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  • 1
    Online Resource
    Online Resource
    [NO TITLE AVAILABLE]
    FapUNIFESP (SciELO) ; 2008
    In:  Revista de Administração Contemporânea Vol. 12, No. 2 ( 2008-06), p. 583-583
    Details
    In: Revista de Administração Contemporânea, FapUNIFESP (SciELO), Vol. 12, No. 2 ( 2008-06), p. 583-583
    Type of Medium: Online Resource
    ISSN: 1982-7849 , 1415-6555
    URL: Article
    DOI: 10.1590/S1415-65552008000200015
    Language: Unknown
    Publisher: FapUNIFESP (SciELO)
    Publication Date: 2008
    detail.hit.zdb_id: 2415705-3
    SSG: 7,36
    SSG: 3,2
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  • 2
    Online Resource
    Online Resource
    The Relevance of Target Accounting Quality to the Long‐Term Success of Cross‐Border Mergers
    Wiley ; 2007
    In:  Journal of Business Finance & Accounting Vol. 34, No. 1-2 ( 2007-01), p. 139-168
    Details
    In: Journal of Business Finance & Accounting, Wiley, Vol. 34, No. 1-2 ( 2007-01), p. 139-168
    Abstract: Abstract:  We investigate a sample of cross‐border mergers involving US firms that acquired foreign targets between 1985 and 1995. Our general interest is in the long‐term success of the acquisitions, measured by the post‐merger abnormal returns to the US acquirers. Our primary focus is the relationship between the quality of the foreign target's accounting disclosures and the acquisition's long‐term success. Employing a procedure recommended by Lyon et al. (1999) , we find that US acquirers in cross‐border mergers experience significantly negative long‐term abnormal returns post‐merger. These returns also are significantly more negative than those realized by a matched sample of US acquirers that acquired US targets. To investigate the potential association between the US acquirers' post‐acquisition returns and target firms' accounting disclosures, we classify the merger transactions by target firm home country. We define variables to reflect the quality of accounting disclosures and control for other important country‐specific features. The results reveal that post‐merger abnormal returns are less negative for acquirers of targets based in countries where accounting data is less value relevant. This may be due to a higher cost of capital for target firms in these countries, resulting in a built‐in discount in the pricing of targets. An examination of the premiums paid in a subset of 79 cross‐border mergers reveals evidence consistent with this contention: premiums are lower for target firms based in countries where accounting data is less value relevant. These results suggest that shareholders of targets from such countries pay a price for their country's institutional framework that makes accounting information less value relevant.
    Type of Medium: Online Resource
    ISSN: 0306-686X , 1468-5957
    URL: Issue
    URL: Article
    DOI: 10.1111/jbfa.2007.34.issue-1-2
    DOI: 10.1111/j.1468-5957.2006.00654.x
    Language: English
    Publisher: Wiley
    Publication Date: 2007
    detail.hit.zdb_id: 2020001-8
    detail.hit.zdb_id: 192962-8
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  • 3
    Online Resource
    Online Resource
    Who Trades on Pro Forma Earnings Information?
    American Accounting Association ; 2007
    In:  The Accounting Review Vol. 82, No. 3 ( 2007-05-01), p. 581-619
    Details
    In: The Accounting Review, American Accounting Association, Vol. 82, No. 3 ( 2007-05-01), p. 581-619
    Abstract: In recent years, many companies have emphasized adjusted-GAAP earnings numbers in their quarterly press releases. While managers use different names to describe these nonstandard earnings metrics, the financial press frequently refers to them as “pro forma” earnings. Managers and other advocates of pro forma reporting argue that these disclosures provide a clearer picture of companies' core earnings. On the other hand, regulators, policymakers, and the financial press often allege that managers' pro forma earnings disclosures are opportunistic attempts to mislead investors. Recent evidence suggests that while many pro forma earnings disclosures are altruistically motivated, some may represent managers' attempts to portray overly optimistic financial performance. If this is the case, then less wealthy, less sophisticated, individual investors are arguably the most at risk of being misled. Consequently, this study investigates who trades on pro forma earnings information. Our intraday investigation of transactions around earnings announcements containing pro forma earnings information reveals that less sophisticated investors' announcement-period abnormal trading is significantly positively associated with the magnitude and direction of the earnings surprise based on pro forma earnings. In contrast, we find no association between sophisticated investors' trading and manager-reported pro forma information. Overall, our analyses and numerous robustness tests suggest that the segment of the market that relies on pro forma earnings information is populated predominantly by less sophisticated individual investors. This evidence is particularly relevant to standard-setters and regulators given that Section 401(b) of the Sarbanes-Oxley Act of 2002 and subsequent SEC regulations are specifically designed to protect ordinary investors from misleading pro forma information.
