1,721,037 research outputs found
Underpricing & performance of seasoned equity offerings : the role of corporate governance.
No full textUsing a sample of 1402 public companies in the United States, our study provides empirical evidence on the impact of five corporate governance mechanisms, namely (i) CEO duality, (ii) Board independence, (iii) Board size, (iv) Managerial ownership and (v) Institutional ownership, on SEO underpricing and SEO firm performance
Audit opinions for financially distressed firms : international perspective on the effect of audit specialization, investor protection, and financial reporting environment
No full textThe purpose of this study is to examine the effects of country specific investor protection and the financial reporting environment on the relation between auditor industry specialization and the issuing of modified opinions to financially distressed firms
Role of corporate governance in Internet firms during the 2000 shakeout.
No full textThis paper examines the association between Internet firm performance and corporate governance (CG) mechanisms, namely Board size, proportion of independent directors and duality, and if these same CG mechanisms affect the likelihood that an Internet firm will be delisted during the period 1996-2002, in relation to the Internet bubble burst in Spring 2000
Effect of quality of corporate disclosure and board characteristics on analysts' forecasts.
No full textOur study aims to determine whether analysts’ earnings forecasts are associated to the quality of corporate disclosure and the board characteristics of U.S. companies. An important conclusion for this research is that board characteristics can add to and reinforce effects of quality of corporate disclosure to influence analysts’ forecasts
Auditor industry specialization and earnings quality around the world.
No full textWe examine the effects of auditor industry specialization and the legal environment on earnings quality. Our research also highlights the importance of auditor industry specialization when the legal environment differs among countries and we seek to find possible reasons why auditor industry specialization is important when such differences are present
A study of the financial effects of Lenovo's acquisition over IBM PC business.
No full textPurports Merger and Acquisition (M&A) is increasingly becoming an important vehicle for expansion as the global trend of cross-border M&A is on the rise. It is under this backdrop that we examine the effects of Lenovo’s cross-border acquisition over IBM PC Business on Lenovo’s financial performance. We investigate Lenovo’s short-term stock performance, as well as long-term operating and stock performance. Our short and long run analyses show that Lenovo experiences an overall unfavorable financial performance after the initial announcement of the acquisition. In addition, our long run operating performance analysis reveals that Lenovo has underperformed relative to the benchmarked firms. Hence, Lenovo’s cross-border acquisition of IBM PC Business may not be reaping as much benefits as what Lenovo’s management initially set out to be. Thus, there is a need for more deliberate and careful planning should such similar type of acquisition for global expansion is to be again undertaken by Lenovo’s management
Auditor industry specialization and earnings quality around the world.
No full textWe examine the effects of auditor industry specialization and the legal environment on earnings quality. Our research also highlights the importance of auditor industry specialization when the legal environment differs among countries and we seek to find possible reasons why auditor industry specialization is important when such differences are present
Underpricing & performance of seasoned equity offerings : the role of corporate governance.
No full textUsing a sample of 1402 public companies in the United States, our study provides empirical evidence on the impact of five corporate governance mechanisms, namely (i) CEO duality, (ii) Board independence, (iii) Board size, (iv) Managerial ownership and (v) Institutional ownership, on SEO underpricing and SEO firm performance
Corporate governance and audit process
No full textRecent studies on whether the provision of non-audit services impairs audit quality document mixed results, depending on the proxy for auditor quality used. We posit that the effect of non-audit fees on audit quality is conditional on auditor industry specialization in that audit quality is less likely to be impaired in the case of industry specialist auditors providing non-audit services. Our premise is that industry specialist auditors are more likely to be concerned about reputation losses and litigation exposure, and to benefit from knowledge spillovers from the provision of non-audit services. We find some evidence that audit quality (as measured by increased propensity to issue going-concern opinion, increased propensity to miss analysts’ forecasts, as well as higher earnings-response coefficients) is less likely to be reduced for firms that acquire non-audit services from industry specialist auditors compared to non-specialist auditors. Implications are discussed
Joint ventures : ownership structure, accounting policy and information disclosure issues.
No full textThis thesis examines factors that determine the firm's choice of joint venture ownership structure and economic incentives to equity account or consolidate joint ventures. It also examines impact of the disclosure of supplementary information of joint ventures on information asymmetry as measured by relative bid-ask spreads, trading volume and price variability.Doctor of Philosophy (NBS
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