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1 |
Monetary policy tightening, accounting information comparability, and underinvestment: Evidence from China
تشدید سیاست پولی، قابلیت مقایسه اطلاعات حسابداری، و سرمایه گذاری کم: شواهدی از چین-2021 Based on a macro and micro cross view, we empirically test the interactions among
monetary policy, accounting information comparability, and investment efficiency with a
sample of A-share listed firms in China from 2005 to 2019. We find that tightening monetary policy will aggravate underinvestment behavior, such as inefficient investment,
while improvement in accounting information comparability can effectively mitigate the
negative impact of tightening monetary policy on underinvestment, so as to improve
firm investment efficiency. Further study shows that, in a period of monetary policy
tightening, firms with high agency costs and high financing constraints can significantly
reduce underinvestment by improving the comparability of accounting information,
thus improving the investment efficiency of firms. After distinguishing the type of firm
ownership (state-owned enterprises vs. private enterprises), we find that firms can
reduce the effect of insufficient investment during a period of monetary tightening by
improving the comparability of accounting information, which is more significant in the
sample of private enterprises (PEs).
keywords: قابلیت حسابداری اطلاعات حسابداری | بهره وری سرمایه گذاری | سیاست های پولی | Accounting information comparability | Investment efficiency | Monetary policy |
مقاله انگلیسی |
2 |
Limited liability and investment: Evidence from changes in marital property laws in the US South, 1840–1850
مسئولیت محدود و سرمایه گذاری: شواهدی از تغییر در قوانین مالکیت زناشویی در جنوب ایالات متحده ، 1840-1840-2020 We study the impact of marital property legislation passed in the US South in the 1840s on households’ investment in risky, entrepreneurial projects. These laws protected the as- sets of newly married women from creditors in a world of virtually unlimited liability. We compare couples married after the passage of a marital property law with couples from the same state who were married before. Consistent with a simple model of household borrowing that trades offagency costs against risk sharing, the effect on investment was heterogeneous. It increased if most household property came from the husband and de- creased if most came from the wife. Keywords: Bankruptcy | Household finance | Economic history |
مقاله انگلیسی |
3 |
How investors value cash and cash flows when managers commit to providing earnings forecasts
وقتی که مدیران متعهد می شوند که پیش بینی های درآمدها را تامین کنند سرمایه گذاران چگونه نقدینگی و جریان های نقدینگی را ارزش گذاری می کنند؟-2018 Theory considers voluntary disclosure to be an important mechanism for reducing information asymmetry in the corporate setting (Bertomeu, Beyer, & Dye, 2011). Prior research on corporate cash policy suggests that investors value cash holdings more when information asymmetry is low (e.g., Drobetz, Gruninger, & Hirschvogl, 2010). Given both streams of literature, we examine whether investors value cash and cash flows higher for firms that commit to providing management earnings forecasts, an important form of voluntary disclosure. In univariate analyses, we show that committed forecasting is negatively associated with widely accepted measures of information asymmetry. In multivariate tests, we document that committed forecasting is associated with a higher market value of cash, surplus cash and operating cash flows. Our multivariate results are robust to adjustments for endogeneity in managers forecast decision, and to the inclusion of controls for alternative uses of cash, firm information quality, information demand and governance.
keywords: Management earnings forecasts |Voluntary disclosure |Value of cash |Agency costs |
مقاله انگلیسی |
4 |
How does real earnings management affect the value of cash holdings? Comparisons between information and agency perspectives
مدیریت درآمد واقعی چگونه بر ارزش پول نقد تاثیر می گذارد؟ مقایسه بین دیدگاه های اطلاعاتی و آژانس-2018 In this paper, we investigate whether real earnings management is associated with the precau
tionary benefits or agency costs of cash holdings. We find that real earnings management impairs
the value of cash holdings. However, the value of cash holdings is not associated with accrual
based earnings management, which has no effect on cash flows. Our results show that real
earnings management impairs the value of cash holdings mainly in firms having potential agency
problems or firms facing financial constraints. Moreover, our results indicate that different means
of real earnings management influence cash flows from operating, investing, or financing ac
tivities, and impair the value of cash flows from the respective business activities. Overall, our
results support the conclusion that real earnings management is associated with the agency costs
of cash holdings.
