The empirical relationship between accounting disclosure and stock Dissertation

The empirical relationship between accounting disclosure and stock market return using portfolio analysis and managerial behavio - Dissertation Example The rapid advances in technology and communication have provided instant access of news on companies and capital markets to investors through mediums such as the Internet and television (Mayer, 2003). Thus, information is now analyzed by investors in a matter of minutes or seconds and decisions on stock investments are taken much more frequently. Companies disclose information on their performance or other aspects through various mediums such as earnings reports, corporate communications and management interviews (Weston, 2009). The investor base is constantly on the lookout for any new information from such events that may help them increase their returns or reduce their risk exposure (Schillhofer, 2008). Based on these factors, it is believed that an empirical relationship exists between accounting disclosures of firms and the performance of related stocks in the market. The paper analyzes the potential existence of such an empirical relationship among companies within the Gulf Coo peration Council (GCC) region by using a numerical analysis on historical information on related parameters. Schillhofer (2008) has shown that earnings disclosures have a direct influence on investor preferences that determine the prices and returns from traded securities. Since then, numerous studies have been carried out to understand the relationship between corporate disclosures and the performances of securities related to the target firms. While this strong relationship is demonstrated among firms based in the developed and western economies, behavior demonstrating the relationship between accounting disclosures and stock returns is rather sparse and relatively unexplored among firms based in Oman and other countries belongings to the Gulf Cooperation Council (GCC). This paper is an attempt to provide some further investigation into this phenomenon with a specific focus on the firms based out of the GCC member countries. McCahery (2007) believes that research exploring the val ue of information disclosed through annual reports and other corporate disclosures for investment analysis and valuation purposed has been rather limited in nature. This however leads one to question the importance of accounting disclosures and why they are so avidly analyzed by investors. Hirschey (2009) have conducted elaborate surveys of investors and investment analysts and have arrived at a broad consensus over the relevance and importance of the target company’s financial statements, footnotes, Management discussions & analysis (MD & A) as well as the various accounting assumptions and estimates of the company. For example, the release of financial statements and accounts is followed by the annual general meeting (AGM), which in the opinion of Ang (2008) perhaps offers the only opportunity for investors to understand the company’s management, their behavior and their practices to improve the sustainability and prospects of the business. However, Heinrich (2006) c onducted some analytical studies in this regard only to conclude that such meetings did not generally evoke a collective and unilateral reaction from the market. According to Weston (2009), the extent of information available in the market about a company is directly related to the range of disclosures made public by the organization as well as the extent to which the company’s stock is followed by intermediaries such as financial analysts and brokers. Thus, most

