Impact Of Reporting Frequency On Uk Public Companies
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Impact Of Reporting Frequency On Uk Public Companies
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Author : Robert C. Pozen
language : en
Publisher: CFA Institute Research Foundation
Release Date : 2017-05-16
Impact Of Reporting Frequency On Uk Public Companies written by Robert C. Pozen and has been published by CFA Institute Research Foundation this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-05-16 with Business & Economics categories.
Beginning in 2007, UK public companies were required to issue quarterly, rather than semiannual, financial reports. But the UK removed this quarterly reporting requirement in 2014. We studied the effects of these regulatory changes on UK public companies and found that the frequency of financial reports had no material impact on levels of corporate investment. However, mandatory quarterly reporting was associated with an increase in analyst coverage and an improvement in the accuracy of analyst earnings forecasts.
Impact Of Reporting Frequency On Uk Public Companies
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Author : Robert Pozen
language : en
Publisher:
Release Date : 2017
Impact Of Reporting Frequency On Uk Public Companies written by Robert Pozen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
Corporate executives have long decried the undue emphasis on short-termism - defined as maximizing corporate profits in the next quarter. Instead, most corporate executives say that they want to make corporate investments from a long-term perspective - defined as enhancing corporate value over a period of three to five years (Rappaport 2006). This concern about favoring short-termism over long-termism has now spread to institutional investors (Perrin 2016). In an open letter, Laurence Fink, CEO of BlackRock, warned US companies that they may be harming their long-term value by capitulating to pressures from activist hedge funds to increase dividends or share buybacks in the short term (Fink 2015). In response, commentators and regulators have proposed a broad range of remedies to curb short-termism in corporate America (Pozen 2014). These proposals include, but are not limited to, higher taxes on short-term trading, faster filings for groups acquiring more than 5% of a company's voting stock, reduced say by institutional investors in managerial decisions, and increased voting rights for shareholders based on the length of their holding period.
The Timeliness Of Uk Private Company Financial Reporting
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Author : Mark Clatworthy
language : en
Publisher:
Release Date : 2016
The Timeliness Of Uk Private Company Financial Reporting written by Mark Clatworthy and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
This paper investigates the extent to which the timeliness of UK private companies' accounting information reflects regulatory and economic influences by studying the impact of a one month shortening of the statutory regulatory filing deadline. Using the financial reporting lag and propensity to file late as measures of timeliness, we find that although reporting behaviour is largely driven by regulatory deadlines, companies conjectured to be producing accounting information for reporting to outside investors publish their accounts significantly more quickly, and are substantially less likely to file beyond the statutory deadline (late), than their counterparts lacking similar incentives. However, in terms of this reporting lag differential, the change in regulation had a homogeneous impact. We report a significant reduction in the mean and median filing time, but an increase of 46% in the proportion of firms filing late, in the year following the regulatory change. Our results are robust to the employment of a number of different estimation methods, including matching and Huber and median regression.
Investment Governance For Fiduciaries
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Author : Michael E. Drew
language : en
Publisher: CFA Institute Research Foundation
Release Date : 2019-04-22
Investment Governance For Fiduciaries written by Michael E. Drew and has been published by CFA Institute Research Foundation this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-04-22 with Business & Economics categories.
Governance is a word that is increasingly heard and read in modern times, be it corporate governance, global governance, or investment governance. Investment governance, the central concern of this modest volume, refers to the effective employment of resources—people, policies, processes, and systems—by an individual or governing body (the fiduciary or agent) seeking to fulfil their fiduciary duty to a principal (or beneficiary) in addressing an underlying investment challenge. Effective investment governance is an enabler of good stewardship, and for this reason it should, in our view, be of interest to all fiduciaries, no matter the size of the pool of assets or the nature of the beneficiaries. To emphasize the importance of effective investment governance and to demonstrate its flexibility across organization type, we consider our investment governance process within three contexts: defined contribution (DC) plans, defined benefit (DB) plans, and endowments and foundations (E&Fs). Since the financial crisis of 2007–2008, the financial sector’s place in the economy and its methods and ethics have (rightly, in many cases) been under scrutiny. Coupled with this theme, the task of investment governance is of increasing importance due to the sheer weight of money, the retirement savings gap, demographic trends, regulation and activism, and rising standards of behavior based on higher expectations from those fiduciaries serve. These trends are at the same time related and self-reinforcing. Having explored the why of investment governance, we dedicate the remainder of the book to the question of how to bring it to bear as an essential component of good fiduciary practice. At this point, the reader might expect investment professionals to launch into a discussion about an investment process focused on the best way to capture returns. We resist this temptation. Instead, we contend that achieving outcomes on behalf of beneficiaries is as much about managing risks as it is about capturing returns—and we mean “risks” broadly construed, not just fluctuations in asset values.
