Pub Date : 2009-03-18DOI: 10.2174/1874915100902010007
Leif Atle Beisland
Value relevance research empirically investigates the usefulness of accounting information to stock investors. Accounting information is denoted as value relevant if there is a statistical association between the accounting numbers and market values of equity. This review provides a comprehensive study of the value relevance literature. The review fo- cuses mainly on high-quality value relevance research from the last two decades, but it also covers seminal studies from the late 1960s. The primary focus is on research on U.S. financial data, but some international evidence is also presented. The articles are generally selected from top accounting journals. The review offers an introduction to the methodology employed within this research tradition and presents the main results from studies regarding the value relevance of the two summary measures used in financial reports, namely, earnings and book equity. Furthermore, the review describes studies on the development in value relevance over time and shows how value relevance from different accounting methods can be compared. Overall, the review provides in-depth information on the value relevance literature to readers who wish to familiarise themselves with this line of empirical accounting research.
{"title":"A Review of the Value Relevance Literature","authors":"Leif Atle Beisland","doi":"10.2174/1874915100902010007","DOIUrl":"https://doi.org/10.2174/1874915100902010007","url":null,"abstract":"Value relevance research empirically investigates the usefulness of accounting information to stock investors. Accounting information is denoted as value relevant if there is a statistical association between the accounting numbers and market values of equity. This review provides a comprehensive study of the value relevance literature. The review fo- cuses mainly on high-quality value relevance research from the last two decades, but it also covers seminal studies from the late 1960s. The primary focus is on research on U.S. financial data, but some international evidence is also presented. The articles are generally selected from top accounting journals. The review offers an introduction to the methodology employed within this research tradition and presents the main results from studies regarding the value relevance of the two summary measures used in financial reports, namely, earnings and book equity. Furthermore, the review describes studies on the development in value relevance over time and shows how value relevance from different accounting methods can be compared. Overall, the review provides in-depth information on the value relevance literature to readers who wish to familiarise themselves with this line of empirical accounting research.","PeriodicalId":246270,"journal":{"name":"The Open Business Journal","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129311154","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2009-01-29DOI: 10.2174/1874915100902010001
Mark J. Holmes
This paper offers new insights into the nature of exchange rate pass through modelling in the context of a Markov regime-switching environment. Using New Zealand data, the results indicate that pass through to import prices resulting from fluctuations in the exchange rate or exporter costs can be characterised as regime-specific. Furthermore, there is evidence that the probability of switching between higher and lower pass through regimes is significantly influ- enced by inflation where stable rates of inflation increase the probability of remaining in a low pass through regime.
{"title":"The Response of Exchange Rate Pass-Through to the Macroeconomic Environment","authors":"Mark J. Holmes","doi":"10.2174/1874915100902010001","DOIUrl":"https://doi.org/10.2174/1874915100902010001","url":null,"abstract":"This paper offers new insights into the nature of exchange rate pass through modelling in the context of a Markov regime-switching environment. Using New Zealand data, the results indicate that pass through to import prices resulting from fluctuations in the exchange rate or exporter costs can be characterised as regime-specific. Furthermore, there is evidence that the probability of switching between higher and lower pass through regimes is significantly influ- enced by inflation where stable rates of inflation increase the probability of remaining in a low pass through regime.","PeriodicalId":246270,"journal":{"name":"The Open Business Journal","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-01-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116179934","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2008-11-12DOI: 10.2174/1874915100801010062
Amarjit Gill, N. Biger, Smita Bhutani
This study examines the relationship between corporate performance and the CEO compensation. Data were collected from www.sedar.com (the official site that provides access to most public securities documents and information filed by public companies and investment funds with the Canadian Securities Administrators (CSA) in the SEDAR filing system), www.sec.gov/edgar.shtml, and www.hoovers.com to examine the relationship between corporate performance and the CEO compensation. Results suggest that CEO compensation is the function of net profit margin. This paper offers useful insights for the service industry owner/operators based on empirical evidence.
