Author: Carlos J. O. Trejo-Pech Publisher: ISBN: Category : Languages : en Pages :
Book Description
ABSTRACT: Recent research suggests that investors and financial analysts systematically fail to fully interpret relevant information revealed on firms' financial statements. Sloan (1996) developed the accrual anomaly problem, which predicts a systematically negative relationship between accruals, the difference between earning and cash, and future abnormal returns in the U.S. stock market. A potential explanation to this problem, termed the fixation hypothesis, states that investors are too current-oriented or naively fixated towards earnings and do not fully recognize the information in accruals and cash flow. While the accrual anomaly has been extensively investigated there is no consensus yet on why this problem is observed in the U.S. market. The prevalent hypothesis is still the fixation hypothesis. Current research debates the underlying phenomenon behind the accrual anomaly. In my study, the accrual anomaly is documented as present in the U.S. food supply chain, a subset representing around 8% of the U.S. market. An economic-based explanation of the results is provided. Evidence is found that agribusinesses with high accruals manipulate earnings misleading the market and yielding negative abnormal returns in the subsequent period. Results also suggest that agribusinesses with low accruals constitute a subset of firms with poor past economic performance sending signals to the market, through accruals, that their hard financial times are over. The complex nature of firms with low accruals, however, makes it difficult for the market to make correct predictions. This possible explains the inconsistent results in previous studies (i.e. the sign of abnormal returns for firms with low accruals varies from sample to sample in the current literature).
Author: Robert P. King Publisher: DIANE Publishing ISBN: 1437935230 Category : Technology & Engineering Languages : en Pages : 81
Book Description
A series of coordinated case studies compares the structure, size, and performance of local food supply chains with those of mainstream supply chains. Interviews and site visits with farms and businesses, supplemented with secondary data, describe how food moves from farms to consumers in 15 food supply chains. Key comparisons between supply chains include the degree of product differentiation, diversification of marketing outlets, and information conveyed to consumers about product origin. The cases highlight differences in prices and the distribution of revenues among supply chain participants, local retention of wages and proprietor income, transportation fuel use, and social capital creation. Charts and tables.
Author: Youshan Zhao Publisher: ISBN: Category : Languages : en Pages :
Book Description
ABSTRACT: Over time, agricultural producers and agribusinesses in the U.S. food supply chain have experienced a lot of market changes and restructurings. Agribusiness management is increasingly focusing on the strategy to improve its profitability. There are many key drivers to improve agribusiness's competitiveness and financial performance, such as market demand, technical efficiency, environmental impact, etc. This study concentrates on the operating strategy employed by the U.S. food supply sectors by analyzing groups of financial ratios. Following the framework of the DuPont system, this research classifies financial ratios into three categories to measure agribusiness's operating efficiency, asset use efficiency, and capital structure. Moreover, both fixed cross-section effect and time-series effect are examined though the financial statement analysis with respect to a 23 years panel data. This research aims to: 1) evaluate the critical operating concern for profitability of agribusiness; 2) compare the profitability of sub sectors in the food supply chain; and 3) estimate the time effect of economic recessions on agribusiness's profit rate.
Author: Franco Busetti Publisher: Franco Busetti ISBN: 1920075801 Category : Business & Economics Languages : en Pages : 436
Book Description
Stock markets are not efficient, returns are incommensurate with risk, investors are irrational, bubbles and crashes recur regularly, analysts are usually wrong, economists even more so, luck is mostly mistaken for skill, myths and misconceptions abound and most of the industry participants are simply noise generators. This is even more true for emerging markets. South Africa can be termed a developed emerging market and is the newest member of the BRICS group. The Effective Investor is the first book to deal specifically with investing in the South African stock market, filling a surprising gap given the widespread interest that has been shown in South Africa as an emerging market and the gateway to the resource-rich African continent. Understanding the South African market provides insight into the paths that emerging and frontier markets will follow in future. While the investment lessons from the South African market outlined in this book are universal, understanding some of its peculiarities is also important. For example, some insight into the behaviour of the currency, the rand, is clearly critical in terms of any investment in this market, as well as in providing some understanding of other volatile emerging market currencies, as well as because it is often treated as the most liquid proxy for these currencies, particularly during upheavals. Similarly, the techniques highlighted in the book for dealing with volatility are applicable to similar markets elsewhere. South Africa is also an attractive market in its own right. It has been the third-best performing stock market in the world since 1900, and has weathered the great financial crisis with flying colors. The book provides readers with the findings of leading-edge research conducted into the South African stock market, the results of which are normally reserved for professional institutions and is written by a practicing, top-rated investment professional. The book also has guest contributions from some of South Africa's most astute professional analysts and fund managers on their specific areas of expertise, providing exceptional insight into current investment thinking. The Effective Investor is essential reading for every potential, novice or professional investor and investment adviser in emerging markets who wants to understand the most important principles of the South African stock market to ensure successful investing.
Author: Steven J. Leon Publisher: FT Press ISBN: 0133838641 Category : Business & Economics Languages : en Pages : 359
Book Description
Discover how your supply chain and operations work impacts financial performance, and how to align your efforts to help your company succeed — the fastest, best way to supercharge your own career! As a supply chain or operations professional, you may clearly understand your operational performance goals. But if you want to get promoted, you need to know how your day-to-day work powerfully impacts the financial metrics your top executives care about most.
Author: Joshua Ronen Publisher: Springer Science & Business Media ISBN: 0387257713 Category : Business & Economics Languages : en Pages : 587
Book Description
This book is a study of earnings management, aimed at scholars and professionals in accounting, finance, economics, and law. The authors address research questions including: Why are earnings so important that firms feel compelled to manipulate them? What set of circumstances will induce earnings management? How will the interaction among management, boards of directors, investors, employees, suppliers, customers and regulators affect earnings management? How to design empirical research addressing earnings management? What are the limitations and strengths of current empirical models?
Author: Patricia M. Dechow Publisher: Research Foundation of the Institute of Chartered Financial Analysts ISBN: 9780943205687 Category : Corporate profits Languages : en Pages : 152
Author: K. Selvavinayagam Publisher: Food & Agriculture Organization of the UN (FAO) ISBN: Category : Technology & Engineering Languages : en Pages : 240
Author: Carlos J. O. Trejo-Pech
Author: Robert P. King
Author: 
Author: Youshan Zhao
Author: Franco Busetti
Author: Steven J. Leon
Author: 
Author: Joshua Ronen
Author: Patricia M. Dechow
Author: K. Selvavinayagam