Bilgiye Erişim Merkezi ne Yeni Gelen Yayınlar

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1 2244 HHAAZZİ İİRRAANN ÇÇAARRŞŞAAMBBAA SSAAYYI II: : Bilgiye Erişim Merkezi ne Yeni Gelen Yayınlar Warner, Aaron W. Concepts and cases in economic analysis. New York: Harcourt, 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 Brummet, R. Lee. Cost accounting for small manufatures / Jack C. Robertson. Washington: Small Business Administration, Resmi Gazete YASAMA BÖLÜMÜ KANUNLAR 5908 Türkiye Cumhuriyeti ile Sovyet Sosyalist Cumhuriyetler Birliği Arasında Akdedilen 27 Nisan 1988 Tarihli Konsolosluk Sözleşmesinin Bazı Maddelerinin Tadiline İlişkin Türkiye Cumhuriyeti ile Rusya Federasyonu Arasında Protokolün Onaylanmasının Uygun Bulunduğuna Dair Kanun 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 5909 Kamu Finansmanı ve Borç Yönetiminin Düzenlenmesi Hakkında Kanunda Değişiklik Yapılmasına Dair Kanun YÜRÜTME VE İDARE BÖLÜMÜ BAKANLIKLARA VEKÂLET ETME İŞLEMİ Devlet Bakanı Hayati YAZICI ya, Milli Savunma Bakanı M. Vecdi GÖNÜL ün Vekâlet Etmesine Dair Tezkere Devlet Bakanı Faruk Nafız ÖZAK a, Tarım ve Köyişleri Bakanı Mehmet Mehdi EKER in Vekâlet Etmesine Dair Tezkere YÖNETMELİKLER Abant İzzet Baysal Üniversitesi Ekonomik ve Sosyal Araştırmalar Araştırma ve Uygulama Merkezi Yönetmeliği Adıyaman Üniversitesi Tarımsal Uygulama ve Arazi Yönetimi Uygulama ve Araştırma Merkezi Yönetmeliği Adnan Menderes Üniversitesi Yabancı Dil Öğretimi ve Yabancı Dille Öğretim Yapılmasında Uyulacak Esaslara İlişkin Yönetmelik Marmara Üniversitesi Yaz Okulu Yönetmeliği Süleyman Demirel Üniversitesi Orman Yangınlarıyla Mücadele Eğitim Uygulama ve Araştırma Merkezi Yönetmeliği TEBLİĞLER 10 khz - 60 GHz Frekans Bandında Çalışan Sabit Telekomünikasyon Cihazlarından Kaynaklanan Elektromanyetik Alan Şiddeti Limit Değerlerinin Belirlenmesi, Ölçüm Yöntemleri ve Denetlenmesi Hakkında Yönetmelik te Geçen Meskun Mahal ile İlgili Tebliğin Yürürlükten Kaldırılmasına Dair Tebliğ Özelleştirme Yüksek Kurulunun 22/6/2009 Tarihli ve 2009/29 Sayılı Kararı Özelleştirme Yüksek Kurulunun 22/6/2009 Tarihli ve 2009/30 Sayılı Kararı Özelleştirme Yüksek Kurulunun 22/6/2009 Tarihli ve 2009/31 Sayılı Kararı Özelleştirme Yüksek Kurulunun 22/6/2009 Tarihli ve 2009/32 Sayılı Kararı Yabancı Kitap Ve Süreli Yayınlar Journal of Accounting and Public Policy 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 Volume 28, Issue 3, Pages (May-June 2009) Geographic earnings disclosure and trading volume Pages Ole-Kristian Hope, Wayne B. Thomas, Glyn Winterbotham Abstract Beginning with Statement of Financial Accounting Standards No. 131 (SFAS 131), Disclosures about Segments of an Enterprise and Related Information, most US multinational firms no longer disclose geographic earnings in their annual reports. Given the recent growth in foreign operations of US firms and the varying operating environments around the world, information (or lack thereof) related to geographical performance can affect investors information set. Using empirical tests that closely follow the [Kim, O., Verrecchia, R., Pre-announcement and event-period private information. Journal of Accounting and Economics 24, ] model, we find results consistent with their predictions. Specifically, using a sample of firms with substantial foreign operations, we find evidence of a decrease in event period private information following adoption of SFAS 131 for firms that no longer disclose geographic earnings. These results suggest that decreased public information (i.e., non-disclosure of geographic earnings) reduces the ability of investors to utilize or generate private information in conjunction with the public announcement of quarterly earnings, which dampens trading. We also find evidence of a decrease in pre-announcement private information following adoption of SFAS 131. This is consistent with an overall improvement in public disclosures that has the effect of reducing differences in the precision of private information across investors in the period prior to the earnings announcement. However, such an effect is observed for both firms which no longer disclose geographic earnings and for firms that continue to disclose geographic earnings. Article Outline 1. Introduction 2. Prior research and research design 3. Data and sample 4. Results 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 4.1. Primary tests 4.2. Subsample tests 4.3. Sensitivity analyses Samples matched on time period, market capitalization, and industry membership 4.4. Changes in firm-specific averages 4.5. Operating segments 4.6. Changes in industry segments 4.7. Cross-sectional tests 5. Conclusion Acknowledgements References The impact of accounting information quality on the mispricing of accruals: The case of FRS3 in the UK Pages Ann L-C Chan, Edward Lee, Stephen Lin Abstract We exploit a unique setting of accounting regulation change to examine how accounting information quality affects the well-documented accrual anomaly. We show a significant reduction in the negative return predictability of accruals among UK companies with poorer accounting information quality following the introduction of Financial Reporting Standard No. 3: Reporting Financial Performance (FRS3). While the functional fixation hypothesis attributes the mispricing of accruals to the judgemental error of end-users of information, our findings suggest that the supply side of information also plays a crucial role. Our results provide evidence that regulatory interventions seeking to improve accounting information quality can reduce the mispricing of securities in the capital market. Article Outline 1. Introduction 2. Prior literature and hypotheses development 2.1. Institutional background of FRS Accrual anomaly and information environment 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 2.3. Hypotheses development 3. Sample and methodology 3.1. Sample and descriptive statistics 3.2. Research methodology Measuring accruals Measuring accounting information quality Mishkin tests Hedge portfolio tests Fama MacBeth regressions 4. Empirical findings 4.1. Mishkin tests 4.2. Hedge portfolio tests 4.3. Fama MacBeth regressions 4.4. Additional tests 5. Conclusion Acknowledgements References Does auditor designation by the regulatory authority improve audit quality? Evidence from Korea Pages Jeong-Bon Kim, Cheong H. Yi Abstract In Korea, the regulatory authority designates external auditors for firms that are deemed to have strong incentives and/or great potential for opportunistic earnings management, and mandates these firms to replace their incumbent auditors with new designated auditors and to retain them for a certain period, typically one to three years. We call this regulatory regime auditor designation. This paper investigates whether the auditor designation rule in Korea is effective in deterring managers from making incomeincreasing earnings management. Consistent with our hypothesis, we find that the level of discretionary accruals is significantly lower for firms with designated auditors than firms with a free selection of auditors. We also find that firms with mandatory auditor changes (i.e., auditor designation) report significantly lower discretionary accruals compared to firms with voluntary auditor changes. The above findings are robust to a 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

