Foreign trade activities are characterized through a variety of determined elements of specificity, among others, the complexity of the operations of this nature. This material proposes to realize a brief delimitation of this type of activities and, in the same time, to highlight the elements of...

We aim at giving a general view of the context in which appears the latest accounting evolutions, linked with the actual financialization of the financial market. Isn’t there a risk that the new IFRS standards and their concern about transparency and comparability impoverish the information by...

We aim at giving a general view of the context in which appears the latest

This paper analyses value-investing strategies based on the residual income valuation approach which has become popular due to the work of Ohlson (1995) and Feltham and Ohlson (1995) for the German stock market. Plenty of empirical evidence shows that it is possible to earn positive abnormal...

I examine whether managers use discretion in the two accounts related to revenue recognition, accounts receivable and deferred revenue, to avoid three common earnings benchmarks. I find that managers use discretion in both accounts to avoid negative earnings surprises. I find that neither of...

We explore the differential market reaction to the unambiguous bad news and good news signals provided by the going-concern audit opinion and its withdrawal for 845 firms from 1994 to 2002. Results show asymmetric market response to these news events. The market underreacts to such bad news...

I examine the association between disclosed financial accounting data and firm value, while incorporating the effect of managerial discretion in reporting those data. I focus on the assumptions used to compute a firm's pension liability. I find that firm values are consistent with analysts being...

This study examines the effects of firms' tendency to meet or beat analysts' forecasts of earnings on (1) the earnings response coefficient (henceforth: ERC), (2) the firm specific risk characteristics, (3) the implied cost of capital (henceforth: r) and the efficiency of the market. I examine...

This paper uses stock market data to investigate the popular claim the investors are misled by the quot;pro formaquot; earnings numbers conspicuously featured in the press releases of some U.S. firms. We first document the frequency and magnitude of pro forma earnings in press releases issued...

In this paper, we examine whether insider share selling in an initial public offering (IPO) influences Ramp;D expenditures. Insiders (managers and venture capitalists) who sell their pre-offering shareholdings might try to increase the IPO offer price (i) by over-investing in Ramp;D to signal...