The purpose of this thesis is to analyze differences between IPOs with integer (e.g. $20,00) and non-integer (e.g. $20,32) offer prices on the post-decimalization US market. Research on IPOs suggests that there are viable differences between, and valuable information within, integer and non-integer prices. However, proposed effects on the information content of prices as a result of decimalization on US markets in 2001 motivates more up-to-date research on the subject. Our findings show that, while integer IPOs have higher initial return, uncertainty and offer price levels, there is no proof of different information content conveyed within integer and non-integer prices on the post-decimalization market. Consequently, suggesting that neither integer or non-integer prices provide valuable information to market participants, and in extension that decimalization may have influenced the IPO market. / Syftet med den här uppsatsen är att analysera skillnader mellan börsnoteringar med teckningskurser formulerade i heltal (t.ex. $20,00) och icke-heltal (t.ex. $20,32) efter decimaliseringen på den amerikanska marknaden. Tidigare studier har funnit stor skillnad mellan, och värdefull information inom, heltals- och icke-heltalskurser. Efter decimaliseringen på den amerikanska marknaden 2001 har studier dock funnit att prisers informationsinnehåll kan ha förändrats, vilket motiverar mer aktuell forskning inom ämnet. Våra resultat visar att även om börsnoteringar med heltals-kurser har högre initial avkastning, osäkerhet och teckningskursnivå, finns det inga tecken på att det är någon skillnad i informationsinnehåll mellan heltals- och icke-heltalskurser på den amerikanska marknaden efter decimaliseringen. Våra resultat antyder att det inte finns någon värdefull information för marknadsaktörer i huruvida en börsnoterings teckningskurs är formulerad i heltal eller icke-heltal, och i förlängningen att decimaliseringen kan ha påverkat marknaden för börsnoteringar.

O objetivo da contabilidade é definido como fornecer aos seus usuários informações relevantes para a tomada de decisões. Porém, quem são os usuários e qual informação é relevante? O enfoque dado pela Teoria Positiva da Contabilidade considera os investidores dos mercados de capitais como os usuários das informações contábeis e essas são relevantes quando possuem um grau de associação estatisticamente significativo com o preço ou retorno das ações. Tendo em vista as mudanças na legislação societária que estão tramitando no Câmara dos Deputados, o Brasil poderá tornar obrigatória a elaboração e publicação da Demonstração do Valor Adicionado pelas companhias abertas. De forma similar à Demonstração do Resultado do Exercício, a DVA é uma demonstração de características dedutivas em que a última linha representa um resultado, nesse caso, a riqueza gerada pela empresa durante um período. Porém, em adição a essa informação, é evidenciado de que forma essa riqueza é distribuída para uma série de stakeholders, além da parcela distribuída aos proprietários, sócios ou acionistas. Logo, é uma demonstração mais ampla que a DRE, destinada a vários usuários, não apenas aos proprietários, sócios ou acionistas, como a DRE, a princípio, parece ser destinada. Mas, quando se leva em conta os conceitos da Teoria Positiva da Contabilidade, convêm perguntar: O valor adicionado líquido para distribuição, evidenciado através da DVA das companhias abertas que publicam a demonstração, é relevante para os investidores da Bolsa de Valores de São Paulo - BOVESPA? Buscar essa resposta é a proposta deste trabalho. Para tanto, utilizou-se de abordagem empírico-analítica para testar as hipóteses de pesquisa formuladas. A amostra de dados foi constituída pelas sociedades anônimas abertas que publicaram a DVA nos anos de 2000 a 2004. Para essa amostra de dados foi obtido o preço das ações quatro meses após o fechamento do exercício social (variável dependente), o valor adicionado líquido para distribuição por ação, o lucro líquido por ação e o patrimônio líquido por ação para os anos de 2000 a 2004 (variáveis independentes). A amostra final de dados foi constituída de 459 observações, sendo 202 para ações ordinárias e 257 para ações preferenciais. Todas variáveis foram ajustadas pelo preço da ação do período anterior. Os resultados dos testes empíricos demonstraram que o valor adicionado líquido para distribuição é relevante para os investidores do mercado de capitais, com grau de significância de 99%, o que confirma as evidências empíricas internacionais, entretanto, não houve um desempenho melhor tão evidente, medido pelo coeficiente R2, do valor adicionado líquido para distribuição sobre o lucro líquido e o patrimônio líquido, o que contraria as evidências empíricas