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Asymmetric Information and Dividend Policy in Emerging Markets: Empirical Evidences from Iran
Hashem Valipour,Vahab Rostami,Mahdi Salehi
International Journal of Economics and Finance , 2009, DOI: 10.5539/ijef.v1n1p203
Abstract: Purpose-this study investigates the effect of asymmetric information on dividend policy in listed companies in Tehran Stock Exchange. Methodology-four main hypothesis have designed by theoretical framework, and tested on 111 listed companies in Tehran stock exchange during 2003 to 2007. The statistic analysis had done by malt- variable regression analysis. Findings-the study findings show that there is a meaningful and reverse relationship between asymmetric information and dividend policy. Some other findings show there is a meaningful relationship between dividend policy and return on stock but there is no meaningful relationship between dividend policy with firm size and book value to market value of equity ratio. Practical implementation-the finding of the study could be helpful for university students and users of financial information and other financial analysts in capital market.
The Information content of Accounting Variables In Companies listed in Tehran Stock Exchange (TSE)  [PDF]
Rezvan Hejazi,Mahboubeh Jafari,Adel Karimi
Business Management Dynamics , 2011,
Abstract: Various researches have been made about usefulness of accounting information in decision making of financial statements users. For example, many researches have examined the relationship between accounting variables and stock returns or stock price. This study determines and compares the relative and incremental content of accounting variables, too. For this, the relationship between stock return and accounting variables is examined for production companies at Tehran Stock Exchange (TSE), in period of 2000 through 2004. Independent variables, in this study, are Net Income (NI), Operational Profit (OP) and Cash Flows from Operations (CFO) and dependent variable is annual Stock return. For omission of the effect of company’s size, we choose total asset as control variable. The results show that OP has relative information content in comparison with other variables and NI and OP have incremental content beyond each other, but CFO doesn’t have incremental content.
The role of accounting in financial markets
André Taue Saito,José Roberto Ferreira Savoia
Gest?o Contemporanea , 2009,
Abstract: This paper discusses the relation between accounting and financial markets by showingthat the relevance of this relation is clearly stated by the different interests of managers,investors, shareholders, creditors, and the government, among other stakeholders due to thefact that it gives them updated and reliable information about the financial condition ofthe company. The study is supported by three pillars: relation between finance and theaccounting theory, evolution of the role played by professionals in this area; and theimportance of the impact of the accounting information for the economic agents. Theresults suggest that stakeholders demand different financial information in order to assesscompany performance. This work contributes by highlighting that accounting must considerthe different needs of stakeholders and not solely financial metrics of profitability.
Emerging Markets for RFID Traces  [PDF]
Matthias Bauer,Benjamin Fabian,Matthias Fischmann,Seda Gürses
Computer Science , 2006,
Abstract: RFID tags are held to become ubiquitous in logistics in the near future, and item-level tagging will pave the way for Ubiquitous Computing, for example in application fields like smart homes. Our paper addresses the value and the production cost of information that can be gathered by observing these tags over time and different locations. We argue that RFID technology will induce a thriving market for such information, resulting in easy data access for analysts to infer business intelligence and individual profiles of unusually high detail. Understanding these information markets is important for many reasons: They represent new business opportunities, and market players need to be aware of their roles in these markets. Policy makers need to confirm that the market structure will not negatively affect overall welfare. Finally, though we are not addressing the complex issue of privacy, we are convinced that market forces will have a significant impact on the effectiveness of deployed security enhancements to RFID technology. In this paper we take a few first steps into a relatively new field of economic research and conclude with a list of research problems that promise deeper insights into the matter.
Emerging Markets and the Pacific Alliance
Luis F. Copertari
Open Access Library Journal (OALib Journal) , 2016, DOI: 10.4236/oalib.1102919
Humanity faces today several challenges, from environmental deterioration to consumerism and a demand from the economy to sustain exponential growth over the long term. A new middle class in emerging markets in Latin America and Asia is gaining purchasing power. The issue of exponential growth is explored as to whether or not it is really sustainable based on a computational experiment. Also, the very idea of money is scrutinized. A new complementary currency called the PAL (for Pacific Alliance dollar) is proposed and the business model is pictured and explained. The way in which such new currency would be valued is illustrated. Finally, the most relevant issues are discussed and some examples of the types of business to promote are considered.
