Download or read book Meeting or Beating Analyst Expectations in the Post Scandals World written by Kevin Koh and published by . This book was released on 2007 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: The pressure to meet/beat analysts' expectations is often blamed for the recent onslaught of accounting scandals. We investigate changes in the meeting/beating phenomenon post-scandals and find that the stock market premium to meeting or just beating analyst estimates has disappeared while the premium to beating by a larger margin has diminished. In the post-scandals period, managers tend to meet or just beat analysts' forecasts less often. Further, managers rely less on income-increasing discretionary accruals and more on earnings guidance. Consistent with lower earnings management, the relation between meeting/beating and future operating performance has increased post-scandals, suggesting that the decline in market premium is possibly unwarranted.
Download or read book Winning Investors Over written by Baruch Lev and published by Harvard Business Press. This book was released on 2012 with total page 394 pages. Available in PDF, EPUB and Kindle. Book excerpt: A guide to dealing with Wall Street in order to boost a company's earnings and stock price features advice for executives on such topics as addressing investors' concerns and maintaining credibility on Wall Street.
Download or read book The Valuation Treadmill written by James J. Park and published by Cambridge University Press. This book was released on 2022-07-28 with total page 199 pages. Available in PDF, EPUB and Kindle. Book excerpt: Public companies now face constant pressure to meet investor expectations. A company must continually deliver strong short-term performance every quarter to maintain its stock price. This valuation treadmill creates incentives for corporations to deceive investors. Published more than twenty years after the passage of Sarbanes-Oxley, which requires all public companies to invest in measures to ensure the accuracy of their disclosures, The Valuation Treadmill shows how securities fraud became a major regulatory concern. Drawing on case studies of paradigmatic securities enforcement actions involving Xerox, Penn Central, Apple, Enron, Citigroup, and General Electric, the book argues that corporate securities fraud emerged as investors increasingly valued companies based on their future performance. Corporations now have an incentive to issue unrealistically optimistic disclosure to convince markets that their success will continue. Securities regulation must do more to protect the integrity of public companies from the pressure of the valuation treadmill.
Download or read book Concepts and Cases of Illicit Finance written by Rafay, Abdul and published by IGI Global. This book was released on 2023-08-10 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: As fraud and corruption continue to spread globally, illicit and illegitimate finance is one of many areas of concern. To help stop the spread of corruption across fields and industries, further study on the best practices and strategies to combat illicit and illegitimate finance is required. Concepts and Cases of Illicit Finance provides understanding and lessons learned regarding all aspects of illicit and illegitimate finance. Covering key topics such as financial crimes, financial intelligence, and hacking fraud, this premier reference work is ideal for business owners, managers, policymakers, industry professionals, researchers, academicians, scholars, practitioners, instructors, and students.
Download or read book Analyst Reactions to Expectations Management in the Post Regulation Fair Disclosure Period written by Sherry F. Li and published by . This book was released on 2014 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using a uniquely hand-collected dataset, we examine how financial analysts react to expectations management in the post-Regulation Fair Disclosure (FD) period. We find evidence that management issues pessimistic public guidance to lower analysts' expectations to a beatable level in the new regulatory environment. Majority of the analysts revised their forecasts downward immediately (in terms of days rather than weeks) after the issuance of a pessimistic public guidance. The magnitude of the downward revision is significantly greater for firms that beat the expectations through managerial guidance than firms that beat the expectations without guidance. In addition, firms that beat analysts' expectations through pessimistic guidance are able to achieve a larger positive earnings surprise at the earnings announcement than the “legitimate beaters”
Download or read book Research Handbook on the Economics of Corporate Law written by Claire A. Hill and published by Edward Elgar Publishing. This book was released on 2012-04-01 with total page 497 pages. Available in PDF, EPUB and Kindle. Book excerpt: Comprising essays specially commissioned for the volume, leading scholars who have shaped the field of corporate law and governance explore and critique developments in this vibrant and expanding area and offer possible directions for future research. This important addition to the Research Handbooks in Law and Economics series provides insights into subjects such as the role of directors, shareholders, creditors and employees; empirical studies of litigation and shareholder activism; executive compensation; corporate gatekeepers; comparative law; and behavioral approaches to law and finance. Topics are organized within five sections: corporate constituencies, insider governance, gatekeepers, jurisdiction, and new theory. Taken as a whole, the volume serves as an introduction for those new to the field and as a reference for those unfamiliar with some of the topics discussed. Authoritative and accessible, the Research Handbook on the Economics of Corporate Law will be a valuable resource for students, scholars, and practitioners of corporate law and economics.
