Download or read book Does Auditor Choice Matter to Foreign Investors Evidence from Foreign Mutual Funds Worldwide written by Julia Chou and published by . This book was released on 2014 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines whether firms' auditor choice affects their ability to access foreign equity capital. Using the equity holdings of 34,837 foreign mutual funds from 28 countries, we find evidence that appointing a Big 4 auditor increases the level of foreign mutual fund ownership in firms. This link strengthens in firms with high information asymmetries and persists even at the country level. But the importance of auditor choice varies across three exogenous information events. The Big 4 effect declines after the Enron-Andersen fiasco in 2002, especially for non-U.S. firms not subject to the provisions of the Sarbanes-Oxley Act. Auditor choice and IFRS adoption play complementary roles in determining a firm's foreign ownership, and such roles are more pronounced in firms from countries with strong securities regulations and enforcement regimes. Finally, appointing Big 4 auditors is particularly important for firms to attract foreign capital during the 2008 global financial crisis.
Download or read book Portfolio Preferences of Foreign Institutional Investors written by Reena Aggarwal and published by World Bank Publications. This book was released on 2003 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book ESG and Responsible Institutional Investing Around the World A Critical Review written by Pedro Matos and published by CFA Institute Research Foundation. This book was released on 2020-05-29 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: This survey examines the vibrant academic literature on environmental, social, and governance (ESG) investing. While there is no consensus on the exact list of ESG issues, responsible investors increasingly assess stocks in their portfolios based on nonfinancial data on environmental impact (e.g., carbon emissions), social impact (e.g., employee satisfaction), and governance attributes (e.g., board structure). The objective is to reduce exposure to investments that pose greater ESG risks or to influence companies to become more sustainable. One active area of research at present involves assessing portfolio risk exposure to climate change. This literature review focuses on institutional investors, which have grown in importance such that they have now become the largest holders of shares in public companies globally. Historically, institutional investors tended to concentrate their ESG efforts mostly on corporate governance (the “G” in ESG). These efforts included seeking to eliminate provisions that restrict shareholder rights and enhance managerial power, such as staggered boards, supermajority rules, golden parachutes, and poison pills. Highlights from this section: · There is no consensus on the exact list of ESG issues and their materiality. · The ESG issue that gets the most attention from institutional investors is climate change, in particular their portfolio companies’ exposure to carbon risk and “stranded assets.” · Investors should be positioning themselves for increased regulation, with the regulatory agenda being more ambitious in the European Union than in the United States. Readers might come away from this survey skeptical about the potential for ESG investing to affect positive change. I prefer to characterize the current state of the literature as having a “healthy dose of skepticism,” with much more remaining to be explored. Here, I hope the reader comes away with a call to action. For the industry practitioner, I believe that the investment industry should strive to achieve positive societal goals. CFA Institute provides an exemplary case in its Future of Finance series (www.cfainstitute.org/research/future-finance). For the academic community, I suggest we ramp up research aimed at tackling some of the open questions around the pressing societal goals of ESG investing. I am optimistic that practitioners and academics will identify meaningful ways to better harness the power of global financial markets for addressing the pressing ESG issues facing our society.
Download or read book Swing Pricing and Fragility in Open end Mutual Funds written by Dunhong Jin and published by International Monetary Fund. This book was released on 2019-11-01 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: How to prevent runs on open-end mutual funds? In recent years, markets have observed an innovation that changed the way open-end funds are priced. Alternative pricing rules (known as swing pricing) adjust funds’ net asset values to pass on funds’ trading costs to transacting shareholders. Using unique data on investor transactions in U.K. corporate bond funds, we show that swing pricing eliminates the first-mover advantage arising from the traditional pricing rule and significantly reduces redemptions during stress periods. The positive impact of alternative pricing rules on fund flows reverses in calm periods when costs associated with higher tracking error dominate the pricing effect.
