Uncovering strange plots by early British anthropologists to use scientific status to manipulate the stock market, Anthropologists in the Stock Exchange tells a provocative story that marries the ...birth of the social sciences with the exploits of global finance. Marc Flandreau tracks a group of Victorian gentleman-swindlers as they shuffled between the corridors of the London Stock Exchange and the meeting rooms of learned society, showing that anthropological studies were integral to investment and speculation in foreign government debt, and, inversely, that finance played a crucial role in shaping the contours of human knowledge.Flandreau argues that finance and science were at the heart of a new brand of imperialism born during Benjamin Disraeli's first term as Britain's prime minister in the 1860s. As anthropologists advocated the study of Miskito Indians or stated their views on a Jamaican rebellion, they were in fact catering to the impulses of the stock exchange—for their own benefit. In this way the very development of the field of anthropology was deeply tied to issues relevant to the financial market—from trust to corruption. Moreover, this book shows how the interplay between anthropology and finance formed the foundational structures of late nineteenth-century British imperialism and helped produce essential technologies of globalization as we know it today.
Objective: this study aims to verify if companies that practice equity market timing have higher earnings management levels around the stock issue period. Method: we used a sample of 68 seasoned ...equity offerings (SEOs) in Brazil from 2004-2015. First, we ranked the sample among companies that used market timing (timers) behavior in the SEOs and those that did not (non-timers). Second, we estimated each company's earnings management levels by the Modified Jones and Modified Jones with ROA models. Finally, we tested the relationship between earnings management and equity market timing using a linear regression model. Results: the results show that the timers managed earnings more intensively in the quarters around SEOs than the non-timers. This happens to increase net income and consequently improve profitability ratios. Therefore, to explore opportunity windows, managers can inflate accounting profit through accruals and influence the market's ability to correctly price shares. Conclusion: Brazilian companies practice earnings management as a way of exploiting opportunity windows in the stock market. The conclusion reinforces the need for a careful analysis of the company's profits by investors, analysts, auditors, and regulators while allowing efforts to avoid such practices through compliance, governance, and regulation. Keywords: equity market timing; earnings management; opportunity windows; stock market. Objetivo: verificar se as empresas que praticam equity market timing apresentam niveis mais elevados de gerenciamento de resultados ao redor do periodo de emissao de acoes. Metodo: a amostra compreende 68 ofertas sazonais de acoes realizadas no Brasil, entre 2004 e 2015. Classificam-se as empresas entre timers e non-timers quanto a decisao de emissao de acoes e estimam-se os niveis de gerenciamento de resultados de cada empresa por meio dos modelos Jones Modificado e Jones Modificado com ROA. A proposicao de pesquisa e testada utilizando um modelo de regressao linear. Resultados: as empresas que praticam equity market timing gerenciam mais seus resultados, de modo a aumentar o lucro contabil, em relacao as empresas que nao fazem uso dessa pratica. Portanto, os gestores, para explorar janelas de oportunidade, podem aumentar o lucro contabil por meio de accruals e, assim, influenciar a capacidade do mercado de precificar corretamente as acoes. Conclusao: as empresas praticam o gerenciamento de resultados como uma forma de explorar janelas de oportunidades no mercado de acoes brasileiro. Isso reforca a necessidade de uma analise mais cuidadosa dos lucros da empresa por investidores, analistas, auditores e reguladores, ao passo que exige esforcos para evitar essas praticas por meio de compliance, governanca e regulamentacao. Palavras-chave: equity market timing; gerenciamento de resultados; janelas de oportunidade; mercado de acoes.
The present study aims at examining the level of environmental awareness in the management of tourism and hotels companies listed in the Amman Stock Exchange, its role in the application of ...environmental accounting disclosure, and to examine the impact of investment decisions on environmental accounting disclosure. To achieve this objective, a sample is chosen from two categories: tourism and hotels management category which consists of 12 financial managers and a major accountant in those companies, and the category of investors in these industrial companies which consists of 47 investors are randomly selected. In order to collect the data, a questionnaire is distributed to each of the hospitality companies and investors in these companies. The study shows that there is a good level of environmental awareness among the management of companies. However, there is a fear of applying the environmental accounting disclosure due to the lack of certainty of the importance of application and the benefits of it, and the lack of appropriate qualification of accountants to apply environmental accounting disclosure. The study shows that there is a real presence of environmental legislation, but there is a large deficiency in the activation of such legislation.
Purpose: Examine the influence of disclosing social, environmental, and economic activities on profitability in the services sector on the Amman Stock Exchange.