internacionais. Quando se separou a amostra de dados entre as empresas com níveis diferenciados de governança corporativa da BOVESPA das demais empresas, observou-se que o poder explicativo do valor adicionado líquido para distribuição cresce de forma substancial nas empresas com níveis diferenciados de governança corporativa, especialmente no caso das ações preferenciais. Esses resultados demonstram a importância da DVA e contribuem para o debate acadêmico acerca da demonstração. / The objective of accounting is supply its users with relevant information to make useful decisions. However who are those users and which information are relevant? Under the focus of the Positive Accounting Theory, the users are the investors of financial markets and information is relevant when it has statistically association with prices or return of stocks. In Brazil, the mandatory preparation and publication of the Value Added Statement is close to near. Value Added Statement is a statement that demonstrates the generation of wealth of a company and how this wealth is distributed to several stakeholders and also to the stockholders. Therefore, it is a wider accounting statement than the Income Statement, because it is destined to several users. However, inside the perspectives of the Positive Accounting Theory a question seems to be necessary: The net value added generated by a company and disclosed in the Value Added Statement is relevant for the investors, or in other words, is relevant for financial markets? Look for an answer to this question is exactly what the present work intends to do. To do that, it was used an empiric-analytic approach to reach the objectives proposed for this study, and doing so, testing the research hypotheses related to the research problems proposed. The sample used was constituted by the public companies that published the Value Added Statement in the years 2000 to 2004. For this sample were obtained the price of the stocks four months after the closing of the fiscal year (dependent variable), the net value added for distribution, the net profit and the equity for the years from 2000 to 2004 (independent variables). After the process of discard of companies without data in the period, it was obtained a sample of data constituted by 459 firm-year observations, being 202 for common stocks and 257 for preferred stocks. All variables were considered by theirs per share value adjusted by the stock price of the previous year. The results of the empiric analysis demonstrated that the net value added for distribution is relevant to the financial market, with 99% degrees of significance, what confirms international empiric evidences presented in the theoretical framework, however, there?s not a better performance, measured for the coefficient R2 of the value added over net profit and equity, which goes contrary to international empirical evidences. When the sample was separated between companies with differentiated levels of corporate governance of BOVESPA of the other companies, it was observed that the explanatory power of the variable net value added for distribution increases enough in a general way for the ones, especially in the case of preferred stocks. Those results demonstrate the relevance of the Value Added Statement and contribute to the increase of the academic debate about this statement.

O objetivo da contabilidade é definido como fornecer aos seus usuários informações relevantes para a tomada de decisões. Porém, quem são os usuários e qual informação é relevante? O enfoque dado pela Teoria Positiva da Contabilidade considera os investidores dos mercados de capitais como os usuários das informações contábeis e essas são relevantes quando possuem um grau de associação estatisticamente significativo com o preço ou retorno das ações. Tendo em vista as mudanças na legislação societária que estão tramitando no Câmara dos Deputados, o Brasil poderá tornar obrigatória a elaboração e publicação da Demonstração do Valor Adicionado pelas companhias abertas. De forma similar à Demonstração do Resultado do Exercício, a DVA é uma demonstração de características dedutivas em que a última linha representa um resultado, nesse caso, a riqueza gerada pela empresa durante um período. Porém, em adição a essa informação, é evidenciado de que forma essa riqueza é distribuída para uma série de stakeholders, além da parcela distribuída aos proprietários, sócios ou acionistas. Logo, é uma demonstração mais ampla que a DRE, destinada a vários usuários, não apenas aos proprietários, sócios ou acionistas, como a DRE, a princípio, parece ser destinada. Mas, quando se leva em conta os conceitos da Teoria Positiva da Contabilidade, convêm perguntar: O valor adicionado líquido para