IMPACT OF FAIR –VALUE ACCOUNTING RULES CHANGES ON FINANCIAL INSTITUTIONS RETURNS
Christopher L. Brown Samanta Thapa Western Kentucky University ABSTRACT On April 9, 2009, the Financial Accounting Standards Board (FASB) revised fair value accounting rules by issuing statements FSP FAS 157-4, FSP No. FAS 115-2 and FAS 124-2. These pronouncements address the issue of fair value measurement and reporting for assets that trade in markets that […]
MONETARY UNIT SAMPLING: COMBINING ACCOUNTS FOR SAMPLING TO INCREASE AUDIT EFFICIENCY AND EFFECTIVENESS – WHEN AND HOW
Gary G. Johnson Ahmed Al Mohsen Southeast Missouri State University ABSTRACT Monetary Unit Sampling (MUS), a statistical sampling technique developed for auditors, merges the advantages of attributes sampling and variables sampling. There are two MUS sampling approaches auditors may use. Although sampling by individual account is by far the most common, the auditor may gather […]
WHY DO PROFITABLE FIRMS USE LESS DEBT?
Jianzhou Zhu University of Wisconsin – Whitewater Ye Yuan Southern Illinois University at Carbondale ABSTRACT In this study, the authors find that a positive earnings shock causes a firm’s equity debt spread to narrow while a negative earnings shock causes a firm’s equity debt spread to widen. When a cross sectional observation is taken, it […]
STAKEHOLDERS AND THEIR STAKES: HOW THEY ARE REFLECTED IN PUBLIC SECTOR REPORTING
Daphne Rixon Saint Mary’s University ABSTRACT This study uses a case study of a workers’ compensation agency to determine their stakes (issues of interest) to stakeholders, to identify the key performance indicators (KPIs) used to evaluate the organization’s performance in addressing the issues of concern and to investigate the extent of agency reporting on KPIs […]
CRITERIA FOR EVALUATING IT-SUPPORT OF ROLLING PLANNING
Robert C. Rickards Munich Business School Rolf Ritsert German Police University ABSTRACT Rolling planning differs fundamentally from traditional, static budgeting. It gives managers greater flexibility. Although at present only a minority of enterprises has chosen to enjoy its advantages, the number of users seems to be increasing steadily. In any event, the controlling instruments used […]
ISLAMIC MARKET INDICES: A COMPARISON WITH CONVENTIONAL WORLD INDICES BASED ON THE ADJUSTED SHARPE RATIO
Ibrahim Affaneh Mohamed Albohali Robert J. Boldin Indiana University of Pennsylvania ABSTRACT Thirty five Islamic indices were examined in an attempt to investigate the comparative performances of Islamic and non-Islamic or conventional global equity indices. Daily returns were analyzed for the period November 22, 2004 and November 13, 2009. The unadjusted or conventional Sharpe ratio […]
DETERMINANTS OF GREECE SOVEREIGN CREDIT RATING: 1980 – 2009
Samir Aguenaou Jawad Abrache Al Akhawayn University in Ifrane ABSTRACT Sovereign credit ratings are evaluations made by credit rating agencies of the risk of credit default of countries, and have important implications on foreign investment and access to financing. This study investigates Greece’s sovereign credit rating over a period of 30 years. Following the literature […]
ANALYSTS’ FORECAST REPUTATIONS AND STOCK MARKET REACTIONS
Xiaolou Yang Huaiyu (Peter) Chen Youngstown State University ABSTRACT This study investigates the influences of analysts’ forecast reputations on their forecast accuracy and stock-return reactions. The author construct a measure of forecasting reputations based on prior forecast accuracy. Empirical results show that financial analysts who have built their reputations will self-sustain, and their forecast errors […]
THE EFFECTIVENESS OF CORPORATE CULTURE, AUDITOR EDUCATION, AND LEGISLATION IN IDENTIFYING, PREVENTING, AND ELIMINATING CORPORATE FRAUD
Beverley Alleyne Belmont University Pesi Amaria Management Consultants ABSTRACT Current laws, regulations, legislations, ethics programs, internal controls, and frequent audits have not deterred corporate fraud. There is plenty of evidence to show how a company that recognizes the importance of strong corporate culture with internal controls benefits. The study revealed that most respondents agreed that […]
CONDITIONAL HETEROSCEDASTICITY IN TIME SERIES OF STOCK RETURNS: A REVISIT
Sinan Yildirim Texas Wesleyan University ABSTRACT This study performs the tests reported in Akgiray (1989) by using more recent data set over a longer time period in order to shed light on stock market volatility. The findings reveal that time series of daily stock returns are significantly dependent. ARCH and GARCH models simulate market volatility. […]
