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Article
Publication date: 19 June 2007

Francis P. Corbett, Girard M. Healy and Kenneth R. Poudrier

The aim of this paper is to discuss the business and operational considerations and controls involved when derivatives, specifically swap contracts, are used as investment…

485

Abstract

Purpose

The aim of this paper is to discuss the business and operational considerations and controls involved when derivatives, specifically swap contracts, are used as investment vehicles. Overall, the paper attempts to provide the baseline for understanding swap processing requirements and guidance to professionals who have compliance and oversight responsibility for these investment products.

Design/methodology/approach

The approach focuses on the core understanding of the swap investment vehicle and the procedures, controls, and operating environment required to process them correctly.

Findings

Historically, firms have addressed the procedures and controls surrounding swap investment vehicles as a reaction to processing errors. Financial services companies and their service providers need to proactively review their portfolios, procedures, and controls in an effort to mitigate and manage the risks associated with the processing of swap contracts.

Originality/value

Based on first‐hand experience working at and/or with asset managers and service providers, the paper has endeavored to present current and thought provoking information for management consideration on this hot‐button issue.

Details

Journal of Investment Compliance, vol. 8 no. 2
Type: Research Article
ISSN: 1528-5812

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Article
Publication date: 20 March 2007

Michael S. Lukaj and Girard M. Healy

This paper aims to provide an analysis and report on the current regulatory environment for US hedge funds and explore the latest actions from governmental groups and the private…

2536

Abstract

Purpose

This paper aims to provide an analysis and report on the current regulatory environment for US hedge funds and explore the latest actions from governmental groups and the private sector.

Design/methodology/approach

A compilation of the most recent government communications, legislative proposals, industry newsletters and seminars, and other related sources.

Findings

US regulation surrounding hedge funds is in a state of flux. Substantially more pension money being invested in hedge funds has become a very important factor in the discussions. Hedge funds that are already registered are staying so in the vast majority of cases. The consensus is that more regulation is likely; however, what form that regulation will take is still unsettled at this point.

Originality/value

Based on first‐hand experience working with hedge funds, the authors have endeavored to present and outline the most up‐to‐date information on this hot‐button issue.

Details

Journal of Investment Compliance, vol. 8 no. 1
Type: Research Article
ISSN: 1528-5812

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Available. Content available
Book part
Publication date: 25 January 2023

George Cheney, Matt Noyes, Emi Do, Marcelo Vieta, Joseba Azkarraga and Charlie Michel

Free Access. Free Access

Abstract

Details

Cooperatives at Work
Type: Book
ISBN: 978-1-83867-825-8

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Article
Publication date: 2 September 2021

Fang Zhao, Abhijit Barua and Jung Hoon Kim

The purpose of this study is to examine the effect of consolidating off-balance sheet entities on firm-level investment efficiency. Financial Accounting Standards Board…

356

Abstract

Purpose

The purpose of this study is to examine the effect of consolidating off-balance sheet entities on firm-level investment efficiency. Financial Accounting Standards Board Interpretation No. 46, consolidation of variable interest entities – an Interpretation of ARB No. 51 (FIN 46) is used as a quasi-exogenous shock to financial reporting in this study.

Design/methodology/approach

The authors empirically test the change of investment efficiency for a sample of firms affected by FIN 46 in the post-FIN 46 periods. In the regression, a group of matched pairs selected from unaffected firms is used as the control sample and firm characteristics are used as control variables.

Findings

The authors find that firms affected by FIN 46 experience improvement in investment efficiency after adopting the standard compared to unaffected firms. The authors also document that FIN 46 firms’ level of investment decreases after FIN 46 compared to unaffected firms. These empirical results suggest that the improvement in investment efficiency is likely to be achieved by the reduction in over-investment. Further analyses show that amongst the affected firms, firms consolidating off-balance sheet special purpose entities (SPEs) improve investment efficiency mainly by reducing over-investment, whereas firms avoiding the consolidation of SPEs do not display such tendency.

Originality/value

This study contributes to the literature on the relation between financial reporting and investment efficiency, as well as the literature on the impact of FIN 46. To the best of the authors’ knowledge, this study is the first to examine the relation between the consolidation of off-balance sheet entities and investment efficiency.

Details

Accounting Research Journal, vol. 35 no. 3
Type: Research Article
ISSN: 1030-9616

Keywords

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Book part
Publication date: 26 November 2016

Karin Klenke

Free Access. Free Access

Abstract

Details

Qualitative Research in the Study of Leadership
Type: Book
ISBN: 978-1-78560-651-9

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Article
Publication date: 2 October 2017

Maali Kachouri and Anis Jarboui

The purpose of this paper is to investigate the relationship between corporate governance effectiveness and information transparency. Hence, this paper seeks to extend prior…

1685

Abstract

Purpose

The purpose of this paper is to investigate the relationship between corporate governance effectiveness and information transparency. Hence, this paper seeks to extend prior information transparency research.

