Author: Eduardo Flores
Publisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
The purpose of this study was to evaluate the effects of hybrid financial instruments in market-based accounting research. Thus, value relevance and timeliness models were used to determine how the accounting figures are assimilated by stock prices and returns (Ohlson, 1995; Aboody et al., 1999; Lopes & Walker, 2012). Additionally, the relationships between these bonds and the cost of capital, financial leverage, and the effective tax rate were observed, all of which are crucial to this fundraising tool (Lee & Figlewicz, 1999). The methodological approach was composed of two samples: (1) the interest group, formed by 39 companies that issued hybrid instruments in 10 different jurisdictions; and (2) the control group, comprised of 107 organizations domiciled in the same jurisdictions and having a similar equity composition to the interest group. The observations, collected quarterly from December 2005 to December 2015, totaled 3,386. The findings indicated that the hybrid financial instruments affected the stock prices and returns of the issuers in a positive and statistically significant way, much like other equity elements (e.g., book value per share and earnings per share). Concerning the determinant factors for the issuance of these bonds, it was found that the issuers had a higher cost of capital, more financial leverage, and a lower effective tax rate than the non-issuers. Therefore, it can be concluded that, while new forms of contracts for obtaining resources, such as hybrid financial instruments, are relevant for the financing of business activities, it is essential that accounting models faithfully represent the economic nature of these instruments in order to prevent biases from occurring among the users of financial statements.
Financial Instruments with Characteristics of Equity Determinants and Consequences
Author: Eduardo Flores
Publisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
The purpose of this study was to evaluate the effects of hybrid financial instruments in market-based accounting research. Thus, value relevance and timeliness models were used to determine how the accounting figures are assimilated by stock prices and returns (Ohlson, 1995; Aboody et al., 1999; Lopes & Walker, 2012). Additionally, the relationships between these bonds and the cost of capital, financial leverage, and the effective tax rate were observed, all of which are crucial to this fundraising tool (Lee & Figlewicz, 1999). The methodological approach was composed of two samples: (1) the interest group, formed by 39 companies that issued hybrid instruments in 10 different jurisdictions; and (2) the control group, comprised of 107 organizations domiciled in the same jurisdictions and having a similar equity composition to the interest group. The observations, collected quarterly from December 2005 to December 2015, totaled 3,386. The findings indicated that the hybrid financial instruments affected the stock prices and returns of the issuers in a positive and statistically significant way, much like other equity elements (e.g., book value per share and earnings per share). Concerning the determinant factors for the issuance of these bonds, it was found that the issuers had a higher cost of capital, more financial leverage, and a lower effective tax rate than the non-issuers. Therefore, it can be concluded that, while new forms of contracts for obtaining resources, such as hybrid financial instruments, are relevant for the financing of business activities, it is essential that accounting models faithfully represent the economic nature of these instruments in order to prevent biases from occurring among the users of financial statements.
Publisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
The purpose of this study was to evaluate the effects of hybrid financial instruments in market-based accounting research. Thus, value relevance and timeliness models were used to determine how the accounting figures are assimilated by stock prices and returns (Ohlson, 1995; Aboody et al., 1999; Lopes & Walker, 2012). Additionally, the relationships between these bonds and the cost of capital, financial leverage, and the effective tax rate were observed, all of which are crucial to this fundraising tool (Lee & Figlewicz, 1999). The methodological approach was composed of two samples: (1) the interest group, formed by 39 companies that issued hybrid instruments in 10 different jurisdictions; and (2) the control group, comprised of 107 organizations domiciled in the same jurisdictions and having a similar equity composition to the interest group. The observations, collected quarterly from December 2005 to December 2015, totaled 3,386. The findings indicated that the hybrid financial instruments affected the stock prices and returns of the issuers in a positive and statistically significant way, much like other equity elements (e.g., book value per share and earnings per share). Concerning the determinant factors for the issuance of these bonds, it was found that the issuers had a higher cost of capital, more financial leverage, and a lower effective tax rate than the non-issuers. Therefore, it can be concluded that, while new forms of contracts for obtaining resources, such as hybrid financial instruments, are relevant for the financing of business activities, it is essential that accounting models faithfully represent the economic nature of these instruments in order to prevent biases from occurring among the users of financial statements.
