32 research outputs found
The Information Content of Fixed Assets Revaluations in Greece:Implications from the use of IFRS
No full textAn empirical investigation of the effects of conservatism on the value relevance of accounting data after the implementation of the IFRS
No full textOne of the most important but controversial principles in accounting is the conservatism principle. The aim of the present thesis is to examine the conservatism principle and its effects on the relevance and quality on the accounting data of the financial statements in order to provide some evidence on the advantages and disadvantages that arise from its use. Moreover, the thesis examines the effects of the implementation of the International Financial Reporting Standards (IFRS) on the level of conservatism and value relevance of the accounting data. The thesis comprises seven chapters: The first chapter analyses the conservatism principle, the research questions that are posed from its use, the aim and the contribution of the thesis. The second chapter provides the review of the literature on the conservatism principle, its relation with relevance of accounting data and the effects of the IFRS on their level. The third chapter contains the analysis on the differences between the Greek Accounting Standards and the International Accounting Standards. The fourth chapter develops the research hypotheses that have emanated from the analysis in the second and third chapter and describes the econometric models that are currently used in the literature to measure the level of conservatism and value relevance. Moreover, this chapter provides the main contribution of the thesis which is development and theoretical justification of a model that contemporaneously measures both forms of conservatism. The proposed model is developed under an asymmetric cointegration framework. The fifth chapter describes the dataset that contains listed firms in the Athens Stock Exchange (ASE). Moreover, this chapter develops a stochastic simulation algorithm that is used to provide more evidence on the suitability of the proposed model to measure conservatism. The sixth chapter analyses the empirical results and examines the plausibility of the research hypotheses. The seventh chapter provides a summary of the results of the thesis, and comments on the importance of the results in relation to the literature. Moreover, it analyses the limitations of the study and offers implications for future research. The current thesis provides a number of conclusions. In specific, the proposed model seems to be able to measure the level of both types of conservatism. The robustness of this result is justified with the use of both empirical and simulated data. The results of the proposed model show that the changes that were introduced with the IFRS led to a decrease in the level of unconditional conservatism and the increase of the level of conditional conservatism. Moreover, the two forms of conservatism seem to be non-linearly inversely related. On the other side the combined value relevance of book values of equity and earnings seems to decrease after the implementation of the IFRS. Last, the results of the thesis on the relation between conservatism and value relevance show that until a certain degree the exercise of conservatism may lead to higher value relevance but after this point additional exercise of conservatism leads to the opposite results, namely a reduction in the value relevance. Therefore, the analysis that is conducted in the thesis leads to the conclusion that the conservatism principle is useful only when exercised conservatively.