San Antonio, Bexar County, Texas. Among other things, our study shows that trails, greenbelts, and trails with
greenbelts (or greenways) are associated with roughly 2, 4, and 5%, price premiums, respectively. The following amenities:
proximity to golf course, neighborhood playground, tennis court, neighborhood pool, view, and cul-de-sac, all add significantly
to home value.
相似文献
Forrest E. HuffmanEmail: |
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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: |
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Joint accounting choices: an examination of firms’ adoption strategies for SFAS No. 106 AND SFAS No. 109 总被引:1,自引:1,他引:0
Debra Jeter Paul Chaney Michele Daley 《Review of Quantitative Finance and Accounting》2008,30(2):153-185
We provide insight into an argument that firms minimize the costs imposed by new accounting standards through their adoption
choices. Focusing on two standards with potentially large impacts on both balance sheet and income statement accounts for
many firms, we present evidence that firms chose their strategies for SFAS No. 106 (OPEB) and 109 (DTAX) jointly rather than
separately. We also provide insight into how firms view recurring versus non-recurring charges, and how they weigh the tradeoff
between a large one-time (income decreasing) charge against the smaller, but longer lasting effects of amortization.
相似文献
Debra JeterEmail: |
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Hsuan-Chu Lin 《Review of Quantitative Finance and Accounting》2007,29(2):173-180
This paper identifies and corrects a typographical error in Black and Cox (J Finance 31:351–367, 1976). While the typographical error is seemingly trivial, the magnitude of the pricing error that it generates can be substantial.
相似文献
Hsuan-Chu LinEmail: |
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This paper examines the relationship between the volatility implied in option prices and the subsequently realized volatility
by using the S&P/ASX 200 index options (XJO) traded on the Australian Stock Exchange (ASX) during a period of 5 years. Unlike
stock index options such as the S&P 100 index options in the US market, the S&P/ASX 200 index options are traded infrequently
and in low volumes, and have a long maturity cycle. Thus an errors-in-variables problem for measurement of implied volatility
is more likely to exist. After accounting for this problem by instrumental variable method, it is found that both call and
put implied volatilities are superior to historical volatility in forecasting future realized volatility. Moreover, implied
call volatility is nearly an unbiased forecast of future volatility.
相似文献
Steven LiEmail: |
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Publicly traded versus privately held: implications for conditional conservatism in bank accounting 总被引:1,自引:0,他引:1
Compared with privately held banks, publicly traded banks face greater agency costs because of greater separation of ownership
and control but enjoy greater benefits from access to the equity capital market. Differences in control and capital market
access influence public versus private banks’ accounting. We predict and find that public banks exhibit greater degrees of
conditional conservatism (asymmetric timeliness of the recognition of losses versus gains in accounting income) than private
banks. We predict and find that public banks recognize more timely earnings declines, less timely earnings increases, and
larger and more timely loan losses. Although public ownership gives managers greater ability and incentive to exercise income-increasing
accounting, our findings show that the demand for conservatism dominates within public banks and that the demand for conservatism
is greater among public banks than private banks. Our results provide insights for accounting and finance academics, bank
managers, auditors, and regulators concerning the effects of ownership structure on conditional conservatism in banks’ financial
reporting.
相似文献
James M. WahlenEmail: |
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This paper looks at the reaction by industry insiders, industry analysts and competing firms, to the announcement of M&As
that took place in the European Union financial industry in the period 1998–2006. Analysts covering firms involved in an M&A
transaction do not significantly alter their recommendation. This is consistent with the hypothesis that the transaction on
average is “fairly priced” and that stock market prices reflect all relevant information on the assets. We also find that
the correlation between excess returns for merging and competing firms is positive and, in some cases, significantly higher
for domestic mergers than for international deals. This is consistent with the idea that domestic deals are more likely to
have a negative impact on industry competition.
相似文献
Ignacio HernandoEmail: |
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Over the latest 20 years, the average credit rating of U.S. corporations has trended down. Blume et al. (1998, Journal of Finance, 53, 1389–1413.) attribute this trend to a tightening of credit standards by agencies. We reexamine the observed decreases in
credit ratings in several ways. First, we show that this downward trend does not apply to speculative-grade issuers. Second,
our analysis of investment-grade issuers suggests that the apparent tightening of standards can be attributed primarily to
changes in accounting quality over time. After incorporating changing accounting quality, we find no evidence that rating
agencies have tightened their credit standards.
相似文献
Charles ShiEmail: |
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Yildiray Yildirim 《The Journal of Real Estate Finance and Economics》2008,37(2):93-111
This paper provides a comprehensive default estimation of commercial real estate loans with a complete commercial mortgage
backed securities (CMBS) loan history database. Standard survival models assume that eventually every observation will experience
the event. However, often there is a high proportion of censored observation in the sample. A mixture model is proposed to
disentangle the probability of “long-term survivorship” and the timing of default occurrence. Loans within the same geographical
area and property type tend to exhibit correlation in default incidence. A multilevel model is proposed to capture this correlation
within and between clusters.
相似文献
Yildiray YildirimEmail: |
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Derek K. Oler 《Review of Accounting Studies》2008,13(4):479-511
This paper investigates whether an acquirer’s pre-announcement cash level can predict post-acquisition returns. Harford (1999, Journal of Finance, 54, 1969–1997) shows that some cash-rich acquirers have lower announcement period returns than other acquirers, suggesting the
market partially anticipates poor future performance. This paper shows that the acquirer’s cash level is also strongly and
negatively predictive of post-acquisition returns, indicating that the announcement response is incomplete. Post-acquisition
return on net operating assets (RNOA) is significantly decreasing in acquirer cash, suggesting that the market responds to
subsequent poor operating performance as it is reported. Overall, these results are consistent with the market’s inattention
to a less prominent accounting signal (acquirer cash) but attentiveness to a more prominent accounting signal (RNOA), as proposed
by Hirshleifer and Teoh (2003, Journal of Accounting Economics, 36, 337–386).
相似文献
Derek K. OlerEmail: |