...Journal of Accounting and Economics 11 (1989) 295-329. North-Holland FINANCIAL STATEMENT ANALYSIS AND THE PREDICTION OF STOCK RETURNS* Jane A. O U Santa Clara university, Santa Clara, CA 95053, USA Stephen H. P E N M A N Universi(v of California, Berkeley, CA 94720, USA Received January 1988, final version received April 1989 This paper performs a financial statement analysis that combines a large set of financial statement items into one summary measure which indicates the direction of one-year-ahead earnings changes. Positions are taken in stocks on the basis of this measure during the period 1973-1983, which involve cancelling long and short positions with zero net investment. The two-year holding-period return to the long and short positions is in the order of 12.5%. After adjustment for 'size effects' the return is about 7.0%. These returns cannot be explained by nominated firm risk characteristics. 1. Introduction F i n a n c i a l s t a t e m e n t analysis identifies aspects of financial statements that a r e r e l e v a n t to investment decisions. O n e goal of the analysis is to assess firm value from financial statements. M u c h empirical a c c o u n t i n g research has a t t e m p t e d to discover value-relevant accounting attributes in o r d e r to enhance financial s t a t e m e n t analysis. T h e a p p r o a c h taken in this work assumes that m a r k e t price is sufficient for d e t e r m i n i n g firms' values a n d thus serves as a b e n...
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...1220.0 ANZSCO - Australian and New Zealand Standard Classification of Occupations First Edition, Revision 1 ANZSCO - Australian and New Zealand Standard Classification of Occupations First Edition, Revision 1 Bria n Pink Aus t r a l i a n Sta t i s t i c i a n Aus t r a l i a n Bur e a u of Sta t i s t i c s Geof f Basc a n d Gove r n m e n t Stat i s t i c i a n Sta t i s t i c s New Zea l a n d AUST R A L I A N BURE A U OF STAT I S T I C S / STATI S T I C S NEW ZEALA N D EMBA R G O : 11.30 A M (CANB E R R A TIME) THU RS 25 JUN 2009 ABS Catalogue No. 1220.0 © Commonwealth of Australia 2009 This work is copyright. Apart from any use as permitte d under the Copyright Act 1968 , no part may be reproduce d by any proce ss without prior written permission from the Comm onwea lth. Requests and inquirie s conce rning reproduction and rights in this publica tion should be addresse d to The Manager, Interme dia ry Manage me nt, Austr a lia n Burea u of Statistic s, Locke d Bag 10, Belconne n ACT 2616, by telephone (02) 6252 6998, fax (02) 6252 7102, or email: . In all cases the ABS must be acknowle dge d as the source when reproducing or quoting any part of an ABS publica tion or other product. © Crown Copyright New Zeala nd 2009 Statistics New Zeala nd gives no warra nty that the inform ation or data supplie d conta ins no errors. Howeve r, all care and dilige nce has been used in processing, analysing and extra tcing the informa tion. Statistics...
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...JAN LOKPAL BILL A DETAILED ANALYSIS Ver 1.0 Dated: 21 August 2011 Published by India Against Corruption Jan Lokpal Bill, A Detailed Analysis TABLE OF CONTENTS Why do we need Jan Lokpal?................................................................... 4 a. c. Lack of Independence....................................................................................... 4 Multiplicity of agencies..................................................................................... 5 b. Powerless.......................................................................................................... 4 d. Lack of Transparency and internal accountability............................................. 5 Structure of Lokpal................................................................................. 7 a. Independence of Jan Lokpal and Jan Lokayukta................................................... 7 (i) Administrative independence........................................................................ 7 (ii) Financial independence................................................................................. 7 (iii) Manpower..................................................................................................... 7 b. Single anti-corruption agency.............................................................................. 7 c. No more advisory bodies..................................................................................... 8 What action will be...
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...during the past four decades (Kabir). Before the arrival of PAT, normative accounting research had been the leading research tradition in accounting. Normative accounting theorists concentrated in developing accounting principles for recognition and measurement issues. In contrast with normative accounting theory which deals with “should” kind questions, PAT deals with “is” kind questions. According to Watts and Zimmerman “the objective of positive accounting theory is to explain and predict accounting practice. It explains why financial reports are prepared. Positive accounting theorists have explained the accounting practices by including the measures accountants employ to calculate total assets, total liabilities, owners' equity and net income. Moreover, they also claim that positive accounting theory provides a scientific explanations of accounting practice that is that their findings are empirically test. PAT also examines the effects of accounting standards on management’s self-interest hence PAT recognizes management biased attitude on accounting standards which are likely to affect corporates lobbying on accounting standards. Pat also identifies certain factors that are expected to affect a firms cash flows and share price .These factors are taxes, political costs and information production and management compensation. PAT theoretically played its role in examining whether accounting information is useful to the stock market and which accounting measurement basis management...
