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Articles 691 - 720 of 804
Full-Text Articles in Business
Comments On Ed Measurement Of Liabilities In Ias 37, Pearl Tan
Comments On Ed Measurement Of Liabilities In Ias 37, Pearl Tan
Research Collection School Of Accountancy
No abstract provided.
The Pricing Of Conservative Accounting And The Measurement Of Conservatism At The Firm-Year Level, Dan Segal, Jeffrey L. Callen, Ole-Kristian Hope
The Pricing Of Conservative Accounting And The Measurement Of Conservatism At The Firm-Year Level, Dan Segal, Jeffrey L. Callen, Ole-Kristian Hope
Research Collection School Of Accountancy
This paper analyzes the relation between equity prices and conditional conservatism and introduces a new measure of conservatism at the firm-year level. We show that the asymmetric properties of conservative accounting, the existence of non-accounting sources of information, and the properties of GAAP related to special items combine to generate a nonlinear relation between unexpected equity returns and earnings news (the shock to expected current and future earnings). Based on this model, we construct a conservatism ratio (CR) defined as the ratio of the current earnings shock to earnings news. CR measures the proportion of the total shock to expected …
Corporate Governance, Investor Protection, And Auditor Choice In Emerging Markets, Mahmud Hossain, Chee Yeow Lim, Patricia Mui Siang Tan
Corporate Governance, Investor Protection, And Auditor Choice In Emerging Markets, Mahmud Hossain, Chee Yeow Lim, Patricia Mui Siang Tan
Research Collection School Of Accountancy
In this study, we examine the effect of firm-level governance on the firm's choice of an external auditor. Further, we test how the relation between corporate governance and auditor choice may be affected by the strength of legal environment. The results show that firm-level governance scores are positively related to the firm's auditor choice. This association is strengthened by country-level legal protection. Specifically, the positive association between auditor choice and the firm-level governance scores is weaker (stronger) in a low (high) legal environment. These findings are robust after controlling for determinants that were found to be significant in earlier research. …
Audit Market Concentration And Audit Quality, Sanjay Kallapur, Srinivasan Sankaraguruswamy, Yoonseok Zang
Audit Market Concentration And Audit Quality, Sanjay Kallapur, Srinivasan Sankaraguruswamy, Yoonseok Zang
Research Collection School Of Accountancy
Policymakers and regulators have been concerned about the impact of audit market concentration resulting from decline in the number of audit firms due to mergers and the demise of Arthur Andersen. In this paper we find a positive association between audit market concentration (Herfindahl index) at the MSA level and audit quality (measured by discretionary accruals and the Dechow-Dichev (2002) measure of accrual quality). We control for fixed year effects, therefore our results are unlikely to be affected by the increase in concentration due to Andersen’s demise contemporaneous with an increase in audit quality because of regulatory measures such as …
Tunneling As An Incentive For Earnings Management During The Ipo Process In China, Jiwei Wang, Joseph Aharony, Hongqi Yuan
Tunneling As An Incentive For Earnings Management During The Ipo Process In China, Jiwei Wang, Joseph Aharony, Hongqi Yuan
Research Collection School Of Accountancy
Using a sample of 185 Chinese IPO firms listed on the Shanghai Stock Exchange during the period 1999-2001, we show that related-party (RP) sales of goods and services could be used opportunistically to manage earnings upwards in the pre-IPO period. We also provide evidence that such behavior may be motivated by the prospect of tunneling opportunities in the post-IPO period, i.e., exploiting economic resources from minority shareholders for the benefit of the parent company. We provide evidence of one such opportunistic tunneling tool: non-repayment by Chinese parent companies of net outstanding corporate loans made to them by their newly listed …
Are Family Firms More Tax Aggressive Than Non-Family Firms?, Shuping Chen, Xia Chen, Qiang Cheng, Terry Shevlin
Are Family Firms More Tax Aggressive Than Non-Family Firms?, Shuping Chen, Xia Chen, Qiang Cheng, Terry Shevlin
Research Collection School Of Accountancy
Taxes represent a significant cost to the firm and shareholders, and it is generally expected that shareholders prefer tax aggressiveness. However, this argument ignores potential non-tax costs that can accompany tax aggressiveness, especially those arising from agency problems. Firms owned/run by founding family members are characterized by a unique agency conflict between dominant and small shareholders. Using multiple measures to capture tax aggressiveness and founding family presence, we find that family firms are less tax aggressive than their non-family counterparts, ceteris paribus. This result suggests that family owners are willing to forgo tax benefits to avoid the non-tax cost of …
