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Cervantes, Paul Francisco. "Earnings management intensity and earning surprises: persistence and market pricing." Thesis, The University of Arizona, 2009. http://hdl.handle.net/10150/192301.
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Racca, Joshua C. "Stable Book-Tax Differences, Prior Earnings and Earnings Persistence." Thesis, University of North Texas, 2011. https://digital.library.unt.edu/ark:/67531/metadc103378/.
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This study resolves divergent prior findings relating book-tax differences to future earnings, determines whether prior literature has missed relationships between different types of book-tax differences and pre-tax and/or after-tax income, and investigates prior earnings as a factor contributing to the observed relationships. As past research has found that some firms have large book-tax differences over several years, this study separates these firms with large stable book-tax differences from others with large book-tax differences (non-stable) when investigating the link between large book-tax differences and future earnings. Finally, this study investigates whether the relationship between book-tax differences and future earnings reflects information about prior earnings and finds that prior earnings growth explains much of the lower persistence found for firms with large book-tax differences.
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Reibel, Andres. "Earnings persistence and the value premium." Thesis, Imperial College London, 2014. http://hdl.handle.net/10044/1/24588.
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For many years, academics have argued that firms with high book-to-market ratios yield higher returns than firms with low book-to-market ratios (i.e. the value premium). While there is agreement that a book- to-market based value strategy produces superior returns, academics have neglected to research whether the value premium is a function of other rm characteristics. In this dissertation it is shown that the book-to- market ratio is a function of earnings persistence. Evidence is provided that the value premium in low earnings persistence portfolios is higher because investors misjudge earnings persistence and not because this value strategy is fundamentally riskier.
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Wheatley, Clark M. "Market capitalization and earnings persistence : the earnings response coefficients of tax generated earnings changes /." Diss., This resource online, 1994. http://scholar.lib.vt.edu/theses/available/etd-06062008-171229/.
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Benyasrisawat, Prawat. "Earnings persistence, value relevance, and earnings timeliness : the case of Thailand." Thesis, Durham University, 2011. http://etheses.dur.ac.uk/1378/.
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This research aims to investigate the enhancement of accounting quality in Thailand after adopting International Financial Reporting Standards (IFRS) in its domestic accounting system. The accounting quality consists of three properties of earnings– earnings persistence, value relevance and earnings timeliness. This research examines the improvement of accounting quality after the IFRS adoption in Thailand by expanding the conditioning institutional factor to include the magnitude of book-tax differences. In addition, the relationship between the Thai accounting quality and firm governance systems is investigated. The results reveal that the accounting quality, including earnings persistence and value relevance, has been improved after the IFRS adoption in Thailand. The earnings timeliness is observed in Thai firms, but it has been declined after the IFRS adoption. The results also indicate that the improvement of accounting quality after the IFRS adoption in Thailand is varied according to the magnitude of book-tax differences. This research finds that the firm governance system is related to the improvement of accounting quality in Thai settings. This research concludes that the adoption of IFRS has generally improved accounting quality in Thailand. The book-tax difference contains significant information about accounting quality in Thai settings. And, the firm governance system plays an important role in accounting quality after the IFRS adoption in Thailand.
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Daneshfar, Alireza. "Earnings persistence and profit sharing plan adoption." Thesis, National Library of Canada = Bibliothèque nationale du Canada, 2001. http://www.collectionscanada.ca/obj/s4/f2/dsk3/ftp04/NQ59224.pdf.
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Jiang, Yuxiang. "Bank competition, earnings management and profit persistence." Thesis, University of Glasgow, 2018. http://theses.gla.ac.uk/38943/.
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This thesis examines the impact of competition and earnings management on bank earnings persistence by exploiting natural experiments (IBBEA and SOX). Chapter three examines how competition affects bank earnings persistence by exploiting a natural experiment following interstate banking deregulation that increased bank competition. We find that bank earnings adjustment speed (which equals one minus earnings persistence in partial adjustment model) increases after their states implement this deregulation. We find the impact from the competition on earnings persistence is solid and consistent using Lerner index as bank-level competition measure and a battery of placebo tests. Despite the negative impact of competition on profit persistence, we didn’t find any peculiar situation that alleviates or strengthen this tie(regarding profitability, Gaps). Chapter four examines the impact of earnings management on earnings persistence in US banking industry. Results show earnings management have a positive influence. In addition, statistics illustrate managers are more willing to keep a high persistence of profit when they are outperformed than the expected to return. However, when it comes to the different timing of outside market, the effect of earnings management on profit persistence might vary significantly. This connection is robust by using SOX as an exogenous shock on financial reporting quality of the largest banks. Chapter five analyze the economic significance between earnings management and competition on earnings persistence. We use a battery of tests to determine the most important factor to earnings persistence. We also introduce investment sentiment as an exogenous variation of market vitality to see how bank profit persistence changes. We find both competition and earnings management have a significant impact on profit persistence. We also discover that competition would increase earnings management. Then, if higher competition reduces earning persistence and increase earnings management. While we also observe that higher earnings management would increase earnings persistence. Therefore, we conclude that the effect of the competition on earnings persistence is not from earnings management. Furthermore, we find that competition impacts on earnings persistence is strong enough to overcome the marginal effect that boosted from earnings management due to high competition. We additionally found that earnings management is sensitive to investment sentiment.
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Wakil, Gulraze. "Conservatism, Earnings Persistence, and the Accruals Anomaly." Kent State University / OhioLINK, 2011. http://rave.ohiolink.edu/etdc/view?acc_num=kent1301329397.
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Hee, Kevin W. "Earnings persistence of restating firms: Should all earnings restatements be treated equally?" Connect to online resource, 2008. http://gateway.proquest.com/openurl?url_ver=Z39.88-2004&rft_val_fmt=info:ofi/fmt:kev:mtx:dissertation&res_dat=xri:pqdiss&rft_dat=xri:pqdiss:3315843.
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Addeh, Rahma. "Book-tax differences and the persistence of accounting earnings." Thesis, University of Southampton, 2016. https://eprints.soton.ac.uk/402059/.
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This study aims to examine the relationship between Book-Tax Differences and earnings quality i.e. earnings persistence in order to assess the usefulness of accounting earnings for decision making. Managers may have incentives to increase accounting or “book” earnings while simultaneously reducing taxable income, any difference in the two measures is termed the book-tax difference (BTD). As the measurement of accounting earnings and taxable income is based on two different sets of rules differences can arise because of permissible discretion in the measurement of accounting income representing genuine economic differences. However, differences could also represent earnings management or manipulation, e.g. an increase in accounting income without a corresponding increase in real assets. Consequently this has raised calls to conform accounting earnings and taxable income in an attempt to limit the misuse of the discretion and the deviation permitted between the two measures. Nevertheless, conformity is argued to cause a loss of accounting earnings informativeness which makes them less useful for decision making. Using an earnings persistence model this study aims to address: (1) Does the contribution of the BTD in the model differ from that of underlying earnings and if so, does the nature of the contribution depend on a short term or longer-term measure of the BTDs. (2) Further, when BTDs are disaggregated into their “temporary” and “permanent” sources does the nature of the contribution change. If BTDs behave differently from underlying earnings, this will support the retention of differing measures of accounting earnings and taxable income and more directly retaining discretion in measurement of accounting earnings.
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Brown, Darryl Lee. "The Persistence and Value Relevance of Earnings From Tax Savings." Diss., The University of Arizona, 2006. http://hdl.handle.net/10150/195331.