{"title":"Corporate Performance and the Chief Executive Officer's Compensation in the Service Industry","authors":"Amarjit Gill, N. Biger, Smita Bhutani","doi":"10.2174/1874915100801010062","DOIUrl":"https://doi.org/10.2174/1874915100801010062","url":null,"abstract":"This study examines the relationship between corporate performance and the CEO compensation. Data were collected from www.sedar.com (the official site that provides access to most public securities documents and information filed by public companies and investment funds with the Canadian Securities Administrators (CSA) in the SEDAR filing system), www.sec.gov/edgar.shtml, and www.hoovers.com to examine the relationship between corporate performance and the CEO compensation. Results suggest that CEO compensation is the function of net profit margin. This paper offers useful insights for the service industry owner/operators based on empirical evidence.","PeriodicalId":246270,"journal":{"name":"The Open Business Journal","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-11-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132246990","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2008-10-29DOI: 10.2174/1874915100801010053
I. Fillis
This work involves an examination of the internationalisation process of the smaller firm, focusing on the craft enterprise in the United Kingdom and the Republic of Ireland. Craft sector analysis was carried out in order to determine historical precedents as well as to assist in the identification of industry and firm level factors impinging upon domestic and export market behaviour. A range of internationalisation theories are discussed, with the conclusion that the majority of these frameworks fail to readily explain smaller firm exporting behaviour. More recent developments such as the born global firm, the instant international and networking for internationalisation are deemed more appropriate fits for smaller firm internationalisation research. Quantitative results identify the majority of craft firms as microenterprises with almost one half operating as a single person business. Qualitative analysis enabled profiling of craft firm types to be carried out. Four orientations are uncovered: the entrepreneur, the idealist, the lifestyler and the latecomer. A composite framework of the factors uncovered in the analysis is constructed in order to better explain the process of smaller firm internationalisa- tion.
{"title":"The Internationalisation Process of the Smaller Firm: An Examination of the Craft Microenterprise","authors":"I. Fillis","doi":"10.2174/1874915100801010053","DOIUrl":"https://doi.org/10.2174/1874915100801010053","url":null,"abstract":"This work involves an examination of the internationalisation process of the smaller firm, focusing on the craft enterprise in the United Kingdom and the Republic of Ireland. Craft sector analysis was carried out in order to determine historical precedents as well as to assist in the identification of industry and firm level factors impinging upon domestic and export market behaviour. A range of internationalisation theories are discussed, with the conclusion that the majority of these frameworks fail to readily explain smaller firm exporting behaviour. More recent developments such as the born global firm, the instant international and networking for internationalisation are deemed more appropriate fits for smaller firm internationalisation research. Quantitative results identify the majority of craft firms as microenterprises with almost one half operating as a single person business. Qualitative analysis enabled profiling of craft firm types to be carried out. Four orientations are uncovered: the entrepreneur, the idealist, the lifestyler and the latecomer. A composite framework of the factors uncovered in the analysis is constructed in order to better explain the process of smaller firm internationalisa- tion.","PeriodicalId":246270,"journal":{"name":"The Open Business Journal","volume":"244 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-10-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134028697","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2008-07-29DOI: 10.2174/1874915100801010034
Chikashi Tsuji
We investigate whether the returns of industry portfolios in Japan predict Fama and French's well-known small- minus-big (SMB) and high-minus-low (HML) factor returns. In Japan, a significant number of industry returns, such as from glass and ceramics products, iron and steel, machinery, textiles and apparel, and marine transportation, forecast either SMB or HML factor returns by up to two or three months. These results hold even after controlling for many predictable macroeco- nomic variables. These findings suggest that industry returns contain profitable information on Fama-French SMB and HML factor returns, and this provides useful practical information for equity investment businesses.
{"title":"Do Industries Lead Fama-French Factor Returns in Japan?","authors":"Chikashi Tsuji","doi":"10.2174/1874915100801010034","DOIUrl":"https://doi.org/10.2174/1874915100801010034","url":null,"abstract":"We investigate whether the returns of industry portfolios in Japan predict Fama and French's well-known small- minus-big (SMB) and high-minus-low (HML) factor returns. In Japan, a significant number of industry returns, such as from glass and ceramics products, iron and steel, machinery, textiles and apparel, and marine transportation, forecast either SMB or HML factor returns by up to two or three months. These results hold even after controlling for many predictable macroeco- nomic variables. These findings suggest that industry returns contain profitable information on Fama-French SMB and HML factor returns, and this provides useful practical information for equity investment businesses.","PeriodicalId":246270,"journal":{"name":"The Open Business Journal","volume":"186 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-07-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125525999","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2008-07-28DOI: 10.2174/1874915100801010001
Amarjit Gill, N. Biger
This study examines the affects of Canadian investors' direct investment expertise and perception on capital losses on their propensity to directly invest in the Indian real estate market. Canadian investors were surveyed to find out the degree to which investors' direct investment expertise and perception on capital losses impact on investors' propensity to direct investment. To test the effects of the above variables, Canadian were asked about their beliefs and feelings re- garding their propensity to directly invest in the Indian real estate market. They were also asked about perceptions on capital losses. We found that the degree of Canadian investors' propensity to direct investment is related to the degree of investors' investment expertise and their perception on capital losses; but the extent of these factors differ based on age and level of education of Canadian investors. The findings may be useful for investment managers.
