本研究首先以資訊差異模型描述IPOs股價橫斷面與縱斷面的比較與變化。在橫斷面比較上，本研究利用貝氏定理，令投資人在擬掛牌公司釋放出歷史資訊後，首先修正其事前信念以獲得事後信念，最後再以事後有限的資訊數量推估下一期的報酬率，然因歷史資訊之數量與品質不等，下一期預測報酬率之β係數亦顯然不同。資訊結構較佳者，估計風險較低，β係數較小；資訊結構較差者，估計風險較高，β係數較大。因此，為吸引投資人對資訊結構較差之IPOs的興趣，在必要報酬率要求較高的前提下，資訊結構較差之IPOs的承銷價格必須低訂，以製造投資人可以獲利的空間。因此，在其他條件相同的情況下，資訊結構較差之IPOs其掛牌初期的股價報酬率應該優於資訊結構較佳的IPOs。 其次，在IPOs縱斷面股價行為差異之模型推導上，本研究將市場IPOs區分成資訊結構佳者與資訊結構較差者，在資訊數量與發行時間成正相關的假設下，推導出當掛牌時間t趨近時，證券間之資訊差異效果遞減，且新發行證券之β係數遞減，因而進一步推論，就所有IPOs而言，後市股價報酬率將低於估計風險相對較高的掛牌初期股價報酬率。 另外，本研究之實證共分三個層次：第一層次就IPOs橫斷面股價行為方面。本研究首先就不同發行市場的IPOs之初期股價表現進行驗證。不同發行市場對擬掛牌公司之輔導期間與體質結構有不同的要求，一般而言，集中市場之發行面較店頭市場嚴格，因此，集中市場IPOs之資訊結構理論上比店頭市場IPOs佳。實證結果發現，資訊結構較佳之集中市場IPOs，其初期投資報酬率比店頭市場IPOs差。是故，實證結果支持不同發行市場之資訊結構差異假說。繼之，根據過去文獻與個案訪談的整理，若以內部人持股比、企業規模、企業年齡、承銷商聲譽、會計師聲譽與是否轉換發行市場作為單一發行市場內資訊結構優劣分際的標準時，發現，集中市場內資訊差異效果顯著；然店頭市場內，卻只有在空頭時期上櫃之IPOs，其初期投資報酬率具有資訊差異效果。 實證之第二層次為檢定IPOs縱斷面之股價變化是否亦具有資訊差異效果。首先就不同發行市場做比較，實證結果發現，集中市場因資訊結構較佳，正式掛牌前投資人與發行公司間資訊不對稱情形較不嚴重，因此，當蜜月期過後，股價逐漸迴歸真值時，掛牌一年後股價之修正幅度較資訊結構相對不佳的店頭市場IPOs小，因此，不同發行市場間，IPOs資訊結構之縱斷面差異效果獲得支持。另外，集中市場IPOs類屬資訊結構較佳者，其後市股價下修程度遠比資訊結構差者來得少。至於店頭市場之差異效果，雖然資訊結構較佳者其股價修正幅度小於資訊結構較差者，然兩者間並未達到統計上顯著差異性，因此店頭市場縱斷面之資訊差異效果並未獲得支持。 實證之第三層次，為檢定IPOs錯估訊號來源。實證結果發現，集中市場內，由聲譽較差之承銷商輔導上市及上市前每股盈餘越少之IPOs，越容易產生價格錯估行為。而店頭市場內，越是由聲譽較差之承銷商輔導上櫃或類屬傳統產業類股之IPOs，越容易產生價格錯估行為。 / The objective of this study is twofold. First, the paper develops a model to examine cross-sectionally and dynamically the effects of differential information on various initial public offerings (IPOs). Second, this paper examines the initial return and the after-market performance for IPOs, particularly the security valuation effects of structural differences in available information. There is a diversity of information among issuing firms at the time of their offering and particularly under certain trading system and certain market conditions. Through Bayesian model development, we support the effect of differential information among IPOs of structural differences. From empirical evidence, we find that during hot market conditions and under over-the-counter (OTC) trading system and for firms characterized by poor levels of available information, the market values of issuing firms are more likely to be overestimated in the immediate after-market. We also find positive overestimation of market values to be more likely for IPOs of smaller earnings per share (EPS) and those marketed by the less prestigious underwriters under Taiwan Security Exchange (TSE) trading system, and for IPOs other than hi-tech securities and those marketed by the less prestigious underwriters under OTC trading system.