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This dissertation examines the persistence and value relevance of earnings attributable to tax savings and the extent to which this persistence and value relevance differs from those of nontax earnings. After controlling for factors previously shown to be systematically associated with the tax component of earnings, results show that tax savings are significant and statistically persistent but statistically less persistent than earnings from nontax sources. Results also reveal that the persistence of tax savings changes across tax regimes whereas earnings from nontax sources remain relatively unchanged. Contextual analysis shows that (1) the persistence of tax savings is largely driven by firms in the pharmaceutical, oil and gas, financial services, insurance and real estate industries, (2) the persistence of tax savings is increasing in the R&D tax credit and (3) this persistence is increasing in settings where the ratio of foreign over domestic earnings is increasing. Additionally, the persistence and value relevance of tax savings is increasing for positive tax savings, implying a market reward (penalty) for lower (higher) tax savings (reported effective tax rates). When I compare the results from my valuation tests with those from my persistence tests, I find that tax savings are sometimes not persistent but value relevant and sometimes persistent but not value relevant whereas the persistence and value relevance of nontax earnings are always consistent. These findings are consistent with managerial opportunistic behavior, a market that suspects managerial opportunistic behavior or a stock market that does not understand fully the persistence of tax savings relative to nontax savings. Results from the Mishkin (1983) test show that the market appears to significantly overestimate both the persistence of tax savings and nontax earnings, implying that securities are mispriced. This potential mispricing appears to be more severe for tax savings, implying that, on average, the market does not appear to understand fully the persistence and value relevance of the tax component of earnings. Finally, this study reconciles some of the mixed results of prior research and carries significant implications for policy makers, firm management, market participants and accounting researchers.
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Santi, Murilo Esteves de. "Assortative marriage and intergenerational persistence of earnings: theory and evidence." reponame:Repositório Institucional do FGV, 2016. http://hdl.handle.net/10438/17551.
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I study the impact of the changes in the U.S. labor market that took place in the last few decades - such as the increase in the college wage premium and the reduction in the gender wage gap - on the intergenerational persistence of income, with a particular emphasis on the marriage market channel. To motivate my analysis, I document a positive cross-country correlation between intergenerational persistence of income (and education) and educational assortative mating. I then develop an overlapping generations model in which parents invest in their children's education and individuals choose whom they are going to marry, and estimate the model to fit the postwar U.S. data. My results suggest that both of these changes have affected the intergenerational earnings persistence, but that the marriage decision plays only a very small role in these results.
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Alhadadi, Abdullah. "Book-Zakat differences and Earnings Persistence: Evidence from Saudi Arabia." Thesis, Curtin University, 2021. http://hdl.handle.net/20.500.11937/83669.
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This thesis examines the relationship between book-zakat differences (BZDs) and earnings persistence for a sample of Saudi firms. Further, the thesis investigates the impact of two important Saudi's capital market institutional settings: the appointment of royal family directors to the board of directors and institutional investors' presence on earnings persistence. Next, the study investigates whether these two institutional settings mitigate the relationship between BZDs and earnings persistence.
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Venter, Elmar Retief. "Mandatory earnings disaggregation and the value relevance, persistence and pricing of earnings components: South African evidence." Thesis, University of Auckland, 2011. http://hdl.handle.net/2292/8096.
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Thus far, the disaggregation of non-recurring items from earnings has been investigated mostly in the United States, in the context of special items and pro forma earnings. The disclosure of these items is mainly on a voluntary basis. Managers of firms have significant discretion in the calculation of such items (McVay, 2006). In this regard, the literature suggests that non-recurring items have lower persistence than recurring items, and that recurring earnings has higher value relevance than earnings determined in accordance with Generally Accepted Accounting Practice (GAAP) (Bradshaw and Sloan, 2002; Brown and Sivakumar, 2003). However, surprisingly, non-recurring items (both special items and exclusions from pro forma earnings) are significantly mispriced in the United States (Dechow and Ge, 2006; Doyle, Lundholm and Soliman, 2003). This evidence suggests that, despite the apparently transitory nature of non-recurring items, investors are unable to estimate their implications for future earnings accurately. In this study, this anomaly is investigated by focusing on a different regulatory setting. In South Africa, firms listed on the Johannesburg Securities Exchange (JSE) are required to disclose headline earnings in addition to earnings determined in accordance with the International Financial Reporting Standards (IFRSs). Headline earnings effectively excludes some non-recurring items. In addition, firms are required to present a reconciliation between headline earnings and IFRS earnings in the financial statements. The South African setting differs from the United States in two important respects. Firstly, all firms are required to present headline earnings in South Africa, whereas pro forma earnings reporting is voluntary in the United States. Secondly, the allowable exclusions from headline earnings are formally defined and subject to external audit, while firms in the United States are allowed to define their own exclusions from pro forma earnings. This study investigates the value relevance, persistence and pricing of the earnings components that result from the headline earnings definition in South Africa. The results indicate that headline earnings exclusions contain information that is incrementally value relevant to IFRS earnings. This evidence suggests that investors find the disaggregation of headline earnings from basic earnings useful. In a sub-sample of firms with positive earnings, headline earnings appears to have higher value relevance than IFRS earnings. The persistence tests indicate that, as expected, headline earnings exclusions (the nonrecurring part of earnings) display lower persistence than headline earnings (the recurring part of earnings). The study shows -- consistent with Sloan‟s (1996) findings -- that accruals are less persistent than cash flows. This can be attributed largely to headline earnings exclusions. The pricing tests indicate that investors significantly underweight the cash flow component of earnings. Notably, neither headline earnings exclusions nor any of the other earnings components reflect significant mispricing. When additional explanatory variables are included in the analyses, the mispricing of the cash flow component disappears.
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Bryan, Daniel Mitchell. "The effects of persistence, growth, and conservative accounting on the association of accounting information with market value /." view abstract or download file of text, 2002. http://wwwlib.umi.com/cr/uoregon/fullcit?p3061936.
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Thesis (Ph. D.)--University of Oregon, 2002.Typescript. Includes vita and abstract. Includes bibliographical references (leaves 93-96). Also available for download via the World Wide Web; free to University of Oregon users.
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Ruddock, Caitlin Maxine Swanson Accounting Australian School of Business UNSW. "The informativeness of dividends and franking credits." Awarded by:University of New South Wales. Accounting, 2007. http://handle.unsw.edu.au/1959.4/29443.
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In this thesis I investigate whether two clear and simple indicators, dividends and franking credits, provide users with useful information to assess earnings persistence. Persistence is an important attribute of earnings (Dechow and Schrand 2004). I argue and show earnings persistence is a function of firm life-cycle. Firms can generally be divided into three life stages: establishing profitability, sustainable profitability and declining profitability. Using a simple one-period persistence model I demonstrate that dividends and higher franking credits identify firms in the different stages of the life-cycle. Dividends provide an inherent signal of firms that are in the mature phase of the life-cycle, and hence provide information about earnings persistence. I show firms that pay dividends have persistent profits and losses that reverse. However dividend paying firms are not homogenous. Firms that pay franked dividends have significantly more persistent earnings than firms that pay unfranked dividends. Consistent with higher franking credits identifying more mature firms, fully franked dividend paying firms have significantly less persistent losses than partially franked dividend paying firms. Importantly, my primary results provide an alternative explanation to Hanlon (2005) and add to our understanding of the accrual anomaly. Both Hanlon and my study investigate the informativeness of tax on earnings persistence. I demonstrate that firms that have large differences between the level of franking and accounting income (i.e., pay unfranked dividends while reporting a profit) have large book-tax differences. Such differences in tax and accounting income are a function of the firm life-cycle. Large book-tax differences are not necessarily the result of opportunism (or earnings management). Thus firms with large book-tax differences are typically establishing profitability or entering the declining phase. These firms have less persistence profits, accruals and cash flows than firms with small book-tax differences. I conclude the accrual anomaly is a function of inherent firm characteristics associated with different phases of the life-cycle rather than being a function of earnings management.
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Grimmer, Brian. "Do fair adjustments influence dividend policy for South African firms?" Master's thesis, University of Cape Town, 2016. http://hdl.handle.net/11427/23725.
