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Articles 1 - 15 of 15
Full-Text Articles in Business
Insider Trading And Voluntary Disclosures, Qiang Cheng, Kin Lo
Insider Trading And Voluntary Disclosures, Qiang Cheng, Kin Lo
Research Collection School Of Accountancy
We hypothesize that insiders strategically choose disclosure policies and the timing of their equity trades to maximize trading profits, subject to the litigation costs associated with disclosure and insider trading. Accounting for endogeneity between disclosures and trading, we find that when managers plan to purchase shares, they increase the number of bad news forecasts to reduce the purchase price. In addition, this relation is stronger for trades initiated by chief executive officers than for those initiated by other executives. Confirming this strategic behavior, we find that managers successfully time their trades around bad news forecasts, buying fewer shares beforehand and …
Implication Of Comprehensive Income Disclosure For Future Earnings And Analysts' Forecasts, Jong-Hag Choi, Yoonseok Zang
Implication Of Comprehensive Income Disclosure For Future Earnings And Analysts' Forecasts, Jong-Hag Choi, Yoonseok Zang
Research Collection School Of Accountancy
This paper examines the association of comprehensive income with subsequent period net income as well as analysts’ earnings forecasts. Our results support the notion that comprehensive income is incrementally useful in predicting subsequent period changes in net income. We also document that comprehensive income is associated with analysts’ earnings forecast revisions and forecast errors. The evidence is consistent with analysts’ failure to fully utilize the information disclosed in comprehensive income. The result suggests that analysts revise their year t+1’s forecast downward when comprehensive income is smaller than net income but they do not revise the forecast upward when comprehensive income …
Escalation And De-Escalation Of Commitment To Information Systems Projects: Insights From An Approach-Avoidance Process Model, Gary Pan, Shan Ling Pan
Escalation And De-Escalation Of Commitment To Information Systems Projects: Insights From An Approach-Avoidance Process Model, Gary Pan, Shan Ling Pan
Research Collection School Of Accountancy
We view escalation and de-escalation of commitment as processes involving recurring instances of approach-avoidance conflict. This paper outlines an approach-avoidance process model for describing and analyzing escalation and de-escalation of commitment in information systems projects. In the model, the sequential mapping of project events is integrated with a model of approach-avoidance conflict that identifies periods of gradual evolution at two separate levels of social analysis (project and work) that are punctuated by sudden, revolutionary periods of rapid change. By conceiving the processes of commitment escalation and de-escalation as sequences of events involving approach-avoidance conflicts, researchers may develop a deeper understanding …
The Association Between Earnings Quality And Regulatory Report Opinions In The Accounting Industry, Tracey Chunqi Zhang, Katherine Gunny
The Association Between Earnings Quality And Regulatory Report Opinions In The Accounting Industry, Tracey Chunqi Zhang, Katherine Gunny
Research Collection School Of Accountancy
We compare the outcome of two different information systems – self regulation versus private sector regulation – in the accounting industry. Under the Sarbanes-Oxley Act, Public Company Accounting Oversight Board (PCAOB) inspections replaced American Institute of Certified Public Accountants (AICPA) peer reviews of auditors. Peer review opinions are useful with respect to decisions about hiring and firing of auditors (Hilary and Lennox, 2005); therefore, the question remains what are the benefits of incurring the cost to replace a selfregulatory system with a private regulatory agency. We examine the usefulness of these two information systems at distinguishing earnings quality at firms …
Institutional Holdings And Analysts’ Stock Recommendations, Qiang Cheng, Xia Chen
Institutional Holdings And Analysts’ Stock Recommendations, Qiang Cheng, Xia Chen
Research Collection School Of Accountancy
Prior studies document that institutional investors outperform the mar- ket. We investigate whether this superior performance is partly derived from institutional investors use of sell-side analysts stock recommenda- tions. First, we find that the quarterly change in institutional ownership is positively correlated with consensus recommendations. After control- ling for other determinants of institutional holdings, the quarterly change in institutional ownership is on average 0.90 percent higher for firms with favorable recommendations than for those with unfavorable recommendations. Second, using large trades to proxy for institutional trading, we find that there are more buyer-initiated than seller-initiated large trades around favorable recommendations …
