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Explains why financial analysts could find it useful to separate past earnings into discretionary accruals and earnings before discretionary accruals; referring to related…
Explains why financial analysts could find it useful to separate past earnings into discretionary accruals and earnings before discretionary accruals; referring to related research to develop hypotheses on the effects of both on the change in analysts’ earnings forecasts for the subsequent year. Tests these on a sample of 142 US manufacturing firms and presents the results which suggest that analysts do not decompose past earnings. Discusses three possible interpretations of the results and supports Sloan’s (1996) finding that the capital market does not seem to price accruals rationally.
Gives an in depth view of the strategies pursued by the world’s leading chief executive officers in an attempt to provide guidance to new chief executives of today…
Gives an in depth view of the strategies pursued by the world’s leading chief executive officers in an attempt to provide guidance to new chief executives of today. Considers the marketing strategies employed, together with the organizational structures used and looks at the universal concepts that can be applied to any product. Uses anecdotal evidence to formulate a number of theories which can be used to compare your company with the best in the world. Presents initial survival strategies and then looks at ways companies can broaden their boundaries through manipulation and choice. Covers a huge variety of case studies and examples together with a substantial question and answer section.
We hypothesize that a CEO’s responsiveness to security analysts’ demands for information about the firm is influenced by the structure of the CEO’s compensation package…
We hypothesize that a CEO’s responsiveness to security analysts’ demands for information about the firm is influenced by the structure of the CEO’s compensation package. Our analysis is based on a sample of 469 CEO presentations to security analyst societies by 149 firms during the period 1984‐1988. Consistent with the argu ments of Nagar (1999; 1998) that CEO shareholdings and golden parachutes reduce the cost to the CEO of disclosing proprietary information, we find that CEO share holdings and the presence of golden parachutes are positively associated with the total amount of information that a CEO discloses at an analyst society presentation. Consistent with the argument that CEOs whose cash compensation is sensitive to firm performance have incentives to release bad news so as to lower expectations about future performance and, hence, bonus targets, CEO cash compensation performance sensitivities are positively associated with the CEO’s willingness to disclose bad news.
This paper studies the efficacy of using moving average technical trading rules with currencies of emerging economies. If technical trading rules are successful, they can…
This paper studies the efficacy of using moving average technical trading rules with currencies of emerging economies. If technical trading rules are successful, they can become a risk management tool for multinational firms and investors in emerging markets. Typical risk management tools such as forwards, futures, and options are not sufficiently active in emerging currency markets. In this paper we use four Variable Length Moving Average (VMA) trading models and compare them to a simple buy and hold strategy. Results support the effectiveness of our trading models, which imply the presence of strong serial correlation among currency returns for emerging markets. As a result, the predictability of future currency prices will allow investors to create effective hedges in the often volatile emerging markets.
Devotes the entire journal issue to managing human behaviour in US industries, with examples drawn from the airline industry, trading industry, publishing industry, metal…
Devotes the entire journal issue to managing human behaviour in US industries, with examples drawn from the airline industry, trading industry, publishing industry, metal products industry, motor vehicle and parts industry, information technology industry, food industry, the airline industry in a turbulent environment, the automotive sales industry, and specialist retailing industry. Outlines the main features of each industry and the environment in which it is operating. Provides examples, insights and quotes from Chief Executive Officers, managers and employees on their organization’s recipe for success. Mentions the effect technology has had in some industries. Talks about skilled and semi‐skilled workers, worker empowerment and the formation of teams. Addresses also the issue of change and the training that is required to deal with it in different industry sectors. Discusses remuneration packages and incentives offered to motivate employees. Notes the importance of customers in the face of increased competition. Extracts from each industry sector the various human resource practices that companies employ to manage their employees effectively ‐ revealing that there is a wide diversity in approach and what is right for one industry sector would not work in another. Offers some advice for managers, but, overall, fails to summarize what constitutes effective means of managing human behaviour.
Traces the growth in the use of economic value added (EVA, previously known as residual income) and uses two previous research studies to assess some claims for its…
Traces the growth in the use of economic value added (EVA, previously known as residual income) and uses two previous research studies to assess some claims for its merits. Compares EVA’s ability to explain stock returns with that of earnings before extraordinary items (EBEI) and cash flow using 1984‐1993 US data; and finds EBEI is most closely related. Examines EVA’s incentive effects on management investing, financing and operating decisions and shows that, although EVA users decreased new investment, increased dispositions of assets, increased share repurchases, used assets more intensively and increased residual income, market reactions to this were weak. Suggests possible reasons for this and concludes that EVA may align management incentives with shareholders’ interests but this does not necessarily increase shareholder value.
Executives are searching for ways to deliver consistent improvements in productivity and profitability while addressing economic realities. One initiative that has been…
Executives are searching for ways to deliver consistent improvements in productivity and profitability while addressing economic realities. One initiative that has been discovered by many organizations is the integration a quality process into their or ganization that is based on the Malcolm Baldrige National Quality Award (MBNQA). Many studies have been done showing that award winning companies tend to out perform peers and competitors, yet many managers are reluctant to under take the large initiative required to work toward the award. This reluctance may stem from the belief that the reported benefits are not those that are important for managers to justify the effort. The purpose of this research is to begin an exploratory study that examines the expectations of company managers, executives, and other professionals regarding the types of firm performance and returns that would be needed to justify undertaking the MBNQA process. The results showed that while financial performance of the firm is the strongest justification managers consider, and that while their expectations for improved financial performance are some what high, the financial returns are certainly not out of the realm of normal expectations for returns from other projects.
Studies of capital market efficiency are important because they infer that there are predictable properties of the time series of prices of traded securities on organised…
Studies of capital market efficiency are important because they infer that there are predictable properties of the time series of prices of traded securities on organised markets. We examine the weak form of the efficient markets hypothesis to indicate its usefulness in terms of the results of this study. Furthermore, this study of individual securities prices of traded securities on organised markets corroborate previous findings of studies of stock market indexes both in the United States and for foreign stock exchanges that daily patterns are present in the times series of securities prices. You will note also, that the models identified reflect the closing prices on one day less the closing price on the previous day. In this way, we study returns and not average or closing prices.
Asks on whose behalf the black woman poet in the USA speaks, what type of language she uses and what audience she has. Points out that an earlier lack of tradition meant…
Asks on whose behalf the black woman poet in the USA speaks, what type of language she uses and what audience she has. Points out that an earlier lack of tradition meant that originally white styles of language were used and aimed at the white audience. Looks at the rise of the blues era and the “blueswoman”. Considers the work of Phillis Wheatley, Alice Dunbar Nelson, Anne Spencer and Angelina Grimke together with Margaret Walker and singers such as Ma Rainey and Bessie Smith. Finally, outlines the development of a political era and the growing sexual freedom of black women and the impact their writings.
How can we account for the actual state of capacity building in Africa? This paper attempts to respond to this question, building on the existing literature and statistical data available both within and outside the continent. Using the arguments put forward by different national and international institutions around the world, it is possible to trace the path followed by the capacity building process in Africa around change and human capital theories. Following the creation of ACBF in 1991 and thanks to the intervention of a number of development partners, capacity building practices have significantly influenced the functioning of African States, the implementation of educational systems, the expansion of microfinance, and the impact of multilateral trade negotiations. This paper suggests that capacity building in Africa still requires urgent and vigorous actions towards a qualitative and quantitative of scientists, for the coordination of the dispersed efforts made by various regional and sub‐regional institutions, and for the strengthening of individual and collaborative programmes aimed at developing African human resources in Africa.