Theoretical Framework: Explore ...theoretical underpinnings connecting disclosure of social, environmental, and economic activities to business profitability, drawing from corporate responsibility, sustainability, and financial theories.
Methodology: Utilized a questionnaire distributed to Jordanian service sector firms' auditors and financial managers, employing simple random sampling. Focused on variables related to social, environmental, and economic disclosure.
Findings: Positive link between social disclosure and profitability, attributed to fair service distribution and indirect employee support. Environmental disclosure positively affects profits through resource optimization and reduced pollution. Economic disclosure correlates positively with profitability by influencing pricing and product design.
Conclusion: Disclosing social, environmental, and economic activities significantly impacts profitability in Amman Stock Exchange-listed service sector firms, emphasizing equitable services, resource efficiency, and strategic economic disclosure.
This study examines whether shareholders are sensitive to corporations' environmental footprint. Specifically, I conduct an event study around the announcement of corporate news related to ...environment for all US publicly traded companies from 1980 to 2009. In keeping with the view that environmental corporate social responsibility (CSR) generates new and competitive resources for firms, I find that companies reported to behave responsibly toward the environment experience a significant stock price increase, whereas firms that behave irresponsibly face a significant decrease. Extending this view of "environment-as-a-resource," I posit that the value of environmental CSR depends on external and internal moderators. First, I argue that external pressure to behave responsibly towards the environment—which has increased dramatically over recent decades—exacerbates the punishment for eco-harmful behavior and reduces the reward for eco-friendly initiatives. This argument is supported by the data: over time, the negative stock market reaction to eco-harmful behavior has increased, while the positive reaction to eco-friendly initiatives has decreased. Second, I argue that environmental CSR is a resource with decreasing marginal returns and insurance-like features. In keeping with this view, I find that the positive (negative) stock market reaction to eco-friendly (-harmful) events is smaller for companies with higher levels of environmental CSR.
THE PERFORMANCE OF COMPANIES LISTED ON THE STOCK EXCHANGE Lucia MOROȘAN-DĂNILĂ; Otilia-Maria BORDEIANU; Claudia-Elena GRIGORAȘ-ICHIM ...
USV Annals of Economics and Public Administration,
12/2022, Letnik:
22, Številka:
2(36)
Journal Article
Recenzirano
Odprti dostop
Companies that think and tend towards sustainability and sustainable development must register and present certain levels of performance, so as to ensure the sustained support of all the company's ...stakeholders. The objective of the work is the synthetic presentation of the aspects related to the theories of the performance of companies listed on the stock exchange, the utility of stock indices, it proposes indicators to be taken into account by investors and other stakeholders. Also, specific stock market performance indicators are calculated for two Romanian pharmaceutical companies, emphasizing their role for stakeholders (like Earnings per Share, Dividend per Share, Equity per share or net asset per share, Stock market capitalization, Marketability, etc), starting from the information published in the annual financial statements (submitted to the competent ministry), as well as the stock market quotations. Unfortunately for stakeholders, companies present and publish information favourable to their image, which is sometimes considered unrealistic and superficial. The conclusions of the paper summarize the importance of standardizing the presentation of the performance indicators of the companies, in order to ensure a faithful image of the company, as well as the success of an existing or potential investment.
•An auto-correlated financial process is monitored.•A new method based on SVM is proposed to detect upward and downward shifts.•A new feature is proposed for the better distinction of step and trend ...shift patterns.•A comprehensive simulation study is performed to evaluate the performance.•The proposed approach is applied to classify patterns in two real cases.
As the intersection of finance and statistics, financial surveillance is a new interdisciplinary field of research. In this field, statistical process control methods are applied to monitor financial indices. The final aim is to detect out-of-control conditions and trigger a signal as soon as possible. These early signals can help practitioners in making on-time decisions. In this paper, a new method based on a support vector machine is proposed to detect upward and downward shifts with step and trend patterns in auto-correlated financial processes. These processes are modeled by the autoregressive moving average (ARMA) and generalized autoregressive conditional heteroskedasticity (GARCH) variance (ARMA-GARCH) time series model. Autocorrelation structure in data with changing volatility makes pattern recognition difficult. As such, some features are selected to extract different properties of the considered patterns. Moreover, a new feature named the maximum degree between the horizontal line and the consecutive observations line is used for the better distinction of the step and trend shift patterns. To evaluate the performance of the proposed method, we performed a comprehensive simulation study. Moreover, to illustrate the proposed method's application, it was applied to classify patterns in the OPEC crude oil basket return and the Tehran stock exchange index.
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