Escalation And De-Escalation Of Commitment To Information Systems Projects: Insights From A Project Evaluation Model, Shan Ling Pan, Gary S. C. Pan, Michael Newman, Donal Flynn
Escalation And De-Escalation Of Commitment To Information Systems Projects: Insights From A Project Evaluation Model, Shan Ling Pan, Gary S. C. Pan, Michael Newman, Donal Flynn
Research Collection School Of Accountancy
This paper outlines a project evaluation model for examining escalation and de-escalation of commitment to information systems projects. We view escalation and de-escalation of commitment as processes involving recurring instances of approach-avoidance conflict. In the model, the sequential mapping of project events is integrated with a model of approach-avoidance conflict that identifies periods of gradual evolution at two separate levels of social analysis (project and work) that are punctuated by sudden, revolutionary periods of rapid change. By conceiving the processes of commitment escalation and de-escalation as sequences of events involving approach-avoidance conflicts, researchers may develop a deeper understanding of how …
Performance, Growth And Earnings Management, Chi Wen Jevons Lee, Laura Yue Li, Heng Yue
Performance, Growth And Earnings Management, Chi Wen Jevons Lee, Laura Yue Li, Heng Yue
Research Collection School Of Accountancy
We study the relationship between the amount of managed earnings and firms' earnings performance and expected growth in a reporting model, where managers manipulate earnings to influence the valuation of firms' equity while bearing a cost that is increasing and convex in the amount of managed earnings. In the unique revealing equilibrium to the model, firms with higher performance and growth over-report earnings by a larger amount because price responsiveness increases with earnings performance and growth. And earnings quality, defined as the proportion of true economic earnings in total reported earnings, increases with earnings performance but decreases with earnings growth. …
The Association Between Audit Quality And Abnormal Audit Fees, Jong-Hag Choi, Jeong-Bon Kim, Yoonseok Zang
The Association Between Audit Quality And Abnormal Audit Fees, Jong-Hag Choi, Jeong-Bon Kim, Yoonseok Zang
Research Collection School Of Accountancy
Using a sample of 9,820 firm-year observations over the 2000-2003 period, this paper examines whether, and how, audit quality proxied by unsigned discretionary accruals is associated with abnormal audit fees, i.e., actual audit fees in excess of expected, normal audit fees. The results of various regressions reveal that the association between the two is insignificant for the full sample, significantly positive for the subsample of clients with positive abnormal fees, and insignificantly negative for the subsample of clients with negative abnormal fees. The above results suggest that auditors’ incentives to compromise audit quality differ systematically for more profitable clients (with …
Evidence On The Relationship Between Takaful Insurance And Fundamental Perception Of Islamic Principles, Ramin Cooper Maysami, John Joseph Williams
Evidence On The Relationship Between Takaful Insurance And Fundamental Perception Of Islamic Principles, Ramin Cooper Maysami, John Joseph Williams
Research Collection School Of Accountancy
One of the complexities overarching the concept of Islamic insurance is anchored in the belief system pertaining to fundamental Islamic Law, while another is embedded in the role of profit within the takaful contract. The purpose of this study is to empirically explore the association between the awareness of the existence of Islamic insurance (takaful) and religious perceptions of this financial service.
Winter Wine Tourists In Canada's Niagara Region, Carmen W. Cullen, Eugene Kaciak, Linda Bramble, Barry Wright, Alfred E. Seaman, John Joseph Williams
Winter Wine Tourists In Canada's Niagara Region, Carmen W. Cullen, Eugene Kaciak, Linda Bramble, Barry Wright, Alfred E. Seaman, John Joseph Williams
Research Collection School Of Accountancy
This paper represents the first stage in a multi-seasonal investigation of peak, off-peak and shoulder season winery tourists in Canada’s Niagara region. The goal of the study reported here is to better understand the off-peak winery tourist – that strange creature who chooses to visit a winery in the dead of Canadian winter. Who are these people?