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This paper investigates the potential procyclical effects of fair value accounting (FVA). If FVA adjustments result in increased accounting profits with the recognition of transitory gains through a firm's profit and loss (P&L), and if management incorrectly assesses the persistence of the unrealised gains, these increased profits may be paid out as dividends. This has the potential to increase leverage and risk for these firms, thereby also possibly amplifying economic cycles. A study by Goncharov and Van Triest (2011:59) on Russian firms found that FVA adjustments are persistent in future earnings; however, no empirical evidence was found to support an increase in dividends in response to unrealised FVA gains. By contrast, when the setting is limited to South African banks only, De Jager (2015:157) found that South African banks have paid the full amount of any unrealised transitory gains as dividends. This study focuses on the effects of FVA adjustments on dividend policy for South African firms, as represented by the firms included in the FTSE/JSE Top 40 Index. This furthers De Jager's (2015) study by extending the investigation of the dividend relevance of FVA adjustments from the major South African banks, to South African large firms in general. The results of a panel regression of the net profit of these firms reveal that unrealised FVA adjustments do have a persistent influence on future earnings, indicating that these adjustments contain both transitory and persistent elements. A further panel regression of the annual dividends declared by these firms indicates that dividend payments do include a portion of unrealised FVA gains, as expected by the persistent nature of a portion of these unrealised FVA gains.
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Hanlon, Michelle Lee. "The persistence and pricing of earnings, accruals and cash flows when firms have large book-tax differences /." Thesis, Connect to this title online; UW restricted, 2003. http://hdl.handle.net/1773/8811.
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Choi, Hyun-Dol. "Analysis and valuation implications of persistence and cash-content dimensions of earnings components based on extent of analyst following." Diss., Georgia Institute of Technology, 1994. http://hdl.handle.net/1853/29800.
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Seidler, Jean Carlos Oliveira. "Índice de earnings quality das empresas listadas no mercado de capitais no Brasil." Universidade do Vale do Rio dos Sinos, 2015. http://www.repositorio.jesuita.org.br/handle/UNISINOS/4677.
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Diante da importância do lucro como indicador de desempenho financeiro das empresas e os questionamentos sobre a qualidade destas informações, o presente estudo objetivou classificar a qualidade de lucros (Earnings Quality) das empresas listadas no mercado de capitais no Brasil por meio de um índice de qualidade doslucros (IQL). A amostra utilizada foi composta por sociedades anônimas de capital aberto, listadas na BM&FBovespa, que negociaram ações entre os anos de 2003 a 2012. A base de dados foi extraída do software Economática® e obteve um total de 1746 observações. Foram apresentados os resultados dos modelos de persistência de Dechow e Schrand (2004), conservadorismo de Ball e Shivakumar (2005) e gerenciamento de resultados de Kang e Sivaramakrishnan (1995). Os resultados obtidos nestes modelos possibilitaram a elaboração do Índice de Qualidade dos Lucros (IQL), mediante a aplicação da técnica de análise de componentes principais (PCA). A análise proporcionou identificar as empresas Elekeiroz, Ambev, Energias BR, Tegma e Tecnisa como as companhias com maiores scores de IQL de toda a amostra. Já em relação ao segmento de mercado, destacaram-se o setor da Construção civil, com 6 empresas entre o Ranking dos 30 maiores IQL’s. O menor nível dequalidade dos lucros foi para empresa Eletrobras que ficou em último lugar no Ranking de IQL. Em relação aos piores índices por segmento de mercado, destacou-se o setor da têxtil, com 6 empresas entre o Ranking dos 30 menores IQL’s. Importante salientar que o setor de energia elétrica apareceu de forma expressiva tanto no segmento com melhores índices de IQL, como também, nos menores índices de IQL. Dessa forma, sugere-se estudo especifico com a finalidade de se verificar a influência da qualidade dos lucros em setores altamente regulados, como por, exemplo o setor de energia elétrica.
Given the importance of income as a financial performance indicator of the companies, and the questions about the quality of this information, this study aimed to classify the Earnings Quality of listed companies in the capital market in Brazil through a quality index of profits (IQL). The sample was composed of corporations publicly traded, listed on the BM&FBovespa, that negotiated actions between the years 2003 to 2012. The database was extracted from Economática® software and a total of 1746 observations were obtained. Were presented the results of the models the persistence of Dechow and Schrand (2004), conservatism Ball and Shivakumar (2005) and earnings management of Kang and Sivaramakrishnan (1995) . The results obtained in these models allowed the preparation of the Profit Quality Index (IQL), by applying the principal component analysis (PCA). The analysis provided identify Elekeiroz companies, Ambev, BR Energy, Tegma and Tecnisa as companies with higher scores IQL of the entire sample. In relation to the market segment, the highlights were the civil construction sector, with 6 companies among the Top 30 largest IQL's. The lowest level of quality of earnings was to Eletrobras company that ranked last in the IQL Ranking. Regarding the worst rates by market segment, the highlight was the textile sector, with 6 companies among the Top 30 smaller IQL's. Noteworthy that the electricity sector appeared significantly both in the segment with better rates of IQL, but also in lower rates of IQL. Thus, it is suggested specific study in order to investigate the influence of the quality of profits in highly regulated industries, such as, eg the electricity sector.
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Kajimoto, Clarice Gutierrez Kitamura. "A suavização do lucro líquido e a persistência das contas de resultado das empresas brasileiras de capital aberto." Universidade de São Paulo, 2017. http://www.teses.usp.br/teses/disponiveis/96/96133/tde-09052017-163532/.
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A literatura trata a suavização do lucro líquido como uma das proxies para medir a qualidade da informação contábil (DECHOW; GE; SCHRAND, 2010). Porém, pesquisas sobre suavização do lucro líquido são divergentes em responder se essa suavização aumenta ou diminui a qualidade da informação. Existem trabalhos que testam se o aumento da suavização do lucro líquido aumenta a qualidade da informação por meio da persistência do lucro (TUCKER; ZAROWIN, 2006). Sabe-se, todavia, que os investidores não projetam fluxos de caixa futuros das empresas utilizando somente o lucro líquido, mas as contas de resultado que compõem esse lucro, pois são consideradas relevantes no processo de decisão sobre determinado investimento (BARTON; HANSEN; POWNALL, 2010). Entretanto, desconhecese qual o impacto da suavização sobre as contas de resultado que compõem o lucro líquido. Assim, esta pesquisa procura analisar como o objetivo de suavizar o lucro líquido afeta a persistência das contas de resultado que compõem esse lucro. Nesse sentido, as empresas que fazem parte da amostra foram separadas em empresas que mais e menos suavizam o lucro líquido de acordo com três modelos de suavização encontrados na literatura (LEUZ; NANDA; WYSOCKI , 2003; TUCKER; ZAROWIN, 2006). Posteriormente, foram testadas a persistência das contas de resultado, utilizando o modelo de persistência adaptado de Dechow; Ge e Schrand (2010). Os resultados apontam que as empresas que mais suavizam o lucro líquido possuem contas de resultado mais persistentes em relação às contas das empresas que menos suavizam esse lucro. Além disso, as empresas que mais suavizam o lucro líquido com maior quantidade de accruals discricionários possuem determinadas contas de resultado mais persistentes quando comparadas às empresas que mais suavizam esse lucro com menor quantidade de accruals discricionários. Portanto, os resultados sugerem que o gestor esteja suavizando o lucro artificialmente aumentando a persistência de determinadas contas de resultado, o que caracteriza estas persistências como artificiais. Assim, o investidor que projetar fluxos de caixa de empresas que mais suavizam o lucro líquido com maior quantidade de accruals discricionários poderá ter sua decisão prejudicadaThe literature treats the income smoothing as one of the proxies to measure the earnings quality (DECHOW; GE; SCHRAND, 2010). However, research on the income smoothing diverges in whether this smoothing increases or decreases the earnings quality. There are studies that test whether the increase in income smoothing increases the quality of information through the earnings persistence (TUCKER; ZAROWIN, 2006). It is known, however, that investors do not project future cash flows of companies using only net income, but the profit and loss accounts that make up this profit since they are considered relevant in the decision process on an investment (BARTON; HANSEN; POWNALL, 2010). However, the impact of income smoothing on the income statements that make up net income is not known. Thus, this research seeks to analyze how the objective of smoothing the net profit affects the persistence of the income accounts that compose this profit. In this sense, the companies that are part of the sample were separated into companies that more and less smooth the net profit according to three models of income smoothing found in the literature (LEUZ; NANDA; WYSOCKI , 2003; TUCKER; ZAROWIN, 2006). Subsequently, the persistence of the profit and loss accounts was tested using the persistence model adapted from Dechow; Ge and Schrand (2010). The results show that the companies that smoothed the net profit have more persistent profit and loss accounts in relation to the accounts of the companies that least smooth their profit. In addition, companies that the most smoothed their net income with greater amount of discretionary accruals have more persistent profit and loss accounts when compared to the companies that most smooth their profit with less amount of discretionary accruals. Therefore, the results suggest that it is possible for the manager being artificially smoothing the profit, making certain profit and loss accounts more persistent, which characterizes persistence as artificial. Thus, the investor who projects future cash flow from companies that the most smooth the net income with greater discretionary accruals may have their decision impaired, since the projection of future cash flow may not represent the expected future financial performance of the company
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Sousounis, Panagiotis. "Work-related training persistence and the effect of training financing on employee earnings : evidence from the British household panel survey, 1991-2005." Thesis, Keele University, 2008. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.496324.
