...that book value (owners' equity) and market value are both "stock" variables indicating the wealth of the firm's equity holders. The related "flow" variables (after adjusting for dividends) are, respectively, earnings divided by price at the beginning of the return period {A/P~i) and market returns. It then follows that earnings divided by beginning of period price should be associated with stock returns. Although models based on a relation between market value and book value are used occasionally in the accounting research literature (see, for example, Landsman [1986], Harris and Ohlson [1987], and Barth * Macquarie University and University of Chicago; tColumbia University. The paper is a revised version of working papers entitled "An Empirical Evaluation of Accounting Income Numbers: Further Evidence" and "Evidence of Accounting Earnings as an Index of Change in Value." The authors would like to acknowledge comments from workshop participants at the following universities; Arizona, Auckland, California at Berkeley, California at Los Angeles, Columbia, CUNY-Baruch College, Harvard, Macquarie, Michigan, New South Wales (AGSM), and Southern California. Special thanks are due to Vic Bernard, Jim Haggard, Robert Lipe, Jim Ohlson, Eric Noreen, Stephen Penman, Ram Ramakrishnan^ Jake Thomas, and anonymous referees. The study was partly funded by the Faculty Research Fund, Columbia Business School, Columbia University and by the Institute of...
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...J. Bus. Financ. 01 (03) 2013. 94-104 94 Available Online at ESci Journals Journal of Business and Finance ISSN: 2305-1825 (Online), 2308-7714 (Print) http://www.escijournals.net/JBF LACK OF TIMELINESS AS AN EXPLANATION OF THE LOW CONTEMPORANEOUS RETURNS-EARNINGS ASSOCIATION Jaouida E. Trabelsi Institute of the High Commercial Studies of Sfax (IHEC), University of Sfax, Tunisia. A B S T R A C T This paper empirically tests whether the low contemporaneous returns-earnings association set by previous empirical researches may be explained by lack of timeliness of accounting numbers. It hypothesises that if the criteria for accounting recognition yield a multi-period lag in earnings recognitions of economic events and if these events affect an informed market immediately when they occur, then future periods’ earnings would have explanatory for current returns as well as current earnings. To assess the significance of future earnings as an explanatory variable for stock returns we regress at first step annual returns on current earnings and at second step, annual returns on current earnings and successively next period and next two periods’ earnings. Results show that future earnings continue to explain current returns. The evidence is characteristic of a substantial recognition lag in earnings that extends to the immediate next period. However, over one year, earnings do not seem reflecting any relevant economic event impounded in security prices at previous period. The earnings...
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...Information Sharing in Supply Chains: An Empirical and Theoretical Valuation Ruomeng Cui, Gad Allon, Achal Bassamboo, Jan A. Van Mieghem* Kellogg School of Management, Northwestern University, Evanston, IL April 10, 2013 We provide an empirical and theoretical assessment of the value of information sharing in a two-stage supply chain. The value of downstream sales information to the upstream firm stems from improving upstream order fulfillment forecast accuracy. Such improvement can lead to lower safety stock and better service. According to recent theoretical work, the value of information sharing is zero under a large spectrum of parameters. Based on the data collected from a CPG company, however, we empirically show that if the company includes the downstream demand data to forecast orders, the mean squared error percentage improvement ranges from 7.1% to 81.1% in out-of-sample tests. Thus, there is a discrepancy between the empirical results and existing literature: the empirical value of information sharing is positive even when the literature predicts zero value. While the literature assumes that the decision maker strictly adheres to a given inventory policy, our model allows him to deviate, accounting for private information held by the decision maker, yet unobservable to the econometrician. This turns out to reconcile our empirical findings with the literature. These “decision deviations” lead to information losses in the order process, resulting in strictly positive...
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...Corporate Social Responsibility across Industries: When can who do well by doing good? Andreas G. F. Hoepnerab, Pei-Shan Yua* & John Fergusonc School of Management, University of St. Andrews, The Gateway, North Haugh, St. Andrews, KY16 9SS, UK Academic Fellow, Principles for Responsible Investment, PRI Secretariat, c/o UN Global Compact, DC2-612, United Nations, New York, NY 10017, US c Department of Accounting & Finance, University of Strathclyde, 100 Cathedral Street, Glasgow, G4 0LN, UK b a This version (3.0): March, 2010 First version (1.0): October, 2008 ___________________________________________________________________________ Abstract: While much of the previous literature considers whether corporate social responsibility (CSR) pays, we take a more nuanced perspective, theoretically and empirically, by investigating when CSR pays and for whom? Theoretically, we develop two contingency perspectives. First, we extend previous work to argue that CSR’s impacts on corporate financial performance (CFP) are moderated by five factors: CSR form, firm characteristics, time, national framework and industrial characteristics. Focusing on industrial characteristics, we theorise that differences in industries’ dependency on certain stakeholder groups, their proximity to the end consumer, their potential for social and environmental damages and their level of product / service differentiation moderate CSR’s value relevance. Our second contingency perspective considers for whom CSR might...
