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Articles 1 - 30 of 53
Full-Text Articles in Business
Accounting Challenge App: An Interview With Ceeman Champions 2013, Poh Sun Seow, Suay Peng Wong
Accounting Challenge App: An Interview With Ceeman Champions 2013, Poh Sun Seow, Suay Peng Wong
Research Collection School Of Accountancy
No abstract provided.
Survey On The Role Of Investor Relations In The Modern Day Corporation, Andrew Lee
Survey On The Role Of Investor Relations In The Modern Day Corporation, Andrew Lee
Research Collection School Of Accountancy
The Investors Relations Professionals Association (Singapore) (IRPAS), incollaboration with the School of Accountancy at Singapore Management University(SMU) and the Singapore Exchange (SGX), embarked on this study in March 2013with the objective of achieving a better understanding of the role of investor relations(IR) in today’s modern corporation as well as the role of IRPAS in further developingthe investor relations profession in Singapore. The study aimed to provide insights into the structure and organisation of the IRfunction as well as the roles and responsibilities of Investor Relations Officers (IROs)in SGX-listed companies. An online questionnaire survey was administered in August 2013 to the …
Survey On The Role Of Investor Relations In The Modern Day Corporation, Andrew Lee, Jiwei Wang
Survey On The Role Of Investor Relations In The Modern Day Corporation, Andrew Lee, Jiwei Wang
Research Collection School Of Accountancy
In March 2013, the Investors Relations Professionals Association (Singapore) (IRPAS), in collaboration with the School of Accountancy at Singapore Management University (SMU) and the Singapore Exchange (SGX), embarked on this study with the objective of achieving a better understanding of the role of investor relations. (IR) in today’s modern corporation as well as the role of IRPAS in further developing the investor relations profession in Singapore. The study aims to provide insights into the structure and organisation of the IR function in Singapore listed companies as well as the roles and responsibilities of Investor Relations Officers (IROs) in these organisations. …
The Role Of Investor Relations In The Modern-Day Corporation, Andrew Lee, Jiwei Wang
The Role Of Investor Relations In The Modern-Day Corporation, Andrew Lee, Jiwei Wang
Research Collection School Of Accountancy
No abstract provided.
Counterparty Responses To Managerial Overconfidence, Paul Hribar, Jaewon Kim, Ryan Wilson, Holly I-Hwa Yang
Counterparty Responses To Managerial Overconfidence, Paul Hribar, Jaewon Kim, Ryan Wilson, Holly I-Hwa Yang
Research Collection School Of Accountancy
Existing research links CEO overconfidence to a number of corporate decisions including overinvestment, external acquisitions, and earnings management. These findings raise the question of whether counterparties distinguish between differences in CEOs, and how they respond to it. We focus on two key counterparties – auditors and credit rating agencies – and examine whether audit fees and credit ratings are affected by CEO overconfidence. We find a positive association between audit fees and CEO overconfidence, suggesting that auditors exert more effort or increase the risk premium associated with auditing firms with more overconfident CEOs. We also find a significant negative association …
Price Shocks, News Disclosures, And Asymmetric Drifts, Hai Lu, Kevin Wang, Xiaolu Wang
Price Shocks, News Disclosures, And Asymmetric Drifts, Hai Lu, Kevin Wang, Xiaolu Wang
Research Collection School Of Accountancy
Motivated by investor disagreement and corporate disclosure literatures, we examinehow stock price shocks affect future stock returns. We find that both large short-termprice drops and hikes are followed by negative abnormal returns over the subsequent year,consistent with the conjecture that price shocks are useful indicators of inter-temporalspikes in investor disagreement and investor opinion converges gradually. The asymmetricdrifts, return continuation for negative price shocks versus return reversal for positive ones,are in sharp contrast to the general findings of symmetric drifts in corporate event studies.Moreover, price shocks associated with public news events are followed by significantlyweaker downward drifts, suggesting that news disclosures …
