Global ETD Search

1	The Effects of the Media on the Discrepancy Between GAAP and Pro Forma Earnings Schock, Peter 01 January 2012 (has links) This study seeks to find if there is a significant relationship between the amount of media coverage focused on public companies in the United States and the difference between GAAP financial performance and analyst-adjusted estimates of financial performance. I will answer this question by testing this difference among S&P 500 companies, as well as companies within that index as identified by a certain industry. GAAP Pro Forma Media Finance
2	Trends in Pro Forma reporting during the Great Recession Mivshek, Dakota W 01 January 2013 (has links) Pro forma EPS reporting is a fairly new accounting disclosure; it has since been modified in 2003 by the U.S. Securities and Exchange Commission, to include additional disclosure and filing requirements. This “Regulation G” has been around for nearly a decade and since that time a major financial crises in the United States has occurred. This study attempts to analyze trends in pro forma EPS reporting within the S & P 500 constituents during the Great Recession, and speculate as to whether earnings management was apparent. This study provides evidence that there was a significant increase in the proportion of pro forma disclosers and magnitudes of those disclosers. Results also indicate that the presence of negative earnings and intangibles have a significant effect on the magnitude of these differences and that there appears to be a level of consistency in pro forma reporting among firms. Results allude to the possibility of short term and long term earnings management strategies during the Great recession among S & P 500 constituents. Pro Forma Reporting Street Earnings Trend in Pro Forma Reporting Great Recession Earnings Management Accounting
3	Essays on the value relevance of earnings measures Mbagwu, Chima I 11 September 2007 This dissertation presents two studies on the value relevance and perceived credibility of pro forma earnings. In the first study, I investigate the value relevance of pro forma earnings relative to two alternative earnings measures GAAP earnings and analysts actual earnings. Value relevance is assessed using two approaches. The first approach examines whether the markets expectations (contemporaneous returns or price) is best reflected in future pro forma earnings, future GAAP earnings, or future analysts actual earnings. The second approach is to determine through pair-wise comparisons of the three earnings measures (e.g., pro forma earnings versus GAAP earnings), which has the greatest explanatory power (comparing adjusted R2s) in explaining price and returns. Across approaches and models, each of the three earnings measures tends to be value relevant. However, Pro forma is consistently the most value relevant, followed by analysts actuals, with GAAP earnings having the least value relevance. That is, pro forma earnings have the greatest information content. This finding is consistent with managers, in aggregate, using pro forma to inform rather than to manage expectations or to mislead. <p>In the second study, I examine the impact of credibility attributes board characteristics, auditor quality and overall information quality on the value relevance of pro forma earnings. It is hypothesized that the credibility attributes will have a statistically significant impact on investors reaction to pro forma earnings. Consistent with the predictions, I find that stronger board characteristics, higher auditor quality and higher overall information quality are positively associated with higher market reaction to the pro forma announcement. That is, credibility attributes increase the value relevance of pro forma earnings. This finding is consistent with some firms providing pro forma earnings that are perceived to be credible and others providing pro formas that are perceived as less credible and possibly provided to manage expectations or to mislead. credibility corporate governance earnings Voluntary disclosure pro forma value relevance
4	Essays on the value relevance of earnings measures Mbagwu, Chima I 11 September 2007 (has links) This dissertation presents two studies on the value relevance and perceived credibility of pro forma earnings. In the first study, I investigate the value relevance of pro forma earnings relative to two alternative earnings measures GAAP earnings and analysts actual earnings. Value relevance is assessed using two approaches. The first approach examines whether the markets expectations (contemporaneous returns or price) is best reflected in future pro forma earnings, future GAAP earnings, or future analysts actual earnings. The second approach is to determine through pair-wise comparisons of the three earnings measures (e.g., pro forma earnings versus GAAP earnings), which has the greatest explanatory power (comparing adjusted R2s) in explaining price and returns. Across approaches and models, each of the three earnings measures tends to be value relevant. However, Pro forma is consistently the most value relevant, followed by analysts actuals, with GAAP earnings having the least value relevance. That is, pro forma earnings have the greatest information content. This finding is consistent with managers, in aggregate, using pro forma to inform rather than to manage expectations or to mislead. <p>In the second study, I examine the impact of credibility attributes board characteristics, auditor quality and overall information quality on the value relevance of pro forma earnings. It is hypothesized that the credibility attributes will have a statistically significant impact on investors reaction to pro forma earnings. Consistent with the predictions, I find that stronger board characteristics, higher auditor quality and higher overall information quality are positively associated with higher market reaction to the pro forma announcement. That is, credibility attributes increase the value relevance of pro forma earnings. This finding is consistent with some firms providing pro forma earnings that are perceived to be credible and others providing pro formas that are perceived as less credible and possibly provided to manage expectations or to mislead. credibility corporate governance earnings Voluntary disclosure pro forma value relevance
5	SEC interventions and the frequency and usefulness of non-GAAP financial measures Tavares Marques, Ana Cristina de Oliveira, January 1900 (has links) (PDF) Thesis (Ph. D.)--University of Texas at Austin, 2005. / Vita. Includes bibliographical references.