Design/methodology/approach

This study uses a sample of 28 non-financial listed Tunisian companies and covers an eight-year period from 2006 to 2013. To test the hypotheses of this research, a simultaneous equation system model was applied.

Findings

The results obtained show that, for the Tunisians companies, corporate governance practices have a significant positive effect on information transparency. The current study also provides evidence that pertinent information can improve corporate governance index.

Research limitations/implications

The findings may be of interest to the academic researchers, practitioners and regulators who are interested in discovering the quality of corporate governance practices in Tunisian context.

Practical implications

The findings of this study can help Tunisian regulators in creating corporate governance disclosure requirements. The findings also provide the African business community insights concerning the quality of corporate governance and of corporate reporting.

Social implications

This research helps also to inform regulators about the benefits of disclosure more information to investors and to the firm. For instance, how the information can be a source of transparency and stability in the firms what and favors the social environment of the firms.

Originality/value

This paper extends the existing literature by examining the causal relationship between corporate governance and information transparency.

Details

Journal of Financial Reporting and Accounting, vol. 15 no. 3
Type: Research Article
ISSN: 1985-2517

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Article
Publication date: 15 June 2020

Souha Siala Bouaziz, Ines Ben Amar Fakhfakh and Anis Jarboui

The purpose of this study is to investigate the impact of the relationship between shareholder activism and earnings management on the market performance of French companies.

1069

Abstract

Purpose

The purpose of this study is to investigate the impact of the relationship between shareholder activism and earnings management on the market performance of French companies.

Design/methodology/approach

This study used 385 firm-year observations drawn from a sample of French companies belonging to the SBF 120 index from 2008 to 2012. Data was collected from annual reports of sample companies. To measure earnings management, this study used the model of Raman and Shahrur (2008). The relationship between shareholder activism, earnings management and market performance using the panel data regression model was empirically examined.

Findings

The results prove that shareholder activism, as indicated by shareholder proposals, has no impact on market performance. However, the existence of shareholder activism affects the market performance positively. In fact, a minimum of proposals proves that shareholder activism plays an appropriate and effective role in creating value. Thus, several activists would resort to “a private activism” which could be the best and the least expensive form. This form of activism is called “behind the scenes.” Findings also show that earnings management has a negative impact on market performance. As a matter of fact, these findings allow to conclude that the firm performance decreases whenever managers undertake to earnings management. Also, earnings management behavior is mainly opportunistic. Finally, the relationship between shareholder activism and earnings management has no impact on market performance. This result reveals that shareholder activism proves to be an ineffective mechanism that does not alter the accounting choices, particularly in relation to earnings management. This result shows the inability of active shareholders to define and implement strategies across their proposals, namely, “the lack of monitoring competence.”

Research limitations/implications

It is important in future research to evaluate the impact of behind the scenes interventions on corporate governance. Also, this paper gives a larger dimension to the effect of shareholder activism on the market performance in the specific context of earnings management, thus justifying the need to expand this study using other methodologies to deepen and better understand this relationship in this context.

Practical implications

The paper's evidence contributes to an understanding of corporate governance. The finding of this study will help in monitoring and controlling fraudulent earnings management practices that effect on market performance. Further, this study is important to investors, academics and policymakers, as it demonstrates that governance reforms that encourage firms to adopt better governance practices that reduce the likelihood of earnings management.

Originality/value

To the best of the author’s knowledge, this paper pioneers in focusing on the impact of the shareholder activism and earnings management on the market performance because previous studies put more emphasis on pair-wise relations (Shareholder activism-earnings management, earnings management-market performance and shareholder activism-market performance). This study provides empirical evidence on the effectiveness of the relationship between shareholder activism and earnings management on market performance.

Details

International Journal of Law and Management, vol. 62 no. 5
Type: Research Article
ISSN: 1754-243X

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Article
Publication date: 1 September 1901

The Board of Agriculture, by virtue of the powers conferred upon them by the Sale of Food and Drugs Act, 1899, have made regulations whereby it may be presumed, until the contrary…

