Application of the Maximum Score/Maximum Profit Bi-Objective Estimator to Stocks of the Banking Sector in the Athens Stock Exchange

2011 ◽  
Author(s):  
Kostas Florios
Keyword(s):  
Banking Sector ◽  
Stock Exchange ◽  
Maximum Score ◽  
Maximum Profit ◽  
Athens Stock Exchange

Audit Firms, Deferred Taxation and Financial Reporting

2016 ◽  
Vol 3 (1) ◽  
pp. 1-21 ◽  
Author(s):  
Evangelos Chytis ◽  
John Filos ◽  
Periklis Tagkas ◽  
Maria Rodosthenous
Keyword(s):  
Financial Reporting ◽  
Banking Sector ◽  
Stock Exchange ◽  
Balance Sheets ◽  
Deferred Tax Assets ◽  
Audit Firms ◽  
Athens Stock Exchange ◽  
Deferred Tax Liabilities ◽  
Deferred Tax ◽  
Audit Reports

The purpose of this paper is the sectoral analysis and evaluation of the external audit reports in relation to the amounts of deferred taxes on the balance sheets of listed companies in the Athens Stock Exchange (ASE). External auditors participate significantly in the preparation of financial reporting, reducing agency problems and aiding acceptance of such information by the users as reliable. The “unqualified” audit reports correspond to more than two thirds of the total, while in the banking sector there is no “unqualified” (ie without even issue of ‘emphasis') Audit Report after 2011. More than two thirds of Deferred Tax Assets - including those from Loss Carryforwards - (DTA), Deferred Tax Liabilities (DTL), and Deferred Tax in the Income Statement appear on the Balance Sheets of the companies audited by the Big 5. Audit firms and supervisory authorities do not seem to have made satisfactory evaluation and exploitation of this information.

Optimal Hedge Ratio and Hedging Effectiveness in Stock Futures Market: Evidence from National Stock Exchange, India

2019 ◽  
Vol 118 (3) ◽  
pp. 137-152
Author(s):  
A. Shanthi ◽  
R. Thamilselvan
Keyword(s):  
Banking Sector ◽  
Stock Exchange ◽  
Research Work ◽  
Futures Market ◽  
Least Square ◽  
Time Varying ◽  
Hedge Ratio ◽  
Hedging Effectiveness ◽  
Out Of Sample ◽  
Optimal Hedge

The major objective of the study is to examine the performance of optimal hedge ratio and hedging effectiveness in stock futures market in National Stock Exchange, India by estimating the following econometric models like Ordinary Least Square (OLS), Vector Error Correction Model (VECM) and time varying Multivariate Generalized Autoregressive Conditional Heteroscedasticity (MGARCH) model by evaluating in sample observation and out of sample observations for the period spanning from 1st January 2011 till 31st March 2018 by accommodating sixteen stock futures retrieved through www.nseindia.com by considering banking sector of Indian economy. The findings of the study indicate both the in sample and out of sample hedging performances suggest the various strategies obtained through the time varying optimal hedge ratio, which minimizes the conditional variance performs better than the employed alterative models for most of the underlying stock futures contracts in select banking sectors in India. Moreover, the study also envisage about the model selection criteria is most important for appropriate hedge ratio through risk averse investors. Finally, the research work is also in line with the previous attempts Myers (1991), Baillie and Myers (1991) and Park and Switzer (1995a, 1995b) made in the US markets

scholarly journals Financial Performance of Iranian Banks from 2013 to 2019: A Panel Data Approach

2021 ◽  
Vol 14 (6) ◽  
pp. 257
Author(s):  
Pejman Ebrahimi ◽  
Maria Fekete-Farkas ◽  
Parisa Bouzari ◽  
Róbert Magda
Keyword(s):  
Financial Performance ◽  
Inflation Rate ◽  
Banking Sector ◽  
Stock Exchange ◽  
Screening Method ◽  
Negative Relationship ◽  
Statistical Population ◽  
Explanatory Variables ◽  
Significant Negative Relationship ◽  
Research Population

