Ali Al‐Attar  Simon Hussain  Ling Yan Zuo 《Accounting & Business Research》2013,43(1):5-20

Prior research suggests that the quality of accruals may be compromised where the magnitude of accruals is abnormally high, due to the presence of errors in the accruals‐estimation process (Dechow and Dichev, 2002; Richardson, 2003). A consequence of this is that abnormal accruals may not map into realised future cash flows to the extent that would normally be expected of accruals data. Indeed, the association may be insignificant if abnormal accruals consist primarily of estimation noise. Our study investigates whether abnormal accruals for UK firms provide incremental insight into future cash flows. In particular, our paper may be viewed as a development of Subramanyam (1996). We find a significant positive association between abnormal accruals and one‐year‐ahead operating cash flows. This provides a rationale for the pricing of abnormal accruals by the market (Subramanyam, 1996; Xie, 2001) and suggests that abnormal accruals are not merely the products of noise in the accruals‐estimation process. However, our results are conditional upon the probability of one‐year‐ahead bankruptcy risk (Charitou et al., 2004). We also find that abnormal accruals possess small but significant explanatory power for future cash flows even when controlling for the disaggregation of accruals into individual items (Barth et al., 2001).  相似文献   

    

María Consuelo Pucheta‐Martínez  Emma García‐Meca 《Australian Accounting Review》2019,29(1):208-219

Our main objective is to study the effect of institutional directors on firm performance, distinguishing directors according to whether they maintain business relationships (pressure‐sensitive) or not (pressure‐resistant). Our results show that in weak regulatory and low investor protection environments, institutional directors have a negative impact on corporate performance. Our evidence shows that this negative effect is mainly driven by the role of pressure‐resistant directors and not for those directors representing mainly banks and other financial institutions with a long‐term investment horizon. These findings have implications for numerous parties, such as institutional investors, regulators, potential new board members and other corporate governance reform proponents, who frequently examine board characteristics to assess the effectiveness of boards in value‐creation policies.  相似文献   

    

Jeewon Jang  Jangkoo Kang  Changjun Lee 《Asia-Pacific Journal of Financial Studies》2012,41(6):704-738

We propose a simple way to capture the multidimensionality of liquidity. Our analysis indicates that existing liquidity measures have considerable asset specific components, which justifies our new approach. Constructing a two‐factor model with the market and liquidity factor proposed in this paper, we find that our two‐factor model explains well the cross‐section of stock returns in Korea from 1987 to 2010, describing the liquidity premium, size and value effects that the CAPM and Fama‐French three‐factor model fail to explain. Our results also show that the role of liquidity risk on expected stock returns is especially pronounced during the post‐Asian financial crisis period.  相似文献   

Principles before standards: The ICAEW’s ‘N series’ of recommendations on accounting principles 1942–1969 | Principles before standards: The ICAEW’s ‘N series’ of recommendations on accounting principles 1942–1969, Stephen Zeff (Ed.), ICAEW Financial Reporting Faculty,F.O.C., London,United Kingdom (2009), p. 189     

T.A. Lee 《The British Accounting Review》2010,42(4):280

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MARGIN REGULATION AND STOCK MARKET RESPONSE: FURTHER EVIDENCE FROM THE U.S. AND SOME PACIFIC-BASIN COUNTRIES     

Sang Bin Lee  Tae Yol Yoo 《Review of Financial Economics》1991,1(1):79-98

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Shirley Dennis‐Escoffier 《Journal of Corporate Accounting & Finance》2007,18(4):87-89

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Cheng F. Lee  William P. Lloyd 《The Journal of Finance》1978,33(2):640-644

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Joanne C. Duke  David Franz  Su‐Jane Hsieh 《Accounting Perspectives》2012,11(1):57-69

This case illustrates the effects of the proposed new lease standard by the Financial Accounting Standards Board and the International Accounting Standards Board on existing outstanding operating leases. Specifically, the case examines the effects of the proposal that all firms report existing operating leases as capital leases upon the initial adoption of the proposed standard. By applying a constructive capitalization model to two firms who rely on operating leases for financing, FedEx and UPS, we found that both companies would have to record billions of dollars of liabilities that had only appeared in the footnotes of their financial statements under the current lease standards. In addition, the firms would experience a decline in retained earnings and key financial ratios, such as the debt‐to‐equity, return‐on‐assets, and interest coverage ratios, by reporting operating leases as capital leases under the new proposed standard. Furthermore, the magnitude of the lease capitalization impact is much smaller for UPS than for FedEx.  相似文献   

    

Kyoung‐Jae Kim 《International Journal of Intelligent Systems in Accounting, Finance & Management》2004,12(3):167-176

A feature transformation method based on domain knowledge for arti?cial neural networks (ANNs) is proposed. The method of feature transformation based on domain knowledge converts continuous values into discrete values in accordance with the knowledge of experts in speci?c application domains. This approach effectively ?lters data, trains the classi?er, and extracts the rules from the classi?er. In addition, it reduces the dimensionality of the feature space, which not only decreases the cost and time in the operation but also enhances the generalizability of the classi?er. The experimental results of the proposed approach will be compared and tested statistically with the results of the linear transformation method. The results show that the method of feature transformation based on domain knowledge outperforms the linear transformation in modelling of ANNs. Copyright © 2004 John Wiley & Sons, Ltd.  相似文献   

    

Yaw‐Huei Wang  Yun‐Yi Wang 《Asia-Pacific Journal of Financial Studies》2010,39(1):70-89

Given the growing importance of the Taiwan stock market, the present study sets out to provide a comprehensive investigation of the intraday time series of the Taiwan Stock Exchange Capitalization Weighted Stock Index (TAIEX). We begin by exploring the intraday volatility patterns and then go on to examine their impact on intraday volatility forecasting. We find that the volatility of the TAIEX returns exhibits an L‐shaped intraday periodic pattern, which is distinct across each day of the week. Our empirical results indicate that taking the intraday periodic pattern into account in a generalized autoregressive conditional heteroskedasticity model can substantially improve the precision of intraday volatility forecasting.  相似文献