Purchase, Pooling, and Equity Analysts' Valuation Judgments

2000 ◽  
Vol 75 (3) ◽  
pp. 257-281 ◽  
Author(s):  
Patrick E. Hopkins ◽  
Richard W. Houston ◽  
Michael F. Peters
Keyword(s):  
Stock Price ◽  
Joint Effect ◽  
Financial Accounting ◽  
Business Press ◽  
The Past ◽  
Income Statement ◽  
Business Combination ◽  
Separate Line ◽  
Acquisition Premium ◽  
A Company

We provide evidence that analysts' stock-price judgments depend on (1) the method of accounting for a business combination and (2) the number of years that have elapsed since the business combination. Consistent with business-press reports of managers' concerns, analysts' stock-price judgments are lowest when a company applies the purchase method of accounting and ratably amortizes the acquisition premium. The number of years since the business combination affects analysts' price estimates only when the company applies the purchase method and ratably amortizes goodwill—analysts' price estimates are lower when the business-combination transaction is further in the past. However, this joint effect of accounting method and timing is mitigated by the Financial Accounting Standards Board's proposed income-statement format requiring companies to report separate line items for after-tax income before goodwill charges and net-of-tax goodwill charges. When a company uses the purchase method of accounting and writes off the acquisition premium as in-process research and development, analysts' stockprice judgments are not statistically different from their judgments when a company applies pooling-of-interest accounting.

scholarly journals PENGARUH INFORMASI AKUNTANSI KEUANGAN PERUSAHAAN TERHADAP HARGA SAHAM PADA PERUSAHAAN- PERUSAHAAN INDUSTRI PERDAGANGAN, JASA DAN INVESTASI YANG TERDAFTAR DI BURSA EFEK INDONESIA UNTUK TAHUN 2008 HINGGA 2016

2018 ◽  
Vol 1 (1) ◽  
pp. 26-35
Author(s):  
Dini Onasis
Keyword(s):  
Stock Prices ◽  
Stock Price ◽  
Financial Statements ◽  
Financial Accounting ◽  
Share Price ◽  
Time Data ◽  
The Public ◽  
Net Profit ◽  
Long Time ◽  
A Company

The purpose of establishing a company is to gain the maximum profit. The next goal is to prosper shareholder value. One of the tools that a company uses to achieve its objectives is financial accounting called Financial statements. The financial statements also indicate what management has done (stewardship), or Management's accountability of the resources entrusted to it. Users of financial statements want to assess what has been done by management or accountability what management does to the resources entrusted to it. Accounting information from the financial statements can describe the condition of the company. In this study examine the market reaction of information received by the public (Investor) on stock prices. If the information presented reports success in performance then the market will respond positively and if the performance fails then the market will respond negatively with the company's stock price decline presented. Researchers examine the influence of information revealed by the company on its Financial Statement to their share price, where the information used as a variable is Stock Price, Net Profit (Net Profit), Liabilities, Capital, Sales, EBT and Size Asset). The data used is a period of 9 years, long time data is to be able to find better results of research than a period of only a few years. The findings of this study, Variable Liabilities have a significant effect on stock prices, Variable Capital has no significant effect on stock prices, Variable Sale significant effect on stock prices, EBT variables have a significant effect on stock prices, Profit variables have no significant effect on stock prices.   Keyword  :  Liabilities, Sale, Capital, EBT, Profit, Stock Price

scholarly journals ANALISIS KOREKSI FISKAL UNTUK MENGHITUNG PPH BADAN PADA PT. EMPAT TUJUH ABADI JAYA

2018 ◽  
Vol 13 (02) ◽  
Author(s):  
Mesias Ridel Tulandi ◽  
Harijanto Sabijono ◽  
Sonny Pangerapan
Keyword(s):  
Accounting Standards ◽  
Financial Statements ◽  
Assessment System ◽  
Financial Accounting ◽  
Corporate Tax ◽  
Self Assessment ◽  
Tax Rate ◽  
Income Statement ◽  
Tax Reporting ◽  
A Company

