Journal articles: 'Fiscal announcements'

1

David, Antonio, Jaime Guajardo, and Juan Yepez. "The Rewards of Fiscal Consolidation." IMF Working Papers 19, no. 141 (July 2, 2019): 1. http://dx.doi.org/10.5089/9781498317054.001.

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This paper investigates the effects of fiscal consolidation announcements on sovereign spreads in a panel of 21 emerging market economies during 2000-18. We construct a novel dataset using a global news database to identify the precise announcement date of fiscal consolidation actions. Our results show that sovereign spreads decline significantly following news that austerity measures have been approved by the legislature (congress or parliament), in periods of high sovereign spreads or in countries under an IMF program. In addition, consolidation announcements are less contractionary when sovereign spreads decline, with the reduction in output being half of the counterfactual case in which spreads do not respond to announcements. These results constitute direct evidence that confidence effects, in the form of lower sovereign spreads, are an important transmission channel of fiscal shocks. We also find that the role of confidence effects increases with the level of spreads such that countries with high spread levels stand to benefit the most from putting in place credible austerity packages.

2

Klose, Jens, and Peter Tillmann. "COVID-19 and Financial Markets: A Panel Analysis for European Countries." Jahrbücher für Nationalökonomie und Statistik 241, no. 3 (March 16, 2021): 297–347. http://dx.doi.org/10.1515/jbnst-2020-0063.

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Abstract In order to fight the economic consequences of the COVID-19 pandemic, monetary and fiscal policymakers announced a large variety of support packages which are often unprecedented in size. In this paper, we provide an empirical analysis of the responses of European financial markets to these policy announcements in the spring of 2020. We assemble a granular set of more than 400 policy announcements, both at the national and the European level. We also differentiate between the first announcement in a series of policies and the subsequent announcements because the initial steps were often seen as bad news about the state of the economy. In a panel model, we find that monetary policy, in particular, through asset purchases, is effective in easing the pressure on governmental finances. Stock prices are particularly sensitive to the suspension of the Stability and Growth Pact. Fiscal policy becomes more effective when monetary announcements fall on the same day. We also find sizable cross-border effects of policy announcements.

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Brown, Lawrence D., Dosoung P. Choi, and Kwon-Jung Kim. "The Impact of Announcement Timing on the Informativeness of Earnings and Dividends." Journal of Accounting, Auditing & Finance 9, no. 4 (October 1994): 653–74. http://dx.doi.org/10.1177/0148558x9400900402.

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We relate the informativeness of earnings and dividend announcements to their timing relative to the fiscal quarter end to which the earnings pertain. Evidence is provided that the information content of earnings decreases as the timing of its announcement relative to the fiscal quarter end increases, and that such information erosion is more pronounced for smaller firms. Evidence is also provided that the information content of dividend announcements increases as its timing relative to the fiscal quarter end increases, and that such information enhancement is relatively more pronounced for larger firms. The results suggest that preannouncement information precision and announced information precision have offsetting effects on the informativeness of financial information, and that the nature of the offset depends on the type of information and firm size. More specifically, the predisclosure information effect is more pronounced for earnings and small firms, whereas the announced (new) information effect is more pronounced for dividends and large firms.

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Dangol, Jeetendra, and Ajay Bhandari. "Quarterly Earnings Announcement Effect on Stock Return and Trading Volume in Nepal." International Research Journal of Management Science 4 (December 1, 2019): 32–47. http://dx.doi.org/10.3126/irjms.v4i0.27884.

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The study examines the stock returns and trading volume reaction to quarterly earnings announcements using the event analysis methodology. Ten commercial banks with 313 earnings announcements are considered between the fiscal year 2010/11 and 2017/18. The observations are portioned into 225 earning-increased (good-news) sub-samples and 88 earning-decreased (bad-news) sub-samples. This paper finds that the Nepalese stock market is inefficient at a semi-strong level, but there is a strong linkage between quarterly earnings announcement and trading volume. Similarly, the study provides evidence of existence of information content hypothesis in the Nepalese stock market.

5

Beetsma, Roel, Jacopo Cimadomo, Oana Furtuna, and Massimo Giuliodori. "The confidence effects of fiscal consolidations." Economic Policy 30, no. 83 (July 1, 2015): 439–89. http://dx.doi.org/10.1093/epolic/eiv007.

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Abstract We explore how fiscal consolidations affect private sector confidence, a possible channel for the transmission of fiscal policy that has received particular attention recently as a result of governments embarking on austerity trajectories in the aftermath of the crisis. Panel regressions based on the annual action-based datasets of Devries et al. (2011) and Alesina et al. (2014a) show that consolidations, and in particular their unanticipated components, affect confidence negatively. To obtain a more accurate picture of how consolidations affect confidence, we construct a monthly dataset of consolidation announcements, so that we can investigate the confidence effects in real time using an event study. The results suggest that consumer confidence falls around announcements of consolidation measures, an effect likely driven by revenue-based measures. Moreover, these effects are highly relevant for European countries with weak institutional arrangements, as measured by the tightness of fiscal rules or budgetary transparency. The effects on producer confidence are generally similar, but weaker than for consumer confidence. Long-term interest rates, as a measure of confidence in the sovereign, tend to fall around spending-based consolidation announcements. We have no evidence that the confidence effects of consolidation announcements are worse in slumps than in booms. Generally, strengthening institutional arrangements may help in mitigating adverse confidence effects of consolidations.

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Chen, Sheng-Syan, and Kuei-Chin Fu. "An Examination of the Free Cash Flow and Information/Signaling Hypotheses Using Unexpected Dividend Changes Inferred from Option and Stock Prices: The Case of Regular Dividend Increases." Review of Pacific Basin Financial Markets and Policies 14, no. 03 (September 2011): 563–600. http://dx.doi.org/10.1142/s0219091511002329.

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This paper measures unexpected dividend changes in testing the free cash flow and information/signaling hypotheses using the Bar–Yosef/Sarig method. The empirical findings reveal the following: (i) The association between announcement period abnormal returns and the cash level is significantly positive for low q firms; (ii) The positive association between announcement period, abnormal returns, and the cash level is stronger in low q than in high q firms for most regressions; (iii) Low q firms reduce their capital and research and development (R&D) expenditures during the four fiscal years following dividend increase announcements. Our results are consistent with the free cash flow hypothesis.

