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Articles 361 - 373 of 373
Full-Text Articles in Corporate Finance
Audit Quality, Legal And Disclosure Environments, And Analysts' Forecast Accuracy: Some International Evidence, Jong-Hag Choi, Tony Kang, Young Koan Kwon, Yoonseok Zang
Audit Quality, Legal And Disclosure Environments, And Analysts' Forecast Accuracy: Some International Evidence, Jong-Hag Choi, Tony Kang, Young Koan Kwon, Yoonseok Zang
Research Collection School Of Accountancy
In this study, we investigate the relation between the quality of external audit and earnings predictability of firms situated in different legal and disclosure environments around the world. In a sample of multinational firms cross-listed in the United States, we find that the association between audit quality and forecast accuracy is stronger in weak legal and disclosure environments than in strong legal and disclosure environments. We interpret these results as suggesting that audit service can serve as an alternative device to improve market participants' information environment in weak legal and disclosure environments.
The Role Of Analysts’ Forecasts In Accounting-Based Valuation: A Critical Evaluation, Qiang Cheng
The Role Of Analysts’ Forecasts In Accounting-Based Valuation: A Critical Evaluation, Qiang Cheng
Research Collection School Of Accountancy
This paper critically evaluates the use of analysts forecasts in accounting-based valuation. Specifically, I assess the usefulness and the limitation of analysts forecasts in predicting future earnings and in explaining the market-to-book ratio, in light of a comprehensive set of 22 explicit information items, including: economic rent proxies, conservative accounting proxies, earnings quality signals, transitory earnings proxies, industry characteristics, and risk and growth proxies. While analysts forecasts capture 45–83% of the information from these sources depending on model specifications, they do not appear to fully incorporate certain information items. In particular, proxies for conservative accounting and transitory earnings are incrementally …
Domestic And Foreign Earnings, Stock Return Variability, And The Impact Of Investor Sophistication, Dan Segal, Jeffrey L. Callen, Ole-Kristian Hope
Domestic And Foreign Earnings, Stock Return Variability, And The Impact Of Investor Sophistication, Dan Segal, Jeffrey L. Callen, Ole-Kristian Hope
Research Collection School Of Accountancy
We examine the importance of foreign earnings relative to domestic earnings for a sample of U.S. multinationals using variance decomposition. Our methodology represents an alternative and complementary approach over the prior literature, which is based on traditional regressions and earnings response coefficients. We document that domestic earnings are more important in explaining the variance of unexpected returns than are foreign earnings and that the relative importance of domestic earnings is a decreasing function of investor sophistication. Last, we classify institutional investors as either short- or long-term oriented following Bushee [1998]. We find that the variance contribution of foreign earnings increases …
Voluntary Decisions On Audit Committee Composition And Expertise And The Influence Of Board Of Director Characteristics: Further Evidence From Singapore, Jean-Luc Wolfgang Mitchell Van Der Zahn, Inderpal Singh
Voluntary Decisions On Audit Committee Composition And Expertise And The Influence Of Board Of Director Characteristics: Further Evidence From Singapore, Jean-Luc Wolfgang Mitchell Van Der Zahn, Inderpal Singh
Research Collection School Of Accountancy
No abstract provided.
What Determines Residual Income?, Qiang Cheng
What Determines Residual Income?, Qiang Cheng
Research Collection School Of Accountancy
This paper investigates the determinants of residual income scaled by book value of equity, i.e., abnormal return on equity (ROE), by analyzing the impact of value-creation (economic rents) and value-recording (conservative accounting) processes on abnormal ROE. I rely on economic theories to characterize economic rents and develop an empirical measure—the conservative accounting factor—to capture the effect of conservative accounting. As expected, industry abnormal ROE increases with industry concentration, industry-level barriers to entry, and industry conservative accounting factors. Also as expected, the difference between firm and industry abnormal ROE increases with market share, firm size, firm-level barriers to entry, and firm …
Equity Incentives And Earnings Management, Qiang Cheng, Terry Warfield
Equity Incentives And Earnings Management, Qiang Cheng, Terry Warfield
Research Collection School Of Accountancy
This paper examines the link between managers' equity incentives—arising from stock-based compensation and stock ownership—and earnings management. We hypothesize that managers with high equity incentives are more likely to sell shares in the future and this motivates these managers to engage in earnings management to increase the value of the shares to be sold. Using stock-based compensation and stock ownership data over the 1993–2000 time period, we document that managers with high equity incentives sell more shares in subsequent periods. As expected, we find that managers with high equity incentives are more likely to report earnings that meet or just …
International Cross-Listing And The Bonding Hypothesis, Dan Segal, Michael King
International Cross-Listing And The Bonding Hypothesis, Dan Segal, Michael King
Research Collection School Of Accountancy
The authors describe a new view of cross-listing that links the impact on firm valuation to the firm's ability to develop an active secondary market for its shares in the U.S. markets. Contrary to previous research, cross-listing may not provide benefits for all firms, even when those firms meet the highest regulatory requirements for disclosure and supervision. When cross-listed firms are divided into two groups on the basis of their share turnover in the home market relative to the U.S. market, the firms that develop active trading in the U.S. market experience an increase in valuation. Cross-listed firms that remain …
Assessing The Relative Informativeness And Permanence Of Pro Forma Earnings And Gaap Operating Earnings, Nilabhra Bhattacharya, Erv Black, Ted Christensen, Chad Larson
Assessing The Relative Informativeness And Permanence Of Pro Forma Earnings And Gaap Operating Earnings, Nilabhra Bhattacharya, Erv Black, Ted Christensen, Chad Larson
Research Collection School Of Accountancy
This study investigates whether market participants perceive pro forma earnings to be more informative and more persistent than GAAP operating income by analyzing a sample of 1,149 actual pro forma press releases. We find that pro forma announcers report frequent GAAP losses and are mostly concentrated in the service and high-tech industries. Our analyses of short-window abnormal returns and revisions in analysts’ one-quarter-ahead earnings forecasts indicate that pro forma earnings are more informative and more permanent than GAAP operating earnings. Our evidence suggests that market participants believe pro forma earnings are more representative of “core earnings” than GAAP operating income.
