earnings dividends and valuation
encyclopedia of accounting (colin clubb)
... treats accounting earnings as if they are ‘‘permanent.’’ Kothari (1992), Kothari and Sloan (1992), and others show that if earnings follow a random walk and are fully distributed as dividends, value ... cash flow, and earnings approaches to equity valuation Contemporary Accounting Research, 15, 343–83 Pope, P F., and Wang, P (2004) Earnings components, accounting conservatism and equity valuation ... is implied by market prices and forecasts of earnings and earnings growth The Abnormal Growth in Earnings Model The key elements of the abnormal growth in earnings valuation model are: (1) forecasts...
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Mental Health Policy and Service Guidance Package: QUALITY IMPROVEMENT FOR MENTAL HEALTH potx
... and organizations of people with mental disorders and family members These organizations demand quality and excellence and monitor whether practice and implementation are of a high standard and ... of the Governments of Australia, Finland, Italy, the Netherlands, New Zealand, and Norway, as well as the Eli Lilly and Company Foundation and the Johnson and Johnson Corporate Social Responsibility, ... and authority can result in inconsistent, if not contradictory, standards and requirements It is essential to coordinate and align standards and requirements if these are to promote quality and...
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a comparison of dividend cash flow and earnings approaches to equity valuation
... accounting principles and alternative valuation techniques are distinguished by the identification of B and X and the rules for their measurement In this respect, a valuation technique and a (pro forma) ... implementation of the alternative valuation approaches Dividends Dividends are defined as common dividends per share ex date (COMPUSTAT item 26) adjusted for stock splits and stock dividends over time For ... of dividends (including terminal dividends) as this equals the present value of cash flows Earnings Models (RIM and CM) To estimate earnings in the terminal year we followed Bernard (1994) and...
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kowalewski et al - 2007 - corporate governance and dividend policy in poland [pcgi-tdi]
... 1.417 2.420 Dividends to cash flow Cash dividends to total earnings plus depreciation 0.053 Dividends to earnings Cash dividends to total earnings 0.096 0.673 Dividends to sales Cash dividends ... cash flow is 0.05 Also, the dividends to earnings and dividends to sales present a large variation across companies The mean value for this payout ratios are 0.1 and 0.01, respectively Most listed ... Explanations of Dividends, American Economic Review, 74, 650-659 Faccio, M., Lang, L and Young, L (2001) Dividends and Expropriation, American Economic Review, 91 (1), 54-78 Gompers, P., Ishii, J L and Metrick,...
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chen et al - 2004 - audit partner tenure, audit firm tenure, and discretionary accruals does long auditor tenure impair earnings quality
... (Palmrose 1988), earnings response coefficients (Teoh and Wong 1993), accruals (Becker, DeFond, Jiambalvo, and Subramanyam 1998), and going-concern opinions (DeFond, Raghunandan, and Subramanyam ... as the association between audit firm tenure and earnings quality is not significant Understanding the relation between audit partner tenure and earnings quality is important for audit firms ... partner and had to show the partner’s name and the audit firm’s name within the permitted length of tenure.5 Understanding the relation between audit partner tenure, audit firm tenure, and earnings...
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chen et al - 2005 - audit quality and earnings management for taiwan ipo firms
... management and investors (Leland and Pyle, 1977), and between informed and uninformed investors (e.g Rock, 1986; Beatty and Ritter, 1986), and such information asymmetry is a necessary condition for earnings ... management and investors (Leland and Pyle, 1977), and between informed and uninformed investors (Rock, 1986; Beatty and Ritter, 1986) Several analytical models demonstrate that the extent of earnings ... Financial Accounting Standards and Statements of Auditing Standards are issued by the Financial Accounting Standard Committee and Auditing Standard Committee of the Accounting Research and Development...
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chi et al - 2010 - the effects of auditors’ pre-client and client-specific experience on earnings quality and perceptions of earnings quality in taiwan
... pre-client and client-specific experience on earnings quality and perceptions of earnings quality for both private and public companies in Taiwan.16 Taiwanese Company Law and Securities and Exchange ... both private and public companies The Effects of Auditors’ Pre-Client and Client-Specific Experience on Earnings Quality and Perceptions of Earnings Quality: Evidence from Private and Public Companies ... concludes that both earnings quality and perceptions of earnings quality increase with audit firm tenure (Johnson, Khurana, and Reynolds 2002; Myers, Myers, and Omer 2003; Mansi, Maxwell, and Miller 2004;...