<p>Offering financial services to the unprivileged is a complex task and past attempts have been rather unsuccessful. One commendable effort that has sprung from the failures of commercial banks is microfinance and thanks to innovative ideas microfinance institutions have managed to cope with many of the challenges previously experienced by the formal bank sector in the 1970’s through the 90’s.</p><p>The “new” approach has successfully managed to overcome obstacles such as lack of collateral and information asymmetry. By using joint-liability schemes and by requiring frequent installments microfinance institutions have managed to reduce their risk exposure and by outsourcing the screening process to the borrowers they have dealt with the lack of information on their clients.</p><p>The purpose of this thesis is to investigate what microfinance institutions do that make them more suitable for delivering financial services to the poor. We will look at the supply driven efforts carried out in the past and see how they differ from the demand driven approach taken today.</p><p>We will evaluate some of the most common mechanisms of microfinance and assess their potential contribution to achieving the high repayment rates that many of these institutions obtain today.</p><p>The main finding is that group lending subject to social sanctions should improve the repayment rate. Other mechanisms that may enhance the performance are the use of dynamic incentives and regular repayment schedules. The effect of targeting women and social programs on repayment rates are ambiguous although their empowerment effect is notable.</p><p>By joining forces with NGOs, local authorities and the commercial financial sector microfinance has emerged as a viable poverty reduction tool alongside traditional aid.</p>

Offering financial services to the unprivileged is a complex task and past attempts have been rather unsuccessful. One commendable effort that has sprung from the failures of commercial banks is microfinance and thanks to innovative ideas microfinance institutions have managed to cope with many of the challenges previously experienced by the formal bank sector in the 1970’s through the 90’s. The “new” approach has successfully managed to overcome obstacles such as lack of collateral and information asymmetry. By using joint-liability schemes and by requiring frequent installments microfinance institutions have managed to reduce their risk exposure and by outsourcing the screening process to the borrowers they have dealt with the lack of information on their clients. The purpose of this thesis is to investigate what microfinance institutions do that make them more suitable for delivering financial services to the poor. We will look at the supply driven efforts carried out in the past and see how they differ from the demand driven approach taken today. We will evaluate some of the most common mechanisms of microfinance and assess their potential contribution to achieving the high repayment rates that many of these institutions obtain today. The main finding is that group lending subject to social sanctions should improve the repayment rate. Other mechanisms that may enhance the performance are the use of dynamic incentives and regular repayment schedules. The effect of targeting women and social programs on repayment rates are ambiguous although their empowerment effect is notable. By joining forces with NGOs, local authorities and the commercial financial sector microfinance has emerged as a viable poverty reduction tool alongside traditional aid.

Introduction: 1 November 2010  came the amendment about the audit requirement into force. The amendment concerned only micro-enterprises. The most common form offinancing for micro-enterprises are bank loans, therefore the banks play a major role in the business and wellness of micro-enterprises. Purpose: Purpose of this paper is to examine if the credit assessment has been affected by the removal of the audit requirement for micro-enterprises. Method: This study will be conducted by a qualitative study in the form of interviews. Five interviews were conducted, with four respondents from the large banks and    one respondent from Almi Företagspartner. Conclusion: All respondents agreed that the audit is seen as a mark of quality, some lenders will continue to request it from the micro-enterprise while other lenders look at other factors such as ownership, relationship or business concept.