THE IMPACT OF OUTDOOR PLAY ON YOUNG CHILDREN'S SOCIAL DEVELOPMENT AGE Dissertation

THE IMPACT OF OUTDOOR PLAY ON YOUNG CHILDREN'S SOCIAL DEVELOPMENT AGE 3-5 IN THE EARLY YEARS SETTING - Dissertation Example The various challenges to outdoor were cited as academic focus, lack of time and initiative on the part of parents and availability if indoor distractions like TV, video-games etc. The observational research concluded that the observed children’s outdoor play activities developed, changed and became more innovative, creative and at times gender specific over the period of observation. The findings also showed that there were positive gains like increased communications and interactions with others, increased initiative to participate in activities and increased awareness of the self and environment. These findings therefor indicate that social development is affected by outdoor play and hence there is a need to develop curriculum to increase participation. Additionally, the research also comments on the lack of awareness about the social benefits among the parents and makes recommendations for developing programs for educating them. Table of Contents Chapter 1: Introduction In troduction Introduction and Research Background Research Questions Research Aims Research Strategy Research Significance Chapter 2: Literature Review A Historical Perspective The Value of Play for Young Children’s Social Development Outdoor Play and Social Development Stages and Levels of Outdoor Play Challenges with Outdoor Play Chapter 3: Methodology Research Methodology-Introduction Methodology and Research Process Sample Pilot Testing and Assessing Validity Administration Ethical considerations Chapter 4: Findings and Analysis Introduction Findings A: Survey of Parents and Teachers Findings B: Interview of Parents and Teachers Findings C: Findings from Observational Research Chapter 5: Conclusion List of Figures and Tables Figure1: Teacher’s Perceptions about Time for Outdoor Play Figure 2: Parent’s Perceptions about Time for Outdoor Play Figure 3: Teachers’ Safety Concerns Figure 5: Teachers’ Perceptions on Uniqueness of Benefits of Outdoor Pl ay Figure 6: Parents’ Perceptions on Uniqueness of Benefits of Outdoor Play Figure 7: Teachers’ Perceptions of Benefots of Out Door Play Figure 8: Parents’ Perceptions of Benefots of Out Door Play Figure 9: Teachers’ Perception of how Outdoor Play Leads to Social Development Figure 10: Parents’ Perception of how Outdoor Play Leads to Social Development Figure 11: Teachers’ Perception of Factors Inhibiting Outdoor Play Figure 12: Parents’ Perception of Factors Inhibiting Outdoor Play Figure 13: Teachers’ Recommendations for Outdoor Play Figure 14: Parents’ Recommendations for Outdoor Play Table 1: Perception of the Essential Time To be Spent in Outdoor Play Table 2: Safety Concerns related to Outdoor Play Table 3: Perceptions of Differential Benefits of Outdoor and Indoor Play Table 4: Benefits of Outdoor Play Table: 5: Outdoor Play Activities Leading to Social Development Table 6: Factors Responsible for Lack of Outdoor Play Table 7: Recommended Actions to Increase Outdoor Play List of Appendices Appendix A: Questionnaire for parents and teachers Apendix B: Interview Questionnaire Appendix C: Observation criteria Chapter 1: Introduction Introduction This chapter contains the introduction and background of the research and explains

Econ Questions Essay Example | Topics and Well Written Essays - 2500 words

Econ Questions - Essay Example Pugelovia will export rice and import cloth. 9.b. An increase in endowment of capital would result in a production-possibility curve that is biased toward machinery or production of large volume of machinery. The large volume of machinery produced is due to the effect of more clothing being given up in order to produce machineries. 9.e. US national well being may decline as a result of the increase in endowment of capital. As the capital/labour ratio in the international sector declines, the wages in the US would decrease causing a declining income for workers. 3. A tariff would increase the production output domestically. When a country imposes tariff, the domestic price of the product would increase in order to include the tariff. Local producers who do not pay the import tariff would have an incentive to increase their output in order to exploit the higher domestic price. The tariff would give domestic producers extra surplus on all the goods they would have produced even without the tariff plus smaller net gains on additional sales. Graphically, the domestic supply would increase from point J to point C, when tariff is imposed. The production effect is the area ABCJ. The production effect is computed by { = [q1*t] + [(q2 – q1)*t/2]] 4. A tariff would decrease the consumption domestically. When a country imposes tariff, the domestic price would increase such that consumer demand will decline due to higher price. The tariff costs consumers both the full tariff on every goods they continue to buy and the net enjoyment on goods they would have bought at the lower tariff-free price but do not buy at the higher price that includes the tariff. Graphically, the domestic demand would decrease along the demand curve from point H to point F, when tariff is imposed. The consumption effect is the area ABFH. The consumption effect is computed by { = [q3*t] + (q4 – q3)*t/2] 5. Imposing a tariff high