{"title":"Factors That Affect Canadian Propensity to Direct Investment Abroad: Evidence from the Indian Real Estate Market","authors":"Amarjit Gill, N. Biger","doi":"10.2174/1874915100801010001","DOIUrl":"https://doi.org/10.2174/1874915100801010001","url":null,"abstract":"This study examines the affects of Canadian investors' direct investment expertise and perception on capital losses on their propensity to directly invest in the Indian real estate market. Canadian investors were surveyed to find out the degree to which investors' direct investment expertise and perception on capital losses impact on investors' propensity to direct investment. To test the effects of the above variables, Canadian were asked about their beliefs and feelings re- garding their propensity to directly invest in the Indian real estate market. They were also asked about perceptions on capital losses. We found that the degree of Canadian investors' propensity to direct investment is related to the degree of investors' investment expertise and their perception on capital losses; but the extent of these factors differ based on age and level of education of Canadian investors. The findings may be useful for investment managers.","PeriodicalId":246270,"journal":{"name":"The Open Business Journal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-07-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131233535","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2008-07-18DOI: 10.2174/1874915100801010025
A. Silva, Bernardo Barbosa da Silva
Traditional methods of modeling and estimating the term structure of interest rates assume that bonds are fre- quently traded and have a complete data set. In this paper, we use the Kalman filter approach to estimate and compare the term structure of assets with complete and sparse data set in the same country. Brazil offers a unique case study because the stock of government bonds is one of the largest in the world. We test for two types of financial assets: government bonds (which are characterized by infrequent trading) and One-Day Interbank Deposit Futures (which are the most liquid interest rate derivative in the Brazilian market). Our results indicate that the model performs well in fitting observed yields of both government bonds and interest rates futures contracts. Most importantly, out-of-sample errors for government bonds are very close to those of interest rates futures contracts, which suggests that the model can be successfully used for forecasting yield curves of sporadically traded assets.
{"title":"Estimating and Comparing the Term Structure of Interest Rates for Assets with Frequent and Infrequent Trading","authors":"A. Silva, Bernardo Barbosa da Silva","doi":"10.2174/1874915100801010025","DOIUrl":"https://doi.org/10.2174/1874915100801010025","url":null,"abstract":"Traditional methods of modeling and estimating the term structure of interest rates assume that bonds are fre- quently traded and have a complete data set. In this paper, we use the Kalman filter approach to estimate and compare the term structure of assets with complete and sparse data set in the same country. Brazil offers a unique case study because the stock of government bonds is one of the largest in the world. We test for two types of financial assets: government bonds (which are characterized by infrequent trading) and One-Day Interbank Deposit Futures (which are the most liquid interest rate derivative in the Brazilian market). Our results indicate that the model performs well in fitting observed yields of both government bonds and interest rates futures contracts. Most importantly, out-of-sample errors for government bonds are very close to those of interest rates futures contracts, which suggests that the model can be successfully used for forecasting yield curves of sporadically traded assets.","PeriodicalId":246270,"journal":{"name":"The Open Business Journal","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128541840","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2008-06-13DOI: 10.2174/1874915100801010010
H. Gottinger, C. L. Umali
This paper presents an application of network economics to the formation of alliances in the biotech-pharma industry .The framework analysis provides insights under which firms create hybrid governance forms, integrate strategy and economics into a more holistic perspective on network strategy. Firm network types link network economies, competencies and market structure, creating integration between participants and change as additional dimensions. ‘Change’ introduces a dynamic, evolutionary aspect. The resulting constructs involve the network dimension as a mechanism design for investigating the evolution and life cycles of firm networks. An analysis of alliances within the pharmaceutical and biotechnology industries develops the framework , including a historical tracing, and an empirical examination of the relationship between collaboration rate (CR) and market performance of major globally operating pharmaceutical firms. Case examples, supported quantitatively and qualitatively, provide evidence for the efficacy and implications of the network dimension.
{"title":"Strategic Alliances in Global Biotech Pharma Industries","authors":"H. Gottinger, C. L. Umali","doi":"10.2174/1874915100801010010","DOIUrl":"https://doi.org/10.2174/1874915100801010010","url":null,"abstract":"This paper presents an application of network economics to the formation of alliances in the biotech-pharma industry .The framework analysis provides insights under which firms create hybrid governance forms, integrate strategy and economics into a more holistic perspective on network strategy. Firm network types link network economies, competencies and market structure, creating integration between participants and change as additional dimensions. ‘Change’ introduces a dynamic, evolutionary aspect. The resulting constructs involve the network dimension as a mechanism design for investigating the evolution and life cycles of firm networks. An analysis of alliances within the pharmaceutical and biotechnology industries develops the framework , including a historical tracing, and an empirical examination of the relationship between collaboration rate (CR) and market performance of major globally operating pharmaceutical firms. Case examples, supported quantitatively and qualitatively, provide evidence for the efficacy and implications of the network dimension.","PeriodicalId":246270,"journal":{"name":"The Open Business Journal","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-06-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114473921","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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