distribuição, evidenciado através da DVA das companhias abertas que publicam a demonstração, é relevante para os investidores da Bolsa de Valores de São Paulo - BOVESPA? Buscar essa resposta é a proposta deste trabalho. Para tanto, utilizou-se de abordagem empírico-analítica para testar as hipóteses de pesquisa formuladas. A amostra de dados foi constituída pelas sociedades anônimas abertas que publicaram a DVA nos anos de 2000 a 2004. Para essa amostra de dados foi obtido o preço das ações quatro meses após o fechamento do exercício social (variável dependente), o valor adicionado líquido para distribuição por ação, o lucro líquido por ação e o patrimônio líquido por ação para os anos de 2000 a 2004 (variáveis independentes). A amostra final de dados foi constituída de 459 observações, sendo 202 para ações ordinárias e 257 para ações preferenciais. Todas variáveis foram ajustadas pelo preço da ação do período anterior. Os resultados dos testes empíricos demonstraram que o valor adicionado líquido para distribuição é relevante para os investidores do mercado de capitais, com grau de significância de 99%, o que confirma as evidências empíricas internacionais, entretanto, não houve um desempenho melhor tão evidente, medido pelo coeficiente R2, do valor adicionado líquido para distribuição sobre o lucro líquido e o patrimônio líquido, o que contraria as evidências empíricas internacionais. Quando se separou a amostra de dados entre as empresas com níveis diferenciados de governança corporativa da BOVESPA das demais empresas, observou-se que o poder explicativo do valor adicionado líquido para distribuição cresce de forma substancial nas empresas com níveis diferenciados de governança corporativa, especialmente no caso das ações preferenciais. Esses resultados demonstram a importância da DVA e contribuem para o debate acadêmico acerca da demonstração. / The objective of accounting is supply its users with relevant information to make useful decisions. However who are those users and which information are relevant? Under the focus of the Positive Accounting Theory, the users are the investors of financial markets and information is relevant when it has statistically association with prices or return of stocks. In Brazil, the mandatory preparation and publication of the Value Added Statement is close to near. Value Added Statement is a statement that demonstrates the generation of wealth of a company and how this wealth is distributed to several stakeholders and also to the stockholders. Therefore, it is a wider accounting statement than the Income Statement, because it is destined to several users. However, inside the perspectives of the Positive Accounting Theory a question seems to be necessary: The net value added generated by a company and disclosed in the Value Added Statement is relevant for the investors, or in other words, is relevant for financial markets? Look for an answer to this question is exactly what the present work intends to do. To do that, it was used an empiric-analytic approach to reach the objectives proposed for this study, and doing so, testing the research hypotheses related to the research problems proposed. The sample used was constituted by the public companies that published the Value Added Statement in the years 2000 to 2004. For this sample were obtained the price of the stocks four months after the closing of the fiscal year (dependent variable), the net value added for distribution, the net profit and the equity for the years from 2000 to 2004 (independent variables). After the process of discard of companies without data in the period, it was obtained a sample of data constituted by 459 firm-year observations, being 202 for common stocks and 257 for preferred stocks. All variables were considered by theirs per share value adjusted by the stock price of the previous year. The results of the empiric analysis demonstrated that the net value added for distribution is relevant to the financial market, with 99% degrees of significance, what confirms international empiric evidences presented in the theoretical framework, however, there?s not a better performance, measured for the coefficient R2 of the value added over net profit and equity, which goes contrary to international empirical evidences. When the sample was separated between companies with differentiated levels of corporate governance of BOVESPA of the other companies, it was observed that the explanatory power of the variable net value added for distribution increases enough in a general way for the ones, especially in the case of preferred stocks. Those results demonstrate the relevance of the Value Added Statement and contribute to the increase of the academic debate about this statement.

