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earnings growth</title> <meta name="description" content="Search results for: price to earnings growth"> <meta name="keywords" content="price to earnings growth"> <meta name="viewport" content="width=device-width, initial-scale=1, minimum-scale=1, maximum-scale=1, user-scalable=no"> <meta charset="utf-8"> <link href="https://cdn.waset.org/favicon.ico" type="image/x-icon" rel="shortcut icon"> <link href="https://cdn.waset.org/static/plugins/bootstrap-4.2.1/css/bootstrap.min.css" rel="stylesheet"> <link href="https://cdn.waset.org/static/plugins/fontawesome/css/all.min.css" rel="stylesheet"> <link href="https://cdn.waset.org/static/css/site.css?v=150220211555" rel="stylesheet"> </head> <body> <header> <div class="container"> <nav class="navbar navbar-expand-lg navbar-light"> <a class="navbar-brand" href="https://waset.org"> <img src="https://cdn.waset.org/static/images/wasetc.png" alt="Open Science Research Excellence" title="Open Science Research Excellence" /> </a> <button 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action="https://publications.waset.org/abstracts/search"> <div id="custom-search-input"> <div class="input-group"> <i class="fas fa-search"></i> <input type="text" class="search-query" name="q" placeholder="Author, Title, Abstract, Keywords" value="price to earnings growth"> <input type="submit" class="btn_search" value="Search"> </div> </div> </form> </div> </div> <div class="row mt-3"> <div class="col-sm-3"> <div class="card"> <div class="card-body"><strong>Commenced</strong> in January 2007</div> </div> </div> <div class="col-sm-3"> <div class="card"> <div class="card-body"><strong>Frequency:</strong> Monthly</div> </div> </div> <div class="col-sm-3"> <div class="card"> <div class="card-body"><strong>Edition:</strong> International</div> </div> </div> <div class="col-sm-3"> <div class="card"> <div class="card-body"><strong>Paper Count:</strong> 7485</div> </div> </div> </div> <h1 class="mt-3 mb-3 text-center" style="font-size:1.6rem;">Search results for: price to earnings growth</h1> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">7485</span> Price to Earnings Growth (PEG) Predicting Future Returns Better than the Price to Earnings (PE) Ratio</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Lindrianasari%20Stefanie">Lindrianasari Stefanie</a>, <a href="https://publications.waset.org/abstracts/search?q=Aminah%20Khairudin"> Aminah Khairudin</a> </p> <p class="card-text"><strong>Abstract:</strong></p> This study aims to provide empirical evidence regarding the ability of Price to Earnings Ratio and PEG Ratio in predicting future stock returns issuers. The samples used in this study are stocks that go into LQ45. The main contribution is to assign empirical evidence if the PEG Ratio can provide optimum return compared to Price to Earnings Ratio. This study used a sample of the entire company into the group LQ45 with the period of observation. The data used is limited to the financial statements of a company incorporated in LQ45 period July 2013-July 2014, using the financial statements and the position of the company's closing stock price at the end of 2010 as a reference benchmark for the growth of the company's stock price compared to the closing price of 2013. This study found that the method of PEG Ratio can outperform the method of PE ratio in predicting future returns on the stock portfolio of LQ45. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=price%20to%20earnings%20growth" title="price to earnings growth">price to earnings growth</a>, <a href="https://publications.waset.org/abstracts/search?q=price%20to%20earnings%20ratio" title=" price to earnings ratio"> price to earnings ratio</a>, <a href="https://publications.waset.org/abstracts/search?q=future%20returns" title=" future returns"> future returns</a>, <a href="https://publications.waset.org/abstracts/search?q=stock%20price" title=" stock price"> stock price</a> </p> <a href="https://publications.waset.org/abstracts/16670/price-to-earnings-growth-peg-predicting-future-returns-better-than-the-price-to-earnings-pe-ratio" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/16670.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">412</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">7484</span> A Study on the Determinants of Earnings Response Coefficient in an Emerging Market</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Bita%20Mashayekhi">Bita Mashayekhi</a>, <a href="https://publications.waset.org/abstracts/search?q=Zeynab%20Lotfi%20Aghel"> Zeynab Lotfi Aghel</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The determinants of Earnings Response Coefficient (ERC), including firm size, earnings growth, and earnings persistence are studied in this research. These determinants are supposed to be moderator variables that affect ERC and Return Response Coefficient. The research sample contains 82 Iranian listed companies in Tehran Stock Exchange (TSE) from 2001 to 2012. Gathered data have been processed by EVIEWS Software. Results show a significant positive relation between firm size and ERC, and also between earnings growth and ERC; however, there is no significant relation between earnings persistence and ERC. Also, the results show that ERC will be increased by firm size and earnings growth, but there is no relation between earnings persistence and ERC. