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Conservatism, Growth, and Return on Investment

Conservatism, Growth, and Return on Investment
Author: Madhav V. Rajan
Publisher:
Total Pages: 58
Release: 2009
Genre:
ISBN:
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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.

The Tea Party and the Remaking of Republican Conservatism

The Tea Party and the Remaking of Republican Conservatism
Author: Theda Skocpol
Publisher: Oxford University Press
Total Pages: 274
Release: 2016
Genre: History
ISBN: 0190633662
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In this penetrating new study, Skocpol of Harvard University, one of today's leading political scientists, and co-author Williamson go beyond the inevitable photos of protesters in tricorn hats and knee breeches to provide a nuanced portrait of the Tea Party. What they find is sometimes surprising.

Financial Statement Analysis and Security Valuation

Financial Statement Analysis and Security Valuation
Author: Stephen H. Penman
Publisher:
Total Pages: 754
Release: 2010
Genre: Financial statements
ISBN: 9780071267809
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Valuation is at the heart of investing. A considerable part of the information for valuation is in the financial statements.Financial Statement Analysis and Security Valuation, 5 e by Stephen Penman shows students how to extract information from financial statements and use that data to value firms. The 5th edition shows how to handle the accounting in financial statements and use the financial statements as a lens to view a business and assess the value it generates.

Accounting for Value

Accounting for Value
Author: Stephen Penman
Publisher: Columbia University Press
Total Pages: 265
Release: 2010-12-30
Genre: Business & Economics
ISBN: 0231521855
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Accounting for Value teaches investors and analysts how to handle accounting in evaluating equity investments. The book's novel approach shows that valuation and accounting are much the same: valuation is actually a matter of accounting for value. Laying aside many of the tools of modern finance the cost-of-capital, the CAPM, and discounted cash flow analysis Stephen Penman returns to the common-sense principles that have long guided fundamental investing: price is what you pay but value is what you get; the risk in investing is the risk of paying too much; anchor on what you know rather than speculation; and beware of paying too much for speculative growth. Penman puts these ideas in touch with the quantification supplied by accounting, producing practical tools for the intelligent investor. Accounting for value provides protection from paying too much for a stock and clues the investor in to the likely return from buying growth. Strikingly, the analysis finesses the need to calculate a "cost-of-capital," which often frustrates the application of modern valuation techniques. Accounting for value recasts "value" versus "growth" investing and explains such curiosities as why earnings-to-price and book-to-price ratios predict stock returns. By the end of the book, Penman has the intelligent investor thinking like an intelligent accountant, better equipped to handle the bubbles and crashes of our time. For accounting regulators, Penman also prescribes a formula for intelligent accounting reform, engaging with such controversial issues as fair value accounting.

Managerial Overconfidence, Conservative Accounting and Corporate Investment

Managerial Overconfidence, Conservative Accounting and Corporate Investment
Author: Keiichi Shima
Publisher:
Total Pages: 27
Release: 2018
Genre:
ISBN:
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This paper examines the link between managerial overconfidence, conservative accounting and investment. Using Japanese firm data, we estimate a q investment model incorporating real options effects. Consistent with prior studies, we find that managerial overconfidence increases investment--cash flow sensitivity. On the other hand, we find mixed results regarding the relationship between managerial overconfidence and real options. We proxy sales growth for investment return growth and find that firms' investment is positively related to sales growth and negatively related to its volatility. We also find that managerial overconfidence increases both positive sensitivity of investment to sales growth and negative sensitivity of investment to sales growth volatility. In addition, we examine whether conservative accounting mitigates agency costs and investment distortions after controlling for the effect of managerial overconfidence on investment. Contrary to prior studies, we find that conservative accounting increases investment--cash flow sensitivity. However, our results confirm that conservative accounting significantly reduces investment--cash flow sensitivity for firms with managerial overconfidence.

