Understanding Risk and Return Campbell, John Y.
The Journal of political economy,
04/1996, Volume:
104, Issue:
2
Journal Article
Peer reviewed
Open access
This paper uses an equilibrium multifactor model to interpret the cross-sectional pattern of postwar U.S. stock and bond returns. Priced factors include the return on a stock index, revisions in ...forecasts of future stock returns (to capture intertemporal hedging effects), and revisions in forecasts of future labor income growth (proxies for the return on human capital). Aggregate stock market risk is the main factor determining excess returns; but in the presence of human capital or stock market mean reversion, the coefficient of relative risk aversion is much higher than the price of stock market risk.
İnsan kaynakları muhasebesi son yıllarda yaşanan gelişmelere bağlı olarak ortaya çıkan muhasebeye özgü ve özellikli çalışma alanlarından biridir. Yeni gelişmekte olan bu ihtisas alanında karşılaşılan ...en önemli problemlerden biri günümüz işletmelerinin en değerli varlığı kabul edilen insan kaynağının değerinin belirlenmesidir. Bu bağlamda işletmelerin sahip olduğu insan kaynağının değerinin belirlenmesine yönelik bir takım modeller geliştirilmiş olup sözkonusu modellerin literatürde yeterince incelenmediği görülmektedir. Bu noktadan hareketle bu çalışmanın amacı, insan kaynakları muhasebesine ilişkin değerleme modellerini incelemek ve açıklamaktır. Sözkonusu amacı gerçekleştirmek için insan kaynakları muhasebesine özgü değerleme modelleri betimsel bir yaklaşımla incelenmiştir.
This paper aims to propose exploring weakness of financial performance information, which impact strategy of Jordan Islamic bank negatively by studying auditor type, Auditing report gaps and auditing ...reports value. This paper introduces and proposes the Jordan Islamic bank financial reports and financial reports of some companies that the Jordan Islamic bank owning from 2005-2016. This paper uses the approach of account data analysis, historically study and meeting of some auditors. The authors found weak in Jordan Islamic bank and its companies based on experiences and linking. Financial statements annual report did not reach 100% of assurance. This explains possible auditing reports gaps which come as result to weak disclosure. Auditing reports value depends on the user of auditing reports' result. Almost speculators in Jordan are not interested of the report result because result of Jordan Islamic bank and his sharing in companies is announced in annual report and their needs is daily to cover their speculation. It explained practically case to show weakness of financial performance report in Islamic bank which impact currently results, historical results and future results. It gives way of controlling in order to get fair value and get trust back to financial market based on impact of Islamic rolling practically.
Nowadays, in many countries, human resources is being used as a source of property by many social an economical organizations in order to enhance the level of their operation. Investors and other ...related groups in order to make better decisions need to use some expressions related to the value of human resources. Using human resource accounting organizations seeking to improve the efficiency and effectiveness of human resource management and human resources. The main objective of this paper is to evaluate the effect of accounting, human resources managers in decision-making and behavior of employees in the company's stock. This cross-sectional study with a survey approach and applied research are considered. The population of the study in 1394 are some of the companies stock. The results showed accounting, human resources component of research and finally decided Miran is also significant effect.
The human asset is an intensive nature of the companies which is critically important for effective management of human resources. Human resources constitute a major element of total operating costs ...and the ability of management to control these costs is vital in order to long-term business success. Therefore, it is essential to disclose the value of human resource in annual report of companies. But the problem of HR is that most of the companies in India do not recognize it properly, despite of its significant contribution. HR's contribution is also significant in human capital efficiency and firms' financial performance. This research paper is based upon the HRA practices in Indian companies and analyzed empirically the relation between the value of human resource and financial performance. The data used in the study has been collected from the annual reports of nine selected public enterprises for the years 2006-07 to 2015-16. The present study also, intend to examine the relationship between HRV with Net Profit, Total No Employee, Profit per Employee, Return on HRV, ROE by using multiple regression analysis. The findings of this research paper uncover the fact that the HRV of companies is dependent upon two factors Net Profit and Return on HRV, in other hand has clearly shown that Net Profit is the most important factor to improve HRV followed by Return on HRV.
