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Full-Text Articles in Business
Measuring And Recognizing The Value Of Purchased Goodwill: A Note On Market Value Measurement Method, Indra Abeysekera
Measuring And Recognizing The Value Of Purchased Goodwill: A Note On Market Value Measurement Method, Indra Abeysekera
Indra Abeysekera
Through a review of literature and with conceptual underpinnings, this paper demonstrates that relying on the market value measurement method to ascertain value of purchased goodwill does not contribute to more accurate value of the financial worth of the firm.It argues that the use of market value for the measurement of purchased goodwill for recognition in financial statements is a mere artifact and a response to the contemporary paradigm rather than a measure of the accurate financial worth of purchased goodwill. It demonstrates the need to seek a measurement method that does not impose a transaction as a necessary precondition …
Do Venture Capitalists Play A Monitoring Role In An Emerging Market? Evidence From The Pay-Performance Relationship Of Chinese Entrepreneurial Firms, Jerry Cao, Qigui Liu, Gary Tian
Do Venture Capitalists Play A Monitoring Role In An Emerging Market? Evidence From The Pay-Performance Relationship Of Chinese Entrepreneurial Firms, Jerry Cao, Qigui Liu, Gary Tian
Gary Tian
This paper investigates venture capitalists' monitoring of managerial behaviour by examining their impact on CEO pay-performance sensitivity across various controlling structures in Chinese firms. We find that the effectiveness of venture capitalists' monitoring depends on different types of agency conflict. In particular, we find that venture capital (VC) monitoring is hampered in firms that experience severe controlling-minority agency problems caused by disproportionate ownership structures. We provide further evidence that VC is more likely to exert close monitoring in firms that have greater managerial agency conflict, and thus require more direct monitoring. However, controlling-minority agency problems have a greater impact on …
A Comparison Of Theory And Practice In Market Intelligence Gathering For Australian Micro-Businesses And Smes, Pauline Ross, Carol Mcgowan, Lee Styger
A Comparison Of Theory And Practice In Market Intelligence Gathering For Australian Micro-Businesses And Smes, Pauline Ross, Carol Mcgowan, Lee Styger
Lee Styger
Recent government sponsored research has demonstrated that there is a gap between the theory and practice of market intelligence gathering within the Australian micro, small and medium businesses (SMEs). Typically, there is a significant amount of information in literature about "what needs to be done", however, there is little insight in terms of how market intelligence gathering should occur. This paper provides a novel insight and a comparison between the theory and practices of market intelligence gathering of micro-business and SMEs in Australia and demonstrates an anomoly in so far as typically the literature does not match what actually occurs …
The Effects Of Financial Crises On International Stock Market Volatility Transmission, Indika Karunanayake Athukoralalage, Abbas Valadkhani, Martin O'Brien
The Effects Of Financial Crises On International Stock Market Volatility Transmission, Indika Karunanayake Athukoralalage, Abbas Valadkhani, Martin O'Brien
Martin O'Brien
With the integration of national economies through international trade and finance, the exploration of financial market interdependency has become profoundly important among market participants and scholars. Focusing on the Asian and global financial crises of 1997-98 and 2008-09 for Australia, Singapore, the UK, and the US, this paper examines the nature of such an interaction between stock market returns and their volatility. We use a multivariate generalised autoregressive conditional heteroskedasticity (MGARCH) model and weekly data (January 1992-June 2009). Based on the results obtained from the mean return equations, we could not find any significant impact on returns arising from the …
The Stock Market Implication Of Political Connections: Evidence From Firms' Dividend Policy, Jerry Cao, Sheng Huang, Qigui Liu, Gary G. Tian
The Stock Market Implication Of Political Connections: Evidence From Firms' Dividend Policy, Jerry Cao, Sheng Huang, Qigui Liu, Gary G. Tian
Qigui Liu
Political connections are valuable for shareholders of privately-run firms especially in countries with weak legal institutions. We study the effect of a firm's political connections in the public equity market by focusing on its impact on the firms' dividend policy. Prior studies suggest that dividends signal the commitment for proper treatment of minority shareholders and thus high growth firms pay dividends to establish such a reputation for better access to equity market in the future. Using a sample of privately-owned Chinese firms, we find that politically connected firms are less likely to pay dividends and pay less if they pay. …
Does Political Capital Create Value In The Ipo Market? Evidence From China, Qigui Liu, Jinghua Tang, Gary Gang Tian
Does Political Capital Create Value In The Ipo Market? Evidence From China, Qigui Liu, Jinghua Tang, Gary Gang Tian
Qigui Liu
This study examines the value of political capital in the Chinese IPO market. We find a positive relationship between a politically connected executive and the probability of IPO approval of entrepreneurial firms. We further identify that shareholders value those connections and give a market premium to connected firms after the firms go public. We provide evidence that other types of political capital gained through external sources, such as politically connected sponsors and PE investors, also bring benefits to the firms in their IPO approval, and these connections substitute for the effect of the executive's political connections on IPO approval. We …
Machine Learning Techniques And Use Of Event Information For Stock Market Prediction: A Survey And Evaluation, Paul D. Yoo, Maria H. Kim, Tony Jan
Machine Learning Techniques And Use Of Event Information For Stock Market Prediction: A Survey And Evaluation, Paul D. Yoo, Maria H. Kim, Tony Jan
Maria Kim
This paper surveys machine learning techniques for stock market prediction. The prediction of stock markets is regarded as a challenging task of financial time series prediction. In this paper, we present recent developments in stock market prediction models, and discuss their advantages and disadvantages. In addition, we investigate various global events and their issues on predicting stock markets. From this survey, we found that incorporating event information with prediction model plays very important roles for more accurate prediction. Hence, an accurate event weighting method and a stable automated event extraction system are required to provide better performance in financial time …