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...geared at enhancing tax collection and administration with minimal enforcement cost. The recent reforms include the introduction of TIN, (unique Taxpayer’s Identification Number which became effective since February 2008), automated tax system that facilitates tracking of tax positions and issues by individual taxpayers, e-payment system which enhances smooth payment procedure and reduces the incidence of tax touts, enforcement scheme (Special Purpose Tax officers), these are special tax officers in collaboration with other security agencies to ensure strict compliance in payment of taxes. The tax authority now has autonomy to assess, collect and record tax. This enabling environment which came into being on the basis of (Section 8(q) of FIRS Establishment Act 2007) has led to an improvement in tax administration in the country. The Nigerian tax system has undergone significant changes in recent times. The tax laws are consistently being reviewed with the aim of repealing obsolete provisions and simplifying the main ones. Under current Nigerian law, taxation is enforced by the 3 tiers of government, i.e. federal, state, and local governments, with each having its sphere clearly spelt out in the Taxes and Levies (approved list for Collection) Decree, 1998. Despite this improvement, there are still a number of contentious issues that require urgent attention and among them is the issue of the appropriate tax authority to administer several taxes. The crisis between Lagos State and...
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...of image on PAN card will depend on the quality and clarity of photograph affixed on the form. Signature / Left hand thumb impression should be within the box provided in the form. The signature should not be on the ph otograph. If there is any mark on the photograph such that it hinders the clear visibility of the face of the applicant, the application will not be accepted. Thumb impression, if used, should be attested by a Magistrate or a Notary Public or a Gazetted Officer under official seal a nd stamp. For issue of new PAN card without any changes - In case you have a PAN but no PAN card and wish to get a PAN card, fill all columns of the form but do not tick any of the boxes on the left margin. In case of loss of PAN card, a copy of FIR may be submitted along with the form. For changes or correction in PAN data, fill all columns of the form and tick box on left margin of appropriate row where change/correction is required. Having or using more than one PAN is illegal. If you possess more than one PAN, kindly fill the details in Item No.10 of this form and surrender the same. Item Details Full Name Guidelines for filling the form Individuals must state fully expanded name. For example Poonam Ravi Narayan should be written as: Last Name/Surname First Name Middle Name NARAYAN POONAM RAVI Do not use abbreviations and initials. Allowed two characters initials in surname, first name & father’s name of applicant are mentioned below. AH AI AL AN AO AR AS BE BI...
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...College of technology Department of information technology Project proposal on online crime management system BY TSEGAY GEBREHIWET ID TER/1918/03 Contents 1. INRODUCTION 2 1.1Back ground of the organization 4 1.2 Mission 4 1.3 Vision 4 1.4Purpose 4 1.5 Tasks undertaken by the organization 5 2. Statement of the problem 5 2.1 Proposed System 6 3 Objective of the project 8 3.1General objective………………………………… 8 3.2 Specific objective…………………………………. 8 4.Scope of the project 9 5.Significance of the system 10 6. Methodology and tools 11 6.1 System development methodology…….. 11 6.2Programming and database tools………. 11 6.3 Hardware specifications hardwarerequirements…………………………… 12 7. Feasibility analysis 13 7.1 Economic feasibility……………………………. 14 7.2 Technical feasibility……………………………. 14 7.3Operational feasibility……………………………….. 14 8. Limitation and requirements 14 9. Data collection methodology 15 10. Time schedule 15 11.Buget analysis 16 Chapter one proposal 1. INRODUCTION * Peoples need their basic needs for survive their life in a good condition. * For their achievement of basic need the peoples need peace and security to full fill their basic need then peace and security is the key concept in the living environment for any work that you help for your life. * Governments and peoples support to peace and security for their sustainable development for their country. * Government and society needs to control any activity that face the...
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...Jan Lokpal Bill : A Critique Submitted as per course requirement of Law and Social Transformation SUBMITTED TO: SUBMITTED BY: Dr. A.Jayagovind Umashankar Mishra Faculty for Law and Social Transformation I.D. 505 NLSIU, Bangalore LL.M. [1st year] Business law NATIONAL LAW SCHOOL OF INDIA UNIVERSITY BANGALORE Acknowledgement I have endeavored to attempt this project. However, it would not have been feasible without the valuable support and guidance of Dr.Jayagovind. I would like to extend my sincere thanks to him. I am also highly indebted to National Law School of India University Library Staff, for their patient co-operation as well as for providing necessary information & also for their support in completing this project. My thanks and appreciations also go to my colleagues who gave their valuable insight and help in developing this project. Aim: ...
