Journal of Business Finance and Accounting

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The Effect of Tick Size on Price Clustering and Trading Volume
Journal of Business Finance and Accounting - Tập 25 Số 7-8 - Trang 849-867 - 1998
Allaudeen Hameed, Eric Terry
Proposals have been made for some stock exchanges to reduce the size of their trading tick in order to lower transactions costs and, as a result, attract more trading volume and firm listings. We investigate the impact of tick size on price clustering and trading volume when the minimum price change varies with price level. Controlling the firm specific variables, we find that a smaller trading ti... hiện toàn bộ
Signalling and the Long‐run Performance of Spanish Initial Public Offerings (IPOs)
Journal of Business Finance and Accounting - Tập 32 Số 1-2 - Trang 325-350 - 2005
Susana Álvarez Otero, Víctor Manuel González Méndez
Abstract:  Academic research into firms that have gone public has focused on the study of two anomalies: initial underpricing and long‐run underperformance. We analyse Spanish Initial Public Offerings to provide additional evidence on the long‐run performance of IPOs and its relationship with initial underpricing. Results reveal the existence of negative long‐run abnormal stock returns, in line wi... hiện toàn bộ
How Do Investment Banks Value Initial Public Offerings (IPOs)?
Journal of Business Finance and Accounting - Tập 36 Số 1-2 - Trang 130-160 - 2009
Marc Deloof, Wouter De Maeseneire, Koen Inghelbrecht
Abstract:  We investigate the valuation and the pricing of initial public offerings (IPOs) by investment banks for a unique dataset of 49 IPOs on Euronext Brussels in the 1993–2001 period. We find that for each IPO several valuation methods are used, of which Discounted Free Cash Flow (DFCF) is the most popular. The offer price is mainly based on DFCF valuation, to which a discount is applied. Our... hiện toàn bộ
Asymmetric Price and Volatility Adjustments in Emerging Asian Stock Markets
Journal of Business Finance and Accounting - Tập 26 Số 1-2 - Trang 83-101 - 1999
Gregory Koutmos
This paper tests the hypothesis that stock returns in emerging stock markets adjust asymmetrically to past information. The evidence suggests that both the conditional mean and the conditional variance respond asymmetrically to past information. In agreement with studies dealing with developed stock markets, the conditional variance is an asymmetrical function of past innovations, rising proportio... hiện toàn bộ
VOLUNTARY INFORMATION DISCLOSURE DURING PERIODS OF STOCK PRICE VULNERABILITY
Journal of Business Finance and Accounting - Tập 23 Số 3 - Trang 461-472 - 1996
Dan W. Cooper, Brian Grinder
LARGE SHAREHOLDERS, TAKEOVERS AND TARGET VALUATION
Journal of Business Finance and Accounting - Tập 23 Số 2 - Trang 295-314 - 1996
Sudi Sudarsanam
Mandatory IFRS Adoption and Accounting Quality of European Banks
Journal of Business Finance and Accounting - Tập 38 Số 3-4 - Trang 289-333 - 2011
Günther Gebhardt, Zoltán Novotny‐Farkas
Abstract:  This paper examines the implications of mandatory IFRS adoption on the accounting quality of banks in twelve EU countries. Specifically, we analyse how the change in the recognition and measurement of banks’ main operating accrual item, the loan loss provision, affects income smoothing behaviour and timely loss recognition. We find that the restriction to recognise only incurred losses ... hiện toàn bộ
Insider Trading and Firm Performance Following Open Market Share Repurchase Announcements
Journal of Business Finance and Accounting - Tập 41 Số 1-2 - Trang 156-184 - 2014
Hsuan‐Chi Chen, Sheng‐Syan Chen, Chia‐Wei Huang, John D. Schatzberg
AbstractThe long‐run performance of equity securities subsequent to announcements of open market repurchases (OMR) remains a contentious topic. In this paper we propose the “dichotomous expectations hypothesis” which posits that insider trading following share repurchase announcements reveals private information concerning the future operating performance of announcing firms. In particular, inside... hiện toàn bộ
A Comparison of Between‐Country Measures of Legal Setting and Enforcement of Accounting Standards
Journal of Business Finance and Accounting - Tập 42 Số 1-2 - Trang 1-50 - 2015
John P. Preiato, Philip Brown, Ann Tarca
AbstractAcademics and practitioners agree that the enforcement of accounting standards has an important role in promoting high quality financial reporting and favourable capital market outcomes. We test three new enforcement proxies from Brown, Preiato and Tarca (2014) that focus specifically on auditing and accounting enforcement. We examine firms’ information environments, represented by the err... hiện toàn bộ
Measuring Country Differences in Enforcement of Accounting Standards: An Audit and Enforcement Proxy
Journal of Business Finance and Accounting - Tập 41 Số 1-2 - Trang 1-52 - 2014
Philip Brown, John P. Preiato, Ann Tarca
AbstractIn this paper we present an index designed to capture differences between countries in relation to the institutional setting for financial reporting, specifically the auditing of financial statements and the enforcement of compliance with each country's accounting standards. The use of a common set of standards such as International Financial Reporting Standards (IFRS) aims, in broad terms... hiện toàn bộ
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