The Impact Of Fair Value Accounting On Firms Performance And Pension Assets
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The Impact Of Fair Value Accounting On Firms Performance And Pension Assets
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Author : Shaofeng Zheng
language : en
Publisher:
Release Date : 2017
The Impact Of Fair Value Accounting On Firms Performance And Pension Assets written by Shaofeng Zheng and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with Fair value categories.
My dissertation comprises of two essays: 1) The Effects of Fair Value Measurements (IFRS 13) on Operating Performance and Market Performance, and on Value Relevance of Firms across European Countries; 2) The Disclosure of Fair Value Pension Asset under SFAS No. 158, Pension Assumptions, and Earnings Manipulation. Fair value accounting has been gained a spotlight over years. My first essay focuses on Fair Value measurements (IFRS13), which provides a single source for all fair value measurements, and clarifies the definition of fair value and enhance the disclosures. I examine the effect of IFRS 13 fair value on operating performance, the market reaction to the key event of the announcement date of IFRS 13 adoption, and the effect on value relevance in the context of IFRS 13 adoption by a large sample of five countries in European Union: France, Germany, Italy, Spain, and United Kingdom from 2010 to 2014. Evidences from the analyses of the models revealed that the operating performance overally decreased after IFRS 13 adoption in France and Germany but increased in Italy, Spain and United Kingdom based on some ratios to evaluate the operating performance. Firms with higher ROA in pre-IFRS 13 might report more consecutive earnings after IFRS 13 adoption than firms with lower ROA in pre-IFRS 13. Market reaction was tested on the key event of IFRS 13 adoption: the announcement date of IFRS 13. The results of the event study indicate that the cumulative abnormal returns (CAR) are negatively associated with the release date of IFRS 13 adoption, suggesting that European markets' reaction has been somewhat negative to IFRS 13. The adjustment to earnings per share model suggests mixed evidence of a increase in value relevance. In summary, European market may perceive IFRS 13 as an important in financial reporting or a reduction in the formation asymmetry and these results have implications for investors, auditors, and educators. In September 2006, Statement of Financial Accounting Standard (SFAS) No. 158, Employers' Accounting for Defined Benefit Pension and Other Postretirement Plans, required firms to disclose and recognize the full funded status of defined benefit pension plans in the balance sheet instead of only in the footnote. Comparing with recognition, there are limited researches about the effect of the disclosure of fair value pension assets on the expected rate of return (ERR). Therefore, my second essay examines the association between the disclosure of fair value pension plan assets under SFAS No. 158 and ERR. Empirical results support that firms with the Level-3 fair value of pension assets are more like to inflate ERR and are more like to meet ERR through the actual rate of return (ARR) of the Level-3 fair value of pension assets. In addition, I explore the relationship between the disclosure of fair value pension plan assets and earnings target through ERR management. The results document that firms with the Level-3 fair value pension asset more like to achieve earnings target when they marginally fall short of earnings expectations. Such disclosures could improve the efficient use of the information by market participants.
Valuation Based On Earnings
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Author : Robert A. G. Monks
language : en
Publisher: John Wiley & Sons
Release Date : 2011-04-27
Valuation Based On Earnings written by Robert A. G. Monks 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 2011-04-27 with Business & Economics categories.
Corporate Valuation for Portfolio Investment "The valuation of securities . . . is as big a subject as they come, running in multi?-dimensions from qualitative to psychological, from static todynamic, from one dominant measure to a complex soup, and using measures that range from those that are internal to the observer to those determined bythe markets. In Corporate Valuation for Portfolio Investment, Bob andhis worthy coauthor cover the full range of valuation methods." From the Foreword by Dean LeBaron Corporate valuation for portfolio investment means determining the present value of future worth. While this may sound like a straightforward task, in reality, it takes time and hard-earned experience to effectively perform this essential financial function. Robert Monks and Alexandra Lajoux understand the difficulty of this endeavor. That's why they have created Corporate Valuation for Portfolio Investment. Filled with in-depth insights and expert advice, this reliable guide addresses the many facets of valuation and reveals what it takes to determine the value of corporate equity securities for the purpose of portfolio investment. Written with the professional investor in mind, Corporate Valuation for Portfolio Investment takes you through a wide range of approaches including those primarily based in assets, earnings, cash flow, and securities prices and discusses hybrid valuation techniques that combine aspects of these four main sources of valuation information. Along the way, it also examines the importance of qualitative measures such as governance and details a variety of special situations in the life cycle of businesses, including stock splits, spin-offs, and pension funding. If you're seeking superior returns from investments in corporate equity, then you have to have a firm understanding of valuation. With Corporate Valuation for Portfolio Investment as your guide, you'll be in a better position to improve your sense of a company's worth and the possible price ranges for buy, sell, and hold decisions.