本研究主要在探討國內公告台灣上市（櫃）公司之盈餘資訊時，海外存託憑證投資人是否也和國內投資人一樣對此訊息有所反應，致使存託憑證的報酬受到國內盈餘資訊公告之影響，以及不同的產業其存託憑證報酬受到國內盈餘公告之影響程度是否有所不同。以國內上市（櫃）公司至1999年年底為止發行海外存託憑證且流通在外者為樣本，研究1999年盈餘資訊於國內媒體報導及交易所公告之資訊內涵，採用Bootstrapping Method進行實證分析。 實證結果發現：（1）『國內媒體公告』和『四月底前向台灣交易所申報公告』之會計盈餘資訊中，稅後盈餘資訊的公告並沒有顯著影響海外存託憑證的價格變動，但是稅前盈餘資訊的公告則顯著地影響海外存託憑證的價格變動。（2）國內媒體公告日的盈餘資訊內涵較高，而國內交易所公告日之盈餘資訊內涵較低。（3）『國內媒體公告日』之電子產業存託憑證價格對於盈餘資訊的反應程度，顯著低於非電子產業之存託憑證價格對於盈餘資訊的反應程度，而『交易所公告日』之電子產業存託憑證價格對於盈餘資訊的反應與非電子產業之存託憑證價格對於盈餘資訊的反應，兩者在程度上沒有顯著差異。

本研究係依據理性預期理論，探討「自營商」及「外國法人投資機構」是否具備知情投資者的角色？為回答上述問題，本研究係以每日經濟日報證券新聞版所刊登之「自營商買進賣出股票較多表」及「外國法人股票進出表」為研究對象，探討是種資訊是否具股價先導角色？亦即這些資訊是否具資訊內涵？ 　　本研究之研究期間起自八十三年八月一日，截至八十四年二月止。且本研究係採用市場模式衡量異常報酬，經實證分析，本研究所獲得的結論可彙述如下： 　　1.就外國法人投資機構（外資）及自營商買超而言，是項資訊的確具有市場先導角色，亦即其具有買漲的效果。因此，自外資或自營商買超的資訊公布後，測試期之異常報酬顯著大於零。故，「外資及自營商買超」之資訊具資訊內涵。本研究結論，一般投資者可參考此資訊來做股價決策，俾用以獲取異常報酬並改善投資績效。 　　2.就外國法人投資機構及自營商賣超而言，是項資訊的公布並未如預期所推論：在測試期產生顯著負的異常報酬。其原因可能係一般投資人無法確實解讀賣超資訊所代表的經濟意義。 　　3.就買超資訊而言，外資之投資標的若以公司規模（本研究係以股本為替代變數）大小來區分。其股本在50億以上之證券，並無顯著之異常報酬。此結果顯示流通在外籌碼愈多之證券，較不利於炒作，且較不具上漲空間。故，較不受投資人偏愛。

本研究的主要目的在探討會計資訊在大陸股價形成中所扮演的角色。在所有會計資訊中最重要的資訊為會計盈餘，因此，在本研究第一步驟先探討會計盈餘的資訊內涵，亦即在檢視盈餘與股價之間的關係。本研究並擬進一步探討會計比率的資訊內涵，亦即探討公司流動能力、財務槓桿、獲利能力與活動能力等四個普遍會計比率所代表的財務層面和股價之間的關係。為了回答本研究假設中所隱含的問題，本研究所使用的資料分析方法為因素分析及迴歸分析。 　　本研究的樣本選自上海證券交易所及深圳交易所的股票公開上市公司，其涵蓋期間係從大陸股市起始日至1993年12月31日。經理論建立與統計分析後，達成下列結論： 　　1、在中國大陸的股票市場上，未預期每股盈餘與股價累積異常報酬的關係並不密切。在七組樣本中，未預期每股盈餘／前期每股盈餘皆非股價累積異常報酬的解釋變數，其t值皆未達0.05顯著水準。 　　2、在主成份分析及複迴歸分析中，其結果顯示，未預期財務比率與股價累積異常報酬的關聯性亦不強，表示在中國大陸上，財務比率在股價形成中並未扮演顯著角色。而在七組樣本中，只有所有B股此一組的CAR2部份之第二個主成份因素，其t值達0.05的顯著水準。其它迴歸式的所有主成份因素均無法解釋大陸股價的形成。 　　3、在逐步迴歸的分析下，財務比率與股價報酬的關聯性顯著提高，甚至在所有B股此一組的CAR1部份，其關聯性高達0.8884。 　　4、在主成份迴歸分析中與逐步迴歸分析中，其產生的R²具極端的相異性。究其原因，逐步迴歸分析中不考慮在完全無共線性的情況下，而主成份迴歸分析則係在完全無共線性情況下的分析。所以兩者之間的R²相異性應來自於不完全共線性所產生的結果。其次，即或在逐步迴歸分析中R²很高，自變數中僅只稅後純益佔實收資本比率或少數幾個財務比率具顯著水準。顯然這種迴歸分析的解釋能力存疑。據此，本研究以為，大陸股市的會計資訊有用性低，解釋能力不高。究其原因，或許大陸股市屬草創期間，不習於西方財務報表的表達，遑論財務報表分析與解釋。

本研究主要在探討投資流程之行為模式對股票型基金績效之影響，研究內容包括探討拜訪上市公司、下單積極度、下單集中度、及停損機制與基金投資績效之關係。 研究發現：（1）國內及外資券商公布評等報告前，皆有資訊事先洩漏之情況；法人說明會雖具有資訊內涵，但其資訊內涵於見報日即反應在股價上，投信公司透過拜訪上市櫃公司取得第一手資訊，才是提升基金績效之有效方法。（2）高下單積極度將對個股股價產生價格衝擊，並產生買進價格偏高及賣出價格偏低之劣勢，均不利於基金績效表現。（3）每年微幅差距之交易成本，經過複利計算，累積多年後之差異程度將非常驚人，投信公司應致力於提升下單集中度、節省交易成本，間接提升基金投資報酬率。（4）停損機制對基金績效有正面之影響，為減少經理人產生錯置效應，投信公司應確實執行停損機制，避免投資損失擴大。 依據研究結果，提出建議如下：（1）在資訊不對稱的環境下，投資人無法知悉基金經理人之投資操作，因此隱藏著基金經理人的道德危險，主管機關應善盡監督管理之責，以確保投資人權益。（2）投信公司及基金經理人應勤於拜訪上市櫃公司、謹慎訂定股票買賣價格區間、致力於節省投資交易成本、及落實損失檢討機制以提升投資績效。（3）投資人申購基金除了參考以往投資績效外，也應將基金投資交易成本高低列為參考之依據，避免基金投資交易成本過高侵蝕獲利。 / This study examines the behavior of equity funds in relation to the investment process, Include visits to companies, actively traded stock level, the concentration of stock trading, and stop-loss mechanism of the effect on fund performance. This study found that: domestic and foreign brokerages, before reporting their stock recommendations, usually leak information in advance. Although investor conferences have the information content, but its information content lies in the newspapers on the day of reaction in the stock price. Securities Investment Trust, to visit the company's way to