Firms must access capital to remain in business.  Small firms have greater difficulty accessing financial resources than have large firms because of their limited access to capital markets.  These difficulties are exacerbated by information asymmetries between a small firm’ s management and capital providers.  It has been theorized that many information asymmetries can be reduced through networks that link those in need of capital with those who can supply it. This research is about these relationships and their impact on the firms’ capital structure. This research has been limited to a sub-set of small firms, family firms.  I have collected data through a survey using a systematic sampling procedure. Both self-administered questionnaires and semi-structured interviews were utilized. The data analysis was based on the responses from two-hundred-and-fifty-six small manufacturing firms in Thailand. Seemingly unrelated regression (SUR), logistic regression, multiple discriminant analysis and Mann-Whitney U test were employed in the analysis. The hypothesis that firms apply a pecking order in their capital raising was confirmed although the generally accepted rationale based on poor access (and information asymmetries) was rejected.  Instead, at least for family firms, the desire to maintain family control had a significant impact on the use of retained earnings and owner’s savings. My results also indicated that while the depth of relationships had a positive effect on direct funding from family and friends, networks did not facilitate capital access from external providers of funds. Instead direct communications between owner-managers and their capital providers (particularly bank officials) mattered. A comparative analysisof small manufacturing firms in general and small family manufacturing firms revealed that there were differences between them in regard to their financial preferences, suggesting that family firms should be considered separately in small firm research. Further, the results of this research raise some questions about the appropriateness of applying theories directly from one research context to another without due consideration for  the impact of cultural influences. Through this research I have added evidence to the dialogue about small firms from a non-English speaking country by investigating the impact of networks on capital structure and the rationale behind family firm capital structure decisions.

IFRS standards are getting acceptance day by day rapidly in all over the world. It is because IFRSs are the global and common language, which are more transparent and comparable for the investors and users residing in different nations. IFRSs are mandatory for all companies listed in capital market within EU from the beginning of 2005. As a member state of EU, Swedish banks also adopted mandatory IFRS from 1 January 2005. However, the banks were already implementing IFRS to some extent as most of the standards in SGAAP (Swedish Generally Accepted Accounting Principles) were already directly translated from IAS. After mandatory period, the banks adopted all new, updated and revised standards in accordance with EU recommendations. Nevertheless, there are little or no material effects of adoption of IFRS standards except some particular standards. Such particular standards are: IFRS3, IAS39, IAS27, EU Occupational Pension Directive, IAS32, and Deferred Acquisition Cost. And the main differences between IFRS and SGAAP are IAS1, IFRS3, financial assets, financial instruments, intangible assets, hedge accounting and tax driven. But, the Swedish GAAP no longer exists now for the companies listed in capital market as mandatory IFRS is into force. Furthermore, I examined transparency &amp; accounting quality, information environment, and cost of equity capital of four sample banks after mandatory IFRS adoption. But, I find the level of transparency and financial reporting quality has not been increased over the years. Regarding accounting quality, I also examined earning management, loss recognition, and value relevance. I find little evidence of less earning management, and find unclear evidence regarding loss recognition and value relevance. In other word, I find little evidence of increased accounting quality, although Sweden is a country with strong regulatory enforcements. Moreover, I also find little evidence of improved information environment but find information cost increased; although I find lower information risks after mandatory IFRS adoption. I, however, find lower cost of equity capital after mandatory IFRS adoption because for banks it will be easy to reach wider investors communities residing in different nations. Nevertheless, the evident advantage of IFRS is that the capital market can use information based on common rules.

The awareness and interest concerning corporate social responsibility has grownamong both firms and their stakeholders, which has resulted in a continuous upwardtrend regarding CSR reporting. This has led to the emergence of reporting frameworklike Global Reporting Initiative. The issues is that there are limited regulationscontrolling what should be reported and how it should be reported, thus most CSRreporting is voluntary. This creates differences among firms and within industries.The differences make it difficult to compare reporting between firms and to assess thebenefits of CSR reporting.The purposes of this study is to explain what variables affects the CSR reportingquality and what the rationale behind CSR reporting is, which includes investigatingthe effect of reporting quality on cost of capital. The evolution of CSR reporting willalso be examined.The nature of the study is quantitative with a deductive approach. Hypotheses will bedeveloped from prior theory and tested statistically using multiple regression analysis.The theoretical foundation of this study is stakeholder theory, legitimacy theory andinformation asymmetry. The chosen variables are argued by prior literature to effectreporting quality. The variables are board diversity, ownership concentration, separatesustainability reports, external assurance, GRI application levels and industry. Ameasure of reporting quality will be developed using content analysis and theestimation for cost of capital will be calculated based on a model for rPEG. Thesample consists of firms listed on Nasdaq OMXS30 index in 2006, 2008 and 2010.Statistical support for positive association between reporting quality and boarddiversity, ownership concentration, external assurance, GRI A and GRI B and theindustries industrials, consumer goods and basic materials were found. An indirectassociation between reporting quality and cost of capital was found. The findings arein agreement with the rationale behind CSR reporting; a firm can do well by doinggood. It was further concluded that the development during this time period hasfollowed the previous trend and continuously increased.

