...earnings announcements from both China and developed countries, and has used event study method to focus on earnings announcements and share prices of all 29 real estate companies listed in Shanghai A-share market from 31 July 2012 to 30 Jun 2013. The event date was selected on the day when earnings for the year 2012 were announced. The method for calculating normal performance of shares was market model. The result of study showed that there was no significant reaction of share prices to earnings announcement containing good news in event window during [-30, -1] and [-1, +1], except 6 days before announcement day, 1 day before announcement day, and there was a significant reaction of share prices of real estate sector in Shanghai A-share market to earnings announcements containing good news in event window during [+1, +30]. For earnings announcements containing bad news, according to event study, we found no significant reaction of share prices of real estate sector in Shanghai A-share market in the event window between [-30, -1], [-1, +1] and [+1, +30], except 18 days and 7 days before earnings announcement day, 9 days, 21 days and 30 days after earnings announcement day. And we reached the conclusion that the real estate sector in Shanghai A-share does not conform to semi-strong form market efficiency. Key words: earnings announcement, share price, efficient market hypothesis, event studies, Chinese real estate market 1 Directory Directory ....................
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...WK 8 Assignment 4 - Methods of Communication in Business First, choose five (5) different communication methods listed in Chapter 8 and identify an advantage and a disadvantage for each one. Second, for the following four (4) scenarios, decide which method would be most effective and justify your answer. Draft a form ofcommunication for each. Write a three to four (3-4) pages paper that addresses the following scenarios: One of your employees is constantly late, leaving food and drinks at the work station, and you are forced to address the situation. You need to let all employees know about a company special event..... More Details hidden... Activity Mode aims to provide quality study notes and tutorials to the students of MGT 505 WK 8 Assignment 4 in order to ace their studies. MGT 505 WK 8 ASSIGNMENT 4 To purchase this visit here: http://www.activitymode.com/product/mgt-505-wk-8-assignment-4/ Contact us at: SUPPORT@ACTIVITYMODE.COM MGT 505 WK 8 ASSIGNMENT 4 MGT 505 WK 8 Assignment 4 - Methods of Communication in Business First, choose five (5) different communication methods listed in Chapter 8 and identify an advantage and a disadvantage for each one. Second, for the following four (4) scenarios, decide which method would be most effective and justify your answer. Draft a form ofcommunication for each. Write a three to four (3-4) pages paper that addresses the following scenarios: One of your employees is constantly late, leaving food and...
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...FORENSIC ACCOUNTING IN LISTED COMPANIES IN MALDIVES BUSINESS RESEARCH METHODS AIHAM MOHAMED AHMED TP029473 Table of Contents CHAPTER 1 3 1.1 ITRODUCTION 3 1.2 BACKGROUND OF THE STUDY 3 1.3 STATEMENT OF THE PROBLEM. 4 1.4 RESEARCH OBEJCTIVES 5 1.5 SIGNIFICANCE OF THE STUDY 6 1.6 SCOPE OF FEASILBILTY OF THE STUDY 7 1.6.1 SCOPE 7 1.6.2 FEASIBILITY OF THE STUDY 7 CHAPTER 2- LITERATURE REVIEW 8 2.1 DEFINITION OF FORENSIC ACCOUTING. 8 2.2 IMPORTANCE OF FORENSIC ACCOUNTING IN LISTED COMPANIES IN MALDIVES. 9 2.2 FORENSIC ACCOUNTING HELPS TO ELIMINATE CORRUPTION. 10 2.3 FORENSIC ACCOUNTING INFLUENCES THE ORGANIZATIONAL PERFORMANCE 11 2.3 CURRENT SITUATION IN MALDIVES. 12 CHAPTER 3 – RESEARCH METHODOLOGY 14 THEORETICAL FRAMEWORK 14 3.2 TYPES OF DATA 16 3.3 SAMPLING DESIGN 17 3.4 DATA ANALYSIS 17 3.5 HYPOTHESIS TESTING 18 4. CONCLUSION 19 REFERENCE 20 IMPORTANCE OF IMPLEMENTING FORENSIC ACCOUNTING IN LISTED COMPANIES IN MALDIVES. CHAPTER 1 1.1 ITRODUCTION The main purpose for this research to be carried out is to investigate the importance of forensic accounting in the business world, and how important it is to implement a solid forensic accounting system in the listed companies in Maldives. This chapter provides an overview of the study that contains the background of the study, the statement of the problem, research objectives, significance of the study the limitations faced while doing the study and the scope in which...
