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1.
Several studies have compared the efficiency of publicly andprivately owned water utilities and reached conflicting conclusionson the impact of ownership on efficiency. This article providesfurther evidence by estimating a stochastic cost frontier fora sample of Asian and Pacific regional water companies. Theresults show that efficiency is not significantly differentin private companies than in public ones. 相似文献
2.
Product quality certifiers may not reveal the identity of unsuccessful applicants/sellers for three reasons. First, they respond to the desire of individual sellers to avoid the stigma from rejection. Second, nontransparency helps a certifier to increase his market power by raising the stigma from lower‐tier certification. Third, transparency does not help screen among heterogeneous sellers. Strategic complementarities arise as sellers move down the certification pecking order and lead to the stigmatization of the lower tiers. Mandating transparency benefits the sellers but has an ambiguous impact on buyers, who actually become less informed about product quality. 相似文献
3.
《The British Accounting Review》2022,54(1):101002
This study investigates factors affecting the credibility of sustainability reporting. Potential factors were first identified from prior studies and then refined through semi-structured interviews with sustainability reporting stakeholders including users, preparers, assurance providers and standard-setters. From this we construct a conceptual framework containing 26 variables that potentially influence credibility assessments of sustainability reports. This large set of variables is then evaluated by using a questionnaire survey of different stakeholder groups. The responses reveal that some source credibility variables (trustworthiness, track record and management expertise), assurance-related variables, and message characteristics (materiality and completeness of sustainability disclosures) are perceived by different stakeholder groups as particularly important to the credibility assessment, with source credibility factors dominating the rankings. An exploratory factor analysis shows that perceptions coalesce on four factors that are concerned with assurance and accountability, source (management) characteristics, message characteristics, and standards & ratings, with the structure of first two being dominated by the variables ranked as most important. The rank analysis also reveals significant differences between users and preparers in the ordering of influential credibility factors, and this is further supported by the significant differences between users’ and preparers’ mean scores for the ‘assurance and accountability’ and ‘source (management) characteristics’ factors. 相似文献
4.
Do post-restatement firms care about financial credibility? Evidence from the pre- and post-SOX eras
This study examines whether negative-market-reaction firms in the year following restatement announcements adopt more conservative financial reporting to respond to their financial reporting credibility crisis, especially in the post-SOX era. Using Basu’s (1997) measure of conservatism, we find that negative-market-reaction firms in the year following restatement announcements report their financial statements more conservatively in the post-SOX era, as the market reaction following restatement announcements becomes more severe. We also find that as the negative market restatement reaction becomes more severe, negative-market-reaction firms using a Big N auditor in the year following financial restatements report their financial statements more conservatively in the post-SOX era. 相似文献
5.
Survival of the Fittest or the Fattest? Exit and Financing in the Trucking Industry 总被引:12,自引:0,他引:12
Luigi Zingales 《The Journal of Finance》1998,53(3):905-938
This paper studies the impact that capital market imperfections have on the natural selection of the most efficient firms by estimating the effect of the prederegulation level of leverage on the survival of trucking firms after the Carter deregulation. Highly leveraged carriers are less likely to survive the deregulation shock, even after controlling for various measures of efficiency. This effect is stronger in the imperfectly competitive segment of the motor carrier industry. High debt seems to affect survival by curtailing investments and reducing the price per ton-mile that a carrier can afford to charge after deregulation. 相似文献
6.