Management Forecast Credibility And Underreaction To News, Jeffrey Ng, Irem Tuna, Rodrigo Verdi
Management Forecast Credibility And Underreaction To News, Jeffrey Ng, Irem Tuna, Rodrigo Verdi
Research Collection School Of Accountancy
In this paper, we first document evidence of underreaction to management forecast news. We then hypothesize that the credibility of the forecast influences the magnitude of this underreaction. Relying on evidence that more credible forecasts are associated with a larger reaction in the short window around the management forecasts and a smaller post-management forecast drift in returns, we show that the magnitude of the underreaction is smaller for firms that provide more credible forecasts. Our paper contributes to the literature by providing out-of-sample evidence of the drift in returns documented in the post-earnings-announcement drift literature, with the credibility of the …
Financial Reporting Quality Of Chinese Reverse Merger Firms: The Reverse Merger Effect Or The China Effect?, Kun-Chih Chen, Qiang Cheng, Ying Chou Lin, Yu-Chen Lin, Xing Xiao
Financial Reporting Quality Of Chinese Reverse Merger Firms: The Reverse Merger Effect Or The China Effect?, Kun-Chih Chen, Qiang Cheng, Ying Chou Lin, Yu-Chen Lin, Xing Xiao
Research Collection School Of Accountancy
In this paper, we examine why Chinese reverse merger (RM) firms have lower financial reporting quality. We find that while U.S. RM firms have similar financial reporting quality as matched U.S. IPO firms, Chinese RM firms exhibit lower financial reporting quality than Chinese ADR firms. We further find that Chinese RM firms exhibit lower financial reporting quality than U.S. RM firms. These results indicate that the use of RM process is associated with poor financial reporting quality only in firms from China, where the legal enforcement is weaker than U.S. In addition, we find that compared to Chinese ADR firms, …
Loan Loss Reserves, Regulatory Capital, And Bank Failures: Evidence From The Recent Economic Crisis, Jeffrey Ng, Sugata Roychowdhury
Loan Loss Reserves, Regulatory Capital, And Bank Failures: Evidence From The Recent Economic Crisis, Jeffrey Ng, Sugata Roychowdhury
Research Collection School Of Accountancy
No abstract provided.
60% Cash Payout Or 400% Pic Claim? Which Is Better? (Part 2 ), Teng Aun Khoo, Clement Kai Guan Tan
60% Cash Payout Or 400% Pic Claim? Which Is Better? (Part 2 ), Teng Aun Khoo, Clement Kai Guan Tan
Research Collection School Of Accountancy
How an organisation can best optimise the benefits of the Productivity and innovation Credit (PIC) scheme offered by the Singapore government to boost productivity and innovation. Part 1 as published September 2013.
Zombie Board: Board Tenure And Firm Performance [Summary Of Paper], Sterling Huang
Zombie Board: Board Tenure And Firm Performance [Summary Of Paper], Sterling Huang
Research Collection School Of Accountancy
In my paper, Zombie Boards: Board Tenure and Firm Performance, which was recently made publicly available on SSRN, I empirically investigate how board tenure is related to firm performance and corporate decisions, holding other firm, CEO, and board characteristics constant. I find that board tenure has an inverted U-shaped relation with firm value, and that this curvilinear relation is reflected in M&A performance, financial reporting quality, corporate strategies and innovation, executive compensation, and CEO replacement. The results indicate that, for firms with short-tenured boards, the marginal effect of board learning dominates entrenchment effects, whereas for firms that have long-tenured …
Capability Deployment In Crisis Response To Asia Tsunami Disaster, Gary Pan
Capability Deployment In Crisis Response To Asia Tsunami Disaster, Gary Pan
Research Collection School Of Accountancy
The case covers the Asian tsumani in 2004 and the management of the crisis relief operations. The United Nations proposed a regional coordination centre in Singapore to coordinate all relief activities in the region. Singapore was considered the ideal candidate to coordinate the relief activities, due to its proximity to a number of tsunami-hit countries, her well-developed communications and logistics networks, and her status as a medical hub in the region.
