Search results for "Econometric"
showing 10 items of 3780 documents
Information and Investor Behavior Surrounding Earnings Announcements
2014
Preliminary version The goal of this paper is to analyze the impact of annual earnings announcements on the market through the order flow data in addition to the usual transaction data. In this respect, examining order flow data can potentially reveal valuable information which is not available from transaction data. In fact, the data allow us to test hypotheses about asymmetric information and investor behavior and to test if the behavior varies with investor sophistication. In addition, the paper tries to identify the determinants of the impact on a firm's value using assumptions about investor behavior.
The value relevance of losses revisited: the importance of earnings aggregation
2011
Accepted version of an article published in the journal: Global Business and Economics Review. Also available from the publisher at: http://dx.doi.org/10.1504/GBER.2011.040728 Prior research has suggested that earnings explain a larger portion of the variation in stock returns when disaggregated into components. This study shows that the increase in explanatory power stems primarily from disaggregation of negative earnings. When accounting earnings are sufficiently disaggregated into items, there is no longer a statistical difference in the value relevance of positive and negative earnings. Thus, negative earnings are also useful to stock investors. The findings are attributed to earnings p…
The Predictive Ability of Financial Information for Future Earnings: A European Perspective
2003
The objective of this paper is to analyse cross-national differences in the predictive ability of financial information (accounting and market data) for future earnings. We adopt a European perspective in our analysis by focusing on four representative European countries (France, Germany, Spain and the UK) in order to assess whether the institutional and accounting differences among them result in inter-country differences in the predictive value of financial information. In particular, we consider that differences in the extent of conservatism, due to country characteristics, such as the legal system (code-law vs common-law), the way companies finance their operations, and the relationship…
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 …
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…
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…
Are people willing to pay for eco-labeled wild seafood? An overview
2017
In the last two decades, eco-labeled seafood has been becoming an instrument of sustainability directed towards consumers, addressing a market-based incentive for better management of fisheries. In this context, several studies across the countries have been conducted about how much consumers are willing to pay for fish caught by certifiably sustainable fishing activities. In this direction, the aim of this study was to systematize the available information about the willingness-topay (WTP) more for eco-labeled wild seafood. Therefore, only papers published on ISI journals were searched on “Web of Knowledge” and “SciVerse Scopus” platforms, using the combinations of the following key words:…
La movilización ciudadana para la conservación de la naturaleza: democracia, autonomía y áreas protegidas
2023
El presente artículo profundiza en el papel que tuvieron los movimientos sociales en la configuración de la política conservacionista de las décadas de los 70, 80 y 90 en los territorios de Catalunya, Comunitat Valenciana y Andalucía. A través de una investigación cualitativa basada en entrevistas en profundidad y en el análisis documental, abordamos desde una perspectiva comparada cómo la movilización ciudadana y el asociacionismo científico y académico influyeron en la declaración de los primeros parques naturales a través del apoyo o el rechazo a las iniciativas de conservación.
Long-term ecology of investors in a financial market
2018
AbstractThe cornerstone of modern finance is the efficient market hypothesis. Under this hypothesis all information available about a financial asset is immediately incorporated into its price dynamics by fully rational investors. In contrast to this hypothesis many studies have pointed out behavioral biases in investors. Recently it has become possible to access databases that track the trading decisions of investors. Studies of such databases have shown that investors acting in a financial market are highly heterogeneous among them, and that heterogeneity is a common characteristic of many financial markets. The article describes an empirical study of the daily trading decisions of all Fi…
The fall and the fragmentation of national clusters: Cluster evolution in the paper and pulp industry
2012
Abstract A common expectation in evolutionary cluster studies is that national clusters engage in competitive interactions that lead to a continuous stream of changes in global dominance. Our fuzzy-set analysis on the evolution of the paper and pulp industry demonstrates that globalization has dramatically changed this situation. National clusters have largely faded away; the value chain dominance is now held by technology suppliers who are global hubs in majority of identifiable business activities in the focal industry. Our results imply that when industrial decline is accentuated by industrial concentration in some part of the value chain the national clusters may lose their importance.