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  • Articles  (193,048)
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  • Articles  (193,048)
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  • 11
    Electronic Resource
    Electronic Resource
    Are Unsolicited Credit Ratings Lower? International Evidence From Bank Ratings (2005)
    Oxford, UK; Malden, USA : Blackwell Publishing Ltd/Inc.
    Journal of business finance & accounting 32 (2005), S. 0 
    Details
    ISSN: 1468-5957
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Abstract:  In recent years credit rating agencies have started rating firms who have not asked for a rating. Recipients of unsolicited ratings argue that the assigned ratings are too low and reflect a lack of comprehensive knowledge of the rated firms. We set out to examine these claims using a comprehensive and international sample of 1,060 bank ratings. Our results show that there is a significant difference in the distributions of ratings, and the shadow group has lower ratings. The results also indicate that banks that received shadow ratings are smaller and have weaker financial profiles than banks that have other ratings. This explains, in part, the lower ratings. In addition, we develop a model to explain bank ratings. The two-step treatment effects model shows that bank size, profitability, asset quality, liquidity, and sovereign credit risk are important factors in determining bank ratings.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.0306-686X.2005.00646.x
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  • 12
    Electronic Resource
    Electronic Resource
    Relationship Between Analyst Forecast Properties and Equity Bid-Ask Spreads and Depths Around Quarterly Earnings Announcements (2005)
    Oxford, UK; Malden, USA : Blackwell Publishing Ltd/Inc.
    Journal of business finance & accounting 32 (2005), S. 0 
    Details
    ISSN: 1468-5957
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Abstract:  We study the relationships between three variables which proxy for the ex-ante level of information asymmetry – forecast dispersion, forecast revision volatility, and the level of analyst coverage, and equity bid-ask spread and depth changes around quarterly earnings releases. Kim and Verrecchia (1994) suggest that earnings releases increase the level of information asymmetry and lower the level of liquidity in the security market. Using both an OLS regression framework and a simultaneous equations model, we examine whether equity bid-ask spreads increase and depths decrease as the level of information asymmetry increases. Our results indicate that spreads are higher (relative to a non-event period) around earnings announcements when information asymmetry is more pronounced; however, depths are lower only on the day following the announcement when there is greater information asymmetry. Relative spreads have a significant positive relation with both forecast dispersion and revision volatility and a significant negative relation with analyst coverage. Relative depths have a significant negative relation with forecast dispersion and a significant positive relation with analyst coverage. Our findings indicate that the equity specialist adjusts both spreads and depths when confronting informed traders around earnings releases and that these adjustments are more pronounced when the level of information asymmetry is greater.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.0306-686X.2005.00647.x
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  • 13
    Electronic Resource
    Electronic Resource
    Board Monitoring and Earnings Management: Do Outside Directors Influence Abnormal Accruals? (2005)
    Oxford, UK; Malden, USA : Blackwell Publishing Ltd/Inc.
    Journal of business finance & accounting 32 (2005), S. 0 
    Details
    ISSN: 1468-5957
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Abstract:  This paper examines whether the incidence of earnings management by UK firms depends on board monitoring. We focus on two aspects of board monitoring: the role of outside board members and the audit committee. Results indicate that the likelihood of managers making income-increasing abnormal accruals to avoid reporting losses and earnings reductions is negatively related to the proportion of outsiders on the board. We also find that the chance of abnormal accruals being large enough to turn a loss into a profit or to ensure that profit does not decline is significantly lower for firms with a high proportion of outside board members. In contrast, we find little evidence that outside directors influence income-decreasing abnormal accruals when pre-managed earnings are high. We find no evidence that the presence of an audit committee directly affects the extent of income-increasing manipulations to meet or exceed these thresholds. Neither do audit committees appear to have a direct effect on the degree of downward manipulation, when pre-managed earnings exceed thresholds by a large margin. Our findings suggest that boards contribute towards the integrity of financial statements, as predicted by agency theory.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.0306-686X.2005.00630.x
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  • 14
    Electronic Resource
    Electronic Resource
    The Impact of Mandated Cash Flow Disclosure on Bid-Ask Spreads (2005)
    Oxford, UK; Malden, USA : Blackwell Publishing Ltd/Inc.
    Journal of business finance & accounting 32 (2005), S. 0 
    Details
    ISSN: 1468-5957
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Abstract:  This study provides evidence that mandatory cash flow disclosure required by Approved Australian Accounting Standard AASB 1026, Statement of Cash Flows(June 1992) was associated with a decline in bid-ask spreads following the introduction of the regulation, even after controlling for changes in trading volume and price volatility. More pronounced decreases in bid-ask spreads were associated with firms having lower correlations between reported CFO and estimates of CFO using balance sheet reconstructions. We conclude that mandatory cash flow disclosure reduces information asymmetry across market participants.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.0306-686X.2005.00632.x
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  • 15
    Electronic Resource
    Electronic Resource
    The Provision of Company Benefits in the UK (2005)
    Oxford, UK; Malden, USA : Blackwell Publishing Ltd/Inc.
    Journal of business finance & accounting 32 (2005), S. 0 
    Details
    ISSN: 1468-5957
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Abstract:  A theoretical analysis argues that a company will provide benefits if they are worth more to the employee than income equal to the net amount it is costing the firm to provide the benefit. Because the individual is being denied choice, other things being equal he/she would prefer the income. But the firm may be able to provide a benefit-wage package which compensates the individual because of (i) tax advantages, (ii) economies of scale in purchasing or (iii) production function advantages. The empirical work focuses on benefit provision in the UK.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.0306-686X.2005.00633.x
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  • 16
    Electronic Resource
    Electronic Resource
    Voluntary Disclosure of Bad News (2005)
    Oxford, UK; Malden, USA : Blackwell Publishing Ltd/Inc.