obtain first-hand information to effectively improve the investment performance of equity funds; a high degree of active stock trading affects the stock price by resulting in a high purchase price and low selling price, which is not conducive to equity fund performance; As a result of the gap between the cost of each transaction and the effect of compound interest, there is a high degree of difference after many years. As such, securities investment trust companies should strive to enhance the concentration of trading to reduce transaction costs, thereby increasing the investment return of equity funds; and as stop-loss mechanisms have a positive effect on the performance of equity funds, securities investment trust companies should implement stop-loss mechanisms to avoid loss of the expansion. Based on the results of this study, the recommendations include: in the context of asymmetric information, investors have no knowledge of how the fund manager may conduct investment operations; therefore, regulatory authorities should take on the responsibility of protecting the interests of investors; securities investment trust companies and fund managers should be prudent when setting a stock trading price range to decrease investment transaction costs and minimize losses to improve investment performance; as high transaction costs erode profits, investors should also consider the level of transaction costs, which should be listed on a reference basis, in addition to past investment performance.

財務預測相較於歷史性財務報表而言，其決策之攸關性較大。我國自民國80年5月起開始實施強制性財務報表迄今，已成為資本市場中相當重要的訊息，惟隨著我國證券市場規模逐步擴大，公司面臨之經濟環境日趨複雜，為符合國際作法及實務需要，故行政院金融監督管理委員會證券期貨局於93年12月9日依據證券交易法第三十六條之一，發布金管證六字第930005938號函，修正財務預測制度改採自願公開方式（並得以簡式或完整式方法擇一為之），並參考國外有關預測性資訊公開之相關規定及實務運作方式，配合相關配套措施，以增進資本市場效率及決策品質。 　　宣告取消財務預測強制公開揭露制度後，實證結果顯示：(1)對股價會產生一負向的效果，有顯著的負向異常報酬產生，且消息提前反應於市場上；在交易量方面，有顯著異常增加的情形發生。(2)對資訊特性不同分組採單變量分析，結果顯示公司規模及分析師人數可解釋宣告效果大小，兩組之間均達顯著水準。(3)公司規模越大時，股價反應越小，顯示公司規模與宣告異常報酬率間呈負向關係，亦即規模效果存在；但交易量反應越大。(4)分析師人數越多時，股價反應越小；但交易量反應越大，且較少分析師人數公司來得顯著。 / Financial forcast is more relevant than historical financial statements. Our country began to implement the mandatory financial forcast since May, 1991, has already become a very important information in the capital market. While the economic environment becoming complicated, in order to meet international practices, so on December 9, 1993, change the firm can dicide disclosure their financial forcast by themselves, in order to promote the efficiency of capital market and decision quality. The empirical results show that：(1) For stock price, it will produce negative effect; on the other hand, trading volume is significant increaseing. (2) For groups with different level of information characteristics, the results show that firm size and the number of ananlysts can explain that declaring effect. (3) When the size of firm is larger, the stock price is smaller; but the trading volume is larger. (4) The number of analysts is larger, the response of stock price is smaller; but the trading volume is larger in response.