7

D’Acunto, Francesco, Daniel Hoang, and Michael Weber. "Unconventional Fiscal Policy." AEA Papers and Proceedings 108 (May 1, 2018): 519–23. http://dx.doi.org/10.1257/pandp.20181061.

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Unconventional fiscal policy uses announcements of future increases in consumption taxes to generate inflation expectations and accelerate consumption expenditure. It is budget neutral and time consistent. We provide preliminary evidence for the effectiveness of such policies using changes in value-added tax (VAT) and household survey data for Poland. We find households increased their inflation expectations and willingness to purchase durables before the increase in VAT. Future research has to ensure income, wealth effects, or intratemporal substitution channels cannot explain these results and ideally exploit exogenous variation in VAT in a fixed nominal interest rate environment.

8

Johnson, Travis L., Jinhwan Kim, and Eric C. So. "Expectations Management and Stock Returns." Review of Financial Studies 33, no. 10 (November 26, 2019): 4580–626. http://dx.doi.org/10.1093/rfs/hhz141.

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Abstract We establish a link between firms managing investors’ performance expectations, earnings announcement premiums, and cyclical patterns (i.e., seasonalities) in returns. Firms that are more likely to manage expectations toward beatable levels predictably earn lower returns before, and higher returns during, their earnings announcements. This pattern repeats across firms’ fiscal quarters, suggesting firms manufacture positive “surprises” by negatively biasing investors’ expectations ahead of announcing earnings. We corroborate these findings using non-price-based outcomes indicative of expectations management. Together, our findings are consistent with the pressure for firms to meet earnings targets shaping the cross-section of firms’ stock returns.

9

Wu, Jyh-Lin. "Fiscal announcements and real exchange rate dynamics." Open Economies Review 5, no. 2 (March 1994): 177–90. http://dx.doi.org/10.1007/bf01000486.

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10

David, Antonio. "Can Fiscal Consolidation Announcements Help Anchor Inflation Expectations?" IMF Working Papers 2024, no. 060 (March 2024): 1. http://dx.doi.org/10.5089/9798400268267.001.

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Ma'aji, Muhammad M., and Siang Hi Lee. "Investors’ behavior to earnings announcement during the COVID-19 pandemic: Evidence from Cambodia." Journal of Accounting, Finance, Economics, and Social Sciences 8, no. 2 (2021): 41–50. http://dx.doi.org/10.62458/jafess.160224.6(2)41-50.

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ABSTRACT This study investigates the reaction of investors to annual earnings releases as reflected in the share price movements of common stocks and volume of trade during the COVID-19 pandemic. Event methodology is employed, and the returns in an event window, defined conventionally as the days before to days after a firm-specific public earnings announcement, are not abnormal. We provide an apparent example where investors did not react to firm-specific positive earnings announcements. This could be influenced by the government in response to COVID-19 as we have seen governments and central banks worldwide quickly enacted sweeping and sizable fiscal and monetary stimulus measures to limit the human and economic impact of the COVID-19 pandemic. These actions during an economic downturn or crisis have helped to stabilize the economy and increase confidence in the market. Keywords: Event study, information and market efficiency, corporate earnings announcement, COVID-19, Cambodia market

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Ma'aji, Muhammad M., and Siang Hi Lee. "Investors’ behavior to earnings announcement during the COVID-19 pandemic: Evidence from Cambodia." Journal of Accounting, Finance, Economics, and Social Sciences 6, no. 2 (2021): 63–72. http://dx.doi.org/10.62458/jafess.160224.6(2)63-72.

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ABSTRACT This study investigates the reaction of investors to annual earnings releases as reflected in the share price movements of common stocks and volume of trade during the COVID-19 pandemic. Event methodology is employed, and the returns in an event window, defined conventionally as the days before to days after a firm-specific public earnings announcement, are not abnormal. We provide an apparent example where investors did not react to firm-specific positive earnings announcements. This could be influenced by the government in response to COVID-19 as we have seen governments and central banks worldwide quickly enacted sweeping and sizable fiscal and monetary stimulus measures to limit the human and economic impact of the COVID-19 pandemic. These actions during an economic downturn or crisis have helped to stabilize the economy and increase confidence in the market. Keywords: Event study, information and market efficiency, corporate earnings announcement, COVID-19, Cambodia market

13

Krishnan, Jayanthi, and Joon S. Yang. "Recent Trends in Audit Report and Earnings Announcement Lags." Accounting Horizons 23, no. 3 (September 1, 2009): 265–88. http://dx.doi.org/10.2308/acch.2009.23.3.265.

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SYNOPSIS: The Securities and Exchange Commission introduced accelerated filing requirements for corporate 10-K and 10-Q filings in 2003. The major accounting firms and some companies expressed concerns about the acceleration, arguing that other changes in financial reporting and disclosure requirements, corporate governance, and auditing standards would make it difficult to meet the shorter deadlines while maintaining good quality reporting. Using longitudinal samples of companies for the period 2001–2006, we examine two lags in the corporate reporting process: the audit report lag (the number of days between the fiscal year-end and the audit report date), and the earnings announcement lag (the number of days between the fiscal year-end and the earnings announcement date). Our results indicate that both lags increased significantly in the two-year period 2001–2002 prior to the introduction of the accelerated filing requirements and in the period 2003–2006 when the new filing requirements were in effect. Furthermore, when we examine the sample of companies for which both the audit lag and earnings announcement lags are available, we find that the likelihood that companies announced earnings prior to the audit report date increased considerably over the period 2001–2006, but particularly during 2004–2006 when Section 404 of the Sarbanes-Oxley Act of 2002 (SOX) was in effect. Thus it appears that an unintended consequence of recent policy changes is that companies are less likely to wait for completion of their audits to announce earnings. We also examine the quality of reporting (measured by absolute discretionary accruals and quality of accruals) for the sample period. We find that long audit report lags (or 10-K filings lags) were not associated with lower quality of earnings or accruals (except for a mild effect in 2004), providing no support for the concern that companies that have to rush to meet the deadlines may suffer a loss of reporting quality. However, when we examine potential reporting quality effects of early earnings announcements, we find some mild evidence that for those companies that made earnings announcements several days in advance of completion of their audits, the quality of earnings/accruals was lower in some years during the period 2003–2006.

14

Montes, Gabriel Caldas, Rodolfo Tomás da Fonseca Nicolay, and Tatiana Acar. "Do fiscal communication and clarity of fiscal announcements affect public debt uncertainty? Evidence from Brazil." Journal of Economics and Business 103 (May 2019): 38–60. http://dx.doi.org/10.1016/j.jeconbus.2018.12.002.

