ciency hypothesis by Fama (1970), Fama and French (1989) argue that stock market returns are predictable. There is also evidence of the predictability in the cross section of stock returns, which casts doubt on the widely accepted CAPM by Sharpe (1964) and Lintner (1965). In particular, Fama and French (1992, 1993) report that value stocks, stocks of high book-to-market value ratio, have much h...

Applying both the price-levels model and the lagged-price-deflated returns model, we investigated the incremental value relevance of the reconciliation of accounts from the Chinese Accounting Standards (CAS) to the International Accounting Standards (IAS) by those Chinese listed companies that have simultaneously issued A-shares and B-shares. In addition, we examined the usefulness of accountin...

ciency hypothesis by Fama (1970), Fama and French (1989) argue that stock market returns are predictable. There is also evidence of the predictability in the cross section of stock returns, which casts doubt on the widely accepted CAPM by Sharpe (1964) and Lintner (1965). In particular, Fama and French (1992, 1993) report that value stocks, stocks of high book-to-market value ratio, have much h...

The concept of Value Creation is gaining momentum in Iran under the open regime. Iranian Companies are geared to understand and act upon the concept of Shareholder Value to stay competitive in this unfathomable and volatile environment. Most executives today understand that, the need to create shareholder value is paramount and the world’s most competitive management teams are responding to the...

This study examines the disclosure of labor-related costs by US firms, and estimates the proportion of these costs that are valued as an asset (human capital) by the market. Separate identification of labor-related costs in US financial reports is voluntary, and is made consistently only by about 10% of all US Compustat firms. The probability of disclosure is found to be positively related to f...

In conventional economics, value creation occurs in the private sector with state limited to correcting for “market failures”. Public management scholars have developed term “public value” describe how public managers can engage citizens shaping effective policy. A more ambitious concept of rejects failure” framework and puts at centre economy. is created by actors creating co-shaping markets l...

Recent studies show that regression-based estimates of accounting conservatism reflect both differences in the asymmetric recognition of bad news and differences in asset composition. In particular, a firm’s market value and returns reflect both assetsin-place and expected future rents, while book values tend to reflect only assets-in-place. We propose two tests that remove the effect of asset ...