scholarly journals Corporate disclosure in a voluntary reporting environment: NYSE-listed firms in 1900

2020 ◽  
Vol 9 (1) ◽  
Author(s):  
Michelle Namkoong ◽  
Eric Hilt
Keyword(s):  
New York ◽  
Financial Reporting ◽  
Stock Exchange ◽  
The United States ◽  
Service Firms ◽  
Firm Characteristics ◽  
Balance Sheets ◽  
Preferred Stock ◽  
Listed Firms ◽  
Reporting Environment

This paper examines the financial reporting done by firms listed on the New York Stock Exchange in 1900 and the firm characteristics that determined what and how much firms would disclose. At this time, there were no federal disclosure mandates or stringent requirements imposed by the Exchange. Therefore, the reporting done by firms was largely voluntary and resulted in significant variation across companies and industries. I look at all 191 firms that listed stocks on the NYSE in this year and use data from Moody’s Manual of Industrial and Miscellaneous Securities and Poor’s Manual of the Railroads of the United States to determine the amount of financial disclosure. I find that more capital-intensive firms were more likely to report income statements and balance sheets and provided more volume of information. In addition, food, mining, and miscellaneous service firms disclosed the least. In addition, all else equal, the age of a company and offering preferred stock did not significantly increase its likelihood of reporting financial statements. Overall, the results indicate that even absent regulation, firms would voluntarily provide information but at varying degrees based on how much the company relies on outside investors and whether its industry is competitive. They also suggest that managers considered potential or explicit investor demand for financial information and responded to this demand.

scholarly journals The impact of firm characteristics on timeliness of financial information: Evidence from listed firms in Vietnam

2016 ◽  
Vol 19 (4) ◽  
pp. 143-157
Author(s):  
Vy Thi Xuan Nguyen ◽  
Khuong Vinh Nguyen
Keyword(s):  
Financial Reporting ◽  
Stock Exchange ◽  
Structural Characteristics ◽  
Financial Statements ◽  
Financial Information ◽  
Firm Characteristics ◽  
Audit Opinion ◽  
Listed Firms ◽  
Financial Characteristics ◽  
The Impact

The accuracy and timeliness of information in financial statements help investors make prompt and effective decisions. This study is conducted to provide an empirical evidence for a relationship between the timeliness of financial reporting and characteristics of 100 companies listed on the Vietnam Stock Exchange in the period 2012 - 2014. The findings show that the number of subsidiaries and the complexity of activities (representing the structural characteristics), change in annual profitability (representing financial characteristics) and audit opinion affect the timeliness of financial reporting.

Alibaba Group Initial Public Offering: A Case Study of Financial Reporting Issues

2016 ◽  
Vol 31 (4) ◽  
pp. 449-460 ◽  
Author(s):  
Qing L. Burke ◽  
Tim V. Eaton
Keyword(s):  
New York ◽  
Initial Public Offering ◽  
Financial Reporting ◽  
Stock Exchange ◽  
Financial Accounting ◽  
Learning Needs ◽  
York Stock Exchange ◽  
Accounting Courses ◽  
Chinese Company ◽  
Public Offering

ABSTRACT In September 2014, the Chinese e-commerce giant Alibaba Group Holding Limited issued shares on the New York Stock Exchange, making it the world's largest initial public offering. This case examines different aspects of the Alibaba Group's initial public offering, including Alibaba Group's business model, financial reporting and corporate governance, as well as the macroeconomic, political, and legal environment in which the company operates. In addition, this case will familiarize students with the risks and opportunities for Chinese companies and investors when a Chinese company lists in the U.S. This case is suitable for financial accounting and international accounting courses at the intermediate and advanced levels for undergraduates as well as graduate students. The case is scalable, and instructors can choose from multiple sections of the case and different case questions to tailor the case difficulty to their students' learning needs.