Research Foundation Review 2017
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Author : CFA Institute Research Foundation
language : en
Publisher: CFA Institute Research Foundation
Release Date : 2018
Research Foundation Review 2017 written by CFA Institute Research Foundation and has been published by CFA Institute Research Foundation this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with Business & Economics categories.
The Research Foundation Review 2017 summarizes the offerings from the CFA Institute Research Foundation over the past year—books, literature reviews, workshop presentations, and other relevant material.
The Gaap Gap
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Author : Robert E. Litan
language : en
Publisher: American Enterprise Institute
Release Date : 2000
The Gaap Gap written by Robert E. Litan and has been published by American Enterprise Institute this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Accounting categories.
Today's knowledge-based economy requires an entirely new system of assessing the value of companies--a system tapping the vast communication capabilities of the Internet.
The Routledge Companion To Accounting Reporting And Regulation
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Author : Carien van Mourik
language : en
Publisher: Routledge
Release Date : 2013-10-01
The Routledge Companion To Accounting Reporting And Regulation written by Carien van Mourik and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-10-01 with Business & Economics categories.
Financial accounting, reporting and regulation is a vast subject area of huge global importance, with interest rising significantly in the light of the ongoing global financial crisis. The authors begin with a broad overview of the subject of accounting, setting the stage for a discussion on the theoretical and practical issues and debates regarding financial reporting, which are expanded on in the second part of the book. This includes how to define the reporting entity, recognition and measurement of the elements of financial statements, fair values in financial reporting and the costs and benefits of disclosure. The third part assesses the interest, need and theories behind the accounting, reporting and regulation industry, while parts four and five look at the institutional, social and economic aspects; with issues such as accounting for environmental management and, accounting regulation and financial reporting in Islamic countries, both issues of ever increasing importance. This authoritative Companion presents a broad overview of the state of these disciplines today, and will provide a comprehensive reference source for students and academics involved in accounting, regulation and reporting.
The End Of Accounting And The Path Forward For Investors And Managers
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Author : Baruch Lev
language : en
Publisher: John Wiley & Sons
Release Date : 2016-06-02
The End Of Accounting And The Path Forward For Investors And Managers written by Baruch Lev and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-06-02 with Business & Economics categories.
An innovative new valuation framework with truly useful economic indicators The End of Accounting and the Path Forward for Investors and Managers shows how the ubiquitous financial reports have become useless in capital market decisions and lays out an actionable alternative. Based on a comprehensive, large-sample empirical analysis, this book reports financial documents' continuous deterioration in relevance to investors' decisions. An enlightening discussion details the reasons why accounting is losing relevance in today's market, backed by numerous examples with real-world impact. Beyond simply identifying the problem, this report offers a solution—the Value Creation Report—and demonstrates its utility in key industries. New indicators focus on strategy and execution to identify and evaluate a company's true value-creating resources for a more up-to-date approach to critical investment decision-making. While entire industries have come to rely on financial reports for vital information, these documents are flawed and insufficient when it comes to the way investors and lenders work in the current economic climate. This book demonstrates an alternative, giving you a new framework for more informed decision making. Discover a new, comprehensive system of economic indicators Focus on strategic, value-creating resources in company valuation Learn how traditional financial documents are quickly losing their utility Find a path forward with actionable, up-to-date information Major corporate decisions, such as restructuring and M&A, are predicated on financial indicators of profitability and asset/liabilities values. These documents move mountains, so what happens if they're based on faulty indicators that fail to show the true value of the company? The End of Accounting and the Path Forward for Investors and Managers shows you the reality and offers a new blueprint for more accurate valuation.
Dangerous Opportunities
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Author : Stephanie Ben-Ishai
language : en
Publisher: University of Toronto Press
Release Date : 2021
Dangerous Opportunities written by Stephanie Ben-Ishai and has been published by University of Toronto Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with Business & Economics categories.
Dangerous Opportunities presents a timely contribution that provides lessons for post-pandemic economic recovery from the pre-pandemic Home Capital crisis, a watershed in Canadian Financial markets.
The Economics Of Corporate Governance And Mergers
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Author : K. Gugler
language : en
Publisher: Edward Elgar Publishing
Release Date : 2008-01-01
The Economics Of Corporate Governance And Mergers written by K. Gugler and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-01-01 with Business & Economics categories.
This book provides an insightful view of major issues in the economics of corporate governance (CG) and mergers. It presents a systematic update on the developments in the two fields during the last decade, as well as highlighting the neglected topics in CG research, such as the role of boards, CG and public interest and the relation of CG to mergers. Two important conclusions can be drawn from this book: the first is that corporate governance systems that better align shareholders and managers interests lead to better corporate performance; second, there is an important relationship between CG structures and the quality of firm decision-making, one of the most important being the decision to merge or take over another firm. Focusing on some of the often-neglected aspects of corporate governance such as non-profit organizations and public interest, as well as mergers and acquisitions from a CG perspective, this book will be a valuable resource for both academics and postgraduate students of finance, business and economics.