本研究以我國上市（櫃）公司89年至92年財務報表資訊及營利事業所得稅申報資料進行實證研究，探討造成我國財務會計所得與課稅所得差異之原因及財稅差異與企業評價之關係。在探討造成財稅差異原因方面，實證結果顯示除折舊費用未達統計上顯著水準外，呆帳費用、投資損失、存貨跌價損失及負債比率與財稅差異呈顯著負向關係，而投資利得、證券期貨交易所得、出售土地增益、企業規模、資產報酬率、電子業及營建業與財稅差異呈顯著正向關係。在探討財稅差異與企業評價之關係方面，本文援用Ohlson模型進行分析，結果發現財稅差異殘差項與股價呈正向關係，顯示投資人視未預期之財稅差異可能具有傳遞未來樂觀之財務會計所得或可節省稅負支出之租稅利益等資訊意涵因而反應於股價之上。依據實證結果，本文發現獲利能力越好或規模越大的公司越有可能透過租稅規劃，減少租稅上之負擔，此發現可作為稅務主管機關未來選案之參考；又本文也發現財稅差異具有資訊意涵，然現今財務報表揭露所得稅相關資訊有限，因此本研究建議證券主管機關應適度加強企業所得稅相關資訊之揭露與規範。 / Using 2000 to 2003 financial statement data and tax return data of listed and OTC companies in Taiwan, this study explores the sources of difference between tax income and financial reporting income and the relationships between book-tax differences and business valuation. The empirical results show that except for depreciation expense, bed debt expense, losses on investments, loss due to market decline of inventory, and financial leverage are negatively related with book-tax differences. However gains on investments, gains on securities transactions, gains in land transactions, business size, return on assets, the electronics industry, and the building industry are positively related with book-tax differences. The results also show that the regression residuals of book-tax differences are positively related with stock prices. This means that investors regard unexplained residuals as future earnings or income tax savings which are then reflected on the stock prices. The empirical results indicate that firms with greater profitability or large firms have greater incentives to conduct tax-planning which tend to reduce taxable income relative to income for financial reporting purposes. Our findings provide evidence for the Taxation Agency when doing audit adjustments and lend support for book-tax differences contain information that is relevant to firms’ valuation. However, in practice disclosure of information about income tax in financial statements is still limited, thus restricting investors in estimating book-tax differences. The security authority should devise appropriate accounting policies to improve disclosures on firms’ income tax information.

Purpose This paper aims to investigate the attributes and information content of risk reporting in two different institutional and regulatory, namely, Canadian and German, settings during the period surrounding the financial crisis of 2008. Design/methodology/approach For a matched sample of manufacturing firms in the period 2006–2010, this study conducts a detailed content analysis of annual reports to assess and compare the volume and patterns of risk disclosures. Panel regressions are used to explore how risk disclosures related to corporate risk proxies and performance indicators. Findings Over the sample period, Canadian and German firms increase the volume but largely maintain the patterns of risk disclosures. Risk disclosures relate to corporate risk proxies but are not incrementally informative to assess firm performance. Originality/value The paper contributes to research on risk reporting by providing detailed cross-country evidence for a period particularly shaped by significant risk. The findings have implications for the regulation and usefulness of risk reporting.