PT. Empat Tujuh Abadi Jaya is a company that is a taxpayer in the form of a body that has responsibility to calculate, deposit and report the tax payable that must be paid to the state based on self-assessment system that gives full trust to the taxpayer in reporting corporate tax. But there is a problem that will be faced in the payment of taxes. This is due to the fact that the financial statements in particular the income statements are different from the commercial profit referring to the Financial Accounting Standards while the fiscal profit refers to the applicable Taxation Law. This difference is simply in the presence of income and expenses recognized as income or expenses by the company but is not recognized by the tax and in the filling as the company does not pay attention to the fiscal correction in tax reporting. For that company must pay attention to fiscal correction / fiscal reconciliation so that the amount of corporate tax payable can be equal to tax. The purpose of this study is to determine the fiscal profit derived from the results of fiscal correction in commercial financial statements to determine the tax payable body. In this study, earnings obtained after the fiscal correction in the financial statements of Rp201,112,732.00 and profit before the fiscal correction of Rp181.510.720,00 for the calculation of corporate taxes using tarif 17 paragraph 2a with tarif 25% Act No. 36 of 2008 Tax The income of the company must pay the tax before it is made Rp45.377.680,00 for the corporate tax rate less attention to the Article 31 E fare with 50% discount from the normal tarif of 25% gross turnover Rp4.8.000.000.000,00 or below and up to Rp50. 000.000.000,00 billion got a discount. Gross circulation of PT. Empat Tujuh Abadi Jaya shall not exceed 4.8M amounting to Rp4,669,400,000.00, so the Company is permitted to use the rate of article 31 E.Keywords: Tax due, Income Statement, Fiscal Correction.

scholarly journals ANALISIS KOREKSI FISKAL DALAM RANGKA PERHITUNGAN PPH BADAN PT. KAWANUA DASA PRATAMA

2014 ◽  
Vol 8 (3) ◽  
Author(s):  
Felix Daniel Wongso ◽  
Jantje Tinangon ◽  
Stanley Walandouw
Keyword(s):  
Income Tax ◽  
Accounting Standards ◽  
Financial Statements ◽  
The State ◽  
Financial Accounting ◽  
Corporate Income Tax ◽  
Financial Reports ◽  
Taxable Income ◽  
Income Statement ◽  
A Company

PT.Kawanua Dasa Pratama is a company which is a resident and as an entity that has the responsibility to calculate, report, and deposit the tax payable to be paid to the State. However, there are problems that will occurred in the payment of taxes. This is due to the particular financial reports, especially income statement have commercial income statement and fiscal income statement. Both of them are distinctly different, from some point of views about Profit Commercial that refers to the Financial Accounting Standards, while referring to the Act Taxable Income - Tax Act applicable. These differences are simply found in the presence of income and expenses are recognized as income or expense by the company but are not recognized by the Tax. These differences require an adjustment or reconciliation so that the amount of corporate income tax payable are calculated by the company and the tax could be alike. The purpose of this study is to determine the fiscal income statement derived from the financial statements of fiscal correction in the commercial. In this study, obtained after correction of the fiscal profit of Rp 2.241.020.568 and had to pay tax of Rp 560.255.142.

Managing Pro Forma Stock Option Expense under SFAS No. 123

2003 ◽  
Vol 17 (1) ◽  
pp. 31-45 ◽  
Author(s):  
Steven Balsam ◽  
Haim A. Mozes ◽  
Harry A. Newman
Keyword(s):  
Small Firms ◽  
Stock Option ◽  
Financial Accounting ◽  
Financial Statement ◽  
First Year ◽  
Parameter Estimates ◽  
Option Value ◽  
Income Statement ◽  
Options Value ◽  
Pro Forma

We investigate whether footnote disclosures under Statement of Financial Accounting Standards (SFAS) No. 123 are managed in 1996, the first year that the disclosure was required. The 1996 phase-in of SFAS No. 123 provided firms with a unique opportunity to manipulate the pro forma disclosure in the initial years. SFAS No. 123 allows firms discretion in estimating the value of their stock option grants and in allocating that value across accounting periods. Although we find little evidence that firms manage the estimated value of their option grants, we find that firm-specific incentives affect how that value is allocated. Specifically, firms that provide high levels of either CEO compensation or stock option compensation relative to performance allocate a smaller proportion of the options' value to the 1996 pro forma expense, apparently to reduce criticism of that compensation. Small firms and firms that recently went public also allocate a smaller proportion of option value to the 1996 pro forma expense, apparently to increase perceptions of their profitability. We conjecture that firms were less likely to manage the value of the options granted than the allocation of that value in 1996 because the parameter estimates underlying the reported option value must be disclosed in the footnote, whereas the inputs to the allocation computation are not disclosed. These results, which suggest that firms manipulated pro forma stock option expense when their estimate choices cannot be observed, have implications for both standard setters and financial statement users. In particular, the FASB's current deliberations on the transition from footnote disclosure to income statement recognition for stock options should consider additional disclosures to minimize unobservable choices. More generally, the FASB may reduce potential manipulation by requiring expanded disclosures about the choices used in computing both pro forma and reported numbers.

