Reliability Of The Financial Statements Following The Adoption Of Fresh Start Reporting
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Reliability Of The Financial Statements Following The Adoption Of Fresh Start Reporting
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Author : Reuven Lehavy
language : en
Publisher:
Release Date : 2002
Reliability Of The Financial Statements Following The Adoption Of Fresh Start Reporting written by Reuven Lehavy and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with categories.
This study examines the reliability of the financial statements of 72 firms that adopted fresh start reporting upon their emergence from Chapter 11 bankruptcy protection. The study focuses on the reliability of the fair value estimate of equity recorded upon the adoption of fresh start reporting. I test whether managements strategically choose the fresh start equity value in order to gain acceptance for their reorganization plans and to enhance post-bankruptcy reported performance. Results of multivariate analyses indicate that the overstatement in the fresh start equity value (over and above market value of equity immediately after emergence from Chapter 11) is increasing in the: (i)complexity of the bankruptcy negotiations, (ii) probability of post-emergence financial distress, (ii) percentage ownership of former creditors in the reorganized entity, and (iv) CEO turnover; I also find that prepackaged bankruptcies emerge with a greater understatement in the fresh start equity value relative to non-prepackaged cases.
Reliability Of Fresh Start Financial Statements And The Association Between Firms Values And Accounting Numbers After Adoption Of Fresh Start Reporting
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Author : Reuven Lehavy
language : en
Publisher:
Release Date : 1997
Reliability Of Fresh Start Financial Statements And The Association Between Firms Values And Accounting Numbers After Adoption Of Fresh Start Reporting written by Reuven Lehavy and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with categories.
The second part investigates the effects of the bias on the association between firms' values and accounting numbers reported after the adoption of FSR. Using a security valuation model that links stock price with accounting variables, I derive a theoretical value for a coefficient associating the bias with prices or returns under alternative hypotheses that investors unravel the financial statement effects of the bias and that they ignore such effects. The model is estimated for eight quarters after the adoption of FSR. The results of the regressions suggest that even two years after the emergence from Chapter 11 and the adoption of FSR, investors unravel the effects of the initial bias on book values and earnings reported subsequent to the adoption of FSR. The results also suggest that while investors appear to adjust for these effects of the initial bias on reported numbers, the magnitude of the adjustment is constant over time (contrary to the predicted pattern of this adjustment).
The Association Between Firms Values And Accounting Numbers After Adoption Of Fresh Start Reporting
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Author : Reuven Lehavy
language : en
Publisher:
Release Date : 1999
The Association Between Firms Values And Accounting Numbers After Adoption Of Fresh Start Reporting written by Reuven Lehavy and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with categories.
This study examines the association between firms? values and accounting numbers for 72 firms that adopted fresh start reporting (FSR) upon their emergence from Chapter 11 bankruptcy. It focuses on the effects of a misstatement in the reporting choice of the initial fresh start value of equity on the association between firms? values and accounting numbers reported subsequently. Using a security valuation model, I derive an explicit relation between firms? values and a measure of the misstatement in the fresh start equity. This model provides a theoretical value for a coefficient associating the misstatement with firms? values under the null hypothesis that investors accurately undo the effects of the misstatement on subsequently reported numbers. I estimate this model for eight quarters after the adoption of FSR. The results of the regressions suggest that even two years after the emergence from Chapter 11 and the adoption of FSR, investors unravel the effects of the initial misstatement on book values and earnings reported subsequent to the adoption of FSR. The results also suggest that while investors appear to adjust for these effects, the magnitude of the adjustment is constant over time (in contrast to the predicted pattern of this adjustment).
Corporate Financial Distress And Bankruptcy
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Author : Edward I. Altman
language : en
Publisher: John Wiley & Sons
Release Date : 2010-03-11
Corporate Financial Distress And Bankruptcy written by Edward I. Altman 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 2010-03-11 with Business & Economics categories.
A comprehensive look at the enormous growth and evolution of distressed debt, corporate bankruptcy, and credit risk default This Third Edition of the most authoritative finance book on the topic updates and expands its discussion of corporate distress and bankruptcy, as well as the related markets dealing with high-yield and distressed debt, and offers state-of-the-art analysis and research on the costs of bankruptcy, credit default prediction, the post-emergence period performance of bankrupt firms, and more.
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 : 2016-06-14
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 2016-06-14 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.
Ifrs 2
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Author : International Accounting Standards Board
language : en
Publisher:
Release Date : 2004
Ifrs 2 written by International Accounting Standards Board and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Accounting categories.
