The Experts below are selected from a list of 47334 Experts worldwide ranked by ideXlab platform
Jeongbon Kim - One of the best experts on this subject based on the ideXlab platform.
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The influence of ownership structure, analyst following and Institutional Infrastructure on stock price informativeness: international evidence
Accounting & Finance, 2013Co-Authors: Li Jiang, Jeongbon Kim, Lei PangAbstract:Using firms from 20 non-US countries, we investigate whether and how ownership structure, analyst following and country-level institutions influence stock price informativeness (SPI). We find that stock price informativeness decreases with control-ownership wedge (the detachment of voting rights from cash flows rights), and this SPI-reducing effect of the wedge is attenuated for firms with high analyst following and in countries with strong country-level institutions. We also find that stock price informativeness decreases with analyst following, but this SPI-reducing effect of analyst following is attenuated in countries with strong country-level institutions.
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International Financial Reporting Standards, Institutional Infrastructures, and implied cost of equity capital around the world
Review of Quantitative Finance and Accounting, 2013Co-Authors: Jeongbon Kim, Haina Shi, Jing ZhouAbstract:Using a sample of 21,608 firm-years from 34 countries during 1998–2004, this study evaluates the impact of voluntary adoption of the International Financial Reporting Standards (IFRS) on a firm’s implied cost of equity capital. We find that the implied cost of equity capital is significantly lower for the full IFRS adopters than for the non-adopters even after controlling for potential self-selection bias and firm-specific and country-level factors that are known to affect the implied cost of capital. This result holds irrespective of Institutional Infrastructure determining a country’s governance and enforcement mechanisms. We also find that the implied cost of equity capital decreases with the efficacy of Institutional Infrastructure. Moreover, we provide evidence that the cost of capital-reducing effect of IFRS adoption is greater when IFRS adopters are from countries with weak Institutional Infrastructures than when they are from countries with strong Infrastructures. The above results are robust to a battery of sensitivity checks.
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voluntary ifrs adoption and stock price synchronicity do analyst following and Institutional Infrastructure matter
2010Co-Authors: Jeongbon Kim, Haina ShiAbstract:This study investigates whether and how a firm’s voluntary adoption of International Financial Reporting Standards (IFRS) influences stock price synchronicity or the extent to which firm-specific information is capitalized into stock prices. We also study the role of analyst following and Institutional Infrastructure in determining the relation between IFRS adoption and synchronicity. Using firm-level data from 34 countries, we find that synchronicity is significantly lower for IFRS adopters than for non-adopters across all regression specifications, and that for IFRS adopters, it decreases from the pre-adoption period to the post-adoption period.This finding supports the view that voluntary IFRS adoption facilitates the incorporation of firm-specific information into stock prices. We also find that the synchronicity-reducing effect of IFRS adoption is attenuated (accentuated) for firms with high (low) analyst following, and is stronger (weaker) for firms in countries with poor (good) Institutional Infrastructures. The above results are robust to a variety of sensitivity checks.
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Enhanced Disclosures Via IFRS and Stock Price Synchronicity Around the World: Do Analyst Following and Institutional Infrastructure Matter?
SSRN Electronic Journal, 2007Co-Authors: Shauna Shi, Jeongbon KimAbstract:In this paper, we investigate whether enhanced disclosures via voluntary adoption of International Financial Reporting Standards (IFRS) influence stock price synchronicity or the extent to which firm-specific information is impounded into stock prices. We also study the role of analyst following and Institutional Infrastructure in determining the relation between IFRS adoption and stock price synchronicity. Our results reveal the following: Enhanced disclosures via IFRS adoption encourage informed traders to collect and trade on private information, which in turn leads to a decrease in stock price synchronicity or an increase in firm-specific return variation. This synchronicity-reducing effect of IFRS adoption is attenuated for firms with high analyst following. Moreover, enhanced disclosures via IFRS adoption encourage private information-based trading to a greater (lesser) extent in countries with poor (good) Institutional Infrastructures where publicly available, firm-specific information such as accounting disclosures is of low (high) quality.
