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Assembling compelling and unprecedented evidence, "Political Standards: Accounting for Legitimacy" documents how in subtle ways the rules of corporate accounting a critical institution in modern market capitalism have been captured to benefit industrial corporations, financial firms, and audit firms. In what is perhaps the only independent overview of the accounting industry, Karthik Ramanna begins with a history of corporate accounting and an accessible explanation of how it works today, including the essential roles it plays in defining the fundamental notion of profitability, facilitating asset allocation, and ensuring the accountability of corporations and their managers. From the eviden...
This book is a study of earnings management, aimed at scholars and professionals in accounting, finance, economics, and law. The authors address research questions including: Why are earnings so important that firms feel compelled to manipulate them? What set of circumstances will induce earnings management? How will the interaction among management, boards of directors, investors, employees, suppliers, customers and regulators affect earnings management? How to design empirical research addressing earnings management? What are the limitations and strengths of current empirical models?
An innovative new valuation framework with truly useful economic indicators The End of Accounting and the Path Forward for Investors and Managers shows how the ubiquitous financial reports have become useless in capital market decisions and lays out an actionable alternative. Based on a comprehensive, large-sample empirical analysis, this book reports financial documents' continuous deterioration in relevance to investors' decisions. An enlightening discussion details the reasons why accounting is losing relevance in today's market, backed by numerous examples with real-world impact. Beyond simply identifying the problem, this report offers a solution—the Value Creation Report—and demons...
This Advanced Introduction presents the modern theories of corporate finance. Its focus on core concepts offers useful managerial insights, bolstered by recent empirical evidence, to provide a richer understanding of critical corporate financial policy decisions.
This is the long-awaited second edition of this highly regarded comparative overview of corporate law. This edition has been comprehensively updated to reflect profound changes in corporate law. It now includes consideration of additional matters such as the highly topical issue of enforcement in corporate law, and explores the continued convergence of corporate law across jurisdictions. The authors start from the premise that corporate (or company) law across jurisdictions addresses the same three basic agency problems: (1) the opportunism of managers vis-à-vis shareholders; (2) the opportunism of controlling shareholders vis-à-vis minority shareholders; and (3) the opportunism of shareho...
Traces the University of Rochester's development from a small college housed in a former hotel in 1850 to its place as a leading research university in 2005. This volume traces the University of Rochester's development from a small college housed in a former hotel in 1850 to its place as a leading research university in 2005. The story is told in eight chapters, each of which chronicles the major issues and decisions the University's leaders faced. Highlights of the story include the University's founding in a city known as the first "western" boomtown; the university's relationship in the early twentieth century with Rochester benefactor George Eastman, which enabled the establishment of world-class schools of music and medicine; and the achievements of Rochester faculty members as researchers on war-related endeavors during World WarII. Author Janice Pieterse sets her history of the university in the context not only of the fortunes of its home city but of trends and issues in American higher education over the last 150 years. Janice Pieterse is afreelance writer and journalist in Rochester, NY.
International Accounting and Transnational Decisions explores a wide range of significant international accounting issues with special reference to the comparative development of national systems of accounting, international accounting standards, transnational financial reporting issues and financial planning and control in the multinational corporation. The book is organized into five parts. Part I discusses the international dimensions of accounting including both the financial reporting and managerial decision-making perspectives. The second part is concerned with the comparative international aspects of accounting. The Part III presents developments and questions relating to international accounting standards. The fourth part considers a number of selected transnational financial reporting issues of concern both to managers and financial statement users. The last part takes a managerial perspective in its coverage of important problems of transnational financial decision making and control. Accountants and students of accounting will find the book useful.
Financial Behavior provides a synthesis of the theoretical and empirical literature on the financial behavior of major stakeholders, financial services, investment products, and financial markets. With diverse concepts and topics, the book brings together noted scholars and practitioners so readers can gain an in-depth understanding about cognitive and emotional biases that influence various financial decisions from experts from around the world.
Business Leadership in Turbulent Times presents an integrative methodology for decision-making that advances the notion that business success involves more than strategy. Strategy is an important facet but not the only determinant for success. Devising the strategy in the first place, deploying assets, following a financial model that supports the strategy, picking the right leaders, and company culture all play critical roles. In this book, the authors share an approach for businesses to thrive during good and bad times. Reflecting on their diverse experiences in business and academia, they answer questions such as: • Why do some firms become winners while others lose? • How do successful firms create and sustain value? • Why do firms that were once great suddenly fail? Most importantly, the authors provide a framework for senior executives to make decisions even during times of crisis. The book includes an appendix of insights and predictions about the impact of COVID-19 on business leadership. The crisis has implications on short- and long-term priorities, the pace of innovation, and the role of leaders.