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Veera Lenkkeri Wessel Marquering Ben Strunkmann-Meister 《The Journal of Real Estate Finance and Economics》2006,33(1):31-50
This study extends research on the day-of-the-week effect towards European real estate indices. We examine this anomaly for
several European securitized real estate index returns between 1990 and 2003. Although the countries under analysis have unique
country-specific patterns, we find that eight out of eleven European countries exhibit abnormally high Friday returns. Moreover,
two different Europe indices also exhibit the Friday anomaly. The anomaly is robust with respect to extreme observations,
alternative specifications and several well-known calendar effects. 相似文献
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Wessel M. Badenhorst 《Accounting Perspectives》2014,13(3):173-188
As the overview of the current state of research within this paper shows, the debate around fair value measurements is far from over. This paper analyzes fair value measurement requirements in a controversial scenario, namely when a control premium exists. The analyses of the paper show that, while measurement rules around control premiums could have a material impact on fair value measurements and the financial statements as a whole, significant fair value measurement issues remain unresolved. The conclusion is that fair value measurements should include or exclude control premiums consistently. It is argued that including control premiums for all fair value measurements is the most faithful representation of the underlying economic phenomenon. This paper contributes to the fair value measurement debate by comparing the merits of alternative fair value measurements for control premiums and highlights an area where researchers, investors, and other users should exercise caution when evaluating financial statements. 相似文献
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The Value‐relevance of Equity Accounted Carrying Amounts and Disclosed Fair Values of Listed Associates 下载免费PDF全文
Wessel M. Badenhorst Leon M. Brümmer Johannes H.vH. de Wet 《Australian Accounting Review》2016,26(2):177-189
Equity accounting is a controversial accounting treatment. Although fair value measurement represents a potential alternative measurement base, information content may be lost under a pure fair value measurement approach. This study investigates the value‐relevance of equity accounted carrying amounts and disclosed fair values of listed associates, using a sample of the largest firms listed in South Africa, Australia and the UK. The main finding is that the alternative measurement bases are incrementally value‐relevant during the sample period of 31 December 2005 to 31 December 2011, implying that equity investors do not blindly accept either measurement base. Rather, investors include their own assessment of the intrinsic value of an entity's listed associates in their valuations. 相似文献
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This paper develops a novel approach to simultaneously test for market timing in stock index returns and volatility. The tests are based on the estimation of a system of regression equations with indicator variables and provide detailed information about the statistical significance of alternative market timing components. 相似文献
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Robert van Wessel Xu Yang Henk J. de Vries 《Technology Analysis & Strategic Management》2013,25(8):865-879
The leading international standards for information security management, ISO/IEC 27001 and ISO/IEC 27002 originate from the UK, but are applied worldwide. This paper explores whether the processes of selection, implementation and use of these interrelated standards differ between China and Europe by studying cases of Chinese and European companies. Chinese companies face some additional problems with the standards but manage to get them successfully implemented in a short period of time. Main differences relate to governance and management of standard adoption. This study is innovative in the method used for standardisation research (comparative multi-case study), and the topic: implementation and impact of information security management standards. 相似文献
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The objective of this study is to consider if the value‐relevance of recognised deferred tax assets, which often represent unused tax losses, was affected by the financial crisis. A regression analysis of a sample of Australian and United Kingdom firms reveals that the value‐relevance of recognised deferred tax assets was affected by the financial crisis. However, the impact of the financial crisis differed between the sample countries. The study shows that a plausible explanation for this difference might be found in the tax law of the two countries. Findings of this paper will be of interest to regulators and standard setters, as they highlight how interaction between accounting requirements and tax law affects the relevance of accounting and tax information. 相似文献
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David Wessel 《海外经济评论》2008,(24)
【美国《华乐街日报》6月2日】在我们把对房市、抵押贷款和信贷市场的不安情绪转向一路上涨的油价之前,还是先总结一下在过去几个月里都学到了些什么吧。房市出现了泡沫;这一点现在看来已是无庸置疑了。不过房市泡沫又是如何产生的呢?为什么泡沫破裂让我们如此痛苦不堪?如果没有找到这些问题的答案,我们就不能指望今后不会重蹈覆辙。 相似文献
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Russell Gregory‐Allen Ben Jacobsen Wessel Marquering 《The Journal of Financial Research》2010,33(4):403-427
Stock market returns in 22 markets around the world show no evidence of a daylight saving time effect. Returns on the days following a switch from or to daylight saving time do not behave any differently from stock market returns on any other day of the week or month. These results reject earlier conclusions in the literature—based on less data—that investors’ mood changes induced by changes in sleep patterns significantly affect stock returns. 相似文献