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Returns to Buying Earnings and Book Value : Accounting for Growth and Risk
Penman, Stephen H. - 2012
Historical cost accounting deals with uncertainty by deferring the recognition of earnings until the uncertainty has largely been resolved. Such accounting affects both earnings and book value, and produces expected earnings growth deemed to be at risk. This paper shows that the...
Persistent link: https://www.econbiz.de/10013116476
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Equity Duration
Mullins, Gary - 2021
The concept of bond duration was originally introduced by Macaulay (1938) and nowadays is well- established in the fixed-income literature. In this paper, I lift the same concepts from the fixed-income asset class and apply them to equities. I derive three candidate models for estimating the...
Persistent link: https://www.econbiz.de/10013242407
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Earnings discontinuity as the proxy for earnings management: Empirical study from the UK, Germany and the Czech Republic
Svitlík, Jan; Žárová, Marcela Zárybnická - In: European Financial and Accounting Journal 13 (2019) 4, pp. 25-40
The paper deals with the phenomenon of earnings discontinuity around zero level in the UK, as the common law representative, Germany, as the civil law representative, and the Czech Republic, as the civil law representative where earnings management research has not yet been thoroughly realized....
Persistent link: https://www.econbiz.de/10012623009
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IFRS Adoption and Financial Results of EU Companies : The Challenge of Nomenclature - Evidence from the UK, France and Germany
Nnadi, Matthias - 2011
Since the adoption of International Financial Reporting Standard (IFRS) and the subsequent directive by the EU, all companies are required to report their consolidated financial statements in line with the IFRS prescribed formats. The study examines the consolidated financial statements of top...
Persistent link: https://www.econbiz.de/10013128822
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The Determinants of Audit Fees. Further Evidence From the UK Charity Sector
Cantoni, Emiliano - 2011
Given the lack of literature and the ever growing relevance of charities, the present paper investigates the determinants of audit fees in the UK charity sector. It proposes a theoretical framework to determine the audit fee, which is empirically tested on a dataset of 119 “largest”...
Persistent link: https://www.econbiz.de/10013133211
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Dividends, Research and Development Expenditures, and the Value Relevance of Book Value for UK Loss-Making Firms
Jiang, Wei - 2012
coefficient of book value to vary across three distinct set of loss-making firm observations in our valuation model. Our key … normal earnings. Our work suggests that this prior literature does not fully capture the valuation role of book value for … loss-making firms. Second, we also find that dividends are value relevant, but generally only when the valuation role of …
Persistent link: https://www.econbiz.de/10013115365
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The Collapse of the Railway Mania, the Development of Capital Markets, and Robert Lucas Nash, a Forgotten Pioneer of Accounting and Financial Analysis
Odlyzko, Andrew - 2012
It is well known that the great Railway Mania in Britain in the1840s had a great impact on accounting. This paper contributes a description and analysis of the events that led to this revolution, and of the key role played by Robert Lucas Nash in those events. He was a pioneer in accounting and...
Persistent link: https://www.econbiz.de/10013116021
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Attributes of Corporate Risk Disclosure : An International Investigation in the Manufacturing Sector
Dobler, Michael - 2011
This paper is the first multi-country investigation of comprehensive corporate risk disclosure. Based on a detailed content analysis of 160 annual reports, we analyze the attributes and the quantity of risk disclosure and its association with the level of firm risk in the U.S., Canadian, U.K.,...
Persistent link: https://www.econbiz.de/10013118320
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Perceived Competition, Profitability and the Withholding of Information About Sales and the Cost of Sales
Dedman, Elisabeth - 2011
We investigate the relation between perceived competition and voluntary disclosure in the absence of capital market incentives by examining private UK companies, which have the option to withhold sales and costs of sales information from their publicly-filed accounts. We survey managers about...
Persistent link: https://www.econbiz.de/10013121114
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The Pricing of Earnings and Cash Flows and an Affirmation of Accrual Accounting
Penman, Stephen H. - 2011
, accrual accounting rules prescribe that earnings add to shareholder value, but cash flow is irrelevant to the valuation of …
Persistent link: https://www.econbiz.de/10013121178