Nutraceuticals as natural healers: Emerging evidences
R Ali, M Athar, U Abdullah, SA Abidi, M Qayyum
African Journal of Biotechnology , 2009,
Abstract: Various components of foods have clearly established strong links with human health and it is learnt that their deficiencies provoke diseases. The epidemiological evidences and modern research in nutrition during the last few decades have elaborated the molecular level of such interactions of specific food constituents with that of the toxicants generated in the living cells to control and prevent many of the diseases. Edible products possessing such fantastic healing capacity due to the presence of more than 700 non nutrients functional food factor (FFFs) are effective and epochal for health promotion, disease prevention and cure. The natural products releasing such superb active components are known as nutraceutical foods. The bioactive constituents of many foods have been identified during the goal oriented scientific studies and are used frequently in community and clinical nutrition. The protective effects of tocotrienols in flax seed oil, the curcuminoids in turmeric, carotenoids in carrots, flavonoids in fruits/vegetables, omega-3 fatty acids in sea foods, allyl-sulfides in garlic and -glucans in mush-rooms/cereals are few common examples to be cited here. Excess saturated fat is attributed to pose adverse effects on many metabolic processes. However, certain components of fats are now postulated for their clinical manifestations, such as the sphingolipids as inhibitors of carcinogenesis, conjugated linolenic acid (CLA) as immunomodulator, and monounsaturated fatty acids (MUFAs) for control of lipid profile. The nuts, although rich in fat are influential in cholesterol lowering in view of their suitable polyunsaturated fatty acid: saturated fatty acid ratio and excess of the presence of MUFAs. Recent emphasis on fat-replacements to introduce low caloric foods, advances in nutritional immunology, stimulating actions of phytochemicals on neuronal diseases have indicated wide spectrum of applications of functional foods both in daily life and in the industry. Some examples of nutraceutical foods, their chemical diversity and mode of actions are part of presentation which is based on consulting several review articles published since 2005.
The Investigation of the Impact of Auditor tenure and Audit Firm Size on Accounting Conservatism in Financial Reporting of Firms Listed in Tehran Stock Exchange (TSE)
International Journal of Finance and Accounting , 2012, DOI: 10.5923/j.ijfa.20120103.03
Abstract: Although audit quality and accounting conservatism are separate issue in financial reporting and accounting and audit scope, each has an important impact on capital market efficiency. However, this study tries to answer as to whether audit quality, characterized by audit firm size and auditor tenure, of firms listed in TSE could have a significant effect on accounting conservatism in financial reporting quality. To find an appropriate answer, after hypotheses development and collecting data for the period of 2002 to 2010, the hypotheses are tested. The results of hypotheses test show that audit quality including audit firm`s size and auditor tenure does not affect conservatism in financial reporting of firms listed in (TSE). This result may stem from the fact that managers have no conservative behavior in financial reporting so audit quality may not be an effective factor on manager’s conservative behavior in financial reporting.
Accounting Conservatism: Evidence from Indian Markets  [PDF]
Sushma Vishnani, Dheeraj Misra
Theoretical Economics Letters (TEL) , 2016, DOI: 10.4236/tel.2016.65100
Abstract: This paper establishes existence of conditional conservatism in accounting practices of Indian corporate. It estimates firm-year measure of accounting conservatism (C-score). This study validates the C-score, asymmetric timeliness measure, and establishes monotonicity of C-scores. The paper also focuses on the study of the empirical properties of C-score and finds positive association of C-score decile ranks with decile wise Leverage and Variability. The C-score decile ranking is negatively associated with Size, Age, Market-to-Book Value ratio, Return on Assets and Non-Operating Accruals. Through this study, the forecasting capability of C-scores is established. C-scores can predict conditional conservatism up to two years ahead. This study is expected to play an important role in furtherance of research in this area in the Indian context.
Challenges of the Knowledge Society , 2012,
Abstract: This theoretical study examines the concept of emerging capital markets in Europe from the border between certain opportunities and limits. The financial architecture of emerging capital markets has certain characteristics such as a high degree of instability and a sharp level of illiquidity which exposed the vulnerability of this particular type of market. Emerging capital market represents a main characteristic of developing countries and they are less efficient than the developed market given their deep functional, structural and institutional dysfunctions.
Investment Patterns on Emerging Stock Markets
Adrian Zoicas-Ienciu
Theoretical and Applied Economics , 2006,
Abstract: The globalization improves the prospects for the emerging markets to attain an economic development level comparable with that of industrialized countries. Without ignoring the specific policies concerning the openness degree, globalization might increase capital and technology flows towards these markets, thus generating a higher income rate growth than would be possible in a less integrated world economy. An important role in this capital stream is played by the investments made in emerging markets, process which continues to sustain a high interest from the behalf of equity funds (private or not) around the world. The paper analyzes the main aspects related to this kind of investments such as: ways to recognize an emerging market, arguments and counterarguments for these investments, new trends, capital flow related problems, the role played by the privatization and, finally, instructions for building an emergent market portfolio.
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