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...Acknowledgments It is necessary to know the relevance between theoretical and practical knowledge. So a student can only claim himself as a student of true knowledge by virtue of preparing such kind of internship report. It is time to thank all who helped me to complete this project successfully. First of all, I offer my heartfelt gratitude and thanks to Almighty Allah who has given me the learning power in the earth. Shibli Noman Khan, School of Business, Independent University Bangladesh, is my academic supervisor. I am grateful to him for the flexibility in the work scope he provided me. His encouragement and advice worked as a foundation stone for this report. I convey my gratitude for his time and continuous support. Mr. Uzzal Kumar Nandi (CFO) & Company Secretary, and Syed Abed Hasan, Manager Finance and Accounts of IIDFC are my external supervisors who have allowed me the permission to complete my internship in their department. I am grateful to them for the flexibility in the work scopes they provided me. Their encouragement and advice worked as a foundation stone for this report. I convey my gratitude for their time. Besides, I also owe a grate debt of gratitude to Mr. Tapan Dey, Manager Finance and Accoutns, and Mr. Al Rajib Mahmood, Asst. Manager Finance and Accounts of IIDFC, who have continuously helped and inspired me to know and adapt the inner-world of IIDFC along with providing the informative information preparing the report. It is Mr. Sanjoy Karmaker (Senior...
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...Preface There is no doubt that we are in the midst of a great revolution in the history of women. The evidence is everywhere; the voice of women is increasingly heard in Parliament, courts and in the streets. While women in the West had to fight for over a century to get some of their basic rights, like the right to vote, the Constitution of India gave women equal rights with men from the beginning. Unfortunately, women in this country are mostly unaware of their rights because of illiteracy and the oppressive tradition. Names like Kalpana Chawla: The Indian born, who fought her way up into NASA and was the first women in space, and Indira Gandhi: The Iron Woman of India was the Prime Minister of the Nation, Beauty Queens like Aishwarya Rai and Susmita Sen, and Mother Teresa are not representative of the condition of Indian women. Over 32000 murders, 19,000 rapes, 7500 dowry deaths and 36500 molestation cases are the violent crimes reported in India in 2006 against women. There are many instances of crime especially against women go unreported in India. These are figures released by the National Crime Records Bureau recently. While Madhya Pradesh is worst off among the states, the national capital New Delhi continues to hold on to its reputation of being the most unsafe city in India. Delhi takes the top slot for crimes ranging from murders and rapes to dowry deaths and abductions. It reflects country's law and order situation when its capital is a cauldron of crime. Instead...
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...Business Development » Strategic Audit of Lowe’s Companies, In Click for PDF: Lowe’s U.S. Strategic Audit Spring 2011 Lowe’s Company, Incorporated is a home improvement retailer that has stores throughout the Unit following report is a student strategic audit for Mike Anderson’s strategic management course at th undergraduate student project team was composed of the following people: Keelie Cox, Alicia Kelly Wu, and myself (Jacob Camp) I. Executive Summary This report critically overviews the U.S. Division of Lowe’s Company, Incorporated. The purpose of accurate and current representation of Lowe’s through research using a variety of sources, method statements, recommendations, or opinions offered herein are only perspectives from the respective state that these aforementioned statements will come to fruition. The current operations, performance, and policies of Lowe’s will most certainly lead the company t the fortunate position to avert disaster. A note of exceptionally good news is that Lowe’s was evalu with a probability of less than 0.38% of bankruptcy within the next year, which is a strong positive http://www.jacobcamp.com/2011/05/29/strategic-audit-of-lowes-companies-inc/ 5/25/2012 Strategic Audit of Lowe’s Companies, Inc. | Explore Page 3 of 70 The new vision and mission developed provide a strong sense of direction and purpose that will all Lowe’s future. The SWOT analysis found several...