51

Abstract

The Board of Agriculture, by virtue of the powers conferred upon them by the Sale of Food and Drugs Act, 1899, have made regulations whereby it may be presumed, until the contrary is proved, that milk containing less than 8·5 per cent. of solids‐not‐fat, or less than 3 per cent of fat, is adulterated within the meaning of the Act. The suggested limit for fat in milk recommended by the special committee appointed by the Board of Agriculture was 3·per cent., and it will therefore be observed that the new regulations have fixed a standard for milk‐fat which is even lower than the low limit recommended by the committee. There are even rumours that a further lowering of this standard is to bo urged upon the authorities. Although from the point of view of Public Analysts and the officials responsible for the enforcement of the Food and Drugs Acts it is satisfactory that an official standard for the composition of milk has at last been set up, it is idle to suppose that the fixing of such a limit will materially improve the character of the milk‐supply as a whole. It should be remembered that milk which contains only 3 per cent of fat, although under the new regulations legally “genuine,” is, as a matter of fact, of the poorest quality, and is only produced by a cow when in bad condition, or by a particular breed of cow which is remarkable more for the quantity than for the quality of the fluid yielded. Producers and vendors of milk of good quality have been placed in a very unfortunate position by the new regulations, as the tendency of the trade will be to lower all milk to the official limits, with the result that those dealers who are still desirous of maintaining a high standard of quality will have to compete in the matter of price with less conscientious traders, who, taking advantage of the protection afforded by the regulations, will be enabled to sell to the public “genuine” milk, from which all “superfluous” fat has been removed. Gradation of quality in an article of food cannot, of course, be provided for by official regulation, and for the purpose of legal classification it is only possible to differentiate between legally “genuine” and adulterated articles. Therefore, in a legal sense, and also in a popular sense, a milk containing 4 per cent. of fat is no more “ genuine ” than one containing 3 per cent., although the former is, of course, a superior article. Competition in the dairy trade, which has of late years become very keen, will, as the result of the fixing of this standard, become more acute than before, and to keep their position it will be necessary for those milk‐vendors who are desirous of maintaining their reputation as vendors of milk of good quality to give to their customers some guarantee that their product is indeed superior to the legalised article. Any statements of the traders themselves upon this point will naturally be received by customers with reserve, as proceeding from an interested source, and the guarantee, to be effective, must therefore be given by an authority whose statements are above suspicion. It is hero that the system of Control will be found to be a necessity both to the milk dealer and milk consumer.

Details

British Food Journal, vol. 3 no. 9
Type: Research Article
ISSN: 0007-070X

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Article
Publication date: 19 October 2010

Sylvie Berthelot, Tania Morris and Cameron Morrill

This paper aims to examine whether the corporate governance rankings published by a market information intermediary are reflected in the values that investors accord to firms.

4651

Abstract

Purpose

This paper aims to examine whether the corporate governance rankings published by a market information intermediary are reflected in the values that investors accord to firms.

Design/methodology/approach

Panel data from 289 Canadian firms in the four‐year period 2002‐2005 were analyzed using a price model.

Findings

The results suggest that the corporate governance rankings published by the market information intermediary are related to not only firm market value, but also to accounting results.

Practical implications

This study provides empirical observations that would be useful for various organizations involved in the regulation of corporate governance practices and the standardization of relevant data elements.

Originality/value

This study contributes to the literature by demonstrating that information published by an information intermediary is reflected in firm market values. Moreover, this information appears to be related to the accounting results. Thus, good governance rankings are reflected in the accounting results.

Details

Corporate Governance: The international journal of business in society, vol. 10 no. 5
Type: Research Article
ISSN: 1472-0701

Keywords

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Book part
Publication date: 8 July 2010

Sarah Kaplan and Fiona Murray

By taking conventionalist view of the evolution of biotechnology, we suggest that the process by which entrepreneurs determined what made biotechnology valuable and figured out…

Abstract

By taking conventionalist view of the evolution of biotechnology, we suggest that the process by which entrepreneurs determined what made biotechnology valuable and figured out how to organize around such an economic logic was contested. The shape that biotechnology has ultimately taken emerged from the resolution of these contests. Convention theory – as elaborated in Boltanski and Thévenot's (2006) On Justification 1 – argues that our economy is shaped by participants affecting the rules of economic action. Whereas most economists would argue that the assignment of value underpins any system of exchange, conventionalists suggest that this value is not only given by the principles of optimization but instead can be derived from many possible spheres such as civic duty, attainment of fame, proof of technologic performance, and demonstration of creativity. More specifically, Boltanski and Thévenot (2006, p. 43) claim that the establishment of a particular logic “comes about as a part of a coordinated process that relies on two supports: a common identification of market goods, whose exchange defines the course of action, and a common evaluation of these objects in terms of prices that make it possible to adjust various actions.” Simply put, economic logics embody principles of economic coordination or conventions that guide interpretation of the technology and its value.

Details

Technology and Organization: Essays in Honour of Joan Woodward
Type: Book
ISBN: 978-1-84950-984-8

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