Hua Kiefer Leonard Kiefer Tom Mayock 《The Journal of Real Estate Finance and Economics》2016,52(3):272-321
Although a broad-based increase in house prices has been observed over the past year, not everyone is convinced the rise of house prices will persist and lead to a steady recovery of the economy. The main reason for this skepticism is uncertainty about the “shadow inventory”: foreclosed homes held by investors or as REOs, which have not yet hit the market but likely will as market prices rise. The volume of shadow inventory itself in local markets is largely unknown, as is its impact on the housing market. This study quantifies the size of the shadow inventory and investigates the spatial impact of the out-flow of shadow inventory. The scope of our study is a set of housing markets (AZ, CA, and FL) that vary in both their historic housing price volatility as well as institutional factors - such as foreclosure law statutes - that may influence the relationship between the shadow inventory and house price dynamics. To address the endogeneity that characterizes the spatial interaction of house prices and the out-flow of the shadow inventory, we utilize a simultaneous equation system of spatial autoregressions (SESSAR). The model is estimated using measures of the shadow inventory derived from DataQuick’s national transaction history database and county-level house price indices provided by Black Knight. Lastly, because our estimate - as well as all other existing estimates - of the shadow inventory relies upon string matching algorithms to identify entry into and exit out of REO status, we validate the accuracy of our measures of REOs using loss mitigation data from the OCC Mortgage Metrics database. 相似文献
7.
The Impact of Austerity in the Framework of Corporate Rescue and the Rights of Workers in the EU: A Road to Recovery?
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The financial crisis and the sovereign debt crisis have been attributed to a number of causes. Whether these are economic, social, cultural or legal, they are all by and large also political. The aim of this article is not to delve into the myriad of heated political arguments that continue to dominate the scene but to assess the impact of the financial crisis on the employment protection rights and the corporate rescue regimes in Greece, Portugal, France and the UK. In light of the crisis, the rights of the workforce have been severely compromised to afford financially troubled companies a greater opportunity to recover. In order to minimise the catastrophic impact of financial turmoil on their economy and society, all four jurisdictions introduced reforms to their labour codes and corporate rescue mechanisms, often in the name of austerity. This article will offer a snapshot of the changes and their effects and an assessment whether or not the reforms of pre‐insolvency regimes have operated as an effective embankment for the protection of social and economic welfare. The purpose of this piece is to shed a light on the changes that have occurred and that have affected employment rights in the domestic legal systems of individual member states, as influenced to some extent by the EU in its expectations of improvements to increase labour market flexibility, and whether corporate rescue mechanisms in individual member states are able to provide some counterbalance to the erosion of employment rights generally. Copyright © 2017 INSOL International and John Wiley & Sons, Ltd. 相似文献
8.
We extend the overreaction study to interaction of international markets and find that intraday price reversals exist in Asian index futures markets following extreme movement in U.S. market. Profitable opportunities exist after considering transaction cost. We show that the reversal cannot be explained by rational arguments such as risk, liquidity and bid-ask spread. We further observe that a magnitude effect exists. Overreaction is more prominent in the latter period than in the initial period. After calm-down periods, overreaction is greatly reduced. These observations support the explanation that the source of price reversals lies in behavioral biases. 相似文献
9.
In this paper, we focus on the question to what extent machine learning (ML) tools can be used to support systematic literature reviews. We apply a ML approach for topic detection to analyze emerging topics in the literature—our context is accounting and finance research in the Asia–Pacific region. To evaluate the robustness of the approach, we compare findings from the automated ML approach with the results from a manual analysis of the literature. The automated approach uses a keyword algorithm detection mechanism whereby the manual analysis uses common techniques for qualitative data analysis, that is, triangulation between researchers (expert judgement). From our paper, we conclude that both methods have strengths and weaknesses. The automated analysis works well for large corpora of text and provides a very standardized and non-biased way of analyzing the literature. However, the human researcher is potentially better equipped to evaluate current issues and future trends in the literature. Overall, the best results might be achieved when a variety of tools are used together. 相似文献
10.
We posit that the benefits and costs of multiple directorships are conditional on firm characteristics. We find firm valuation is positively associated with multiple directorships in (i) firms with high advising needs and (ii) firms with high external financing needs. These beneficial effects of multiple directorships are generally stronger in countries with weak shareholder rights and in firms that are widely held. However, when controlling shareholder hold high voting‐rights to cash‐flow rights, multiple directorships reduce firm valuation, especially in countries with weak shareholder rights and in closely held firms. As multiple directorships increases, cash holdings (capital expenditures) contribute less to shareholder value. The negative association between value of cash (capital expenditure) and busy boards is mitigated in firms with (i) high advising needs, (ii) high external financing needs and (iii) less entrenched ownership structures. 相似文献
11.