Moral Hazard, Firms’ Internal Governance And Management Earnings Forecasts, Jimmy Lee
Moral Hazard, Firms’ Internal Governance And Management Earnings Forecasts, Jimmy Lee
Research Collection School Of Accountancy
This paper investigates the role of management earnings forecasts in mitigating information asymmetry between investors andmanagers relating to moral hazard, and explains how earnings guidance facilitates monitoring. I demonstrate that firms that are more susceptible to moral hazard problems and more difficult to monitor are also more likely to issue annual earningsforecasts and they do so more frequently. In addition, I examine how firm internal governance drives forecasting decisions andshow that stronger board governance and managerial equity incentives are associated with higher likelihood and frequency of forecast issuance. Finally, I provide robust evidence that managerial equity incentives are associated with …
Understanding Analysts Forecasts, R. J. Louth, P. Joos, S. E. Satchell, Guy Weyns
Understanding Analysts Forecasts, R. J. Louth, P. Joos, S. E. Satchell, Guy Weyns
Research Collection School Of Accountancy
The purpose of this paper is to model analysts’ forecasts. The paper differs from the previous research in that we do not focus on how accurate these predictions may be. Accuracy may indeed be an important quality but we argue instead that another equally important aspect of the analysts’ job is to predict and describe the impact of jump events. In effect, the analysts’ role is one of scenario prediction. Using a Bayesian-inspired generalised method of moments estimation procedure, we use this notion of scenario prediction combined with the structure of the Morgan Stanley analysts’ forecasting database to model …
Feedback On Proposals By The Committee To Develop The Accountancy Sector, Tan, Pearl Hock-Neo
Feedback On Proposals By The Committee To Develop The Accountancy Sector, Tan, Pearl Hock-Neo
Research Collection School Of Accountancy
No abstract provided.
Brokerage Industry Self-Regulation: The Case Of Analysts’ Background Disclosures, Lawrence Brown, Artur Hugon, Hai Lu
Brokerage Industry Self-Regulation: The Case Of Analysts’ Background Disclosures, Lawrence Brown, Artur Hugon, Hai Lu
Research Collection School Of Accountancy
We evaluate an industry disclosure initiative designed to inform investors, the practice of providing information regarding investment professionals’ backgrounds. Implicit in the motivation for this initiative is the presumed relevance of background information to investors seeking investment professionals’ guidance. We find that analysts with disclosure incidents forecast less accurately than a matched sample of analysts without such disclosures, and that the market views disclosed analysts’ earnings forecasts as less credible than those of the matched sample. Our evidence is consistent with disclosures signaling a persistent analyst characteristic. We conclude that analyst backgrounds are informative regarding both the accuracy and credibility …
The Impact Of Earnings On The Pricing Of Credit Default Swaps, Dan Segal, Jeffrey L. Callen, Joshua Livnat
The Impact Of Earnings On The Pricing Of Credit Default Swaps, Dan Segal, Jeffrey L. Callen, Joshua Livnat
Research Collection School Of Accountancy
This study evaluates the impact of earnings on credit risk in the Credit Default Swap (CDS) market using levels, changes, and event study analyses. We find that earnings (cash flows, accruals) of reference firms are negatively and significantly correlated with the level of CDS premia, consistent with earnings (cash flows, accruals) conveying information about default risk. Based on the changes analysis, a 1 percent increase in ROA decreases CDS rates significantly by about 5 percent. We also find that (1) CDS premia are more highly correlated with below-median earnings than with above-median earnings and (2) CDS premia are more highly …
Effects Of International Institutional Factors On Earnings Quality Of Banks, Chee Yeow Lim, Gerald Lobo, Kanagaretnam Kiridaran
Effects Of International Institutional Factors On Earnings Quality Of Banks, Chee Yeow Lim, Gerald Lobo, Kanagaretnam Kiridaran
Research Collection School Of Accountancy
No abstract provided.
A Survey Of The Oversight Of External Auditors Through The Lenses Of Audit Committee Chairmen, See Liang Foo, Luck Pia Ng, Kwong Sin Leong, Yang Hoong Pang
A Survey Of The Oversight Of External Auditors Through The Lenses Of Audit Committee Chairmen, See Liang Foo, Luck Pia Ng, Kwong Sin Leong, Yang Hoong Pang
Research Collection School Of Accountancy
No abstract provided.