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=earnings%20response%20coefficient%20%28ERC%29" title="earnings response coefficient (ERC)">earnings response coefficient (ERC)</a>, <a href="https://publications.waset.org/abstracts/search?q=return%20response%20coefficient%20%28RRC%29" title=" return response coefficient (RRC)"> return response coefficient (RRC)</a>, <a href="https://publications.waset.org/abstracts/search?q=firm%20size" title=" firm size"> firm size</a>, <a href="https://publications.waset.org/abstracts/search?q=earnings%20growth" title=" earnings growth"> earnings growth</a>, <a href="https://publications.waset.org/abstracts/search?q=earnings%20persistence" title=" earnings persistence"> earnings persistence</a> </p> <a href="https://publications.waset.org/abstracts/54086/a-study-on-the-determinants-of-earnings-response-coefficient-in-an-emerging-market" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/54086.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">331</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">7483</span> Earnings vs Cash Flows: The Valuation Perspective</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Megha%20Agarwal">Megha Agarwal</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The research paper is an effort to compare the earnings based and cash flow based methods of valuation of an enterprise. The theoretically equivalent methods based on either earnings such as Residual Earnings Model (REM), Abnormal Earnings Growth Model (AEGM), Residual Operating Income Method (ReOIM), Abnormal Operating Income Growth Model (AOIGM) and its extensions multipliers such as price/earnings ratio, price/book value ratio; or cash flow based models such as Dividend Valuation Method (DVM) and Free Cash Flow Method (FCFM) all provide different estimates of valuation of the Indian giant corporate Reliance India Limited (RIL). An ex-post analysis of published accounting and financial data for four financial years from 2008-09 to 2011-12 has been conducted. A comparison of these valuation estimates with the actual market capitalization of the company shows that the complex accounting based model AOIGM provides closest forecasts. These different estimates may be derived due to inconsistencies in discount rate, growth rates and the other forecasted variables. Although inputs for earnings based models may be available to the investor and analysts through published statements, precise estimation of free cash flows may be better undertaken by the internal management. The estimation of value from more stable parameters as residual operating income and RNOA could be considered superior to the valuations from more volatile return on equity. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=earnings" title="earnings">earnings</a>, <a href="https://publications.waset.org/abstracts/search?q=cash%20flows" title=" cash flows"> cash flows</a>, <a href="https://publications.waset.org/abstracts/search?q=valuation" title=" valuation"> valuation</a>, <a href="https://publications.waset.org/abstracts/search?q=Residual%20Earnings%20Model%20%28REM%29" title=" Residual Earnings Model (REM)"> Residual Earnings Model (REM)</a> </p> <a href="https://publications.waset.org/abstracts/11464/earnings-vs-cash-flows-the-valuation-perspective" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/11464.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">375</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">7482</span> Stock Price Prediction with 'Earnings' Conference Call Sentiment</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Sungzoon%20Cho">Sungzoon Cho</a>, <a href="https://publications.waset.org/abstracts/search?q=Hye%20Jin%20Lee"> Hye Jin Lee</a>, <a href="https://publications.waset.org/abstracts/search?q=Sungwhan%20Jeon"> Sungwhan Jeon</a>, <a href="https://publications.waset.org/abstracts/search?q=Dongyoung%20Min"> Dongyoung Min</a>, <a href="https://publications.waset.org/abstracts/search?q=Sungwon%20Lyu"> Sungwon Lyu</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Major public corporations worldwide use conference calls to report their quarterly earnings. These 'earnings' conference calls allow for questions from stock analysts. We investigated if it is possible to identify sentiment from the call script and use it to predict stock price movement. We analyzed call scripts from six companies, two each from Korea, China and Indonesia during six years 2011Q1 – 2017Q2. Random forest with Frequency-based sentiment scores using Loughran MacDonald Dictionary did better than control model with only financial indicators. When the stock prices went up 20 days from earnings release, our model predicted correctly 77% of time. When the model predicted 'up,' actual stock prices went up 65% of time. This preliminary result encourages us to investigate advanced sentiment scoring methodologies such as topic modeling, auto-encoder, and word2vec variants. