earnings multipliers and discounted dividends

... our sample selection and data source discussions We present our results in Section and conclusions in Section Earnings management and the role of the Board of Directors 2.1 Earnings management ... understatement problem, Perry and Williams (1994) and Wu (1997) (using larger sample sizes and more powerful methodologies), In takeover or merger settings, Easterwood (1997) and Erickson and Wang (1999) have ... between board and audit committee composition and earnings management because of the endogeneity problem that impacts much of the board literature (Hermalin and Weisbach, 2000) An active and financially...

Ngày tải lên: 02/01/2015, 17:34

... 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;...

Ngày tải lên: 06/01/2015, 19:41

... 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...

Ngày tải lên: 06/01/2015, 19:41

... 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,...

Ngày tải lên: 06/01/2015, 19:42

... article and, based on this, explored into the relation between auditor switching and earnings manipulation and its effect on auditor independence The results showed that profit-making companies and ... accruals with basic Jones model and modified Jones model Auditor switching, earnings manipulation and auditor independence 293 4.2 Relation between auditor switch and earnings manipulation To test ... research background and develop our hypotheses Research design and sample choice are presented in Section In Section and 5, we analyze the empirical results of our study and probe into the specific...

Ngày tải lên: 06/01/2015, 19:43

... corresponding statistical tests and analysis (section 4); and summary, conclusions and suggestions for future research (section 5) LITERATURE REVIEW AND HYPOTHESIS DEVELOPMENT Earnings management (EM) ... correlated with ROA and MTB, and negatively with INVAT, PPE and LEV ISSN 0034-7590 © RAE | São Paulo | V 54 | n | maio-jun 2014 | 268-283 275 276 ARTICLES | Earnings management and economic crises ... McNichols (2000) and Kothari, Leone, and Wasley (2005) Inclusion of the variable ROA strongly altered the coefficients of the variables INVAT (-345.6200 and 291.7400) and DREVC (-0.0340 and 0.0159)...

Ngày tải lên: 06/01/2015, 19:48

... 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...

Ngày tải lên: 06/01/2015, 19:48

Ngày tải lên: 30/09/2015, 15:34

... Accruals and Earnings Management The Accrual Anomaly and Earnings Management Incentives The Accrual Anomaly and Earnings Management Behavior The Accrual Anomaly and Overreaction to Earnings ... losses and small earnings declines and unusually high frequencies of small positive earnings and small earnings increases Degeorge, Patel, and Zeckhauser (1999) perform a similar analysis, and find ... Lakonishok, and Vermaelen (1995), Loughran and Ritter (1995), Michaely, Womack, and Thaler (1995), Spiess and Affleck-Graves (1995), Ikenberry, Rakine, and Stice (1996), and Desai and Jain (1997)...

Ngày tải lên: 30/09/2015, 17:06

Ngày tải lên: 30/09/2015, 17:06

... positive earnings /earnings changes /earnings surprise and lower than expected frequency of firms with slightly negative earnings /earnings changes /earnings surprise This pattern of earnings distribution ... accounting earnings Thus， the practice of management using judgment in financial reporting and in structuring transactions to alter earnings emerges and this is known as earnings management” [Healy and ... creditors to detect earnings management [Watts and Zimmerman (1978)] Both Healy and Palepu (1990) and DeAngelo, DeAngelo and Skinner (1992) conclude that there is little evidence of earnings management...

Ngày tải lên: 05/10/2015, 19:01

... 2.1. Dividends and Stock Evaluation  Dividends first attract attention from financial scholars by estimating stock prices  based  on  discounted dividends or  earnings.   Walter  (1956)  combines  dividends and earnings ... few hands of block shareholders (Lv and Wang (1999), Yuan (2001), Lee and Xiao  (2006),  Lv  and Zhou  (2005)  and so  on),  and papers  about  the  relationship   If we refer to the first one to explain the dividends involving the market value of the share, however, we  ... average  earnings on  invested  capital,  average  price earnings ratios,  balance  sheet  and fund  flow  liquidity,  stability  of  earnings,   capitalization,  stock  dividends,   extras  and ...

