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Market Reaction to Financial Statement Restatement: A Study on the Information and Insurance Role of Auditors  [PDF]
Li-Jen He,Hsiang-Tsai Chiang
Advances in Management and Applied Economics , 2013,
Abstract: Although researches have extensively studied the relationship between audit quality and financial reporting, little has been said about the consequences to auditors of financial reporting failure in terms of impairment of the audit information role. Based in Taiwan’s unique setting, we documents the information role of audit by examining the market reaction to the annual reports of the other clients of auditors associated with restatements. We find that market reaction to clients audited by auditors associated with restatements is significantly more negative than that of clients audited by auditors not associated with restatements, especially for Big-Four auditors. While the results of non-restatement-related group complies with the literature that suggested significantly more positive market reactions for Big-Four clients, abnormal returns are more negative for Big-Four clients of restatement-related auditors. We conclude that an additional penalty for reports audited by Big-Four auditors associated with restatements impairs the perception of their information role.
Balance, growth and diversity of financial markets  [PDF]
Constantinos Kardaras
Mathematics , 2008,
Abstract: A financial market comprising of a certain number of distinct companies is considered, and the following statement is proved: either a specific agent will surely beat the whole market unconditionally in the long run, or (and this "or" is not exclusive) all the capital of the market will accumulate in one company. Thus, absence of any "free unbounded lunches relative to the total capital" opportunities lead to the most dramatic failure of diversity in the market: one company takes over all other until the end of time. In order to prove this, we introduce the notion of perfectly balanced markets, which is an equilibrium state in which the relative capitalization of each company is a martingale under the physical probability. Then, the weaker notion of balanced markets is discussed where the martingale property of the relative capitalizations holds only approximately, we show how these concepts relate to growth-optimality and efficiency of the market, as well as how we can infer a shadow interest rate that is implied in the economy in the absence of a bank.
Analysis of Financial Products of Capital Market in Bangladesh: Present Status and Future Development
Mohammad Shahidul Islam,Shama Jahan
International Journal of Marketing Studies , 2012, DOI: 10.5539/ijms.v4n5p119
Abstract: The performance of existing financial products is an important issue in the capital market to increase the new products for reducing the risk of dependency on common stocks. The research aims are to evaluate the growth and development of existing financial instruments and to recommend for introducing new financial instruments in the capital market of Bangladesh. The data are taken from the Dhaka stock exchange for the year 1977 to 2010 for interpretation of development and the data from 2003 to 2010 are taken for analysis and hypothesis test. There are only five products traded including three types of bonds. The average growth rate of market capitalization of common stocks, treasury bonds, mutual funds, corporate bonds & debentures are 71.02%, 124.74%, 99.85% and 105.41% respectively. The growth of market capitalization of all products is high. There is lot of scope in the market for absorbing the new products. The share of common stocks, treasury bond, corporate bond, debentures, mutual funds to total market capitalizations are 87.73%, 12.25%, 0.24%,0.17% and 0.83% respectively. The market is common stock based. The corporate bond market is very small. So, there should be increased new financial instruments in the capital market to reduce the dependency on share only. The proposed financial instruments are various types of preferred stock, bond, SWAP, option, futures, and forwards as recommendation.
Improvements of the cash-flow statement control function in financial reporting
Metka Duhovnik
Zbornik Radova Ekonomskog Fakulteta u Rijeci : ?asopis za Ekonomsku Teoriju i Praksu , 2008,
Abstract: On the basis of deductive considerations applying professional judgement, the article focuses on the additional value of accounting information that can be given to the users of fi nancial statements by a properly prepared statement of cash fl ows. It is based on the fi nding that the professional literature is inconsistent in distinguishing liquidity and profi tability information, and consequently also in distinguishing between the ratios calculated on that basis. It therefore stimulates an improvement in the quality of accounting information with a direct statement of cash fl ows, based on tracing instead of calculating the actual cash fl ow. On the basis of fi nancial statements, including a direct statement of cash fl ows, the ratio analysis of fi nancial statements should be approached from both aspects of profi tability and cash return. The cash fl ow ratios would serve as a control mechanism over the assumptions used when preparing the balance sheet and income statement within the chosen financial reporting framework.
Financial Statement Fraud Detection using Text Mining  [PDF]
Rajan Gupta,Nasib Singh Gill
International Journal of Advanced Computer Sciences and Applications , 2013,
Abstract: Data mining techniques have been used enormously by the researchers’ community in detecting financial statement fraud. Most of the research in this direction has used the numbers (quantitative information) i.e. financial ratios present in the financial statements for detecting fraud. There is very little or no research on the analysis of text such as auditor’s comments or notes present in published reports. In this study we propose a text mining approach for detecting financial statement fraud by analyzing the hidden clues in the qualitative information (text) present in financial statements.
The Need for Improved Control of Banks on Financial Statement Presentation Необходимость совершенствования контроля за предоставлением финансовой отчетности банков  [PDF]
Belova Inna V.,Koreneva Oksana G.,Sysoeva Larisa Yu.