Loss Function Asymmetry And Forecast Optimality: Evidence From Individual Analysts' Forecasts, Stanimir Markov, Min Yen Tan
Loss Function Asymmetry And Forecast Optimality: Evidence From Individual Analysts' Forecasts, Stanimir Markov, Min Yen Tan
Research Collection School Of Accountancy
We examine the optimality of quarterly earning forecasts issued by individual analysts. When we conduct Ordinary Least Squares (OLS) and Least Absolute Deviations (LAD) analyses, which assume loss function symmetry, we reject the null of forecast optimality at 5% significance level more than 5% of the time. Relaxing the symmetry assumption reduces the frequency of rejections below 5%. We demonstrate that the cross-sectional variation in the asymmetry parameter of the loss function is related to analyst employment. Overall, our evidence is consistent with the joint hypothesis of asymmetric loss and forecast optimality rather than the alternative of symmetric loss and …
Accounting Students' Perceptions Of A Learning Management System: An International Comparison, Illias Basioudis, Paul De Lange, Themin Suwardy, Paul Wells
Accounting Students' Perceptions Of A Learning Management System: An International Comparison, Illias Basioudis, Paul De Lange, Themin Suwardy, Paul Wells
Research Collection School Of Accountancy
The impact and use of technology on learning outcomes for accounting students is not well understood. This study investigated impact of design features of an ‘off the shelf’ Learning Management System (LMS) in teaching undergraduate accounting students. Specifically, responses elicited from students located in the UK, Australia and New Zealand form the basis of the study which reports on a number of design features in the LMS (e.g. delivery of lecture notes, announcements, on-line assessment and model answers) used to deliver learning materials regarded as necessary to enhance learning outcomes. Responses from 825 on-campus students provided international data to develop …
Empirical Evidence On Jurisdictions That Adopt Ifrs, Ole-Kristian Hope, Justin Jin, Tony Kang
Empirical Evidence On Jurisdictions That Adopt Ifrs, Ole-Kristian Hope, Justin Jin, Tony Kang
Research Collection School Of Accountancy
International Financial Reporting Standards (IFRS) have recently been adopted in a number of jurisdictions, including the European Union. Despite the importance of IFRS in the context of global accounting standards harmonization, little is known regarding what institutional factors influence countries' decisions to voluntarily adopt IFRS. This issue is relevant to standard-setters because a better understanding of the motivations for adoption will enable them to promote IFRS more effectively to countries that currently do not employ IFRS. Consistent with bonding theory, we find that countries with weaker investor protection mechanisms are more likely to adopt IFRS. Our evidence also shows that …
Accounting Restatements: Are They Always Bad News For Investors?, Dan Segal, Jeffrey L. Callen, Joshua Livnat
Accounting Restatements: Are They Always Bad News For Investors?, Dan Segal, Jeffrey L. Callen, Joshua Livnat
Research Collection School Of Accountancy
This study investigates a large sample of financial statement restatements over the period 1986-2001, and compares restatements caused by changes in accounting principles to those caused by errors. Typically, investors perceive restatements as negative signals due to three potential reasons: (a) the restatement indicates problems with the accounting system that may be manifestations of broader operational (and managerial) problems, (b) the restatement causes downward revisions in future cash flows expectations, and (c) the restatement indicates managerial attempts to cover up income decline through “cooking the books.” We provide evidence that market reactions to restatements due to errors are generally negative. …
Impact Of Gender And Ethnic Composition Of South African Boards Of Directors On Intellectual Capital Performance, Jean-Luc Wolfgang Mitchell Van Der Zahn
Impact Of Gender And Ethnic Composition Of South African Boards Of Directors On Intellectual Capital Performance, Jean-Luc Wolfgang Mitchell Van Der Zahn
Research Collection School Of Accountancy
This study examines the association between the gender and ethnic composition of boards of directors and firm performance in a transitional nation. In contrast to prior research that largely focuses on firm performance within a financial context, this study concentrates on intellectual capital performance. Using data collected from 84 South African, empirical results indicate a positive association between the percentage of female and non-white directors on the board and a firm’s intellectual capital performance. Additional analysis shows the designation of female directors as an insider has a negative effect of intellectual capital performance. Designation of female and non-white directors as …