The Effects Of Bonus Schemes On Accounting Decisions
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Author : Paul M Healy
language : en
Publisher: Palala Press
Release Date : 2018-03-02
The Effects Of Bonus Schemes On Accounting Decisions written by Paul M Healy and has been published by Palala Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-03-02 with categories.
This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work. As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Corporate Valuation For Portfolio Investment
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Author : Robert A. G. Monks
language : en
Publisher: John Wiley & Sons
Release Date : 2010-10-01
Corporate Valuation For Portfolio Investment written by Robert A. G. Monks 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 2010-10-01 with Business & Economics categories.
A detailed guide to the discipline of corporate valuation Designed for the professional investor who is building an investment portfolio that includes equity, Corporate Valuation for Portfolio Investment takes you through a range of approaches, including those primarily based on assets, earnings, cash flow, and securities prices, as well as hybrid techniques. Along the way, it discusses the importance of qualitative measures such as governance, which go well beyond generally accepted accounting principles and international financial reporting standards, and addresses a variety of special situations in the life cycle of businesses, including initial public offerings and bankruptcies. Engaging and informative, Corporate Valuation for Portfolio Investment also contains formulas, checklists, and models that the authors, or other experts, have found useful in making equity investments. Presents more than a dozen hybrid approaches to valuation, explaining their relevance to different types of investors Charts stock market trends, both verbally and visually, enabling investors to think like traders when needed Offers valuation guidance based on less quantitative factors, namely management quality and factors relating to the company and the economy Corporate Valuation for Portfolio Investment puts this dynamic discipline in perspective and presents proven ways to determine the value of corporate equity securities for the purpose of portfolio investment.
The Evaluation Relevance Of Pension Accounting Information
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Author : Edward M. Werner
language : en
Publisher:
Release Date : 2016
The Evaluation Relevance Of Pension Accounting Information written by Edward M. Werner 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 study investigates the association between pension accounting information and both firm value and credit ratings. My findings indicate that fair-value-based pension accounting information is not more evaluation relevant (often termed value relevant in prior literature relating specifically to the equity valuation decision) than pension information recognized in the financial statements under SFAS 87. In fact, I find SFAS 87 information to be more evaluation relevant in models with composite pension variables. However, once I disaggregate the variables, the performance of fair-value data improves, which suggests that the loss in evaluation relevance is due mainly to the aggregation of transitory components (i.e. actuarial and investment gains and losses) with more persistent pension cost components. Similar to previous research, incremental evaluation relevance tests of pension cost component variables suggest that the market may overvalue pension components relative to regular earnings components. Moreover, my results suggest that financial statement users, particularly credit rating analysts, focus on pension income statement information, also indicative of overvaluation and weaker risk assessments. Should the U.S. continue to shift toward a fair-value based pension accounting standard, recognizing transitory elements of pension cost separately from net income (perhaps as part of comprehensive income) can mitigate any loss in evaluation relevance.
Fair Value And Pension Fund Management
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Author : Niels E. Kortleve
language : en
Publisher: Emerald Group Publishing
Release Date : 2006-05-01
Fair Value And Pension Fund Management written by Niels E. Kortleve and has been published by Emerald Group Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-05-01 with Political Science categories.
Written in accordance with the rules set by the International Accounting Standards Board, this work deals with the application of fair-value principles to accounting for pensions. It is of interest to pension professionals, pension fund trustees, and regulators.
The Value Of Accounting
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Author : Erik Peek
language : en
Publisher:
Release Date : 2011
The Value Of Accounting written by Erik Peek and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.
Accounting For Pensions
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Author : Kenneth William Shaw
language : en
Publisher:
Release Date : 1995
Accounting For Pensions written by Kenneth William Shaw and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with categories.
Fair Value Measurements
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Author : International Accounting Standards Board
language : en
Publisher:
Release Date : 2006
Fair Value Measurements 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 2006 with Business & Economics categories.
Investing In Your Own Equity
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Author : Robert J. Bloomfield
language : en
Publisher:
Release Date : 2005
Investing In Your Own Equity written by Robert J. Bloomfield and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.
Firms can effectively take long or short positions on their own equity by holding treasury shares, contributing their shares to their pension fund, write put or call options on their stock, compensate employees with stock options, or invest in other entities (e.g., other firms, stock indexes) that hold shares of their stock. In each of these circumstances, fair value accounting methods can allow firms to report on these quot;self-generatedquot; unrealized gains or losses (quot;UGLsquot;). In this paper we present a model and experimental evidence indicating that, if investors attend to unrealized gains and losses (UGLs) associated with a firm's own equity, equity price changes reflect through subsequent periods to create high volatility and predictable autocorrelations in price. Our results provide evidence that the reflection-induced volatility is determined by an interaction between the extent of the self-investment and the prominence of the self-generated UGLs on the primary reporting statement (with comprehensive income performance statements providing high prominence).