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chi et al - 2011 - the effects of audit partner pre-client and client-specific experience on earnings quality and on perceptions of audit quality
... Pre-Client and Client-Specific Experience on Earnings Quality and on Perceptions of Audit Quality SUMMARY: We examine the effects of auditors‘ pre-client and client-specific experience on earnings ... restatements (Stanley and DeZoort 2007), and fraudulent financial reporting (Carcello and Nagy 2004) to proxy for earnings quality Studies investigating the relation between audit firm tenure and perceptions ... made by supporters of mandatory audit firm rotation—that long auditor tenure leads to complacency over time and, thus, to a reduction in audit quality and earnings quality, and around counter-arguments...
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hamilton et al - 2005 - audit partner rotation, earnings quality and earnings conservatism [mapr]
... Burgstahler, D., and I Dichev, 1997, Earnings management to avoid decreases and losses, Journal of Accounting and Economics 24, 99-126 Carcello, J V and A L Nagy, 2004, Audit firm tenure and fraudulent ... services and earnings management, The Accounting Review 77(Supp), 71-105 Geiger, M and K Raghunandan, 2002, Auditor tenure and audit reporting failures, Auditing: A Journal of Practice and Theory ... 287-320 Holland, D., and A.L Ramsay, 2003, Do Australian companies manage earnings to meet simple earnings benchmarks? Accounting and Finance 43, 41-62 Johnson, V E., Khurana, I K., and J K Reynolds,...
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chung - 2004 - selective mandatory auditor rotation and audit quality - an empirical investigation of auditor designation policy in korea [mar]
... Accounting and Economics 18: 3-42 , R Sloan, and A Sweeney 1995 Detecting earnings management The Accounting Review 70 (2): 193-225 _ ; _, and I D Dichev 2002 The quality of accruals and earnings: ... Accounting and Economics 23 (2): 115-139 , and K Subramanyam 1998 Auditor changes and discretionary accruals Journal of Accounting and Economics 25 (1): 35-67 , K Raghunandan, and K Subramanyam ... R.M., M.F Johnson, and K.K Nelson 2002 Auditor independence and earnings quality The Accounting Review 77 (Supplement): 71-105 Geiger, M.A., and K Raghunandan 2002 Auditor tenure and audit reporting...
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lee et al - 2006 - auditor conservatism and audit quality - evidence from ipo earnings forecasts
... standard deviation, minimum, median and maximum for continuous variables for the full sample and the Big and non-Big audit sub-samples, as well as t-statistics comparing mean values for Big and ... possible that earnings management occurs in response to the prior disclosure of an earnings target The incentives for such earnings management and their role in determining the extent of earnings ... (Panel A) and bias (Panel B) for 179 IPO firms Forecast accuracy is measured as the absolute value of (Forecast earnings less Actual earnings) , while bias is measured as (Forecast earnings less...
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myers et al - 2003 - exploring the term of the auditor-client relationship and the quality of earnings a case for mandatory auditor rotation
... supporting and opposing mandatory auditor rotation and develop our hypotheses We discuss our data and empirical results in Section III, and in Section IV we present our conclusions and the implications ... Myers, Myers, and Omer In this study, we document the relation between earnings quality (using absolute, signed, and raw [unsigned] accruals measures as proxies for earnings quality) and auditor ... low-balling has been documented by Simon and Francis (1988), Ettredge and Greenberg (1990), and Deis and Giroux (1996), the literature suggests that low-balling and the recouping of losses does not...
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![kowalewski et al - 2007 - corporate governance and dividend policy in poland [pcgi-tdi]](https://media.store123doc.com/images/document/2015_01/06/small_yva1420548426.jpg)
kowalewski et al - 2007 - corporate governance and dividend policy in poland [pcgi-tdi]
... 1.417 2.420 Dividends to cash flow Cash dividends to total earnings plus depreciation 0.053 Dividends to earnings Cash dividends to total earnings 0.096 0.673 Dividends to sales Cash dividends ... cash flow is 0.05 Also, the dividends to earnings and dividends to sales present a large variation across companies The mean value for this payout ratios are 0.1 and 0.01, respectively Most listed ... Explanations of Dividends, American Economic Review, 74, 650-659 Faccio, M., Lang, L and Young, L (2001) Dividends and Expropriation, American Economic Review, 91 (1), 54-78 Gompers, P., Ishii, J L and Metrick,...