Μια από τις σημαντικές αλλά και πλέον αμφιλεγόμενες αρχές στη λογιστική επιστήμη είναι η αρχή της συντηρητικότητας. Ο σκοπός της παρούσας διατριβής είναι να εξετάσει την αρχή της συντηρητικότητας και την επίδραση που ασκεί στην σχετικότητα και την ποιότητα των χρηματοοικονομικών καταστάσεων, με στόχο την εξαγωγή συμπερασμάτων αναφορικά με τα πλεονεκτήματα και τα μειονεκτήματα που απορρέουν από την εφαρμογή της. Επιπλέον, αναλύεται η επίδραση των Διεθνών Προτύπων Χρηματοοικονομικής Αναφοράς (ΔΠΧΑ) στα επίπεδα της συντηρητικότητας και της σχετικότητας των λογιστικών μεγεθών. Η παρούσα διατριβή αποτελείται από επτά κεφάλαια. Αναλυτικότερα: Το πρώτο κεφάλαιο προσεγγίζει την αρχή της συντηρητικότητας, τα ερευνητικά ερωτήματα που τίθενται, το αντικείμενο και τους στόχους καθώς και τη χρησιμότητα της διατριβής. Το δεύτερο κεφάλαιο περιλαμβάνει την ανασκόπηση της βιβλιογραφίας σχετικά με την συντηρητικότητα, τη συσχέτιση με τη σχετικότητα των λογιστικών μεγεθών καθώς και τις επιδράσεις των ΔΠΧΑ. Το τρίτο κεφάλαιο παρέχει ανάλυση του Ελληνικού θεσμικού πλαισίου, καθώς και αλλαγές που επέφεραν τα ΔΠΧΑ στην Ελλάδα. Το τέταρτο κεφάλαιο αναπτύσσει τις ερευνητικές υποθέσεις που έχουν προκύψει από την ανασκόπηση της βιβλιογραφίας και περιγράφει τα οικονομετρικά υποδείγματα που χρησιμοποιούνται για τη μέτρηση της συντηρητικότητας και της σχετικότητας. Επιπλέον, αναπτύσσεται ένα υπόδειγμα μέτρησης της συντηρητικότητας που αποτελεί τη βασική συνεισφορά της παρούσας μελέτης όπου οι συντελεστές του υποδείγματος συνδέονται με τις μεταβολές των δύο μορφών της συντηρητικότητας. Το προτεινόμενο υπόδειγμα μέτρησης της συντηρητικότητας εξετάζει τόσο το επίπεδο των δύο μορφών συντηρητικότητας όσο και τη μεταξύ τους αλληλεπίδραση με τη χρήση των αποκλίσεων των δύο βασικών μεταβλητών από τη σχέση ισορροπίας μέσω ενός υποδείγματος συνολοκλήρωσης (cointegration). Το πέμπτο κεφάλαιο παρέχει μια αναλυτική περιγραφή του δείγματος που περιέχει τις εισηγμένες εταιρίες στο Χρηματιστήριο Αξιών Αθηνών (ΧΑΑ). Επίσης, αναπτύσσεται ένας αλγόριθμος προσομοίωσης λογιστικών δεδομένων που χρησιμοποιείται για την εξέταση της καταλληλότητας του προτεινόμενου υποδείγματος στη μέτρηση των δύο μορφών της συντηρητικότητας. Το έκτο κεφάλαιο αναλύει τα ευρήματα από την εκτίμηση των διάφορων οικονομετρικών υποδειγμάτων και παρέχει ερμηνεία των αποτελεσμάτων σε σχέση με τη μεταβολή στα επίπεδα των δύο μορφών συντηρητικότητας, τη συσχέτιση τους με τη σχετικότητα και την επίδραση των ΔΠΧΑ. Το έβδομο κεφάλαιο ανακεφαλαιώνει και συνοψίζει τα τελικά συμπεράσματα της διατριβής και σχολιάζει τη σημασία των αποτελεσμάτων σε σχέση με την υπάρχουσα βιβλιογραφία. Επίσης, αναλύει τους περιορισμούς της διατριβής και προσφέρει ερευνητικά ερωτήματα που προκύπτουν από την διεξαχθείσα ανάλυση και χρήζουν περαιτέρω διερεύνησης. Η εκτίμηση των υποδειγμάτων οδηγεί σε μια σειρά συμπερασμάτων. Αναλυτικά, το προτεινόμενο υπόδειγμα δείχνει να αποδίδει ικανοποιητικά στη μέτρηση του επιπέδου των δύο μορφών της συντηρητικότητας. Το συμπέρασμα αυτό προκύπτει τόσο εμπειρικά με τη χρήση πραγματικών δεδομένων όσο και θεωρητικά με τη χρήση προσομοιωμένων στοιχείων. Τα αποτελέσματα του προτεινόμενου υποδείγματος δείχνουν ότι οι αλλαγές που έγιναν με τα ΔΠΧΑ οδήγησαν στη μείωση του επιπέδου της μη-δεσμευμένης συντηρητικότητας και την αύξηση του επιπέδου της δεσμευμένης συντηρητικότητας. Επιπλέον, τα αποτελέσματα δείχνουν ότι η σχέση μεταξύ των δύο μορφών συντηρητικότητας είναι μη γραμμικά φθίνουσα. Από την άλλη πλευρά και σε αντίθεση με τις ερευνητικές υποθέσεις, η εφαρμογή των ΔΠΧΑ δείχνει να οδηγεί σε χαμηλότερη συνδυασμένη επεξηγηματική ισχύ των ιδίων κεφαλαίων και των κερδών για την χρηματιστηριακή τιμή. Σε ότι αφορά την επίδραση της συντηρητικότητας στη σχετικότητα των λογιστικών μεγεθών τα ευρήματα της διατριβής οδηγούν στο συμπέρασμα ότι έως ορισμένο βαθμό, η άσκηση συντηρητικότητας μπορεί να είναι ευεργετική για την σχετικότητα των λογιστικών πληροφοριών αλλά η επιπλέον άσκηση συντηρητικότητας έχει αντίστροφα αποτελέσματα και οδηγεί σε μείωση της σχετικότητας. Από την ανάλυση που γίνεται στη διατριβή μπορεί να υποστηριχθεί ότι η αρχή της συντηρητικότητας εκπληρώνει το σκοπό της μόνο όταν χρησιμοποιείται με σύνεση
Multiscale Network Analysis for Financial Contagion