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...Indian Black Money Abroad In Secret Banks and Tax Havens Second Report Of The Task Force on the steps to be taken by India Members Shri Gurumurthy, Chartered Accountant, Chennai Shri Ajit Doval, former Director Intelligence Bureau, Delhi Prof R.Vaidyanathan, Professor of Finance Indian Institute of Management, Bangalore Shri Mahesh Jethmalani, Senior Advocate, Mumbai Submitted to BHARATIYA JANATA PARTY 1 I. The First Interim Report The first Interim Report of the Task Force appointed by the Bharatiya Janata Party was released to the public on 17-04-2009. Afterward different world governments, particularly those in the West, have increasingly begun targeting tax havens and intensely began pursuing black money. The US, and France particularly began a huge campaign against the evil of black money. The estimates black money lodged in tax havens by global financial institutions like the International Monetary Fund reached as high as $18 trillion. The instability in the global financial order itself was traced to the evil money. So the issue has now acquired a totally different dimension. In the first Interim Report, the Task Force had suggested broad national and global strategy for dealing with the menace of black money out of the country. The substance of the recommendations of the Task Force in the First Interim Report is summarized here: Global Strategy: • Creating a powerful public opinion and broad national consensus on the issue. Those who do not...
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...solution SOLUTIONS TO EXERCISES AND CASES For FINANCIAL STATEMENT ANALYSIS AND SECURITY VALUATION Stephen H. Penman Fifth Edition CHAPTER ONE Introduction to Investing and Valuation Concept Questions C1.1. Fundamental risk arises from the inherent risk in the business – from sales revenue falling or expenses rising unexpectedly, for example. Price risk is the risk of prices deviating from fundamental value. Prices are subject to fundamental risk, but can move away from fundamental value, irrespective of outcomes in the fundamentals. When an investor buys a stock, she takes on fundamental risk – the stock price could drop because the firm’s operations don’t meet expectations – but she also runs the (price) risk of buying a stock that is overpriced or selling a stock that is underpriced. Chapter 19 elaborates and Figure 19.5 (in Chapter 19) gives a display. C1.2. A beta technology measures the risk of an investment and the required return that the risk requires. The capital asset pricing model (CAPM) is a beta technology; is measures risk (beta) and the required return for the beta. An alpha technology involves techniques that identify mispriced stocks than can earn a return in excess of the required return (an alpha return). See Box 1.1. The appendix to Chapter 3 elaborates on beta technologies. C1.3. This statement is based on a statistical average from the historical data: The return on stocks...
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...2nd Floor 90 Pitts Bay Road Pembroke HM08 Bermuda http://www.tyco.com T Ict I ati nat nal t99 1 A An u e R t T y c o y n oe r n t e r o n ailo L t d . L1 d . 9 9 9n9n u a ln R a lp o re p o r t The Zurich Centre Ty c o I n t e r n a t i o n a l L t d . 19 99 Annual Report Get to know we are the world’s largest supplier of electronic and electrical connectors WE ARE THE WORLD’S LARGEST INSTALLER AND SERVICER OF we are the world’s largest producer of FIRE AND SECURITY industrial valves SYSTEMS w e h a v e g row n o u r ea rni ng s a t a 35% com pounded r ate for the past fi v e y ear s we lead the burgeoning global market in undersea fiber optic telecommunications W E H AV E 1 8 2 , 0 0 0 EMPLOYEES IN OVER 80 COUNTRIES AROUND THE we are a global leader in disposable health care we achieved sales of over $22 billion in fiscal 1999 we do not make toys . . . and never have 1 1. telecommunications and electronics If you knew Tyco last year, look again. The Company has evolved into a leader in the fast-paced, high-tech world of electronics. Our merger with AMP, the world’s largest maker of electrical connectors, and the acquisition of Raychem, a leading manufacturer of high-performance electrical components, created the nucleus for the formation of Tyco Electronics Corporation, the world’s largest supplier of passive electronic components. The diverse capabilities of AMP and Raychem, combined with...
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...Child Abuse Investigation Introduction Child abuse is a criminal offence where the physical, sexual or emotional mistreatment or neglect of a child or children and in other word child abuse can be defined as causing or permitting any harmful or offensive contact on a child's body; and, any communication or transaction of any kind which humiliates, shames, or frightens the child. Some child development experts go a bit further, and define child abuse as any act or omission, which fails to nurture or in the upbringing of the children. Child abuse is also defined in federal law. The world is now more advanced in the fields of economics, science and technology but the problem of child abuse is also increasing on par with world progress. Even there many laws implemented against this offence but there is no much effective result or improvement shown by the society. There are few factors contribute to child abuse such as the parents background, their economical level, psychological problem, improper caregiver, unintended pregnancy and some other factors. Types of Child Abuse Child abuse is a common given name when children get disturbed through mentally or physically. So it is divided into several categories such as physical abuse, child sexual abuse, psychological / emotional abuse and neglect. Physical child abuse is an aggressive action of an adult toward the children such hitting with a hand, stick, strap, or other object; punching, kicking, shaking, throwing, burning, stabbing...
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