Download or read book Changing Organizations From the Psychological Technological Perspectives written by Hakan Kapucu and published by IJOPEC PUBLICATION. This book was released on 2018-11-15 with total page 219 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Corporate Governance Mechanisms and Firm Performance written by Shveta Singh and published by Springer Nature. This book was released on 2022-05-12 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book begins by analysing the various corporate governance mechanisms explored in the extant literature and determining their effectiveness in enhancing the firm value using multivariate analysis. The findings are of global relevance as the corporate governance regulations of most countries focus on independent directors as the mainstay of good governance. The empirical evidence from the first objective of this study corroborates the claim that independent directors do not strengthen the firms’ governance quality. The book is one of the few works to have analysed the possible reasons behind the ineffectiveness of the independent directors. Also, in view of the famous concept of the bundle of governance mechanisms, it might be possible that the independent directors strengthen the firms’ governance quality indirectly by strengthening other governance mechanisms. This aspect too has little precedence. This study adopts a novel moderation and mediation approach to analyse the monitoring behaviour of independent directors in relation to other governance mechanisms. The work is a must read for corporate players as well as researchers and scholars studying this discipline.
Download or read book New Topics in Emerging Markets written by and published by BoD – Books on Demand. This book was released on 2024-01-24 with total page 332 pages. Available in PDF, EPUB and Kindle. Book excerpt: Unlock the future of global economics and business with New Topics in Emerging Markets. This captivating edited volume is your gateway to understanding the dynamic forces shaping economies on the rise. Delve into critical themes like financial resilience in times of crisis, the impact of technology in Sub-Saharan Africa, the evolving landscape of education in the metaverse, and much more. With diverse insights from leading minds, this book explores the intricacies of banking, innovation ecosystems, leadership in sports, and the ever-changing realm of e-commerce in a Web3 world. Gain a deeper understanding of emerging markets and their pivotal role in the global landscape. Whether you are a seasoned expert or just starting your journey in economics and business, this book offers a thought-provoking and accessible exploration of the challenges and opportunities that define the future. Don’t miss your chance to stay ahead of the curve – grab your copy today and embark on a journey into the heart of emerging markets.
Download or read book Doing Business 2020 written by World Bank and published by World Bank Publications. This book was released on 2019-11-21 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seventeen in a series of annual reports comparing business regulation in 190 economies, Doing Business 2020 measures aspects of regulation affecting 10 areas of everyday business activity.
Download or read book Bank based and Market based Financial Systems written by Asl? Demirgüç-Kunt and published by World Bank Publications. This book was released on 1999 with total page 73 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Valuation of Unlisted Direct Investment Equity written by Emmanuel O. Kumah and published by International Monetary Fund. This book was released on 2009-11-01 with total page 75 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the seven valuation methods for unlisted direct investment equity included in the recently adopted IMF Balance of Payments and International Investment Position Manual, Sixth Edition (BPM6). Based on publicly available Danish data, we test the three methods that are generally applicable and find that the choice of valuation method and estimation technique can have a highly significant impact on the international investment position, pointing to the need for further harmonization. The results show that the price-to-book value method generates more robust market value estimates than the price-to-earnings method. This finding suggests that the valuation basis for the forthcoming Coordinated Direct Investment Survey - own funds at book value -will provide useful information for compiling the international investment position.
Download or read book Investor and Industry Perspectives on Investment Advisers and Broker Dealers written by Angela A. Hung and published by Rand Corporation. This book was released on 2008-03-12 with total page 151 pages. Available in PDF, EPUB and Kindle. Book excerpt: In theory, financial professionals are relatively distinct: A broker-dealer conducts transactions in securities on behalf of itself and others; and an investment adviser provides advice to others regarding securities. Different laws regulate each type of professional, but boundaries have blurred. This report examines current business practices and investor understanding of each type.