Business Inform , 2013,
Abstract: The article investigates the consequences of distorted reporting of Ukrainian banks. The financial statements of liquidated Ukrainian banks, in which was introduced the temporary administration, was analyzed. Revealed that compiled financial reporting in the liquidated banks do not fully disclosed their real financial statement. The necessity of improving of the system for control the transparency and quality of financial reporting in banks is formulated. The practical tools of the influence measures implementation by the supervisory authorities for banks which violate the NBU requirements in the disclosure of financial reporting, are proposed. В статье исследованы последствия предоставления некачественной и искаженной отчетности банками Украины. Проведен анализ показателей финансовой отчетности банков Украины, в которых была введена временная администрация, а позже банки были ликвидированы. Выявлено, что составленная в ликвидируемых банках финансовая отчетность не в полной мере отражала их реальное финансовое состояние. Сформулирована необходимость усовершенствования системы контроля прозрачности и качества финансовой отчетности банков. Предложены практические механизмы реализации мер воздействия со стороны надзорных органов к банкам, которые нарушают требования нормативно-правовых актов НБУ по представлению финансовой отчетности.
Financial Market Development, Bank Risk with Key Indicators and Their Impact on Financial Performance: A Study from Pakistan  [PDF]
Hafiz Waqas Kamran, Naukhaiz Chaudhry, Muhammad Muzammal Murtaza, Nazish Zafar, Ayesha Yousaf, Huma Nazish
American Journal of Industrial and Business Management (AJIBM) , 2016, DOI: 10.4236/ajibm.2016.63033
Abstract: The regulatory outcomes and how the various banks are operating in the economy have their significant impact on the overall banking system and in determining the firmness of financial structure. In the current study analysis, we have conducted this work to examine the relationship between the financial market development, bank risks with key indicators and their ultimate impact on financial performance in the banking sector of Pakistan from 2003 to 2011. For this purpose, panel data analysis has been performed and both the firm specific and country specific factors have been considered. The bank risk is analyzed in two dimensions of bank risk: first is capitalization ratio that measures the total amount of debt in company’s capital structure (banks behavior) and second one is TEIR-I capital ratio which is the proxy used to compare the present level of risk based assets in firm’s balance sheet. A conceptual model has been developed for this purpose and key findings being made. Stock market development and banking sector development is used to measure the financial market development of the economy. Core findings of the study stated that there exists significant relationship between financial market development in banking sector and financial performance with key indicators.
The relationships between stock market capitalization rate and interest rate: Evidence from Jordan  [cached]
Husni Ali Khrawish,Walid Zakaria Siam,Mohammad Jaradat
Business and Economic Horizons , 2010,
Abstract: The paper examines the effect of interest rates on the stock market capitalization rate in AmmanStock Exchange (ASE) over the period 1999-2008. Based on the multiple linear regression modeland simple regression model, the time series analysis revealed that there is significant and positiverelationship between government prevailing interest rate (R) and stock market capitalization rate(S). The study shows that Government development stock rate (D) exerts negative influence onstock market capitalization rate (S), also it finds a significant and negative relationship betweengovernment prevailing interest rate (R) and Government development stock rate (D). Finally, thisstudy suggests the importance of government intervention to encourage investment in ASE byreducing rate of personal taxation thus, granting incentive for creation of wealth, controllinginterest rate so as to aid the growth of the stock market and improving the regulatory environmentand decreasing red tape.
Strategy of Ukraine : Economics, Sociology, Law , 2011,
Abstract: Article contains information concerning the problem of influence of globalization on the financial markets of the developing countries and domestic financial market particularly. The most typical consequences of financial globalization on this segment of market economy are researched. В статье рассматриваются проблемы влияния глобализации на финансовые рынки и отечественный финансовый рынок в частности. Исследуются и выделяются наиболее характерные последствия финансовой глобализации на данный сегмент рыночной экономики. В статт розглядаються проблеми впливу глобал зац на ф нансов ринки, що розвиваються та в тчизняний ф нансовий ринок зокрема. Досл джуються та вид ляються найб льш характерн насл дки ф нансово глобал зац на даний сегмент ринково економ ки.
Influence of the prudential supervision over the capitalization of the Romanian insurance market
Laura Elly NAGHI
Theoretical and Applied Economics , 2013,
Abstract: In a decade when all activities are globalized, including insurance, the recent focus of the supervisory authorities became the leveling of the legal framework concerning the solvency requirements of the companies acting on the market (as a consequence of the 2008 crisis, much more acute in USA than in Europe, where Basel Agreement decreased the fall of the banking sector). The present paper analyses the way in which the main solvency regimes applied at international level influence the equity of the insurance companies, especially the increase in the solvency capital required by the supervisors, taking into consideration the risk profile of the company. Moreover, the paper provides a blueprint of the methods to ensure the financial stability of the national industry, in order to respond adequately to systemic and systematic risks.
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