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Author: Daniel B. Thornton Publisher: ISBN: Category : Languages : en Pages : 0
Book Description
We hypothesize that oil and gas producers' 10-K market risk disclosures, recently mandated by SEC Financial Reporting Release Number 48 (FRR No. 48), convey useful information to investors about commodity betas (defined as the sensitivity of firms' equity price changes to commodity price changes). Consistent with the hypothesis, we find that a sample of firms disclosing sensitivity or value-at-risk (VAR), as mandated by FRR No. 48, tend to experience greater commodity beta shifts at 10-K filing dates than do non-disclosers in a matched control sample. To enhance confidence that the observed shifts are associated with FRR No. 48 disclosures, we repeat the analyses in the year before the release was effective, when firms did not disclose sensitivity or VAR. At the prior year 10-K filing dates, we find that neither the disclosure nor the control sample experienced significant commodity beta shifts. We conclude that the results are consistent with FRR No. 48-mandated sensitivity and VAR disclosures providing useful information to investors.
Author: Daniel B. Thornton Publisher: ISBN: Category : Languages : en Pages : 0
Book Description
We hypothesize that oil and gas producers' 10-K market risk disclosures, recently mandated by SEC Financial Reporting Release Number 48 (FRR No. 48), convey useful information to investors about commodity betas (defined as the sensitivity of firms' equity price changes to commodity price changes). Consistent with the hypothesis, we find that a sample of firms disclosing sensitivity or value-at-risk (VAR), as mandated by FRR No. 48, tend to experience greater commodity beta shifts at 10-K filing dates than do non-disclosers in a matched control sample. To enhance confidence that the observed shifts are associated with FRR No. 48 disclosures, we repeat the analyses in the year before the release was effective, when firms did not disclose sensitivity or VAR. At the prior year 10-K filing dates, we find that neither the disclosure nor the control sample experienced significant commodity beta shifts. We conclude that the results are consistent with FRR No. 48-mandated sensitivity and VAR disclosures providing useful information to investors.
Author: Stephen R. Moehrle Publisher: Emerald Group Publishing ISBN: 1781907641 Category : Business & Economics Languages : en Pages : 298
Book Description
Accounting scandals such as Enron and WorldCom ushered in several regulatory overhauls including Sarbanes-Oxley. This monograph summarizes and synthesize a decade of academic research to develop an evolving dominant explanation around these myriad changes.
Author: Khondkar E. Karim Publisher: Emerald Group Publishing ISBN: 178714528X Category : Business & Economics Languages : en Pages : 205
Book Description
Advances in Accounting Behavioral Research addresses a wide range of issues that affect the users, preparers, and assurers of accounting information. Volume 20 exemplifies this focus by including research on emerging theory, methods, and applications towards behavioral research in accounting and audit.
Author: Cheng-Few Lee Publisher: Center for PBBEFR & Airiti Press ISBN: 9868518245 Category : Business & Economics Languages : en Pages : 304
Book Description
Advances in Quantitative Analysis of Finance and Accounting (New Series) is an annual publication designed to disseminate developments in the quantitative analysis of finance and accounting. The publication is a forum for statistical and quantitative analyses of issues in finance and accounting as well as applications of quantitative methods to problems in financial management, financial accounting, and business management. The objective is to promote interaction between academic research in finance and accounting and applied research in the financial community and the accounting profession. The papers in this volume cover a wide range of topics including corporate finance and debt management, earnings management, equity market, auditing, option pricing theory, and interest rate theory. In this volume there are eleven chapters, five of them are corporate finance and debt management: 1. Liquidity and Adverse Selection: Evidence from the Five-or-Fewer Rule Change; 2. Changing Business Environment and the Value of Relevance of Accounting Information; 3. Pricing Risky Securities in Hidden Markov-Modulated Poisson Processes; 4. An Empirical Assessment of Alternative Dividend Expectation Models; 5. Quantitative Market Risk Disclosure, Bond Default Risk and The Cost of Debt: Why Value At Risk? There are two of the other six chapters which cover interest rate theory: 1. Positive Interest Rates and Yields: Additional Serious Considerations; 2. Collapse of Dimensionality in the Interest Rate Term Structure. The remaining four chapters cover financial analysts earnings forecasts, equity market, auditing, and option pricing theory. These four papers are: 1. Investors’ Apparent Under-weighting of Financial Analysts’ Earnings Forecasts: The Role of Share Price Scaling and Omitted Risk Factors; 2. Predicting Stock Price by Applying the Residual Income Model and Bayesian Statistics; 3. Intertemporal Associations Between Non-Audit Services and Auditors’ Tendency to Allow Discretionary Accruals; 4. Put Option Portfolio Insurance vs. Asset Allocation.
