Cash flow statements have a longstanding history as mandated financial statement disclosures, having replaced funds flow statements. The usefulness of such disclosures with respect to one of the main purposes of financial statements—providing information relevant to the assessment of future cash flows and their uncertainty, and the market value of firms—is still subject to debate. This study investigates whether various partitions of earnings involving combinations of a cash flow measure of performance and measures of current accruals and non-current accruals improve the ability to explain market values in the UK relative to using earnings alone. Using a valuation model-based methodology, and employing a UK sample of non-financial firms for the years 1993 to 2007, our results suggest strong support for the assertion that cash flows can have incremental value relevance relative to either earnings or funds flows. By implication, cash flows can have separate value relevance from total and, in particular, current accruals. There is slightly less consistent evidence that current and non-current accruals can have separate value relevance but, nonetheless, the results are still strongly in favour in this respect. Generally, the main source of increase in explanatory power for market values is the separate inclusion of our cash flow measure in the estimated regressions. As a consequence, we conclude that the statement of cash flows in the UK provides information useful to UK investors in valuing firms. Further, requiring a cash flow statement, as opposed to a funds flow statement, improves the information content of financial statements in the UK. 相似文献
In this study, we analyze how emergence of cooperation is related to social learning. Cooperation is an example of social behavior. It is frequency-dependent that is the success of a particular behavior depends on the number of individuals adopting each behavioral trait. We study how social learning can affect the evolution of cooperation in social dilemmas represented by two well-known games: Prisoner’s Dilemma (PD) and Snowdrift (SD). We show that, in the PD game, increase in the proportion of social learners leads to the alleviation of the social dilemma. Whereas, in the SD game increasing the proportion of social learners does not always lead to the alleviation of the social dilemma, that is there is no simple monotonic relation between social learning and the weakening of the social dilemma.
East Asia's miracle and its economic dynamism has become a popular topic for academic and business research. Researchers and practitioners have used many theories and justifications to explain this area. Since there is limited consensus among the researchers regarding the East Asian miracle, viewpoints, interpretations, and discipline-centered critiques remain equivocal. This article reviews and analyzes salient issues of this debate, its multidisciplinary contents, and some of the inherent differences between various perspectives put forward by the researchers. The importance of this review lies in its multidisciplinary approach and cross-referencing. 相似文献
While the importance of currency movements to industry competitiveness is theoretically well established, there is little evidence that currency risk impacts US industries. Applying a conditional asset pricing model to 36 US industries, we find that all industries have a significant currency premium that adds about 2.47 percentage points to the cost of equity and accounts for approximately 11.7% of total risk premium in absolute value. Cross-industry variation in the currency premium is explained by foreign income, industry competitiveness, leverage, liquidity, and other industry characteristics, while its time variation is explained by US aggregate foreign trade, monetary policy, growth opportunities, and other macro variables. The results indicate that methodological weakness, not hedging, explains the insignificant industry currency risk premium found in previous work, thus resolving the puzzle that currency risk premium is important at the aggregate stock market level, but not at the industry level. 相似文献
The notion of η-pseudolinearity is introduced. First, some characterizations of an η-pseudolinear function are obtained. Then characterizations of the solution set of an η-pseudolinear program are derived. The paper generalizes various results on pseudolinear functions and programs. 相似文献
The paper analyzes bank performance in the context of the integrated EuropeanUnion market and its member countries. First, the paper investigates the technicalefficiency of banks in each country sample using a Data Envelopment Analysis(DEA) model incorporating only banking variables. Then, a second DEA modelis defined incorporating environmental factors together with banking variables inorder to standardize the country-specific environmental conditions. Based on thesemodels, the paper systematically analyzes the efficiency position for each of theEuropean banking industry if average banks decide to operate in any other country.The results indicate that adverse (advantageous) environmental conditions are apositive (negative) factor for the home banking industry and being technicallyefficient appears to be a significant deterrence to foreign competition. 相似文献
Zusammenfassung Eine Analyse des Schwarzmarkt-Wechselkurses in Entwicklungsl?ndern — Das Beispiel der Türkei. — Die Schwarzmarkt-Wechselkurse
in Entwicklungsl?ndern sind nicht unabh?ngig davon, welche Politik betrieben wird und wie sich die anderen ?konomischen Variablen
(wie Einkommen, Preisniveau und Inflationserwartungen) entwickeln. In diesem Aufsatz wird mit Hilfe türkischer Daten ein einfaches
Modell entwickelt und gesch?tzt, das gleichzeitig Schwarzmarkt-Wechselkurse, Preisniveau, Realeinkommen und reale Geldmenge
bestimmt. Die Ergebnisse dynamischer Simulationen zeigen, daΒ sich dann, wenn Rückwirkungen aus den übrigen Teilen der Wirtschaft
zugelassen werden, die Wirkungen wirtschaftspolitischer MaΒnahmen auf die Schwarzmarkt-Wechselkurse erheblich von denen unterscheiden,
die man in einem Ein-Gleichungs-Modell beobachten würde, in dem alle erkl?renden Variablen als exogen angesehen werden.
Résumé Une analyse du taux de change sur le marché noir dans une économie développante. — Les taux de change sur le marché noir dans
les pays en voie de développement ne sont pas indépendants des politiques appliquées ou des autres variables économiques comme
par exemple le revenu, le niveau des prix ou les expectatives d’inflation. Cet article a construit, estimé et simulé, en utilisant
des données de la Turquie, un modèle simple qui simultanément détermine le taux de change sur le marché noir, le niveau des
prix, le revenue réel et l’encaisse réelle. Les résultats des simulations dynamiques démontrent que, si l’on permet des rétro-actions
du reste de l’économie, les effets d’un changement de politique sur le taux de change sur le marché noir sont substantiellement
différents á ceux qu’on observerait avec un modèle á une seule équation dans laquelle toutes les variables explicatives sont
supposément exogènes.
Resumen Un análisis del tipo de cambio negro en una economfa en desarrollo. — Tipos de cambio de mercado negro en pai’ses en desarrollo
no son independientes de las polfticas aplicadas o de otras variables econ?micas tales como el ingreso, nivel de precios o
expectativas de inflation. En este articulo se ha construido, estimado y simulado, sobre la base de datos de Turquia, un modelo
simple que détermina simultáneamente el tipo de cambio de mercado negro, nivel de precios, ingreso real y balances monetarios
reaies. Los resultados de simulaciones dinámicas muestran que, cuando se permiten realimentaciones del resto de la economia,
los efectos de un cambio de pol?tica dado sobre el tipo de cambio de mercado negro son sustancialmente diferentes de aquéllos
que habrian sido observados con un modelo de ecuación única que asume que todas las variables explicativas son exógenas y
no permite ninguna realimentación.