Financial Instruments with Characteristics of Equity
Author:
Publisher:
ISBN: 9781911040927
Category :
Languages : en
Pages : 147
Book Description
Publisher:
ISBN: 9781911040927
Category :
Languages : en
Pages : 147
Book Description
Financial Instruments with Characteristics of Equity
Author:
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
Book Description
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
Book Description
Determinants of the Choice of Financial Instruments
Author: Eleni Mariola
Publisher:
ISBN:
Category :
Languages : en
Pages : 500
Book Description
Publisher:
ISBN:
Category :
Languages : en
Pages : 500
Book Description
Financial Instruments
Author: International Accounting Standards Committee
Publisher:
ISBN:
Category : Accounting
Languages : en
Pages : 22
Book Description
Publisher:
ISBN:
Category : Accounting
Languages : en
Pages : 22
Book Description
Communities in Action
Author: National Academies of Sciences, Engineering, and Medicine
Publisher: National Academies Press
ISBN: 0309452961
Category : Medical
Languages : en
Pages : 583
Book Description
In the United States, some populations suffer from far greater disparities in health than others. Those disparities are caused not only by fundamental differences in health status across segments of the population, but also because of inequities in factors that impact health status, so-called determinants of health. Only part of an individual's health status depends on his or her behavior and choice; community-wide problems like poverty, unemployment, poor education, inadequate housing, poor public transportation, interpersonal violence, and decaying neighborhoods also contribute to health inequities, as well as the historic and ongoing interplay of structures, policies, and norms that shape lives. When these factors are not optimal in a community, it does not mean they are intractable: such inequities can be mitigated by social policies that can shape health in powerful ways. Communities in Action: Pathways to Health Equity seeks to delineate the causes of and the solutions to health inequities in the United States. This report focuses on what communities can do to promote health equity, what actions are needed by the many and varied stakeholders that are part of communities or support them, as well as the root causes and structural barriers that need to be overcome.
Publisher: National Academies Press
ISBN: 0309452961
Category : Medical
Languages : en
Pages : 583
Book Description
In the United States, some populations suffer from far greater disparities in health than others. Those disparities are caused not only by fundamental differences in health status across segments of the population, but also because of inequities in factors that impact health status, so-called determinants of health. Only part of an individual's health status depends on his or her behavior and choice; community-wide problems like poverty, unemployment, poor education, inadequate housing, poor public transportation, interpersonal violence, and decaying neighborhoods also contribute to health inequities, as well as the historic and ongoing interplay of structures, policies, and norms that shape lives. When these factors are not optimal in a community, it does not mean they are intractable: such inequities can be mitigated by social policies that can shape health in powerful ways. Communities in Action: Pathways to Health Equity seeks to delineate the causes of and the solutions to health inequities in the United States. This report focuses on what communities can do to promote health equity, what actions are needed by the many and varied stakeholders that are part of communities or support them, as well as the root causes and structural barriers that need to be overcome.
International Convergence of Capital Measurement and Capital Standards
Author:
Publisher: Lulu.com
ISBN: 9291316695
Category : Bank capital
Languages : en
Pages : 294
Book Description
Publisher: Lulu.com
ISBN: 9291316695
Category : Bank capital
Languages : en
Pages : 294
Book Description
Valuation of Unlisted Direct Investment Equity
Author: Emmanuel O. Kumah
Publisher: International Monetary Fund
ISBN: 1451873891
Category : Business & Economics
Languages : en
Pages : 75
Book Description
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.
Publisher: International Monetary Fund
ISBN: 1451873891
Category : Business & Economics
Languages : en
Pages : 75
Book Description
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.
Determinants and Systemic Consequences of International Capital Flows
Author: Mr.Timothy D. Lane
Publisher: International Monetary Fund
ISBN: 9781557752055
Category : Business & Economics
Languages : en
Pages : 116
Book Description
The growing integration of capital markets has strengthened incentives for greater international coordination of economic and financial policies. Structural changes in these financial market, however, may have undermined the effectiveness of monetary and fiscal policy and complicated market access by developing countries. These are among the findings of this study of capital flows in the 1970s and the 1980s.
Publisher: International Monetary Fund
ISBN: 9781557752055
Category : Business & Economics
Languages : en
Pages : 116
Book Description
The growing integration of capital markets has strengthened incentives for greater international coordination of economic and financial policies. Structural changes in these financial market, however, may have undermined the effectiveness of monetary and fiscal policy and complicated market access by developing countries. These are among the findings of this study of capital flows in the 1970s and the 1980s.
Incremental Information Content of Statement 33 Disclosures
Author: William H. Beaver
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 124
Book Description
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 124
Book Description