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Robert Libby - One of the best experts on this subject based on the ideXlab platform.
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retraction capital Market Pressure disclosure frequency induced earnings cash flow conflict and managerial myopia
The Accounting Review, 2005Co-Authors: Sanjeev Bhojraj, Robert LibbyAbstract:We examine the effects of increased capital Market Pressure and disclosure frequency‐induced earnings/cash flow conflict on myopic behavior. In our experiments, experienced financial managers choose between projects where a conflict exists between near‐term earnings and total cash flow. Managers more often choose projects that they believe will maximize short‐term earnings (and price) as opposed to total cash flows in response to increased capital Market Pressure resulting from a pending stock issuance, holding constant agency frictions and other stock Market Pressures. When faced with increased capital Market Pressure, changes in disclosure frequency cause managers to behave more or less myopically depending on the impact of the change on the pattern of earnings and the resulting earnings/cash flow conflict. Our study provides insights into managers' beliefs about stock Market Pressures, mandatory reporting, and the availability of alternative communications channels, and contributes to literature on man...
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Retraction: Capital Market Pressure, Disclosure Frequency-Induced Earnings/Cash Flow Conflict, and Managerial Myopia
The Accounting Review, 2005Co-Authors: Sanjeev Bhojraj, Robert LibbyAbstract:We examine the effects of increased capital Market Pressure and disclosure frequency‐induced earnings/cash flow conflict on myopic behavior. In our experiments, experienced financial managers choose between projects where a conflict exists between near‐term earnings and total cash flow. Managers more often choose projects that they believe will maximize short‐term earnings (and price) as opposed to total cash flows in response to increased capital Market Pressure resulting from a pending stock issuance, holding constant agency frictions and other stock Market Pressures. When faced with increased capital Market Pressure, changes in disclosure frequency cause managers to behave more or less myopically depending on the impact of the change on the pattern of earnings and the resulting earnings/cash flow conflict. Our study provides insights into managers' beliefs about stock Market Pressures, mandatory reporting, and the availability of alternative communications channels, and contributes to literature on man...
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Capital Market Pressure, Disclosure Frequency-Induced Earnings/Cash Flow Conflict, and Managerial Myopia (Retracted)
The Accounting Review, 2005Co-Authors: Sanjeev Bhojraj, Robert LibbyAbstract:We examine the effects of increased capital Market Pressure and disclosure frequency-induced earnings/cash flow conflict on myopic behavior. In our experiments, experienced financial managers choose between projects where a conflict exists between near-term earnings and total cash flow. Managers more often choose projects that they believe will maximize short-term earnings (and price) as opposed to total cash flows in response to increased capital Market Pressure resulting from a pending stock issuance, holding constant agency frictions and other stock Market Pressures. When faced with increased capital Market Pressure, changes in disclosure frequency cause managers to behave more or less myopically depending on the impact of the change on the pattern of earnings and the resulting earnings/cash flow conflict. Our study provides insights into managers' beliefs about stock Market Pressures, mandatory reporting, and the availability of alternative communications channels, and contributes to literature on managerial myopia and earnings management, as well as current debates over disclosure frequency.
Ian W. Marsh - One of the best experts on this subject based on the ideXlab platform.
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exchange Market Pressure on the pound dollar exchange rate 1925 1931
The North American Journal of Economics and Finance, 2004Co-Authors: Paul C Hallwood, Ian W. MarshAbstract:An investigation of exchange Market Pressure against the pound sterling during the inter-war period. The main findings are that a) the behavior of UK fundamentals relative to those of the USA help to explain exchange Market Pressure against the pound; b) during the run up to devaluation in September 1931 the monetary authorities in the UK were acting to reduce domestic credit; but that c) additional Pressure was brought against the pound from speculative sources. These findings relate to current thinking on the choice of exchange rate regime as even well behaved fundamentals may not be sufficient to sustain a currency on its peg.
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Exchange Market Pressure on the pound–dollar exchange rate: 1925–1931
The North American Journal of Economics and Finance, 2004Co-Authors: C. Paul Hallwood, Ian W. MarshAbstract:An investigation of exchange Market Pressure against the pound sterling during the inter-war period. The main findings are that a) the behavior of UK fundamentals relative to those of the USA help to explain exchange Market Pressure against the pound; b) during the run up to devaluation in September 1931 the monetary authorities in the UK were acting to reduce domestic credit; but that c) additional Pressure was brought against the pound from speculative sources. These findings relate to current thinking on the choice of exchange rate regime as even well behaved fundamentals may not be sufficient to sustain a currency on its peg.
Sanjeev Bhojraj - One of the best experts on this subject based on the ideXlab platform.
