Search results for "value"
showing 10 items of 5321 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.
Earnings sustainability, economic conditions and the value relevance of accounting information
2013
Summary This study demonstrates that the value relevance of accounting information is influenced by the ability to capitalize investments in valuable resources. We use data from Sweden to show that firms that operate in industries in which accounting conservatism limits this capitalization display lower value relevance as a result of more unsustainable earnings components. However, when controlling for the different properties of sustainable and unsustainable earnings components, the difference vanishes. Moreover, we show that firms operating in industries in which more investments are immediately expensed display systematic temporal variations in the level of value relevance. We contend th…
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…
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…
How initial and boundary conditions affect protoplanetary migration in a turbulent sub-Keplerian accretion disc: 2D non-viscous SPH simulations
2009
Current theories on planetary formation establish that giant planet formation should be contextual to their quick migration towards the central star due to the protoplanets-disc interactions on a timescale of the order of $10^5$ years, for objects of nearly 10 terrestrial masses. Such a timescale should be smaller by an order of magnitude than that of gas accretion onto the protoplanet during the hierarchical growing-up of protoplanets by collisions with other minor objects. These arguments have recently been analysed using N-body and/or fluid-dynamics codes or a mixing of them. In this work, inviscid 2D simulations are performed, using the SPH method, to study the migration of one protopla…
An Exploratory Study of Financial Performance in CEE Countries
2020
Our research investigates the performance of companies from Central and Eastern European (CEE) countries in the period after the Global Financial Crisis of 2007-2009 with the aim of identifying the driving factors behind accounting- and market-based performance. We include in the analysis companies from various industries in CEE countries that are European Union members and we study their performance between 2008-2016 over the following areas of performance: liquidity, solvency and indebtedness, operational profitability, global performance (through Return on assets and Return on equity), returns available to shareholders and market-based performance (through price/book value and Tobin Q …
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.
Rail freight transport and demand requirements : an analysis of attribute cut-offs through a stated preference experiment
2014
This paper analyses the choice between road and rail in Spain where rail market share for freight is still residual. Discrete choice models are estimated with data obtained through a two-phase fieldwork, thus allowing us to carry out a stated preference efficient design for each interviewee. We analyse the existence of attribute cut-offs and the presence of a segment of the population with a zero value of frequency. Our results show that ignoring the existence of cut-offs and segments of the population with polarised valuations can lead to erroneous conclusions in terms of the possibilities of rail for absorbing significant quota.
Interrogation sur la nature et la formation des grandeurs économiques : la question de la valeur et de la mesure en économie
2016
To investigate on the question of the formation of the economic magnitudes, and on the question of value seems to be pointless, since those notions appear to be understood and to fall under the scope of our daily experiment. We show in the present work that several fundamental concepts and central notions do not receive a proper definition within our discipline. As a consequence, it is all the economic discourse that is weakened, at such a point that it talks about things that, actually, do not exist, but in the economist’s mind, and do not consider its true matter. In our wage economy, value is sometimes created sometimes destructed respectively in the formation and the destruction of inco…