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15

Dominguez, Kathryn M. E., and Matthew D. Shapiro. "Forecasting the Recovery from the Great Recession: Is This Time Different?" American Economic Review 103, no. 3 (May 1, 2013): 147–52. http://dx.doi.org/10.1257/aer.103.3.147.

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This paper asks whether the slow recovery of the US economy from the trough of the Great Recession was anticipated, and identifies some of the factors that contributed to surprises in the course of the recovery. We construct a narrative using news reports and government announcements to identify policy and financial shocks. We then compare forecasts and forecast revisions of GDP to the narrative. Successive financial and fiscal shocks emanating from Europe, together with self-inflicted wounds from the political stalemate over the US fiscal situation, help explain the slowing of the pace of an already slow recovery.

16

Mutize, Misheck, and Sean Joss Gossel. "Do sovereign credit rating announcements influence excess bond and equity returns in Africa?" International Journal of Emerging Markets 13, no. 6 (November 29, 2018): 1522–37. http://dx.doi.org/10.1108/ijoem-09-2017-0339.

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Purpose The purpose of this paper is to examine whether new sovereign credit rating (SCR) changes are valuable, and relevant information is provided to bond and equity markets in 30 African countries that received an SCR during the period 1994–2014. Design/methodology/approach This study applies a combination of GARCH models and event study techniques. Findings This study shows that the financial markets do not significantly react to SCR announcements, possibly because these African markets are already perceived to be risky. Research limitations/implications At last, a significant portion of Africa’s sovereign debt is held by foreign investors (Arslanalp and Tsuda, 2014) who commonly preclude asset managers from investing in low SCR grades. Thus, an unfavorable SCR announcement could lead to a withdrawal of these funds, which could significantly alter both fiscal and monetary policies in the economy. Practical implications SCRs is immaterial to investors holding African securities. Social implications Although financial markets are weakly responsive to SCR announcements, they appear to be informationally important in the operation of stocks and bond markets in Africa. Therefore, governments should appreciate the long-term information exchange between investors and borrowers, and the consequential nature of credit ratings in Africa’s nascent financial markets in order to proactively manage the risks of negative ratings. Originality/value Studies on credit rating effects on Africa markets are rare.

17

Beetsma, Roel, Oana Furtuna, Massimo Giuliodori, and Haroon Mumtaz. "Revenue- versus spending-based fiscal consolidation announcements: Multipliers and follow-up." Journal of International Economics 131 (July 2021): 103455. http://dx.doi.org/10.1016/j.jinteco.2021.103455.

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Attinasi, Maria-Grazia, Cristina Checherita, and Christiane Nickel. "What Explains the Surge in Euro Area Sovereign Spreads during the Financial Crisis of 2007–09?" Public Finance and Management 10, no. 4 (December 2010): 595–646. http://dx.doi.org/10.1177/152397211001000403.

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This paper explains the determinants of widening sovereign bond yield spreads vis-à-vis Germany in selected euro area countries during the period end-July 2007 to end-March 2009, when the financial turmoil developed into a full-blown financial and economic crisis. Emphasis is given to the role of fiscal fundamentals and government announcements of substantial bank rescue packages. The paper finds that higher expected budget deficits and/or higher government debt ratios relative to Germany contributed to higher government bond yield spreads in the euro area during the analyzed period. More importantly, the announcements of bank rescue packages have led to a re-assessment, from the part of investors, of sovereign credit risk, first and foremost through a transfer of risk from the private financial sector to the government.

19

Stayt, Hamish. "A critical analysis of the European Union’s structure and approach to economic recovery during times of crisis." Australian and New Zealand Journal of European Studies 15, no. 3 (May 15, 2024): 43–50. http://dx.doi.org/10.30722/anzjes.vol15.iss3.18243.

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This essay critically analyses the European Union's (EU) approach to economic recovery during times of crisis, focusing on the 2008 financial crisis and the subsequent eurozone debt crisis. The EU's response included various measures such as bailouts, fiscal stimulus packages, and structural reforms. However, shortcomings in these responses are evident, including a lack of long-term planning and the exacerbation of negative effects by bailout announcements. Moreover, the essay examines structural issues within the EU, particularly regarding the European Central Bank's monetary policies and the lack of cohesive fiscal policies among member states. These structural deficiencies contributed to the severity of the crises. Despite lessons learned, including the need for stricter financial regulations and improved coordination among member states, challenges remain. The analysis suggests that while the EU has undergone reforms, its resilience to future crises remains uncertain.

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Sodhi, Adhiraj, Cesario Mateus, Irina Mateus, and Aleksandar Stojanovic. "The Market Reaction to Repurchase Announcements." Journal of Risk and Financial Management 16, no. 10 (October 12, 2023): 443. http://dx.doi.org/10.3390/jrfm16100443.

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This paper investigates the drivers of the market’s reaction to share repurchase announcements in the UK and the related abnormality in stock performance. It uniquely captures the impact of globalisation in tandem with a variety of firm-level and macro-level determinants. We undertake multivariate OLS regression to test the determinants of the market’s reaction and find a negative influence when repurchases are tax-friendlier than dividends if there is high debt exposure and economic globalisation is rising, with a positive influence when the company has a history of distributing above average dividends. To quantify the short-term price abnormality, we employ event study analysis, and the findings compute positive (insignificant) stock price abnormality for nonfinancial (financial) firms. For long-term stock price abnormality, we compare against the FTSE 100 by computing annual geometric stock performances. The findings indicate a negative (insignificant) stock price abnormality for nonfinancial (financial) firms. The results can aid corporate management in improving repurchase timing, aid in the decision making of financial practitioners when trading or investing in repurchasing firms, and assist policymakers in mapping more efficient fiscal and cross-market trade frameworks.

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Afonso, António, João Tovar Jalles, and Mina Kazemi. "The effects of macroeconomic, fiscal and monetary policy announcements on sovereign bond spreads." International Review of Law and Economics 63 (September 2020): 105924. http://dx.doi.org/10.1016/j.irle.2020.105924.

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Woodford, Michael, and Yinxi Xie. "Policy Options at the Zero Lower Bound When Foresight is Limited." AEA Papers and Proceedings 109 (May 1, 2019): 433–37. http://dx.doi.org/10.1257/pandp.20191084.