Syfte: Uppsatsen ska undersöka hur svenska icke professionella investerare använder årsredovisningen i sina val av kapitalplacering och vilken nytta årsredovisningen har i valet. Uppsatsen ska även undersöka om icke professionella investerare har några problem i tolkningen av årsredovisningar. Metod: Uppsatsen använder både kvantitativ och kvalitativ metod i form av intervjuer och enkät. Slutsats: 50 % av de icke professionella investerarna anser att de har nytta av årsredovisningar vid kapitalplaceringsbeslut. VD-ordet, förvaltningsberättelsen och revisionsberättelsen används mest. Det som upplevs svårast är värderingar i balansräkningen, kassflödesanalys och noter. Förslag till fortsatta studier: Genomföra en liknande undersökning med intervjuer av icke professionella investerare. Ta reda på vilken hänsyn det tas till investerare med lägre ekonomisk kunskap vid upprättandet av årsredovisningar. / Aim: The essay should examine how Swedish non-professional investors use annual reports in their choices of capital investment in securities and what benefits the annual report has in their choices. The essay should also examine if the non-professional investors have some problems in their interpretation of the annual reports. Method: The essay use both qualitative and quantitative methods in form of interviews and survey. Conclusion: 50% of the non-professional investors think that they have benefits from the annual report in their capital investment decisions. CEO:s statement in the annual report, management report and auditor's report is used the most. The most difficult parts are the values in the balance sheet, cash flow statement and notes. Suggestion for future research: Conducting a similar study with interviews with non professional investors. Find out which account is taken of investors with less financial knowledge in the preparation of annual reports.