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The aim of this thesis is to consider the role and effect of state dependence in the determination of participation in work-related training amongst employees in Great Britain and to investigate the predictive power of standard human capital theory, compared to alternative theories of imperfect competition, in the financing decision of investment in learning.
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Bu, Alfred. "The role of valuation specialists in determining the reporting quality of level 3 fair value measurement." Thesis, Queensland University of Technology, 2022. https://eprints.qut.edu.au/235058/1/Chen_Bu_Thesis.pdf.
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This thesis investigates the role of auditors’ valuation specialists in determining reporting quality of Level 3 fair value measurements (FVMs). Using a sample of international banks, I find that using valuation specialists in auditing Level 3 FVMs can effectively improve the reporting quality of Level 3 FVMs, reflected in less earnings management, higher earnings persistence, and higher value relevance. The findings suggest valuation specialists play an essential role in enhancing auditors’ fair value expertise. Standard setters may need to pay more attention to the requirements of disclosing the involvement of valuation specialists in fair value auditing.
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Williams, Aysel Renay. "Military Students' Persistence in Earning an Online College Degree." ScholarWorks, 2016. https://scholarworks.waldenu.edu/dissertations/3076.
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The purpose of this basic qualitative study was to gain insight into the factors that military students perceive to have an impact on their persistence. The conceptual framework for this study was Knowles' principles of andragogy. The research questions were designed to explore military students' persistence, measures of engagement in academic activities, decisionmaking to assure success, and the strategies considered important to earn a degree at an online college. Demographic surveys, status reports and degree plans, and semistructured telephone interviews were collected from 13 military students. Interview data were transcribed and all data were open coded and thematically analyzed. Military students experienced longer than desirable time to degree while they managed institutional factors (policies and procedures), situational factors (school, work, and family obligations), and dispositional factors (age and past experiences). Specifically, military students indicated that the following factors contributed to their academic success: (a) military-friendly policies and procedures; (b) balance between school, work, and family; (c) and maturity gained from real-world experiences. They purposefully planned to persist, successfully addressed complex situations, and looked to experts in academia to ensure that those who could impact their progress were keenly aware of military students' diverse needs. Findings were incorporated into a white paper to inform academic leaders on how best to assist military students in completing their online degree programs. Implications for social change are that military students will be better prepared for more career opportunities and help mitigate the financial difficulties and high unemployment rates that disproportionately impact veterans.
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Shah, S. Z. A., Saeed Akbar, S. Ahmad, and A. W. Stark. "Advertising, earnings prediction and market value: An analysis of persistent UK advertisers." Wiley, 2019. http://hdl.handle.net/10454/17222.
Full textAbstract:
YesThis paper examines whether major media advertising expenditures help in predicting future earnings. We consider the role of media advertising in firms’ marketing efforts and posit that persistent advertisers are more likely to benefit from advertising activities in creating long‐lived intangible assets. Employing a sample of persistent UK advertisers over the period 1997–2013, we find that advertising expenditures are significantly positively associated with firms’ future earnings and market value. We also report size and sector‐based differences in the association between advertising and firms’ future earnings. Our additional analysis provides support for the arguments that despite the recent rise in digital advertising budgets, traditional advertising media are still effective in positively influencing firms’ performance. Overall, the results of this study are consistent with the view that advertising expenditures produce intangible assets, at least for firms in certain sectors. These findings have implications for marketers in providing evidence of the value generated by firms’ advertising budgets, for investors in validating the relevance of advertising information in influencing future earnings, and for accounting regulators in relation to the provision of useful insights for any future deliberations on financial reporting policies for advertising expenditures.
The full-text of this article will be released for public view at the end of the publisher embargo on 7 Aug 2021.
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Nguyen, Thu Hang. "L'efficacité du marché financier : essais sur l’effet “momentum” et l’anomalie “accruals”." Thesis, Lille 2, 2016. http://www.theses.fr/2016LIL20001/document.
Full textAbstract:
Cette thèse se compose de trois essais sur deux anomalies bien documentées : effet momentum et anomalie des ajustements comptables. Le premier essai examine si l'ampleur de l'anomalie des ajustements comptables est entraînée par la probabilité de détresse financière. Les résultats indiquent que l'anomalie des ajustements comptables est économiquement et statistiquement positive pour les entreprises avec une faible probabilité de détresse financière, mais non significative pour celles avec une forte probabilité de détresse financière. Cela signifie que cette anomalie des ajustements comptables est omniprésente, mais pas limitée aux entreprises avec une faible probabilité de détresse financière. Le deuxième essai étend la question de recherche abordée dans le premier essai au marché boursier émergent du Vietnam. Comme pour les résultats du premier essai, les résultats indiquent que l'anomalie des ajustements comptables est limitée aux stocks avec une faible probabilité de détresse financière. Le dernier essai examine si l'effet momentum se produit sur le marché boursier vietnamien. Les résultats confirment la présence de momentum dans le court terme et révèlent aussi que les rendements gagnants et perdants sont faiblement persistants, mais que la forte corrélation entre ces rendements gagnants et perdants crée des bénéfices momentum significatifsThis dissertation consists of three essays on two well-documented anomalies: momentum effect and accrual anomaly. The first essay investigates whether the magnitude of accrual anomaly is driven by the financial distress probability. The results indicate that accrual anomaly is economically and statistically positive for firms with low financial distress probability, but insignificant for those with high financial distress probability. This means that that accrual anomaly is not pervasive but limited to firms with low financial distress probability. The second essay extends the research question addressed in the first essay into the emerging stock market of Vietnam. Similar to the findings in the first essay, the results indicate that the accrual anomaly is limited to the stocks with low financial distress probability. The last essay examines whether the momentum effect occurs in the Vietnamese stock market. The results support the occurrence of momentum in the short-run and also reveal that winner and loser returns are low persistent, but the strong correlation between winner and loser returns creates significant momentum profits
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Brugni, Talles Vianna. "Governança corporativa, conselhos de administração e fiscal e propriedade dos números contábeis no Brasil." Universidade de São Paulo, 2016. http://www.teses.usp.br/teses/disponiveis/12/12136/tde-24112016-154235/.
