Do the FASB's Standards Add Shareholder Value?

2017 ◽  
Vol 93 (2) ◽  
pp. 209-247 ◽  
Author(s):  
Urooj Khan ◽  
Bin Li ◽  
Shivaram Rajgopal ◽  
Mohan Venkatachalam
Keyword(s):  
Information Asymmetry ◽  
Cross Section ◽  
Shareholder Value ◽  
Estimation Risk ◽  
Market Reactions ◽  
Proprietary Costs ◽  
Contracting Costs ◽  
The Cross ◽  
Stock Market Reactions ◽  
The Cost

ABSTRACT We examine the cost-effectiveness, from the shareholders' perspective, of the accounting standards issued by the FASB during 1973–2009. We evaluate (1) the stock market reactions of firms affected by the standards surrounding events that changed the standard's probability of issuance; and (2) whether the market reactions are related, in the cross-section, to agency problems, information asymmetry, proprietary costs, contracting costs, and changes in estimation risk. The average standard is a non-event from the investors' perspective because 104 of the 138 standards examined are associated with no change in shareholder value. Nineteen (15) standards are associated with a decrease (increase) in shareholder value. Surprisingly, 25 standards are associated with an increase in estimation risk. In the cross-section, firms with higher levels of information asymmetry, lower contracting costs, and a decrease in estimation risk experience most positive returns.

scholarly journals Tensile Strength of GFRP Reinforcing Bars with Hollow Section

2015 ◽  
Vol 2015 ◽  
pp. 1-8 ◽  
Author(s):  
Young-Jun You ◽  
Ki-Tae Park ◽  
Dong-Woo Seo ◽  
Ji-Hyun Hwang
Keyword(s):  
Tensile Strength ◽  
Cross Section ◽  
High Price ◽  
Hollow Section ◽  
Steel Rebar ◽  
Reinforced Polymer ◽  
Material Cost ◽  
Tensile Performance ◽  
The Cross ◽  
The Cost

Fiber reinforced polymer (FRP) has been proposed to replace steel as a reinforcing bar (rebar) due to its high tensile strength and noncorrosive material properties. One obstacle in using FRP rebars is high price. Generally FRP is more expensive than conventional steel rebar. There are mainly two ways to reduce the cost. For example, one is making the price of each composition cost of FRP rebar (e.g., fibers, resin, etc.) lower than steel rebar. Another is making an optimized design for cross section and reducing the material cost. The former approach is not easy because the steel price is very low in comparison with component materials of FRP. For the latter approach, the cost could be cut down by reducing the material cost. Therefore, an idea of making hollow section over the cross section of FRP rebar was proposed in this study by optimizing the cross section design with acceptable tensile performance in comparison with steel rebar. In this study, glass reinforced polymer (GFRP) rebars with hollow section and 19 mm of outer diameter were manufactured and tested to evaluate the tensile performance in accordance with the hollowness ratio. From the test results, it was observed that the tensile strength decreased almost linearly with increase of hollowness ratio and the elastic modulus decreased nonlinearly.

Market Reaction to the Adoption of IFRS in Europe

2010 ◽  
Vol 85 (1) ◽  
pp. 31-61 ◽  
Author(s):  
Christopher S. Armstrong ◽  
Mary E. Barth ◽  
Alan D. Jagolinzer ◽  
Edward J. Riedl
Keyword(s):  
Information Asymmetry ◽  
Positive Reaction ◽  
Financial Reporting ◽  
Information Quality ◽  
Reporting Standards ◽  
High Quality ◽  
Market Reactions ◽  
Financial Reporting Standards ◽  
Ifrs Adoption ◽  
Stock Market Reactions

ABSTRACT: This study examines European stock market reactions to 16 events associated with the adoption of International Financial Reporting Standards (IFRS) in Europe. European IFRS adoption represented a major milestone toward financial reporting convergence yet spurred controversy reaching the highest levels of government. We find an incrementally positive reaction for firms with lower quality pre-adoption information, which is more pronounced for banks, and with higher pre-adoption information asymmetry, consistent with investors expecting net information quality benefits from IFRS adoption. We find an incrementally negative reaction for firms domiciled in code law countries, consistent with investors' concerns over enforcement of IFRS in those countries. Finally, we find a positive reaction to IFRS adoption events for firms with high-quality pre-adoption information, consistent with investors expecting net convergence benefits from IFRS adoption.

scholarly journals ANALISIS TINGKAT EFISIENSI BIAYA BANK UMUM SYARIAH DENGAN METODE STOCHASTIC FRONTIER ANALYSIS PERIODE 2015-2018

2020 ◽  
Vol 7 (1) ◽  
pp. 199
Author(s):  
Devy Ariesta Putri ◽  
Sylva Alif Rusmita
Keyword(s):  
Commercial Bank ◽  
Cross Section ◽  
Cost Efficiency ◽  
Commercial Banks ◽  
Stochastic Frontier Analysis ◽  
Stochastic Frontier ◽  
Islamic Banking ◽  
Frontier Analysis ◽  
The Cross ◽  
The Cost

This study aims to determine the cost efficiency level of Sharia Commercial Banks registered in the OJK for the 2015-2018 period. This study uses a quantitative approach. This study uses a parametric approach to measure the cost efficiency of Islamic banking with the stochastic frontier analysis (SFA) method. The value of cost efficiency using the SFA method is in the form of a value of 100%, the closer it is to the value of 100%, the more efficient the bank works. The analysis technique used is the cross-section model and panel model. This study uses 7 Sharia Commercial Bank samples. Data obtained from each of the Sharia Commercial Bank Financial Report websites. The results of the Cross-Section Stochastic Frontier Analysis analysis on cost efficiency show the average value of the efficiency of Islamic banking in Indonesia approaching 95.92%. The results of the cost-efficiency analysis show that Islamic banking in the 2015-2018 period tended to be less efficient in controlling costs.Keywords: Cost efficiency, Islamic commercial banks, Stochastic Frontier Analysis (SFA).

