Search results

1 – 10 of over 8000
Article
Publication date: 1 April 2002

Clare McParland, Alastair Adair and Stanley McGreal

Outlines the case for the harmonisation of European investment valuation standards. Specific attention focuses upon the national valuation standards within Sweden, The…

4233

Abstract

Outlines the case for the harmonisation of European investment valuation standards. Specific attention focuses upon the national valuation standards within Sweden, The Netherlands, Germany and France with a view to assessing the prospects for uniformly accepted European investment valuation standards. Current practice and perceptions from interviews with 110 valuers are analysed. Educational background and professional training are shown to be influential in decisions upon whether to use national standards, TEGOVA standards or the RICS Red Book. The advent of property performance index series is shown to be a major factor influencing the harmonisation of valuation methods and standards. Conclusions reflect upon the variation between the four countries and the limited progress on the adoption of harmonised standards in Europe.

Details

Journal of Property Investment & Finance, vol. 20 no. 2
Type: Research Article
ISSN: 1463-578X

Keywords

Article
Publication date: 1 October 2004

P. Olivier and I. DuRand

Scrip dividends have become increasingly popular in South Africa since the introduction of secondary tax on companies (STC) in the 1993 budget. To date there is no…

175

Abstract

Scrip dividends have become increasingly popular in South Africa since the introduction of secondary tax on companies (STC) in the 1993 budget. To date there is no accounting standard in South Africa that prescribes a particular accounting treatment for scrip dividends; therefore, different accounting approaches are used in South Africa to account for scrip dividends. These different approaches do not always meet the substance over form principle, as required by Generally Accepted Accounting Practice (GAAP). The result is that the information disclosed to the users of the financial statements differs from company to company. This study proposes an accounting treatment for scrip dividend schemes in South Africa. It concludes that the reinvestment approach is the most acceptable accounting treatment for scrip dividend schemes in South Africa.

Details

Meditari Accountancy Research, vol. 12 no. 2
Type: Research Article
ISSN: 1022-2529

Keywords

Article
Publication date: 1 April 2003

Neil Crosby

In 1996, an International Accounting Standards Committee (IASC) working party suggested that current methods of accounting for leases should be changed and in 1999 this…

3552

Abstract

In 1996, an International Accounting Standards Committee (IASC) working party suggested that current methods of accounting for leases should be changed and in 1999 this work culminated in a position paper from the UK Accounting Standards Board (ASB) which made a number of suggestions for consultation (ASB, 1999). The paper assumes that the overall thrust of the proposed changes will be accepted and that will mean that occupying lessees will be required to capitalise the liability to pay rent for their lease and place that liability on the balance sheet. It will also require that property owners identify the value of the lease and the residual property value separately. These are by no means the only issues that are raised by the position paper but it is the implications of these two proposals for valuation methodology that is the subject of this paper. The property industry response in the UK to these two proposals is outlined and it shows that a minimalist approach is recommended, which incidentally is the preferred approach of the UK ASB. This paper argues that market valuations should already be carried out by techniques that attempt to identify the different values of the lease and the residual property value. The minimalist approach will replace one missing set of information with a misleading set, meaning that the IASC attempt to improve the ability of accounts to provide a “fair view” of companies will be thwarted. Alternative valuation models should be adopted which accurately appraise the assets and liabilities distributed by the lease and also identify the residual property value. Conventional market valuation approaches do not work in this context.

Details

Journal of Property Investment & Finance, vol. 21 no. 2
Type: Research Article
ISSN: 1463-578X

Keywords

Article
Publication date: 1 March 1976

Michael Firth

The purpose of this paper is to discuss briefly the types of research that have been undertaken, to reference a number of American and British studies and to summarise…

Abstract

The purpose of this paper is to discuss briefly the types of research that have been undertaken, to reference a number of American and British studies and to summarise some work in this general area that has been completed by the author whilst at Bradford University and subsequently at Stirling University.

Details

Managerial Finance, vol. 2 no. 3
Type: Research Article
ISSN: 0307-4358

Article
Publication date: 27 July 2012

Konstantinos Drakos

The purpose of this paper is to investigate whether there are any differences in the capitalization speed‐of‐adjustment across regulatory capitalization buckets of…

Abstract

Purpose

The purpose of this paper is to investigate whether there are any differences in the capitalization speed‐of‐adjustment across regulatory capitalization buckets of commercial banks in the USA, for the period 2002‐2009.

