Search results for "CCO"
showing 10 items of 4678 documents
Empirical evidence of the effect of European accounting differences on the stock market valuation of earnings and book value
2002
Recently, a new dimension has been added to research in accounting harmonization by studying the effects of accounting practices and regulations on share price and return movements. Although there is an agreement of mutual recognition in the European stock markets of financial statements adapted to the directives, the differences between the European countries are still great. The objective of this study is to investigate the value relevance of alternative accounting measures (earnings and book value) constructed under different accounting systems in Europe. We investigate the differences in accounting practices through the relationship between earnings and book value, and the stock market …
Earnings conservatism: panel data evidence from the European Union and the United States
2006
This paper focuses on earnings conservatism, and provides new evidence based on procedures that account for variability at the firm level, drawing a comparison between the European Union and the United States. A key finding is that the estimated responsiveness of earnings to bad news is substantially higher when unobserved firm-specific effects are modelled. Furthermore, it is shown that accounting has become more conservative not only in the U.S. but also in the EU when taken as a whole, and there is little evidence of marked differences in the asymmetric timeliness of earnings between the two. Indeed, any changes in this property of earnings are likely to be attributable to a common facto…
The value relevance of accounting information during the global financial crisis: evidence from Norway
2013
This study investigates how the recent financial crisis influenced the value relevance of accounting information. The empirical analyses show that the book values of equity explained most of the cross-sectional variation in stock prices during the crisis. Still, the earnings response coefficient increased significantly during the period of the crisis. The analysis suggests a separation between the information content of book values and earnings in a crisis situation. The findings are consistent with book values being highly relevant as a proxy variable for liquidation values in a crisis, whereas earnings, in contrast to the balance sheet, capture information about the future earning capabil…
How fair-value accounting can influence firm hedging
2012
Published version of an article in the journal: Review of Derivatives Research. Also available from the publisher at: http://dx.doi.org/10.1007/s11147-012-9084-y The potential influence of accounting regulations on hedging strategies and the use of financial derivatives is a research topic that has attracted little attention in both the finance and the accounting literature. However, recent surveys suggest that company hedging can be substantially influenced by the accounting for financial instruments. In this study, we illustrate not only why but also how the accounting regulations may affect hedging behavior. We find that under mark-to-market accounting, most firms concerned with earnings…
French engineering graduates in corporate R&D: is it worthwhile?
2009
In the early 1990s, several studies pointed out a significant gap in earnings between engineers in private firms working in Research and Development (R&D) and those in other activities. The purpose of this article is to assess, from conventional Mincerian models, to what extent these findings are still valid. The different levels of responsibility and job satisfaction of engineers in both types of activities are also analysed. The results clearly suggest a lower remuneration for engineers working in R&D in comparison to other activities, all things being equal. On the other hand, engineers involved in R&D activities have a greater dissatisfaction about the remuneration they receive, but als…
Strategic Accounting Choice Around Firm-Level Labor Negotiations
2014
Prior literature argues that managers make opportunistic income-decreasing accounting choices to limit the concessions made to trade unions. However, empirical research to date presents mixed evidence, potentially due to a common theoretical approach that views labor bargaining as a one-shot game in nature. Using a sample of U.S. firms that engage in firm-level labor collective agreement negotiations, we study whether managers act strategically to reduce the transfer of wealth to employees, and its consequences over investment efficiency. We expect that the repeated nature of this negotiation leads to cooperation among the parties and limits the incentives for earnings manipulation, partic…
On the Asymmetric Recognition of Good and Bad News in France, Germany and the United Kingdom
2001
We investigate whether accounting systems recognise bad news more promptly in earnings than good news, where news is proxied by changes in share price. The analysis is based on a sample of firm/years drawn from France, Germany, and the UK during 1990 to 1998. These three countries are the originators of three distinct legal traditions. Previous studies have argued that asymmetric recognition, one manifestation of conservative accounting, is sensitive to legal background and history. We find that in all three countries the contemporaneous association between earnings and returns is much stronger for bad news (i.e. when price changes are negative) than for good news, and although the results …
Furostanol saponins and ecdysones with cytotoxic activity from Helleborus bocconei ssp. intermedius
2009
Two furostanol saponins helleboroside A (1) and helleboroside B (2) were isolated from the methanol extract of Helleborus bocconei Ten. subsp. intermedius (Guss.) Greuter and Burdet, along with the furospirostanol saponin 4 and two ecdysones: ecdysterone (5) and polypodyne B (6). Compound 2 was enzymatically hydrolysed to give product 3. The biological activity of all compounds was tested against rat C6 glioma cells showing a significant cytotoxicity for compounds 3, 4 and 6. Copyright © 2009 John Wiley & Sons, Ltd.
FOCAL LIVER LESIONS: CONTRAST-ENHANCED ULTRASOUND
2008
Contrast-enhanced ultrasound (CEUS) represents a significant breakthrough in sonography and it is being increasingly used for evaluation of focal liver lesions (FLLs). The unique feature of CEUS of non-invasively assessing in real time liver perfusion throughout the vascular phase has led to a dramatic improvement in diagnostic accuracy of US in either detection and characterization of FLLs, as well as in the guidance and evaluation of response of therapeutic procedures. Currently, CEUS is included as a part of the suggested diagnostic work-up of FLLs, resulting in a better patient management and cost-effective therapy delivering. After a brief description of the basis of different CEUS tec…
Uncommon localizations of hydatid cyst. Review of the literature
2016
Introduction Hydatid disease is an endemic anthropozoonosis with usual localization in liver and lungs. Rarely it localizes in uncommon sites as spleen, skeleton, kidney, brain, cardiac muscle, peritoneum, sub cutis. Complications of uncommon localizations are the same that for usual ones. Material and methods Review of the literature on rare and atypical localization of hydatid cysts in soft tissues. Key-words used on Pub-Med [(echinococ OR hydatid) AND (soft tissue OR subcutaneous OR cutaneous)] without time limit. There were found 282 articles; 242 were excluded because of muscular or bone localizations. 40 were coherent. Results Different variables are taken into account: age, sex, geog…