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Article
Publication date: 1 January 2006

Elia Marzal

The object of this research is the reconstruction of the existing legal response by European Union states to the phenomenon of immigration. It seeks to analyse the process…

2925

Abstract

Purpose

The object of this research is the reconstruction of the existing legal response by European Union states to the phenomenon of immigration. It seeks to analyse the process of conferral of protection.

Design/methodology/approach

One main dimension is selected and discussed: the case law of the national courts. The study focuses on the legal status of immigrants resulting from the intervention of these national courts.

Findings

The research shows that although the courts have conferred an increasing protection on immigrants, this has not challenged the fundamental principle of the sovereignty of the states to decide, according to their discretionary prerogatives, which immigrants are allowed to enter and stay in their territories. Notwithstanding the differences in the general constitutional and legal structures, the research also shows that the courts of the three countries considered – France, Germany and Spain – have progressively moved towards converging solutions in protecting immigrants.

Originality/value

The research contributes to a better understanding of the different legal orders analysed.

Details

Managerial Law, vol. 48 no. 1/2
Type: Research Article
ISSN: 0309-0558

Keywords

Article
Publication date: 27 October 2016

Irfan Safdar

Economic theory suggests that profits of firms in industries with higher competition are less persistent and more volatile than in industries with lower competition…

Abstract

Economic theory suggests that profits of firms in industries with higher competition are less persistent and more volatile than in industries with lower competition (Stigler, 1963; Mueller, 1977). Extending this reasoning, I hypothesize that accounting-based fundamentals are more effective in predicting performance in industries with lower competition. I find that a measure of fundamentals (Piotroski’s F-score) has greater ability to identify potentially mispriced securities in industries with lower competition. The results are robust to using a variety of competition measures and imply that industry competition is an important consideration in the application of fundamental analysis.

Details

Journal of Accounting Literature, vol. 37 no. 1
Type: Research Article
ISSN: 0737-4607

Keywords

Article
Publication date: 13 March 2007

Dimitrios I. Maditinos, Željko Šević and Nikolaos G. Theriou

The purpose of this paper is to investigate the various methods and techniques used by Greek investors (both professional and individuals) when evaluating potential…

4511

Abstract

Purpose

The purpose of this paper is to investigate the various methods and techniques used by Greek investors (both professional and individuals) when evaluating potential additions to their investment portfolios.

Design/methodology/approach

The paper uses both a questionnaire survey and a series of interviews to examine the practice of investment management in terms of stock market forecasting and stock valuation. The respondents consist of six different groups of investors, drawn from across Greece, namely: official members of the Athens Stock Exchange, mutual fund management companies, portfolio investment companies, listed companies, brokers and individual investors (ININ).

Findings

The results indicate that ININ rely more on newspapers/media and noise in the market when making their investment decisions, while professional investors rely more on fundamental and technical analysis and less on portfolio analysis. The investment horizon seems to have a direct association with the relative importance of the techniques that professionals use for stock analysis. Also, the use of specific techniques seems to have a different impact on the performance of professionals.

Practical implications

The results highlight the practical methods and techniques used by various Greek investors when making their stock investment decisions as well as analysing the consequences of these methods on their performance.

Originality/value

This paper is the first study of the methods used by different classes of investor in the relatively underdeveloped capital market of Greece.

Details

Studies in Economics and Finance, vol. 24 no. 1
Type: Research Article
ISSN: 1086-7376

Keywords

Article
Publication date: 1 January 2000

MANUEL GARCÍA‐AYUSO, INES MORENO‐CAMPOS and GUILLERMO SIERRA‐MOLINA

Fundamental analysis is aimed at assessing the intrinsic value of companies based on publicly available accounting information. Thus, the main purpose of fundamental

Abstract

Fundamental analysis is aimed at assessing the intrinsic value of companies based on publicly available accounting information. Thus, the main purpose of fundamental analysis research should be identifying the main determinants of value, establishing empirical relations between them and fundamental accounting variables, and finally, predicting the future behavior of such variables to estimate the value of the firm. Traditional fundamental analysis ignores the existence of some intangible assets, such as intellectual capital, that are currently considered as the main determinants of value. Human capital is an essential component of intellectual capital. This paper provides evidence on the extent to which the quality of human resources is related to the value of accounting variables that are used in fundamental analysis due to their perceived usefulness as proxies for investors' expectations on the firm's future profitability and growth in both, earnings and shareholders' equity.