Firm Performance And Analyst Forecast Accuracy Following Discontinued Operations
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Author : Binod Guragai
language : en
Publisher:
Release Date : 2017
Firm Performance And Analyst Forecast Accuracy Following Discontinued Operations written by Binod Guragai and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with Business enterprises categories.
Because of the non-recurring and transitory nature of discontinued operations, accounting standards require that the results of discontinued operations be separately reported on the income statement. Prior accounting literature supports the view that discontinued operations are non-recurring or transitory in nature, and also suggests that income classified as transitory has minimal relevance in firm valuation. Finance and management literature, however, suggest that firms discontinue operations to strategically utilize their scarce resources. Assuming that discontinued operations are a result of managerial motives to strategically concentrate resources into remaining continued operations, this dissertation examines the informativeness of discontinued operations. In doing so, this dissertation empirically tests the financial performance, investment efficiency, valuation, and analyst forecast accuracy effects of discontinued operations. In 2001, Financial Accounting Standards Board's (FASB) Statement of Financial Accounting Standards (SFAS) 144 (hereafter SFAS 144) replaced Accounting Principles Board's Opinion 30 (hereafter APB 30) and broadened the scope of divestiture transactions to be presented in discontinued operations. Some stakeholders of financial statements argued that discontinued operations were less decision-useful in the SFAS 144 era because too many transactions that do not represent a strategic shift in operations were separately stated as discontinued operations on the income statement. With the possibility that the discontinued operations reported in SFAS 144 era may not reflect a major strategic reallocation of resources, this dissertation examines whether the relationship between discontinued operations, firm performance, investment efficiency, and analyst forecast accuracy are different in the pre-SFAS 144 and SFAS 144 era. Using a sample of firms that discontinued operations between 1990 and 2012, this dissertation study finds limited evidence that firms experience improvement in financial performance following discontinued operations and that such improvement is only observed in pre-SFAS 144 era. The results also suggest that any improvement in financial performance documented is conditional on the profitability of the operations discontinued and provide no support for investment efficiency improvement following discontinued operations. Related to the valuation implications of discontinued operations, this dissertation shows that investors differentially value profitable and loss discontinued operations. However, such valuation differences are not dependent on the performance improvement implications. Finally, results support that analyst forecast accuracy of earnings decreases following the reporting of discontinued operations, but such effect is only observed in the pre-SFAS 144 era. This dissertation makes several contributions to the literature. First, this study extends the literature on corporate divestment by using a large sample of discontinuation decisions and hand-collected data on the profitability of the operations discontinued. Second, this research extends the literature on market studies by analyzing whether market response to a discontinuation decision is dependent upon the profitability of the operation discontinued. Third, based upon a review of the literature, it is believed that this is the first study to examine the possibility that analyst forecast accuracy may change following a discontinuation decision. Finally, this study extends the literature that examines the effects of changes in accounting rules and regulations on the informativeness of financial statement items. These results should be of interest to investors, regulators, and analysts.
Dissertation Abstracts International
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Author :
language : en
Publisher:
Release Date : 1997
Dissertation Abstracts International written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Dissertations, Academic categories.
Ifrs 5 Non Current Assets Held For Sale And Discontinued Operations
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Author : International Accounting Standards Board
language : en
Publisher:
Release Date : 2004
Ifrs 5 Non Current Assets Held For Sale And Discontinued Operations written by International Accounting Standards Board and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Assets (Accounting) categories.
The Valuereporting Revolution
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Author : Robert G. Eccles
language : en
Publisher: John Wiley & Sons
Release Date : 2002-03-14
The Valuereporting Revolution written by Robert G. Eccles 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 2002-03-14 with Business & Economics categories.
Provides a comprehensive framework for achieving higher levels of corporate information disclosure and transparency In order to decide whether or not a company is a good investment, analysts and investment professionals need to know as much as possible about the company's tangible and intangible assets, as well as a variety of critical performance measures. Written by an international team of experts, The Value Reporting Revolution clearly explains why corporations must move toward greater transparency and, more importantly, it provides a comprehensive framework for achieving that goal. Among other important lessons, readers learn how to identify the gaps between how corporate managers perceive their disclosure practices versus how the markets see them, as well as how to leverage their organizations' electronic communications technology and tools to ensure easy access to vital information and more meaningful data analysis. Robert Eccles (Jupiter, FL) is President of Advisory Capital Partners, Inc. Robert H. Herz (New York, NY) is a Partner at PricewaterhouseCoopers, US. David Phillips (London, UK) is a Partner at PricewaterhouseCoopers, UK. Mary M. Keegan (London, UK) is head of Global Corporate Reporting at PricewaterhouseCoopers, UK.