No full textContagion in financial markets has been one the most active areas of research, especially during the last decade and due to the major incidents during the Global Financial Crisis and the European Financial Crisis. However, two of the most important questions that remain after a financial crisis are what are the determinants of the crisis and how can we forecast an incident based on suitable indicators. The purpose of this study is twofold. First, to develop a measure of contagion based on the multiscale nature of the financial contagion. Second, to examine how financial contagion is spread in the US economy in different frequencies based on the proposed measure. We assert that important information on an upcoming crisis, not observed in the original data, may be revealed by performing a time-frequency analysis of the time-series and the cross-section of stock returns. We use wavelet analysis to decompose the returns and network analysis to compute various network characteristics related to contagion. Our proposed methodology allow us to: understand the short-, mid- and long-term connections of the network, bring out structures/relations that are not visible initially and mask the true connections between companies, study how the networks measures change over scale, and finally, examine the distribution of contagion at different time-horizons and scales
Predicting the amount of air traffic demand regulations using machine learning
No full textDemand for air transportation is expected to continue growing. Within Europe one of the biggest impacts of this traffic growth, is an increase of air travel delay. As it happened during the summer of 2018, where demand from aircraft intending to enter an air sector was not complemented with capacity to safely accommodate it. Incentivised by this event, in this article the problem of predicting a class of measures for demand-capacity balancing, known as Air Traffic Flow and Capacity Management (ATFCM) regulations, is investigated. A Random Forest model was trained on public ATFCM notification messages to predict the amount of ATFCM regulations over different European air sectors for varying prediction horizons. In addition to the predictive model, in this paper a new way to estimate the maximum prediction horizon is proposed. Using the Hurst exponent, the time-scale at which random behaviour is initiated is found. Comparison of the proposed method with the prediction horizon obtained from the largest Lyapunov exponent indicates that the method is a valid technique for estimating the prediction horizon. By extending the prediction horizon of the model, it is found that the proposed method can reasonably estimate the prediction horizon above which prediction accuracy starts to degrade. Aerospace Engineerin
Palladium core superparamagnetic iron oxide nanoparticles for imaged – guided thermotherapy: comparison between synthesized and commercial nanoparticles
No full textHeat in thermal therapy can be produced by exposing superparamagnetic iron oxide nanoparticles (SPIONs) to alternating magnetic fields in order to treat cancer. In addition, Magnetic Resonance Imaging (MRI) uses SPIONs as T2 contrasts agents for diagnostic purposes. This attribute gives SPIONs potential to be used as theranostic agents in MRI – guided thermotherapy in order to visualize the concentration of the particles within the tumour and monitor the effect of the treatment. The performance of SPIONs as heating and contrast agents is highly dependent on their physical and magnetic properties. In this study, six different samples of palladium core superparamagnetic iron oxide nanoparticles (Pd – SPIONs), a formulation that has not been found in literature until today, synthesized at the Reactor Institute Delft were provided. The goal of this MSc Thesis was to determine the structural and magnetic particle parameters of Pd - SPIONs that were related with optimal heating and contrast enhancing performance in thermotherapy and MRI, respectively. For this purpose, all samples were fully characterized and their performances as heating and MRI contrast agents were investigated and compared along with commercial nanoparticles. In addition, MRI phantom and CT studies were performed using the commercial nanoparticles in order to determine whether quantification of different concentrations was possible.Biomedical Engineerin
