2009/14806 Türkiye Cumhuriyeti Tarafından Kuzey Kıbrıs Türk Cumhuriyeti ne Sağlanan Krediye İlişkin Anlaşmanın Yürürlüğe Girmesi Hakkında Karar

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1 2266 MAARRTT PPEERRŞŞEEMBBEE SSAAYYI II: : Resmi Gazete YÜRÜTME VE İDARE BÖLÜMÜ MİLLETLERARASI ANDLAŞMA 2009/14806 Türkiye Cumhuriyeti Tarafından Kuzey Kıbrıs Türk Cumhuriyeti ne Sağlanan Krediye İlişkin Anlaşmanın Yürürlüğe Girmesi Hakkında Karar YÖNETMELİKLER Kıymetli Madenler Borsalarının Kuruluş ve Çalışma Esasları Hakkında Genel Yönetmelikte Değişiklik Yapılmasına Dair Yönetmelik Enerji Kaynaklarının ve Enerjinin Kullanımında Verimliliğin Artırılmasına Dair Yönetmelikte Değişiklik Yapılmasına Dair Yönetmelik TEBLİĞLER Ambulans ve Acil Bakım Teknikerleri ile Acil Tıp Teknisyenlerinin Çalışma Usul ve Esaslarına Dair Tebliğ Türk Standartları Enstitüsü Tarafından Uygunluk Değerlendirmesi Yapılan Ürünlerin İthalatına Dair Dış Ticarette Standardizasyon Tebliği nde Değişiklik Yapılması Hakkında Tebliğ (No: 2009/22) Sağlık Bakanlığı ndan Özel İzin Alınması Gereken Maddelerin İthalatına Dair Dış Ticarette Standardizasyon Tebliği nde Değişiklik Yapılması Hakkında Tebliğ (No: 2009/28) Çevrenin Korunması Yönünden Kontrol Altında Tutulan Kimyasalların İthalatına Dair Dış Ticarette Standardizasyon Tebliği nde Değişiklik Yapılması Hakkında Tebliğ (No: 2009/29) Tütün, Tütün Mamulleri, Alkol ve Alkollü İçkilerin İthalatına Dair Dış Ticarette Standardizasyon Tebliği nde Değişiklik Yapılması Hakkında Tebliğ (No: 2009/30) Sağlık Bakanlığı nın Denetimine Tabi Bazı Ürünlerin İthalatına Dair Dış Ticarette Standardizasyon Tebliği nde Değişiklik Yapılması Hakkında Tebliğ (No: 2009/31) YARGI BÖLÜMÜ YARGITAY KARARLARI Yargıtay 2, 6 ve 18. Hukuk Dairelerine Ait Kararlar Yabancı Kitap Ve Süreli Yayınlar Journal of Accounting and Public Policy Volume 26, Issue 3, Pages (May-June 2007) Institutional investor type, earnings management and benchmark beaters Pages Ping-Sheng Koh 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 This paper classifies institutional investors into transient or long-term by their investment horizons to examine the association between institutional investor type and firms discretionary earnings management strategies in two mutually exclusive settings firms that (do not) use accruals to meet/beat earnings targets. The results support the view that long-term institutional investors constrain accruals management among firms that manage earnings to meet/beat earnings benchmarks. This suggests long-term institutional investors can mitigate aggressive earnings management among these firms. Transient institutional ownership is not systematically associated with aggressive earnings management and is evident only among firms that manage earnings to meet/beat their earnings benchmarks. This indicates transient institution-associated managerial myopia may not be as prevalent as posited by critics. This study highlights the importance of explicitly considering the type of institutional investor and the specific setting when investigating the association between institutional ownership and corporate earnings management. Article Outline 2. Hypothesis development: institutional investor type and earnings management 2.1. Transient institutional investors and earnings management 2.2. Long-term institutional investors and earnings management 3. Research design 3.1. Sample selection 3.2. Measuring institutional ownership 3.3. Discretionary accruals proxy 3.4. Control variables and model specifications 4. Results 4.1. Descriptive statistics 4.2. Regression results Institutional ownership type and accruals management to meet/beat benchmarks Institutional ownership type and accruals management by NBBUA firms 4.3. Robustness tests 5. Summary and conclusion Acknowledgements 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 References Audit committee quality, auditor independence, and internal control weaknesses Pages Yan Zhang, Jian Zhou, Nan Zhou In this paper we investigate the relation between audit committee quality, auditor independence, and the disclosure of internal control weaknesses after the enactment of the Sarbanes-Oxley Act. We begin with a sample of firms with internal control weaknesses and, based on industry, size, and performance, match these firms to a sample of control firms without internal control weaknesses. Our conditional logit analyses