Purpose - The purpose of this paper is to determine the extent to which social, ethical and environmental (SEE) disclosure is being integrated into institutional investment. The aim is also to ...investigate the interplay between private and public SEE disclosure.Design methodology approach - The paper uses a grounded theory methodology involving interviews with 21 members of the UK institutional adjustment community.Findings - The paper found that institutional investors did not consider that public SEE disclosure was adequate for their portfolio investment decisions, suggesting that SEE disclosure was decision-useful. Consequently, this perceived market failure in public SEE disclosure has been supplemented by the development of sophisticated private SEE disclosure channels. Further, the interviews indicated that this private SEE disclosure process was becoming dialogic in nature, since not only were institutional investors initiating the engagement process with companies but also companies were starting to request information on the SEE disclosure required by institutional investors. This finding contrasts with previous work which found that the private disclosure process in financial reporting was essentially user-oriented and uni-directional.Originality value - This paper highlights the importance of SEE disclosure to a crucial user group, institutional investors. The research contributes to the SEE disclosure literature by revealing details of the evolving private SEE disclosure process for the first time.
Purpose
We suggest that divergent financial performance triggers different rationales for the decision to downsize (excuses, justifications, apologies or denials) and that organizational financial ...performance post-downsizing varies based on the initial downsizing rationale.
Design/methodology/approach
A mixed methods approach paired content analysis of 178 downsizing announcements from 2005-2011 with organizational financial data pre and post-downsizing event. Paired sample t-tests determined mean differences in organizational financial performance pre and post-downsizing based on six commonly used organizational performance measures (accounting and human resources metrics). Longitudinal performance trends were evaluated using event history analysis.
Findings
Organizational experiencing both financial growth and decline engage in downsizing, but organizational financial performance varies based on downsizing rationale. For example, organizations engaging in excuse based downsizing experienced significant levels of volatility and decline pre-downsizing, but growth post-downsizing. However, organizations engaging in justification based downsizing experienced financial decline pre-downsizing, but no significant additional decline post-downsizing.
Research limitations/implications
Collection of information over multiple business or economic cycles, or categorizing organizations based on industry, organizations size or number of employees may provide additional information on the relationship between downsizing and organizational financial performance.
Practical implications
Organizational performance pre and post-downsizing varies based on downsizing rationale. Additionally, metrics used to evaluate downsizing success or failure should be considered carefully.
Originality/value
We help explain divergent results in existing research on the relationship between downsizing and organizational financial performance by identifying downsizing as a multi-dimensional event. Our study indicates that organizational experience both financial growth and decline engage in downsizing, but rationalize the downsizing differently (according to social accounts).
While the existing literature focuses on the disclosure of social information mainly by large companies, this paper concentrates on the disclosure of social information by small- and medium-sized ...companies (SME) listed on the Alternative Investment Market (AIM) in the U.K. The paper investigates the prevalent view that SMEs are unlikely to report social information due to their financial constraints and the perception that they have very little social conduct on which to report. Our overall evidence illustrates that, contrary to this view, SMEs report social information regardless of their financial constraints, most likely in the same manner as large companies do, because they realise the significance of social reporting in establishing and retaining their corporate reputation.
Human Resource (HR) is most crucial, very important and sensitive factor used as an input for production. This factor was overlooked earlier for accounting purposes due to the availability of excess ...and unorganised manpower and relatively low cost. But after liberalization of Indian economy (in 1991) the importance of human resources were recognised. Although a little interest has been shown by professional accountancy bodies, like ICAI, ICSI and ICMAI on Human Resource Accounting (HRA) in Indian the importance is now given on HRA by public sector undertakings that have made pioneering attempts by disclosing Human Resource Values in their published annual reports. Similarly the other private companies are also disclosing the HR values in their financial statements. This paper seeks to present brief description of Concepts of HRA, analyse the disclosure in 5 major companies in India. The study also analyses the difference between the HRV, and to establish the relationship between Profitability and HRV with other predictor values like Net worth, Sales and EPS. By using ANOVA, Tukey post Hoc Test and multiple regression it was found that HRV and Sales are the predictor of Profitability in selected companies in India.
When employers face critical labor force challenges, what strategies do they pursue to remain competitive? Finding the right people for the job can be difficult, especially in fields with specialized ...knowledge and skills such as science, technology, engineering, and mathematics (STEM). To understand employers' strategic choices regarding workforce recruitment challenges, this study directed several questions to a panel of 200 managers from manufacturing and information technology sectors and 69 economic development professionals across Tennessee. Employers and economic development professionals were asked to rank eight current strategies they pursue when faced with critical workforce challenges, in order of importance. The same survey recipients were also asked to rank strategies they would prefer to use. This study aimed to investigate strategies organizations pursue in the search for talent to complete tasks, with a focus on STEM fields. This paper first reviews approaches and trends in literature with regard to human capital formation and recruitment strategies and then assesses the survey results within the context of strategic human resource management literature. Overall, research has found that managers use diverse methods to recruit and retain knowledge workers, and that there is a notable gap between managers' rankings of current actual and preferred strategic choices.
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