Digital Firms Can Be A Taxing Problem For Govts, Yee Loong Sum
Digital Firms Can Be A Taxing Problem For Govts, Yee Loong Sum
Research Collection School Of Accountancy
No abstract provided.
Capability Deployment In Crisis: Response To Asian Tsunami Disaster, Gary Pan
Capability Deployment In Crisis: Response To Asian Tsunami Disaster, Gary Pan
Research Collection School Of Accountancy
On 26 December 2004, an earthquake occurred under the Indian Ocean, 250 km northwest of the Indonesian island of Sumatra. According to the U.S. geological survey, the magnitude of the earthquake measured 9.0 on the Richter scale and the immense energy released from the earthquake triggered a series of tsunamis traveling at more than 600 km/h. The tsunami devastated the coastline of 13 countries, leaving more than 280,000 people dead and millions homeless. Soon after the disaster, the United Nations and the international community responded quickly with crisis relief operations for the nations affected. Unfortunately, these relief efforts soon ran …
Stock Liquidity And The Pricing Of Earnings: A Comparison Of China’S Floating And Non-Floating Shares, Lou Fang, Jiwei Wang, Hongqi Yuan
Stock Liquidity And The Pricing Of Earnings: A Comparison Of China’S Floating And Non-Floating Shares, Lou Fang, Jiwei Wang, Hongqi Yuan
Research Collection School Of Accountancy
The reform to convert non-floating shares to floating in China provides a setting in which shares are subject to different liquidity constraint. We show that the severity of this constraint is inversely related to the extent to which earnings information is reflected in the share prices. Specifically, before the reform, the transfer prices of non-floating shares reflect much less earnings information than the market prices of floating shares. After the reform, however, both types of transfer reflect more earnings information, although the weights are still less than that found in the market prices. Thus, China's unique setting shows that share …
Family Ownership And Ceo Turnovers, Xia Chen, Qiang Cheng, Zhonglan Dai
Family Ownership And Ceo Turnovers, Xia Chen, Qiang Cheng, Zhonglan Dai
Research Collection School Of Accountancy
This paper investigates the impact of the founding family’s presence on CEO turnover decisions. We find that family firms managed by CEOs outside the founding family (i.e., professional CEO family firms) have higher CEO turnover-performance sensitivity than family firms managed by family members (i.e., family CEO firms) or non-family firms. These results are robust to alternative performance measures and CEO turnover definitions. Additional analyses indicate that higher family ownership leads to even higher (lower) turnover-performance sensitivity in professional CEO family firms (family CEO firms). These results indicate that, with regard to CEO turnover decisions, better monitoring of CEOs by family …
60% Cash Payout Or 400% Pic Claim? Which Is Better? (Part 1), Clement Kai Guan Tan, Teng Aun Khoo
60% Cash Payout Or 400% Pic Claim? Which Is Better? (Part 1), Clement Kai Guan Tan, Teng Aun Khoo
Research Collection School Of Accountancy
How to decide whether to choose cash payout or PIC 400% claim
Do Short Sellers Front-Run Insider Sales?, Mozaffar Khan, Hai Lu
Do Short Sellers Front-Run Insider Sales?, Mozaffar Khan, Hai Lu
Research Collection School Of Accountancy
We study the behavior of short sellers as informed market participants and examine potential sources of their information. Using a newly available dataset with high-frequency short sales data, we find evidence of significant increases in short sales immediately prior to large insider sales, but not prior to small insider sales. We examine a number of explanations that the increase in short sales is driven by public information, either about the firm or about the impending insider sale. The evidence is inconsistent with these explanations, but is consistent with front-running facilitated by leaked information. The front-running appears to be concentrated in …
Managerial Incentives And Management Forecast Precision, Qiang Cheng, Ting Luo, Heng Yue
Managerial Incentives And Management Forecast Precision, Qiang Cheng, Ting Luo, Heng Yue
Research Collection School Of Accountancy