Download or read book The Sarbanes Oxley Act of 2002 written by and published by . This book was released on 2008 with total page 324 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Earnings Management written by Joshua Ronen and published by Springer Science & Business Media. This book was released on 2008-08-06 with total page 587 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a study of earnings management, aimed at scholars and professionals in accounting, finance, economics, and law. The authors address research questions including: Why are earnings so important that firms feel compelled to manipulate them? What set of circumstances will induce earnings management? How will the interaction among management, boards of directors, investors, employees, suppliers, customers and regulators affect earnings management? How to design empirical research addressing earnings management? What are the limitations and strengths of current empirical models?
Download or read book Program and Proceedings written by American Accounting Association and published by . This book was released on 2006 with total page 366 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Yale Law Journal Volume 124 Number 4 January February 2015 written by Yale Law Journal and published by Quid Pro Books. This book was released on 2015-02-04 with total page 455 pages. Available in PDF, EPUB and Kindle. Book excerpt: The contents of the January-February 2015 issue of the Yale Law Journal (Volume 124, Number 4) are: Articles: • "Cost-Benefit Analysis of Financial Regulation: Case Studies and Implications," John C. Coates IV • "Beyond the Indian Commerce Clause," Gregory Ablavsky Essays: • "On Evidence: Proving Frye as a Matter of Law, Science, and History," Jill Lepore • "The End of Jurisprudence," Scott Hershovitz Notes: • "Against the Tide: Connecticut Oystering, Hybrid Property, and the Survival of the Commons," Zachary C.M. Arnold • "Perceptions of Taxing and Spending: A Survey Experiment," Conor Clarke & Edward Fox Comments: • "The Psychology of Punishment and the Puzzle of Why Tortfeasor Death Defeats Liability for Punitive Damages," Roseanna Sommers • "The Case for Regulating Fully Autonomous Weapons," John Lewis • "From Child Protection to Children's Rights: Rethinking Homosexual Propaganda Bans in Human Rights Law," Ryan Thoreson Quality ebook formatting includes fully linked footnotes and an active Table of Contents (including linked Contents for all individual Articles, Notes, and Essays), proper Bluebook formatting, and active URLs in footnotes.
Download or read book Sophie s World written by Jostein Gaarder and published by Farrar, Straus and Giroux. This book was released on 2007-03-20 with total page 735 pages. Available in PDF, EPUB and Kindle. Book excerpt: A page-turning novel that is also an exploration of the great philosophical concepts of Western thought, Jostein Gaarder's Sophie's World has fired the imagination of readers all over the world, with more than twenty million copies in print. One day fourteen-year-old Sophie Amundsen comes home from school to find in her mailbox two notes, with one question on each: "Who are you?" and "Where does the world come from?" From that irresistible beginning, Sophie becomes obsessed with questions that take her far beyond what she knows of her Norwegian village. Through those letters, she enrolls in a kind of correspondence course, covering Socrates to Sartre, with a mysterious philosopher, while receiving letters addressed to another girl. Who is Hilde? And why does her mail keep turning up? To unravel this riddle, Sophie must use the philosophy she is learning—but the truth turns out to be far more complicated than she could have imagined.
Download or read book The Financial Crisis Inquiry Report written by Financial Crisis Inquiry Commission and published by Cosimo, Inc.. This book was released on 2011-05-01 with total page 692 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.
