In this study, pooled time-series, cross-sectional data on 110 Australian companies over the period 1992-1998 is employed to examine whether EVA® is more highly associated with stock returns than conventional accounting-based measures: namely, earnings before extraordinary items, net cash flow...

A claim is commonly made that cash flow and accrual accounting methods for valuing equities must always yield equivalent valuations. A recent paper by Lundholm and O'Keefe (2001), for example, claims that, because of this equivalence, there is nothing to be learned from empirical comparison of...

Financial literature of cash or liquidity management has recently focused on the role of financial constraints on firms’ liquidity decision. Even though the accessibility to capital market is considered as one of major topics in hotel firms’ financial management considering high usage of...

Cash flow prediction is involved in a number of economic decisions, particularly in investment. Previous research conducted in the United States has provided inconsistency in the results of investigating accounting data, cash flow and accrual accounting data in predicting future cash flows. No...

Three Essays on Stock Market SeasonalityHyung-Suk Choi136 pagesDirected by Dr. Cheol S. EunIn chapter 1, we examine seasonality in returns to style portfolios, which serve as important benchmarks for asset allocation, and investigate its implications for investment. In doing so, we consider...

The cost of mining companies listed on the Johannesburg Stock Exchange (JSE) have not been immune to inflationary pressures. Increasing cost pressures, lower grades, and reduced electricity supply imply that management will have to apply rigorous cost saving measures to mitigate the effect on...

Value-based management systems concentrate on actions that generate value for the shareholders in the wealth creation process (Fisher 1995; Lieber 1996; Walbert 1994). This study focuses explicitly on profitability, growth, and capital intensity as drivers of the value of the firm by extending a free...

ILO pub-WEP pub. Working paper on the rural population and rural area poverty in the Acholi area of Southern Sudan - based on sample surveys of rural households, explores the economic conditions and demographic aspects of the population, 90% of which is involved in subsistence farming; examines...

Financial statements are aimed at providing information that can be used by investors and creditors to forecast, compare and evaluate potential money in cash flows for their needs by the amount, the time schedule and the characteristic risks. The purpose of financial statements is to provide the...