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1 – 10 of over 5000
Article
Publication date: 5 September 2018

Julia A. Fehrer, Sabine Benoit, Lerzan Aksoy, Thomas L. Baker, Simon J. Bell, Roderick J. Brodie and Malliga Marimuthu

The collaborative economy (CE), and within it, collaborative consumption (CC) has become a central element of the global economy and has substantially disrupted service…

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Abstract

Purpose

The collaborative economy (CE), and within it, collaborative consumption (CC) has become a central element of the global economy and has substantially disrupted service markets (e.g. accommodation and individual transportation). The purpose of this paper is to explore the trends and develop future scenarios for market structures in the CE. This allows service providers and public policy makers to better prepare for potential future disruption.

Design/methodology/approach

Thought experiments – theoretically grounded in population ecology (PE) – are used to extrapolate future scenarios beyond the boundaries of existing observations.

Findings

The patterns suggested by PE forecast developmental trajectories of CE leading to one of the following three future scenarios of market structures: the centrally orchestrated CE, the social bubbles CE, and the decentralized autonomous CE.

Research limitations/implications

The purpose of this research was to create CE future scenarios in 2050 to stretch one’s consideration of possible futures. What unfolds in the next decade and beyond could be similar, a variation of or entirely different than those described.

Social implications

Public policy makers need to consider how regulations – often designed for a time when existing technologies were inconceivable – can remain relevant for the developing CE. This research reveals challenges including distribution of power, insularity, and social compensation mechanisms that need consideration across states and national borders.

Originality/value

This research tests the robustness of assumptions used today for significant, plausible market changes in the future. It provides considerable value in exploring challenges for public policy given the broad societal, economic, and political implications of the present market predictions.

Details

Journal of Service Management, vol. 29 no. 5
Type: Research Article
ISSN: 1757-5818

Keywords

Book part
Publication date: 10 November 2004

Giancarlo Giudici and Peter Roosenboom

In this chapter we investigate whether the pricing of IPOs on Europe’s new stock market differs from that of IPOs on main market segments. We report a 22.3 percentage…

Abstract

In this chapter we investigate whether the pricing of IPOs on Europe’s new stock market differs from that of IPOs on main market segments. We report a 22.3 percentage point difference in the average first-day return of new market IPOs (34.3%) and the average first-day return of main market IPOs (12%). We show that reduced incentives to control wealth losses and different firm and offer characteristics partially explain the higher average first-day return on new market segments. We also find that the bundling of IPO deals has been more important to control underpricing costs on new market than on main market segments.

Details

The Rise and Fall of Europe's New Stock Markets
Type: Book
ISBN: 978-0-76231-137-8

Article
Publication date: 1 October 2004

Z.Y. Sacho and H.C. Wingard

This paper investigates the debate as to whether employee share options (ESOs) should be expensed in an entity’s financial statements as required by the IASB’s IFRS 2 …

Abstract

This paper investigates the debate as to whether employee share options (ESOs) should be expensed in an entity’s financial statements as required by the IASB’s IFRS 2 – Share‐based payment (2004). The paper presents arguments for and against expensing ESOs, demonstrating that compensation of employees via ESOs is a bona fide expense in terms of the recognition and measurement criteria of the IASB Framework. It concludes that, the substance of an ESO transaction is that the entity pays an employee for his services, albeit with a different financial instrument. Consequently, the accounting treatment of such compensation should be the same as for any other payment of services of an employee.

Details

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

Keywords

Article
Publication date: 1 August 2008

Jane Davison

The purpose of this paper is to add to theoretical and empirical work on the rhetoric of narratives and pictures in annual reporting by using the lens of repetition to…

4222

Abstract

Purpose

The purpose of this paper is to add to theoretical and empirical work on the rhetoric of narratives and pictures in annual reporting by using the lens of repetition to examine the Annual Reviews of British Telecommunications (BT) plc.