Managers have great discretion in determining forecast characteristics, butlittle is known about how managerial incentives affect these characteristics. This paperexamines whether managers strategically choose forecast precision for self-servingpurposes. Building on the prior finding that the market reaction to vague forecasts isweaker than its reaction to precise forecasts, we find that for management forecastsdisclosed before insider sales, more positive (negative) news forecasts are more (less)precise than other management forecasts. The opposite applies to managementforecasts disclosed before insider purchases. These results are consistent withmanagers strategically choosing forecast precision to increase stock prices beforeinsider sales and to decrease stock prices before insider purchases. …
Ias 39 Reclassification Choice And Analyst Earnings Forecast Properties, Chee Yeow Lim, Chu Yeong Lim, Gerald J. Lobo
Ias 39 Reclassification Choice And Analyst Earnings Forecast Properties, Chee Yeow Lim, Chu Yeong Lim, Gerald J. Lobo
Research Collection School Of Accountancy
In October 2008, the International Accounting Standards Board amended IAS 39 to allow banks to retroactively reclassify financial assets that previously were measured at fair value to amortized cost. By reclassifying financial assets, a bank can potentially avoid recognizing the unrealized fair value losses and thereby increase its income and regulatory capital during a market downturn. We examine the implications of the reclassification decision by banks for the properties of financial analyst earnings forecasts during 2008–2009, when economic conditions were highly volatile. We find that the reclassification choice during the financial crisis reduced analyst forecast accuracy and increased forecast dispersion. …
A Survey Of Executive Compensation Contracts In China’S Listed Companies, Yubo Li, Fang Lou, Jiwei Wang, Hongqi Yuan
A Survey Of Executive Compensation Contracts In China’S Listed Companies, Yubo Li, Fang Lou, Jiwei Wang, Hongqi Yuan
Research Collection School Of Accountancy
We analyze 228 executive compensation contracts voluntarily disclosed by Chinese listed firms and find that central-government-controlled companies disclose more information in executive compensation contracts than local-government-controlled and non-government-controlled companies. Cash-based payments are the main form of executive compensation, whereas equity-based payments are seldom used by Chinese listed companies. On average, there are no significant differences in the value of basic salaries and performance-based compensation in executive compensation contracts. But, compared with their counterparts in non-government-controlled companies, executives in government-controlled companies are given more incentive compensation. Accounting earnings are typically used in executive compensation contracts, with few firms using stock returns …
Managerial Incentives And Management Forecast Precision, Qiang Cheng, Ting Luo, Heng Yue
Managerial Incentives And Management Forecast Precision, Qiang Cheng, Ting Luo, Heng Yue
Research Collection School Of Accountancy
Managers have great discretion in determining forecast characteristics, but little is known about how managerial incentives affect these characteristics. This paper examines whether managers strategically choose forecast precision for self-serving purposes. Building on the prior finding that the market reaction to vague forecasts is weaker than its reaction to precise forecasts, we find that for management forecasts disclosed before insider sales, more positive (negative) news forecasts are more (less) precise than other management forecasts. The opposite applies to management forecasts disclosed before insider purchases. These results are consistent with managers strategically choosing forecast precision to increase stock prices before insider …
Investor Reactions To Company Disclosure Of Ceo To Median Employee Compensation Ratio: An Experimental Investigation, Jean Lin Seow, K Kelly
Investor Reactions To Company Disclosure Of Ceo To Median Employee Compensation Ratio: An Experimental Investigation, Jean Lin Seow, K Kelly
Research Collection School Of Accountancy