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We reconsider several monetary and fiscal policies that have been proposed as tools of stabilization policy when conventional interest-rate policy is constrained by the zero lower bound on interest rates, assuming that households and firms are capable of explicit forward planning over only a limited horizon. The predicted effects of all of the policies are somewhat different than under rational expectations, but credible announcements about future policy can still influence behavior, and there is, if anything, an even stronger case for pursuing systematic policies outside crisis periods in order to shape expectations during a crisis.

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BRINDHA, K., and MS C. M. SATHYASREE. "BANKING SECTOR PERFORMANCE DURING THE COVID-19 CRISIS." YMER Digital 21, no. 07 (July 7, 2022): 213–27. http://dx.doi.org/10.37896/ymer21.07/16.

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This paper analyzes bank stock prices around the world to assess the impact of the COVID-19 pandemic on the banking sector. Using a global database of policy responses during the crisis, the paper also examines the role of financial sector policy announcements on the performance of bank stocks. Overall, the results suggest that the crisis and the countercyclical lending role thatbanks are expected to play have put banking systems under significant stress, with bank stocks underperforming their domestic markets and other nonbank financial firms. The effectiveness of policy interventions has been mixed. Measures of liquidity support, borrower assistance, and monetary easing mod- erated the adverse impact of the crisis, but this is not true for all banks or in all circumstances. For example, borrower assistance and prudential measures exacerbated the stress for banks that are already undercapitalized and/or operate in countries with little fiscal space. These vulnerabilities will need to be carefully monitored as the pandemic continues to take a toll on the world’s economies. Keywords: Bank stock returns, government announcements, liquidity premium, COVID-19 pandemic period.

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Files, Rebecca, Nathan Y. Sharp, and Anne M. Thompson. "Empirical Evidence on Repeat Restatements." Accounting Horizons 28, no. 1 (September 1, 2013): 93–123. http://dx.doi.org/10.2308/acch-50615.

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SYNOPSIS This study examines the characteristics and market consequences of repeat restatements. We find that 38 percent of the restating companies in our sample restate at least twice between 2002 and 2008, and 31 percent of repeat restatement firms restate three or more times during the same period. Our tests identify several auditor and restatement characteristics that distinguish single from repeat restatements at the time of the first restatement. Repeat restatements are more likely among clients of non-Big N auditors and those with lower ex ante accounting quality. However, firms that switch auditors between the end of their misstatement period and the restatement announcement are less likely to experience repeat restatements. Although subsequent restatements tend to be less severe than the first in a series of restatements, firms suffer similar declines in stock prices with up to three restatement announcements. In addition, firms often restate the same fiscal periods multiple times, and these “overlapping” restatements are more frequent when managers are distracted by other difficulties, such as discontinued operations or internal control weaknesses. Our findings should be valuable to investors, regulators, and other parties interested in repeat restatements. We provide research design recommendations for researchers to incorporate in future research. JEL Classifications: M41; M42; G34. Data Availability: All data used in this study are publicly available from the sources indicated.

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O'Reilly, James, Clare Pope, and Amy Lomas. "Development of the clean hydrogen industry in Australia – a regulatory and fiscal roadmap for the fuel of the future." APPEA Journal 61, no. 2 (2021): 454. http://dx.doi.org/10.1071/aj20190.

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As Australia moves toward decarbonisation across all of its sectors, the production and use of clean hydrogen have emerged as a clear alternative. It is versatile, storable, transportable and, ultimately, a fuel source that is carbon free. Funding and policy announcements across State and Federal Governments for the hydrogen industry have built momentum in recent years, with projects already underway to address new uses for hydrogen, which are looking to improve the economics of production to meet the expected future demand not only here in Australia but also internationally. So, how can Australia lead the global shift to hydrogen and what is the regulatory and fiscal infrastructure needed to drive the development of the hydrogen industry in Australia? The key issues to be considered include the following: The need for government funding for development of the future uses of hydrogen to help build confidence and stimulate investment across the supply chain to enable commercialisation; Establishing an attractive investment environment for projects in Australia – not only the production of hydrogen but also for the supply chain infrastructure; Development of a certification scheme and Australia’s role in setting regional and/or international standards and Policy settings, including the necessary regulatory and fiscal reforms, relevant to support the period of transition to green hydrogen.

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FUKUHARA, M. "Branch Openings of City Banks from Fiscal 1973 to 1990: Unofficial Announcements by Ministry of Finance." Geographical Review of Japa,. Ser. A, Chirigaku Hyoron 66, no. 8 (1993): 475–88. http://dx.doi.org/10.4157/grj1984a.66.8_475.

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Low, Linda. "How Singapore's Central Provident Fund Fares in Social Security and Social Policy." Social Policy and Society 3, no. 3 (June 22, 2004): 301–10. http://dx.doi.org/10.1017/s1474746404001824.

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Singapore's Central Provident Fund (CPF) has served well in the old economy as a macroeconomic stabilisation policy. It finessed the developmental state and created socio-political stability with home ownership extended to health, education and asset enhancement schemes. However, structural changes with globalisation, information communication technology (ICT) and the new knowledge-based economy (KBE), plus a series of crises and downturns since the Asian crisis have undermined full employment as the lynchpin of the triangulation and CPF model. Announcements made in August 2003 are germane to this paper's discussion of the reinvention of the CPF model. Profound and creative reinvention to balance between neo-liberal market-based solutions without losing the socio-political control enjoyed by the ruling regime, however, remains a political choice as in delinking the CPF–fiscal process, CPF serves members or state.

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Falagiarda, Matteo, and Wildmer Daniel Gregori. "The impact of fiscal policy announcements by the Italian government on the sovereign spread: A comparative analysis." European Journal of Political Economy 39 (September 2015): 288–304. http://dx.doi.org/10.1016/j.ejpoleco.2015.07.002.

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Alberola, Enrique, Luis Molina, and Daniel Navia. "Say you fix, enjoy and relax. The deleterious effect of peg announcements on fiscal discipline in emerging markets." Emerging Markets Review 8, no. 4 (December 2007): 328–38. http://dx.doi.org/10.1016/j.ememar.2006.09.012.

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Purdy, B. "HOW COMPETITIVE IS THE AUSTRALIAN INCOME TAX REGIME FOR EXPLORATION AND PRODUCTION?" APPEA Journal 41, no. 1 (2001): 793. http://dx.doi.org/10.1071/aj00049.