Effectiveness of clauses restricting equity transfer in articles of association of limited liability companies using fuzzy AHP: A data analysis of related cases in China from 2010 to 20191

2021 ◽  
pp. 1-12
Author(s):  
Peng Chen ◽  
Yingzhi Nie
Keyword(s):  
Fuzzy Ahp ◽  
Limited Liability ◽  
Limited Liability Company ◽  
Analytic Hierarchy ◽  
Legal Norms ◽  
The Past ◽  
Analytic Hierarchical Process ◽  
Closed Characteristics ◽  
A Company ◽  
External Equity

Based on the company cases published in China over the past ten years, both theoretical methods and Artificial intelligence technologies were applied to analysis cases data on the effectiveness of clauses restricting equity transfer in articles of association of limited liability companies (LLCs). With its unique characters based on shareholders and strong vitality, limited liability company (LLC), as the “evergreen tree” among the market players, is a company form adopted by many investors. Nevertheless, due to its prominent closed characteristics, equity transfer has become a bottleneck for the development of LLCs. According to this paper, it is necessary to distinguish between the effectiveness of clauses restricting internal and external equity transfer in articles of association of LLCs. Fuzzy Analytic Hierarchical Process (AHP) is utilized for which involves process of analytic hierarchy modelled with utilizing theory of fuzzy logic. Moreover, instead of being confined to the existing legal norms, the judgment standard of clauses restricting equity transfer in articles of association of LLCs should be comprehensively measured by the golden rules, i.e. “fairness”, “autonomy” and “operability”.

Augmenting Tools for Reverse Engineering Methods

2006 ◽  
Author(s):  
Mark Snider ◽  
Sudhakar Teegavarapu ◽  
D. Scott Hesser ◽  
Joshua D. Summers
Keyword(s):  
Reverse Engineering ◽  
Black Box ◽  
House Of Quality ◽  
Engineering Process ◽  
Design Efficiency ◽  
Design For Manufacture ◽  
The Past ◽  
Cad Models ◽  
Product And Process ◽  
A Company

Reverse engineering has gained importance over the past few years due to an intense competitive market aiding in the survivability of a company. This paper examines the reverse engineering process and what, how, and why it can assist in making a better design. Two well known reverse engineering methodologies are explored, the first by Otto and Wood and the second by Ingle. Each methodology is compared and contrasted according to the protocols and tools used. Among some of the reverse engineering tools detailed and illustrated are: Black box, Fishbone, Function Structure, Bill of Material, Exploded CAD models, Morphological Matrix, Subtract and Operate Procedure (SOP), House of Quality matrix, and FMEA. Even though both methodologies have highly valued tools, some of the areas in reverse engineering need additional robust tooling. This paper presents new and expanded tooling to augment the existing methods in hopes of furthering the understanding of the product, and process. Tools like Reverse Failure Mode and Effects Analysis (RFMEA), Connectivity graphs, and inter-relation matrix increase the design efficiency, quality, and the understanding of the reverse engineering process. These tools have been employed in two industry projects and one demonstrative purpose for a Design for Manufacture Class. In both of these scenarios, industry and academic, the users found that the augmented tools were useful in capturing and revealing information not previously realized.

Prediksi Harga Saham Perusahaan Perbankan Menggunakan Regresi Linear Studi Kasus Bank BCA Tahun 2015-2017

2019 ◽  
Vol 11 (1) ◽  
pp. 11-15
Author(s):  
Merfin Merfin ◽  
Raymond Sunardi Oetama
Keyword(s):  
Stock Price ◽  
Historical Data ◽  
Listed Company ◽  
Market Price ◽  
Local Economy ◽  
Average Error ◽  
Stock Investment ◽  
The People ◽  
Mining Tool ◽  
A Company

Stock investment is important for financial development in a company. Moreover, the stock price displayed by the company can be known by the people and the local economy because the company has gone public on the Indonesia Economic Exchange (IDX) at www.idx.co.id. There are several fundamental factors that influence the stock market price in a listed company and as a result the number of stock investors in Indonesia is very small. This cause made it difficult for the community to predict the stock price of banking companies at inconsistent prices. The method to be used in this paper is Linear Regression using Excel tools to perform calculations and SPSS 16.0 as a data mining tool. The research data taken is historical data of banking companies for 3 periods as a whole in the form of excel that has been downloaded from the Yahoo Finance website. The final results are in the form of MAPE charts in 3 years period, and Average error chart in 3 years period.