Bakgrund och problemformulering: Det är ett problem för mindre-och medelstora företag då redovisningsstandards som redovisningen upprättas enligt har varit onödigt komplicerad utifrån de behov användarna har av redovisningen. Sveriges förenklingsarbete har bland annat kännetecknats av förenklingar för de små-och medelstora företagen. Förenklingsarbetet benämndes K-projektet vilket delvis har till syfte att tillgodose användarnas behov av finansiella rapporter. K2 är det förenklade regelpaket som riktar sig till mindre företag såsom mindre aktiebolag där banker är en av de primära användarna av deras finansiella rapporter. Då K2 medför förenklingar, schabloniseringar och en mindre rapporteringsskyldighet får detta konsekvenser för bankerna eftersom de efterfrågar mycket information vid en kreditbedömning av ett företag för att fatta välgrundat beslut. Utifrån detta blev problemformuleringen följande:   I vilken omfattning använder banker företags redovisningsinformation vid kreditgivning? Hur anser bankerna att årsredovisningar upprättade enligt K2-regelverket täcker informationsbehovet vid kreditgivning?   Syfte: Vi vill undersöka hur bankernas informationsbehov tillgodoses vid kreditbedömningen utifrån finansiella rapporter upprättade enligt K2-regelverket. Studien syftar till att öka förståelse och uppfattning för vad bankerna efterfrågar i den finansiella information som företagen lämnar.   Metod: Syftet med studien var att öka förståelsen och uppfattningen om det valda ämnet. En kvalitativ metod syftar till just att erhålla en djupare förståelse. En fallstudie innefattas av komplexitet i det som undersöks, vilket vår studie kännetecknas av eftersom det är relativt få företag som idag tillämpar K2 vid upprättande av redovisningsinformation, därav valdes en fallstudie. Valet att intervjua banker skedde utifrån att de är en primär användare av finansiella rapporter enligt K2.    Slutsats: Redovisningen är den primära källan som banker utgår ifrån i en kreditbedömning. Redovisningen utgör dock aldrig ett tillräckligt beslutsunderlag för banken utan ytterligare information inhämtas för att fatta ett välgrundat beslut. Bankens egen bedömning av företaget som helhet innebär inhämtning av både hård- och mjuk data. Detta medför att oberoende av vilket regelverk ett företag använder sig av gör banken alltid egna interna kreditbedömningar av företagen. Att redovisningen skall kunna återspegla det verkliga värdet är en viktig egenskap för banken. Då K2 kännetecknas av förenklingar, schablonlösningar och begränsade valmöjligheter skapas sämre förutsättningar för detta.   Förslag till vidare forskning: Ett intressant regelverk att göra en liknande studie om är K3-regelverket då detta är en valmöjlighet för mindre aktiebolag. Idag är det frivilligt att tillämpa K2 vilket medför att få upprättar sin redovisning efter K2. En ny undersökning då regelverket blivit obligatoriskt för mindre aktiebolag vore ett sätt att belysa bankens direkta uppfattning om regelverket. Nyckelord: Informationsasymmetri, K2, banker, kreditgivningsprocessen och redovisningsinformation. / Background and problems: It has been an issue for small- and medium sized companies, as accounting standards that they set up their accounts after having been unnecessarily complicated in compared to the needs of the users of its financial statements. Sweden’s efforts to simplify these accounting standards has among other things, been characterized by easing the work for small- and medium size companies. These efforts were called K-projektet, whose purpose partly has been to meet the needs of users of financial statements. K2 is the simplified rule package aimed at smaller companies. Banks are one of the primary users of small companies’ financial statements. K2 is characterized by simplifications, standardization and less reporting obligation. Since banks are demanding a lot of information at a credit decision of a company to make an informed decision, the questions where as follow To what extant do banks use companies accounting information in credit decision? How do financial statements prepared in K2 framework meet the needs of regarded information in credit decisions?Purpose: We examine how the information needs of banks´ are met at credit decisions based on financial statements prepared in the K2 framework. The study aims to increase the understanding and perception of what banks´ demand in the financial information provided by the entities.Method: In the purpose of this study, we wanted to increase the understanding and perception of the chosen topic. A qualitative method aims to do just that, to obtain a deeper understanding of banks´ information demand for credit. A case study includes a complexity of the investigated object, which our study is characterized by because there are relatively few companies that currently apply the K2 in the preparation of accounting information, hence a case study was chosen. The choice to interview the banks was based on that they are the primary users of financial statements in accordance to the K2-regulation.Conclusion: In credit evaluation, accounting is the primary source of information for banks´. Accounting is never a sufficient basis for credit decision for the bank. They have to obtain further information to make an justified decision. The banks´ own assessment of the company as a whole, are based on both hard and soft information which means that regardless of the regulations a company is incorporated by, the banks own internal assessment if a company will be able to repay the credit they will be granted. The most important quality for the bank is that the financial statements are reflecting the fair value, but since K2 is characterized by simplifications, standard solutions and limited choices it creates fewer opportunities for it.Suggestions for further research: An interesting framework to conduct a similar study on, is the K3-framework, since smaller entities may be able to also establish its own financial statements for these regulations. Today is it voluntary to apply K2 this means that few today have chosen to apply the rules. Establishing a new survey when regulations become mandatory for small companies would be a way to highlight the banks´ direct perception of the rules.

<p>I examine the relation between a corporate commitment to increased disclosure and measures of liquidity, information asymmetry, and cost of equity capital. Relative to prior research on voluntary disclosure, I use a composite, ex ante measure of commitment based in social psychology and measure commitment using characteristics of earnings announcement disclosures. Prior to Regulation Fair Disclosure (Reg FD) I find that commitment to increased disclosure is negatively related to bid-ask spreads, probability of informed trade (PIN) scores, and implied cost of capital estimates. Further analysis reveals that the disclosure of balance sheet information in earnings releases is significantly related to spreads and PINs, regardless of firms' conference call behavior, while the combination of consistent open calls and disclosure of balance sheet information in earnings releases yields the most significant results for cost of capital. After the effective date of Reg FD I find that commitment is negatively related to PIN scores and implied cost of capital estimates, but not related to bid-ask spreads. Further analysis reveals that the disclosure of balance sheet information in earnings releases is significantly related to PINs and cost of capital, regardless of firms' conference call behavior.</p> / Dissertation