Ownership, Institutions, And Capital Structure: Evidence From China, Kai Li, Heng Yue, Longkai Zhao
Ownership, Institutions, And Capital Structure: Evidence From China, Kai Li, Heng Yue, Longkai Zhao
Research Collection School Of Accountancy
We employ a unique data set to explore the role of ownership structure and institutional development in debt financing of non-publicly traded Chinese firms. We show that state ownership is positively associated with leverage and firms’ access to long-term debt, while foreign ownership is negatively associated with all measures of leverage. Surprisingly, firms in better developed regions are associated with reduced access to long-term debt, suggesting the availability of alternative financing channels and the tightening of the lending standards under the on-going banking reform. The combination of ownership structures and institutions explains up to 6% of the total variation in …
Effects Of Country-Level Legal, Extra-Legal And Political Institutions On Auditing: A Cross-Country Analysis Of The Auditor Specialization Premium, Bin Sirinidhi, Chee Yeow Lim, Mahmud Hossain
Effects Of Country-Level Legal, Extra-Legal And Political Institutions On Auditing: A Cross-Country Analysis Of The Auditor Specialization Premium, Bin Sirinidhi, Chee Yeow Lim, Mahmud Hossain
Research Collection School Of Accountancy
In this cross-country study of the specialist auditor premium, which spans the US and 12 other countries, we provide evidence that country-level institutional strength increases average audit fees, but reduces the incremental demand for specialist auditors. This finding supports the hypothesis that strong institutions and the demand for specialist knowledge act as substitutes in providing the requisite assurance of financial statements.
The Long-Term Effects Of Cross-Listing, Investor Recognition, And Ownership Structure On Valuation, Michael R. King, Dan Segal
The Long-Term Effects Of Cross-Listing, Investor Recognition, And Ownership Structure On Valuation, Michael R. King, Dan Segal
Research Collection School Of Accountancy
We show that investor recognition and bonding associated with a U.S. cross-listing are distinct effects using a sample of Canadian firms. In contrast to the post-listing decline documented in the literature, we find that cross-listed firms with a single class of shares enjoy a permanent increase in valuation if they attract and maintain investor recognition over time. Valuations of firms that fail to widen their U.S. shareholder base return to pre-listing levels within two years. Cross-listed firms with dual-class shares exhibit a permanent increase in valuation regardless of the level of U.S. investor holdings, consistent with firm-level bonding.
A Re-Examination Of China's Share Issue Privatization, Guohua Jiang, Heng Yue, Longkai Zhao
A Re-Examination Of China's Share Issue Privatization, Guohua Jiang, Heng Yue, Longkai Zhao
Research Collection School Of Accountancy
Previous studies show that in contrast to evidence that share issue privatization (SIP) in most other countries have improved firm profitability, China's SIP of the 1990s had no such effect. We argue that the main reason for the failure of China's SIP is likely to have been the weak institutional environment in place at that time. We examine China's SIP in a more recent period in which the institutional environment was greatly improved. Using a matching sample method, we find that SIP firms continued to experience negative post-SIP profitability changes in our sample period. However, their performance decline was significantly …
The Many Faces Of An Income Statement, Themin Suwardy, Teng Aun Khoo
The Many Faces Of An Income Statement, Themin Suwardy, Teng Aun Khoo
Research Collection School Of Accountancy
When a company an- have no problem understandingnounces its financial the "nature" of this cost. However,results, most analysts if we were to allocate staff costs byand media coverage function, one would have to classitendto focus on its in- fy staff costs into all the functionscome statement, usually with of the entity, eg the wages of an emyear-on-yearor other periodic com- ployee working in the marketing deparisonsof performance.
