On Price Difference of A and H Companies
In: China Accounting & Finance Review, Band 24, Heft 2
6 Ergebnisse
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In: China Accounting & Finance Review, Band 24, Heft 2
SSRN
In: Pacific economic review, Band 4, Heft 3, S. 337-348
ISSN: 1468-0106
This study investigates the value relevance of earnings in the emerging capital market of China by examining the information content of accounting earnings measured under the People's Republic of China Accounting Standards (PRC‐GAAP). Based on the A‐shares of listed Chinese firms during 1994–97, a significant association is observed between annual market‐adjusted stock return and the change of earnings. Also documented is a significant price reaction to the annual earnings announcement in a three‐day window centered around the announcement date. Overall, the empirical results suggest that earnings reported in China are value‐relevant to A‐share investors.
In: The journal of financial research: the journal of the Southern Finance Association and the Southwestern Finance Association, Band 11, Heft 1, S. 81-88
ISSN: 1475-6803
AbstractHundreds of large firms have terminated overfunded pension plans and obtained substantial cash reversions in the past few years. This study reveals a positive and significant market reaction at the time of the termination announcement. The strongest stock price reaction is for firms with large terminations relative to prereversion income. This study demonstrates that real economic gains result from the termination. Specifically, firms terminating overfunded pension plans tend to have tax loss carryforwards that effectively increase the after‐tax returns from termination.
In: Rev Quant Finan Acc 55, 1207–1239 (2020). https://doi.org/10.1007/s11156-020-00873-1
SSRN
In: International Journal of Accounting, Band 38, Heft 2, S. 117-242
SSRN
In: Journal of International Accounting Research, Band 14, Heft 2, S. 1-39
ISSN: 1558-8025
ABSTRACTIn this study, we examine product market competition's role in shaping accounting conservatism in an international setting. Using a large dataset from 38 countries, we find evidence that product market competition is positively associated with accounting conservatism in countries with strong legal institutions, but not in countries with weak legal institutions. Moreover, the positive association is significantly more pronounced in countries with high-quality financial reporting environments comprising a higher earnings quality, more frequent and greater disclosure practices, and the more stringent enforcement of insider trading regulations. Our empirical findings suggest that product market competition and strong legal institutions jointly drive accounting conservatism.