Book — 1 online resource (xxv, 137 pages) : illustrations.
The Dividend Irrelevance Theorem and Competing Dividend Theories
The Incremental Importance of Dividend Changes in Signaling Earnings Persistence - A Theoretical Analysis
Dividend Changes Conveying Earnings Persistence Conditional on Past Time-Series Persistence - An Empirical Analysis
The Incremental Importance of Confirming Dividend Changes in Signaling Earnings Persistence Conditional on Earnings Quality
The stylized facts that firms pay and investors react to dividends disregard dividend neutrality. Taking on the perspective that informational asymmetries are the central determinant for dividend value relevance, Christian Müller assumes that firm's dividend decision conveys useful information to investors. He shows that investors use dividend changes to revise their a priori expectations about the persistence of a current earnings change. While his theoretical and empirical analyses generally imply that dividend changes constitute informative, but imperfect information signals, he further identifies situations in which they are substantial to investors. Christian Müller's research comprehensively examines the informational role of dividend policy and provides new insights to the corresponding Bayesian investor learning process.
Book — 1 online resource (xxiv, 225 pages) : illustrations.
Real Activities Management
Initial Public Offering.
The beginning of the new millennium was characterized by company scandals in accounting around the world. A transparent and fair presentation of financial statements is beneficial for capital market participants. Especially around initial public offerings different incentives of these players exist to influence financial statements in diverse aspects. Therefore, studies of earnings management try to identify abnormal behavior. Peter Ising covers additional aspects to shed light on substantial drivers of discretionary reporting behavior around going public. Factors like influence on real activities, industry affiliation, and specific years in the IPO process add further insight to this theoretical and practical topic. The dependence on these factors is high and confirms that company specifics are important for interpretation of financial results.
The Hague : Eleven International Publishing, 2013.
Book — 1 online resource (vii, 258 pages)
Cover ; Title Page; Table of Contents; Opening Remarks;
1 Introduction; 1.1 Questioning EU Banks and Their Regulation; 1.2 An Introduction to EU Banking Supervision; 1.3 Analysing Whether the CRD Is Fit for Purpose;
2 Goals of Prudential Banking Supervision; 2.1 Introduction; 2.2 Why Are Legislators Interested in Banking?; 2.3 Translation of Legislators' Interest Into Goals; 2.4 Ranking of Conflicting Goals in Prudential BankingLegislation;
3 Goals and Responsibility; 3.1 Introduction
Absolute or Aspirational Goals; 3.2 Which Goals Are Aspirational and Which Absolute?
3.3 The Link Between Absolute Goals, Tasks and Liability at theBank3.4 The Link Between Absolute Goals, Tasks and Liability of the Public Budget; 3.5 Accountability for (Aspirational) Goals; Acronyms and Definitions;
4 CRD Fit For Purpose?; 4.1 Introduction; 4.2 Basic Legal Issues on the CRD; 4.3 The Goals and the Definition of Banking; 4.4 The Birth, Life, Death Continuum
Solo or Consolidated, High Risk or Low Risk, Local or International; 4.5 The Goals and Risk/Capital Focused Supervision
Positive orNegative?; 4.6 Banking on a Union; 4.7 Blank Sheet Approach.
5 Overall Analysis, Recommendations and Summary5.1 Introduction; 5.2 Overall Analysis; 5.3 Executive Summary; Acronyms and Definitions; Curriculum vitae; Index.
This book will be of interest to those involved in the debate on changing or maintaining the way prudential banking supervision is structured and performed. The book builds on the descriptive companion book EU Banking Supervision (see book details directly above), but focuses on what banking supervision should do, and whether it is deliverable. This analysis flows from the personal experience and expertise of the author - as a customer of banks; as a legal, supervisory, and policy advisor on banking regulation; and from his involvement in national, EU, and worldwide negotiations on new legisla.