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Social and Behavioral Sciences Commons™
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Articles 1 - 2 of 2
Full-Text Articles in Social and Behavioral Sciences
Monetary Policy Spillovers And The Trilemma In The New Normal: Periphery Country Sensitivity To Core Country Conditions, Joshua Aizenman, Menzie David Chinn, Hiro Ito
Monetary Policy Spillovers And The Trilemma In The New Normal: Periphery Country Sensitivity To Core Country Conditions, Joshua Aizenman, Menzie David Chinn, Hiro Ito
Economics Faculty Publications and Presentations
We investigate why and how the financial conditions of developing and emerging market countries (peripheral countries) can be affected by the movements in the center economies - the U.S., Japan, the Eurozone, and China. We apply a two-step approach. First, we estimate the sensitivity of countries’ financial variables to the center economies [policy interest rate, stock market prices, and the real effective exchange rates (REER)] while controlling for global and domestic factors. Next, we examine the association of the estimated sensitivity coefficients with the macroeconomic conditions, policies, real and financial linkages with the center economies, and the level of institutional …
The Influence Of External Auditors, Capital Markets, And Main Banks On Earnings Manipulations: Evidence From Japan, Kazuhiko Kobori, Robert Hutchinson
The Influence Of External Auditors, Capital Markets, And Main Banks On Earnings Manipulations: Evidence From Japan, Kazuhiko Kobori, Robert Hutchinson
College of Business Publications
The present study investigates the influence of main industrial banks, capital markets, and international audit firms on earnings manipulations in Japan using a sample of firms listed on Japanese stock exchanges. A modified Jones model is used to measure earnings management using discretionary accruals as proxy, and the findings suggest that the main industrial banks continue to play a primary role in Japan’s system of corporate governance. However, global capital markets and international accounting standards may be slowly eroding this influence. This may have significant implications for international investors and policy makers as Japan continues through a protracted economic recession.