Design/methodology/approach

The study constructs a conceptual framework of repetition in signifiants (from rhetoric) and signifiés (from philosophy, notably Barthes, Deleuze, Eliade and Jankélévitch). Signifiants are established by reference to rhetorical figures based in repetition: anadiplosis, anaphora, alliteration/rhyme and lists. Signifiés are indicated as conscious rhetorical emphasis, and unconscious reflections of sameness and difference; networks and links; and, of particular interest during the “dot.com” years, exuberance and compulsion; differentiation, ritual and reassurance. The framework is used to analyse BT plc's Annual Reviews from 1996‐2001.

Findings

The application of the framework is enlightening: repetition is shown to be prevalent in BT plc's Annual Reviews, especially during the “dot.com” years. Repetition emphasises BT plc's intangible assets; less consciously, repetition reflects BT plc's corporate identity and its participation in the “dot.com” era.

Research limitations/implications

The paper provides a model which may be applied to the wealth of discretionary narratives and pictures in contemporary annual reporting. It would also benefit from the assessment of readership impact.

Practical implications

The analysis is of interest to accounting researchers, practitioners, trainees, auditors and any user of accounting and accountability statements. It illuminates the way in which discretionary words and pictures highlight and supplement accounting information.

Originality/value

The paper augments theoretical and empirical work on the significance of narratives and pictures in accounting.

Details

Accounting, Auditing & Accountability Journal, vol. 21 no. 6
Type: Research Article
ISSN: 0951-3574

Keywords

Article
Publication date: 5 September 2021

Li Gao, Jinnan Song, Jianxiao Guo and Jiajuan Liang

Share pledge is a popular way to raise funds in China, but it aggravates information asymmetry. As an indispensable information intermediary in the financial market, media…

Abstract

Purpose

Share pledge is a popular way to raise funds in China, but it aggravates information asymmetry. As an indispensable information intermediary in the financial market, media coverage affects asset price and pricing efficiency and impacts information asymmetry. This study aims to explore the governance role of media coverage as an information intermediary in the share pledge context in China.

Design/methodology/approach

Moderating effect and mediating effect analyses are the primary methods used to test the governance role of media coverage. The ordinary least squares model was used to test the relationship between share pledge and market performance and then proved the moderating effect of media coverage toward the corporate market value of pledge firms. Accounting earnings value relevance models were explored to test the path of media coverage on firm market value by mediating effect analysis. At last, subgroup tests were used to verify the heterogeneity of the moderating effect of media coverage.

Findings

In the context of share pledge in China, the higher the share pledge ratio, the higher is the market value of listed firms, which verifies the motivation of controlling shareholders to avoid the transfer of control right and the motivation to tunneling. Media coverage has a significant negative moderating effect on the relationship between share pledge rate and corporate value and has a significant impact on the accounting earnings value relevance of share pledge firms. From the perspective of long-term earnings, media coverage reduces the market performance of share pledge firms by reducing the value correlation of accounting earnings information. From the short-term price point of view, media coverage reduces the market performance of share pledge firms by improving the value correlation of accounting earnings information. Furthermore, media coverage has a more significant moderating effect in state-owned share pledge firms and low information transparency and low information disclosure quality firms.

Research limitations/implications

This paper does not distinguish the mode difference of spreading news and the impact of non-pledge media coverage. Also, this paper does not consider factors other than accounting information value relevance when exploring how media coverage affects the corporate market value. Share pledge firms should use media for publicity and play a role in media governance and should actively improve their information disclosure quality, strengthen communication with investors and reduce information asymmetry fundamentally.

Practical implications

This paper diversify the governance choices for share pledge firms and has important implications for firms, investors, information intermediaries and regulators. Media reports play an increasingly important role today, and any reports and predictions of major events may profoundly affect investors’ decisions. Although media reports can make up for the weakness of accounting information disclosure of equity pledge companies in some sense, it is still not a long-term strategy. Equity pledge companies should not only make use of media for publicity and play a role of media governance but also actively improve their information disclosure quality.