Download or read book Following the Money written by George Benston and published by Brookings Institution Press. This book was released on 2004-05-13 with total page 154 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Brookings Institution Press and American Enterprise Institute publication A few years ago, Americans held out their systems of corporate governance and financial disclosure as models to be emulated by the rest of the world. But in late 2001 U.S. policymakers and corporate leaders found themselves facing the largest corporate accounting scandals in American history. The spectacular collapses of Enron and Worldcom—as well as the discovery of accounting irregularities at other large U.S. companies—seemed to call into question the efficacy of the entire system of corporate governance in the United States. In response, Congress quickly enacted a comprehensive package of reform measures in what has come to be known as the Sarbanes-Oxley Act. The New York Stock Exchange and the NASDAQ followed by making fundamental changes to their listing requirements. The private sector acted as well. Accounting firms—watching in horror as one of their largest, Arthur Andersen, collapsed after a criminal conviction for document shredding—tightened their auditing procedures. Stock analysts and ratings agencies, hit hard by a series of disclosures about their failings, changed their practices as well. Will these reforms be enough? Are some counterproductive? Are other shortcomings in the disclosure system still in need of correction? These are among the questions that George Benston, Michael Bromwich, Robert E. Litan, and Alfred Wagenhofer address in Following the Money. While the authors agree that the U.S. system of corporate disclosure and governance is in need of change, they are concerned that policymakers may be overreacting in some areas and taking actions in others that may prove to be ineffective or even counterproductive. Using the Enron case as a point of departure, the authors argue that the major problem lies not in the accounting and auditing standards themselves, but in the system of enforcing those standards.
Download or read book Strengthening Forensic Science in the United States written by National Research Council and published by National Academies Press. This book was released on 2009-07-29 with total page 348 pages. Available in PDF, EPUB and Kindle. Book excerpt: Scores of talented and dedicated people serve the forensic science community, performing vitally important work. However, they are often constrained by lack of adequate resources, sound policies, and national support. It is clear that change and advancements, both systematic and scientific, are needed in a number of forensic science disciplines to ensure the reliability of work, establish enforceable standards, and promote best practices with consistent application. Strengthening Forensic Science in the United States: A Path Forward provides a detailed plan for addressing these needs and suggests the creation of a new government entity, the National Institute of Forensic Science, to establish and enforce standards within the forensic science community. The benefits of improving and regulating the forensic science disciplines are clear: assisting law enforcement officials, enhancing homeland security, and reducing the risk of wrongful conviction and exoneration. Strengthening Forensic Science in the United States gives a full account of what is needed to advance the forensic science disciplines, including upgrading of systems and organizational structures, better training, widespread adoption of uniform and enforceable best practices, and mandatory certification and accreditation programs. While this book provides an essential call-to-action for congress and policy makers, it also serves as a vital tool for law enforcement agencies, criminal prosecutors and attorneys, and forensic science educators.
Download or read book Audit Regulations Audit Market Structure and Financial Reporting Quality written by Christopher Bleibtreu and published by . This book was released on 2021-11-24 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: Audit Regulations, Audit Market Structure, and Financial Reporting Quality provides a structured overview of the empirical and analytical literature on the effects of audit market regulations. After a short introduction, the monograph is organized as follows. Chapter II addresses the structure of the audit markets of industrialized countries. First presenting an overview of the concentration metrics used to describe the structure of an audit market or a market segment, then providing the empirical findings on audit market concentration at the national level and presenting an overview of the main reasons that led to the currently high degree of concentration. Chapter III summarizes the reasons why regulators worldwide consider a high degree of concentration to be a concern. In particular, it reviews the regulator's assumption that a high degree of concentration inevitably leads to a low degree of competition and to the corresponding effects of low audit quality and high audit fees. It also provides an overview of the empirical findings on the association between concentration and audit quality and fees, respectively. Chapter IV introduces the mandatory audit firm rotation, the prohibition on the joint supply of audit and non-audit services, and joint audits as examples for regulations that are likely to have both incentive and market structure effects. Chapter V summarizes the empirical findings on the effects of these regulations on audit quality and market structure. Chapter VI summarizes models that regard the market structure as given. The results from these models show that the effects of regulations are not straightforward, but depend on various factors related to the auditor, the client, and the legal environment. Chapter VII gives an overview of analytical research that simultaneously considers incentive effects and market structure effects. It also provides a brief overview of industrial organization models that seem suitable to expand the models applied to investigate the effects of audit regulations. Chapter VIII concludes and highlights avenues for future research.
Download or read book Earnings Quality written by Patricia M. Dechow and published by Research Foundation of the Institute of Chartered Financial Analysts. This book was released on 2004-01-01 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Preliminary Views on Financial Statement Presentation written by International Accounting Standards Board and published by . This book was released on 2008 with total page 174 pages. Available in PDF, EPUB and Kindle. Book excerpt:
