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Global Accounting Standards, Financial Statement Comparability, and the Cost of Capital
Huang, Yong - 2020
This paper studies how financial statement comparability affects the cost of capital and investor welfare. We show that the cost of capital decreases with comparability if and only if the quality of accounting standards is sufficiently high, thus supporting the relative importance of...
Persistent link: https://www.econbiz.de/10012846301
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Archiving, Keeping Records and Financial Accounting Documents
Dumitru, Aurelia - 2016
The current study deals with the issues of archiving, storing the documents and the account books, analyzing the filling in and storage methods. The study highlights at the same time the conditions that must be fulfilled for their drawing up, for the archiving of the documents and of the account...
Persistent link: https://www.econbiz.de/10012998223
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A Test of the Market’s Mispricing of Domestic and Foreign Earnings
Thomas, Wayne B. - 2011
This study investigates whether abnormal returns can be earned using public information about firms' domestic and foreign earnings. The results indicate that the market understates foreign earnings' persistence. As a result, it is possible to construct a zero-investment hedge portfolio that...
Persistent link: https://www.econbiz.de/10013117470
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The Earnings Announcement Premium Around the Globe
Barber, Brad M. - 2012
U.S. stocks have been shown to earn higher returns during earnings announcement months than during non-announcement months. We document that this earnings announcement premium exists across the globe. Using data from 46 countries, we find that the average stock return during earnings...
Persistent link: https://www.econbiz.de/10013114552
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Are All Activists Created Equal? The Effect of Interventions by Hedge Funds and Other Private Activists on Long-term Shareholder Value
Swanson, Edward P. - 2020
Numerous influential critics and corporate managers allege that activist investors demand changes that increase short-term stock prices at the expense of long-term shareholder value (“short-termism”). Research to-date focuses on hedge funds. We provide new evidence by using a larger sample...
Persistent link: https://www.econbiz.de/10012855257
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The Influence of Accounting Enforcement on Earnings Quality of Banks : Implications of Bank Regulation and the Global Financial Crisis
Dal Maso, Lorenzo - 2020
We study the effects of country-level accounting enforcement on earnings quality of banks and whether bank regulation substitutes or complements the effect of accounting enforcement on bank earnings quality. We also examine whether the influence of accounting enforcement on bank earnings quality...
Persistent link: https://www.econbiz.de/10012829985
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Are All Activists Created Equal? The Effect of Interventions by Hedge Funds and Other Private Activists on Long-term Shareholder Value
Swanson, Edward P.; Young, Glen; Yust, Christopher G. - 2021
The allegation that activist investors demand changes that increase short-term stock prices at the expense of long-term shareholder value (“short-termism”) has led to extensive research on interventions by hedge funds. Few studies include other private (non-hedge fund) activists, even though...
Persistent link: https://www.econbiz.de/10013310975
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Busy Boards and Corporate Earnings Management : An International Analysis
Ferris, Stephen P. - 2020
effectively monitor corporate financial reporting. We find that firms with a higher proportion of busy independent directors or … independent audit committee members have poorer financial reporting quality. This finding is consistent with the board and the … audit committee monitoring the firm's financial reporting while CEOs influence the reporting process itself. We determine …
Persistent link: https://www.econbiz.de/10012849608
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Earnings Quality in Privatized Firms : International Evidence on the Role of State and Private Owners
Ben‐Nasr, Hamdi - 2012
We use a unique dataset of 233 privatized firms from 38 countries between 1985 and 2008 to investigate the relation between shareholder identity and earnings quality. We find strong and robust evidence that (residual) state ownership is associated with lower earnings quality. More specifically,...
Persistent link: https://www.econbiz.de/10013099376
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Earnings Quality in Privatized Firms : International Evidence on the Role of State and Private Owners
Ben‐Nasr, Hamdi - 2014
We use a unique dataset of 233 privatized firms from 38 countries between 1985 and 2008 to investigate the relation between shareholder identity and earnings quality. We find strong and robust evidence that (residual) state ownership is associated with lower earnings quality. More specifically,...
Persistent link: https://www.econbiz.de/10013066034