The relationship between smolt and postsmolt growth for Atlantic salmon (Salmo salar) in the Gulf of St. Lawrence

The interaction of ocean climate and growth conditions during the postsmolt phase is emerging as the primary hypothesis to explain patterns of adult recruitment for individual stocks and stock complexes of Atlantic salmon (Salmo salar). Friedland et al. (1993) first reported that contrast in sea surface temperature (SST) conditions during spring appeared to be related to recruitment of the European stock complex. This hypothesis was further supported by the relationship between cohort specific patterns of recruitment for two index stocks and regional scale SST (Friedland et al., 1998). One of the index stocks, the North Esk of Scotland, was shown to have a pattern of postsmolt growth that was positively correlated with survival, indicating that growth during the postsmolt year controls survival and recruitment (Friedland et al., 2000). A similar scenario is emerging for the North American stock complex where contrast in ocean conditions during spring in the postsmolt migration corridors was associated with the recruitment pattern of the stock complex (Friedland et al., 2003a, 2003b). The accumulation of additional data on the postsmolt growth response of both stock complexes will contribute to a better understanding of the recruitment process in Atlantic salmon.

Initial losses, corporate governance and earnings management

This thesis examines the relationship between initial loss events and the corporate governance and earnings management behaviour of these firms. This is done using four years of corporate governance information spanning the report of an initial loss for companies listed on the UK Stock Exchange. An industry- and sizematched control sample is used in a difference-in-difference analysis to isolate the impact of the initial loss event during the period. It is reported that, in general, an initial loss motivates an improvement in corporate governance in those loss firms where a relative weakness existed prior to the loss and that these changes mainly occur before the initial loss is announced. Firms with stronger (i.e. better quality) corporate governance have less need to alter it in response to the loss. It is also reported that initial loss firms use positive abnormal accruals in the year before the loss in an attempt to defer/avoid the loss — the weaker corporate governance the more likely is it that loss firms manage earnings in this manner. Abnormal accruals are also found to be predictive of an initial loss and when used as a conditioning variable, the quality of corporate governance is an important mitigating factor in this regard. Once the loss is reported, loss firms unwind these abnormal accruals although no evidence of big-bath behaviour is found. The extent to which these abnormal accruals are subsequently unwound are also found to be a function of both the quality of corporate governance as well as the severity of the initial loss.

Reversal of impairment losses, firm performance and reporting incentives: Evidence from Malaysia

Malaysian Financial Reporting Standard (FRS) No. 136, Impairment of Assets, was issued in 2005. The standard requires public listed companies to report their non-current assets at no more than their recoverable amount. When the value of impaired assets is recovered, or partly recovered, FRS 136 requires the impairment charges to be reversed to its new recoverable amount. This study tests whether the reversal of impairment losses by Malaysian firms is more closely associated with economic reasons or reporting incentives. The sample of this study consists of 182 public companies listed on Bursa Malaysia (formerly known as the Kuala Lumpur Stock Exchange) that reported reversals of their impairment charges during the period 2006-2009. These firms are matched with firms which do not reverse impairment on the basis of industrial classification and size. In the year of reversal, this study finds that the reversal firms are more profitable (before reversals) than their matched firms. On average, the Malaysian stock market values the reversals of impairment losses positively. These results suggest that the reversals generally reflect increases in the value of the previously impaired assets. After partitioning firms that are likely to manage earnings and those that are not, this study finds that there are some Malaysian firms which reverse the impairment charges to manage earnings. Their reversals are not value-relevant, and are negatively associated with future firm performance. On the other hand, the reversals of firms which are deemed not to be earnings managers are positively associated with both future firm performance and current stock price performance, and this is the dominant motivation for the reversal of impairment charges in Malaysia. In further analysis, this study provides evidence that the opportunistic reversals are also associated with other earnings management manifestations, namely abnormal working capital accruals and the motivation to avoid earnings declines. In general, the findings suggest that the fair value measurement in impairment standard provides useful information to the users of financial statements.

The effect of bonds on loyalty towards auditors: the mediating role of commitment

The study examines the impact of knowledge and social bonds on commitment and behavioural loyalty in auditor-client relationships. A model is proposed and tested using data collected from stock exchange company executives in the UK. The results show the significant effects of the knowledge and social bonds on commitment. Commitment is shown to be a mediating variable, which influences word-of-mouth and continuance but not the purchase of non-audit services. In the light of these findings, suggestions are provided to auditors in developing relationship bonds and managing the relationship at the firm level.