7 battery of robustness checks. Overall, our results are consistent with the notion that the auditor designation enhances audit quality and thus the credibility of financial reporting. Article Outline 1. Introduction 2. Institutional backgrounds 2.1. Overview of the Korean audit services market 2.2. Introduction of auditor designation 3. Hypothesis development 4. Empirical model 5. Empirical results 5.1. Sample and data sources 5.2. Descriptive statistics and univariate tests 5.3. Main regression results 5.4. Positive vs. negative discretionary accruals 6. Further analysis 6.1. Effects of mandatory versus voluntary auditor changes 6.2. Self-selection bias 6.3. Sensitivity analyses Performance-matched sample 6.4. Effect of the 1997 financial crisis 6.5. Additional robustness checks 7. Concluding remarks Acknowledgements Appendix. Appendix References Investor perceptions of an auditor s adverse internal control opinion Pages Thomas J. Lopez, Scott D. Vandervelde, Yi-Jing Wu Abstract In response to recent corporate scandals, Congress passed the Sarbanes Oxley Act of 2002 (SOX) which, among other things, requires that the auditor render an opinion as to 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 7

8 the effectiveness of a company s system of internal controls. The assumption implicit in this requirement is that the new internal control opinion provides investors with valuerelevant information. Our evidence suggests that an adverse audit opinion on internal control over financial reporting provides incremental value-relevant information to investors beyond that contained in the financial statement audit opinion alone. Specifically we find that an adverse audit opinion on internal controls over financial reporting relative to an unqualified opinion is significantly associated with investors assessing a higher risk of financial statement misstatement, higher risk of a future financial statement restatement, higher information asymmetry, lower financial statement transparency, higher risk premium, higher cost of capital, lower sustainability of earnings, and lower earnings predictability. Overall, our empirical results support our hypotheses that the auditor s opinion on the internal controls over financial reporting provides financial statement users with value-relevant information. Article Outline 1. Introduction 2. Background and hypotheses development 2.1. Background and prior literature 2.2. Hypotheses development Risk of material misstatement and risk of restatement Risk premium and cost of capital Earnings sustainability and earnings predictability Information asymmetry and financial statement transparency 3. Method 3.1. Participants 3.2. Design 3.3. Experimental task 3.4. Manipulation checks 3.5. Descriptive statistics and correlation matrix 4. Results 4.1. Auditor s Internal Control Opinion and Firm Value 4.2. Tests of hypotheses relationship of factors to auditor opinion on internal controls 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 8

9 4.3. Do the factors mediate the observed relationship between firm value and the IC_OPINION? 5. Discussion and conclusion Acknowledgements Appendix A Treatment:. Auditor s internal control opinion over financial reporting Appendix B Mediation. analysis questions References A note on value relevance of mark-to-market values of energy contracts under EITF Issue No Pages Li Li Eng, Shahrokh Saudagaran, Sora Yoon Abstract This paper examines whether marked-to-market values of energy trading assets and liabilities of companies that enter into energy contracts are related to market value of equity. The Emerging Issues Task Force of the Financial Accounting Standards Board ruled in November 2002 to ban the use of mark-to-market accounting for energy contracts out of concern that fair values can be easily inflated. We find that the excess of fair value over original value of energy trading assets and energy trading liabilities is not relevant for valuation. It may be inferred that fair values which are subject to management estimates and not verifiable are poor signals of worth and performance (Watts, R., Conservatism in accounting Part I: Explanations and implications. Accounting Horizons 17, ). Article Outline 1. Introduction 2. Prior research 3. Hypotheses and methodology 4. Sample and data 4.1. Sample selection 5. Descriptive statistics 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 9

10 6. Results 6.1. Correlation analysis 6.2. Regression analysis 6.3. Sensitivity analyses Regression of market value on excess of fair value over original value of net energy trading assets Regression of market value on assets and liabilities 7. Conclusion Acknowledgements Appendix A. CLECO POWER LLC 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 10