Design/methodology/approach

The Federal Deposit Insurance Corporation (FDIC) monitors banks' capital ratio using the bucketing approach. Thus, this discrete and ordered variable is modeled in the context of a partial adjustment specification, controlling for initial conditions and cross‐sectional heterogeneity. Parameters are estimated with the generalized dynamic random effects ordered probit technique that is flexible enough to allow for differential effects of covariates across capitalization categories.

Findings

The main result is that the speed of adjustment is monotonically increasing for banks belonging in lower capitalization buckets, after controlling for bank‐specific capitalization determinants. In addition, substantial differential impacts of capitalization drivers across regulatory buckets are uncovered.

Practical implications

This an important finding both for regulators and market participants since it sheds light on a very crucial aspect of banks' behaviour.

Originality/value

This is the first paper that adopts the FDIC bucketing in the actual modelling. In addition, it uses the generalized dynamic random effects ordered probit technique in order to explore potential differential impact of capital ratio determinants across buckets.

Details

Journal of Financial Economic Policy, vol. 4 no. 3
Type: Research Article
ISSN: 1757-6385

Keywords

Article
Publication date: 24 May 2022

Uguanyi Jacinta Nneka, Chi Aloysius Ngong, Okeke Augustina Ugoada and Josaphat Uchechukwu Joe Onwumere

This paper examines the effect of bond market development on economic growth of selected developing countries from 1990 to 2020. Previous studies provide inconsistent…

Abstract

Purpose

This paper examines the effect of bond market development on economic growth of selected developing countries from 1990 to 2020. Previous studies provide inconsistent results on the effect of bond market development on economic growth. Some results reveal positive effects while others show negative effects of bond market development on economic growth. These conflicting findings have motivated research.

Design/methodology/approach

The autoregressive distributed lag (ARDL) and co-integration methods are used for analysis. The gross domestic product per capita proxies economic growth while government bond capitalisation and corporate bond capitalisation measure bond market development.

Findings

The findings unveil a long-term effect within the series. The results disclose that government bond capitalisation, trade openness and inflation positively affect economic growth while corporate bond capitalisation and domestic credit to the private sector presents negative effects on economic growth.

Research limitations/implications

The results propose that the governments should issue more bonds to raise funds for long-term economic growth initiatives. The governments should promote bond market development such that the corporate bonds issued boost economic growth by limiting lengthy documentations and bottlenecks in the bond market listing and issue procedures. The policymakers and regulatory authorities should implement policies which attract investors and encourage companies' listing in the countries' bond markets.

Originality/value

The study’s findings add value that government bond capitalisation positively impacts economic growth, while corporate bond capitalisation negatively affects economic growth in developing countries.

Details

Journal of Economic and Administrative Sciences, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1026-4116

Keywords

Article
Publication date: 10 August 2010

Bo Nordlund

The purpose of the article is to discuss how the demand for disclosure regarding property valuation in financial reports can be fulfilled.

2849

Abstract

Purpose

The purpose of the article is to discuss how the demand for disclosure regarding property valuation in financial reports can be fulfilled.

Design/methodology/approach

The starting point is the generally established methods for property valuation and the different types of data that they need. From this it is deduced what kind of information that it is necessary to supply.

Findings

An important conclusion from the research reported in this paper is that disclosure regarding applied methods, significant assumptions in property valuations and statements about the connections between appraised values and market evidence needs refinement in financial reports, according to International Financial Reporting Standards (IFRS). As the uncertainty in property valuations cannot be removed, it has to be managed. Providing explicit disclosure about valuations is one important way to manage this issue by reducing the gap of information asymmetry between those who perform valuations and those who are users of financial statements.

Practical implications

Providing high quality disclosure on these issues would make analysis and the application of individual judgement by users of financial reports far easier. Findings reported in this paper imply that many companies have not so far found the right balance between cost and benefits regarding what amount of disclosure would be appropriate on this issue in financial reports.

Originality/value

The detailed discussion about what information that should be disclosed concerning property valuation is an original contribution of the paper.