Psychological bonds and their impact on behavioral loyalty in auditor-client relationships

Purpose – The purpose of this paper is to examine the effect of the psychological bond on behavioral loyalty (word-of-mouth, continuance and non-audit services) to audit firms providing services to companies listed on the Polish Stock Exchange. Design/methodology/approach – A model is proposed and tested using structural equation modeling with LISREL. Data were collected from top executives of companies listed on the Warsaw Stock Exchange. Findings – The psychological bond has a positive effect on word-of-mouth, continuance and non-audit services. Research limitations/implications – The current research is limited to the investigation of the psychological bond as an antecedent of behavioral loyalty in Poland. Future research should identify and assess other antecedents and replicate these across different countries. A longitudinal survey across different points in time might reveal more useful information about auditor-client relationships. Practical implications – Auditors need to consider ways in which they can develop the psychological bond with their clients. This bond is the basis for the client believing the audit firm is superior to others, which has been found to lead to behavioral loyalty in this study. In particular, management of the auditor brand and reputation, personal experience of the audit firm and alumni relations are discussed as ways of enhancing the psychological bond among client executives. Originality/value – This study is the first to examine the impact of the psychological bond on behavioral loyalty in auditor-client relationships.

Technology and the architecture of markets: re-configuring the Canadian equity market

This paper examines the relation between technical possibilities, liberal logics, and the concrete reconfiguration of markets. It focuses on the enrolling of innovations in communication and information technologies into the markets traditionally dominated by stock exchanges. With the development of capacities to trade on-screen, the power of incumbent market makers has been challenged as a less stable array of competing quasi-public and private marketplaces emerges. Developing a case study of the Toronto Stock Exchange, I argue that narrative emphasis on the performative power of sociotechnical innovations, the deterritorialisation of financial relations, and the erosion of state capacities needs qualification. A case is made for the importance of developing an understanding of: the spaces of encounter between emerging social technologies and property rights, rules of exchange, and structures of governance; and the interplay of orderings of different institutional composition and spatial reach in the reconfiguration of market architectures. Only then can a better grasp be gained of the evolving dynamics between making markets, the regulatory powers of the state, and their delimitations.

Ownership Patterns and Control in Turkish Listed Companies

The purpose of this paper is to document the prevalent ownership concentration, structure and control in the top 100 companies listed on the Istanbul Stock Exchange. The results are discussed in the context of emerging corporate governance trends in Turkey. Where appropriate, comparisons with other countries are provided. The results of the study indicate that ownership of Turkish companies is highly concentrated, families being the dominant shareholders. The separation of ownership and control among Turkish companies is mainly achieved through pyramidal ownership structures and the presence of big business groups. However, the cash flow and voting rights in Turkish companies are relatively more aligned compared to other family–ownership–dominated insider–system countries.

Panel unit root tests in the presence of cross-sectional dependence: finite sample performance and an application

This paper examines the finite sample properties of three testing regimes for the null hypothesis of a panel unit root against stationary alternatives in the presence of cross-sectional correlation. The regimes of Bai and Ng (2004), Moon and Perron (2004) and Pesaran (2007) are assessed in the presence of multiple factors and also other non-standard situations. The behaviour of some information criteria used to determine the number of factors in a panel is examined and new information criteria with improved properties in small-N panels proposed. An application to the efficient markets hypothesis is also provided. The null hypothesis of a panel random walk is not rejected by any of the tests, supporting the efficient markets hypothesis in the financial services sector of the Australian Stock Exchange.

NCRF 14 – concentrações de atividades empresariais e os impactos da sua aplicação: estudo de caso no setor empresarial

Projeto apresentado obtenção do Grau de Mestre em Auditoria Orientada pela Professora Doutora Alcina Augusta Sena Dias

O Plano geral de contabilidade angolano e o sistema de normalização contabilística de Portugal: uma análise comparada

Dissertação de Mestrado apresentada ao Instituto de Contabilidade e Administração do Porto para a obtenção do grau de Mestre em Contabilidade e Finanças, sob orientação da Professora Doutora Ana Maria Alves Bandeira

A Avaliação Imobiliária e a sua relação com o Investimento

O presente relatório visa cumprir os requisitos da unidade curricular Dissertação, Projeto ou Estágio (DIPRE) do mestrado em Engenharia Civil do Instituto Superior de Engenharia do Porto (ISEP). O estágio curricular decorreu na empresa VPM - Vaz Pinto Mendes - Unipessoal Lda, sob o tema: “A avaliação imobiliária e a sua relação com o investimento”. A avaliação imobiliária visa determinar o valor associado aos bens imóveis. Pode ser aplicada a todo o tipo de bens imóveis, tais como: apartamentos e moradias uni e multifamiliares, espaços comerciais e de serviços, quintas, unidades hoteleiras e industriais, complexos desportivos, entre outros. A avaliação imobiliária poderá ser solicitada por parte de proprietários ou arrendatários dos imóveis, por empresas, tribunais, advogados e solicitadores. Apresenta diversos fins, tais como a determinação do valor de indemnização devido a expropriações, o financiamento hipotecário para compra ou construção de imóveis, partilhas, estudo de um investimento financeiro, intenção de venda ou arrendamento, efeitos fiscais ou apenas o simples conhecimento do valor aproximado das propriedades que se possui. O presente estudo visa abordar o atual mercado imobiliário nacional, o procedimento de realização de uma avaliação imobiliária e principalmente os métodos de avaliação tradicionais.