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retraction capital Market Pressure disclosure frequency induced earnings cash flow conflict and managerial myopia
The Accounting Review, 2005Co-Authors: Sanjeev Bhojraj, Robert LibbyAbstract:We examine the effects of increased capital Market Pressure and disclosure frequency‐induced earnings/cash flow conflict on myopic behavior. In our experiments, experienced financial managers choose between projects where a conflict exists between near‐term earnings and total cash flow. Managers more often choose projects that they believe will maximize short‐term earnings (and price) as opposed to total cash flows in response to increased capital Market Pressure resulting from a pending stock issuance, holding constant agency frictions and other stock Market Pressures. When faced with increased capital Market Pressure, changes in disclosure frequency cause managers to behave more or less myopically depending on the impact of the change on the pattern of earnings and the resulting earnings/cash flow conflict. Our study provides insights into managers' beliefs about stock Market Pressures, mandatory reporting, and the availability of alternative communications channels, and contributes to literature on man...
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Retraction: Capital Market Pressure, Disclosure Frequency-Induced Earnings/Cash Flow Conflict, and Managerial Myopia
The Accounting Review, 2005Co-Authors: Sanjeev Bhojraj, Robert LibbyAbstract:We examine the effects of increased capital Market Pressure and disclosure frequency‐induced earnings/cash flow conflict on myopic behavior. In our experiments, experienced financial managers choose between projects where a conflict exists between near‐term earnings and total cash flow. Managers more often choose projects that they believe will maximize short‐term earnings (and price) as opposed to total cash flows in response to increased capital Market Pressure resulting from a pending stock issuance, holding constant agency frictions and other stock Market Pressures. When faced with increased capital Market Pressure, changes in disclosure frequency cause managers to behave more or less myopically depending on the impact of the change on the pattern of earnings and the resulting earnings/cash flow conflict. Our study provides insights into managers' beliefs about stock Market Pressures, mandatory reporting, and the availability of alternative communications channels, and contributes to literature on man...
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Capital Market Pressure, Disclosure Frequency-Induced Earnings/Cash Flow Conflict, and Managerial Myopia (Retracted)
The Accounting Review, 2005Co-Authors: Sanjeev Bhojraj, Robert LibbyAbstract:We examine the effects of increased capital Market Pressure and disclosure frequency-induced earnings/cash flow conflict on myopic behavior. In our experiments, experienced financial managers choose between projects where a conflict exists between near-term earnings and total cash flow. Managers more often choose projects that they believe will maximize short-term earnings (and price) as opposed to total cash flows in response to increased capital Market Pressure resulting from a pending stock issuance, holding constant agency frictions and other stock Market Pressures. When faced with increased capital Market Pressure, changes in disclosure frequency cause managers to behave more or less myopically depending on the impact of the change on the pattern of earnings and the resulting earnings/cash flow conflict. Our study provides insights into managers' beliefs about stock Market Pressures, mandatory reporting, and the availability of alternative communications channels, and contributes to literature on managerial myopia and earnings management, as well as current debates over disclosure frequency.
Mete Feridun - One of the best experts on this subject based on the ideXlab platform.
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liability dollarization exchange Market Pressure and fear of floating empirical evidence for turkey
Greenwich Papers in Political Economy, 2011Co-Authors: Mete FeridunAbstract:The objective of this article is to examine the relationship between liability dollarization and the Exchange Market Pressure (EMP) in Turkey within an Autoregressive Distributed Lag (ARDL) and Granger causality framework using monthly data from 1991:12 to 2006:08. The findings suggest that there exists a long-term equilibrium relationship between EMP and liability dollarization, where liability dollarization Granger causes EMP both in the short- and long-run, with no evidence of reverse causality. This suggests that the predominance of foreign currency liabilities in the banks’ balance sheets in Turkey induces a selling Pressure in the exchange Market as well as a fear of floating.
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Capital Reversals and Exchange Market Pressure: Evidence from the Autoregressive Distributed Lag (ARDL) Bounds Tests
Economic Research-Ekonomska Istraživanja, 2010Co-Authors: Mete FeridunAbstract:AbstractThis article examines the relationship between capital reversals and exchange Market Pressure in Turkey within an autoregressive distributed lag (ARDL) bounds testing and Granger causality framework using monthly data from 1991:12 to 2006:08. The results suggest that capital reversals are in a long-run equilibrium relationship with exchange Market Pressure. Granger causality tests indicate that there exists short-run and long-run causality running from capital reversals to exchange Market Pressure, but not vice versa. These findings lend empirical support to the Sudden Stop theory.