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‘Australia must have a taxation system which equips it for the coming decades, not for those that have passed. If we do not achieve this, Australians will not enjoy the standard of living this nation has the potential to deliver’ (Ralph et al, 1999).One of the outcomes of the increasingly global nature of the resource industry is countries, especially those in close proximity to each other, are now competing for investment in resource projects. A key factor for investors assessing competing resource projects is the host country’s fiscal regime, including income tax, as this can significantly affect a project’s profitability and cash flow.The purpose of this paper is to give an overview of the income tax regime and issues currently facing the upstream Australian oil and gas industry (Sarich, 20001 ). In particular, this paper will:examine the Federal Government’s Review of Business Taxation and identify how the announcements impact on exploration and production activities;compare the Australian income tax regime on exploration and production to other countries in the region with whom Australia competes for investment and capital; andcomment on income tax issues facing Australian resource companies when conducting foreign activities.

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Lee-Easton, Miranda J., Stephen Magura, and Michael J. Maranda. "Utilization of Evidence-based Intervention Criteria in U.S. Federal Grant Funding Announcements for Behavioral Healthcare." INQUIRY: The Journal of Health Care Organization, Provision, and Financing 59 (January 2022): 004695802211262. http://dx.doi.org/10.1177/00469580221126295.

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Recent U.S. federal government policy has required or recommended the use of evidence-based interventions (EBIs), so that it is important to determine the extent to which this priority is reflected in actual federal solicitations for intervention funding, particularly for behavioral healthcare interventions. Understanding how well such policies are incorporated in federal opportunity announcements (FOAs) for grant funding could improve compliance with policy and increase the societal use of evidence-based interventions for behavioral healthcare. FOAs for discretionary grants (n = 243) in fiscal year 2021 were obtained from the Grants.gov website for 44 federal departments, agencies and sub-agencies that were likely to fund interventions in behavioral health-related areas. FOAs for block/formula grants to states that included behavioral healthcare (n = 17) were obtained from the SAM.gov website. Across both discretionary and block grants, EBIs were required in 60% and recommended in 21% of these FOAs for funding. Numerous different terms were used to signify EBIs by the FOAs, with the greatest variation occurring among the block grants. Lack of adequate elaboration or definition of alternative EBI terms prominently characterized FOAs issued by the Department of Health and Human Services, although less so for those issued by the Departments of Justice and Education. Overall, 43% of FOAs referenced evidence-based program registers on the web, which are scientifically credible sources of EBIs. Otherwise, most of the remaining elaborations of EBI terms in these FOAs were quite brief, often idiosyncratic, and not scientifically vetted. The FOAs generally adhered to federal policy requiring or encouraging the use of EBIs for funding requests. However, an overall pattern showing lack or inadequate elaboration of terms signifying EBIs makes it difficult for applicants to comply with federal policies regarding use of EBIs for behavioral healthcare.

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Hagenaars, Luc L., Patrick PT Jeurissen, and Niek S. Klazinga. "Sugar-sweetened beverage taxation in 2017: a commentary on the reasons behind their quick spread in the EU compared with the USA." Public Health Nutrition 22, no. 1 (August 31, 2018): 186–89. http://dx.doi.org/10.1017/s1368980018002008.

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AbstractIn the final issue of Public Health Nutrition in 2017, Kathryn Backholer and colleagues provide a clear overview of the spread of taxes on sugar-sweetened beverages (SSB) in 2017, and a useful overview of opposing arguments and their counterpoints. Backholer et al. argue that much of the action was concentrated in the USA, but in the present commentary we point out that the recent sweep of SSB tax policy announcements in the EU seems much more promising. Policy makers in EU countries seem to learn from neighbouring countries, while political ideologies do not appear to stand in the way. This could have international spillover effects as the default tax thresholds of 5 and 8 g sugar/100 ml, used in EU cases, provide clear incentives for the multinational soda industry to reduce sugar levels across the board, although it is not yet clear whether the tiered tax designs used in the EU are actually more effective than the flat rate tax designs used in the USA. Scholars may contribute to the policy momentum by comparing the effectiveness and feasibility of both designs in different policy contexts, including lower- and middle-income countries. The spread of SSB taxes in the USA will nevertheless most likely be limited so long as it remains a local policy and ‘no-go’ for the Republican Party. We explain the differences between the EU and USA by comparing the level of fiscal decentralization, the political context and the use of framing strategies.

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Ince, Sharon, and John Irwin. "LibGuides CMS eReserves: simplify delivering course reserves through Blackboard." Interlending & Document Supply 43, no. 3 (August 17, 2015): 145–47. http://dx.doi.org/10.1108/ilds-05-2015-0014.

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Purpose – The purpose of this paper is to demonstrate the process of implementing LibGuides content management system (CMS) eReserves with Blackboard integration to streamline workflow for the end-user and staff workflow. Design/methodology/approach – Based on some of the issues with the existing system, there was a need to improve workflow for the user and staff. The previous course reserve process included a non-automated process. Implementing the LibGuides CMS eReserves module training for circulation staff consisted of in-person instruction and creating a tutorial with step by step directions for staff. The library sent out many email announcements and corresponded with individual faculty members. The authors also worked with the instructional designers for feedback and best practices when developing Blackboard courses, specifically online courses. The authors also developed an information page with a tutorial. Findings – Findings indicate that the LibGuides CMS eReserves module is a success. The quick implementation process and ease of use for end-users and staff have proven to be beneficial. With the launch of the new system in fiscal year: 2013-2014, this revitalized the Seton Hall University eReserves program with a 142 per cent increase in usage. There could be many contributing factors to the increase in usage: the online form, direct links to Blackboard, the increase in online courses, etc. eReserves are up 42 per cent as of April for this year. Originality/value – At the time of our evaluation, there were no other libraries using the eReserves module. The authors reviewed the literature and found no published articles about LibGuides CMS eReserves module.

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Ben-Naceur, Kamel. "Sustainable Recovery: Regained Optimism." Journal of Petroleum Technology 74, no. 03 (March 1, 2022): 6–7. http://dx.doi.org/10.2118/0322-0006-jpt.