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... L. (2012). Marketing management (14th ed.). Upper Saddle River, NJ: Prentice Hall. Course Learning Objectives Upon completion of this course, students should be able to: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. Explain both the Marketing Concept and the Holistic Marketing Concept. Analyze the macroenvironments as related to the marketing process. Illustrate the use of marketing research and the forecasting of demand. Describe the development of customer value, satisfaction, and loyalty. Explain the use of customer relationship management in cultivating customer relationship. Illustrate the consumer buying process and the organizational buying process. Illustrate market segmentation, market targeting, and brand equity. Describe positioning and differentiation strategies. Illustrate the development of product strategy and explain competitive strategies. Explain the marketing strategies for service companies. Identify and explain the various pricing strategies. Describe the management of the retail and wholesale business. Classify the management of advertising, sales promotion, events, and public relations. Identify and explain direct marketing and personal selling. Outline and describe new product development. Credits Upon completion of this course, the students will earn three (3) hours of college credit. Course Structure 1. Unit Learning Objectives: Each unit contains Learning Objectives that specify the measurable skills and knowledge students should gain...
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...ethical conduct. I also declare that, as required by these rules and conduct, I have fully cited and referenced all material and results that are not original to this work. Name, Last name : Fatma, Aksoy Signature : iii ABSTRACT THE INFORMATION CONTENT OF EARNINGS AND SYSTEMATIC RISK IN CHANGING ECONOMIC CONJECTURE: THE TURKISH CASE Aksoy, Fatma M.B.A., Department of Business Administration Supervisor : Prof. Dr. F. N. Can Şımga-Muğan October 2008, 73 pages This thesis analyses the information content of inflation adjusted financial statements for investors and the informational value of accounting earnings and systematic risk in explaining stock returns in Turkey. Information content of inflation accounting is tested by using event study methodology. Results show...
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...Emerging Markets Review 13 (2012) 516–547 Contents lists available at SciVerse ScienceDirect Emerging Markets Review journal homepage: www.elsevier.com/locate/emr Corporate governance, agency problems and international cross-listings: A defense of the bonding hypothesis☆ G. Andrew Karolyi ⁎ Johnson Graduate School of Management, Cornell University, 348 Sage Hall, Ithaca, NY 14853, USA a r t i c l e i n f o Article history: Received 30 June 2011 Received in revised form 6 August 2012 Accepted 7 August 2012 Available online 17 August 2012 JEL classification: F30 G15 G32 G38 Keywords: Cross-listing Stocks Bonding International financial markets a b s t r a c t Why firms from around the world seek to cross-list their shares on overseas exchanges has intrigued scholars during the past two decades. A general dissatisfaction with the conventional wisdom about investment barriers segmenting global investors and how cross-listings overcome those barriers cleared the way for newer wisdom about informational problems and agency conflicts, and how firms could overcome weaknesses in corporate governance by listing on, and thus “bonding” to, overseas markets with stronger regulatory oversight, stringent reporting and disclosure requirements and investor protections. Critics have challenged the viability of the bonding hypothesis, which I answer in this review. © 2012 Elsevier B.V. All rights reserved. 1. Introduction Cross-listing — also referred...
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...Rusty Rims IT Strategic Plan, Part 2 Before you begin this assignment, be sure you have read the “Rusty Rims Case Study” and the feedback you received on your IT Strategic Plan Part 1 assignment. Also, be sure you have read the chapters in the textbook that have been assigned to this point. Purpose of this Assignment This assignment gives you the opportunity to apply the course concepts to complete the development of an Information Technology Strategic Plan (ITSP) to support the strategic direction of Rusty Rims Distribution Company (RR). This assignment specifically addresses the following course outcomes to enable you to: identify, define, and explain the concepts of information technology governance and management apply best practices in information technology management and governance to make, defend, and justify an IT decision IT Strategic Plan for Rusty Rims Distribution Company For the previous assignment, you developed Part 1 of an IT Strategic Plan for RR. For this assignment, you will incorporate any needed changes resulting from the feedback you received on your Part 1 assignment and you will add Part 2. Part 2 will include an IT project that you are proposing that RR undertake. This new project will be included in the IT Portfolio section of Part 2, and will be further described in a future assignment, the “IT Decision Paper.” The entire ITSP will be submitted as a single document for this assignment. Assignment First, you should make...
