ASSIGNMENT代写

惠灵顿 assignment代写:高度竞争

2017-02-18 00:43

高度竞争的现代信息时代决定了金融市场的新规则。公司总是改变他们的政治,以更新和满足股东的需要。财务信息的使用者总是根据新的经济条件调整自己的需求。首先存在的问题之一是经理和股东之间的信息差距。其中一个可能的方法是自愿披露的财务信息(例如:股票价格信息)以及非财务(例如:社会责任)。这项建议的目的是介绍如何自愿披露的影响资本成本的问题。 管理层的财务报告和披露是向投资者报告公司业绩的主要手段。外部投资者依靠信息流,通过如监管备案和自愿与投资者的沟通方式的数量提供公司(Healy and Palepu,2001)。每股预期的盈利是主要的自愿性披露工具,通过管理者提供有关公司未来财务状况的信息。最近Anilowski的报告,冯和Skinner(2007)探讨了企业有多少披露自愿盈余指导自1990到30个百分点增加。我们打算探讨英国企业管理层盈余预测的经济含义。特别是,如何管理盈利预测影响企业价值评估。 本研究旨在探讨自愿性披露通过减少估计风险或增加市场流动性降低资本成本的建议。根据格雷厄姆等人最近的调查。(2005)显示,90%高管认为,前瞻性盈利预测降低了信息风险和资本成本。自愿性信息披露与企业价值的关系具有挑战性。现有的研究如克莱门特等人。(2003)盈余预测与资本成本之间存在负相关关系。弗兰西斯等。(2008)认为这两个因素之间存在正相关关系,管理层的盈余预测增加了资本成本。要了解困难,需要估计企业价值和盈利预测之间的间接联系和直接联系。 最近的研究表明,企业自愿披露更多坏消息比好消息(例如,斯金纳1994,CaO和narayanamoorthy 2011)。具体来说,管理者为了满足信息以外的用户期望值低或不落后于分析预测使用的悲观盈利预测(Skinner和斯隆(2002)和Grahamet al。(2005)。也有证据从其他研究盈余的好消息预测积极影响价格的反应和坏消息的影响呈负相关(ajinkya和礼物,1984;Waymire,1984;波纳尔和Waymire,1989)。近年来的研究重点的短期结果如股票价格的直接反应,这是导致减少买卖价差(Coller和约翰,1997)。 本研究将专注于调查自愿性披露如何影响公司价值的管理盈余预测和资本成本之间的关系进行估计。首先,对主要课题的研究现状进行了讨论,在研究了数据选择的样本和评价问题的方法论之后。

惠灵顿 assignment代写:高度竞争

The modern information age with the high level of competition dictates the new rule of the game in the financial market. Companies always change their politics in order to be up to date and satisfy shareholders needs. The users of the financial information are always adjusting their needs according new economic conditions. One of the prior problems is the information gap between managers and shareholders. One of the possible means is the voluntary disclosure of the financial information (e.g.: stock price information) as well as non-financial (e.g.: social responsibilities). The aim of this proposal to give the introduction to the problem of how voluntary disclosure effect cost of capital.

Financial reporting and disclosures by management are the main means of informing investors of company’s performance. Outside investors rely on the stream of information that company provides through the number of ways such as regulatory filing and voluntary communication with investors (Healy and Palepu, 2001). An anticipated earnings per share is on of the main voluntary disclosure instrument through which managers provide the information concerning future financial position of the firm. The recent report of Anilowski, Feng and Skinner (2007) explores that the number of firms that have disclose voluntary earning guidance have increased since 1990 up to 30 per cent. We intend to investigate of economic implication of management earnings forecasts of UK firms. In particular, how management earnings forecasts influence the assessment of firm value.

This research intends to focus on the suggestion that the voluntary disclosure decrease the cost of capital through the reducing estimated risk or increasing market liquidity. According to recent survey of Graham et al. (2005) showed that 90% executives believes that the forward-looking forecasts of earnings lower the information risk and cost of capital. The relationship between the voluntary disclosure and firm value is quite challenging. The prior studies such as Clement et al. (2003) found that there is negative correlation between earnings forecasts and cost of capital. Francis et al. (2008) argued that there is positive relation between these two factors; the management earnings forecasts increase the cost of capital. To understand the difficulties there is need to estimate indirect link and direct link between firm value and earnings forecast.

Recent studies suggest that firms more often voluntary disclose bad news than good news (e.g., Skinner 1994, Cao and Narayanamoorthy 2011). Specifically, managers use pessimistic earnings forecasts in order to meet low expectations of outside users of information or not to fall behind analytics’ forecasts (Skinner and Sloan (2002) and Grahamet al. (2005). There are also evidences from the other studies that good news of management earnings forecasts positively effect price reaction and bad news effect negatively (Ajinkya and Gift, 1984; Waymire, 1984; Pownall and Waymire, 1989). The recent studies emphases the short-term results such as immediate reaction of stock price, which is leading to reduction in bid-ask spread (Coller and John, 1997).

The present study will focus on investigating how the voluntary disclosure affects the firm value by estimating the relationship between management earnings forecasts and cost of capital. Firstly, it is discussed the recent studies concerning the main topic; after what there is the sample of data selection and the way of methodology of evaluating the problem.