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...Writing Tips For Economics Research Papers∗ Plamen Nikolov, Harvard University † June 10, 2013 1 General Tips about Writing Style When I read your term papers, I look for your ability to motivate your question using economic logic, your ability to critically analyze the past literature, and your ability to recognize empirical problems as they arise. In particular, it is important that your term paper demonstrates that you are more knowledgeable, analytic, and sophisticated about the economics of health or development economics than we would expect, say, a clever editorial writer for The New York Times to be. You should present evidence, cite literature, explain economic trade-os, and generally approach the issue from an analytic perspective. Sometimes, a student is tempted to stray into opinion-page, journalistic writing in his or her term paper. Do not do this. Teaching good economics writing is one of the goals of the departmental writing requirement and is a valuable lesson for potential thesis writers. You will get a lower grade if your writing is • ungrammatical, • unclear, • journalistic. If you have trouble writing grammatically, please leave yourself some extra time and go to a writing 1 tutor . Clarity is the rst priority in economics writing. Do not worry about being snappy if you are being clear. Journalistic writing is characterized by the lack of an analytical tone. Below, you will nd some notes about the...
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...participation in study abroad programs and in innovative intercultural communication curricula setup precisely for this target group. In their effort to create this cross-cultural skills curricula for business students, Alliance members initially faced three tasks: defining the problem in theoretical rather than anecdotal terms; developing a set of pedagogical practices grounded in that theoretical framework, and which could be deployed in the study abroad context; and gathering empirical data in order to evaluate the effectiveness of the practices. The decision to use the study abroad experience as a primary vehicle for teaching intercultural communication was also based on a widely held assumption: "one of the most frequently articulated assumptions of study abroad programs is that study in a foreign country for an extended period of time will bring about enhanced levels of international understanding and concern." (Carlson and Widamen, 2) However, as Carlson and Widamen note, there is little empirical evidence supporting this assumption. The...
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...evidence is limited. Some other studies show that the relationship between profitability and customer loyalty is not strong. In a study of Swedish firms, Anderson et al.(1997) find that the relationship between customer satisfaction and return on investment varies across industries.The mixed evidence about the effect of SQ on profitability suggests that the effect depends on the operating context. 1.2 Conformance quality(CQ) CQ is an internal measure of quality and is defined as the degree to which stores conform to prescribed standards related to logistics activities. Many scholars like Maani et al. (1994), White (1996), and Krishnan et al. (2000) argue that investment in CQ may benefit the company in a long term, but there is limited empirical evidence for the positive effect of CQ on financial...
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...therapy principles, he discusses strategies for implementation, and provides research data supporting its effectiveness, including post release outcomes on the Reasoning and Rehabilitation (R & R) program. Porporino’s conclusions are subsequently compared with other researcher’s opinions and research based empirical data. Methodology Porporino criticises several programs he reviewed that claimed to be cognitive. In particular, he disregards motivational programs that lack empirical evidence of reduction of recidivism, and those programs that criticise forms of thinking without providing reasoning. Likewise, he dismisses programs that criticise current forms of thinking without providing reasoning, or adapted to corrections without adequate training or strategies for implementation. He is also critical of holistic programs that claim to address life skills, stating that they lack the systematic targeting of key factors that maintain criminal attitudes. Although in 1991, he advocated for a living skills program based on the success of the cognitive skills program. Furthermore, he dismisses cognitive programming models based on stages of morality, because they lack empirical evidence and he maintains they are not cognitive (Porporino, 1995, p.p. 2, 3, 18). Why cognitive Porporino maintains it is important to change ways of thinking to reduce recidivism, because risk factors that indicate propensity to offend can influence and maintain attitudes for continued offending....