Using a systematic mapping review to examine equine-assisted activities and therapies for people with mental health through an occupational therapy lens
No full text2017 Spring.Includes bibliographical references.Equine-assisted activities and therapies (EAAT) are one type of complementary and/or alternative treatment for persons with mental illness. Various approaches have been used to improve individual's self-esteem, self-efficacy, and overall health (Bizub, Joy, & Davidson, 2003; Burgon, 2003; Klontz, Bivens, Leinart, & Klontz, 2007). However, literature on the psychosocial benefits of EAAT is fragmented and often lacks rigor (Anestis, Anestis, Zawilinski, Hopkins, & Lilienfeld, 2014; Bachi, 2012). Moreover, occupational therapy is underrepresented in the literature despite its roots in mental health. Therefore, this study uses a systematic mapping review to ascertain theories, interventions, and outcomes within literature on EAAT specific to individuals with mental health concerns. Findings from the study were examined through the perspective of a conceptual framework specific to occupational therapy, the Model of Human Occupation, which consists of three subsystems: volition, habituation, and performance capacity. Specifically, this conceptual framework was used to identify how occupational therapy may address occupational performance deficits with horses and the equine environment. Current theories, interventions, and outcomes within the literature suggest horses and the equine environment may be used to improve aspects of volition, such as self-efficacy and self-esteem, habituation, and performance capacity. Occupational therapy using horses and the equine environment may be particularly well-suited for adolescents who have eating disorder or who have experienced abuse considering the high frequency at which this population is studied. In conclusion, there is great potential for occupational therapy to develop unique interventions that focus on occupational performance deficits using the equine environment
Value Relevance of Accounting Information in the Pre- and Post-IFRS Accounting Periods
No full textThis paper examines the value relevance of accounting information in the preand post-periods of International Financial Reporting Standards implementation using the models of Easton and Harris (1991) and Feltham and Ohlson (1995) for a sample of Greek companies. The results of the paper indicate that the effects of the IFRS reduced the incremental information content of book values of equity for stock prices. However, earnings’ incremental information content increased for the post-IFRS period. The results can be explained by the introduction of the fair value principle under the IFRS that brought major changes in book value but not in earnings.
Value relevance of conservative and non-conservative accounting information
No full textThe present paper examines effects of reporting conservatism on the value relevance of accounting earnings of a sample of Greek firms over the period from 1989 to 2003. The results of the paper indicate that conservatism is a salient feature of the Greek Accounting System. Moreover, the results depict that the level of conservatism has increased after the market crisis of 1999, potentially as a result of the additional regulation, imposed by the market authorities during the post-crisis period. Finally, the results show that there is a non-linear association between conservative reporting and value relevance of earnings. In particular, value relevance increases when moving from low-conservative firms to medium-conservative firms and decreases when moving further to high-conservative firms. Overall, the results of the paper lend empirical support to the theoretical underpinnings of Watts (2003a) who, on the one hand, report a number of arguments in favor of conservatism but, on the other hand, questions the practice of excessive conservative reporting as being a potential cause of the distortion of the earnings-returns relation.Conditional conservatism Value relevance of accounting earnings Cross-sectional dependence