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...EVENT STUDY OF STOCK SPLITS Final Project Report of Investment Banking & Financial Services (IBFS) February 2016 Submitted to: Prof. A.K. Mishra Submitted by: Group 3, Section A DHEERAJ MADAAN(Mob- +91 7523849812) | PGP30193 | HARI SINGH CHOUDHARY | PGP30198 | RITIN KAKKAR | PGP30390 | ROHAN SARAF | PGP30219 | SAKSHI SONI | PGP30392 | | | Indian Institute of Management, Lucknow Contents Data 3 Sample 3 Methodology 4 Alpha and Beta Estimation 4 Event Study 4 Hypothesis & Objective 5 Testing & Results 5 Alpha and Beta calculation 5 Event Study 6 Stock Split 7 Reverse Stock Split 8 Conclusion 8 Data 1. This study includes samples of 19 companies that made a stock split announcements and 9 companies that made a reverse stock split announcements. All the companies were listed on BSE. 2. Data for daily stock prices and closing BSE 500 index for this study was collected from http://finance.yahoo.com/. Sample The below tables show the sample companies selected for the event study. Companies selected for stock Split announcements Companies selected for reverse stock split announcements Methodology The event period was decided as -60 to 60 with the announcement date falling on day 0. Alpha and Beta Estimation 1. Alpha and beta was estimated for each company by regressing daily stock returns with index return. 2. The estimation was a done for a 250 day period prior to -60. This period was...
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...CHAPTER ONE INTRODUCTION 1. Background to the Study Corporate Kenya is shifting its capital raising gear from corporate bonds to the issuance of rights in an effort to raise funds for growth, working capital and new investment while at the same time reigning in the cost of accessing such funds. A rights issue is an option that a company opts for to raise capital under a seasoned equity offering of shares to raise money. McClure (2005) defines a right issue as an invitation to existing shareholders to purchase additional new shares in the company. With the issued rights, existing shareholders have the privilege to buy a specified number of new shares from the firm at a specified price within a specified time. A shareholder is an individual or institution (including a corporation) that owns one or more shares of stock in a public or private corporation. Fama (1980) observes that shareholders own stock, but not the corporation. Shareholders wealth is basically the wealth shareholders get to accrue from their ownership of shares in a firm. Shareholders wealth increases either by increase in share prices that bring about capital gain or increase in dividend payments. Ng’ang’a (1999) argues that the expectation of shareholders will push the management to maximize their returns and increase the market value of the firms. There are two types of rights issue namely the public issue and privileged/private issue. The rights issue gives the existing shareholders securities...
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...been the subject of numerous studies, especially in the US. The purpose of this article is to examine the corresponding evidence in Europe. This review classi es the European literature into three groups: studies of the market reaction to newly released accounting information; studies of the long-term association between stock returns and accounting numbers; studies devoted to the use of accounting data by investors and to the impact of market pressure on accounting choices. The paper reviews and summarizes the main results related to each of these topics. It also addresses some methodological issues and provides suggestions for future research. 1. INTRODUCTION Since the pioneering work of Ball and Brown (1968), the relationship between accounting information and capital markets has attracted considerable attention, to the point that it is probably one of the most popular issues in the accounting literature. The interest for this subject is legitimate, given the generally accepted statement that accounting gures are aimed at providing investors with relevant information for their investment decisions. Even if accounting data are used in various contexts such as the contracting process within the rm or between the rm and its creditors and suppliers, regarding capital markets they are supposed to facilitate the prediction of rms’ future cash ows and help investors assess future securities’ risk and returns. This is certainly why innumerable studies have been conducted in the US...
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...Methodology 6 Data 6 Methodology 8 Abnormal Performance Measure 8 Test Statistics 9 Empirical Findings 10 Conclusion 22 References 24 2 PDF Created with deskPDF PDF Writer - Trial :: http://www.docudesk.com Firms Size And Gains From Acquisition Introduction 1. Takeovers are one of the most important events in corporate finance, both for a firm and the economy. Extensive research has shown that shareholders in bidding firms gain significantly and that wealth is created at the announcement of takeovers i.e., combined bidder and target returns are positive. 2. Our main focus is on examining the returns to acquirer’s i.e. large and small firms, making bids for public, private, and subsidiary targets, using cash and stock, and seeing how the acquirers’ returns vary by these characteristics and the acquirer’s size. Our study enables us to provide new evidence on what bidder returns tell us about takeovers. Therefore, our sample provides a fruitful testing ground for probing the meaning of returns to acquirers. I. Predictable Hypothesis A. Investment Opportunity Hypothesis 3. Myers (1977) links the existence of growth opportunities and corporate borrowing activity. In his model, a firm's borrowing is inversely related to the extent that the firm's value depends on the value of future investment opportunities. This result implies that the spending to undertake valuable future investment opportunities may not occur. The...