Keywords: Corporate cash holdings ، Real earnings management ، Agency problems ،Information asymmetry ، JEL classification: G3 ، M41 |
مقاله انگلیسی |
5 |
A multi-objective optimization-based pavement management decision-support system for enhancing pavement sustainability
یک سیستم پشتیبانی تصمیم گیری مدیریت پیاده روی مبتنی بر بهینه سازی چند منظوره برای افزایش پایداری پیاده رو-2017 Current practice adopted by highway agencies with regards to pavement management, has mostly
consisted of employing life cycle costs analysis (LCCA) systems to evaluate the overall long-term eco
nomic efficiency of competing pavement design and maintenance and rehabilitation (M&R) activities
alternatives. This way of supporting the decision-making process as it relates to pavement management,
in which little or no importance is given to environmental considerations, suggests the need for pave
ment management decision-support systems (DSS), which, by integrating multi-disciplinary and com
plementary pavement life cycle modelling approaches, enable the decision makers (DMs) to properly
account for, consider and assess the lifetime impacts of their decisions and practices regarding sus
tainability goals and targets. This only can be achieved by employing techniques and tools provided with
a comprehensive and wide-scoped cradle-to-grave capacity of analysis.
To address this multifaceted problem, this paper presents a comprehensive and modular multi
objective optimization (MOO)-based pavement management DSS which comprises three main compo
nents: (1) a MOO module; (2) a comprehensive and integrated pavement life cycle costs - life cycle
assessment (LCC-LCA) module that covers the whole life cycle of the pavement; and (3) a decision
support module.
The potential of the proposed DSS is illustrated with one case study consisting of determining the
optimal M&R strategy for a one-way flexible pavement section of a typical Interstate highway in Virginia,
USA, which yields the best trade-off between the following three often conflicting objectives: (1)
minimization of the present value (PV) of the total life cycle highway agency costs (LCHAC); (2) mini
mization of the PV of the life cycle road user costs (LCRUC); and (3) minimization of the life cycle
greenhouse gas emissions (LCGHG). In comparison to the traditional maintenance strategy, the proposed
DSS suggests a maintenance plan that reduces LCHAC by 15%, LCRUC by 28% and LCGHG by 26%.
Keywords: Pavement management | Life cycle assessment | Life cycle costs | Greenhouse gas emissions | Multi-objective optimization | Genetic algorithms |
مقاله انگلیسی |
6 |
Overvaluation and the cost of bank debt
ارزشگذاری اضافه و هزینه بدهی های بانکی-2017 Jensen (2005) suggests that overvalued equity increases agency costs, which are difficult to
control through existing market mechanisms. In the present study, we document that banks can
detect overvaluation and increase the price of bank loans to compensate for the engendered
agency costs. On the basis of 17,309 firm–year observations of Taiwan-listed firms for the 2002–
2012 period, we find that firm-specific overvaluation (the first component of the decomposition
model proposed by Rhodes-Kropf, Robinson and Viswanathan (2005)) is positively correlated
with the bank loan spread. In addition, the positive overvaluation–spread relationship is more
conspicuous for firms associated with severe information asymmetry but attenuated for firms that
had seasoned equity offerings prior to the loan initiation. Finally, we document that high bank
loan costs reduce overvaluation and overvaluation-induced agency costs.
Keywords: Overvaluation | Bank loan |
مقاله انگلیسی |
7 |
Do takeover laws matter? Evidence from five decades of hostile takeovers
آیا قوانین پذیرش مهم است؟ شواهدی از پنج دهه غیبت خصمانه-2017 This study evaluates the relation between hostile takeovers and 17 takeover laws from
1965 to 2014. Using a data set of largely exogenous legal changes, we find that certain
takeover laws, such as poison pill and business combination laws, have no discernible im
pact on hostile activity, while others such as fair price laws have reduced hostile takeovers.
We construct a Takeover Index from the laws and find that higher takeover protection is
associated with lower firm value, consistent with entrenchment and agency costs. How
ever, conditional on a bid, firms with more protection achieve higher premiums, consistent
with increased bargaining power.
Keywords: Hostile takeovers | Corporate governance | Mergers and acquisitions | Law |
مقاله انگلیسی |
8 |
ساختار سازمانی؛ هزینه های نمایندگی؛ و کیفیت تعهد
سال انتشار: 2016 - تعداد صفحات فایل pdf انگلیسی: 26 - تعداد صفحات فایل doc فارسی: 54 مطالعه ما به بررسی این می پردازد که آیا شرکت ساختار سازمانی با اندازه تعدادی از لایه های سرمایه گذاری ارتباط دهنده برای شرکت والدین و شرکت های تابع؛ دارای پایین ترین سطح با کیفیت درآمد رابطه منفی دارد، در حالی که ساختار سرمایه گذاری دارای هزینه های ا نمایندگی بلند است که با انحراف بالا بین حق رای و پول نقد حقوق جریان ما دریافت شده است که در شرکت هایی با انحراف زیاد، و عدم تقارن اطلاعات به وسیله تقاضای مورد نیاز تقسیم شده است و حجم معاملات سهام را با تعداد لایه های مورد نظر افزایش می دهد و کیفیت درآمد را کاهش می دهد، زیرا تعداد لایه ها افزایش می یابد. یافته های این تحقیق در شرکت های خانوادگی بیشتر از سایر شرکت ها است، حمایت از تئوری که در مورد سهام نمایندگی های بین سهامداران کنترلی و غیر کنترلی در شرکت های خانوادگی شدیدتر است. در تجزیه و تحلیل های اضافی، ما همچنین می بینیم که انحرافات بالا و زنجیره سرمایه گذاری طولانی، سلب مالکیت را افزایش می دهد که می تواند با دستکاری درآمدها تحت پوشش قرار گیرد.