indicate that a relation exists between audit committee quality, auditor independence, and internal control weaknesses. Firms are more likely to be identified with an internal control weakness, if their audit committees have less financial expertise or, more specifically, have less accounting financial expertise and non-accounting financial expertise. They are also more likely to be identified with an internal control weakness, if their auditors are more independent. In addition, firms with recent auditor changes are more likely to have internal control weaknesses. Article Outline 2. Background and hypotheses 2.1. Background 2.2. Audit committee quality and internal control 2.3. Auditor independence and internal control 2.4. Control variables Audit committee Board of directors Auditor types Auditor changes Other variables 3. Sample and control firms selection 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 3.1. Selection of sample firms 3.2. Control firms selection 4. Empirical results 4.1. Univariate analyses 4.2. Multivariate analyses Conditional logit regression models Conditional logit regression results Robustness checks 5. Conclusion Acknowledgements Appendix A. Appendix Appendix B. Variable definitions References Investor relations, reputational bonding, and corporate governance: The case of Royal Ahold Pages Abe de Jong, Douglas V. DeJong, Gerard Mertens, Peter Roosenboom Royal Ahold (Koninklijke Ahold NV) was one of the major success stories in the 1990s and is one of the major failures, suffering a complete meltdown, in We investigate the strategy, investor relations, accounting transparency and corporate governance of Ahold; these elements jointly drive the firm s performance over the past decade. Investor relations and its implications are an important but under researched aspect of the market s belief formation process. For Ahold, investor relations is an important component of reputational bonding [Siegel, J., Can foreign firms bond themselves effectively by renting US securities laws? Journal of Financial Economics 75, ]. Our clinical study documents investor relations influence on investor expectations. We then provide an in-depth analysis of the strategy, accounting transparency and corporate governance that lead to Ahold s downfall. We provide insights and implications into these relationships that present theory and empirical studies have not fully addressed. 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 Article Outline 2. Growth strategy, investor relations and implementation 2.1. Growth strategy 2.2. Investor relations 2.3. Financing acquisitions and the house bank 2.4. The successful growth strategy: become the largest chain on the US East Coast 2.5. Global expansion and its difficulties 3. Accounting transparency: how NYSE cross-listing and Netherlands accounting standards supported Ahold s investor relations 4. Corporate governance 4.1. Code of corporate governance 4.2. Ownership and control structure 4.3. Management board 4.4. Supervisory board 4.5. Incentive compensation 5. Accounting manipulations, fraud and loss of investor confidence 6. Lessons learned Acknowledgements References Income repatriation decision for multinational corporations: Tax issues Pages Anna Dodonova, Yuri Khoroshilov This paper analyzes the existing asymmetry in the US corporate tax law governing the determination of foreign tax credits earned by US firms with foreign subsidiaries. The existing asymmetry results in the US government de facto holding foreign currency put options against US firms with foreign subsidiaries. Combined with the exchange rate volatility, this tax law asymmetry reduces the effective foreign after-tax rate of return and, thus, makes it profitable for US firms to repatriate their foreign source income earlier even when the foreign after-tax rate of return is higher than the domestic rate. 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

6 Although this paper identifies this asymmetry in the tax law and analyzes its potential effect on the timing of foreign source income repatriation, it is an open question as to the economic significance of this tax code feature provided the firms ability to curry the unused tax credit forward for up to 10 years. Article Outline 2. The model 3. Symmetric home tax law 3.1. Asymmetric tax law 4. Conclusion References 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 6