Details

Journal of Property Investment & Finance, vol. 28 no. 5
Type: Research Article
ISSN: 1463-578X

Keywords

Article
Publication date: 1 December 2001

Timothy Eccles and Andrew Holt

Traditionally in the UK, accountants and their concepts of value have held little interest for those involved with the technical aspects of property management. Indeed…

2887

Abstract

Traditionally in the UK, accountants and their concepts of value have held little interest for those involved with the technical aspects of property management. Indeed, property valuers and accountants have traditionally adopted differing professional approaches towards the concept of valuation, despite nominally agreed valuing practices dating back to 1974. Most particularly, notwithstanding these agreements, the accounting profession has regarded the theory of property valuation for company accounts as a monopoly of its professional domination of the creation and implementation of accounting standards. Because of the lack of a codified conceptual framework, property assets were regarded identically to other assets. Equally, property managers attended to technical, infrastructural and legal aspects of managing properties. Examined in this paper, the development process behind Financial Reporting Standard 15: Tangible Fixed Assets (FRS 15) provided a realistic and fundamental shift of attitude. Not only were the opinions of valuers actively sought over the issue, but also the final standard adopted the definitions of value created by The Royal Institution of Chartered Surveyors (RICS). Moreover, property assets now figure prominently in financial statements and so impinge directly on the net asset value and borrowing capability of the firm. Property management and modes of holding property have become central to running the business. This paper examines some of the arguments presented within the discussion process undertaken in the creation of FRS 15, highlighting the different approaches to the issue, and noting the likely negotiations to the standard to follow.

Details

Property Management, vol. 19 no. 5
Type: Research Article
ISSN: 0263-7472

Keywords

Article
Publication date: 30 November 2021

David Fleischman, Popi Sotiriadou, Rory Mulcahy, Bridie Kean and Rubiana Lopes Cury

This paper aims to investigate capitalization support, an alternative perspective for theorizing social support in-service settings. In the service setting of the…

Abstract

Purpose

This paper aims to investigate capitalization support, an alternative perspective for theorizing social support in-service settings. In the service setting of the student-athlete experience, the relationships between capitalization support service dimensions (i.e. the academic, athletic, self-development and place dimensions), well-being and sports performance are examined through a transformative sport service research (TSSR) lens, a newly introduced form of transformative service research (TSR).

Design/methodology/approach

Data from an online survey of Australian student-athletes (n = 867) is examined using partial least squares structural equation modeling.

Findings

The results support the theorized service dimensions of capitalization support, indicating their validity and relevance to the student-athlete experience. Further, the results demonstrate that all capitalization support dimensions except athletic support (i.e. academic support, place support and self-development support), have a direct effect on well-being and an indirect effect on sports performance.

Originality/value

This research is unique for several reasons. First, it introduces a new perspective, capitalization support, to theorizing about social support in services. Second, it is one of the first studies in both TSR and TSSR to empirically test and demonstrate a relationship between support services, well-being and performance in a single study. Insight into how to design services to optimize well-being in relation to other service objectives like performance thus emerges.

Article
Publication date: 5 October 2015

Syed Ali Raza, Syed Tehseen Jawaid, Sahar Afshan and Mohd Zaini Abd Karim

The purpose of this study is to investigate the impact of foreign capital inflows and economic growth on stock market capitalization in Pakistan by using the annual time…

1316

Abstract

Purpose

The purpose of this study is to investigate the impact of foreign capital inflows and economic growth on stock market capitalization in Pakistan by using the annual time series data from the period of 1976 to 2011.

Design/methodology/approach

The autoregressive distributed lag bound testing cointegration approach, the error correction model and the rolling window estimation procedures have been performed to analyze the long run, short run and behavior of coefficients, respectively.

Findings

Results indicate that foreign direct investment (FDI), workers’ remittances and economic growth have significant positive relationship with the stock market capitalization in long run as well as in short run. Results of the dynamic ordinary least square and the fully modified ordinary least square suggest that the initial results of long-run coefficients are robust. Results of variance decomposition test show the bidirectional causal relationship of FDI and economic growth with stock market capitalization. However, unidirectional causal relationship is found in between workers’ remittances and stock market capitalization.

Practical implications

It is suggested that in Pakistan, investors can make their investment decisions through keeping an eye on the direction of the considered foreign capital inflows and economic growth.

Originality/value

This paper makes a unique contribution to the literature with reference to Pakistan, being a pioneering attempt to investigate the effects of foreign capital inflows and economic growth on stock market by using long time series data and applying more rigorous techniques.

Details

Journal of Chinese Economic and Foreign Trade Studies, vol. 8 no. 3
Type: Research Article
ISSN: 1754-4408

Keywords

1 – 10 of over 8000