Full textAbstract:
Muito em função da dificuldade de se observar o dia-a-dia dos conselheiros nas empresas, acadêmicos e profissionais se questionam sobre a importância dessas estruturas de governança corporativa (GC) quando o assunto é propriedade dos números contábeis. Nesse sentido, esta tese, além de discutir extensivamente e traçar um panorama geral acerca da configuração desses conselhos no Brasil ao longo dos últimos cinco anos, estuda de que forma essas e outras estruturas de GC se associam com medidas de qualidade da informação contábil das firmas brasileiras. Diferentemente do que se encontra na literatura existente, a pesquisa em tela buscou compreender o ambiente dos conselhos de administração (CAs) e Fiscais (CFs) de modo mais amplo, avaliando de forma agregada 35 características estruturais, de remuneração e de composição desses órgãos, considerando suas inter-relações e implicações quando da associação destas com variáveis que medem as propriedades informacionais contidas no lucro. Para tanto, analisou-se, em média, cerca de 325 empresas por ano, compreendendo análise de 19.487 currículos de conselheiros de administração e fiscais efetivos no país, além da análise das outras variáveis de governança, tais como avaliação formal de conselheiros, frequência de reuniões, tipos de contrato de remuneração e outras. Posteriormente, utilizou-se a técnica de Análise Fatorial para estabelecer constructos subjacentes e não correlacionados entre si, de modo que os coeficientes estimados nas regressões posteriores fossem reportados de forma mais consistente do que se construídos com um número limitado de variáveis individuais. Cinco fatores representam mais de 80% da variância dos dados, sinalizando que características como idade, formação básica em administração, contabilidade e/ou economia, remuneração, board interlocking e tamanho do conselho formam um agregado parcimonioso de características que representam a maior parte da diversidade subjacente dos conselhos brasileiros. Destarte, após análise de simultaneidade dos modelos, testou-se as associações existentes entre as propriedades dos números contábeis e os fatores de GC por intermédio de modelos de regressão múltipla estimados pelo método OLS, e de modelos de regressão logística, controlados por setor, tamanho das empresas, adesão aos níveis diferenciados de governança, emissão de ADR, presença de CF permanente instalado, estrutura de propriedade e outros. Os resultados indicam uma associação inversa e significante entre a proporção dos membros que participam de outros CAs e os níveis de persistência, sinalizando que empresas com CAs formados por membros dedicados tendem a reportar, na média, lucros mais persistentes. A remuneração variável é positivamente relacionada com a persistência dos lucros reportados sugerindo que a remuneração dos conselheiros é influenciada pela substância econômica dos resultados divulgados e com o conservadorismo contido no lucro sinalizando para redução do conservadorismo contábil na medida em que a remuneração variável dos conselheiros aumenta. A idade também mostrou ser fator relevante para explicar os níveis de conservadorismo e de gerenciamento de resultados das firmas, sinalizando tendência de maior grau de conservadorismo e menor grau de gerenciamento de resultados por parte dos conselheiros mais velhos. Adicionalmente, não foi possível afirmar que o conselho fiscal afeta de forma positiva o monitoramento da qualidade dos lucros reportados no mercado de capitais brasileiroIn view of the difficulty of observing the day-to-day activities of members of oversight board and board of directors, academics and professionals wonder about the importance of corporate governance (CG) structures when the subject is the propiety of accounting numbers. In this sense, besides discussing extensively and tracing an overview of the configuration of these boards in Brazil over the past five years, I also study how these and other CG structures are associated with proxies of accounting information of Brazilian firms. Contrary to what has been found in the existing literature, I seek to understand the environment of the board of directors (BoD) and oversight board (OB) more broadly, evaluating in an aggregate way 35 variables of structural, remuneration and composition characteristics of these boards, considering their interrelations and implications when associated with variables that measure the informational properties contained in earnings. For that, I analyze, on average, 325 companies per year and 19,487 résumés of the members of these boards, in addition to analyzing other variables such as their attendance at meetings, compensation contracts, board interlocking and others. Later, I use factor analysis to establish underlying constructs not correlated with each other, so that the estimated coefficients in subsequent regressions are reported more consistently than if built with a limited number of individual variables. Five factors represent more than 80% of the variance of the data, signaling that characteristics such as age, basic training in business administration, accounting and/or economics, board compensation, board size and interlocking form a thrifty aggregate of characteristics that represent most of the underlying diversity of Brazilian boards. Thus, after analysis of simultaneity, I test the existing associations between the earnings quality and factors of CG through multiple regression models estimated by OLS and logistic regression models, controlled by sector, firm size, adherence to the different levels of corporate governance, issuance of ADRs, presence of a permanent OB, ownership structure and others. The results indicate a significant inverse association between the proportion of members who participate in other BoDs and persistence levels of earnings, signaling that companies with BoDs formed by dedicated members tend to report, on average, more persistent earnings. The variable pay for board members is positively related to earnings persistense suggesting that the board members compensation is influenced by the economic substance of the disclosed results and with accounting conservatism signaling a decrease in accounting conservatism when the remuneration of these members increases. The age of members also proved to be a relevant factor to explain the levels of conservatism and earnings management of firms, signaling a trend toward greater levels of conservatism and a lesser levels of earnings management of when these boards are formed of older members. Additionally, it was not possible to affirm that the oversight board has a positive effect on the quality of monitoring accounting information reported in the Brazilian capital market.
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Huang, Shu-Mei, and 黃琡媚. "Forward Foreign Currrency,Earnings Persistence." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/25263839976458686163.
Full textAbstract:
碩士輔仁大學
會計學系碩士班
98
This study is aimed at examining the impact of forward foreign currency contract on earnings persistence. The sample consists of TSE and OTC listed firms in 2006. This study adopts the earnings persistence model of Tucker and Zarowin (2006) to conduct the empirical test. Furthermore, this study repeat the empirical test under different the export ratio and various industries scerarios. The empirical results of this study are summarized as follows： 1. The earnings persistence of firms with forward foreign currency contract is higher than that of firms without forward foreign currency contract. 2. The finding that the earnings persistence of firms with forward foreign currency contract is higher than that of firms without forward foreign currency contract only can be found in the high export ratio subsample. 3. The finding that the earnings persistence of firms with forward foreign currency contract is higher than that of firms without forward foreign currency contract only can be found in several industry subsamples.
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Lin, Mei-Feng, and 林美鳳. "Earnings Persistence and Analysts Coverage." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/45977375085695824630.
Full textAbstract:
博士國立臺灣大學
會計學研究所
97
The purpose of this paper is to examine whether analysts’ coverage decisions would be affected by corporate earnings persistence. The persistence of the earnings series provides information concerning the value of private search activity and thus, should be a focus of analyst attention. Our results show that earnings persistence is significantly positively associated with the level of security analyst coverage while the number of analysts following long-term forecasts and the frequency of long-term forecasts are found to be negatively associated with earnings persistence. We posit that there is higher demand for non-public information for firms which have low earnings persistence than for firms which have high earnings persistence. Analysts make relatively optimistic forecasts when earnings are less persistence, suggesting that analysts believe that by issuing optimistic forecasts, they obtain better information from managers. Our results support this hypothesis. We also find that earnings persistence is significantly negatively associated with analysts herding index. In addition, we classify analysts as forecast (recommendation) leaders and followers based on the relative timeliness of their earnings forecasts (recommendation). We investigate whether security analysts exhibit persistence in their timely forecast or timely recommendation. We find that the analysts who have led peers in the past are more likely to lead again. Leading likelihood increases with the analyst’s prior accuracy and leader in the previous period, this relationship is more pronounced for firms with high earnings persistence.
30
Chuang, Tang-Bin, and 莊堂驞. "The Relation of Earnings Persistence by Meeting Earnings Benchmarks." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/59517669967000962530.
Full textAbstract:
碩士東吳大學
會計學系
101
This study investigates the relation of earnings persistence by meeting zero earnings benchmark. Previous research had emphasized the aspect of financial statement in earnings persistence, but did not focus on motives. For this reason, my research concern whether earnings persistence is significant different by meeting zero earnings benchmark or not. In addition, I test earnings persistence by meeting zero benchmark using real activities management and accrual-based earnings management. The empirical results show that neither real activities management nor accrual-based management had strong explanation to earnings persistence. Because zero benchmark samples only 3.8% in the whole population, I matched sample in order to eliminate this influence. The result exhibits the same conclusion that there is no relation between zero earnings benchmark and earnings persistence, then we know that the sample size is not a factor to earnings persistence.
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Lo, Ming-Hung, and 羅名宏. "Book-Tax Differences and Earnings Persistence." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/79ssfm.