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International Financial Reporting Standards, Institutional Infrastructures and Costs of Equity Capital around the World
SSRN Electronic Journal, 2007Co-Authors: Shauna Shi, Jeongbon KimAbstract:We construct a large sample of 21,608 firm-years with International Financial Reporting Standards (IFRS) adopters and non-adopters from 34 countries over the 1998-2004 period, and evaluate differences in the implied cost of capital between the IFRS adopters and the non-adopters. We also investigate whether and how the cost-of-capital effect of IFRS adoptions is differentially influenced by the efficacy of Institutional Infrastructures determining a country's corporate governance and enforcement mechanisms. Our results reveal the following. First, we find that the cost of equity capital is significantly lower for the full IFRS adopters than for the non-adopters, suggesting that the IFRS adopters benefit from greater and better disclosures via IFRS by having a lower cost of raising capital from equity markets. Moreover this result holds, irrespective of a country's Institutional Infrastructure. Second, we find that the cost of capital decreases with the efficacy of Institutional Infrastructure. Finally and more importantly, we find that the cost of capital-reducing effect of IFRS adoption is greater when the IFRS adopters are from countries with weak Institutional Infrastructures than when they are from countries with strong Infrastructures. The above results are overall robust to the use of alternative measures of the expected cost of capital and a battery of sensitivity checks.
Crispian Fuller - One of the best experts on this subject based on the ideXlab platform.
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the learning and skills council and the Institutional Infrastructure for post 16 education and training an initial assessment
Journal of Education and Work, 2004Co-Authors: Mark Ramsden, Robert J. Bennett, Crispian FullerAbstract:Using secondary data and new survey evidence from local LSC's, this article assesses the progress of the Learning and Skills Council (LSC). It does so with particular reference to three current policy priorities: to ensure national coherence but with sensitivity to the local context, to increase the demand‐led element of education and training, and to increase partnership with others. The article finds that the LSC is much more coherent and nationally orientated than the structures it replaces. However, this centralisation has come at the expense of local flexibility. Evidence suggests that the LSC is less collaborative with other agents than previous structures and is less demand‐led, focusing on national strategic planning and using other agents and partners only where they help to meet national objectives.
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The learning and skills council and the Institutional Infrastructure for post‐16 education and training: an initial assessment
Journal of Education and Work, 2004Co-Authors: Mark Ramsden, Robert J. Bennett, Crispian FullerAbstract:Using secondary data and new survey evidence from local LSC's, this article assesses the progress of the Learning and Skills Council (LSC). It does so with particular reference to three current policy priorities: to ensure national coherence but with sensitivity to the local context, to increase the demand‐led element of education and training, and to increase partnership with others. The article finds that the LSC is much more coherent and nationally orientated than the structures it replaces. However, this centralisation has come at the expense of local flexibility. Evidence suggests that the LSC is less collaborative with other agents than previous structures and is less demand‐led, focusing on national strategic planning and using other agents and partners only where they help to meet national objectives.
M.a. Balderas Altamirano - One of the best experts on this subject based on the ideXlab platform.
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Frugal Innovations in Technological and Institutional Infrastructure: Impact of Mobile Phone Technology on Productivity, Public Service Provision and Inclusiveness
The European Journal of Development Research, 2018Co-Authors: M.a. Balderas Altamirano, Cees P. Van BeersAbstract:Cet article examine les innovations frugales en tant que processus, produits et systèmes qui affectent les contraintes de ressources typiques de nombreux pays en développement. L’accent est mis sur l’impact des innovations frugales issues des technologies de l’information (TI) sur les contraintes de ressources et sur la manière dont ces effets influencent la productivité, la fourniture de services publics et l’intégration. Ces effets sont illustrés à l’aide du cas du système de paiement M-Pesa et plus particulièrement de deux services particuliers qui utilisent M-Pesa, à savoir Kilimo-Salama, une micro-assurance agricole par téléphone portable et M-Farm, des services d’accès au marché pour les petits agriculteurs. Les résultats révèlent des effets positifs sur la productivité du secteur privé et sur la prestation de services publics en raison notamment de la réduction de la durée de la transaction et donc des coûts. En ce qui concerne l’intégration, il est probable qu’à court terme, l’application des innovations frugales issues de l’informatique ne sera pas inclusive. À plus long terme, on peut s’attendre à ce que l’inclusion de ces innovations augmente.AbstractThis paper examines frugal innovations as processes, products and systems that affect the resource constraints that are typical for many developing countries. The focus is on the impacts of mobile phone technology-induced frugal innovations’ on the resource constraints and how these influence productivity, public services provision and inclusiveness. The effects are illustrated with the help of the case of the M-Pesa payment system and more specifically two particular services that use M-Pesa, i.e. Kilimo-Salama, an agricultural microinsurance through mobile phones and M-Farm, market access services for small farmers. The results reveal positive impacts on private sector productivity and public services provisions due to, among others, reduction of transaction length and hence costs. With regard to inclusiveness it is likely that in the short term the application of IT-induced frugal innovations will not be inclusive. In the longer term the inclusiveness of these innovations can be expected to increase.
