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  • 1
    Electronic Resource
    Electronic Resource
    Further Evidence on the Determinants of Secured versus Unsecured Loans (1998)
    Oxford, UK and Boston, USA : Blackwell Publishers Ltd
    Journal of business finance & accounting 25 (1998), S. 0 
    Details
    ISSN: 1468-5957
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Using a unique data set collected from financial statements of all Singapore listed firms from 1983 to 1991, we provide international evidence on the determinants of the amount of secured loans as a fraction of total secured and unsecured loans. This data set comprises a much wider range of firms than most previous studies. We show that consistent with the agency-cost hypothesis, firms with more growth opportunities use more secured loans. This is in contrast to the opposite result reported in Barclay and Smith (1995b) who measure secured debt as a fraction of total long-term fixed claims. We also find strong support for the hypothesis that smaller firms use more secured loans. In contrast, Leeth and Scott (1989), using survey data on small firms, find an insignificant firm size effect. Finally, we show that the use of secured loans is positively related to asset riskiness and loan size, and is negatively related to asset specificity. Firm quality has no explanatory power.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/1468-5957.00192
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  • 2
    Electronic Resource
    Electronic Resource
    Corporate Ownership Structure and the Informativeness of Earnings (2002)
    Oxford, UK and Boston, USA : Blackwell Publishers Ltd
    Journal of business finance & accounting 29 (2002), S. 0 
    Details
    ISSN: 1468-5957
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This study extends prior studies by examining how managerial ownership and external unrelated blockholdings affect the informativeness of earnings. The results are in contrast to prior studies. A non–linear relation exists between managerial ownership and earnings informativeness. Earnings informativeness increases with managerial ownership at low levels but not at higher levels of managerial ownership where the entrenchment effect sets in. Consistent with the role of large shareholder monitoring, the evidence shows a strong positive relationship between external unrelated blockholdings and earnings informativeness. These results are supported when income–increasing and absolute discretionary accruals are used to measure the extent of earnings management
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/1468-5957.00460
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  • 3
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    The Asian Consumer Durable Market: With Special Reference to China (1996)
    Singapore : Periodicals Archive Online (PAO)
    ASEAN Economic Bulletin. 12:3 (1996:Mar.) 380 
    Details
    ISSN: 0217-4472
    Topics: Economics
    URL: http://gateway.proquest.com/openurl?url_ver=Z39.88-2004&res_dat=xri:pao:&rft_dat=xri:pao:article:f037-1996-012-03-000006
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  • 4
    Electronic Resource
    Electronic Resource
    The Determinants of Debt Maturity: The Case of Bank Financing in Singapore (1999)
    Springer
    Review of quantitative finance and accounting 12 (1999), S. 341-350 
    Details
    ISSN: 1573-7179
    Keywords: maturity ; bank debt ; contract-cost hypothesis ; tax hypothesis ; signaling hypothesis
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This study presents important international evidence by examining the determinants of debt maturity of listed firms in Singapore, a major financial center in Asia. We focus on bank debt because it is the principal source of financing for most Singapore firms. We find that consistent with the contracting-cost hypothesis, firms with greater growth opportunities rely more heavily on short-term bank debt whereas larger firms are more likely to use long-term bank debt. In contrast, we find no strong support for either the tax or signaling hypotheses.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1008398308408
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  • 5
    Electronic Resource
    Electronic Resource
    The effect of self-selection bias on the testing of a stock price reaction to management's earnings forecasts (1995)
    Springer
    Review of quantitative finance and accounting 5 (1995), S. 5-25 
    Details
    ISSN: 1573-7179
    Keywords: self-selection bias ; management earnings forecasts ; stock price reaction ; zero/one dummy variable approach
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This study examines the inferential bias due to the failure to control for self-selection when studying the market's reaction to management earnings forecasts. The analysis is conducted by controlling for self-selection and comparing the results to those obtained when self-selection is not controlled. This comparison suggests that the overall inference of a market reaction to the management forecast issuance does not change. However, the statistical significance declines when self-selection is considered. Since the issuance of a management forecast is an obvious self-selection, the results of this study suggest that self-selection should be considered and evaluated in quasi-experimental studies in accounting and finance.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01074849
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