Full textAbstract:
碩士國立雲林科技大學
會計系
105
This study hypothesizes and tests whether book-tax differences is significantly associated with a firm’s earnings persistence. Based on Hanlon (2005) model and Taiwan stock market data for the years 1992-2014, this study employs a one-year-ahead earnings regression model to examine how book-tax differences affect the level of earnings persistence. In addition, this study follows Tang and Firth (2011; 2012) and divides book-tax differences (BTD) into normal book-tax differences and abnormal book-tax differences, in turn, examines whether the effect of BTD on the level of earnings persistence reveals different patterns in the analysis. The empirical results, as conjectured, show that normal book-tax differences is positively associated with earnings persistence, yet, abnormal book-tax differences is negatively associated with earnings persistence. This study demonstrates some diagnostic checks and evidences the results are robust to the various specifications.
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Huang, Yu-ting, and 黃郁婷. "Earnings Persistence and Book-tax Differences." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/njn736.
Full textAbstract:
碩士國立中央大學
會計研究所
102
This thesis explores the relationship between book-tax differences and earnings quality. Earnings quality is measured by earnings persistence, which is the ability of current pretax accounting earnings in predicting future pretax accounting earnings. I first examine whether book-tax differences affect earnings persistence, and then I repeat my test by further decomposing earnings into accrual and cash flow components, where this study focuses on the accrual component. First, I find that book-tax differences affect earnings persistence and this finding holds for either listed or non-listed firms. Second, I find that when earnings are decomposed, book-tax differences affect accrual persistence for listed firms but not for non-listed firms.
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Lee, Hsiu-Ling, and 李秀玲. "Real Activities Manipulation and Earnings Persistence." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/82678156385713877956.
Full textAbstract:
碩士國立雲林科技大學
會計系碩士班
101
Extant studies suggest that there are two motives for managerial real activities manipulation reporting: opportunistic earnings reporting hypothesis versus informative size-adjusting hypothesis. The former hypothesis suggests that the real activities manipulation has a negative influence on firm’s earnings quality, particularly, earnings persistence. Yet, the latter hypothesis argues that the real activities manipulation has a positive influence on firm’s earnings persistence. The present study is motivated to examine which hypothesis can gain empirical supported in Taiwan stock market. The empirical result supports the opportunistic earnings reporting hypothesis, i.e., managerial real activities manipulation is negatively associated with firm’s earnings persistence. Further examination reveals that this negative association also gains empirical supported in both the income-increasing and income-decreasing real activities manipulation sub-samples. Moreover, it is interesting to find that the negative association between real activities manipulation and earnings persistence is enhanced after the occurrence of PROCOMP Company event.
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Lu, Hsiu-Chu, and 盧秀菊. "A Study on Persistence of Earnings management." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/18332669942359545001.
Full textAbstract:
碩士國立高雄第一科技大學
財務管理研究所
99
Previous studies verified earnings management has the persistence. This paper investigates the earnings management of the initial public offerings (IPOs) how to affect continually the post-listed earnings management. The discretionary accruals from previous one year ago to ten years later whether it will be affected by first year of IPOs market. The results evidence that IPOs have the same alteration persistent performance from previous one year ago to ten years later and in that year earnings management. Furthermore, this study shows that the earnings management has consistency follow the time-variant.
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Lee, Ming-Chia, and 李銘家. "Accrual Reliability, Earnings Persistence and Stock Price." Thesis, 2006. http://ndltd.ncl.edu.tw/handle/15302151292780070581.
Full textAbstract:
碩士輔仁大學
會計學系碩士班
94
This thesis extends the study of Sloan (1996) by linking accrual reliability to earnings persistence. Most paper follows the convention in academic research of defining accruals as the change in non-cash working capital less depreciation expense. This study provides a comprehensive definition and categorization of accruals, including non-cash working capital accrual (WC ), non-current operating accrual (NCO ) and financial accrual (FIN ). And each category is decomposed into its asset and liability components. I predict that the reliabilities of different accruals are different, and the reliabilities of assets-accrual and liabilities-accrual are also different. Moreover, I conjecture that each kind of accrual categories will result in different earning persistence dut to their different reliabilities. I also investigate whether stock prices act as if investors anticipate the implications of accrual reliability for earnings persistence. The empirical reslts are as follows: 1. The CFO components of earnings have higher earnings persistence than accrual components’of earnings. After decomposing total accrual into WC , NCO and FIN , I further find the accruals in the lower reliability categories have lower earnings persistence. The assets componet of operating category accrual make the earnings persistence of total accruals lower. 2. The stock prices don’t respond to any accruals conmponents of earnings except the non- electronics industry. In the non- electronics industry, the stock market respond to WC and NCO of earnings. 3. Using the same investment strategy used in Sloan (1996), I cannot use any accrual compenents of earnings to gain significant hedge portfolio returns. That is, investors fully anticipate the earnings persistence nature of any accrual component.
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Chang, Chun-Yu, and 張君玉. "The Information Content of Negative Earnings─From The Perspective Of Earnings Persistence." Thesis, 2003. http://ndltd.ncl.edu.tw/handle/70018816938925845150.
Full textAbstract:
碩士國立臺北大學
會計學系
91
Since the Ball and Brown’s paper (1968), an extensive literature in examining the empirical associations between earnings and stock returns has being developed. In general, the results show that there is a positive relation between earnings and stock returns. However, some researchers find that the inclusion of firms with negative earnings in the samples leads to underestimate the correlation between earnings and security returns. As there are more and more Taiwanese firms with negative earnings in recent years, it is warranted to investigate the information content of negative earnings, especially persistent negative earnings. Accordingly, this study is to test the information content about negative earnings and their persistence. Using observations of annual earnings for listed companies in TSE for the period 1992-2001, this study tests three hypotheses related to the information content of negative earnings and the influence of negative earnings persistence. The results are as the following. 1. The information content of negative earnings differs from that of positive earnings. 2. Non-persistent negative earnings (single-year loss only) do not contain information content. However, persistent negative earnings contain information content. 3. The extent of the information content of negative earnings does not decline over the year of negative earnings persistence. Initial negative earnings are more informative than sequent negative earnings. However, there are no significant differences among the information contents of sequent negative earnings.
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SYU, HUNG-YU, and 許宏瑜. "The Study of The Relationship Between Earnings Persistence and Analysts’ Earnings Forecast." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/e46xcu.
Full textAbstract:
碩士東海大學
財務金融學系
106
The objective of this study was to use the characteristics of earning Persistence to investigate whether analysts’ earnings forecast accuracy is affected by earning Persistence. Empirical evidence showed: (1) The number of analysts engaged in earnings forecast for a company would decrease when the company’s earnings Persistence. Analysts have reduced willingness to make a forecast because of the information quality of earnings Persistence. (2) Previous research has mentioned that analysts tend to make optimistic forecasts. The quality of earnings Persistence would lead them to make more optimistic forecasts, resulting in lower forecast accuracy. (3) The analysis of forecast target achievement rates confirmed that when earnings Persistence is relatively low, analysts have access to more information and would be more careful in forecasting. As a result, the target achievement rates are more likely to be higher. (4) Finally, the analysis of forecast correction ranges revealed that the range of downward correction is larger when earnings Persistence is high. This confirms that high earnings Persistence leads analysts to make more optimistic forecasts, which may need a larger correction in the event of an economic crisis.
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Cheng, Che-Hui, and 鄭哲惠. "Earnings persistence in nonlinear models and accounting conservatism." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/74827269849871983303.
Full textAbstract:
博士國立臺北大學
會計學系
98
This dissertation explores earnings perisitence issues. First, this paper employs nonlinear STAR and STARX models to evaluate earnings persistence effects at firm-level. The models can resolve the collinearity problem between predictors; reflect firms’ volatile or irregular earnings streams, likely derived from long-run investment, and provide more useful information in improving forecasting performance. Most importantly, they can describe differential earnings persistence effects between different regimes, less verified in previous studies. Our empirical results crucially support these arguments. Second, this paper examines the relationship between accounting conservatism and earnings persistence from the point of view in valuation relevance. The empirical tests generally support our hypothesis that accounting conservatism is negatively related to earnings persistence and positively related to mean reversion. Moreover, we investigate whether earnings persistence can reflect the information about accounting conservatism in the accrual and cash flow components. The empirical results show that accounting conservatism brings about substantial improvements in accrual components, and is negatively related to earnings persistence. An important implication is that, The Boards was successful in meeting its stated goal of not including conservatism, then it would increase valuation relevance. This outcome is consistent with the objects of the joint FASB/IASB projects.
