Theory indicates that hedging can increase firm value by reducing expected taxes, costs of financial distress, and other agency costs. Prior research, based on survey data, has found only weak evidence consistent with theory. This study provides the corporate use derivative instruments from 1994 audited statements 116 firms. We fair contract values scaled market each to measure extent derivatives usage generally in line theoretical models risk management.

This paper examines the relation between governance (as measured by board and audit committee characteristics) accounting quality abnormal accruals) in a setting where there is no priori reason to suspect systematic management of earnings. Using data from Singapore Malaysia, we find both size independence are related lower working capital accruals. Furthermore, higher exists only when accruals income increasing. suggests that committees effective financial reporting process reducing level...

Abstract: This paper reports on the voluntary financial disclosure of segment data by New Zealand companies and relates extent quantified to firm‐specific characteristics. The varies across a sample 29 firms listed Stock Exchange. is significantly related firm size, leverage, but not assets in place, earnings volatility or importance foreign funding firm.

Derivative instruments are one of the hottest topics in corporate finance. Undoubtedly, public interest has been raised by publicity surrounding losses on derivatives transactions. Practitioners and academics also concerned with appropriate use financial global markets.

The importance of white matter hyperintensities (WMH) for cognitive performance in older stroke patients is largely unknown. We hypothesized that processing speed and executive dysfunction will be associated with frontal WMH whereas impaired memory temporal WMH.Neuropsychological assessments using the Cambridge Cognitive Examination (CAMCOG) Drug Research (CDR) were completed 96 survivors aged than 75 23 age-matched controls. Magnetic resonance imaging whole-brain axial FLAIR images...

The distinction between rules‐based and principles‐based standards is not well defined subject to a variety of interpretations ( SEC, 2003 , p. 5). Yet there commonly held view that the FASB's are IASB's principles‐based. This article identifies basis this distinction. For research development, compares FASB standard with two standards. each we identify classify rules judgments, observe level justifications for assistance support judgments. three have rules, based on principles, require...

Purpose The purpose of this paper is to examine the financial statement impacts adopting NZ IFRS during 2005 through 2008. Design/methodology/approach effects on statements and ratios first‐time adopters for a stratified random sample 56 listed companies analysed. In total, 16 these were early 40 which waited until adoption became mandatory. analysis impact conducted in context accounting choice literature. Findings results show that 87 per cent firms are affected by IFRS. median...

This study examines the impact of enhanced auditor's report (ISA 701) in New Zealand on audit effort (audit fees and delay); quality (absolute abnormal accruals); investors (value relevance) client disclosures (inventory). A notable feature is a section termed Key Audit Matters (KAMs). The purpose KAM to disclose financial reporting risks, thereby enhancing communication value report. We find that by examining relevance, both auditors price information KAMs (in first year prior year). note...

Objectives: To determine the relationship between mild vascular cognitive impairment (mVCI) and functional disability in older stroke survivors without dementia. Design: Cohort study. Setting: Stroke patients from representative hospital‐based registers. Participants: Three hundred thirty‐nine dementia, aged 75 older. Measurements: Neuropsychological assessments were completed 3 months poststroke. Activities of daily living (ADLs) evaluated using Bristol scale. Operationalized criteria,...

Abstract There have been recent international moves to require the capitalization of non‐cancelable operating leases. Most prior research on constructive leases has undertaken US data. The results from studies may not apply firms because non‐US lease contracts differ in term, discount rates, and renewal options. This study presents financial statement impact for 38 listed New Zealand Stock Exchange. is an appropriate institutional setting required footnote disclosures are similar...

Abstract This study investigates demand and supply characteristics associated with firms that voluntarily established audit committees meeting 'best practice' membership guidelines. We focus on a set of best practice criteria rather than the separate elements as in past studies. conduct our tests using sample New Zealand listed companies that, relative to other capital markets, are smaller have more concentrated ownership. setting differs from prior research because we expect costs achieving...

Abstract This article interrogates the concept of polycrisis through a case-study Somali perceptions and responses to COVID-19 pandemic, introducing notion situated polycrises. Inspired by Heidegger's thinking on thrownness Haraway's knowledges, term ‘situated polycrises’ underscores importance localized perspectives in understanding global crises, challenging universal narratives about their nature effect. Based collective multi-sited methodology with insights from 14 locations east African...

This paper compares estimates of value derived from conventional discounted cash flow and price earnings valuation methods to the market price. For a sample 45 firms newly listed on New Zealand Stock Exchange our results suggest that best method comparable have similar accuracy. The median absolute pricing error is around 20% models explain 70% cross‐sectional variation in scaled by book value. serve corroborate findings Kaplan Ruback (1995).

Abstract Financial statement preparers claim that the ‘excess’ volatility of comprehensive income ( CI ) confuses financial users. We examine and risk relevance , relative to net income, for a sample 92 New Zealand nonfinancial firms period 2003–2010. The results show is more volatile than income. However, incremental not related market risk. Furthermore, does modify pricing These hold when asset revaluations are excluded from other .

Risk management committees (RMCs) are recognised as a key corporate governance mechanism for controlling risk. We examine the performance of RMCs in Australia over period 2007–2014. identify three measures related to function RMC: probability financial distress, growth options (market book) and return on assets. find that firms with an RMC perform better than other firms. also separately constituted better, relative where risk activities absorbed into existing committee. JEL classification:...

This paper examines the relation between derivatives use and financial characteristics of Australian industrial mining firms. The firm proxy for distress, tax losses, managerial ownership, growth opportunities, ability to generate operating cash flows liquidity. We also control size, dividends exposure foreign exchange risk. results show that size leverage are main explanatory variables derivative both firms