Originality/value

This paper focuses on share pledge firms to carry out in-depth research. Based on exploring the influence mechanism of share pledges, the authors find the importance of media governance. This paper expands the literature about the economic consequences of share pledges and provides empirical data for media governance of share pledge firms. This paper innovatively proves the governance role of media coverage from the view of accounting information value relevance. The main innovation point is the long and short-term perspective analysis of the influence of media coverage on the correlation of accounting earnings value. The heterogeneity effect analysis of media coverage also reflects the depth and strong practical guiding significance of this study.

Details

Chinese Management Studies, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1750-614X

Keywords

Article
Publication date: 6 May 2014

Attiya Waris and Laila Abdul Latif

The article aims to rely on the global wealth chains theory to study the effect of tax amnesty on anti-money laundering (AML) in Bangladesh. This theory is an analytical…

3102

Abstract

Purpose

The article aims to rely on the global wealth chains theory to study the effect of tax amnesty on anti-money laundering (AML) in Bangladesh. This theory is an analytical framework intended to identify how wealth is repackaged and disguised to move it out of spheres of state oversight, regulation and taxation. It introduces the law on AML in Bangladesh, pointing out the revised Financial Action Task Force (FATF) recommendation that has expanded the scope of money laundering predicate offences to cover both indirect and direct tax crimes and smuggling in relation to customs and excise duties and taxes.

Design/methodology/approach

Interviews in Bangladesh and desk research.

Findings

There are some gaps in the scope of the offence, the coverage of predicate offences and the types of property covered by the money laundering offence. There is also an absence of financial penalties available to effectively sanction legal persons. The current money laundering offences are derived from the ordinance issued in 2008 by the caretaker government (2006-2008). The current act contains detailed definitions of money laundering and property and a list of predicate offences and sanctions for the offence. However, there are some gaps in the physical elements of the offence, and the range of its predicate offences remains too narrow. Adding tax evasion to its list of predicate offences will, given the history of money laundering in Bangladesh, aid in combating illegal transfer of assets abroad and recovery of the same and abolish tax amnesty.

Originality/value

There is no paper that has analysed the linkages between money laundering and taxation in developing countries, especially Bangladesh.

Details

Journal of Money Laundering Control, vol. 17 no. 2
Type: Research Article
ISSN: 1368-5201

Keywords

Article
Publication date: 1 July 2004

James S. Ang, Alireza Tourani‐Rad and Jean C. Yu

In this paper we provide an in‐depth comparative analysis of the shares of listed firms in three Southeast Asian stock markets, namely, Indonesia, Malaysia and Thailand…

1525

Abstract

In this paper we provide an in‐depth comparative analysis of the shares of listed firms in three Southeast Asian stock markets, namely, Indonesia, Malaysia and Thailand, that had experienced the most violent fluctuations in the 1997 market crash. Our purpose is to present broad lessons from the experiences of these countries that could be helpful to understand the behavior of stock markets under severe financial crisis. Several new results are found: (1) There were local price bubbles prior to the market crash in each country. (2) Price momentum may have contributed to the share price increase prior to the crash but not during the period of crisis or the market reversal. (3) The price bubbles in these countries were mainly among the most liquid and most volatile shares. (4) Asset liquidity was found to cause returns to behave differently in quiet versus extraordinary period.

Details

Managerial Finance, vol. 30 no. 7
Type: Research Article
ISSN: 0307-4358

Keywords

Article
Publication date: 30 August 2011

Thomas H. Thompson

The purpose of this paper is to provide a comprehensive initial evaluation of the changing issuer objective and partial price adjustment hypotheses as applied to carve‐out…

Abstract

Purpose

The purpose of this paper is to provide a comprehensive initial evaluation of the changing issuer objective and partial price adjustment hypotheses as applied to carve‐out parent initial and three‐year returns for the period 1988‐2006.

Design/methodology/approach

Using five primary variables: the percentage of the subsidiary retained by the parent, the ratio of offering size to parent market capitalization, filing range adjustments, the percentage of the offering used to retire subsidiary debt or to pay dividends, and the CBOE volatility index to predict initial and three‐year returns, the paper shows that ex ante variables can predict carve‐out parent initial and three‐year returns.