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Su, Mei-Jung, and 蘇美蓉. "Earnings Persistence, Market reactions and China Investment Incomes." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/15555338101730086268.
Full textAbstract:
碩士輔仁大學
會計學系碩士班
95
The research in this thesis examines the investment earnings persistency of listed companies in Taiwan stock market from 2001 to 2004 and the stock market reactions on reflecting those outcomes. The methodology used in this research is based on the earnings persistency model developed by Sloan, Richardson, Soliman and Tuna in 2001. The results: 1.For IT related companies, the earnings persistency from the investment incomes in China out-performs in other area’s investment incomes. 2.For non-IT related companies, there is no significant difference between China and other area. 3.For overall companies, including IT and non-IT, the earnings persistency from the investment incomes in China still out-performs in other area’s investment incomes. 4.For overall study in this paper, the earnings persistency from the same industry of investment incomes out-performs to the different industry of investment incomes. 5.Due to the opacity of financial statement, the research shows that the stock market does not reflect this persistency information. This results from the complexity of investment through subsidiary and the unstable political nature across the Taiwan straits.
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WEN-HSIN, Chang, and 張文馨. "The Relationship between Dividend Policy and Earnings Persistence." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/77390288463257163731.
Full textAbstract:
碩士東吳大學
會計學系
103
The purpose of this research is to investigate whether earnings persistence would be one of the motivations for dividend policy. This paper primarily focuses on the impact of earnings persistence on paying dividends, and further explores whether the life cycle would be one of the factors to affect the relationship between the dividend policy and earnings persistence. This study’s samples, from 2005 to 2012, consist of listed company in nine countries around the world-Canada, France, Germany, Hong Kong, Japan, Korea, Singapore, United Kingdom and United States. I divided the samples into two groups：High earnings persistence and Low earnings persistence. I Use the regression model and Probit model to investigate the earnings persistence effect on the policy of dividend paying. The empirical results indicate that the company which is classified to high earnings persistence group would tend to pay cash dividend than those company classified to low earnings persistence group. Second, cash dividend payout ratio of high earnings persistence company would generally higher than low earnings persistence company’s cash dividend payout ratio. Finally, this paper also indicate the life cycle factor would moderate the relationship between dividend policy and earnings persistence.
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Li, Chia-Hui, and 李佳惠. "Consecutive Changes in Insider Holdings and Earnings Persistence." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/90750724097907723507.
Full textAbstract:
碩士輔仁大學
會計學系碩士班
103
The literature in the past explore the issue that when those firms whose shares holdings of managers have changed and last for 2 years, does it means that managers of these firms manipulate their earnings opportunistically or signally ? Their empirical results show that holding percentage-decreasing firms manage earnings opportunistically. This study is motivated to examine the effect of consecutive changes in insider holdings on firms’ earnings persistence. The empirical results of this study show that firms with continuous changes in insider holdings, including continuous increase or continuous decrease, have lower earnings persistence. Furthermore, the reduction of their earnings persistence is related to the magnitude of discretionary accruals. These empirical results support that those firms whose shares holdings of managers have changed and last for 2 years manage earnings opportunistically.
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Chang, Wei-Ting, and 張惟婷. "The Association between Analysts’ Forecast and Earnings Persistence." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/26873761315269937026.
Full textAbstract:
碩士銘傳大學
會計學系碩士班
103
The management will probably manipulate the accounting choices or manage the earnings through accruals or real activities while the firm suffers from financial difficulties. If the extent of earnings management becomes higher, the earnings persistence becomes smaller, and the earnings quality becomes lower. Recently, the accounting scandals attract attention from investors, creditors, and the government to put more emphasis on earnings quality. Based on prior literature, this study used earnings persistence to proxy earnings quality. Compared to investors, analysts have more professional expertise, are more capable of information collecting and can obtain more private information from firms’ management. Therefore, with more accurate analysts’ forecasts, the firm is less likely to beat the earnings benchmark by earnings management. The firms will thus have more persistent earnings. However, it is possible that managers release private information to induce analysts’ optimistic forecasts. Analysts may also release optimistic forecasts in order to build good relations with the management. Based on prior literature, this study uses the listed companies in Taiwan from 2009 to 2013 as the sample and explores the association between the analysts forecast (proxied by forecast accuracy and optimistic forecast) and earnings persistence. The empirical results show that: (1) the higher analysts forecast accuracy is, the greater earnings persistence is. (2) There is no significant difference in earnings persistence between the firms with pessimistic analyst forecasts and those with optimistic forecasts.
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Wu, Li-hsueh, and 吳麗雪. "The Relationship between Corporate Governance and Earnings Persistence." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/72379070909777204380.
Full textAbstract:
碩士國立雲林科技大學
會計系碩士班
101
The primary purpose of firm''s corporate governance is to establish appropriate internal supervisory mechanisms, in turn, to protect the benefits of corporate stakeholders and create firm’s value. Earnings persistence is an important characteristic to proxy and/or to measure a firm''s earnings quality. Extant studies revealed that the earnings quality is positively associated with the earnings persistence. It is expected that a firm with better corporate governance mechanism will enhance its earnings persistence. Thus, this study uses Taiwan Securities Exchange and OTC listed firms as examples and examines the impact of corporate governance mechanisms on earnings reported quality (earnings persistence). The empirical results, as conjectured, reveal that the better corporate governance mechanism makes earnings persistence higher. This study demonstrates some diagnostic checks and evidences the results are robust to the various specifications.
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HSU, YU-LIN, and 許郁琳. "The Effect of Earnings Persistence on Dividend Policy." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/25kkkj.
Full textAbstract:
碩士東海大學
財務金融學系
106
Using the sample consisting of listed and OTC companies in Taiwan from 1990 to 2017, this thesis investigates the relationship between earnings persistence and the company’s dividend policy, and examines whether earnings persistence has a great influence on company’s dividend policy under the theory of residual dividend policy. In addition, we study how the company's dividend payout ratio changes under different ownership structures. Finally, we augment our model to include four potentially important variables that could affect the dividend policy to test whether earnings persistence can maintain its explanatory power over company’s dividend payout ratio. The empirical results show that there is a positive relationship between earnings persistence and the company's dividend policy, and confirm that earnings persistence still has significant influence under the framework of the theory of residual dividend policy. In addition, earnings persistence increases the company’s dividend payout ratio for a state-controlled company, but decreases it for a family-controlled company. Finally, with additional four important variables (capital expenditure, liquidity, risk, and company age) added to the dividend payout model, we find that earnings persistence still has strong impacts on dividend policy.
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SU, CHING-HUNG, and 蘇靖閎. "Earnings Quality Based on Corporate Investment Decisions and Its Impact on Earnings Persistence." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/qf8cb3.
Full textAbstract:
碩士國立高雄第一科技大學
會計資訊系碩士班
106
Prior research on earnings quality generally relies on one of two approaches: studying the properties of accounting numbers or extracting information from stock prices. In this paper, I examine a new approach for measuring earnings quality, defined as the closeness of reported earnings to “permanent earnings,” based on firm decisions with regard to capital and labor investments. Specifically, I measure earnings quality as the contemporaneous association between changes in the levels of capital and labor investment and the change in reported earnings to explores the relationship between earnings persistence and agents from corporate investment decisions. Our sample consists of firms listed in the Taiwan Stock Exchange from 2007 through 2017. This approach follows the reasoning that (1) firms make investment decisions based on the net present value (NPV) of investment projects and (2) that managers have private information that investors do not have, corporate investment decisions can provide informative signals about earnings quality relative to the market based earnings-quality measures. I find that measures of earnings quality based on managerial labor and capital decisions correlate positively with earnings persistence and have incremental explanatory power relative to earnings quality measures used in the accounting literature. Furthermore, investment based earnings-quality measures are less informative when managers tend to overinvest.