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Upstream investment is the main driver for employment in our industry, and forecasts of company spending are eagerly expected by the service sector. I commented in my January column on the initial activity estimates made by West (Evercore). The forecasts have now been firmed up and the increases range between 15 and 17% in 2022 compared to 2021, with growth in all geographical regions. Evercore even projects that 2022 will be the beginning of a multiyear positive cycle for the industry, following 2021 which was a “renaissance of sorts” for the E&P sector. The US Energy Information Administration (EIA) Short Term Energy Outlook for February 2022 forecasts that US oil production will rise to 12.0 and 12.6 million B/D in 2022 and 2023, respectively. The latter would be the highest level ever reached, exceeding the previous record in 2019 by 0.3 million B/D. In their fourth-quarter announcements, the leaders of major service companies made the most optimistic comments for the past several years. Halliburton’s CEO Jeff Miller stated that “simultaneous” growth will occur in both the North American and international markets with a “momentum that I have not seen in a long time.” For Schlumberger’s CEO Olivier Le Peuch, “a strong multiyear upcycle” is underway as capital spending commitments are set to increase by 20% in North America and in the “low to mid-teens” across the broader international market. Such notes from the service sector are welcome news for SPE, as its financial sustainability depends on the engagement of the industry through trade shows, exhibitions, and meetings. Fiscal year 2022 (which ends on 31 March 2022) was the most challenging one in SPE’s history, as we chose not to diminish the level of service to our members and continued to provide virtual and hybrid information channels. SPE’s account balance was positively impacted by the outstanding performance of its reserve funds in financial markets and the support from the US government through instruments such as the Paycheck Protection Program (PPP). These allowed a considerable reduction in loss to an estimated $3 million. For fiscal year 2023 (ending 31 March 2023), the SPE Finance Committee has retained a cautious outlook, with significant uncertainties resulting from the pandemic situation. Early signals coming from the success of the recent hydraulic fracturing technology conferences and exhibitions in Oman and the US are positive. The financial strategy will be adapted in the coming months based on the results of key events such as IPTC, OTC Asia, and the Offshore Technology Conference in Houston.

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Agarwal, Sumit, and Wenlan Qian. "Consumption and Debt Response to Unanticipated Income Shocks: Evidence from a Natural Experiment in Singapore." American Economic Review 104, no. 12 (December 1, 2014): 4205–30. http://dx.doi.org/10.1257/aer.104.12.4205.

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This paper uses a unique panel dataset of consumer financial transactions to study how consumers respond to an exogenous unanticipated income shock. Consumption rose significantly after the fiscal policy announcement: during the ten subsequent months, for each $1 received, consumers on average spent $0.80. We find a strong announcement effect—19 percent of the response occurs during the first two-month announcement period via credit cards. Subsequently, consumers switched to debit cards after disbursement before finally increasing spending on credit cards in the later months. Consumers with low liquid assets or with low credit card limit experienced stronger consumption responses. (JEL D12, D14, E21)

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Rizvi, Syed Aun R., Solikin M. Juhro, and Paresh K. Narayan. "UNDERSTANDING MARKET REACTION TO COVID-19 MONETARY AND FISCAL STIMULUS IN MAJOR ASEAN COUNTRIES." Buletin Ekonomi Moneter dan Perbankan 24, no. 3 (September 30, 2021): 313–34. http://dx.doi.org/10.21098/bemp.v24i3.1690.

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In this paper, we examine the effect of fiscal and monetary policy stimulus actions during the COVID-19 pandemic on the stock markets of four ASEAN countries, namely, Indonesia, Singapore, Malaysia, and Thailand. Using time-series regression models, we show the relative importance of monetary and fiscal policies. Our findings suggest that 7-days after the policy announcement, fiscal policies helped cushion financial market losses in Indonesia, Singapore and Thailand. We do not find any robust evidence of policy effectiveness for Malaysia. While our investigation is preliminary it opens an additional avenue for understanding the effectiveness of policy stimulus.

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Hale, Galina, John Leer, and Fernanda Nechio. "Inflationary Effects of Fiscal Support to Households and Firms." Federal Reserve Bank of San Francisco, Working Paper Series 2023, no. 02 (December 20, 2022): 01–43. http://dx.doi.org/10.24148/wp2023-02.

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Fiscal support measures in response to the COVID-19 pandemic varied in their targeted beneficiaries. Relying on variability across 10 large economies, we study differences in the inflationary effects of fiscal support measures targeting consumers or businesses. Because conventional measures of real activity were distorted, we control for the underlying state of real economy using households sentiment data. We find that fiscal support measures to consumers, but not firms, had inflationary effects that manifested 5 weeks following the announcement and peaked at 12 weeks. The magnitude of the effect was larger in an environment of improving consumer sentiment.

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Sieber, D., J. A. Lee, J. K. Keller, M. A. Mathiason, and R. S. Go. "Extent and nature of advertising in leading hematology-oncology journals." Journal of Clinical Oncology 25, no. 18_suppl (June 20, 2007): 6634. http://dx.doi.org/10.1200/jco.2007.25.18_suppl.6634.

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6634 Background: Advertising in most medical journals is dominated by pharmaceuticals in part due to journal policy. This is primarily a fiscal consideration. Because advertising clearly influence physicians’ prescribing pattern, an indirect conflict of interest exists and may potentially affect patient care. The objectives of this study were to evaluate the extent of advertising in leading hematology-oncology (HO) journals published in the U.S. and to compare the findings to those of multi-specialty journals. Methods: We evaluated the following high impact journals that publish original research and included all issues issued in 2006: Journal of National Cancer Institute (JNCI), Journal of Clinical Oncology (JCO), Blood, New England Journal of Medicine (NEJM), Journal of the American Medical Association (JAMA), and Annals of Internal Medicine (AIM). Of these, only JNCI (currently not affiliated with U.S. NCI) is not owned by a medical society. The number and nature of advertising for each journal were collected. Results: There was an average of 84, 283, and 459 pages for each issue of JNCI, JCO, and Blood, respectively. Overall, HO journals allocated 20% (range, 8–32) of their pages for advertising. JCO had the most, while JNCI the least, advertising, both classified (6% vs 1% vs 1%; P = 0.001) and non-classified (26% vs 10% vs 7%; P = 0.001). Among non- classified advertising, the major categories were drugs (48.5%), journal information (14.1%), conference announcements (10.1%), research/clinical trial (7%), disease information (6.4%), continuing medical education (3.6%), and others (10.3%). Among journals, JCO had the most drug advertising (72.5%), followed by Blood (65.6%), while JNCI did not have any (0%). Compared to multi-specialty journals, HO journals had less amount of classified (3% [range, 1–6] vs 15% [range, 10–19]; P = 0.001) and non-classified (17% [range, 7–26] vs 21% [range, 18–25]; P = 0.001) advertising. Conclusions: While less than their multi-specialty counterparts, HO journals allocated a substantial proportion of their pages to advertising, the overwhelming majority of which were sponsored by pharmaceutical companies. The extent of advertising varied by journal, but was most prominent with JCO. Notably, JNCI did not have any drug advertising. No significant financial relationships to disclose.

