Search results for "Fair Value"
showing 8 items of 18 documents
The influence of price fairness on customer satisfaction: an empirical test in the context of automobile purchases
2007
PurposeThis paper aims to link conceptually the concepts of price fairness and customer satisfaction and empirically demonstrate the influence of perceived price fairness on satisfaction judgments. Further, it seeks to examine specific factors that influence fairness perceptions including price perception and consumer vulnerability.Design/methodology/approachThe study is conducted in the context of automobile purchases in major German car dealerships. Based on a theoretical conceptualization of the constructs and an empirical pretest, 246 car buyers were surveyed and their fairness perceptions and satisfaction judgments with the car buying process measured.FindingsThe research shows that pr…
"I RIFLESSI STRATEGICI ORGANIZZATIVI E CONTABILI DEI PRINCIPI CONTABILI INTERNAZIONALI NELLE IMPRESE BANCARIE"
2008
Questo lavoro fornisce una prima ricognizione degli effetti che l’adozione dei principi contabili internazionali da parte delle imprese bancarie ha comportato, da un punto di vista sia strettamente contabile sia organizzativo. In particolare, sono stati oggetto di analisi i principi che disciplinano il trattamento contabile e la disclosure delle voci di bilancio di natura finanziaria, e quindi i principi IAS 32, IAS 39 e IFRS 7. Nella prima parte del lavoro sono state esposte le principali novità introdotte da questi principi, dando particolare rilievo al criterio del fair value ed al diverso trattamento previsto per gli strumenti derivati rispetto alla precedente prassi contabile. Nella se…
Related Party Transactions, Fair Value and Financial Statement Disclosures in Italian Professional Football Clubs
2013
Transactions with related parties (RPTs) are numerous and frequent in the economy of companies; they are often made with different values from the ones in arm‟s length transactions, and sometimes for opportunistic reasons. Many cases of RPTs occur in the football sector too, and they are mostly related to sponsorship contracts revenues. Through the financial fair play regulations, UEFA encourages the clubs which want to get the license for competing in European tournaments, to count on their capability to operate on the basis of their own revenues. The reorientation of the professional football clubs economic governance requested by UEFA also provides specific RPTs disclosure as well as the…
Evaluation of Insurance Products with Guarantee in Incomplete Markets
2008
Abstract Life insurance products are usually equipped with minimum guarantee and bonus provision options. The pricing of such claims is of vital importance for the insurance industry. Risk management, strategic asset allocation, and product design depend on the correct evaluation of the written options. Also regulators are interested in such issues since they have to be aware of the possible scenarios that the overall industry will face. Pricing techniques based on the Black & Scholes paradigm are often used, however, the hypotheses underneath this model are rarely met. To overcome Black & Scholes limitations, we develop a stochastic programming model to determine the fair price of the mini…
Have IFRS Changed How Stock Prices Associate with Earnings and Book Values? Evidence from Norway
2012
Firms listed on European, Australian and an increasing number of other stock exchanges are required to report according to International Financial Reporting Standards (IFRS). We use a Norwegian sample to examine whether the adoption of IFRS in 2005 has changed the value relevance of earnings relative to book values. IFRS are balance sheet-oriented and emphasize measurement at fair value. In contrast, Norwegian GAAP (NGAAP) are earnings-oriented and focus on measurement at transactional (historical) cost. IFRS also differ by recognizing more intangible assets, which further contributes to making IFRS less conservative than NGAAP. We find that more fair value accounting increases the value re…
A note on fair value accounting in a crisis: The influence of the hedge accounting regulations
2010
Published version of an article published in the journal: Business and Economics Journal. Also available from the publisher at: http://astonjournals.com/manuscripts/Vol2010/BEJ-13_Vol2010.pdf The role of fair value accounting in the financial crisis is contorversial and heavily debated. Some claim that fair value accounting of financial instruments contributed to the recent crisis. This note acknowledges that, in many industries, a significant proportion of the financial instruments are entered into for hedging purposes. I examine if a crisis through the hedge accounting regulations, can affect the overall use og fair value accounting in an economy. I present analytical evidence that the bo…
Fair Value Accounting versus Historical Cost Accounting: a theoretical framework for judgment in financial crisis
2013
Since the 2008 global economical and financial crisis, the fair value measurement has acquired a controversial position both within the accounting regulatory committees and the accounting theory. The literature generally examines two opposite central paradigms of evaluation, namely the Fair Value Accounting (FVA) and the Historical Cost Accounting (HCA). The paper, after a literature review through both these opposite sides, suggests a theoretical framework, using the basic concept of “accounting system”, for the choice between the opposite paradigms, considered noteworthy in times of crisis as it should allow to conceptualize a ‘mixed system’, combining FVA and HCA in different ways accord…
La juste valeur satisfait-elle les qualités essentielles de l’information financière ? Le point de vue des analystes financiers français
2010
The primary purpose of the application of fair value accounting is to provide financial informations that investors find most helpful in their decision making. To help better understand this issue, this research project examines the decision usefulness of fair value information to investors. Using a survey of French financial analysts, this study investigates the principal qualitative characteristics of fair value information. We examine especially whether this information is relevant, reliable and comparable. The results document that financial analysts consider fair value as an approach able to r eflect the current economic reality of the firm and to ameliorate the assessment of financial…