The Sarbanes-Oxley Act of 2002 (SOX) was established to strengthen internal controls over financial reporting by U.S. public firms and, as a consequence, to increase investor and stakeholder confidence in published financial reports. Among the many SOX provisions, SOX 404 requires an annual assessment by the firm’s executive management and external auditor of the firm’s internal controls over f...

We consider a simple model of a pure exchange economy under uncertainty with two periods, one physical good, and …nitely many states of the world. Denoting the number of the states by S, we prove that there exists a sequence of S securities, all in zero net supply, such that if they are introduced into markets one by one in the order of the sequence, then the security markets eventually become ...

This study examined effect of working capital management on profitability containing twenty manufacturing firms listed in Nairobi securities exchange. Kenya's sector has been hit by poor leading to unstable profits. Despite various scholars conducting studies concerning Kenyan firms’ capital, lack consistence revenues require further examination what causes these deviations. Current was piloted...

ABSTRACTThe Financial Services Authority has issued the latest regulation in Capital Market sector, namely Regulation Number 3/POJK.04/2021 concerning Implementation of Activities Sector. This paper aims to conduct a more specific analysis regarding mandatory elements for company that will public offering list its equity securities on stock exchange. The initiation obligation listing is carried...

Based on a comprehensive sample of 170 securities traded continuously on the Brussels Stock Exchange from December 1966 to December 1983 this paper presents evidence which indicates that the stationarity of beta-coefficients is not as strong as reported in previous studies which were based on smaller samples. It is shown, however, that beta forecast can be generally improved using an adjustment...

Financial markets derive their political and societal legitimacy from ability to produce fair accurate prices. However, reviewing the literature on how stock exchanges price securities, we find an inherent tension between market organization disclosure, which is borne out by this special issue's historical case studies.