BİLGİYE ERİŞİM MERKEZİ NE YENİ GELEN YAYINLAR:

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1 55 MAAYYI IISS PPAAZZAARRTTEESSİ İİ SSAAYYI II: : BİLGİYE ERİŞİM MERKEZİ NE YENİ GELEN YAYINLAR: Türkçe Kitap Ve Süreli Yayınlar İstanbul Serbest Muhasebeci Mali Müşavirler Odası. Başarının muhasebesi. İstanbul: Oda, s. Rnk. Res. İSMMMO (İstanbul Serbest Muhasebeci Mali Müşavirler Odası) kuruluşundan bu yana muhasebecilik alanına katkıları, kazandırdıkları ve tarihsel gelişimi resimlerle beslenerek, öykü diliyle anlatılmaktadır. İİ SS MM MM MM OO BB i l gg i yy ee EE rr i şş im i MM ee rr kk ee zz i 1

2 Alkin, Kerem. Türkiye de kobilerin BASEL-II ye uyum süreci ve öneriler / Kerem Alkin, Esin Okay. İstanbul: İstanbul Ticaret Odası, s. Kaynakça: s Bu çalışmanın amacı, dünyada gelişen risk yönetimi düzenlemelerinin önemli bir parçasını oluşturan BASEL-II uygulamalarını araştırarak Türkiye de ve özellikle bankacılık sektöründen yansımaları ile beraber reel sektör olarak KOBİ lerin konumunu incelemek ve bu işlemlerin risk yönetimi sürecindeki uyum sürecini ele almaktır. Çalışma dört bölümde ele alınmıştır: Birinci Bölüm: Türkiye ve dünyada BASEL-II uygulamaları ve bu uygulamaların olası etkileri; İkinci Bölüm: Türkiye de KOBİ ler, yönetimleri ve bankalarla sorunları; Üçüncü Bölüm: Türkiye de KOBİ lerin BASEL-II sürecine uyum çalışmalarına ilişkin yapılan anket çalışması sonuçları; Dördüncü Bölüm: Türkiye de KOBİ lerin BASEL-II süreci için strateji önerisi, başka bir deyişle yeniden yapılandırılmalarına yönelik değerlendirmeleri içermektedir. Son bölümde ise sonuç ve öneriler yer almaktadır. İİ SS MM MM MM OO BB i l gg i yy ee EE rr i şş im i MM ee rr kk ee zz i 2

3 Resmi Gazete YÜRÜTME VE İDARE BÖLÜMÜ YÖNETMELİKLER Lisanslı Harita Kadastro Mühendisleri ve Büroları Hakkında Yönetmelik Sigortaya Tabi Mevduat ve Katılım Fonları ile Tasarruf Mevduatı Sigorta Fonunca Tahsil Olunacak Primlere İlişkin Yönetmelikte Değişiklik Yapılmasına Dair Yönetmelik Yabancı Kitap Ve Süreli Yayınlar Review of Accounting Studies Volume 10, Issue 4, December 2005 Earnings Components, Accounting Bias and Equity Valuation Peter F. Pope & Pengguo Wang An Empirical Test of the Feltham-Ohlson (1995) Model Jeffery Callen & Dan Segal Bonuses and Non-Public Information in Publicly Traded Firms Rachel Hayes & Scott Schaefer Abnormal Returns from Predicting Earnings Thresholds Lynn Rees Market Reaction to Multiple Contemporaneous Earnings Signals: Earnings Announcements and Future Earnings Guidance Rowland Atiase, Haidan Li, Somchai Supattarakul & Senyo Tse Perspectives Accrual Accounting for Performance Evaluation Sunil Dutta & Stefan Reichelstein Abstracts Volume 10, Issue 4, December 2005 Earnings Components, Accounting Bias and Equity Valuation Peter F. Pope & Pengguo Wang In this paper we address three issues in accounting-based equity valuation: (i) How are valuation parameters related to earnings persistence and accounting conservatism when earnings components aggregate, or add up, in valuation? (ii) What does aggregation of earnings components in valuation imply for abnormal earnings dynamics? and (iii) İİ SS MM MM MM OO BB i l gg i yy ee EE rr i şş im i MM ee rr kk ee zz i 3