Details

Journal of Human Resource Costing & Accounting, vol. 5 no. 1
Type: Research Article
ISSN: 1401-338X

Article
Publication date: 7 January 2022

Tuan Ho, Y Trong Nguyen, Hieu Truong Manh Tran and Dinh-Tri Vo

The pupose of the paper is to study the usefulness of Piotroski (2000)'s F-score in separating winners and losers in Vietnam.

Abstract

Purpose

The pupose of the paper is to study the usefulness of Piotroski (2000)'s F-score in separating winners and losers in Vietnam.

Design/methodology/approach

The authors adopt a portfolio analysis and regression analysis on a sample of 501 of listed firms between 2009 and 2019 in Vietnam.

Findings

The authors find that a hedge strategy that buys high-F-score firms and sells low-F-score firms yield market-adjusted return of over 30 percent annually, which is statistically and economically significant. The hedge strategy based on F-score is not only profitable for value (high book-to-market [BM]) firms but also earn abnormal returns in a sample of growth (low BM) firms, suggesting that the usefulness of F-score strategy is not just a phenomenon in value firms as documented in previous literature.

Research limitations/implications

Whilst the authors' paper documents economically significant returns obtained from the F-score strategy, the authors do not examine what drives the abnormal returns.

Practical implications

The results provide supporting evidence for the use of financial statement analysis as a screening tool to improve the performance of value investment in Vietnam stock market and for the training of financial reporting and fundamental analysis in universities.

Originality/value

The authors' research is the first study examining the F-score strategy in Vietnam that provides insights about the usefulness of fundamental analysis in separating winners and losers in a frontier market and contributes to the literature on fundamental analysis and market efficiency in emerging and frontier markets.

Details

International Journal of Emerging Markets, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1746-8809

Keywords

Article
Publication date: 7 December 2021

Andrew B. Jackson

The literature on financial statement analysis attempts to improve fundamental analysis and to identify market inefficiencies with respect to financial statement information.

2459

Abstract

Purpose

The literature on financial statement analysis attempts to improve fundamental analysis and to identify market inefficiencies with respect to financial statement information.

Design/methodology/approach

In this paper, the author reviews the extant research on financial statement analysis.

Findings

The author then provides some preliminary evidence using Chinese data and offer suggestions for future research, with a focus on utilising unique features of the Chinese business environment as motivation.

Originality/value

The author notes that there has been no work that the author could locate specifically on Chinese FSA research. The unique business environment in China, relative to the US where the vast majority of this work has been conducted, should motivate any studies, especially given the author documents the robust finding in terms of the mean reversion in profitability.

Details

China Finance Review International, vol. 12 no. 1
Type: Research Article
ISSN: 2044-1398

Keywords

Article
Publication date: 1 February 2004

Brahim Saadouni and Jon Simon

The main objective of the paper is to examine and evaluate how security analysts in Thailand and Malaysia appraise ordinary shares and what sources of information they…