Download or read book The Application of IFRS written by and published by . This book was released on 2006 with total page 521 pages. Available in PDF, EPUB and Kindle. Book excerpt: Designed as a companion to Insights into IFRS, KPMG's practical guide to International Financial Reporting Standards, The Application of IFRS: Disclosures in Practice can be your guide to understanding what disclosures other companies are providing in their IFRS financial statements. The content of The Application of IFRS: Disclosures in Practice is based on a review of the financial statements of 199 companies across 16 countries that was carried out by the KPMG International Financial Reporting Group. Over 140 companies are included in the final publication. For ease of use, it is organised by topic to follow the structure of a set of financial statements, consistent with Insights into IFRS. Each section is accompanied by an overview of the presentation and disclosure requirements that relate to that topic, to provide some context to the disclosures illustrated. Also included is IFRS 7 Financial Instruments: Disclosures, which is effective for annual periods beginning on or after 1 January 2007, but which was adopted early by a number of companies. The KPMG International Financial Reporting Group is part of KPMG IFRG Limited.
Download or read book Company Auditing written by T. A. Lee and published by . This book was released on 1986 with total page 197 pages. Available in PDF, EPUB and Kindle. Book excerpt: The third edition of this text explains the concepts and practice of auditing, providing a means of understanding both the work of the auditor and the audit function. Court cases affecting the work of the auditor are discussed, and the sections on audit practice have been revised.
Download or read book Geopolitical Risk on Stock Returns Evidence from Inter Korea Geopolitics written by Seungho Jung and published by International Monetary Fund. This book was released on 2021-10-22 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate how corporate stock returns respond to geopolitical risk in the case of South Korea, which has experienced large and unpredictable geopolitical swings that originate from North Korea. To do so, a monthly index of geopolitical risk from North Korea (the GPRNK index) is constructed using automated keyword searches in South Korean media. The GPRNK index, designed to capture both upside and downside risk, corroborates that geopolitical risk sharply increases with the occurrence of nuclear tests, missile launches, or military confrontations, and decreases significantly around the times of summit meetings or multilateral talks. Using firm-level data, we find that heightened geopolitical risk reduces stock returns, and that the reductions in stock returns are greater especially for large firms, firms with a higher share of domestic investors, and for firms with a higher ratio of fixed assets to total assets. These results suggest that international portfolio diversification and investment irreversibility are important channels through which geopolitical risk affects stock returns.
Download or read book Model Rules of Professional Conduct written by American Bar Association. House of Delegates and published by American Bar Association. This book was released on 2007 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Model Rules of Professional Conduct provides an up-to-date resource for information on legal ethics. Federal, state and local courts in all jurisdictions look to the Rules for guidance in solving lawyer malpractice cases, disciplinary actions, disqualification issues, sanctions questions and much more. In this volume, black-letter Rules of Professional Conduct are followed by numbered Comments that explain each Rule's purpose and provide suggestions for its practical application. The Rules will help you identify proper conduct in a variety of given situations, review those instances where discretionary action is possible, and define the nature of the relationship between you and your clients, colleagues and the courts.
Download or read book Integrating Sustainable Development Into International Investment Agreements written by John Anthony VanDuzer and published by Commonwealth Secretariat. This book was released on 2013 with total page 605 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Guide is designed to assist developing countries to negotiate International Investment Agreements (IIAs) that are more effective in promoting their sustainable development. A useful reference tool for developing country negotiators and interested parties.
Download or read book Government Auditing Standards 2018 Revision written by United States Government Accountability Office and published by Lulu.com. This book was released on 2019-03-24 with total page 234 pages. Available in PDF, EPUB and Kindle. Book excerpt: Audits provide essential accountability and transparency over government programs. Given the current challenges facing governments and their programs, the oversight provided through auditing is more critical than ever. Government auditing provides the objective analysis and information needed to make the decisions necessary to help create a better future. The professional standards presented in this 2018 revision of Government Auditing Standards (known as the Yellow Book) provide a framework for performing high-quality audit work with competence, integrity, objectivity, and independence to provide accountability and to help improve government operations and services. These standards, commonly referred to as generally accepted government auditing standards (GAGAS), provide the foundation for government auditors to lead by example in the areas of independence, transparency, accountability, and quality through the audit process. This revision contains major changes from, and supersedes, the 2011 revision.