The Fall

Money ◽  
2017 ◽  
Author(s):  
John Kenneth Galbraith ◽  
James K. Galbraith
Keyword(s):  
United States ◽  
New York ◽  
World War I ◽  
Gold Standard ◽  
Stock Exchange ◽  
The United States ◽  
World War ◽  
Industrial Countries ◽  
Monetary System ◽  
York Stock Exchange

This chapter examines the end of the international gold standard during World War I. The creation of the Federal Reserve System—with its idea of centralized banking carried out by twelve central banks—ended the United States's long struggle to perfect a sensible, conservative monetary system. Everywhere in the industrial countries money of whatever kind was now exchangeable, without pretense or delay, into gold. The chapter considers how the major industrial participants—Germany, France, Britain, Austria—suspended specie payments and went off the gold standard when World War I broke out; the dumping of securities on the New York market in the first nervous days of the war; the shutdown of the New York Stock Exchange; and how the United States eventually abandoned the gold standard. The increase in whole prices in the United States during all the war years is also discussed.

An Assessment of Compliance with Disclosure Requirements of IAS 41 (Agriculture) By Listed Agricultural Firms in Nigeria

2019 ◽  
pp. 9-18
Keyword(s):  
Financial Reporting ◽  
Stock Exchange ◽  
Financial Statements ◽  
International Accounting Standards ◽  
Listed Firms ◽  
External Auditors ◽  
Disclosure Requirements ◽  
Statutory Requirement ◽  
The One ◽  
Reporting Entity

This study examined the extent of compliance with disclosure requirements of IAS 41 by agricultural companies listed on the Nigerian Stock Exchange (NSE) for the period of 5 years (2013-2017). The data for the study were obtained from the published financial statements of the sampled firms for the period under review from which a compliance index were constructed, The tools for analysis used were the qualitative grading using a compliance index and the one way ANOVA purposely to test the hypotheses proposed. The study observed that three out of the four Companies achieved more than 70% with overall mean scores of 76.02%. This shows that majority of the agricultural firms in Nigeria strongly complied with the disclosure requirements of IAS 41. Based on the findings the study recommends among others that firms should strive at all times to comply with all regulatory and statutory requirement in the preparation and presentation of financial statements, giving the fact that it is a set of documents that prescribe the performance of the reporting entity. The Financial Reporting Council of Nigeria should publish annually the compliance status of all listed firms in Nigeria; so that the compliance status of every firm will become known to all interested users of financial statements; and also the Council should urge external auditors of firms to ensure that their clients are complying with the requirements of IASs issued by the International Accounting Standards Board (IASB).

Financial Statement Analysis Under IFRS

2018 ◽  
pp. 696-712
Author(s):  
Yasemin Zengin Karaibrahimoglu ◽  
Gökçe Tunç
Keyword(s):  
New York ◽  
Financial Reporting ◽  
Stock Exchange ◽  
Financial Statements ◽  
Financial Statement ◽  
Financial Statement Analysis ◽  
Financial Reports ◽  
York Stock Exchange ◽  
Key Points ◽  
Recent Developments

This chapter provides a clear conceptual discussion on the recent developments in the Financial Statement Analysis (FSA). It presents how IFRSs changed the outlook of the financial reporting and the analysis and explains the key points that should be considered in FSA. Using a case study on the financial reports of Turkcell, a communication and technology company listed both on the New York Stock Exchange (NYSE) and the Borsa Istanbul (BIST), the differences between IFRSs and U.S. GAAP accounting standards in the measurement of overall financial performance and position are documented. Overall findings show that IFRSs change the appearance of financial statements significantly. While IFRS reporting extenuates “the bottom line” it accentuates total assets with higher shareholder equity compared to U.S. GAAP. This chapter might be a practical guide for users, preparers, and regulators to understand the cosmetic impact of IFRSs on financial statements.

scholarly journals The Relationship between Non-financial Reporting, Environmental Strategies and Financial Performance. Empirical Evidence from Milano Stock Exchange

2018 ◽  
Vol 8 (4) ◽  
pp. 76 ◽  
Author(s):  
Simone Pizzi
Keyword(s):  
Financial Markets ◽  
Financial Reporting ◽  
Stock Exchange ◽  
Rapid Development ◽  
Financial Economic ◽  
Socially Responsible ◽  
Responsible Investment ◽  
Listed Firms ◽  
Information Tools ◽  
The Relationship

The CSR theme has taken on an increasingly central role within financial markets. In fact, the last decade has been characterized by a rapid development of “socially responsible” investment, conventionally known as SRI. In this sense, an increasing number of listed firms have reported their non-financial information to the purpose to favor the interaction with their stakeholders. The relevance of these information tools stems from the need to protect investors against companies operating through greenwashing mechanisms. The aim of this research is to assess the effect of CSR on financial economic performance. As already happened within similar studies concerning economic entities different from Italy, the study assesses how the ability to generate income, and, thus, to distribute value towards the shareholder, are influenced by the orientation of companies in the field of sustainability accounting and the aptitude to check the environmental risk associated with the exercise of business activity.