Criminal Law. Analyse the circumstances where liability for omissions Essay

Criminal Law. Analyse the circumstances where liability for omissions may arise - Essay Example However, there are special cases where the law specifies that a person act in order to save a situation failure of which results in criminal liability. Proponents of this type of legislations argue that the law should not bind people to help others since such a situation restricts people’s independence. Example: Tom was driving to town on a rainy afternoon, after driving for more than thirty minutes his car began heating up and huge white smoke began billowing from the bonnet of his car. Luckily, for him, the car had broken down some few meters to a bridge. He therefore alighted from his car and took a five litre water bottle which he had never travelled without from the trunk of his car and followed a small footpath that lead to the stream to fetch some water which could help cool his engine. He got to the stream, filled his container with the cold water, and began the short walk to where he had parked his car. However, a few meters from the riverbank, Tom heard hysterical sc reams emanating from the river, he turned and drowning in the river was a little boy probably seven years old. He immediately dived into the river without considering his actions, unfortunately, Tom had never swam before in a flowing water and it is only until he got into the water that he realized that he had made a mistake. He managed to grab the boy but the strength from the water current the weight of the boy overpowered him and before long, they were both drowning. It thus became a survival of the fittest situation; the boy was still alive and therefore held on to Tom tightly without letting go. Tom was fast losing breadth and he therefore needed to act swiftly to save his life or else they would both drown. In a sharp turn, he pushed the boy away from and fortunately managed to hold onto a root a few meters off the riverbank. The push from Tom combined with the strength of the water waves to give the boy a powerful thrust into a rock. The boy knocked his head and bled to death instantly. Just then, a group of young divers who had been tracing the boy from upstream arrived and one of the saw Tom push the boy away from him. They later removed the body from the water but a legal tussle was just to begin. Analysis The liability of omission begins when one decides to help in a desperate situation and later acts carelessly thereby causing a loss. In such a situation, the victim takes responsibility for his careless action. The law had not compelled Tom to try and save the boy, he could have simply looked at the young boy drown and continued with his business. In such a situation, he is acquitted from any liability since the law does not impose acts of humanity on the population. Had he left, Tom could have continued with his journey to the town and could not have answered to either the group of divers or the police. Additionally, should he have made a formal police report, he could have only been considered as responsible citizen and might therefore have appea red in the court only as a witness and helped the police with investigations to the best of his account of the event. The law does not command compulsory aid unless in special situations. By jumping into the water in an attempt to save the boy, Tom takes full responsibility of the boy and his subsequent acts of carelessness eventually result in the death of the boy. Immediately he jumps into the water, Tom

The Multicultural Marketing Essay Example | Topics and Well Written Essays - 1750 words

The Multicultural Marketing - Essay Example Today almost all major corporations are actively marketing their products beyond their original homeland borders. Infact the issue is generally not whether to market a brand in other countries or to target multiple audience but rather â€Å"how to do it† (as the same product with the same â€Å"global† advertising campaign, or â€Å"tailored† products and localized ads for each country). Today, marketers are much more aware of the significant opportunity that the varying demographic groups present. What's more, they realize that they can no longer afford to neglect the combined buying power of ethnic Americans who, according to estimates, make up $1.3 trillion, or 18.5%, of all US buying. To appeal to these highly lucrative and diverse audiences, marketers are abandoning traditional mass-marketing practices in favor of laser-focused, multicultural marketing efforts. This paper is discussing following points: 1. Understanding what is multicultural marketing? 2. Ways in which ethnicity can be incorporated into marketing strategy. 3. Presenting steps that how a marketer can reach its diverse customers in best possible way. 4. Importance of marketing for multicultural audience, and the benefits and advantages from being unique marketers for multicultural audience. ... This paper although focuses on cross-cultural marketing, the discussion is at the level of the individual nation-state rather than marketing between countries. In multicultural societies the composition of the population can be highly culturally diverse, comprising many ethnic groups which necessitate a cross cultural approach to marketing strategy and management as suggested by Rugimbana and Nwanko (2003). Here it is important to highlight the importance of ethnicity in marketing in multicultural societies or as WiLkison and Cheng (1999: 106) refer to it â€Å"international marketing at home. TECHNIQUES FOR MULTICULTURAL MARKETING: According to Tharp (2001), decision-makers in organizations in multicultural markets should have the skill of â€Å"border mentality† — identifying multiple situational-cultural meanings, or should perform the role of transmigrants† — bridging or overlapping agents among two or more subcultures. In order to be broad minded foll owing techniques should be adopted: 1) To spot patterns that allow subcultures to be grouped together, so that a common marketing Strategy may be extended to several subcultures in a group (â€Å"transcultural† marketing); 2) To develop a distinct marketing strategy for each subculture, if there is a significantly distinct cultural dimension that is important to the specific culture (multicultural marketing); 3) To further segment audiences in a subculture, if needed, in terms of cultural affinity, cultural identity or acculturation level (tactical adaptation within a subculture); 4) To develop parameters of culturally acceptable marketing stimuli; and 5) to establish a protocol for measuring cultural effectiveness of the stimuli. THE MOST CRITICAL ISSUES FACED BY MANAGERS   The critical issues are defined

