The Performance of Internet Firms Following Their Initial Public Offering

We find that initial returns were more favorable for Internet initial public offerings (IPOs) than non–Internet firm IPOs. Since the demise of the Internet sector, the underpricing of Internet–firm IPOs is not significantly different from other IPOs.
Initial returns of Internet firms are positively and significantly related to underwriter prestige and to pre–IPO market conditions. However, initial returns after the demise of the Internet sector are not significantly related to these characteristics.
The aftermarket performance of Internet firms is initially favorable but weakens over time. Firms that experienced higher initial returns during the strong Internet cycle experience weaker aftermarket performance.     

Back to Basics: Forecasting the Revenues of Internet Firms

This paper examines the roles played by past revenues, web usage data, and analysts in forecasting the future revenues of internet firms during the years 1998 to 2000. For this time period our analysis shows that estimates of web traffic growth have significant incremental value in the prediction of revenues above time-series forecasts. Furthermore, analysts almost always underestimate the revenues of internet firms. Historical revenue growth has incremental predictive power over analysts' forecasts for portal and content/community firms, but not for our e-tailer sample. Moreover, the stocks of the portal and content/community firms with high historical revenue growth earn higher abnormal returns during our sample period than do those with low historical growth. Estimates of web usage growth generally do not have incremental value over analysts' forecasts for predicting the revenues of either set of firms. However, perfect foreknowledge of actual web usage growth would provide incremental predictive power. Collectively, our findings point to the potential value for forecasting purposes of both improving upon the web usage estimates and obtaining more timely reports of actual web traffic.     

加强评估行业规范建设迎接新的发展机遇

国务院101号文件的颁发以及我们最近所做的工作,与1997年会计师行业所经历的那个阶段是可以相提并论的.1997年,"琼民源案件"触发了会计师行业的脱钩改制,也促进了会计师行业规则、准则的进一步完善,使得会计师行业经历了深刻的变化.而国务院101号文件的颁发,财政部对评估行业加强管理的举措,财政部和中国证监会共同组织的行业检查,以及下一步将要实施的<资产评估机构从事证券业务资格管理办法>的实施等,都要作为资产评估行业进一步发展的契机.希望大家对此达成共识,同心协力,充满信心地迎接评估行业进一步的健康发展.     

Stock Market Valuation of Deferred Tax Assets: Evidence from Internet Firms

Abstract:   We use the provisions of SFAS No. 109 , Accounting for Income Taxes , to examine the extent to which stock prices of Internet firms were associated with expectations of future profitability before versus after the 'market correction' in early 2000. We find that the valuation of deferred tax assets of firms with business models reliant on the level of web site traffic was significantly greater after the market correction. In our view, this evidence is consistent with pre‐correction mispricing.     

Managerial Actions, Stock Returns, and Earnings: The Case of Business-to-Business Internet Firms

In this study we investigate the valuation implications of managerial actions undertaken by 57 Internet firms engaged in Business-to-Business (B2B) e-commerce. We classify 3,007 managerial actions undertaken by our sample firms between the firm's IPO date and September 30, 2000 into nine action categories: (1) acquisition of major customers, (2) introduction of new products and services, (3) promotional and marketing actions, (4) actions taken to address the concerns of stakeholders such as employees and the community at large, (5) announcements of technology, marketing, and distribution alliances, (6) completion of acquisitions, (7) expansion into international markets, (8) management team building actions, and (9) organizational changes.
In the short window tests, we find a significant increase in stock price volatility over a three-day event window surrounding the announcement of almost all actions suggesting that announcement of managerial actions provides value-relevant information to the stock market. In the long window tests, we use factor analysis to group the counts of managerial actions taken by each firm over its post-IPO life into two broad managerial initiatives—market penetration and organization building. These two initiatives explain a substantial portion of the cross-sectional variation in the firms' post-IPO life stock market returns beyond that explained by both reported earnings and analysts' forecasts of future earnings and revenues. Thus, investors appear to supplement relatively meager accounting information with data about the cross-sectional intensity of managerial actions in setting stock prices of B2B Internet firms.     

出售企业

创建一个企业,在其知名前把它卖掉,已经成为赚钱的聪明一招.这样做,虽然你不可能成为下一个比尔·盖茨或者是拉瑞·埃利逊,甚至意味着你不能富有,但毕竟能够赚到钱.     

国内会计师事务所与国际会计公司的差距

自1998年我国会计师事务所脱钩改制后,注册会计师行业发展很快。在90年代中期前,三、五十个人的事务所算是已不小的所,达上百万收入的事务所也不是很多。但到了2002年,几百人员工、年收入上千万的事务所已比比皆是,有的甚至达到近亿元的年收入,一些所还在全国各地建立各种分支机构。这主要得益于社会经济的发展、事务所经验的积累、职业范围的拓展、会计市场的扩大、人员素质的提高以及有关政策的支持。但随着加入WTO后我国会计市场的进一步开放,竞争会越来越激烈,如何进一步建立健全事务所内部法人治理结构、加强事务所的内部管理、提高…     

惠普与电信业

<正> 首先,请允许我介绍一下惠普公司。我加盟惠普公司看重的是它的创新精神。正是这家公司,早在20年前就在探讨普及运算,而当时世人对此一无所知。15年后全世界才跟了上来。 这是一家独具慧眼的公司,从办公室的咖啡壶中冒出的蒸气,就能构想出喷墨打印机,如今,这是世界上最大的成象技术业务。惠普公司的RISC体系结构和开放系统等,无一不是创新之举,因为惠普公司深知,如果系统不开放,计算就不可能无所不在。     

监管加码 互联网保险新规出炉

为进一步规范互联网保险发展,2020年12月14日,银保监会发布《互联网保险业务监管办法》(以下简称《办法》),于2021年2月1日起施行。该《办法》发布后受到高度关注,取得较好反响。业内专家普遍认为,新规有助于规范互联网保险业务、推动保险业供给侧改革、促进保险业高质量发展。明确"互联网保险"定义中国银保监会有关部门负...     

