Financial Reporting and the Stock Market in Germany

1999 ◽  
pp. 135-148 ◽  
Author(s):  
Hans Peter Möller ◽  
Erich Keller
Keyword(s):  
Stock Market ◽  
Financial Reporting

Who Benefits From IFRS Convergence in China?

2017 ◽  
Vol 34 (1) ◽  
pp. 99-124 ◽  
Author(s):  
Chao Chen ◽  
Edward Lee ◽  
Gerald J. Lobo ◽  
Jessie Zhu
Keyword(s):  
Stock Market ◽  
Financial Reporting ◽  
Value Relevance ◽  
Reporting Quality ◽  
Chinese Stock Market ◽  
External Financing ◽  
Market Reactions ◽  
Financial Reporting Standards ◽  
Legal Enforcement ◽  
Stock Market Reactions

We study the ex ante stock market reactions to events leading up to China’s convergence to International Financial Reporting Standards (IFRS). The literature consistently shows that the benefits of mandatory IFRS convergence are concentrated in countries with stronger legal enforcement and investor protection. Given that these institutional characteristics are weaker in China relative to more developed Western economies, whether mandating IFRS will benefit the Chinese capital market is an interesting and important, but unanswered question. We find that the Chinese stock market reacts favorably to events leading up to IFRS convergence, and this effect is more pronounced among firms with greater dependence on external capital. This result suggests the market anticipates that such firms will benefit more from IFRS convergence, possibly because of improved financial reporting quality and access to external financing. Additional tests confirm that the value relevance of accounting numbers for these firms is higher following IFRS convergence.

scholarly journals Editorial: Fundamental pillars of corporate governance research

2020 ◽  
Vol 18 (1, Special Issue) ◽  
pp. 222-224
Author(s):  
Paolo Tenuta ◽  
Alexander Kostyuk
Keyword(s):  
Corporate Governance ◽  
Firm Performance ◽  
Stock Market ◽  
Earnings Management ◽  
Board Of Directors ◽  
Financial Reporting ◽  
Corporate Ownership ◽  
Special Issue ◽  
The Board Of Directors ◽  
And Control

Corporate governance is a system designed to improve corporate performance through supervision of management performance to ensure accountability to stakeholders based on a regulatory framework. Board of directors as a field of research becomes a major point for intersection of many other issues of corporate governance, such as financial reporting, firm performance, earnings management, stock market, and reaching even well-established fields of research such as accounting and finance. Most of the papers published in this issue (volume 18, issue 1, special issue) of the Corporate Ownership and Control journal are linked to the board of directors’ issues directly or indirectly.

scholarly journals Pelaporan Keuangan di Internet dan Pengaruhnya terhadap Aktivitas Perdagangan Saham

2019 ◽  
Vol 10 (1) ◽  
pp. 16
Author(s):  
Febri Rahadi ◽  
Fitria Rahmi
Keyword(s):  
Stock Market ◽  
Financial Reporting ◽  
Regression Models ◽  
Trading Volume ◽  
Financial Statements ◽  
The Internet ◽  
Volume Activity ◽  
Keywords Internet ◽  
Multiple Regression Models ◽  
Effectiveness And Efficiency

Abstract Current technological advancements also have an impact on corporate financial reporting. At present, financial reporting is carried out by utilizing technology as a medium with the aim of effectiveness and efficiency. This study aims to examine the internet financial reporting on trading volume activity in the Indonesian Stock Market. This study uses multiple regression models and multivariate analysis on panel data to estimate the determinants of financial statements on the internet. Our findings indicate that mandatory financial reporting has no impact on trading volume activity. Keywords : Internet Financial Reporting, Trading Volume Activity, Stock Market, LQ45 Abstrak Era informasi dan teknologi mengarahkan sebagian besar investor untuk mengidentifikasi perusahaan melalui situs webnya. Penelitian ini bertujuan untuk menguji pengaruh laporan keuangan perusahaan berbasis web pada aktivitas volume perdagangan di Pasar Saham Indonesia dengan referensi khusus untuk perusahaan pada indeks LQ45. Penelitian ini menggunakan model regresi berganda dan analisis multivariat pada data panel untuk memperkirakan determinan laporan keuangan di internet. Temuan kami menunjukkan bahwa pelaporan keuangan wajib tidak berdampak pada aktivitas volume perdagangan. Kata Kunci: Pelaporan Keuangan Internet, Aktivitas Volume Perdagangan, Indeks LQ45

Measuring Corporate Tax Preferences

2002 ◽  
Vol 24 (2) ◽  
pp. 1-17 ◽  
Author(s):  
Amy E. Dunbar ◽  
Richard C. Sansing
Keyword(s):  
Stock Market ◽  
Financial Reporting ◽  
Intangible Assets ◽  
Corporate Investment ◽  
Financial Accounting ◽  
Market Returns ◽  
Corporate Tax ◽  
Stock Market Returns ◽  
Two Measures ◽  
Tax Accounting

This paper examines the measurement of corporate tax preferences. It develops a model of corporate investment in which a certain fraction of the investment is immediately expensed. This model is representative of the treatment of costs associated with internally developed intangible assets, which generally are expensed for both financial reporting and tax purposes. Analysis of the model shows that accounting-based measures of tax preferences are deficient because such measures detect only tax preferences that generate book-tax differences. The paper then proposes a new measure in which pre-tax accounting income is replaced by pre-tax stock market returns, which detects tax-favored investments regardless of their financial accounting treatment. A comparison of the two measures for a sample of firms between 1992 and 1996 indicates that tax preferences are substantially higher than accounting-based measures suggest.