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Sami, Janesh. "Tax Reforms, Structural Breaks, and Dynamics of Tax Revenue in Fiji." Journal of Developing Areas 57, no. 3 (June 2023): 213–27. http://dx.doi.org/10.1353/jda.2023.a907743.

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ABSTRACT: The changing dynamics of tax revenue and its responses to domestic and external shocks play a pivotal role in the discussion of the sustainability of public finance in small developing economies. However, the empirical literature on the response of tax revenue to various shocks in developing economies in the Pacific is sparse. Despite several tax reforms over the last decade, the spending plans of the Fijian government since the 2017/2018 budget announcements have stimulated frequent public discussions regarding the sustainability of public debt. Against this background, the main purpose of this paper is to investigate the response of tax revenue in Fiji - a small developing island economy, to external and domestic shocks using historical annual data covering more than five decades. This study uses unit root tests that account for single and multiple endogenous structural breaks and finds that tax revenue in Fiji is a non-stationary process, I (1) with break dates coinciding with tax reforms, general elections, and political coups. The findings reveal that tax reforms and political developments are possible important sources of shocks to tax revenue and have important policy implications. First, shocks to tax revenue will have persistent effects, with the effects of adverse shocks being transmitted to other related variables and sectors of the Fijian economy. Second, historical values of tax revenue cannot be used to formulate forecasts of tax revenue and policymakers should consider other determinants of tax revenue (for example, the share of the agriculture sector, trade volume, political stability, education, life expectancy, infant mortality rates, age composition of the population, urbanization, inflation rate, and corruption) for forecasting purposes. The evidence of non-stationarity indicates that future studies on tax revenue need to carefully reflect on the modeling technique to avoid spurious regressions. Furthermore, our findings reveal that temporary fiscal measures will not have a permanent effect on tax revenue and sustainable revenue growth requires focusing on long-term (rather than short-sighted) reforms. Thus, our findings underscore the importance of evidence-based policy reforms to improve the resilience, efficiency, and sustainability of the tax system in Fiji to shelter it from future adverse shocks.

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Hachula, Michael, Michele Piffer, and Malte Rieth. "Unconventional Monetary Policy, Fiscal Side Effects, and Euro Area (Im)balances." Journal of the European Economic Association 18, no. 1 (January 7, 2019): 202–31. http://dx.doi.org/10.1093/jeea/jvy052.

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Abstract We study the macroeconomic effects of unconventional monetary policy in the euro area using structural vector autoregressions, identified with external instruments. The instruments are based on the common unexpected variation in euro area sovereign yields for different maturities on policy announcement days. We first show that expansionary monetary surprises are effective at lowering public and private interest rates and increasing economic activity, consumer prices, and inflation expectations. We then document that the shocks lead to a rise in primary public expenditures and a widening of internal trade balances.

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Hilendri, Bq Anggun, Eni Indriani, and Rento Dewi H. "ANALISIS REAKSI PASAR ATAS KEBIJAKAN TAX AMNESTY: STUDI PADA BURSA EFEK INDONESIA." Jurnal Aplikasi Akuntansi 1, no. 2 (May 7, 2018): 97. http://dx.doi.org/10.29303/jaa.v1i2.4.

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Economic events frequently determine stock price fluctuations in stock exchanges. Sometimes, these economic events tend to get negative responses from market participants. This study uses event study analysis, where the event analyzed was the announcement of government policy in the fiscal sector, the tax amnesty. The announcement of the tax amnesty policy implementation is considered to provide information that elicits reaction in the capital market, which can be measured by the abnormal return on the stock before and after the announcement of tax amnesty policy. This event window of this study was 6 trading days i.e. t-3 to t + 3 since tax amnesty policy became published on July 14, 2016. The sample used in this study consisted of 45 companies listed in LQ-45 index during July 2016. Analysis of average abnormal return is performed based on paired sample t test on three days before and three days after the announcement of tax amnesty policy. The test results show that there is a significant difference in market reaction as indicated by abnormal return value. However, the result of abnormal return shows negative value. It means that tax amnesty policy provides negative information for investor, which is contrary to the objective of tax amnesty policy to increase investment.

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McKibbin, Warwick J. "Macroeconomic Policy in Japan." Asian Economic Papers 1, no. 2 (May 2002): 133–65. http://dx.doi.org/10.1162/15353510260187454.

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This paper explores the composition of the macroeconomic policy packages that would be effective in stimulating the Japanese economy. An empirical econometric model is used to predict the consequences of a monetary stimulus consisting of an open-market purchase of government bonds by the Bank of Japan combined with the announcement and implementation of inflation targeting in Japan. The paper also compares the impacts of permanent, temporary, and phased fiscal adjustments. The model predicts that monetary policy would be effective in stimulating the Japanese economy through causing a depreciation of the yen. Similarly, a substantial fiscal consolidation in Japan would be only mildly contractionary for the first two years but then would yield substantial long-term benefits to the Japanese economy. Combining a credible fiscal contraction that is phased in over three years with an inflation target would be likely to provide a powerful macroeconomic stimulus to the Japanese economy, through a weaker exchange rate and lower long-term real interest rates, and would sustain higher growth in Japan for a decade. Thus, a switch in the macroeconomic policy mix toward a loose monetary policy (e.g., setting inflation targets between 2 and 3 percent) and a tight fiscal policy is likely to be an important part of a successful package of reforms to raise Japanese productivity growth over the coming years.

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Aneesh, K. A. "Disinvestment of Public Sector Enterprises (PSEs) and Fiscal Deficit Tackling in India." Asian Journal of Managerial Science 9, no. 2 (November 5, 2020): 11–17. http://dx.doi.org/10.51983/ajms-2020.9.2.1644.