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frugal innovations in technological and Institutional Infrastructure impact of mobile phone technology on productivity public service provision and inclusiveness
The European Journal of Development Research, 2018Co-Authors: M.a. Balderas Altamirano, Cees Van BeersAbstract:This paper examines frugal innovations as processes, products and systems that affect the resource constraints that are typical for many developing countries. The focus is on the impacts of mobile phone technology-induced frugal innovations’ on the resource constraints and how these influence productivity, public services provision and inclusiveness. The effects are illustrated with the help of the case of the M-Pesa payment system and more specifically two particular services that use M-Pesa, i.e. Kilimo-Salama, an agricultural microinsurance through mobile phones and M-Farm, market access services for small farmers. The results reveal positive impacts on private sector productivity and public services provisions due to, among others, reduction of transaction length and hence costs. With regard to inclusiveness it is likely that in the short term the application of IT-induced frugal innovations will not be inclusive. In the longer term the inclusiveness of these innovations can be expected to increase.
Mark Ramsden - One of the best experts on this subject based on the ideXlab platform.
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the learning and skills council and the Institutional Infrastructure for post 16 education and training an initial assessment
Journal of Education and Work, 2004Co-Authors: Mark Ramsden, Robert J. Bennett, Crispian FullerAbstract:Using secondary data and new survey evidence from local LSC's, this article assesses the progress of the Learning and Skills Council (LSC). It does so with particular reference to three current policy priorities: to ensure national coherence but with sensitivity to the local context, to increase the demand‐led element of education and training, and to increase partnership with others. The article finds that the LSC is much more coherent and nationally orientated than the structures it replaces. However, this centralisation has come at the expense of local flexibility. Evidence suggests that the LSC is less collaborative with other agents than previous structures and is less demand‐led, focusing on national strategic planning and using other agents and partners only where they help to meet national objectives.
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The learning and skills council and the Institutional Infrastructure for post‐16 education and training: an initial assessment
Journal of Education and Work, 2004Co-Authors: Mark Ramsden, Robert J. Bennett, Crispian FullerAbstract:Using secondary data and new survey evidence from local LSC's, this article assesses the progress of the Learning and Skills Council (LSC). It does so with particular reference to three current policy priorities: to ensure national coherence but with sensitivity to the local context, to increase the demand‐led element of education and training, and to increase partnership with others. The article finds that the LSC is much more coherent and nationally orientated than the structures it replaces. However, this centralisation has come at the expense of local flexibility. Evidence suggests that the LSC is less collaborative with other agents than previous structures and is less demand‐led, focusing on national strategic planning and using other agents and partners only where they help to meet national objectives.
Amalie Lososová - One of the best experts on this subject based on the ideXlab platform.
