Purpose – In contrast to recent US studies, almost all prior UK studies have not supported the incremental information content of cash flow beyond earnings. In addition, to date no UK study has addressed the effect of earnings extremity on the incremental information content of cash flow and...

Purpose - Many studies examine the relative information content of earnings and cash flows from operations. Most studies find that earnings have higher information content than cash flows. An interesting question that follows is whether these findings hold after controlling the extremity of...

This study examines the relationship between debt governance structure at three levels (high, medium and low) and firm's performance in the stock market. The debt structure classifies debt into short-term debt and long-term debt at each debt level. The results indicate that in the high debt...

The practice of capital structure decisions is dominated by three theories of capital structure; trade-off, pecking order, and free cash flow. None of the three theories presents a complete answer to the determinants of capital structure. This study utilizes the Bayesian quot;Stochastic Search...

This paper discusses the determinants of strategic transparency and its importance to the East Asian firms. Firm's strategic transparency is closely associated with firm's relative market position and the degree of competitiveness it can achieve. Accordingly, the governance structure is fairly...

This study examines the measurement of the market reaction (MB ratio is a proxy for shareholder value) to fundamental financial information. The issue of measuring the stock market reaction to fundamental information stems from the fact that there is a strong need to focus on those fundamentals...

This study examines the financial and statistical properties of the variance and semi variance (SV). Since the mean-variance approach and its extended mean-semi variance approach assume normality of returns, it has been observed that practical and computational problems emerged in the cases of...

This paper examines the effects of determinants of capital structure on firm's equity market value. The underlying assumption is that when a firm changes its capital structure, it actually changes the relative position and the market values of its securities' holders. This is the signaling...

This paper examines the effects of determinants of capital structure on firm's equity market value. The underlying assumption is that when a firm changes its capital structure, it actually changes the relative position and the market values of its securities' holders. This is the signaling...