    Journal of business finance & accounting 32 (2005), S. 0 
    Details
    ISSN: 1468-5957
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Abstract:  This paper shows that in a voluntary disclosure environment entailing both a fixed disclosure cost and a variable proprietary cost, partial disclosure equilibria may arise in which firms voluntarily disclose bad private information to the public. Furthermore, it is shown that such equilibria may arise more frequently as the threat of incuring proprietary cost increases and/or the proprietary cost itself increases.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.0306-686X.2005.00634.x
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  • 17
    Electronic Resource
    Electronic Resource
    The Relevance of Analysts’ Earnings Forecasts in Japan (2005)
    Oxford, UK; Malden, USA : Blackwell Publishing Ltd/Inc.
    Journal of business finance & accounting 32 (2005), S. 0 
    Details
    ISSN: 1468-5957
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Abstract:  This study examines the role of financial analysts in equity valuation in Japan by comparing the relevance of financial analysts’ earnings forecasts, over financial statement information, to investors’ decisions. We find that the value-relevance of a set of accounting variables is very modest, but the incremental contribution of analysts’ forecasts is very significant. This is in line with the expectation that the skill and expertise of analysts are more valuable in markets with poor financial disclosure, such as Japan. We also find that the importance of the financial statements increases over time while the importance of the analysts’ forecasts does not change. We also provide evidence of the effect of Japanese corporate groupings, keiretsu, on the informativeness of accounting signals and earnings forecasts. The results show that the contribution of accounting variables to valuation is lower for keiretsu firms, which supports the exclusionary hypothesis that companies which are a part of keiretsu, disclose less information than do non-keiretsu companies. The analysts’ forecasts are equally important for investors in both types of firms.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.0306-686X.2005.00635.x
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  • 18
    Electronic Resource
    Electronic Resource
    Evaluating the Performance of Ethical and Non-ethical Funds: A Matched Pair Analysis (2005)
    Oxford, UK; Malden, USA : Blackwell Publishing Ltd/Inc.
    Journal of business finance & accounting 32 (2005), S. 0 
    Details
    ISSN: 1468-5957
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Abstract:  This paper studies the performance of 60 European funds from four countries. The paper extends the UK matched pair approach for fund evaluation developed by Mallin et al. (1995) to a European setting. The findings suggest that there is no difference between ethical and non-ethical funds according to the performance measures employed. Neither type of fund displayed any ability to time the market. Finally, the results indicate that the management fee is a significant explanatory variable for the Jensen measure as Chen et al. (1992) and Grinblatt and Titman (1994) suggested.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.0306-686X.2005.00636.x
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  • 19
    Electronic Resource
    Electronic Resource
    Weekend Effect, ‘Reverse’ Weekend Effect, and Investor Trading Activities (2005)
    Oxford, UK; Malden, USA : Blackwell Publishing Ltd/Inc.
    Journal of business finance & accounting 32 (2005), S. 0 
    Details
    ISSN: 1468-5957
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Abstract:  In this study, we document evidence of a ‘reverse’ weekend effect – whereby Monday returns are significantly positive and they are higher than the returns on other days of the week – over an extended period of eleven years (from 1988 to 1998). We also find that the ‘traditional’ weekend effect and the ‘reverse’ effect are related to firm size in that the ‘traditional’ weekend effect tends to be associated with small firms while the ‘reverse’ weekend effect tends to be associated with large firms. In addition, we find that during the period in which the ‘reverse’ weekend effect is observed, Monday returns for large firms tend to follow previous Friday returns when previous Friday returns are positive, but they do not follow the previous Friday returns when Friday returns are negative. Furthermore, we find that during the period in which the ‘reverse’ weekend effect is observed, Monday returns are positively related to the volume of medium-size and block transactions, but negatively related to the volume of odd-lot transactions.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.0306-686X.2005.00637.x
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  • 20
    Electronic Resource
    Electronic Resource
    The Opening, Short, Medium and Long Term Performance of Canadian Unit Trust Initial Public Offerings (IPOs) (2005)
    Oxford, UK; Malden, USA : Blackwell Publishing Ltd/Inc.
    Journal of business finance & accounting 32 (2005), S. 0 
    Details
    ISSN: 1468-5957
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Abstract:  This paper investigates the initial pricing and performance of Canadian unit trust IPOs over a three- to four-year period and then draws implications for the efficiency of the Canadian market. Overall, the results confirm the following: in the short term, unit trust IPOs are underpriced and outperform the Canadian market; in the medium term, IPOs are fairly priced and neither outperform nor underperform the Canadian market; and in the long term, IPOs are fairly priced but underperform the Canadian market. In addition, our results confirm that the size of underpricing is related to ex-ante uncertainty about the value of the issue. Ex-ante uncertainty proxies, namely total risk, exchange listing, relative bid-ask spread, and relative volume of initial trade, all explain the size of underpricing. When the effects of these factors are controlled, the results confirm that Canadian unit trust IPOs are indeed overpriced in the short term but underpriced in the long term. We conclude that the Canadian unit trust IPO market appears to be inefficient in the short and long term, but over the medium, the market appears to be efficient.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.0306-686X.2005.00638.x
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