Audit Committees, Boards Of Directors, And Remediation Of Material Weaknesses In Internal Control, Beng Wee Goh
Audit Committees, Boards Of Directors, And Remediation Of Material Weaknesses In Internal Control, Beng Wee Goh
Research Collection School Of Accountancy
The Sarbanes-Oxley Act (SOX) was passed in 2002 in response to a series ofaccounting improprieties at well-known companies such as Enron and WorldCom.One important aspect of SOX is the internal control requirements. SOX section302 requires that management evaluate the effectiveness of disclosure and controlprocedures, report results of the evaluation, and indicate any “significant changes”in internal controls since the last 10-K or 10-Q report (Securities and ExchangeCommission [SEC] 2002). In addition, SOX section 404 requires that manage-ment’s assessment of the effectiveness of internal control over financial reportingand auditors’ attestation on management’s assessment be included in firms’ 10-Kreports (SEC 2003a). The heightened …
Disclosure Of Management Guidance In Conference Calls: Materiality, Determinants And Consequences, Benjamin Lansford, Jimmy Kiat Bee Lee, Jennifer W. Tucker
Disclosure Of Management Guidance In Conference Calls: Materiality, Determinants And Consequences, Benjamin Lansford, Jimmy Kiat Bee Lee, Jennifer W. Tucker
Research Collection School Of Accountancy
The SEC advises firms to release all material information in their earnings announcement press release before their corresponding conference call. Until May 2009, the NYSE went further by explicitly prohibiting the disclosure of new material information in a conference call. However, we document that the S&P 500 firms, including those that are NYSE-listed, disclose a non-trivial amount of management guidance exclusively in their conference calls. Firms in challenging forecasting environments rely more on the conference call, probably because the call enables managers to “flesh out” the guidance. In contrast, firms with relatively low investor visibility and high litigation risk rely …
Do Direct Cash Flow Disclosures Help Predict Future Operating Cash Flows And Earnings?, Steven F. Orpurt, Yoonseok Zang
Do Direct Cash Flow Disclosures Help Predict Future Operating Cash Flows And Earnings?, Steven F. Orpurt, Yoonseok Zang
Research Collection School Of Accountancy
Motivated by recent FASB, IASB, and CFA Institute comments, we explore the predictive value of direct method cash flow disclosures. A primary stated purpose of the direct method is to better forecast future performance. To examine this purpose, we first document that direct method line items, such as cash received from customers, are not reliably estimable using income statements and either balance sheets or indirect method statements of cash flows. When these estimation (articulation) errors are included in cash flows and earnings forecasting models, forecasting performance significantly improves. In addition, employing a future ERC (FERC) methodology, we find evidence suggesting …
Cue Usage In Financial Statement Fraud Risk Assessments: Effects Of Technical Knowledge And Decision Aid Use, Jean Lin Seow
Cue Usage In Financial Statement Fraud Risk Assessments: Effects Of Technical Knowledge And Decision Aid Use, Jean Lin Seow
Research Collection School Of Accountancy
This paper investigates the effects of technical knowledge and decision aid use on financial statement fraud risk assessments made by directors and students. More extreme fraud risk assessments are made when participants identify and process larger (smaller) numbers of diagnostic (non-diagnostic) factors, with technical knowledge driving diagnostic factor identification. Significant decision aid-technical knowledge effects are also found; decision aid use has a detrimental effect on high-knowledge directors while improving performance in inexperienced, low-knowledge students. These results suggest that although decision aids can afford gains in performance in inexperienced users, they can have unintended and/or paradoxical behavioural effects on experienced users.
The Association Between Institutional Ownership And Audit Properties, Soongsoo Han, Tony Kang, Lynn Reesc
The Association Between Institutional Ownership And Audit Properties, Soongsoo Han, Tony Kang, Lynn Reesc
Research Collection School Of Accountancy
In this study, we examine how institutional ownership affects the quality and riskiness of the financial statement audit. We hypothesize that institutional investors can influence corporate policy to employ governance mechanisms that reduce their monitoring costs. Our evidence shows that firms are more likely to hire a Big 4 auditor (our proxy for audit quality) when long-term institutional ownership is high, suggesting that long-term institutional investors view high quality audits as a viable means of improving corporate governance while reducing their direct monitoring costs. We find no association between auditor choice and short-term institutional ownership. Next, we find that auditors …
National Corporate Governance And Corruption Prevention, Soo Ping Lim
National Corporate Governance And Corruption Prevention, Soo Ping Lim
Research Collection School Of Accountancy
No abstract provided.