Advantages in Environmental Compliance For Maritime Corrosion Control

2015 ◽  
Author(s):  
Eric Lethe
Keyword(s):  
Material Selection ◽  
Shop Floor ◽  
Chief Financial Officer ◽  
Successful Implementation ◽  
The Past ◽  
New Methods ◽  
Traditional Procedure ◽  
Environmentally Sound ◽  
A Company ◽  
Selection Of

The need for environmentally compliant processes and materials in the Painting Industry grows more pressing every day. As the need for these processes grows, so grows the confusion regarding the selection and implementation of these new methods and materials. In the past, price and traditional procedure were the only criteria by which a material was procured. Speed and compliance with Original Equipment Manufacturer specification governed how things were done on the shop floor. With the advent of the environmental regulations, processes are being examined all across the globe. In many of the larger companies, the chief environmental officer has as important a role as the comptroller or Chief Financial Officer. Environmental managers are often not chemists or line painters, and typically, the environmental manager is skilled only in the policies of waste disposal, spill clean up, or remediation. The methods whereby a company can minimize the generation of hazardous waste remain less familiar. Often the examination of possible alternate techniques and materials are left for the last minute, or are conducted by personnel who are unfamiliar with how to make changes work. This is usually a recipe for failure in the implementing of anything new. This paper will suggest methods for selection of alternative products and processes in a clear and organized manner. Salient discussion points will be: 1. Process Examination 2. Material Selection 3. Steps For Successful Implementation 4. Possible Impediments 5. How to Avoid Risky Alternatives It will focus on procedures that will assist in the decision making process, and hopefully be of use in the choosing of environmentally sound equipment, chemicals, and methodologies.

scholarly journals Harga Saham Sebelum dan Sesudah Stock Split

2020 ◽  
Vol 3 (2) ◽  
pp. 390-395
Author(s):  
Junita Putri Rajana Harahap ◽  
Murni Dahlena Nasution
Keyword(s):  
Event Study ◽  
Capital Market ◽  
Stock Prices ◽  
Stock Price ◽  
Research Method ◽  
Price Difference ◽  
Significant Difference ◽  
Stock Split ◽  
Before And After ◽  
A Company

The stock split causes the stock price to be cheaper so that it will attract potential investors to buy the stock. This research was conducted to determine when it is time for a company to do a stock split, information available on the capital market can be used by investors for consideration before investors make a decision to invest in shares. The study aims to determine the changes that occur in stock prices before and after the stock split policy by the company. The research method used in this research is event study research with a quantitative approach. This study examines how significant the stock price difference is after a stock split policy. The sample used in this study were all companies that carried out the 2016-2018 stock split policy. The results of research on companies that become samples have shown that the average stock price before the announcement of the stock split policy has no significant difference with the average stock price after the announcement of the stock split policy Keywords : Stock Price, Stock Split

scholarly journals INVESTMENT DECISION, MARKET CAPITALIZATION, AND COMPANY VALUE

2020 ◽  
Vol 8 (12) ◽  
pp. 696-704
Author(s):  
Hais Dama ◽  
◽  
Meriyana Franssisca Dungga ◽  
Firdza Salma Hasiru ◽  
◽  
...  
Keyword(s):  
Stock Price ◽  
Regression Coefficient ◽  
Stock Exchange ◽  
Investment Decision ◽  
Well Being ◽  
Market Capitalization ◽  
Company Value ◽  
Quantitative Descriptive ◽  
A Company ◽  
Descriptive Method

A company that canincrease its value will also be able to improve the well-being of the owner or the shareholders. To a company that issues stocks in the capital market, the stock price in the stock exchange is the indicator of a companys value. Good company value is identified from the companys performance it is also identified from the stable or increasing stock price.This present study analyzed the influence of investment decision and market capitalization on company value. It involved companies listed in the Jakarta Islamic Index (JII), and aimed to formulate a matter of consideration for investors. A quantitative descriptive method was employed to investigate the correlation and influence between variables. The result showed that: (1) investment decisionpartially influenced company value with regression coefficient value of 1.721 and significance value of 0.000 (2) market capitalization partially influenced company value with regression coefficient value of -0.163 and significance value of 0.041 (3) investment decision and market capitalization simultaneously influenced company value of companies listed in the JII with f-count value of 330.698 and significance value of 0.000. Moreover, the adjusted R2 test acquired value of 0.924. The number indicated that company value was influenced by investment decisionand market capitalization by 92.4 percent, while the rest 7.6 percent was due to other variables.

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