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In this paper we study the development of the most successful futures market in China, the Zhengzhou Commodity Exchange (ZCE). The lack of an active cash market forced ZCE to first establish a cash market prior to the trading of the first successful futures contract; the mungbean futures....
Persistent link: https://www.econbiz.de/10012785316
The main objectives of the Sarbanes-Oxley Act of 2002 are to improve the accuracy and reliability of corporate disclosure. Under Section 404 of the Sarbanes-Oxley Act, the external auditor has to report an assessment of the firm's internal controls and attest to management's assessment of those...
Persistent link: https://www.econbiz.de/10012746457
We examine the effects of credit ratings on IPO pricing. The evidence from U.S. common share IPOs during 1986-2004 shows that when firms go public, those with credit ratings are underpriced significantly less than firms without credit ratings. Credit rating levels, however, do not have a...
Persistent link: https://www.econbiz.de/10012756716
Section 404 of Sarbanes-Oxley Act requires firms to report on the effectiveness of their internal control over financial reporting. The Securities and Exchange Commission requires foreign large accelerated filers to provide both management and auditor Section 404 reports starting for fiscal...
Persistent link: https://www.econbiz.de/10012746442
In order to outperform his peers, a mutual fund manager may decide to invest in stocks that are considerably different from his competitors. By investing in a unique portfolio, the fund manager has a greater chance of either outperforming or underperforming his peers than those managers who...
Persistent link: https://www.econbiz.de/10012786499
Over the past two decades, economic reforms have significantly changed the economy and accountancy in China. As the planned centralized economy is gradually replaced by a market-driven economy, the the profession of accountancy is emerging and playing an increasingly important role. This paper...
Persistent link: https://www.econbiz.de/10005048945
We examine the publications by Central Banks (CB) and International Monetary Organizations (IMO) in renowned finance journals over the past two decades. Unsurprisingly, the most productive CB in financial research are the Federal Reserve Board, the Federal Reserve Bank of New York, the World...
Persistent link: https://www.econbiz.de/10010548658
Persistent link: https://www.econbiz.de/10006417557
Persistent link: https://www.econbiz.de/10006392503
Many accounting and finance studies investigate the time-series properties of historical accounting records from corporate financial statements. Some of them have recognized the potential benefits of using disaggregated monthly accounting records. Disaggregated data are beneficial because one...
Persistent link: https://www.econbiz.de/10005701135