4 When is an earnings component irrelevant and core earnings the relevant construct for valuation? Assuming linear valuation, no-arbitrage, dividend irrelevance and clean surplus accounting, we show that when earnings components aggregate, valuation expressions and abnormal earnings dynamics are generalizations of the Ohlson (1995) model, incorporating simple adjustments for accounting conservatism. When core earnings is the relevant earnings construct, valuation expressions closely resemble the aggregation case, but core (abnormal) earnings replaces clean surplus (abnormal) earnings. We demonstrate that an earnings component can be irrelevant in valuation even when it is predictable. An Empirical Test of the Feltham-Ohlson (1995) Model Jeffery Callen & Dan Segal This paper tests the Feltham-Ohlson (1995) model by transforming the undefined other information variables into expectational variables, as suggested by Liu and Ohlson (2000). The signs of the estimated coefficients conform to the model s predictions using panel data techniques, non-parametric estimation, reverse regressions and portfolio regressions. The tests reject the Ohlson model in favor of Feltham-Ohlson. Nevertheless, the estimated leverage coefficient takes a value of three instead of one for most variations of the model. Also, the one-year-ahead price predictions of the Feltham- Ohlson model are no more accurate than those of the Ohlson model or a naive earnings valuation model. Bonuses and Non-Public Information in Publicly Traded Firms Rachel Hayes & Scott Schaefer Recent research in accounting explores how firms use \individual" or \non-financial" measures of performance in executive compensation contracts. We model a firm that conditions bonus payments to executives on information that is not available to those outside the firm. This raises two issues. First, market participants may use the magnitude of such payments to infer the non-public information. Second, because information that is non-public is, by extension, non-verifiable, the firm cannot write explicit contracts based on it. Combining the relational incentive contracts and financial signaling literatures, we examine equilibria of a signaling game in which bonus payments from a firm to a manager convey non-public information regarding the firm's future cash flows. Our main result is that increases in corporate myopia can, under some conditions, lead to increased profits. This finding is contrary to that typically found in financial signaling models. Abnormal Returns from Predicting Earnings Thresholds Lynn Rees This paper examines the performance of a trading strategy based on the prediction of firms concurrently reporting a positive earnings change and meeting or beating analysts earnings forecasts. The study extends prior research that examines excess returns based only on earnings changes (e.g., Ou and Penman, 1989; Penman and Zhang, 2002a). The evidence indicates that a model predicting forecast errors concurrently with earnings changes can yield excess returns that are incremental to predicting only one earnings threshold. Moreover, I find that the prediction of forecast errors is relatively more important than predicting earnings changes. The incremental benefit from predicting earnings changes concurrently with forecast errors is small İİ SS MM MM MM OO BB i l gg i yy ee EE rr i şş im i MM ee rr kk ee zz i 4

5 relative to a model that predicts only forecast errors. The results hold after controlling for various risk factors and known anomalies. Market Reaction to Multiple Contemporaneous Earnings Signals: Earnings Announcements and Future Earnings Guidance Rowland Atiase, Haidan Li, Somchai Supattarakul & Senyo Tse We examine market reactions to contemporaneous announcements of current earnings and future earnings guidance for evidence on how investors trade off relevance and reliability. Current earnings are more reliable than future earnings guidance, but future earnings guidance may be more relevant for predicting future performance. We find that current earnings are more strongly associated with announcement-period returns than concurrently-disclosed future earnings guidance, consistent with investors relative preference for reliability. We find similar return reactions to stand-alone earnings and to earnings released with guidance. In contrast, return reactions are lower for guidance announced simultaneously with current earnings than for stand-alone guidance. Perspectives Accrual Accounting for Performance Evaluation Sunil Dutta & Stefan Reichelstein This paper examines alternative accrual accounting rules from an incentive and control perspective. For a range of common production, financing and investment decisions we consider alternative asset valuation rules. The criterion for distinguishing among these rules is that the corresponding performance measure should provide managers with robust incentives to make present value maximizing decisions. Such goal congruence is shown to require intertemporal matching of revenues and expenses, though the specific form of matching needed for control purposes generally differs from GAAP. The practitioner oriented literature on economic profit plans has made various, and at times conflicting, recommendations regarding adjustments to the accounting rules used for external financial reporting. Our goal congruence approach provides a framework for comparing and evaluating these recommendations. İİ SS MM MM MM OO BB i l gg i yy ee EE rr i şş im i MM ee rr kk ee zz i 5