In merger and acquisition (M&A), we find strong evidence that within a 90 day window of a deal announcement date, analysts are more likely to upgrade their recommendations over the acquirer stocks in deals with cash only payment compared to deals with pure stock payment in a probit analysis. To disentangle the means of payment impact on the short term abnormal return of acquirer stocks from other impacts, we perform an event study using a three day window around the deal announcement date. We...

Using 7,566 firm-year observations of Chinese listed firms over the period 2003-2008, this study examines the impact of legal system, regulatory system and foreign investment on stock price synchronicity. We find that legal system and regulatory system are negatively associated with stock price synchronicity with the effect of legal system stronger than regulatory system. However, a positive relation between the participation of foreign institutional investors and the stock price synchronicity is...

This paper examines the effects of monetary policy in association with structural changes in Chinese economy over the period 1992- 2014. First this paper applies a threshold co-integration test to examine the stability of money demand function. The test indicates that money demand function experiences structural changes around 2002 and it becomes unstable after 2002. Given the instability of money demand function, the paper evaluates the effects of monetary policy in two periods before and after...

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This paper examines the links between financial development, trade openness and economic growth by using a VECM model in United Arab Emirates (UAE) for the period 1977-2012. The econometric methodology employed was the Cointegration and Granger Causality test. The stationarity properties of the data and the order of integration of the data were tested using both the Augmented Dickey-Fuller (ADF) test and the Phillip-Perron (PP) test. The variables tested stationary at first differences. The...

The purpose of the study is to investigate the value-relevance of the accounting information of the affiliated business groups and how the concept of “main auditing auditors” moderates the above value-relevance. Empirical results of data obtained from Taiwan indicate that the value-relevance of book value is significantly higher for the non-affiliated business groups, but the earnings information of the affiliated business groups obtains more trust and approval from investors. As for the external...

Nowadays, accounting graduates are expected to possess a wide set of technical and generic skills to meet the requirements of the work place. Most employers find that accounting university programs are unable to provide graduates with the skills that are required by the profession. The aim of this research is to examine accounting graduates’ self- assessment and employers’ assessments of skill sets acquired in the accounting university programs. During the period April – May 2014, a quantitative...

The purpose of this study is to identify the major challenges toward inward foreign direct investment in Thailand by examining some critical factors. According to the UNCTAD World Investment Report 2013, Thailand was among the 8 priority destinations for foreign investment for the period of 2013-2015, gaining fourth place in the previous year. As a result, Thailand is an important destination of Foreign Direct Investment. Thailand has always been referred to as a developing country which has been...

A good report should satisfy the expectations of the users based on their need of information. The present study views the users as a wide range of stakeholder groups as the concerned under the banner of public accountability, in which it explicates the right of the public to information about public sector organisations in discharging their accountability. Due to this, public managers are accountable to provide satisfactory information to the public for their actions and inactions to prevent any...

The study is primarily aimed at determining whether any significant relationship exists between environmental reporting and the economic performance of local and foreign companies in the petroleum industry. Pollution with regards to oil spillage, gas flaring and other ecological damages like toxic release by the petroleum industry have attained a level of devastating proportion leading to insecurity and human sufferings of epidemic proportion. True accountability in the sector will go a long way...