Mitigating Negative Spillovers from Categorization of Foreign-Listed Firms: The Role of Host-Country Independent Directors

2019 ◽  
Vol 15 (4) ◽  
pp. 773-807
Author(s):  
Eugene Kang ◽  
Asda Chintakananda
Keyword(s):  
Financial Reporting ◽  
Host Country ◽  
Home Country ◽  
Stock Exchange ◽  
Spillover Effects ◽  
Independent Directors ◽  
Fiduciary Duties ◽  
Listed Firms ◽  
Or Task

ABSTRACTThis study examines how cognitive categorization by host-country investors give rise to negative spillovers among host-country foreign-listed firms from the same home country when one of these foreign-listed firms discloses a financial reporting irregularity. This study further examines how attributes of host-country independent directors mitigate such negative spillover effects through signaling fulfilment of their fiduciary duties. Our results based on Chinese foreign-listed firms on the Singapore Stock Exchange from 2007–2014 reveal that host-country independent directors increase spillover effects among foreign-listed Chinese firms from financial reporting irregularities. However, such increase is attenuated when these directors signal fulfilment of their fiduciary duties through home-country, industry, or task-related experiences, and the observed mitigating effect is stronger when they possess a combination of these experiences.

Accounting conservatism and money laundering risk

2020 ◽  
Vol 33 (2) ◽  
pp. 343-361
Author(s):  
Meysam Bolgorian ◽  
Ali Mayeli
Keyword(s):  
Money Laundering ◽  
Stock Exchange ◽  
Risk Measure ◽  
Negative Relationship ◽  
Accounting Conservatism ◽  
Firm Characteristics ◽  
Firm Level ◽  
Content Type ◽  
Listed Firms ◽  
Specific Effects

Purpose This paper aims to investigate the relationship between accounting conservatism and money laundering risk. For this goal, the authors construct an index for measuring money laundering risk at the firm level for Iranian listed firms in the Tehran Stock Exchange. Design/methodology/approach In this study, the authors use a sample of 924 firm-year observation of Iranian listed firms for the period of 2012-2017. The authors use three approaches for testing our prediction that more conservative firms are less likely to be involved in money laundering activities. A balanced panel regression model has been used for testing the prediction. Findings The paper results suggest that there is a negative relationship between conditional conservatism and money laundering risk. Furthermore, the authors have shown that the result is robust to controlling for different firm characteristics variables and also industry specific effects. Research limitations/implications Further research in other financial markets is needed to confirm the results generally. Practical implications The evidence in this paper indicates that the degree of accounting conservatism contains important information which can be used by the investors and regulators for managing and controlling the risk of money laundering in the firms. Originality/value By constructing a money laundering risk measure at the firm level for the first time, the authors provide evidence on relationship between conservatism and money laundering risk in Iran.

The 12.7 cm Hot Dog Corporation

1989 ◽  
Vol 36 (5) ◽  
pp. 12-13
Author(s):  
Hope Martin
Keyword(s):  
New York ◽  
Junior High School ◽  
Stock Exchange ◽  
Real Life ◽  
Eighth Graders ◽  
The United States ◽  
New York Stock Exchange ◽  
Mathematics Skills ◽  
York Stock Exchange ◽  
Hot Dog

A corporation was formed in the United States fourteen years ago that does not appear on the New York Stock Exchange or any other. It is alive and well and prospering at Northwood Junior High School in Highland Park, Illinois. The “12.7 cm Hot Dog Corporation” is owned and operated by a group of about forty-five eighth graders, who make all the executive decisions concerning the sale of hot dogs, chips, soda pop, and popcorn at home boys' and girls' basketball games and wrestling meets. I started the corporation to bring “real life” into the classroom and encourage students to use their mathematics skills to make the decisions necessary to run a successful business.

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