Bryan Howieson Phil Hancock Naomi Segal Marie Kavanagh Irene Tempone Jenny Kent 《Journal of Accounting Education》2014
This paper addresses the respective roles and responsibilities of universities and practitioners in educating professional accountants. The issues are explored by a review of the literature in accounting and other professions regarding the respective roles of universities and employers in the development of both technical and non-technical knowledge and skills of professionals, particularly accounting practitioners. The literature review suggests that critics of university-based education fail to recognise (a) the changes that have occurred in the roles and responsibilities of accounting practitioners, and (b) the opportunity costs necessarily associated with providing generalist accounting degrees. Universities and employers have comparative advantages for the development of different types of professional skills and knowledge. These insights are extended by way of a series of interviews with Australian accounting practitioners, representatives from professional accounting bodies, recent accounting graduates, and accounting students about their perceptions of the respective responsibilities and roles of universities and employers. Although some interviewees recognised that universities cannot be ‘all things to all people’, there was a tendency to expect universities to have the major responsibility for the development in accounting graduates of both technical and non-technical knowledge and skills. Such perceptions tended to understate the responsibilities and comparative advantage of employers and result in unrealistic expectations about the outcomes of a university education. Employers need to be made more aware of the resource and other limitations associated with university programs and should develop meaningful opportunities for learning and reflection within workplace contexts. 相似文献
12.
Troy Pollard 《Review of Quantitative Finance and Accounting》2016,47(2):305-341
I examine whether the financial reporting quality of firms that access capital markets through reverse mergers differs from that of firms that rely on the traditional and more onerous IPO process. Using a broad sample of reverse merger firms and a propensity-score matched sample of IPOs, I find that reverse merger firms exhibit lower earnings quality as measured by several earnings attributes established in prior literature: accrual quality, earnings persistence, earnings predictability, cash persistence, cash predictability, earnings smoothness, timeliness, and value relevance. I document similar results for firms with low levels of institutional ownership. Differences in earnings quality, however, are attenuated for reverse merger firms with higher levels of institutional ownership. Given recent U.S. Securities and Exchange Commission enforcement actions against Chinese reverse merger firms, I also use a difference-in-differences technique and find that the lower financial reporting of reverse merger firms is actually driven by the non-Chinese reverse merger firms. 相似文献
13.
Wan Nordin Wan-Hussin Hasan Mohammed Bamahros 《Journal of Contemporary Accounting and Economics》2013,9(1):19-32
This paper investigates the association between the internal audit function attributes and audit delay using a sample of 432 publicly traded firms in Malaysia in 2009. In this unique setting, we capitalize on the publicly available data concerning the investment in and the sourcing arrangement of internal audit function. We find a negative relationship between the costs incurred for the internal audit function and audit delay. However, we do not find any significant association between the internal audit function sourcing arrangements and audit delay. Additionally, we find that greater audit committee independence and longer auditor–client tenure shorten audit delay, and more frequent audit committee meetings and higher misstatements in the preliminary unaudited earnings are associated with a longer audit delay. 相似文献
14.
The Rise of Oversight and the Decline of Mutuality? 总被引:1,自引:0,他引:1
15.
This paper investigates if the strength of the legal system impacts on the trade in insurance and financial services in the high-income OECD and developing countries. Our findings reveal a statistically significant positive correlation of rule of law and regulatory quality with the exports and imports of insurance and financial services. Our empirical findings also reveal a negative and statistically significant correlation of contract enforcement with the exports and imports of insurance and financial services. We conclude that strengthening the rule of law and contract enforcement mechanisms can facilitate higher levels of trade in insurance and financial services. 相似文献
16.