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vafeas - 2005 - audit committees, boards, and the quality of reported earnings
... quality Higher earnings quality Higher earnings quality Higher earnings quality Lower earnings quality Higher earnings quality Lower earnings quality Lower earnings quality Lower earnings quality ... variables Lower earnings quality Undetermined Higher earnings quality Higher earnings quality Higher earnings quality Lower earnings quality Higher earnings quality Undetermined Higher earnings quality ... studies by relying on small earnings increases and negative earnings surprises to measure earnings quality Given that earnings quality has been an elusive concept to pin down, and that no single measure...
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tendeloo et al - 2008 - earnings management and audit quality in europe
... S and Wilson, W (2006) Earnings management and cross listing: are reconciled earnings comparable to US earnings? , Journal of Accounting and Economics, 42(1/2), pp 255 –283 Leuz, C., Nanda, D and ... entirely run by owner-managers (Ang et al., 2000) and agency conflicts possibly exist between bankers and owners and bankers and management (Vander Bauwhede and Willekens, 2004) In the absence of market-based ... accounting and institutional data In particular, Ireland and Denmark are excluded because Amadeus does not provide data on depreciation and operating income for Irish companies and cash and short-term...
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lin and hwang - 2010 - audit quality, corporate governance, and earnings management
... governance and audit quality attributes on earnings management For each attribute, we discuss its nature and hypothesized effect on earnings management (earnings quality or lack thereof), and the ... the audit committee and earnings management Similarly, Abbott et al (2004) and Lin et al (2006) find no impact of audit committee size on earnings restatement On the other hand, Yang & Krishnan ... justification and accounting precision’, Journal of Accounting and Public Policy, Vol 22, pp 175–99 El Mir, A E & Seboui, S (2006), ‘Corporate governance and earnings management and the relationship...
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Chapter 17 dividends and dividend policy
... Concepts and Skills • Understand dividend types and how they are paid • Understand the issues surrounding dividend policy decisions • Understand the difference between cash and stock dividends ... Repurchase: An Alternative to Cash Dividends • What We Know and Do Not Know about Dividends and Payout Policies • Stock Dividends and Stock Splits 17-3 Cash Dividends • Regular cash dividend – ... between dividends and capital gains 17-10 Dividends and Signals • Asymmetric information – managers have more information about the health of the company than investors • Changes in dividends...
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Cash flow volatility and dividend policy
... (1982), Dempsey and Laber (1992), and Wang, Erickson and Gau (1993) The information signaling theory and agency cost theory provide contrasting explanations between dividend payout and future cash ... real world with taxes and transaction costs, the dividends will greatly influence the firm value There is a tradeoff for managers between retained earnings on one hand, and dividend distributions ... firms raise dividends either prior to earnings increases or to reveal that an increase is permanent Several former papers, including Bhattacharya (1979), Miller and Rock (1985), and Kose and Joseph...
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Relationship between ownership concentration and dividend policy evidence from listed companies in HOSE
... FCF and dividends implies agency cost theory (Jensen, 1986; Lee and Xiao, 2003) and signaling theory (La Porta et al., 2001; Faccio et al., 2002) [Cited by Bradford, Chen and Zhu (2005)] If dividends ... investors, and the ownership structure is divided to two main structures: concentrated and dispersed According to T X T Nguyen (2010) and Ullah, Fida and Khan (2012), the number of large-block owners and ... dividend and capital gain Numerous studies were conducted and had the same result of no relevant outcomes of dividend and stock prices In 1959, Gordon collected price, dividend and earnings data...
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World Bank Lending and the Quality of Economic Policy
... studies corroborating this conclusion include Bird and Rowlands (2001), Butkiewicz and Yanikkaya (2005), Easterly (2005) and Agostino (2008) Bird and Rowlands (2001) investigate whether World Bank policy ... Protection and Labor 11 Policies and Institutions for Environmental Sustainability • D Public Sector Management and Institutions 12 Property Rights and Rule-based Governance 13 Quality of Budgetary and ... indicators and the assessment procedure used to generate them The CPIA overall goes well beyond the Washington Consensus, as cluster C address human development and social and environmental policies, and...
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