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...Journal of Information Systems Vol. 16, No. 2 Fall 2002 pp. 209–222 Impact of Information Technology on Public Accounting Firm Productivity Rajiv D. Banker Hsihui Chang The University of Texas at Dallas Yi-ching Kao University of Wisconsin–Milwaukee ABSTRACT: In recent years, information technology (IT) has played a critical role in the services provided by the public accounting industry. However, no empirical research has evaluated the impact of IT on public accounting firms. This study focuses on five offices of an international public accounting firm that recently made large IT investments, primarily in audit software and knowledge-sharing applications. Both qualitative and quantitative information from the research site are analyzed to estimate the change in productivity following the implementation of IT. The results from both regression analysis and Data Envelopment Analysis (DEA) indicate significant productivity gains following IT implementation, documenting the value impact of IT in a public accounting firm. Keywords: public accounting; information technology (IT); IT productivity; IT adoption; data envelopment analysis. Data Availability: The confidentiality agreement with the firm that provided the data for this study precludes revealing its identity and disseminating detailed data without its written consent. I. INTRODUCTION dvances in information technology (IT) have transformed many firms in professional services industries, but perhaps...
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...Teaching and Learning of Reading Skill at BUBT: A study on the BBA (I st Semester) Students An MA in ELT Dissertation by Sl | Name | Id | 1 | Ms. Mazeda Khanam | 12133302019 | 2 | Ms. Nurani Fatema Sormi | 12133302010 | 3 | Ms.Sinthia Tina Biawas | 12133302009 | 4 | Md. Rokon Mia | 12133302006 | Session: 2013-2014 16th Intake Semester-Summer-2014 A Dissertation Submitted to Department of English Bangladesh University of Business & Technology, in partial fulfillment of the requirements for the Degree of MA in English Language Teaching (ELT) SUPERVISOR Md. Mohoshin Reza, Assistant Professor & Chairman, Department of English Bangladesh University of Business & Technology, BUBT January, 2015 Declaration We do hereby declare that the dissertation entitled “ Teaching and Learning of Reading Skill at BUBT: A Study on the BBA (1st Semester) Students” submitted to the Department of English of BUBT, in partial fulfillment of the requirements for the Degree of MA in English Language Teaching,(ELT) is our original work. Neither the whole nor any part of it was submitted to any other university or institute for any other degree or diploma. Our indebtedness to other works has been duly acknowledged at the relevant places...
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...Developing a Log-based Motivation Measuring Tool Arnon Hershkovitz and Rafi Nachmias1 {arnonher, nachmias}@post.tau.ac.il 1 Knowledge Technology Lab, School of Education, Tel Aviv University, Israel Abstract. The purpose of this study is to develop a conceptual framework and a tool for measuring motivation of online learners. The study was carried out in three phases, the first of which was the construction of a framework, based on an extensive literature review. Phase two consisted of identifying variables computable from log file data, associate with the framework and compatible with previous empirical research. For this purpose, an empirical study was designed and a specific learning environment focusing on vocabulary for adults was chosen. Log files of a large population (N=2,162) were collected and variables were identified using Learnograms, a visual representation of learning variables over time. This phase resulted in seven explicitly defined variables, along with a mechanism to calculate them from the raw log files. The third phase included preprocessing of the dataset (reducing it to 674 cases) and application of hierarchical clustering of the variables. This phase resulted in three clusters interpreted to fit the three dimensions of motivation defined in the framework. A discussion of this study and further research is provided. 1 Introduction Assessment of learners' motivation in online environments has been a challenge for both researchers...