Wallet Activism

Wallet Activism
Author: Tanja Hester
Publisher: BenBella Books
Total Pages: 254
Release: 2021-11-16
Genre: Social Science
ISBN: 1953295932
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2022 NATIONAL INDIE EXCELLENCE AWARDS FINALIST — SOCIAL/POLITICAL CHANGE • 2022 ASJA ANNUAL WRITING AWARD WINNER — SERVICE • 2022 NAUTILUS BOOK AWARDS GOLD MEDALIST — SOCIAL CHANGE & SOCIAL JUSTICE • 2022 AXIOM BUSINESS BOOK AWARD GOLD MEDALIST — PHILANTHROPY/NONPROFIT/SUSTAINABILITY How do we vote with our dollars, not just to make ourselves feel good, but to make a real difference? Wallet Activism challenges you to rethink your financial power so can feel confident spending, earning, and saving money in ways that align with your values. While we call the American system a democracy, capitalism is the far more powerful force in our lives. The greatest power we have—especially when political leaders won’t move quickly enough—is how we use our money: where we shop, what we buy, where we live, what institutions we entrust with our money, who we work for, and where we donate determines the trajectory of our society and our planet. While our votes and voices are essential, too, Wallet Activism helps you use your money for real impact. It can feel overwhelming to determine “the right way” to spend: a choice that might seem beneficial to the environment may have unintended consequences that hurt people. And marketers are constantly lying to you, making it hard to know what choice is best. Wallet Activism empowers us to vote with our wallets by making sense of all the information coming at us, and teaching us to cultivate a more holistic mindset that considers the complex, interrelated ecosystems of people and the planet together, not as opposing forces. From Tanja Hester, Our Next Life blogger and author of Work Optional, comes the mindset-shifting guide to help you put your money where your values are. Wallet Activism is not a list of dos and don’ts that will soon become outdated, nor does it call for anti-consumerist perfection. Instead, it goes beyond simple purchasing decisions to explore: The impacts a financial decision can have across society and the environment How to create a personal spending philosophy based on your values Practical questions to quickly assess the “goodness” of a product or an entity you may buy from The ethics of earning money, choosing what foods to eat, employing others, investing responsibly, choosing where to live, and giving money away For anyone interested in leaving the world better than you found it, Wallet Activism helps you build habits that will make your money matter.

Management Through Accounts

Management Through Accounts
Author: James Harris Bliss
Publisher:
Total Pages: 880
Release: 1924
Genre: Accounting
ISBN:
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Earnings Quality

Earnings Quality
Author: Jennifer Francis
Publisher: Now Publishers Inc
Total Pages: 97
Release: 2008
Genre: Business & Economics
ISBN: 1601981147
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This review lays out a research perspective on earnings quality. We provide an overview of alternative definitions and measures of earnings quality and a discussion of research design choices encountered in earnings quality research. Throughout, we focus on a capital markets setting, as opposed, for example, to a contracting or stewardship setting. Our reason for this choice stems from the view that the capital market uses of accounting information are fundamental, in the sense of providing a basis for other uses, such as stewardship. Because resource allocations are ex ante decisions while contracting/stewardship assessments are ex post evaluations of outcomes, evidence on whether, how and to what degree earnings quality influences capital market resource allocation decisions is fundamental to understanding why and how accounting matters to investors and others, including those charged with stewardship responsibilities. Demonstrating a link between earnings quality and, for example, the costs of equity and debt capital implies a basic economic role in capital allocation decisions for accounting information; this role has only recently been documented in the accounting literature. We focus on how the precision of financial information in capturing one or more underlying valuation-relevant constructs affects the assessment and use of that information by capital market participants. We emphasize that the choice of constructs to be measured is typically contextual. Our main focus is on the precision of earnings, which we view as a summary indicator of the overall quality of financial reporting. Our intent in discussing research that evaluates the capital market effects of earnings quality is both to stimulate further research in this area and to encourage research on related topics, including, for example, the role of earnings quality in contracting and stewardship.

Advances in Quantitative Analysis of Finance and Accounting (New Series) Vol．13

Advances in Quantitative Analysis of Finance and Accounting (New Series) Vol．13
Author: Cheng F. Lee
Publisher: Center for PBBEFR & Airiti Press
Total Pages:
Release: 2015-01-01
Genre: Business & Economics
ISBN: 9864370391
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Advances in Quantitative Analysis of Finance and Accounting (New Series) is an annual publication designed to disseminate developments in the quantitative analysis of finance and accounting. The publication is a forum for statistical and quantitative analyses of issues in finance and accounting as well as applications of quantitative methods to problems in financial management, financial accounting, and business management. The objective is to promote interaction between academic research in finance and accounting and applied research in the financial community and the accounting profession.