6	[en] ASSESSING ACCRUALS IN BRAZILIAN IPOS / [pt] INFORMAÇÕES FINANCEIRAS DE OFERTAS PÚBLICAS INICIAIS DE AÇÕES: UMA AVALIAÇÃO DO USO DE RUBRICAS DISCRICIONÁRIAS FABRICIO RIBEIRO RODRIGUES D ALMEIDA 17 February 2016 (has links) [pt] Em uma oferta inicial de ações, uma das dificuldades dos investidores é avaliar que preço pagar pela ação lançada. Para diminuir tal dificuldade, a Comissão de Valores Imobiliários exige que as empresas emissoras apresentem demonstrativos financeiros dos últimos três anos de operações. Esta dissertação avalia a precisão desses demonstrativos financeiros, através de uma amostra de 67 emissões de ações na Bovespa entre 2002 e 2007. A análise dos dados mostra que as emissões com um único banco coordenador apresentam uma maior incidência de rubricas discriminatórias, que aumentam os lucros acumulados. Tais rubricas aparecem mais frequentemente em demonstrativos no formato pró-forma, que não impõem uma responsabilidade legal sobre os auditores, consistente com a hipótese de que as rubricas discricionárias têm por finalidade inflar os lucros contábeis. / [en] Investors face the challenge to value the price of a share during na ipo. With the purpose of improving their ability, the Brazilian Securities and Exchange Commission (CVM) demands companies to present financial statements for the last three years of continuing operations. This dissertation assesses the quality of these financial statements using a sample of 67 IPOs that took place at São Paulo Stock Exchange between 2002 and 2007. The analysis of the prospectuses gives us evidence that IPOs with only one investment bank on their syndicate present higher discretionary accruals and by consequence, reported earnings. The use of discretionary accruals is more common in pro forma financial statements which exempt auditing companies from legal responsibility and therefore enhance the hypothesis that discretionary accruals are used in order to inflate earnings. [pt] BANCOS COORDENADORES [pt] RUBRICAS DISCRICIONARIAS - ACCRUALS [pt] BALANCO PRO-FORMA
7	Quantitative approach to short-term financial planning / Finanční plánování v podniku Voráček, Lukáš January 2011 (has links) The aim of this study is to certify the legitimacy of employing quantitative methods in the day-to-day business practice. The task is approached as a case study of a real-life financial planning process. I work with the financial data of POS Media Czech Republic (a media company providing point-of-sale advertising solutions). My intention is to simulate the projection of a pro forma income statement with the use of quantitative methods. More specifically, I am applying time series prediction techniques in order to forecast POS Media's sales. The goal is, first, to demonstrate that quantitative techniques can be handled even with limited statistical background and, second, to discuss the relevancy of the obtained results. In the methodical part of my thesis I deal with the theoretical aspects of financial planning. I further describe various methods of sales forecasting (qualitative vs. quantitative). Special emphasis is put on time series prediction methods. In the application part I provide a short description of POS Media and its business. I use time series decomposition techniques to predict POS Media's sales in 2012. Consequently, I outline the rest of the pro forma income statement.
8	SEC interventions and the frequency and usefulness of non-GAAP financial measures Tavares Marques, Ana Cristina de Oliveira 28 August 2008 (has links) Not available / text Disclosure in accounting--United States Stockholders--Attitudes Stocks--Prices--United States Corporations--Valuation--United States
9	Settling-Time Improvements in Positioning Machines Subject to Nonlinear Friction Using Adaptive Impulse Control Hakala, Tim 31 January 2006 (has links) (PDF) A new method of adaptive impulse control is developed to precisely and quickly control the position of machine components subject to friction. Friction dominates the forces affecting fine positioning dynamics. Friction can depend on payload, velocity, step size, path, initial position, temperature, and other variables. Control problems such as steady-state error and limit cycles often arise when applying conventional control techniques to the position control problem. Studies in the last few decades have shown that impulsive control can produce repeatable displacements as small as ten nanometers without limit cycles or steady-state error in machines subject to dry sliding friction. These displacements are achieved through the application of short duration, high intensity pulses. The relationship between pulse duration and displacement is seldom a simple function. The most dependable practical methods for control are self-tuning; they learn from online experience by adapting an internal control parameter until precise position control is achieved. To date, the best known adaptive pulse control methods adapt a single control parameter. While effective, the single parameter methods suffer from sub-optimal settling times and poor parameter convergence. To improve performance while maintaining the capacity for ultimate precision, a new control method referred to as Adaptive Impulse Control (AIC) has been developed. To better fit the nonlinear relationship between pulses and displacements, AIC adaptively tunes a set of parameters. Each parameter affects a different range of displacements. Online updates depend on the residual control error following each pulse, an estimate of pulse sensitivity, and a learning gain. After an update is calculated, it is distributed among the parameters that were used to calculate the most recent pulse. As the stored relationship converges to the actual relationship of the machine, pulses become more accurate and fewer pulses are needed to reach each desired destination. When fewer pulses are needed, settling time improves and efficiency increases. AIC is experimentally compared to conventional PID control and other adaptive pulse control methods on a rotary system with a position measurement resolution of 16000 encoder counts per revolution of the load wheel. The friction in the test system is nonlinear and irregular with a position dependent break-away torque that varies by a factor of more than 1.8 to 1. AIC is shown to improve settling times by as much as a factor of two when compared to other adaptive pulse control methods while maintaining precise control tolerances. control position adaptive impulsive settling-time nonlinear friction pulses displacements precise tolerances log-spaced update distributed learning Coulomb Stribeck Tomizuka Yang AIC PID MRAC STR RTAI Linux FreeBSD kernel modules microcontroller convergence practical self-tuning methods techniques limit-cycles steady-state error zero stable stability bound envelope partitioned scheme lookup-table multi-point adaptation repeatable mean servo motor exponential square-law rise-time real-time log-log interpolation pro-forma curve-fit sensitivity compliance variable static dynamic response torque acceleration velocity optical encoder parameters evolution fixed-law enhanced split weighting initialization trajectory layered processes Mechanical Engineering

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