Download or read book Corporate Payout Policy written by Harry DeAngelo and published by Now Publishers Inc. This book was released on 2009 with total page 215 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate Payout Policy synthesizes the academic research on payout policy and explains "how much, when, and how". That is (i) the overall value of payouts over the life of the enterprise, (ii) the time profile of a firm's payouts across periods, and (iii) the form of those payouts. The authors conclude that today's theory does a good job of explaining the general features of corporate payout policies, but some important gaps remain. So while our emphasis is to clarify "what we know" about payout policy, the authors also identify a number of interesting unresolved questions for future research. Corporate Payout Policy discusses potential influences on corporate payout policy including managerial use of payouts to signal future earnings to outside investors, individuals' behavioral biases that lead to sentiment-based demands for distributions, the desire of large block stockholders to maintain corporate control, and personal tax incentives to defer payouts. The authors highlight four important "carry-away" points: the literature's focus on whether repurchases will (or should) drive out dividends is misplaced because it implicitly assumes that a single payout vehicle is optimal; extant empirical evidence is strongly incompatible with the notion that the primary purpose of dividends is to signal managers' views of future earnings to outside investors; over-confidence on the part of managers is potentially a first-order determinant of payout policy because it induces them to over-retain resources to invest in dubious projects and so behavioral biases may, in fact, turn out to be more important than agency costs in explaining why investors pressure firms to accelerate payouts; the influence of controlling stockholders on payout policy --- particularly in non-U.S. firms, where controlling stockholders are common --- is a promising area for future research. Corporate Payout Policy is required reading for both researchers and practitioners interested in understanding this central topic in corporate finance and governance.

Download or read book The Handbook of Equity Market Anomalies written by Leonard Zacks and published by John Wiley & Sons. This book was released on 2011-08-24 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: Investment pioneer Len Zacks presents the latest academic research on how to beat the market using equity anomalies The Handbook of Equity Market Anomalies organizes and summarizes research carried out by hundreds of finance and accounting professors over the last twenty years to identify and measure equity market inefficiencies and provides self-directed individual investors with a framework for incorporating the results of this research into their own investment processes. Edited by Len Zacks, CEO of Zacks Investment Research, and written by leading professors who have performed groundbreaking research on specific anomalies, this book succinctly summarizes the most important anomalies that savvy investors have used for decades to beat the market. Some of the anomalies addressed include the accrual anomaly, net stock anomalies, fundamental anomalies, estimate revisions, changes in and levels of broker recommendations, earnings-per-share surprises, insider trading, price momentum and technical analysis, value and size anomalies, and several seasonal anomalies. This reliable resource also provides insights on how to best use the various anomalies in both market neutral and in long investor portfolios. A treasure trove of investment research and wisdom, the book will save you literally thousands of hours by distilling the essence of twenty years of academic research into eleven clear chapters and providing the framework and conviction to develop market-beating strategies. Strips the academic jargon from the research and highlights the actual returns generated by the anomalies, and documented in the academic literature Provides a theoretical framework within which to understand the concepts of risk adjusted returns and market inefficiencies Anomalies are selected by Len Zacks, a pioneer in the field of investing As the founder of Zacks Investment Research, Len Zacks pioneered the concept of the earnings-per-share surprise in 1982 and developed the Zacks Rank, one of the first anomaly-based stock selection tools. Today, his firm manages U.S. equities for individual and institutional investors and provides investment software and investment data to all types of investors. Now, with his new book, he shows you what it takes to build a quant process to outperform an index based on academically documented market inefficiencies and anomalies.

Download or read book Governance Regulation and Innovation written by Mehmet Ugur and published by Edward Elgar Publishing. This book was released on 2013-08-01 with total page 289 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book aims to disentangle the complex relationship between innovation and its potential determinants, paying special attention to the roles of governance and regulatory frameworks, and the ways in which the latter interact with other drivers of innovation such as competition and the innovators closeness to the technology frontier. The contributors provide theoretically grounded and empirically-rich findings indicating that governance and regulation affect innovation directly and indirectly through interaction with other drivers of innovation. The direct effects are positive in the case of governance quality and prescriptive regulations that set standards for compliance. However, the direct effects of corporate governance are not uniform and depend on the corporate governance dimension under investigation. The authors demonstrate that the direct effects are only part of the story. Both governance and regulatory standards interact with the level of competition and the distance to the technology frontier that may have complementary or offsetting effects. Overall, the findings in the book indicate that the relationship between innovation and its potential determinants is more complex and hence calls for more nuanced policy design compared to what is assumed in policy statements by national and international policy actors. This thought-provoking book will provide a stimulating read for a wide-ranging audience, including scholars and researchers in the fields of economics, industrial organization, public policy and innovation studies.