Section 953(b) of the Dodd-Frank Act, which is yet to be implemented by the U.S. Securities and Exchange Commission (SEC), requires that public companies disclose the CEO to median employee compensation ratio (hereafter, pay ratio). We conduct an experiment with Singapore MBA students to examine how such pay ratio disclosures influence the judgments of nonprofessional investors. Participants evaluate a hypothetical company given either no pay ratio information (i.e., only CEO compensation as per current SEC regulations) or pay ratio information (i.e., CEO compensation, median employee compensation, and pay ratio, as per Section 953(b)). The company’s pay ratio, when provided, is …
Non-Audit Fees, Institutional Monitoring, And Audit Quality, Chee Yeow Lim, David K. Ding, Charlie Charoenwong
Non-Audit Fees, Institutional Monitoring, And Audit Quality, Chee Yeow Lim, David K. Ding, Charlie Charoenwong
Research Collection School Of Accountancy
We posit that the effect of non-audit fees on audit quality is conditional on the extent of institutional monitoring. We suggest that institutional investors have incentives and the ability to monitor financial reporting quality. Because of the reputation concerns and potential litigation exposure, auditors are likely to provide high audit quality, when they also provide non-audit services to clients, particularly when clients are subject to high institutional monitoring. We find evidence that, as non-audit fees increase, audit quality (measured by performance-adjusted discretionary current accruals and earnings-response coefficients) reduces only for clients with low institutional ownership but not for clients with …
Work Out Optimum Tax Rates, Benefits For A New Business, Teng Aun Khoo, Clement Tan Kai Guan
Work Out Optimum Tax Rates, Benefits For A New Business, Teng Aun Khoo, Clement Tan Kai Guan
Research Collection School Of Accountancy
No abstract provided.
Do Firms Hedge Optimally? Evidence From An Exogenous Governance Change, Sterling Zhenrui Huang, Urs Peyer, Benjamin Segal
Do Firms Hedge Optimally? Evidence From An Exogenous Governance Change, Sterling Zhenrui Huang, Urs Peyer, Benjamin Segal
Research Collection School Of Accountancy
We ask whether firms hedge optimally by analyzing the impact the NYSE/NASDAQ listing rule changes have had, which exogenously imposed board composition changes on a subset of firms, on financial risk management. Using new proxies for the extent of financial risk management in non-financial firms we find that treated firms reduce their financial hedging, in a difference-in-difference framework. The reduction is concentrated in firms with higher conflicts of interests, such as a high CEO equity ownership level, which exposes them to more idiosyncratic risk, and a higher occurrence of option backdating. We reject the hypothesis that newly majority-independent boards reduce …
Visual Representation Of Accounting Standards, Pearl Hock Neo Tan, Chu Yeong Lim
Visual Representation Of Accounting Standards, Pearl Hock Neo Tan, Chu Yeong Lim
Research Collection School Of Accountancy
No abstract provided.
Internal Governance And Real Earnings Management, Qiang Cheng, Jimmy Lee, Terry J. Shevlin
Internal Governance And Real Earnings Management, Qiang Cheng, Jimmy Lee, Terry J. Shevlin
Research Collection School Of Accountancy
We examine whether internal governance affects the extent of real earnings management. Internal governance refers to the process through which key subordinate executives provide checks and balances in the organization and affect corporate decisions. Using the number of years to retirement to capture key subordinate executives’ incentives and using their compensation relative to CEO compensation to capture their influence within the firm, we find that the extent of real earnings management decreases with key subordinate executives’ horizon and influence. In cross-sectional analyses, we find that the impact of internal governance is more important for firms with more complex operations where …
Governance Of Financial Reporting, Poh Sun Seow, Gary Pan
Governance Of Financial Reporting, Poh Sun Seow, Gary Pan
Research Collection School Of Accountancy
No abstract provided.
Getting Your Accounting Right, Themin Suwardy, Jiwei Wang
Getting Your Accounting Right, Themin Suwardy, Jiwei Wang
Research Collection School Of Accountancy
The book brings together authors from the industry and the academic world to contribute articles on the topic of high quality financial reporting. The objective is to help business directors and accounts preparers to understand the importance of high quality financial reporting to their business and get it right from the start.