Ngày tải lên: 16/10/2015, 11:59

... Exxon and General Motors? They should, and they Every quarter they add up their sales and costs, and figure out where they stand Then they tell the world, in press releases and conference calls and ... “bear raids” and “short squeezes.” * “All the bubble blowers of other days, the moonshine promoters, green goods, and shell game men, financial pan-handlers and wildcat exploiters, and skin-game ... ninety days of the end of a company’s fiscal year Qs and Ks, in Wall Street shorthand Qs and Ks are monuments to numbers Revenue Selling, general, and administrative expenses Operating income Interest...

Ngày tải lên: 14/02/2014, 04:20

... (t) (12) where Fi (t) and FS (t) are the earnings from term transformation of bank i and of the bond portfolio, respectively Combining (11) and (12), we see that a bank’s earnings from term transformation ... specific and regulatory effects are far more important For savings and cooperative banks, earnings from term transformation are an important source of interest income, and timely changes in earnings ... small and medium-sized banks which are engaged in traditional commercial banking, i.e granting long-term loans and collecting short-term deposits It is important to understand the opportunities and...

Ngày tải lên: 16/02/2014, 06:20

... contractual use of accounting earnings and implications for the inclusion of cash flow forecasts in earnings and the relative abilities of earnings and cash flows to forecast future earnings Section models ... differences between expense and cash outflows and hence between earnings and cash flows Inventory is a case where future cash proceeds are not verifiable and so are not included in earnings Instead if ... correlation between earnings and operating cash flow changes The contemporaneous correlation between earnings and operating cash flow changes is obtained from expressions (20) and (10) and is reported...

Ngày tải lên: 18/02/2014, 01:20

... effect of V on earnings informativeness is negative and significant in Hong Kong, Malaysia, and Taiwan The effect of CV is positive and significant in Hong Kong, Malaysia, Taiwan and Thailand From ... Venkatachalam, and J Jiambalvo, 1999 Is institutional ownership associated with earnings management and the extent to which stock prices reflect future earnings? Working paper, University and Washington and ... market-to-book assets, the larger the expected earnings growth and/ or earnings persistence, the stronger the earnings- return relation.14 On the other hand, the market-to-book ratio may also be affected...

Ngày tải lên: 18/02/2014, 01:20

... the earnings management and accounting choice literature See Watts and Zimmerman (1986), Healy and Wahlen (1999) and Dechow and Skinner (2000) statements That is, in price protecting and demanding ... from to 100) and combine the average 16 ranks into indices We define two sub-categories, earnings discretion” (EM1 and EM2) and earnings smoothing” (EM3 and EM4), and construct an earnings management ... accounting harmonization (e.g., Gernon and Wallace, 1995, or Saudagaran and Meek, 1997, for an overview) and accounting convergence (Land and Lang, 2002; Joos and Wysocki, 2002) Our findings show...

Ngày tải lên: 06/03/2014, 21:20

... terms an earnings warning and earnings guidance interchangeably for both good and bad news Earnings warnings are also referred to as earnings preannouncements (Soffer, Thiagarajan, and Walther ... [2001] and Stone [2002]) Kasznik and Lev [1995; hereafter KL] and Atiase, Supattarakul, and Tse [2003; hereafter AST] find a differential market reaction to earnings news between warning and nowarning ... reaction to earnings warnings and management’s motivation to issue earnings warnings Earnings warnings are any earnings- related management voluntary disclosures made prior to the earnings announcement...

Ngày tải lên: 07/03/2014, 02:20

... Institution Total Earnings (a) Fewer Than 10 Cases $17,452 -$355,285 Total Grants, Loans, and Earnings $5,444,831 - Northland Community and Technical ... Total Earnings $98,911 -$606,192 Total Grants, Loans, and Earnings $89,109,130 - Totals for Private Four Year Institutions b FY 1999 Grant and ... Institution Total Earnings $29,100,439 -$34,909,495 Total Grants, Loans, and Earnings $215,891,339 - Minnesota State Colleges and Universities...

Ngày tải lên: 15/03/2014, 19:20

Ngày tải lên: 16/03/2014, 03:20