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 Institutional Investors Long term Investment and Earnings Management written by Brian J. Bushee and published by . This book was released on 1997 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the influence of institutional investors on the incentives of corporate managers to alter long-term investment for earnings management purposes. Many critics argue that the short-term focus of institutional investors encourages managers to sacrifice long-term investment to meet current earnings targets. Others argue that the large stockholdings and sophistication of institutions allow them to fulfill a monitoring role in preventing such myopicinvestment behavior. I examine these competing views by testing whether institutional ownership affects R&D spending for firms that could reverse a decline in earnings with a reduction in R&D. The results indicate that managers are less likely to cut R&D to reverse an earnings decline when institutional ownership is high, implying that institutions typically serve a monitoring role relative to individual investors. However, I find that a high proportion of ownership by institutions exhibiting "transient" ownership behavior (i.e., high portfolio turnover and momentum trading) significantly increases the probability that managers reduce R&D to boost earnings. These results indicate that high turnover and momentum trading by institutional investors can encourage myopic investment behavior when such institutional investors have extremely high levels of ownership in a firm; otherwise, institutional ownership serves to reduce pressures on managers for myopic investment behavior.

Download or read book FDIC Quarterly written by and published by . This book was released on 2009 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Equity Ownership and Performance written by Kerstin Groß and published by Springer Science & Business Media. This book was released on 2007-05-06 with total page 380 pages. Available in PDF, EPUB and Kindle. Book excerpt: The empirical studies presented in this book model the endogeneity by applying the simultaneous equations methodology on the relation of ownership and financial performance as well as on different ownership dimensions themselves. Its final model comprises a four equations system containing performance, general ownership concentration, managerial and institutional ownership.

Download or read book Journal of Corporate Finance written by and published by . This book was released on 2001 with total page 978 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Institutional Investors and Corporate Governance written by Theodor Baums and published by Walter de Gruyter. This book was released on 2011-05-02 with total page 725 pages. Available in PDF, EPUB and Kindle. Book excerpt: The volume contains 23 articles by international experts, both scholars and practioners dealing with the development of institutional investors (such as banks, insurances, investment companies, pension funds etc.), their investment and voting policies, the impact on managements of the companies concerned and related issues. The consequences of the international development on capital markets as well as policy implications for the respective national legislations are treated.

Download or read book The FDIC Quarterly Banking Profile written by and published by . This book was released on 1995 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Benford s Law written by Mark J. Nigrini and published by John Wiley & Sons. This book was released on 2012-03-09 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: A powerful new tool for all forensic accountants, or anyone whoanalyzes data that may have been altered Benford's Law gives the expected patterns of the digits in thenumbers in tabulated data such as town and city populations orMadoff's fictitious portfolio returns. Those digits, in unaltereddata, will not occur in equal proportions; there is a large biastowards the lower digits, so much so that nearly one-half of allnumbers are expected to start with the digits 1 or 2. Thesepatterns were originally discovered by physicist Frank Benford inthe early 1930s, and have since been found to apply to alltabulated data. Mark J. Nigrini has been a pioneer in applyingBenford's Law to auditing and forensic accounting, even before hisgroundbreaking 1999 Journal of Accountancy article introducing thisuseful tool to the accounting world. In Benford's Law, Nigrinishows the widespread applicability of Benford's Law and itspractical uses to detect fraud, errors, and other anomalies. Explores primary, associated, and advanced tests, all describedwith data sets that include corporate payments data and electiondata Includes ten fraud detection studies, including vendor fraud,payroll fraud, due diligence when purchasing a business, and taxevasion Covers financial statement fraud, with data from Enron, AIG,and companies that were the target of hedge fund short sales Looks at how to detect Ponzi schemes, including data on Madoff,Waxenberg, and more Examines many other applications, from the Clinton tax returnsand the charitable gifts of Lehman Brothers to tax evasion andnumber invention Benford's Law has 250 figures and uses 50 interestingauthentic and fraudulent real-world data sets to explain boththeory and practice, and concludes with an agenda and directionsfor future research. The companion website adds additionalinformation and resources.