The Market Perception Of Corporate Claims, Qiang Cheng, Peter Frischmann, Terry Warfield
The Market Perception Of Corporate Claims, Qiang Cheng, Peter Frischmann, Terry Warfield
Research Collection School Of Accountancy
This paper examines the economic substance of a broad range of securities by investigating their association with systematic risk and prices. The analysis is motivated by continuing security innovation and its impact on hybrid security reporting. Based on a sample of 2,617 firms that reported minority interests or preferred stock during 1993–1997, the results indicate that redeemable preferred securities (including trust preferred stock) are not viewed by the market as either debt or equity, suggesting dichotomous security classification may lack representational faithfulness. Inconsistent with their treatment in the financial statements, non-redeemable preferred stock and minority interests are viewed as debt-like …
An Investigation Of Goodwill Accounting Policy Choice Within A Specific Knowledge Framework, Pearl H. N. Tan
An Investigation Of Goodwill Accounting Policy Choice Within A Specific Knowledge Framework, Pearl H. N. Tan
Research Collection School Of Accountancy
This study, using Singapore data, investigates the relationship between Chief Executive Officers' (CEO) specific knowledge and the accounting method choice on capitalisation of goodwill. International Accounting Standard 22 (1987), applicable in Singapore in 1996, the year of the study, permits a choice between capitalisation with subsequent amortisation and immediate write-off of goodwill to reserves. This study proposes a positive relationship between human capital specificity of CEOs and the recognition of purchased goodwill on the balance sheet. Specific knowledge is unique to firms and is acquired through experience. Given that specialised assets arise from firm-specific circumstances, firm-specific knowledge potentially explains the …
Instructional Case: Worldwide Shipping Corporation Ltd: Early Or Late Adoption Of A New International Accounting Ssandard?, Pearl Tan, Peter Lee
Instructional Case: Worldwide Shipping Corporation Ltd: Early Or Late Adoption Of A New International Accounting Ssandard?, Pearl Tan, Peter Lee
Research Collection School Of Accountancy
The management of Worldwide Shipping Corp. Ltd. is confronted with a dilemma when a new international accounting standard on leases is introduced which contains a transitional provision allowing firms to defer implementation for a period of 4 years. Students are required to put themselves in the position of managers who have to weigh the adverse impact of early adoption of the new accounting standard against a responsibility for fair financial reporting. The case aims to provide students with a better understanding of the impact of off-balance sheet transactions on a firm's financial statements. The case requires students to examine implications …
Auditing Practices In Singapore, See Liang Foo
Auditing Practices In Singapore, See Liang Foo
Research Collection School Of Accountancy
The accounting profession in Singapore plays an important part in the country's economy because it ensures foreign investors' confidence that their investments are audited by competent, independent, and credible auditors. The emergence of joint stock companies in Singapore was made possible by the Indian Joint Stock Companies Act of 1857. The Act requires every company to maintain proper accounting and other records which will explain sufficiently the transactions and financial position of the company and to enable true and fair profit and loss account and balance-sheet and any documents required to be attached thereto to be prepared from time to …
The Determination Of Audit Fees: Analysis In The Singapore Context, Lay Chin Low, Pearl Hock Neo Tan, Hian Chye Koh
The Determination Of Audit Fees: Analysis In The Singapore Context, Lay Chin Low, Pearl Hock Neo Tan, Hian Chye Koh
Research Collection School Of Accountancy
Presents information on a study which addressed the issue of audit fees determination in the audit services market in Singapore. Research design and methodology; Contributions and limitations of audit models; Conclusions.