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Wang, Ling-Wen, and 王令聞. "The study of relationship between net deferred tax assets and earnings persistence, future earning." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/45355941497386540478.
Full textAbstract:
碩士國立成功大學
會計學系碩博士班
97
This paper investigates that if firms adapt conservative accounting consistently, when the firm increases investment, conservative accounting leads to lower reported earnings. These lower earnings, however, create unrecorded reserves that provide managers with flexibility to report more income in the future. Management can increase these reserves, and so reduce earnings, by increasing investment. Management can also release the reserves and create additional earnings, by subsequently reducing the investment or the rate of growth in investment. When the change in investment is temporary, the induced change in earnings is also temporary, and the change in investment could reduce earning persistence. Quality concerns can also arise if firms apply conservative accounting consistently without any change in accounting methods or estimates. Comparing with taxable income, accounting income is more conservative and discretionary. Thus, this paper uses Net Deferred Tax Assets to proxy the level of conservatism of the firm. We try to observe whether conservatism reduce earning persistence and examine the relationship between conservatism and future earnings, future return. The empirical results are summarized below: 1. When the firm practices conservative accounting, it will reduce the persistence of earnings. 2. The level of conservatism has the same direction with future earnings. 3. The level of conservatism has opposite direction with future return.
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Huang, PO-CHI, and 黃柏齊. "The Relationship Between Book-Tax Difference and Earnings Persistence." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/2825w7.
Full textAbstract:
碩士輔仁大學
會計學系碩士班
105
There were many research that investigated the relationship between book-tax difference and earnings persistence, whether it’s the relationship between the two or their constituent elements; Following the empirical model in Hanlon (2005) and Blaylock, Shevlin, and Wilson (2012), this study examines the relationship between book-tax differences and earnings persistence of company in Taiwan. Then follows the empirical model in Sloan(1996) and splits the earnings into cash flows from operating activities and accruals to investigate the relationship between permanent book-tax difference, temporary book-tax difference and earnings persistence. Besides, different from the past research, this research tries to extend the earnings persistence to next two years, and then uses the model that is mentioned above to investigate whether the effect of these variables to next two year’s earnings persistence will as significant influence or not. The empirical results are as expected, the effect of earnings are as significant positive correlation no matter to next year or next two year’s earnings persistence; And cash flows from operating activities are more correlative than accruals to next year and next two year’s earnings persistence. Both of them are significant positive correlation. Because the book-tax difference is usually considered by investors as a signal that the corporate has earnings management, and they discern the behaviors of earning management as a negative impact factor. As a results, the effect of book-tax difference to next year or next two year’s earnings persistence are significant negative correlation. In which, the effect of temporary book-tax difference is more significant than permanent book-tax difference.
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Chang, Chu-Yuan, and 張竹淵. "The Associations Between Business Life Cycle and Earnings Persistence." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/77310646576613690131.
Full textAbstract:
碩士國立中興大學
會計學研究所
98
Earnings persistence is not discussed extensively in Taiwan. This paper examines the factors of affecting earnings persistence through the prior foreign studies and additional factor which add the business life cycle. The result is that the earnings persistence of grow and mature companies are more persistence than stagnant companies, but the earnings persistence of mature companies are not significant greater than grow companies. Beside, my additional finding is earnings persistence of operating cash flow which is more persistence than total accrual. After discompose total accrual to discretionary and non-discretionary accrual, I find the persistence of non-discretionary accrual more persistence than discretionary accrual. I also use the level of reliability to classify different net asset groups. My finding is that the more reliable net asset group is more persistence. In addition, this paper also adds other three factors which is different from earnings systematic risk, abnormal earnings and other operating income (loss). The result is that the systematic risk and other operating income (loss) are significant negative relation with earnings persistence. Abnormal earning is significant positive relation with earnings persistence.
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Tsai, hsiu-yun, and 蔡秀雲. "Classification shift of inventory Valuation loss and earnings persistence." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/74286504840822591717.
Full textAbstract:
碩士國立成功大學
財務金融研究所
97
On 2007, Taiwan’s Financial Accounting Standards Committee of the Accounting Research and Development Foundation revised SFAS No. 10 “The Accounting for Inventory”. The new revised accounting standard came effective in the financial year ending after December 31, 2008. Before the new revised Taiwan’s SFAS No.10, the inventory valuation loss is an item belongs to non-operating income. The revised Taiwan’s SFAS No. 10 asks reclassification inventory valuation loss from non-opearting item to the cost of goods sold. Prior literatures indicate that the perstence of non-operating income items are lower than operating income items. Therefore, our study wants to investigate whether the earnings persistence of inventory valuation loss is lower than operating income. Beside, we want to examine whether the reclassification of inventory valuation loss would reduce the earnings predictability. For a sample of cross-sectional data of firms listed on the Taiwan Stock Exchange (TSE) from 2001 to 2005, we find that the persistence of inventory valuation loss is significantly lower than operating income. The reclassification of inventory valuation loss from non-opearting item to the cost of goods sold would reduce the earnings predictability.
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Lin, Peng-Wen, and 林芃彣. "Presentation of Inventory Valuation, Earnings Persistence and Value Relevance." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/06203421990973927368.
Full textAbstract:
碩士國立臺北大學
會計學系
103
Inventory is one of the important assets for corporations. Investors always use accounting information when making investment decisions. To comply with IFRSs, Taiwan revised ROC GAAP No. 10 based on IAS2 in 2007, and further mandated the application for listed corporations in 2009. The revision of inventory accounting from ROC GAAP No. 10 revises recognition and presentation of inventory information, and affects the earnings and the inventory amount on balance sheet. Therefore, I focus on the earnings persistence and value relevance implications of loss or recovery on inventory valuation, and examine the effects of inventory valuation for two periods, each under different inventory accounting standards, the pre-revised（1998 to 2008）and post-revised（2009 to 2012）period. The first part of results is regarding the earnings persistence perspective. In the pre-revised and post-revised periods, loss recovery on inventory valuation and recovery on inventory valuation have the future earnings implications. Besides, comparing the results of the pre-revised period with those of the post-revised period, recovery on inventory valuation in post-revised period has significant incremental persistence, yet loss on inventory valuation in post-revised period does not have significant incremental persistence. The evidence also suggests that there is no significant difference between the predicting powers of loss on inventory valuation in the two periods. Moreover, separately comparing the persistence difference of loss or recovery on inventory valuation and cost of goods sold for predicting the next period earnings, I find that loss on inventory valuation in the pre-revised and the post-revised periods and recovery on inventory valuation in the post-revised period have future earnings implications significantly different from cost of goods sold. There is no significant difference for future earnings implications between recovery on inventory valuation and cost of goods sold in the pre-revised period. Lastly, according to the result from the Vuong test, including loss and recovery on inventory valuation in cost of goods sold or not does not yield significantly different explanatory powers for the two regressions regarding loss and recovery on inventory valuation. The second part of the results is regarding the value relevance perspective. Results show that loss on inventory valuation and recovery on inventory valuation are value-relevant in both in the pre-revised and the post-revised periods. Besides, market values recovery on inventory valuation significantly more in the pre-revised period than in the post-revised period. But there is no significant difference for the valuation relevance for loss on inventory valuation in the two periods. Moreover, both in the pre-revised and the post-revised period, I find that market values loss on inventory valuation （recovery on inventory valuation） significantly different from cost of goods sold. Finally, including loss and recovery on inventory valuation in cost of goods sold or not does not yield significantly different explanatory powers for the regressions regarding loss and recovery on inventory valuation. In summary, both from the earnings persistence and the value-relevance perspectives, the results show that there is no difference in the information usefulness whether loss and recovery on inventory valuation are reported separately from cost of goods sold or not. That result seemly supports the classification of loss and recovery on inventory valuation under IFRS. However, loss on inventory valuation and recovery on inventory valuation have future earnings implications and value-relevance, and these future earnings implications and value-relevance are significantly different from those of cost of goods sold. Therefore, the information of loss on inventory valuation and recovery on inventory valuation is important to investors and should be disclosed separately in the finance statements.