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Determinants of Exchange Market Pressure in Turkey: An Econometric Investigation
Emerging Markets Finance and Trade, 2009Co-Authors: Mete FeridunAbstract:This paper investigates the hypothesis that there is a causal relation between speculative Pressure and real exchange rate overvaluation, banking-sector fragility, and the level of international reserves in Turkey. An autoregressive distributed lag (ARDL) bounds-testing procedure and Granger causality within vector error-correction models (VECM) are applied to the period after the liberalization of capital flows (August 1989-August 2006). The results of the ARDL bounds test support the theory that exchange Market Pressure is in a long-run equilibrium relation with the three hypothesized variables over the sample period. On the other hand, the results of the short-run and long-run Granger causality tests indicate the existence of Granger causality running from the three variables to exchange Market Pressure. The findings further suggest that a feedback relation exists between banking-sector fragility and exchange Market Pressure.
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Exchange Market Pressure and currency crises in Turkey : an empirical investigation
2008Co-Authors: Mete FeridunAbstract:This thesis investigates the determinants of exchange Market Pressure and currency crises in Turkey over the period 1989:09 and 2001:04 using three empirical methodologies: the Autoregressive Distributed Lag (ARDL) bounds testing approach to investigate the short-run and the long-run dynamics of exchange Market Pressure; the binary logit and ordered logit models in order to identify the determinants of currency crises; and third, it applies the signals approach to identify the leading indicators of currency crises. The findings of the thesis have indicated that speculative Pressure in the foreign exchange Market and currency crises in Turkey in the sample period cannot be attributed entirely to a single cause and that these two phenomena are a result of a diverse set of factors. The results also suggest that both speculative Pressure in the exchange Market and currency crises in Turkey are linked to the reversals in the capital flows. The findings have also indicated that another important factor which has given rise to speculative Pressure in the exchange Market and currency crises in Turkey is the weaknesses in the banking sector balance sheets, such as the overexposure to foreign exchange, liquidity and credit risks. The results of the thesis have also revealed that currency crises and speculative Pressure in the foreign exchange Market are linked to the overvaluation of the Turkish lira. Above all, the results have indicated that currency crises and speculative Pressure in the foreign exchange Market are not necessarily driven by common factors and that it is misleading to classify explanatory variables strictly as statistically significant and insignificant in the context of currency crises. Last but not least, the findings of this thesis have also suggests that statistically insignificant variables could still convey information regarding the imminence of currency crises if used in a non-parametric signals model.
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ISE and exchange Market Pressure
2006Co-Authors: Mete FeridunAbstract:This article aims at investigating the long-run relationship between stock prices and speculative Pressure in the Turkish exchange Market through Granger-causality analysis for the period 1986:01-2006:11. For this purpose an Exchange Market Pressure Index is built using the weighted average of exchange rate changes, interest rate changes and foreign exchange reserve changes. This index is then used in pairwise causality analyses with Istanbul Stock Exchange (ISE) National-100 Index. Results of the ADF unit root tests suggest that the series are stationary. Hence, no-cointegration analysis was carried out before the Granger-causality tests. Results of Granger-causality indicates that there exists no long-run relationship between stock prices and the speculative Pressure in the exchange Market in Turkey.
Agustin Roitman - One of the best experts on this subject based on the ideXlab platform.
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Pressure or prudence? Tales of Market Pressure and fiscal adjustment
Journal of International Money and Finance, 2015Co-Authors: Salvatore Dell' Erba, Todd D. Mattina, Agustin RoitmanAbstract:We study whether multiyear fiscal adjustment plans in 17 OECD countries during 1980–2011 have been associated with Market Pressure. We find that only a fraction of the consolidations occurred under Market Pressure, suggesting that Market Pressure is important but not the main element associated with consolidation plans. Many adjustments under Market Pressure were also clustered around external shocks, and entailed larger median fiscal adjustments than other multiyear consolidations. In contrast, we find that virtually all multiyear consolidations aimed at reducing budget deficits occurred with initially weak macro-fiscal fundamentals.
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Pressure or Prudence? Tales of Market Pressure and Fiscal Adjustment
IMF Working Papers, 2013Co-Authors: Salvatore Dell'erba, Todd D. Mattina, Agustin RoitmanAbstract:We study whether multiyear fiscal adjustment plans in 17 OECD countries during 1980-2011 have been associated with Market Pressure. We find that only a third (34 percent) of the consolidations occurred under Market Pressure, suggesting that Market Pressure is important but not the main element associated with consolidation plans. Many adjustments under Market Pressure were also clustered around external shocks, and entailed larger median fiscal adjustments than other multiyear consolidations. In contrast, we find that virtually all multiyear consolidations aimed at reducing budget deficits occurred with initially weak macro-fiscal fundamentals.