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Every year since 1991, the Central Government of India has been successfully disinvesting its PSEs from various sectors. The recent announcement to strategically disinvest some of the better performing PSEs like Life Insurance Corporation of India Ltd., Air India and so on is indeed shocking. This seriously questions the intension of the government towards the declared objectives of the disinvestment strategy in 1991. There are severe apprehensions on selling-off the PSEs at a lower price and the utilization of disinvestment proceeds for filling the revenue deficits of the Central Government. This paper discusses the idea of disinvestment in India and the debates associated with it. The paper also critically analyses the disinvestment proceeds in India as a tool to tackle mounting fiscal deficits after the initiation of the New Economic Policies in 1991.

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Aneesh, K. A. "Disinvestment of Public Sector Enterprises (PSEs) and Fiscal Deficit Tackling in India." Asian Review of Social Sciences 9, no. 2 (November 5, 2020): 49–55. http://dx.doi.org/10.51983/arss-2020.9.2.1615.

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Every year since 1991, the Central Government of India has been successfully disinvesting its PSEs from various sectors. The recent announcement to strategically disinvest some of the better performing PSEs like Life Insurance Corporation of India Ltd., Air India and so on is indeed shocking. This seriously questions the intension of the government towards the declared objectives of the disinvestment strategy in 1991. There are severe apprehensions on selling-off the PSEs at a lower price and the utilization of disinvestment proceeds for filling the revenue deficits of the Central Government. This paper discusses the idea of disinvestment in India and the debates associated with it. The paper also critically analyses the disinvestment proceeds in India as a tool to tackle mounting fiscal deficits after the initiation of the New Economic Policies in 1991.

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Grabowiecki, Jerzy. "Abenomics: from the “Great Stagnation” to the “Three-Arrows Strategy”." International Journal of Management and Economics 55, no. 3 (September 30, 2019): 201–11. http://dx.doi.org/10.2478/ijme-2019-0018.

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Abstract This article addresses Japan’s economy, its new economic policy package, which is known as Abenomics. The centerpiece of Abenomics has been the three “economic arrows” targeted at aggressive monetary policy, flexible fiscal policy, and growth strategy. This article focuses on Abenomics and shows the measures undertaken by the administration. The research question is: to what extent the policy package contributes to stimulating the economy? This question relates to the main problem of the effectiveness of Abenomics. The main purpose of this article is an attempt to evaluate Abenomics from the perspective of 5 years since the time of its announcement.

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Passamani, Giuliana, Roberto Tamborini, and Matteo Tomaselli. "Sustainability vs credibility of fiscal consolidation." Journal of Risk Finance 16, no. 3 (May 18, 2015): 321–43. http://dx.doi.org/10.1108/jrf-11-2014-0163.

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Purpose – The purpose of this paper is to explain why some countries in the eurozone between 2010 and 2012 experienced a dramatic vicious circle between hard austerity plans and rising default risk premia. Were such plans too small, and hence non-credible, or too large, and hence non-sustainable? These questions have prompted theoretical and empirical investigations in the line of the so-called “self-fulfilling beliefs”, where beliefs of unsustainability of fiscal adjustments, and hence default on debt, feed higher risk premia which indeed make fiscal adjustments less sustainable. Design/methodology/approach – Detecting the sustainability factor in the evolution of spreads is uneasy because it is largely non-observable and may be proxied by different variables. In this paper, the authors present the results of a dynamic principal components factor analysis (PCFA) applied to a panel data set of the 11 major EZ countries from 2000 to 2013, consisting of each country’s spread of long-term interest rate over Germany as dependent variable, and an array of leading fiscal and macroeconomic indicators of solvency fiscal effort and its sustainability. Findings – The authors have been able to identify the role of these indicators that combine themselves as significant latent variables in boosting spreads. Moreover, the large joint deterioration of these variables is identifiably located between 2009 and 2012 and particularly for the group of countries under most severe default risk (with Italy and France as borderline cases). The authors also find evidence that the announcement of the European Central Bank Outright Monetary Transactions program has improved the sustainability assessment of sovereign debts. Originality/value – Dynamic PCFA is a rather unusual technique with respect to standard econometric tests of models, which is particularly well-suited to reduce the number of variables in a data set by extracting meaningful linear combinations from the observed variables that may concur to explain a given phenomenon (the dependent variable). These combinations, called “common factors”, can be interpreted as latent, non-observable variables.

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ARGY, VICTOR. "ANNOUNCEMENT EFFECTS OF ANTICIPATED MONETARY-FISCAL POLICIES AT HOME AND ABROAD." Australian Economic Papers 31, no. 58 (June 1992): 20–46. http://dx.doi.org/10.1111/j.1467-8454.1992.tb00553.x.

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Handayani, Erna. "Abnormal return of Indonesian banking shares in the time of COVID 19." International Journal of Research in Business and Social Science (2147- 4478) 9, no. 7 (December 12, 2020): 108–14. http://dx.doi.org/10.20525/ijrbs.v9i7.964.

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With the pandemic Covid, the Indonesian government issued a fiscal policy through the Financial Services Authority (POJK 11 2020) on National Economic Stimulus as Policy Countercyclical Impact Deployment Coronavirus Disease, 2019. This study analyzes the reaction markets banking sector in Indonesia to the event announcement publication of these regulations. This quantitative study uses the Event Study methodology. This study uses abnormal return testing events on secondary data 45 Indonesian banks listed on the Jakarta Stock Exchange. The method of calculating the abnormal return uses the Market Model, with an estimated period of 21 days and a window period of 11 days. The research period was carried out between February 11 and March 20, 2020. The test carries out with an average of difference test before and after the event, with an error rate of 5%. Based on the cumulative abnormal return t-test, data shows that from minus five days, the regulation's announcement up to 5 days after which the market moves significantly negative. This event study is a news phenomenon of Indonesia's latest financial policies related to banking stocks during the Covid pandemic.

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Havlik, Annika, Friedrich Heinemann, Samuel Helbig, and Justus Nover. "Dispelling the shadow of fiscal dominance? Fiscal and monetary announcement effects for euro area sovereign spreads in the corona pandemic." Journal of International Money and Finance 122 (April 2022): 102578. http://dx.doi.org/10.1016/j.jimonfin.2021.102578.

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Johnson, Robert A. "Anticipated Fiscal Contraction : The Economic Consequences of the Announcement of Gramm-Rudman-Hollings." International Finance Discussion Paper 1986, no. 291 (July 1986): 1–82. http://dx.doi.org/10.17016/ifdp.1986.291.

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Journal articles on the topic 'Fiscal announcements'

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