关于《会计师事务所、资产评估机构内部治理机制建设指导意见》的说明

起草背景会计师事务所、资产评估机构(以下简称事务所)与原挂靠单位脱钩,改制为注册会计师、注册资产评估师个人发起设立的、负有限或无限责任的企业形式已经好几年。为了保证脱钩改制的顺利进行而又不引起执业服务的波动,当时的政策强调事务所应保证业务不断、人员不散,因此对事务所发起人、出资人(以下均称为股东)的确定、改制时间等作出了硬性规定。同时,由于原挂靠单位对事务所的改制也具有决定性的作用,如改制方案的确定、主任会计师的推荐等。上述种种原因导致个别事务所股东并不能志同道合,加上改制时间要求紧,工作难度大,许多事务所…     

Discussion of “Back to Basics: Forecasting the Revenues of Internet Firms” and “A Rude Awakening: Internet Shakeout in 2000”

Review of Accounting Studies -     

中国注册会计师行业党委开展集中总结点评

李勇副部长听取了湖北省财政厅、湖北省注册会计师行业党委和湖北省注协的工作汇报,对湖北省行业党委积极探索行业党建工作体制,在创先争优活动中开展"党性教育"、"岗位奉献"、"亮牌示范"、"服务群众"、"组织创新"等一系列活动,推进机制建设等工作给予了肯定.     

Why New Issues and High-Accrual Firms Underperform: The Role of Analysts' Credulity

We find that analysts' forecast errors are predicted by pastaccounting accruals (adjustments to cash flows to obtain reportedearnings) among both equity issuers and nonissuers. Analystsare more optimistic for the subsequent four years for issuersreporting higher issue-year accruals. The predictive power isgreater for discretionary accruals than nondiscretionary accrualsand is independent of the presence of an underwriting affiliation.Predicted forecast errors from accruals significantly explainthe long-term underperformance of new issuers. The predictabilityof forecast errors among nonissuers suggests that analysts'credulity about accruals management more generally contributesto market inefficiency.     

Operational Risk Measurement in Banking Institutions and Investment Firms: New European Evidences

The banking/investment sector must deal with a new variable, Operational Risk, for explaining various recent crises and bankruptcies. Operational Risk, which can be defined briefly as the risk generated by possible failures of a entity's Information Systems (IS), must be measured, covered, mitigated and managed by applying a series of methodologies, each of which assumes that the IS of the bank operates at a certain Stage of Sophistication. The present study proposes a scheme of evolution that details the stages of enhancement in the sophistication of their IS that banking entities may implement, so as to be capable of capturing, mitigating and managing Operational Risk. Using econometric methods, we create a proxy variable to capture the IS Sophistication of each entity. Then, the factor of entity size has been analyzed, and the country effect is explored. Additionally, the importance of intangible assets is weighted, among others entity aspects. The entity size has been revealed as the variable with most influence on the plans formulated in this respect by European entities, against other variables also considered in the present study, such as the country effect or the importance of intangible assets. The work shows how IS decisions referring to Operational Risk management are very influenced by size. It could introduce competition differences in the European banking system.     

A Comparison of Earnings Management Between KSE Firms and KOSDAQ Firms

Abstract:   This study investigates differences in earnings management practices of Korea Stock Exchange (KSE) firms and KOSDAQ (a Korean version of the NASDAQ market) firms during the period of 1996–1997. A sample of 1,256 KSE and 577 KOSDAQ firm‐year observations is used to compare earnings management practices of firms listed in the two different stock exchanges. The results of the study reveal that KOSDAQ firms tend to more actively manipulate earnings to avoid losses than KSE firms. KOSDAQ firms generally tend to increase reported earnings more aggressively than KSE firms when their operating cash flows are poor, and play down their reported earnings more when their operating cash flows are exceptionally good. The results of the study are quite robust in the sense that more aggressive earnings management practices of KOSDAQ firms persist even when operating cash flows are controlled.     

面向互联网金融的信用体系新标准及实践

我国现有征信体系不完全适用互联网金融的发展,亟须构建一种基于大数据原理的互联网金融信用体系.该体系采用基于多维数据的“臻信”新标准,对信用主体进行全面信用画像和信用评估,并从实践的角度出发,构建一种基于新标准的互联网金融信用服务平台,实现该信用服务平台在第三方支付、互联网财富管理中的应用.     

证券公司资产管理业务产品开发与创新研究

资产管理业务作为收费性的高利润业务,是国外券商运作成熟的核心业务,也是国内券商日益规范的重要业务.2003年12月中国证监会颁布第17号令--<证券公司客户资产管理业务试行办法>,指出券商可以开展集合理财业务,扫除了以往证券公司资产管理业务产品开发和创新时的障碍,并将加快证券公司资产管理业务产品开发和创新的进程.     

Dual-Class Firms: Evidence from IPOs of Chinese Firms Cross-Listed on US Exchanges

We compare Chinese single with dual-class firms cross-listed on US exchanges. We find that dual-class firms are larger in terms of assets and sales, possess ownership concentration, and have higher institutional ownership. Chinese firms in IT industry are especially likely to use dual-class structure. We find that, contrary to the literature, dual-class firms underprice 30.42% more and firm underprices less when governance practices are adequate. Insiders need to bear underpricing cost for retaining control. Interestingly, we find that dual-class firms hire more independent directors to show commitment toward shareholder’s rights but control them through CEO Chairman Duality and superior voting rights.