Download or read book Advances in Behavioral Finance written by Richard H. Thaler and published by Russell Sage Foundation. This book was released on 1993-08-19 with total page 628 pages. Available in PDF, EPUB and Kindle. Book excerpt: Modern financial markets offer the real world's best approximation to the idealized price auction market envisioned in economic theory. Nevertheless, as the increasingly exquisite and detailed financial data demonstrate, financial markets often fail to behave as they should if trading were truly dominated by the fully rational investors that populate financial theories. These markets anomalies have spawned a new approach to finance, one which as editor Richard Thaler puts it, "entertains the possibility that some agents in the economy behave less than fully rationally some of the time." Advances in Behavioral Finance collects together twenty-one recent articles that illustrate the power of this approach. These papers demonstrate how specific departures from fully rational decision making by individual market agents can provide explanations of otherwise puzzling market phenomena. To take several examples, Werner De Bondt and Thaler find an explanation for superior price performance of firms with poor recent earnings histories in the tendencies of investors to overreact to recent information. Richard Roll traces the negative effects of corporate takeovers on the stock prices of the acquiring firms to the overconfidence of managers, who fail to recognize the contributions of chance to their past successes. Andrei Shleifer and Robert Vishny show how the difficulty of establishing a reliable reputation for correctly assessing the value of long term capital projects can lead investment analysis, and hence corporate managers, to focus myopically on short term returns. As a testing ground for assessing the empirical accuracy of behavioral theories, the successful studies in this landmark collection reach beyond the world of finance to suggest, very powerfully, the importance of pursuing behavioral approaches to other areas of economic life. Advances in Behavioral Finance is a solid beachhead for behavioral work in the financial arena and a clear promise of wider application for behavioral economics in the future.

Download or read book Journal of Accounting and Economics written by University of Rochester. Graduate School of Management and published by . This book was released on 1996 with total page 818 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Advances in Quantitative Analysis of Finance and Accounting New Series Vol 15 written by Cheng F. Lee and published by Center for PBBEFR & Airiti Press. This book was released on 2017-01-01 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Advances in Quantitative Analysis of Finance and Accounting (New Series) is an annual publication designed to disseminate developments in the quantitative analysis of finance and accounting. The publication is a forum for statistical and quantitative analyses of issues in finance and accounting as well as applications of quantitative methods to problems in financial management, financial accounting, and business management. The objective is to promote interaction between academic research in finance and accounting and applied research in the financial community and the accounting profession.

Download or read book Hearings Reports and Prints of the Senate Committee on Appropriations written by United States. Congress. Senate. Committee on Appropriations and published by . This book was released on 1974 with total page 454 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Disclosure of Corporate Ownership written by United States. Congress. Senate. Committee on Government Operations. Subcommittee on Intergovernmental Relations and published by . This book was released on 1973 with total page 442 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Mergent s Handbook of Nasdaq Stocks Summer 2004 written by and published by John Wiley & Sons. This book was released on 2004-07-29 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mergent's Handbook of NASDAQ Stocks? offers you quick and easy access to key financial statistics on companies listed on the NASDAQ Stock Exchange. This handbook, updated quarterly, presents market data, performance ratios, stock prices, and dividend information of recent quarterly results as well as future prospects in succinct one-page profiles. Filled with the latest available facts and figures, Mergent's Handbook of NASDAQ Stocks helps you make the most informed investment decisions. Each full-page company profile includes: Business Summary - highlights products, markets, and business line; Summary of recent developments, including latest quarterly earnings reports; Stock performance chart; Ten years of income statement and balance sheet data, if available; Key performance ratios; Officers, address, phone and fax numbers, Web sites, transfer agents, auditor, investor contact and legal counsel; and more. Plus, features that includes: Company stock selling below book value; Price score leaders; Rankings by selected investment criteria; Stocks with high and low price earnings multiples; Low-price stocks A Century of Providing Trusted Information For over a century, Mergent has been the preferred source for global business and financial information by providing comprehensive data to savvy investors, both novice and professional. Mergent's business research tools offer a convenient way to quickly identify potential investment opportunities with the most reliable and complete business and financial information available.