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Aggregated, voluntary, and mandatory risk disclosure incentives: Evidence from UK FTSE all-share companies

Elshandidy, Tamer; Fraser, Ian; Hussainey, Khaled - In: International Review of Financial Analysis 30 (2013) C, pp. 320-333

This paper investigates the impact of corporate risk levels on aggregated, voluntary and mandatory risk disclosures in the annual report narratives of UK non-financial listed companies. We find that firms characterised by higher levels of systematic, financing risks and risk-adjusted returns and...

Persistent link: https://www.econbiz.de/10010730269

Equity valuation models and target price accuracy in Europe: Evidence from equity reports

Imam, Shahed; Chan, Jacky; Shah, Syed Zulfiqar Ali - In: International Review of Financial Analysis 28 (2013) C, pp. 9-19

This study examines whether European investment analysts prefer cash flow based valuation models over accrual based … models, how accurate valuation models are and whether the use of cash flow based models (with or without accrual based models …) valuation models are the two most popular valuation models and the use of accrual based multiple alongside a cash flow based …

Persistent link: https://www.econbiz.de/10010666211

Accruals quality, stock returns and asset pricing: Evidence from the UK

Mouselli, Sulaiman; Jaafar, Aziz; Goddard, John - In: International Review of Financial Analysis 30 (2013) C, pp. 203-213

The extent to which accruals quality (AQ) is relevant for asset pricing has been debated widely. Prior research in this area has focused almost exclusively on the US. Using UK data, we investigate whether AQ portfolios exhibit evidence of significant mispricing, and whether an AQ factor is...

Persistent link: https://www.econbiz.de/10010730271

Do firms that wish to be acquired manage their earnings? Evidence from major European countries

Anagnostopoulou, Seraina C.; Tsekrekos, Andrianos E. - In: International Review of Financial Analysis 30 (2013) C, pp. 57-68

In this paper, we examine whether findings on downward accrual-based earnings management for firms publicly ‘seeking a buyer’ from the US can be extrapolated outside of the US context, given that past research has indicated that the function of the Merger and Acquisition (M&A) markets is...

Persistent link: https://www.econbiz.de/10010730288

Synergy disclosures in mergers and acquisitions

Dutordoir, Marie; Roosenboom, Peter; Vasconcelos, Manuel - In: International Review of Financial Analysis 31 (2014) C, pp. 88-100

We examine bidding firms' motives for disclosing a synergy forecast when announcing a merger or acquisition. Our sample consists of 1990 M&A deals, of which 345 announce synergy estimates. Our results suggest that synergy disclosures serve to obtain a more favorable market reception for deals...

Persistent link: https://www.econbiz.de/10010738216

The impact of executive pay on the disclosure of alternative earnings per share figures

Grey, Colette; Stathopoulos, Konstantinos; Walker, Martin - In: International Review of Financial Analysis 29 (2013) C, pp. 227-236

This paper investigates the motives for disclosing an alternative earnings per share (EPS) figure. In particular, we extend prior findings for the UK (Choi, Lin, Walker & Young, 2007) by highlighting the role of managerial contracting in the alternative EPS disclosure choice. We examine a...

Persistent link: https://www.econbiz.de/10010741748

Corporate governance and the information environment: Evidence from Chinese stock markets

Haß, Lars Helge; Vergauwe, Skrålan; Zhang, Qiyu - In: International Review of Financial Analysis 36 (2014) C, pp. 106-119

This article explores the relationship between corporate governance and the information environment in Chinese stock markets. We construct a parsimonious governance measure for public firms using a 2003 through 2011 sample period. We use four indicators to proxy for the information environment:...

Persistent link: https://www.econbiz.de/10011117757

How do banks create money, and why can other firms not do the same? An explanation for the coexistence of lending and deposit-taking

Werner, Richard A. - In: International Review of Financial Analysis 36 (2014) C, pp. 71-77

Thanks to the recent banking crises interest has grown in banks and how they operate. In the past, the empirical and institutional market micro-structure of the operation of banks had not been a primary focus for investigations by researchers, which is why they are not well covered in the...

Persistent link: https://www.econbiz.de/10011117760

Does external finance pressure affect corporate disclosure of Chinese non-state-owned enterprises?

Tan, Youchao; Zhu, Zhenmei; Zeng, Cheng; Gao, Minghua - In: International Review of Financial Analysis 36 (2014) C, pp. 212-222

We examine whether external finance pressure influences information disclosure of Chinese non-state-owned enterprises (NSOEs), which are often entrepreneurial firms. Existing Chinese stock exchange regulations stipulate that firms need to meet certain earnings performance criteria to qualify for...

Persistent link: https://www.econbiz.de/10011117766

Mandatory IFRS adoption and its impact on analysts' forecasts

Jiao, Tao; Koning, Miriam; Mertens, Gerard; Roosenboom, … - In: International Review of Financial Analysis 21 (2012) C, pp. 56-63

This paper examines the effect of the mandatory adoption of International Financial Reporting Standards (IFRS) on financial analysts' ability to translate accounting information into forward looking information. In particular, we investigate whether the switch to IFRS has an impact on (1) the...

Persistent link: https://www.econbiz.de/10010582649