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...CHAPTER 1 Auditing and Assurance Services LEARNING OBJECTIVES | | |Exercises and | | | |Problems | | |Review Checkpoints | | | | | | |Define information risk and explain how auditing and assurance services play|1, 2, 3 |48, 50 | |a role in reducing this business risk. | | | | | | | |Define and contrast accounting, auditing, and assurance services. |4, 5, 6, 7, 8 |47 | | | | | |Describe and define the management assertions embodied in financial |9, 10, 11 |52, 54 | |statements, and why auditors use them as a focal point of the audit. ...
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...consequences. 3. Information risk, which is the probability that information circulated by a company will be false or misleading. 5. An attestation engagement is an engagement in which a practitioner is engaged to issue a report on subject matter, or an assertion about subject matter that is the responsibility of another party. 6. Assurance services are independent professional services that improve the quality of information, or its context, for decision makers. 8. The four major elements in the broad definition of assurance services are independence, professional services, improving the quality of information, or its context, and for decision makers. 10. Auditing Standards Board’s management assertions are existence or occurrence, rights and obligations, completeness, value or allocation, and presentation and disclosure. Existence asserts that each of the balance sheet and income statement balances actually exist (Do the assets really exist?). Occurrence asserts that each of the income statement events and transactions actually did occur (Did the recorded sales transactions really occur?). With Rights and Obligations the objective for an auditor is to obtain evidence that the assets are really owned by and the liabilities are really owed by the company that is being audited (Does this company really own the assets? Are related legal responsibilities identified?). In the financial statements, management asserts that all transactions, events, assets, liabilities...
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...only helps United States citizens, but people all over the world. Without individuals, large corporations, and small businesses donating to nonprofit organizations the poverty population will only increase. What is a Small Business? “To be considered a small business on average the company has to have no more than 500 employees, and the most any small business can have is 1,500 employees (U. S. Small Business Administration, 2014).” When people think about small businesses, they think of the mom and pop stores within their community. However, small businesses are the majority of whom customers give their business. “According to the United States Small Business Administration’s (SBA) Office of Advocacy, 99.7 percent of all U.S. firms are small businesses (Cooper, 2012).” What is a Nonprofit Organization? A non-profit organization is an organization whose efforts are driven to generate a profit for a chosen cause. Non-profit organizations can be classified into five central categories: trade associations, charitable organizations, social clubs, government groups, and political groups” (Starting a Non-Profit Organization). How much is Donated to Nonprofit Organizations Annually? A study done in the year 2013 reveals that approximately 316.23 billion dollars were donated to nonprofit organizations. Corporations were only six percent of that 316.23 billion dollars. FIGURE 1 shows this information. Figure 1 FIGURE 1. This...
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...working capital policy and operating risk: an empirical study on Jordanian industrial companies Abstract The study analyzes the working capital management practices and their impact on profitability and risk of industrial Jordanian firms for the period of 2004 to 2007. The total sample of the study consists of 59 industrial firms listed on Amman Stock Exchange. The working capital management practices examine the impact of aggressive/conservative working capital investment and financing policy and analyze through cross-sectional regression models the relationship between working capital policies and profitability as well as risk of the firms. Efficient management of working capital is a fundamental part of the overall corporate strategy aiming to create the shareholders’ value. Firms try to keep an optimal level of working capital that maximizes their value. The optimal level of working capital is determined to a large extent by the methods adopted for the management of current assets and liabilities. It requires continuous monitoring to maintain proper level in various components of working capital, i.e. cash receivables, inventory and payables, etc. The result indicates a negative relationship between the profitability measures of firms and degree of aggressiveness of working capital investment and financing policy. The firms yield negative returns if they follow an aggressive working capital policy. Moreover, the present study validates the findings of Carpenter and Johnson (1983)...
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