کلمات کلیدی: لایه های هرمی | کیفیت درآمد | هزینه آژانس | شرکت خانوادگی |
مقاله ترجمه شده |
9 |
Fair value accounting for non-current assets and audit fees: Evidence from Australian companies
حسابداری ارزش منصفانه برای داراییهای غیر جاری و هزینه های ممیزی: شواهدی از شرکت های استرالیا-2015 We investigate the association between asset revaluations of non-current assets and audit
fees, using a sample of ASX 300 companies from the years 2003–2007. We report that there
is a significant increase in the audit fees paid when non-financial assets (PPEs, investment properties and intangible assets) are measured at fair values. Moreover, we provide
evidence that an independent valuer or appraiser significantly weakens the positive association between asset revaluations and audit fees. Furthermore, companies whose noncurrent assets are revalued upwards and those that revalue their non-current assets upwards
every year have significantly higher audit fees. Additional tests provide empirical evidence that the strength of corporate governance has a moderating effect on the level of
audit fees. This study contributes to the ongoing debate on the role of fair value accounting. The findings suggest agency costs associated with fair value estimates may offset the
benefits from the use of fair value accounting.
Keywords:
Asset revaluations
Audit fees
Corporate governance |
مقاله انگلیسی |
10 |
نقش کارمند ارشد حقوقی در اداره امور شرکت ها
سال انتشار: 2015 - تعداد صفحات فایل pdf انگلیسی: 22 - تعداد صفحات فایل doc فارسی: 56 CLO نقش مهمی در شکل دهی و تقویت اداره شرکت ها بر عهده دارد، ولی با اینحال این وظیفه، مواجه با پارادوکس نقش-دوگانه است که نیاز است CLO بعنوان هر دو نقش یعنی مشاور و بازرس در طرز اداره شرکت و نیز عامل اجرایی شرکت عمل نماید. در مقاله حاضر، نقش CLO تحت محیط و شرایطی که با احتمال بیشتری طرز اداره شرکت را تحت تاثیر قرار می دهد و همچنین تاکید یا کم توجهی به نقش CLO بعنوان مشاور یا تسهیل کننده، مورد مطالعه قرار می گیرد. با استفاده از شوک های مالی ناشی از دعاوی مطرح در اسیب های اقتصادی معاملات اوراق بهادار در شرکت های بزرگ، تغییر در ارزش CLO را از طریق معیارهای جبران خسارت کل و نسبی CLO و دیگر اعضای مجمع C اندازه گیری می کنیم. پس از کنترل و بررسی متغیرهای وابسته مانند رشد و دارایی های کل، یافته ها نشان می دهند که شرکت هایی که دارای اعضای داخلی بیشتری در هیئت مدیران هستند، جبران خسارت CLO، هنگامی که Tobin's Q سال قبلی بالاست، کاهش می یابد. جبران خسارت CLO تحت شرایط ناشفافی زیاد، افزایش می یابد، ولی همین جبران خسارت، تا اندازه ای در محیط های با Tobin's Q بالا، تحلیل می رود. همچنین نتایج نشان می دهند که دادخواهی های مطرح حقوقی در اسیب های اقتصادی ، ترن اور CFO و CEO (و نه CLO) را افزایش می دهد. نتایج مطالعه حاضر دارای مفاهیم و پیامدهایی در خصوص طرز اداره شرکت ها، نقش دوگانه و بطور بالقوه ای نقش متناقض CLO بعنوان محافظ و مشاور، جبران خسارت اجرایی، و هزینه های نمایندگی، می باشد.
کلمات کلیدی: طرز اداره شرکت | اداره داخلی | جبران خسارت اجرایی | دعاوی مطرح حقوقی در معاملات اوراق بهادار |
مقاله ترجمه شده |