Findings

The paper shows that public information known prior to the offer date influences 7.52 percent of the variation in announcement, 5.57‐38.31 percent of the variation in ex‐date and 6 percent of the variation in three‐year market‐adjusted equity carve‐out parent returns.

Originality/value

This study makes several contributions to the literature. Although prior studies focus on ex post determinants of equity carve‐out returns, this study is the first to explore ex ante predictors of equity carve‐out parent returns. The implications of these results are that publicly available information known prior to the carve‐out offering date can influence market‐adjusted initial and three‐year parent carve‐out returns and can explain 6‐17 percent of the variation.

Details

Managerial Finance, vol. 37 no. 10
Type: Research Article
ISSN: 0307-4358

Keywords

Article
Publication date: 29 June 2021

Brian D. Kluger

Much of the author’s understanding of experimental asset market bubbles is based on the Smith, Suchanek and Williams (SSW) design. The purpose of this paper is to find…

Abstract

Purpose

Much of the author’s understanding of experimental asset market bubbles is based on the Smith, Suchanek and Williams (SSW) design. The purpose of this paper is to find alternative bubble-producing designs, which is a promising path for new insights.

Design/methodology/approach

The Smith et al. (1988) experimental design has been widely used to study bubbles. This paper introduces a novel modification, where the asset has a binary liquidation value and no dividends. Dividends are replaced by the events affecting the liquidation value probability distribution.

Findings

Overpricing is common and consistent with subject optimism concerning the random liquidation value. Bubbles are also observed, as the degree of overpricing often rises and then fall during the experiments. However, crashes where the asset price drops below fundamental values are not observed.

Research limitations/implications

Subject over optimism, speculation and/or subject confusion are possible bubble ingredients. More research is needed to determine how much the factors responsible for these bubbles differ from the factors responsible for the SSW design. However, it seems likely that there are at least some common factors given the structural similarities between the two designs.

Originality/value

The present design is novel and may provide a means to better generalize results from previous experiments based on the SSW design.

Details

Review of Behavioral Finance, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1940-5979

Keywords

Article
Publication date: 23 August 2013

Robert Hull, Rosemary Walker and Sungkyu Kwak

The purpose of this paper is to examine the effects of R&D manipulation on stock valuation for periods around IPOs. Insider manipulation is the difference in actual R&D…

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Abstract

Purpose

The purpose of this paper is to examine the effects of R&D manipulation on stock valuation for periods around IPOs. Insider manipulation is the difference in actual R&D change minus predicted R&D change where a negative difference indicates R&D underinvestment.

Design/methodology/approach

This study is designed to build on prior IPO research that has found reduced R&D expenditures when insiders lower their ownership. The paper derives an R&D manipulation variable that measures underinvestment in R&D. This variable is used in a regression methodology to test its influence on: IPO stock valuation at various points in time and post‐IPO price changes relative to the offer price.

Findings

The paper discovers that greater underinvestment in R&D is associated with greater values during the IPO stock valuation process. This association is reversed when the paper looks at short‐term valuation based on market prices. Only for bubble period IPOs do the paper finds poorer valuations for the long‐term. Larger insider ownership decreases lead to poorer valuations regardless of the period of occurrence. Greater R&D underinvestment and insider ownership decreases both lead to less underpricing.

Research limitations/implications

Like prior research, the paper assumes that knowledge about the change in R&D is known at the time of the offering. Interpretations for long‐run results can be tenuous due to unexpected changes that occur over time.

Practical implications

Investors should note that managers are able to set higher offer prices when they inflate earnings by underinvesting in R&D. Buying at an inflated offer price with R&D manipulation leads to losses in the aftermarket with these losses associated with IPOs that occur during a bubble period.

Social implications

Misrepresentation during the IPO valuation process affects those who buy shares at inflated prices. This raises ethical questions about the behavior of those involved in the issuance process.

Originality/value

This study is unique in testing how R&D manipulation and changes in insider ownership proportions impact the: IPO valuation process, post‐IPO valuation, and changes in the stock price over time relative to the offer price.

1 – 10 of over 5000