It is widely believed that the financial system is dependent on the banking industry, and its strength and development are vital for economic prosperity. This paper tried to show the financial performance of Iranian banks listed on the Tehran Stock Exchange (TSE) during 2013–2019, as the research population. The statistical population included 18 banks listed on the TSE from 2013 to 2019, which were sampled using a screening method. The results indicated a significant relationship between explanatory variables of capital ratio and the financial performance of banks in all models. However, a significant negative relationship was found between the inflation rate and the financial performance of banks in all models. Furthermore, it seems that banks with high asset strength are more profitable than the others. Regulators should guarantee that banks remain highly capitalized for a viable banking sector in Iran.

Measuring the quality of the “comply or explain” approach

2015 ◽  
Vol 30 (4/5) ◽  
pp. 373-412 ◽  
Author(s):  
Michail Nerantzidis
Keyword(s):  
Content Analysis ◽  
Web Sites ◽  
Stock Exchange ◽  
The Body ◽  
Content Type ◽  
Athens Stock Exchange ◽  
Recent Financial Crisis ◽  
The One ◽  
Comply Or Explain

Purpose – This paper provides evidence regarding the efficacy of the “comply or explain” approach in Greece and has three objectives: to improve our knowledge of the concept of this accountability mechanism, to elevate auditors’ potential role in the control of corporate governance (CG) statements and to contribute to the discussion about the reform of this principle; a prolonged dialogue that has been started by European Commission in the light of the recent financial crisis. Design/methodology/approach – The approach taken is a content analysis of CG statements and Web sites of a non-probability sample of 144 Greek listed companies on the Athens Stock Exchange for the year 2011. Particularly, 52 variables were evaluated from an audit compliance perspective using a coding scheme. From this procedure, the level of compliance with Hellenic Federation of Enterprises (SEV) code, as well as the content of the explanations provided for non-compliance, were rated. Findings – The results show that although the degree of compliance is low (the average governance rating is 35.27 per cent), the evaluation of explanations of non-compliance is even lower (from the 64.73 per cent of the non-compliance, the 40.95 per cent provides no explanation at all). Research limitations/implications – The research limitations are associated with the content analysis methodology, as well as the reliability of CG statements. Practical implications – This study indicates that companies on the one hand tend to avoid the compliance with these recommendation practices, raising questions regarding the effectiveness of the SEV code; while on the other, they are not in line with the spirit of the CG code, as they do not provide adequate explanations. These results assist practitioners and/or policy-makers in perceiving the efficacy of the “comply or explain” approach. Originality/value – While there is a great body of research that has looked into the compliance with best practices, this study is different because it is the first one that rates not only the degree of the compliance with the code’s practices but also the content of the explanations provided for non-compliance. This is particularly interesting because it adds to the body of research by providing a new approach in measuring the quality of the “comply or explain” principle in-depth.

MBAR Models: A Test of ARIMAX Modelling

2011 ◽  
Vol 14 (02) ◽  
pp. 347-366
Author(s):  
Anastasia Maggina
Keyword(s):  
Loss Function ◽  
Stock Exchange ◽  
Explanatory Power ◽  
Accounting Earnings ◽  
Explanatory Variables ◽  
Minimum Value ◽  
Standard Models ◽  
Athens Stock Exchange ◽  
Squared Residuals ◽  
Earnings Change

The main purpose of this paper is to provide evidence on some of the standard models of accounting earnings and returns relations mainly collected through the literature. Standard models such as earnings level and earnings changes, among others, have been investigated in this study. Models that correspond better to the data drawn from the Athens Stock Exchange have been selected. Models I, II, V, VII and IX have statistically significant coefficients of explanatory variables. In addition, model II with the MSE (minimum value of squared residuals) loss function in ARIMAX (2,0,2) is prevalent. Models that include prior earnings in various forms using levels, changes in price and changes in earnings, change in price to beginning price, lagged parameters and differentiated price models have statistically significant explanatory power.

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