Unethical Financial Reporting: An Empirical Analysis of Causes and Consequences

2014 ◽  
Vol 1 (1) ◽  
Author(s):  
Ajay Kumar Singh ◽  
Sakshi Vasudeva
Keyword(s):  
Corporate Governance ◽  
Factor Analysis ◽  
Discriminant Analysis ◽  
Stock Market ◽  
Financial Reporting ◽  
Court Cases ◽  
Whistle Blowing ◽  
Self Interest ◽  
Stock Market Valuation ◽  
Chartered Accountants

The study attempts to identify the major causes and consequences of unethical financial reporting. We also try to find out if these causes and consequences discriminated between two groups of respondents. The study is based on primary survey with respondents including Chartered Accountants and commerce/ management teachers in Delhi. Using factor analysis and discriminant analysis, we find that ‘delay in final judgement of fraud related court cases’ is the most important cause of unethical financial reporting followed by ‘inadequate punishment for defaulters’. Other important identified causes were protection of self-interest of the auditor and the company, lack of effective corporate governance in the company, and whistle-blowing issues. The identified consequences include law suits against the company as the most important one, followed by increase in the volatility in stock market. The most important factor identified is the decline in the stock market valuation followed by loss of credibility of the company. The results also varied among two groups of respondents for identifying factors of causes and consequences.

scholarly journals Statistical studies of financial reports and stock markets

2017 ◽  
Vol 1 (1) ◽  
pp. 5-9 ◽  
Author(s):  
Shyam Sunder
Keyword(s):  
Stock Market ◽  
Financial Reporting ◽  
Design Methodology ◽  
Empirical Studies ◽  
Financial Reports ◽  
Market Data ◽  
Content Type ◽  
Financial Decisions ◽  
Statistical Studies ◽  
Practical Implications

Purpose The purpose of this paper is to examine the usefulness of statistical studies of financial reports and stock market data for improving corporate financial reports. Design/methodology/approach Analytical writing. Findings It is often claimed that statistical studies of co-variation between financial and stock market data can help set better financial reporting policy. Such co-variation, even when it can be estimated, tells us little about which financial reports help to make better financial decisions. A case in support of such claims remains to be made. Practical implications The readers are advised to be extremely careful in drawing inferences from studies of co-variation between accounting and stock market data for financial reporting policy. Social implications Inference from accounting empirical studies to policy needs better rationale to avoid bad policy consequences. Originality/value This paper raises original questions about policy inferences from a large class of empirical research in accounting.

scholarly journals Financial Analyses and Corporate Evaluation on Sustainable Ability to Generate Excess Profit

2020 ◽  
Vol 12 (11) ◽  
pp. 4647
Author(s):  
Hyunmi Ji
Keyword(s):  
Stock Market ◽  
Financial Reporting ◽  
Stock Prices ◽  
Accounting Information ◽  
Listed Companies ◽  
Economic Benefits ◽  
Intangible Asset ◽  
Verification Period ◽  
Financial Analyses ◽  
Excess Profit

This study empirically examined financial analyses and a market assessment on goodwill. Goodwill is not an individually identifiable asset but is recognized as an intangible asset because it is viewed as having future economic benefits from a business combination. The verification period for this study was from 2011 to 2019. The sample companies were 13,522 firms-years satisfying the selection criteria among listed companies in the Korean stock market. As a result of empirical analysis, it was found that goodwill is related to stock prices. Goodwill was shown to serve as useful accounting information by reflecting the economic realities of intangible assets called creating excess profitability and sustainable profit. For analysis, regression analysis was conducted by separating the companies listed on the KOSPI stock market and those listed on the KOSDAQ stock market. The results of the analysis were as follows. In the case of listed companies in the KOSPI stock market, goodwill was found to have a positive (+) stock price relationship as useful accounting information. These results suggested that goodwill is an asset that represents the ability to generate excess profit as a sustainable profit. The contributions of this study are as follows. First, this study verified that goodwill is related to stock prices even after the adoption of International Financial Reporting Standards (IFRSs). Second, it will be possible to induce rational decision-making regarding goodwill to accounting standards setters, supervisors, and users of financial information. Third, it recognized that the value of the financial market can be recognized only by providing reliable accounting information to the managers who prepare financial statements. This can lead managers to provide capital markets with more useful information.

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