Abstract

The main objective of the paper is to examine and evaluate how security analysts in Thailand and Malaysia appraise ordinary shares and what sources of information they use. A questionnaire was sent to 570 sell‐side Thai securities analysts working for 63 stock brokering firms, and to 160 Malaysian analysts working for a sample of 24 stock brokering firms. Responses were received from 191 Thai analysts and 75 Malaysian analysts. The results reinforce and support our expectation that fundamental analysis is the primary method of investment appraisal. Of the Thai analysts, 147 (77 per cent) reported that fundamental analysis is ‘almost always’ used to value common stocks and a further 38 (nearly 20 per cent) reported that they ‘usually’ use fundamental analysis. Similarly, 73 per cent of Malaysian respondents indicated that fundamental analysis is almost always used and a further 18 per cent usually use it as a basis for valuing common stocks. The results also reveal that both groups rate profit and loss account, balance sheet, half‐yearly results, company annual report, and company visits as the most important sources of information. In terms of relative importance, Thai analysts view company visits as the most important source, while their Malaysian counterparts rate the profit and loss account first.

Details

Asian Review of Accounting, vol. 12 no. 2
Type: Research Article
ISSN: 1321-7348

Open Access
Article
Publication date: 28 November 2017

Michael R. Melton, Xuan (Susan) Nguyen and Michael Simeone

The purpose of this paper is to introduce instruction of technical analysis on the undergraduate level that can coincide with traditional teachings of fundamental analysis.

2620

Abstract

Purpose

The purpose of this paper is to introduce instruction of technical analysis on the undergraduate level that can coincide with traditional teachings of fundamental analysis.

Design/methodology/approach

Through examples using the latest in security analysis technology, this paper illustrates the importance of technical security analysis.

Findings

This research illustrates how technical analysis techniques may be used to make more significant investment decisions.

Originality value

Kirkpatrick and Dahlquist define technical analysis as a security analysis discipline for forecasting future direction of prices through the study of past market data primarily price and volume This form of analysis has stood in direct contrast to the fundamental analysis approach whereby actual facts of the company its industry and sector may be ignored. Understanding this contrast, much of academia has chosen to continue to focus its finance curricula on fundamental analysis techniques. As more universities implement trading rooms to reflect that of industry, they must recognize that any large brokerage trading group or financial institution will typically have both a technical analysis and fundamental analysis team. Thus, the need to incorporate technical analysis into undergraduate finance curricula.

Details

PSU Research Review, vol. 1 no. 3
Type: Research Article
ISSN: 2399-1747

Keywords

Article
Publication date: 2 September 2014

Kwee Keong Choong

The purpose of this paper is to identify the fundamentals of a performance measurement system (PMS) as discussed in the literature for the past 32 years in an attempt to…

3431

Abstract

Purpose

The purpose of this paper is to identify the fundamentals of a performance measurement system (PMS) as discussed in the literature for the past 32 years in an attempt to provide a research agenda (RA) for future research.

Design/methodology/approach

The paper uses a systematic review of the business, public and non-profit sector literature in examining what constitutes the fundamentals of PMS, and how these fundamentals have influenced the use of data (especially on non-financial data), development of measuring methods, measuring attributes and measuring process.

Findings

The paper finds that there are a small number of articles providing that can be considered to have provided substantial discussion of the fundamentals of PMS. While there is no consensus on what constitute the fundamentals of PMS, using content analysis, citation analysis and on the strict criteria of necessary and/or sufficient for the existence of a PMS, this paper managed to characterize the fundamentals into six categories. This paper found that the field of PMS has not change much during the past 30 or more years, and there remains various pragmatic and research gaps that need to be addressed.

Practical implications

The results, outcomes, and analysis of this paper have both practical and academic implications. The gaps and recommendations for future research is consolidated into a RA that provides practitioners to evaluate existing PMS, avoid issues and seek ways to develop a conceptual (theoretical) PMS that is of greater practical significance.

Originality/value

The results of this study contribute toward providing an update of the current state of development and research into PMS; and managed to identify existing practical issues and research gaps of PMS, and provided a RA on which ongoing and future research efforts on this topic can be built upon.

Details

International Journal of Productivity and Performance Management, vol. 63 no. 7
Type: Research Article
ISSN: 1741-0401

Keywords

Abstract

Details

New Principles of Equity Investment
Type: Book
ISBN: 978-1-78973-063-0

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