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...RUHR ECONOMIC PAPERS Barbara S. Grave The Effect of Student Time Allocation on Academic Achievement #235 Imprint Ruhr Economic Papers Published by Ruhr-Universität Bochum (RUB), Department of Economics Universitätsstr. 150, 44801 Bochum, Germany Technische Universität Dortmund, Department of Economic and Social Sciences Vogelpothsweg 87, 44227 Dortmund, Germany Universität Duisburg-Essen, Department of Economics Universitätsstr. 12, 45117 Essen, Germany Rheinisch-Westfälisches Institut für Wirtschaftsforschung (RWI) Hohenzollernstr. 1-3, 45128 Essen, Germany Editors Prof. Dr. Thomas K. Bauer RUB, Department of Economics, Empirical Economics Phone: +49 (0) 234/3 22 83 41, e-mail: thomas.bauer@rub.de Prof. Dr. Wolfgang Leininger Technische Universität Dortmund, Department of Economic and Social Sciences Economics – Microeconomics Phone: +49 (0) 231/7 55-3297, email: W.Leininger@wiso.uni-dortmund.de Prof. Dr. Volker Clausen University of Duisburg-Essen, Department of Economics International Economics Phone: +49 (0) 201/1 83-3655, e-mail: vclausen@vwl.uni-due.de Prof. Dr. Christoph M. Schmidt RWI, Phone: +49 (0) 201/81 49 -227, e-mail: christoph.schmidt@rwi-essen.de Editorial Office Joachim Schmidt RWI, Phone: +49 (0) 201/81 49 -292, e-mail: joachim.schmidt@rwi-essen.de Ruhr Economic Papers #235 Responsible Editor: Christoph M. Schmidt All rights reserved. Bochum, Dortmund, Duisburg, Essen, Germany, 2010 ISSN 1864-4872 (online) – ISBN 978-3-86788-269-9 The working papers published...
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...Journal of Information Systems Vol. 16, No. 2 Fall 2002 pp. 209–222 Impact of Information Technology on Public Accounting Firm Productivity Rajiv D. Banker Hsihui Chang The University of Texas at Dallas Yi-ching Kao University of Wisconsin–Milwaukee ABSTRACT: In recent years, information technology (IT) has played a critical role in the services provided by the public accounting industry. However, no empirical research has evaluated the impact of IT on public accounting firms. This study focuses on five offices of an international public accounting firm that recently made large IT investments, primarily in audit software and knowledge-sharing applications. Both qualitative and quantitative information from the research site are analyzed to estimate the change in productivity following the implementation of IT. The results from both regression analysis and Data Envelopment Analysis (DEA) indicate significant productivity gains following IT implementation, documenting the value impact of IT in a public accounting firm. Keywords: public accounting; information technology (IT); IT productivity; IT adoption; data envelopment analysis. Data Availability: The confidentiality agreement with the firm that provided the data for this study precludes revealing its identity and disseminating detailed data without its written consent. I. INTRODUCTION dvances in information technology (IT) have transformed many firms in professional services industries, but perhaps none as much as those in...
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...THEORY AND EMPIRICAL WORK* EUGENE F. FAMA** I. INTRODUCTION THE PRIMARY ROLE of the capital market is allocation of ownership of the economy's capital stock. In general terms, the ideal is a market in which prices provide accurate signals for resource allocation: that is, a market in which firms can make production-investment decisions, and investors can choose among the securities that represent ownership of firms' activities under the assumption that security prices at any time "fully reflect" all available information. A market in which prices always "fully reflect" available information is called "efficient." This paper reviews the theoretical and empirical literature on the efficient markets model. After a discussion of the theory, empirical work concerned with the adjustment of security prices to three relevant information subsets is considered. First, weak form tests, in which the information set is just historical prices, are discussed. Then semi-strong form tests, in which the concern is whether prices efficiently adjust to other information that is obviously publicly available (e.g., announcements of annual earnings, stock splits, etc.) are considered. Finally, strong form tests concerned with whether given investors or groups have monopolistic access to any information relevant for price formation are reviewed.' We shall conclude that, with but a few exceptions, the efficient markets model stands up well. Though we proceed from theory to empirical work,...
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...Josmary Lopez CSL 342 Prof. Holtman September 24, 2012 The Scientist Practitioner Training Model in Psychology is an innovative approach that incorporates science and practice, whereby “each must continually inform the other” (Berlar &Perry, 1992, p.72). This training model was created with the purpose to emphasize the certainty that trained professional psychologists are and should be knowledgeable in both research and clinical practice (Jones & Merh, 2006). Education and training in research and practice are essential in order to fulfill the requirements for this training program. Initially, the scientist practitioner model was created to emphasis research and practice as separate but parallel activities (M.B. Shapiro, 1967). The focus of the model is on training high quality scientist who can conduct valuable research and at the same time be practitioners who can provide psychological services. This model also requires the development of inter locking skills to help a career long process of psychological investigation, assessment, and intervention (Belar &Perry, 1992, p.72). A trained scientist-practitioner has the ability to extend both the boundaries and application of scientific knowledge and to the changing demands of successful practice (Belar& Perry, 1992). Without employing the scientist-practitioner model, it is uncertain that psychologist can become capable in their role. It is because the model offers individual to acquire the skill of...
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