    Type of Medium: Online Resource
    ISSN: 0001-4826 , 1558-7967
    URL: Article
    DOI: 10.2308/accr.2007.82.3.581
    Language: English
    Publisher: American Accounting Association
    Publication Date: 2007
    detail.hit.zdb_id: 210224-9
    detail.hit.zdb_id: 2064580-6
    SSG: 3,2
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  • 4
    Online Resource
    Online Resource
    The Relevance of Target Accounting Quality to the Long‐Term Success of Cross‐Border Mergers
    Wiley ; 2007
    In:  Journal of Business Finance & Accounting Vol. 34, No. 1-2 ( 2007-01), p. 139-168
    Details
    In: Journal of Business Finance & Accounting, Wiley, Vol. 34, No. 1-2 ( 2007-01), p. 139-168
    Abstract: Abstract:  We investigate a sample of cross‐border mergers involving US firms that acquired foreign targets between 1985 and 1995. Our general interest is in the long‐term success of the acquisitions, measured by the post‐merger abnormal returns to the US acquirers. Our primary focus is the relationship between the quality of the foreign target's accounting disclosures and the acquisition's long‐term success. Employing a procedure recommended by Lyon et al. (1999) , we find that US acquirers in cross‐border mergers experience significantly negative long‐term abnormal returns post‐merger. These returns also are significantly more negative than those realized by a matched sample of US acquirers that acquired US targets. To investigate the potential association between the US acquirers' post‐acquisition returns and target firms' accounting disclosures, we classify the merger transactions by target firm home country. We define variables to reflect the quality of accounting disclosures and control for other important country‐specific features. The results reveal that post‐merger abnormal returns are less negative for acquirers of targets based in countries where accounting data is less value relevant. This may be due to a higher cost of capital for target firms in these countries, resulting in a built‐in discount in the pricing of targets. An examination of the premiums paid in a subset of 79 cross‐border mergers reveals evidence consistent with this contention: premiums are lower for target firms based in countries where accounting data is less value relevant. These results suggest that shareholders of targets from such countries pay a price for their country's institutional framework that makes accounting information less value relevant.
    Type of Medium: Online Resource
    ISSN: 0306-686X , 1468-5957
    URL: Issue
    URL: Article
    DOI: 10.1111/jbfa.2007.34.issue-1-2
    DOI: 10.1111/j.1468-5957.2006.01269.x
    Language: English
    Publisher: Wiley
    Publication Date: 2007
    detail.hit.zdb_id: 2020001-8
    detail.hit.zdb_id: 192962-8
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  • 5
    Online Resource
    Online Resource
    The association between corporate governance and product diversification in Brazilian firms: an empirical study
    Virtus Interpress ; 2008
    In:  Corporate Ownership and Control Vol. 5, No. 2 ( 2008), p. 367-378
    Details
    In: Corporate Ownership and Control, Virtus Interpress, Vol. 5, No. 2 ( 2008), p. 367-378
    Abstract: In this paper we examine the association between product diversification and corporate governance. We add to the pool of current knowledge in three ways. First, we include the effects of strategy on diversification in our model. Second, we eliminate observations that have both good corporate governance and unchanging, high diversification that Anderson et al (2000) attribute to a confounding theory. Third, we use Brazilian data. Using Brazilian companies allows us to see the corporate governance norms, diversification norms, and the existence of a diversification discount in a developing market. We find that there is a positive association between the strength of corporate governance and a company’s level of diversification. We also find that the level of corporate governance significantly affects whether a company is highly diversified. Finally, we find that there is a diversification discount for Brazilian companies. However, after controlling for the effect of corporate governance on diversification, we find that highly diversified firms do not have a significantly different Tobin’s Q.
    Type of Medium: Online Resource
    ISSN: 1810-3057 , 1727-9232
    URL: Journal
    URL: Article
    DOI: 10.22495/coc
    DOI: 10.22495/cocv5i2c3p6
    Language: English
    Publisher: Virtus Interpress
    Publication Date: 2008
    detail.hit.zdb_id: 2472114-1
    detail.hit.zdb_id: 2155954-5
    SSG: 3,2
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  • 6
    Online Resource
    Online Resource
    Does Utility Regulation Substitute for Debt Covenants?