《Journal of International Accounting, Auditing and Taxation》1999,8(1):23-42
This study attempts to determine the degree of harmonization in the form and content of the auditor’s report in the European Union. To accomplish this goal, audit reports from 1995 annual reports of the largest industrial companies in Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Netherlands, Portugal, Spain, Sweden and the United Kingdom are analyzed. The analysis uses the basic elements of the auditor’s report listed in the International Standard on Auditing, “The Auditor’s Report on Financial Statements” as the control. Comparability is tested using the chi-square statistic which tests for equality of the proportions of the various elements in the auditor’s report across the Member States. The results reveal that harmonization exists in three of the five elements in the auditor report relating to form (appropriate title, the dating of the report and the listing of the location of the auditor’s office). Harmonization does not exist for the remaining two elements related to form, nor does it exist for any of elements related to content. 相似文献
17.
There is a growing discussion of intellectual capital and the knowledge economy more generally within the accounting literature. This literature, however, has focused narrowly on the considerable discrepancy between book and market values and the inability of traditional accounting concepts and methods to deal with the intangible nature of key sources of corporate competitive advantage. This essay contributes to this literature by providing a broadly poststructuralist reading of the emergence of ethical knowledge as a component of intellectual capital, a category of asset that has almost been completely overlooked within the extant accountant literature on the knowledge economy. The paper does three things. Firstly, it draws on a broad review of the accounting literature to explore how intellectual capital is being defined and constructed within that literature. Secondly, it provides a poststructural analysis of the way ethical knowledge emerged within the intellectual capital statements of an early innovator in Intellectual Capital reporting. Finally, the paper tentatively hints towards the moral and civic potential of alternative conceptualisations of ethical knowledge networks at the margins of the knowledge economy and considers some areas for further research in this regard. 相似文献
18.
We develop a theory’ and empirical test of how the legal system affects the relationship between venture capitalists and entrepreneurs. The theory uses a double moral hazard framework to show how optimal contracts and investor actions depend on the quality of the legal system. The empirical evidence is based on a sample of European venture capital deals. The main results are that with better legal protection, investors give more non-contractible support and demand more downside protection. These predictions are supported by the empirical analysis. Using a new empirical approach of comparing two sets of fixed-effect regressions, we also find that the investor’s legal system is more important than that of the company in determining investor behavior. 相似文献
19.
The relationship between stock prices and the inflation can be either negative or positive, depending on the strengths of various theoretical channels at work. In this study, we examine the dynamic conditional correlations of stock prices and inflation in the United States over the period of 1791–2015 under a time-varying framework. The results of our empirical analysis reveal that correlations between the inflation and stock prices in the United States evolve heterogeneously overtime. In particular, the correlations are significantly positive in the 1840s, 1860s, 1930s and 2011, and significantly negative otherwise. The policy implications of these findings are then discussed. 相似文献
20.
《Futures》2016
Using narrative policy analysis we examined the adversarial rhetoric of claims-makers in their bid to undermine alternative and conflicting accounts of GMOs as environmental and human health risk and to forestall any challenges to the scientific authority of the technological deterministic account of the GMO policy debates in Ghana. The study shows that the GMO discourse was built with the rhetorical frames of smallholder farmer vulnerability and entitlement used in the account it contradicts, thereby legitimating its own appeal for responsive remedies. Civil society claims attacked GMOs as discriminatory and as an environmental and human health risk. Government and scientists engaged in unsympathetic counter rhetorical strategies in hopes of debunking or neutralizing the claim made by civil society. In other words, Government and scientists were denying the claim that GMO was discriminatory and posed significant human health risk, as well as the call to action to do something about GMOs. Civil society adapted the counter rhetoric of insincerity, claiming that scientists had some kind of “hidden agenda” behind their claim, such as eagerness to just earn money from their patents on GMOs. It is imperative that communication on GMOs includes the underlying assumptions, the uncertainties and the probabilities associated with both best and worst case scenarios. This is a necessary condition to minimise misinformation on GMOs but may be insufficient to completely erase conspiracy theories from the minds of the public especially when scientists and government are perceived to be biased towards multinational corporations that are ostensibly preoccupied with making profits. 相似文献