Review Questions Assignment Example | Topics and Well Written Essays - 250 words

Review Questions - Assignment Example The remainder is uncollectible. The following are the budgeted sales: 3) Micro Company plans to sell 12,000 units during August. If the company has 2,500 units on hand at the start of the month, and plans to have 2,000 units on hand at the end of the month, how many units must be produced during the month? Four pounds of raw materials are required for each unit produced. Raw materials on hand at the start of the year total 4,000 pounds. The raw materials inventory at the end of each quarter should equal 10% of the next quarter’s production needs. Budgeted purchases of raw materials in the third quarter would be: 5) The Broom Corporation is working on its direct labor budget for the next two months. Each unit of output requires 0.05 direct-labor hours. The direct labor rate is $7.50 per direct labor hour. The production budget calls for producing 9,100 units in May and 8,800 units in June. If the direct labor work force is fully adjusted to the total direct labor hours needed each month, what would be the total combined direct labor cost for the two months? 6) MRI bases its manufacturing overhead budget on budgeted direct labor hours. The direct labor budget indicates that 5400 direct labor hours will be required in January. The variable overhead rate is $4.40 per direct labor hour. The company’s budgeted fixed manufacturing overhead is $77,220 per month, which includes depreciation of $9,720. All other fixed manufacturing overhead costs represent current cash flows. The January cash disbursements for manufacturing overhead on the manufacturing overhead budget should be: 7) The manufacturing overhead budget for Fanasta Company is based on budgeted direct labor hours. The direct labor budget indicates that 1,600 direct labor hours will be required in December. The variable overhead rate is $4.40 per direct labor hour. The company’s budgeted fixed manufacturing overhead is $25,120 per month, which includes appreciation of

Research Methods in Education (Topic Question undecided) Essay

Research Methods in Education (Topic Question undecided) - Essay Example A quantitative study conducted on 415 students and 83 teachers in public schools in the US revealed that students and teachers in schools with uniform policies generally felt safer, had higher self-esteem and more positive attitudes toward school climate, than students and teachers in public schools where no uniform policies were in place (Wade & Stafford, 2003). A study conducted by Gottfredson and Gottfredson (2001) involving 848 school principals in the US indicate that one of the main activities that schools implement to improve student behaviour and academic outcomes is to improve school climate. Implementing mandatory school uniform policies have been a subject of much discussion with increasing interest in its relationship to improved school climate. It has been suggested that the mere implementation of a school uniform policy at the very least symbolizes a school’s commitment to school climate change and this perception alone improves student outlook and performance (Brunsma & Rockquemore, 1998). Brunsma and Rockquemore (2003) observe however that with all the interest in the link between school uniform policies and school climate and the importance of school climate to student behaviour, safety and academic achievement, research on the significance of school uniform is sorely lacking. Much of the research is purely theoretical or uses flawed methods. Therefore, more research is needed on the implications and effectiveness of mandatory school uniforms (Brunsma & Rockquemore, 2003). This proposed research will thus fill a gap in the literature by examining and analysing the extent to which a mandatory school uniform policy effects perceptions of school climate. It is anticipated that this research will provide empirical evidence of student and teachers’ perception of school uniform and its relationship to school climate and will identify areas for further