scholarly journals Collective Action and the Group Size Paradox

2001 ◽  
Vol 95 (3) ◽  
pp. 663-672 ◽  
Author(s):  
Joan Esteban ◽  
Debraj Ray
Keyword(s):  
Collective Action ◽  
Cross Section ◽  
Group Size ◽  
Quadratic Function ◽  
Public And Private ◽  
Distinctive Features ◽  
Intergroup Interaction ◽  
The Cross ◽  
The Cost

According to the Olson paradox, larger groups may be less successful than smaller groups in furthering their interests. We address the issue in a model with three distinctive features: explicit intergroup interaction, collective prizes with a varying mix of public and private characteristics, and nonlinear lobbying costs. The interplay of these features leads to new results. When the cost of lobbying has the elasticity of a quadratic function, or higher, larger groups are more effective no matter how private the prize. With smaller elasticities, a threshold degree of publicness is enough to overturn the Olson argument, and this threshold tends to zero as the elasticity approaches the value for a quadratic function. We also demonstrate that these results are true, irrespective of whether we examine group sizes over the cross-section in some given equilibrium or changes in the size of a given group over different equilibria.

A New Approach to the Demonstration of Oxidase-Localization Using Tannic Acid Or Catechin

1973 ◽  
Vol 31 ◽  
pp. 698-699
Author(s):  
V. Mizuhira ◽  
Y. Futaesaku
Keyword(s):  
Cross Section ◽  
Tannic Acid ◽  
Elastic Fiber ◽  
The Other ◽  
New Approach ◽  
Tissue Block ◽  
Active Reaction ◽  
The Cross

Previously we reported that tannic acid is a very effective fixative for proteins including polypeptides. Especially, in the cross section of microtubules, thirteen submits in A-tubule and eleven in B-tubule could be observed very clearly. An elastic fiber could be demonstrated very clearly, as an electron opaque, homogeneous fiber. However, tannic acid did not penetrate into the deep portion of the tissue-block. So we tried Catechin. This shows almost the same chemical natures as that of proteins, as tannic acid. Moreover, we thought that catechin should have two active-reaction sites, one is phenol,and the other is catechole. Catechole site should react with osmium, to make Os- black. Phenol-site should react with peroxidase existing perhydroxide.

Energy Distribution in Electron Beams

1972 ◽  
Vol 30 ◽  
pp. 568-569
Author(s):  
Tamotsu Ohno
Keyword(s):  
Electron Beam ◽  
Energy Distribution ◽  
Cross Section ◽  
Integral Curve ◽  
Electron Beams ◽  
Electron Gun ◽  
Angular Divergence ◽  
Apparent Increase ◽  
Integral Width ◽  
The Cross

The energy distribution in an electron; beam from an electron gun provided with a biased Wehnelt cylinder was measured by a retarding potential analyser. All the measurements were carried out with a beam of small angular divergence (<3xl0-4 rad) to eliminate the apparent increase of energy width as pointed out by Ichinokawa.The cross section of the beam from a gun with a tungsten hairpin cathode varies as shown in Fig.1a with the bias voltage Vg. The central part of the beam was analysed. An example of the integral curve as well as the energy spectrum is shown in Fig.2. The integral width of the spectrum ΔEi varies with Vg as shown in Fig.1b The width ΔEi is smaller than the Maxwellian width near the cut-off. As |Vg| is decreased, ΔEi increases beyond the Maxwellian width, reaches a maximum and then decreases. Note that the cross section of the beam enlarges with decreasing |Vg|.

Research in the cross-section of community psychology and global climate change: A call for action

2009 ◽  
Author(s):  
Marci Culley ◽  
Holly Angelique ◽  
Courte Voorhees ◽  
Brian John Bishop ◽  
Peta Louise Dzidic ◽  
...  
Keyword(s):  
Climate Change ◽  
Cross Section ◽  
Global Climate Change ◽  
Community Psychology ◽  
Global Climate ◽  
The Cross

Experimental Studies Of Multilayer Glass Structures On Compression, Compression With Bending And Simple Bending

2019 ◽  
pp. 22-30
Keyword(s):  
Cross Section ◽  
Cross Sections ◽  
Applied Load ◽  
Experimental Studies ◽  
Strength Properties ◽  
Research Topic ◽  
Normative Values ◽  
Laminated Glass ◽  
The Cross ◽  
Experimental Values

The work of multilayer glass structures for central and eccentric compression and bending are considered. The substantiation of the chosen research topic is made. The description and features of laminated glass for the structures investigated, their characteristics are presented. The analysis of the results obtained when testing for compression, compression with bending, simple bending of models of columns, beams, samples of laminated glass was made. Overview of the types and nature of destruction of the models are presented, diagrams of material operation are constructed, average values of the resistance of the cross-sections of samples are obtained, the table of destructive loads is generated. The need for development of a set of rules and guidelines for the design of glass structures, including laminated glass, for bearing elements, as well as standards for testing, rules for assessing the strength, stiffness, crack resistance and methods for determining the strength of control samples is emphasized. It is established that the strength properties of glass depend on the type of applied load and vary widely, and significantly lower than the corresponding normative values of the strength of heat-strengthened glass. The effect of the connecting polymeric material and manufacturing technology of laminated glass on the strength of the structure is also shown. The experimental values of the elastic modulus are different in different directions of the cross section and in the direction perpendicular to the glass layers are two times less than along the glass layers.

Sign in / Sign up

Export Citation Format

Share Document