Managing Information Technology Project Escalation And De-Escalation: An Approach-Avoidance Perspective, Gary Pan, Shan Ling Pan, Michael Newman
Managing Information Technology Project Escalation And De-Escalation: An Approach-Avoidance Perspective, Gary Pan, Shan Ling Pan, Michael Newman
Research Collection School Of Accountancy
This paper presents an integrated theoretical process model for identifying , describing, and analyzing the complex escalation and de-escalation phenomena in software development projects. The approach-avoidance theory is used to integrate core elements of various escalation theories into a holistic, explanatory framework for the two phenomena. We use a process model to identify antecedent conditions, sequences of events, critical incidents, and outcomes over the course of a project. The analysis also operates at multiple levels: project, work, and environment. This highlights the recursive interactions between project, organizational work activities, and their contexts during the software project development process. By conceiving …
International Evidence On Analyst Monitoring And Earnings Management: The Roles Of Corporate Disclosure And National Culture, Soongsoo Han, Tony Kang, Gerald Lobo, Yong Keun Yoo
International Evidence On Analyst Monitoring And Earnings Management: The Roles Of Corporate Disclosure And National Culture, Soongsoo Han, Tony Kang, Gerald Lobo, Yong Keun Yoo
Research Collection School Of Accountancy
We examine country-level determinants of private information search incentives, and whether analysts’ role in constraining managers’ opportunistic earnings management varies across countries. In a sample of 31,312 firm-year observations originating from 30 countries, we document that: (1) analyst coverage is negatively (positively) related to the level of corporate disclosure (how secretive the national culture is); (2) the negative association between analyst coverage and earnings management is observed in stronger investor protection countries but not in weaker investor protection countries; and (3) analyst monitoring fails to mitigate culturedriven earnings manipulations in countries with more individualistic and uncertainty-tolerant cultures. Taken together, financial …
The Role Of Accounting Information In The Sentiment-Price Relation, Kun-Chih Chen
The Role Of Accounting Information In The Sentiment-Price Relation, Kun-Chih Chen
Research Collection School Of Accountancy
This study reconciles inconsistent evidence on the sentiment-price relation in prior studies by explicitly considering the effects of sentiment on both investor judgments and risk preferences. Using the uncertainty in accounting information, I am able to disentangle these two effects of sentiment and investigate the causes of the variations in the sentiment-price relation. The results show that, under low uncertainty, the effect of sentiment on risk preferences dominates in the sentiment-price relation, such that a negative effect of sentiment on price is observed. In contrast, under high uncertainty, the effect is less negative and, in fact, becomes positive. This suggests …
Asking Tougher Questions In Tough Times, Irving Low, Claudia Eio, See Liang Foo, Yang Hoong Pang, Kwong Sin Leong, John Joseph Williams
Asking Tougher Questions In Tough Times, Irving Low, Claudia Eio, See Liang Foo, Yang Hoong Pang, Kwong Sin Leong, John Joseph Williams
Research Collection School Of Accountancy
The recent wave of corporate governance disasters globally raises many eyebrows and burning questions whether audit committees (ACs) are doing the right things to effectively discharge their roles and responsibilities. To further test the integrity and reputation of the Singapore market as a listing gateway for foreign companies in turbulent times like these, the headlines are also reporting a spate of suspected and actual corporate fraud and scandals involving China-based, Singapore listed companies (commonly referred to as “S-chips”). Many angry investors and the public question whether ACs and independent directors are doing their jobs.
Corporate Tax, Capital Structure, And The Accessibility Of Bank Loans: Evidence From China, Liansheng Wu, Heng Yue
Corporate Tax, Capital Structure, And The Accessibility Of Bank Loans: Evidence From China, Liansheng Wu, Heng Yue
Research Collection School Of Accountancy
In this paper, we investigate whether listed firms in China adjust their capital structure in response to an increase in the corporate taxrate. Although theories of capital structure suggest that corporate tax is an important determinant of capital structure, how exogenouschanges of the tax rate affect firms’ leverage decisions has not been fully explored. We examine a unique circumstance in which the Chinesegovernment increased the corporate tax rate of firms that had previously received local government tax rebates. The evidence indicatesthat these firms increased their leverage when the corporate tax rate increased. Further investigation suggests that the adjustment ofleverage was …
Managerial Ownership And Firms' Information Environment, Soongsoo Han, Tony Kang, Gerald Lobo
Managerial Ownership And Firms' Information Environment, Soongsoo Han, Tony Kang, Gerald Lobo
Research Collection School Of Accountancy
We examine the relation between managerial stock ownership and the firm’s information environment. We focus on three dimensions of the information environment: total, public, and private information precision (Barron, Kim, Lim and Stevens 1998). Our results suggest that firms’ total and public information precision are positively related to managerial ownership. In contrast, there is no clear pattern in private information precision across different levels of managerial ownership. We also observe that managerial ownership has a greater impact on the firm’s public information environment after the implementation of Regulation Fair Disclosure, suggesting that the regulation was effective in improving the firms’ …