    Elsevier BV ; 2009
    In:  SSRN Electronic Journal
    Details
    In: SSRN Electronic Journal, Elsevier BV
    Type of Medium: Online Resource
    ISSN: 1556-5068
    URL: Article
    DOI: 10.2139/ssrn.1466259
    Language: English
    Publisher: Elsevier BV
    Publication Date: 2009
    detail.hit.zdb_id: 2234654-5
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  • 7
    Online Resource
    Online Resource
    Pro Forma Disclosure and Investor Sophistication: External Validation of Experimental Evidence Using Archival Data
    Elsevier BV ; 2006
    In:  SSRN Electronic Journal
    Details
    In: SSRN Electronic Journal, Elsevier BV
    Type of Medium: Online Resource
    ISSN: 1556-5068
    URL: Article
    DOI: 10.2139/ssrn.483823
    Language: English
    Publisher: Elsevier BV
    Publication Date: 2006
    detail.hit.zdb_id: 2234654-5
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  • 8
    Online Resource
    Online Resource
    Pro forma disclosure and investor sophistication: External validation of experimental evidence using archival data
    Elsevier BV ; 2007
    In:  Accounting, Organizations and Society Vol. 32, No. 3 ( 2007-4), p. 201-222
    Details
    In: Accounting, Organizations and Society, Elsevier BV, Vol. 32, No. 3 ( 2007-4), p. 201-222
    Type of Medium: Online Resource
    ISSN: 0361-3682
    URL: Article
    DOI: 10.1016/j.aos.2006.09.012
    Language: English
    Publisher: Elsevier BV
    Publication Date: 2007
    detail.hit.zdb_id: 2009661-6
    SSG: 3,2
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  • 9
    Online Resource
    Online Resource
    Analysts' Forecasts in Asian‐Pacific Markets: The Relationship among Macroeconomic Factors, Accounting Systems, Bias and Accuracy
    Wiley ; 2006
    In:  Journal of International Financial Management & Accounting Vol. 17, No. 3 ( 2006-10), p. 208-227
    Details
    In: Journal of International Financial Management & Accounting, Wiley, Vol. 17, No. 3 ( 2006-10), p. 208-227
    Abstract: In this study, we describe determinants of accuracy/bias of analysts' forecasts in 13 economies of the Asian‐Pacific region. Examination of the accuracy of analysts' earnings forecasts allows us to judge how accounting systems and macroeconomic distinctions in this region affect earnings predictability. As many investors rely on analysts' earnings forecasts instead of producing their own, the growth of international investment means forecasts in non‐US markets will become increasingly important to investors worldwide. Using a sample of firms with data available on Global Vantage and I/B/E/S International, we find that the analysts on average have a pessimistic bias in Asian‐Pacific markets. We examine whether macroeconomic factors explain part of the difference in the size of analyst forecast errors, using the global competitiveness rankings of the World Economic Forum (WEF). We expect that those nations which are more open to foreign trade and investment and are ranked more highly by the WEF in its Global Competitiveness Index will also have more accurate analyst forecasts, as increased global competitiveness demands greater integration into the world economy, and such integration should lead to more transparent financial statements and more accurate earnings forecasts. Our findings are consistent with this prediction. We also find that countries with low book‐tax conformity have more accurate earnings forecasts.
    Type of Medium: Online Resource
    ISSN: 0954-1314 , 1467-646X
    URL: Issue
    URL: Article
    DOI: 10.1111/jifm.2006.17.issue-3
    DOI: 10.1111/j.1467-646X.2006.00127.x
    RVK:
    QA 10000
    Language: English
    Publisher: Wiley
    Publication Date: 2006
    detail.hit.zdb_id: 1052485-X
    detail.hit.zdb_id: 2016478-6
    SSG: 3,2
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  • 10
    Online Resource
    Online Resource
    Qualitative Factors as Determinants of Continued Success:An Examination of eBusiness Entrepreneurial Firms Using the NewVenture Template
    Pepperdine Libraries ; 2009
    In:  The Journal of Entrepreneurial Finance Vol. 13, No. 2 ( 2009-12-01), p. 76-102
    Details
    In: The Journal of Entrepreneurial Finance, Pepperdine Libraries, Vol. 13, No. 2 ( 2009-12-01), p. 76-102
    Type of Medium: Online Resource
    ISSN: 2373-1761
    URL: Article
    DOI: 10.57229/2373-1761.1022
    Language: English
    Publisher: Pepperdine Libraries
    Publication Date: 2009
    detail.hit.zdb_id: 2614172-3
    SSG: 3,2
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