Accounting Conservatism And Firm Investment Efficiency PDF Download
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| Author | : Juan M. García Lara |
| Publisher | : |
| Total Pages | : 47 |
| Release | : 2015 |
| Genre | : |
| ISBN | : |
Download Accounting Conservatism and Firm Investment Efficiency Book in PDF, ePub and Kindle
We argue that conservatism improves investment efficiency. In particular, we predict that it resolves debt-equity conflicts, facilitating a firm's access to debt financing and limiting underinvestment. This permits the financing of prudent investments that otherwise might not be pursued. Our empirical results confirm these predictions. We find that more conservative firms invest more and issue more debt in settings prone to underinvestment and that these effects are more pronounced in firms characterized by greater information asymmetries. We also find that conservatism is associated with reduced overinvestment, even for opaque investments such as research and development.
| Author | : Juan Manuel García Lara |
| Publisher | : |
| Total Pages | : |
| Release | : 2010 |
| Genre | : |
| ISBN | : |
Download Accounting Conservatism and Firm Investment Efficiency Book in PDF, ePub and Kindle
| Author | : Judson Caskey |
| Publisher | : |
| Total Pages | : |
| Release | : 2015 |
| Genre | : |
| ISBN | : |
Download Corporate Governance, Accounting Conservatism, and Manipulation Book in PDF, ePub and Kindle
We develop a model to analyze how board governance affects firms' financial reporting choices, and managers' incentives to manipulate accounting reports. In our setting, ceteris paribus, conservative accounting is desirable because it allows the board of directors to better oversee the firm's investment decisions. This feature of conservatism, however, causes the manager to manipulate the accounting system to mislead the board and distort its decisions. Effective reporting oversight curtails managers' ability to manipulate, which increases the benefits of conservative accounting and simultaneously reduces its costs. Our model predicts that stronger reporting oversight leads to greater accounting conservatism, manipulation, and investment efficiency.
| Author | : James Harris Bliss |
| Publisher | : |
| Total Pages | : 880 |
| Release | : 1924 |
| Genre | : Accounting |
| ISBN | : |
Download Management Through Accounts Book in PDF, ePub and Kindle
| Author | : Madhav V. Rajan |
| Publisher | : |
| Total Pages | : 58 |
| Release | : 2009 |
| Genre | : |
| ISBN | : |
Download Conservatism, Growth, and Return on Investment Book in PDF, ePub and Kindle
Return on Investment (ROI) is widely regarded as a key measure of firm profitability. The accounting literature has long recognized that ROI will generally not reflect economic profitability, as determined by the internal rate of return (IRR) of a firm's investment projects. In particular, it has been noted that accounting conservatism may result in an upward bias of ROI, relative to the underlying IRR. We examine both theoretically and empirically the behavior of ROI as a function of two variables: past growth in new investments and accounting conservatism. Higher growth is shown to result in lower levels of ROI provided the accounting is conservative, while the opposite is generally true for liberal accounting policies. Conversely, more conservative accounting will increase ROI provided growth in new investments has been quot;moderatequot; over the relevant horizon, while the opposite is true if new investments grew at sufficiently high rates. Taken together, we find that conservatism and growth are quot;substitutesquot; in their joint impact on ROI.
| Author | : Christopher Parsons |
| Publisher | : Now Publishers Inc |
| Total Pages | : 107 |
| Release | : 2009 |
| Genre | : Business & Economics |
| ISBN | : 160198202X |
Download Empirical Capital Structure Book in PDF, ePub and Kindle
Empirical Capital Structure reviews the empirical capital structure literature from both the cross-sectional determinants of capital structure as well as time-series changes.
| Author | : Benjamin Hermalin |
| Publisher | : Elsevier |
| Total Pages | : 762 |
| Release | : 2017-09-18 |
| Genre | : Business & Economics |
| ISBN | : 0444635408 |
Download The Handbook of the Economics of Corporate Governance Book in PDF, ePub and Kindle
The Handbook of the Economics of Corporate Governance, Volume One, covers all issues important to economists. It is organized around fundamental principles, whereas multidisciplinary books on corporate governance often concentrate on specific topics. Specific topics include Relevant Theory and Methods, Organizational Economic Models as They Pertain to Governance, Managerial Career Concerns, Assessment & Monitoring, and Signal Jamming, The Institutions and Practice of Governance, The Law and Economics of Governance, Takeovers, Buyouts, and the Market for Control, Executive Compensation, Dominant Shareholders, and more. Providing excellent overviews and summaries of extant research, this book presents advanced students in graduate programs with details and perspectives that other books overlook. Concentrates on underlying principles that change little, even as the empirical literature moves on Helps readers see corporate governance systems as interrelated or even intertwined external (country-level) and internal (firm-level) forces Reviews the methodological tools of the field (theory and empirical), the most relevant models, and the field’s substantive findings, all of which help point the way forward
| Author | : Michael J. Peel |
| Publisher | : Beard Books |
| Total Pages | : 212 |
| Release | : 2003 |
| Genre | : Business & Economics |
| ISBN | : 9781587981579 |
Download The Liquidation/Merger Alternative Book in PDF, ePub and Kindle
This is a reprint of a previously published book. It deals with providing a rationale as to why some companies that appear to be on the brink of corporate collapse are taken over rather than entering into receivership. Do not put Lightning logo on cover.
| Author | : G. Constantinides |
| Publisher | : Elsevier |
| Total Pages | : 698 |
| Release | : 2003-11-04 |
| Genre | : Business & Economics |
| ISBN | : 9780444513632 |
Download Handbook of the Economics of Finance Book in PDF, ePub and Kindle
Arbitrage, State Prices and Portfolio Theory / Philip h. Dybvig and Stephen a. Ross / - Intertemporal Asset Pricing Theory / Darrell Duffle / - Tests of Multifactor Pricing Models, Volatility Bounds and Portfolio Performance / Wayne E. Ferson / - Consumption-Based Asset Pricing / John y Campbell / - The Equity Premium in Retrospect / Rainish Mehra and Edward c. Prescott / - Anomalies and Market Efficiency / William Schwert / - Are Financial Assets Priced Locally or Globally? / G. Andrew Karolyi and Rene M. Stuli / - Microstructure and Asset Pricing / David Easley and Maureen O'hara / - A Survey of Behavioral Finance / Nicholas Barberis and Richard Thaler / - Derivatives / Robert E. Whaley / - Fixed-Income Pricing / Qiang Dai and Kenneth J. Singleton.
| Author | : Reza Gharoie Ahangar |
| Publisher | : BoD – Books on Demand |
| Total Pages | : 184 |
| Release | : 2021-04-14 |
| Genre | : Business & Economics |
| ISBN | : 1839629657 |
Download Investment Strategies in Emerging New Trends in Finance Book in PDF, ePub and Kindle
Investment and portfolio strategies are some of the most exciting topics in finance. This book presents the most up-to-date topics and techniques in finance to facilitate the investment process for researchers and investors in selecting appropriate investment strategies with the emergence of new issues and concepts in financial areas. This book contains nine chapters divided into three sections: The first section, “Investment and Portfolio Strategies,” discusses different investment strategies in portfolio selection. The second section, “Behavioral Finance and Investment Decisions,” examines the application of behavioral finance in investment decisions. The last section, “Emerging New Trends in Finance,” includes some new and interesting finance topics that can depict our vision for the future arena of finance.