Author: Tim Andrews Publisher: Routledge ISBN: 113406814X Category : Business & Economics Languages : en Pages : 310
Book Description
In the decade following the Asian financial crisis of 1997-1998, the management of organizations in Thailand has undergone significant change and development. The Changing Face of Management in Thailand examines in-depth the development of management during this pivotal period in the country’s recent history. The book draws together an impressive assortment of scholars, consultants and practitioners, whose experience and expertise significantly enhance our knowledge and understanding of this complex, multi-faceted Asian economy. The book is divided into 3 main sections: an examination of the political, economic, social and technological changes from 1997-2008 specialist chapters that contextualise these developments from the marketing, HR and finance perspectives concluding sections focusing on public sector organizations, women managers, corporate governance, e-communication and the ‘Thailand Brand’. With a wealth of vignettes, anecdotes and illustrative quotations bringing each chapter to life, this volume offers a refreshing, updated and in-depth analysis of this rich, diverse and fascinating nation.
Author: Philippe Jorion Publisher: McGraw Hill Professional ISBN: 0071736921 Category : Business & Economics Languages : en Pages : 624
Book Description
Since its original publication, Value at Risk has become the industry standard in risk management. Now in its Third Edition, this international bestseller addresses the fundamental changes in the field that have occurred across the globe in recent years. Philippe Jorion provides the most current information needed to understand and implement VAR-as well as manage newer dimensions of financial risk. Featured updates include: An increased emphasis on operational risk Using VAR for integrated risk management and to measure economic capital Applications of VAR to risk budgeting in investment management Discussion of new risk-management techniques, including extreme value theory, principal components, and copulas Extensive coverage of the recently finalized Basel II capital adequacy rules for commercial banks, integrated throughout the book A major new feature of the Third Edition is the addition of short questions and exercises at the end of each chapter, making it even easier to check progress. Detailed answers are posted on the companion web site www.pjorion.com/var/. The web site contains other materials, including additional questions that course instructors can assign to their students. Jorion leaves no stone unturned, addressing the building blocks of VAR from computing and backtesting models to forecasting risk and correlations. He outlines the use of VAR to measure and control risk for trading, for investment management, and for enterprise-wide risk management. He also points out key pitfalls to watch out for in risk-management systems. The value-at-risk approach continues to improve worldwide standards for managing numerous types of risk. Now more than ever, professionals can depend on Value at Risk for comprehensive, authoritative counsel on VAR, its application, and its results-and to keep ahead of the curve.
Author: International Monetary Fund. Fiscal Affairs Dept. Publisher: International Monetary Fund ISBN: 1498340067 Category : Business & Economics Languages : en Pages : 82
Book Description
Better designed and implemented fiscal regimes for oil, gas, and mining can make a substantial contribution to the revenue needs of many developing countries while ensuring an attractive return for investors, according to a new policy paper from the International Monetary Fund. Revenues from extractive industries (EIs) have major macroeconomic implications. The EIs account for over half of government revenues in many petroleum-rich countries, and for over 20 percent in mining countries. About one-third of IMF member countries find (or could find) resource revenues “macro-critical” – especially with large numbers of recent new discoveries and planned oil, gas, and mining developments. IMF policy advice and technical assistance in the field has massively expanded in recent years – driven by demand from member countries and supported by increased donor finance. The paper sets out the analytical framework underpinning, and key elements of, the country-specific advice given. Also available in Arabic: ????? ??????? ?????? ???????? ???????????: ??????? ???????? Also available in French: Régimes fiscaux des industries extractives: conception et application Also available in Spanish: Regímenes fiscales de las industrias extractivas: Diseño y aplicación
Author: Leonardo Martinez-Diaz Publisher: U.S. Commodity Futures Trading Commission ISBN: 057874841X Category : Science Languages : en Pages : 196
Book Description
This publication serves as a roadmap for exploring and managing climate risk in the U.S. financial system. It is the first major climate publication by a U.S. financial regulator. The central message is that U.S. financial regulators must recognize that climate change poses serious emerging risks to the U.S. financial system, and they should move urgently and decisively to measure, understand, and address these risks. Achieving this goal calls for strengthening regulators’ capabilities, expertise, and data and tools to better monitor, analyze, and quantify climate risks. It calls for working closely with the private sector to ensure that financial institutions and market participants do the same. And it calls for policy and regulatory choices that are flexible, open-ended, and adaptable to new information about climate change and its risks, based on close and iterative dialogue with the private sector. At the same time, the financial community should not simply be reactive—it should provide solutions. Regulators should recognize that the financial system can itself be a catalyst for investments that accelerate economic resilience and the transition to a net-zero emissions economy. Financial innovations, in the form of new financial products, services, and technologies, can help the U.S. economy better manage climate risk and help channel more capital into technologies essential for the transition. https://doi.org/10.5281/zenodo.5247742
Author: Daniel B. Thornton
Author: Daniel B. Thornton
Author: Stephen R. Moehrle
Author: Donna Bobek Schmitt
Author: Khondkar E. Karim
Author: Cheng-Few Lee
Author: 
Author: Tim Andrews
Author: Philippe Jorion
Author: International Monetary Fund. Fiscal Affairs Dept.
Author: Leonardo Martinez-Diaz