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national addiction specific Institutional Infrastructure fundamental prerequisite for successful implementation of specialized academic degree study programmes a case study in historical perspective
Central European Journal of Public Health, 2019Co-Authors: Michal Miovský, Anna Vondrová, Beatrice Kathungu, Roger H Peters, Amalie LososováAbstract:Objective: Human resources are crucial for addiction treatment and prevention services, as well as for science and research. The aim of this historical case study is to explain and demonstrate the role of specialized university academic degree study programmes in addictions in the context of a national Institutional Infrastructure. This specific group of very highly specialized academic programmes represents the highest level of professional development and is producing a totally new generation of addiction specialists with a very distinctive professional identity. Methods: The study protocol is based on a case study research design and the case is defined as the historical development of addiction specialized institutions closely related to self-help, prevention, and treatment activities on the historical territory of the Czech Republic. We identified relevant historical sources related to establishing and/or running activities or institutions according to the categories specified in our concept of the national Institutional Infrastructure. All the materials and sources that were collected were sorted according to a timeline and categories of institutions and we systematically determined the first recorded activity/institution in each particular category. For this simple sorting system we used open and selected coding according to Grounded Theory. Results: The public health model developed by Thomas Babor recognizes six different structural mechanisms to support university-based programmes in addiction studies: specialized journals, research centres, professional societies, specialized libraries and documentation centres, training and education programmes and institutions, and funding agencies. We attempted to redefine the concept of addiction studies within the broader context of the addiction field and added three additional mechanisms of support: public interest groups, self-help groups, and service providers. Using a historical case study in the Czech Republic, we demonstrate the potential for a broader context and interaction between these support mechanisms and academic institutions hosting academic programmes in addiction studies. Conclusion: The process of establishing integrated addiction studies programmes at Charles University in the Czech Republic had its origins in, and support from, various national institutions and professional organizations. This allowed the university to develop academic programmes at the bachelor's, master's, and Ph.D. levels. The availability of career opportunities for advanced-level addiction professionals in the Czech Republic was also a critically important factor in developing sustainable academic programmes in addiction studies. Our experience is that the creation of successful and sustainable academic programmes for addiction professionals is difficult to achieve without broad Infrastructure support, national advocacy efforts, and legislative change at the national level.
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National Addiction-specific Institutional Infrastructure - fundamental prerequisite for successful implementation of specialized academic degree study programmes: a case study in historical perspective.
Central European journal of public health, 2019Co-Authors: Michal Miovský, Anna Vondrová, Roger Peters, Beatrice Kathungu, Amalie LososováAbstract:Human resources are crucial for addiction treatment and prevention services, as well as for science and research. The aim of this historical case study is to explain and demonstrate the role of specialized university academic degree study programmes in addictions in the context of a national Institutional Infrastructure. This specific group of very highly specialized academic programmes represents the highest level of professional development and is producing a totally new generation of addiction specialists with a very distinctive professional identity. The study protocol is based on a case study research design and the case is defined as the historical development of addiction specialized institutions closely related to self-help, prevention, and treatment activities on the historical territory of the Czech Republic. We identified relevant historical sources related to establishing and/or running activities or institutions according to the categories specified in our concept of the national Institutional Infrastructure. All the materials and sources that were collected were sorted according to a timeline and categories of institutions and we systematically determined the first recorded activity/institution in each particular category. For this simple sorting system we used open and selected coding according to Grounded Theory. The public health model developed by Thomas Babor recognizes six different structural mechanisms to support university-based programmes in addiction studies: specialized journals, research centres, professional societies, specialized libraries and documentation centres, training and education programmes and institutions, and funding agencies. We attempted to redefine the concept of addiction studies within the broader context of the addiction field and added three additional mechanisms of support: public interest groups, self-help groups, and service providers. Using a historical case study in the Czech Republic, we demonstrate the potential for a broader context and interaction between these support mechanisms and academic institutions hosting academic programmes in addiction studies. The process of establishing integrated addiction studies programmes at Charles University in the Czech Republic had its origins in, and support from, various national institutions and professional organizations. This allowed the university to develop academic programmes at the bachelor's, master's, and Ph.D. levels. The availability of career opportunities for advanced-level addiction professionals in the Czech Republic was also a critically important factor in developing sustainable academic programmes in addiction studies. Our experience is that the creation of successful and sustainable academic programmes for addiction professionals is difficult to achieve without broad Infrastructure support, national advocacy efforts, and legislative change at the national level.