Clustering aplicado à Bolsa de Valores de Lisboa

O objetivo desta dissertação foi estudar um conjunto de empresas cotadas na bolsa de valores de Lisboa, para identificar aquelas que têm um comportamento semelhante ao longo do tempo. Para isso utilizamos algoritmos de Clustering tais como K-Means, PAM, Modelos hierárquicos, Funny e C-Means tanto com a distância euclidiana como com a distância de Manhattan. Para selecionar o melhor número de clusters identificado por cada um dos algoritmos testados, recorremos a alguns índices de avaliação/validação de clusters como o Davies Bouldin e Calinski-Harabasz entre outros.

Sähkön ja lämmön yhteistuotannon optimointi

Työn tavoitteena oli suunnitella ja toteuttaa sähkön ja lämmön yhteistuotantolaitoksen tuotannon optimointi. Optimoinnin kriteerinä on tuotannon kannattavuus. Pyrittiin luomaan optimointimalli, joka ottaa optimoinnissa huomioon erityisesti kaukolämmön kulutusennusteen muutokset sekä sähkön pörssihinnan vaihtelut. Tuotannon kannalta olennaisin kriteeri on kaukolämmön kulutusennusteen pohjalta arvioidun kaukolämpökuorman tyydyttäminen mahdollisimman tehokkaasti ja taloudellisesti. Sähkön tuotannon merkittävimmiksi kriteereiksi muodostuivat sähkön tuotannon ennustettavuus ja tuotannon maksimointi sähkön pörssihinnan asettamissa puitteissa. Optimointiohjelmaa ei ole tarkoitus kytkeä suoraan voimalaitoksen ajojärjestelmään, vaan siitä on tarkoitus tulla erillinen ajosuunnittelijan työkalu. Itse ajosuunnitteluun vaikuttaa usein monipuolisemmat suunnittelukriteerit kuin pelkästään tuotannon tuottavuus. Näiden eri kriteerien painotuksia ei ohjelmassa huomioida, vaan ne päättää ajosuunnittelija. Tuloksena saatiin aikaan optimointiohjelma, joka laskee valittujen tuotantovaihtoehtojen kokonaistuotot eri kaukolämmön kulutusennusteiden ja sähkön pörssihintaennusteiden pohjalta.

Finite-Sample Diagnostics for Multivariate Regressions with Applications to Linear Asset Pricing Models

In this paper, we propose several finite-sample specification tests for multivariate linear regressions (MLR) with applications to asset pricing models. We focus on departures from the assumption of i.i.d. errors assumption, at univariate and multivariate levels, with Gaussian and non-Gaussian (including Student t) errors. The univariate tests studied extend existing exact procedures by allowing for unspecified parameters in the error distributions (e.g., the degrees of freedom in the case of the Student t distribution). The multivariate tests are based on properly standardized multivariate residuals to ensure invariance to MLR coefficients and error covariances. We consider tests for serial correlation, tests for multivariate GARCH and sign-type tests against general dependencies and asymmetries. The procedures proposed provide exact versions of those applied in Shanken (1990) which consist in combining univariate specification tests. Specifically, we combine tests across equations using the MC test procedure to avoid Bonferroni-type bounds. Since non-Gaussian based tests are not pivotal, we apply the “maximized MC” (MMC) test method [Dufour (2002)], where the MC p-value for the tested hypothesis (which depends on nuisance parameters) is maximized (with respect to these nuisance parameters) to control the test’s significance level. The tests proposed are applied to an asset pricing model with observable risk-free rates, using monthly returns on New York Stock Exchange (NYSE) portfolios over five-year subperiods from 1926-1995. Our empirical results reveal the following. Whereas univariate exact tests indicate significant serial correlation, asymmetries and GARCH in some equations, such effects are much less prevalent once error cross-equation covariances are accounted for. In addition, significant departures from the i.i.d. hypothesis are less evident once we allow for non-Gaussian errors.

Exact Skewness-Kurtosis Tests for Multivariate Normality and Goodness-of-fit in Multivariate Regressions with Application to Asset Pricing Models

We study the problem of testing the error distribution in a multivariate linear regression (MLR) model. The tests are functions of appropriately standardized multivariate least squares residuals whose distribution is invariant to the unknown cross-equation error covariance matrix. Empirical multivariate skewness and kurtosis criteria are then compared to simulation-based estimate of their expected value under the hypothesized distribution. Special cases considered include testing multivariate normal, Student t; normal mixtures and stable error models. In the Gaussian case, finite-sample versions of the standard multivariate skewness and kurtosis tests are derived. To do this, we exploit simple, double and multi-stage Monte Carlo test methods. For non-Gaussian distribution families involving nuisance parameters, confidence sets are derived for the the nuisance parameters and the error distribution. The procedures considered are evaluated in a small simulation experi-ment. Finally, the tests are applied to an asset pricing model with observable risk-free rates, using monthly returns on New York Stock Exchange (NYSE) portfolios over five-year subperiods from 1926-1995.