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=earnings%20call%20script" title="earnings call script">earnings call script</a>, <a href="https://publications.waset.org/abstracts/search?q=random%20forest" title=" random forest"> random forest</a>, <a href="https://publications.waset.org/abstracts/search?q=sentiment%20analysis" title=" sentiment analysis"> sentiment analysis</a>, <a href="https://publications.waset.org/abstracts/search?q=stock%20price%20prediction" title=" stock price prediction"> stock price prediction</a> </p> <a href="https://publications.waset.org/abstracts/86655/stock-price-prediction-with-earnings-conference-call-sentiment" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/86655.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">292</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">7481</span> Asymmetric Relation between Earnings and Returns</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Seungmin%20Chee">Seungmin Chee</a> </p> <p class="card-text"><strong>Abstract:</strong></p> This paper investigates which of the two arguments, conservatism or liquidation option, is a true underlying driver of the asymmetric slope coefficient result regarding the association between earnings and returns. The analysis of the relation between earnings and returns in four mutually exclusive settings segmented by ‘profits vs. losses’ and ‘positive returns vs. negative returns’ suggests that liquidation option rather than conservatism is likely to cause the asymmetric slope coefficient result. Furthermore, this paper documents the temporal changes between Basu period (1963-1990) and post-Basu period (1990-2005). Although no significant change in degree of conservatism or value relevance of losses is reported, stronger negative relation between losses and positive returns is observed in the post-Basu period. Separate regression analysis of each quintile based on the rankings of price to sales ratio and book to market ratio suggests that the strong negative relation is driven by growth firms. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=conservatism" title="conservatism">conservatism</a>, <a href="https://publications.waset.org/abstracts/search?q=earnings" title=" earnings"> earnings</a>, <a href="https://publications.waset.org/abstracts/search?q=liquidation%20option" title=" liquidation option"> liquidation option</a>, <a href="https://publications.waset.org/abstracts/search?q=returns" title=" returns"> returns</a> </p> <a href="https://publications.waset.org/abstracts/25149/asymmetric-relation-between-earnings-and-returns" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/25149.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">372</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">7480</span> Earnings Volatility and Earnings Predictability</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Yosra%20Ben%20Mhamed">Yosra Ben Mhamed</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Most previous research that investigates the importance of earnings volatility for a firm’s value has focused on the effects of earnings volatility on the cost of capital. Many study illustrate that earnings volatility can reduce the firm’s value by enhancing the cost of capital. However, a few recent studies directly examine the relation between earnings volatility and subsequent earnings levels. In our study, we further explore the role of volatility in forecasting. Our study makes two primary contributions to the literature. First, taking into account the level of current firm’s performance, we provide causal theory to the link between volatility and earnings predictability. Nevertheless, previous studies testing the linearity of this relationship have not mentioned any underlying theory. Secondly, our study contributes to the vast body of fundamental analysis research that identifies a set of variables that improve valuation, by showing that earnings volatility affects the estimation of future earnings. Projections of earnings are used by valuation research and practice to derive estimates of firm value. Since we want to examine the impact of volatility on earnings predictability, we sort the sample into three portfolios according to the level of their earnings volatility in ascending order. For each quintile, we present the predictability coefficient. In a second test, each of these portfolios is, then, sorted into three further quintiles based on their level of current earnings. These yield nine quintiles. So we can observe whether volatility strongly predicts decreases on earnings predictability only for highest quintile of earnings. In general, we find that earnings volatility has an inverse relationship with earnings predictability. Our results also show that the sensibility of earnings predictability to ex-ante volatility is more pronounced among profitability firms. The findings are most consistent with overinvestment and persistence explanations. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=earnings%20volatility" title="earnings volatility">earnings volatility</a>, <a href="https://publications.waset.org/abstracts/search?q=earnings%20predictability" title=" earnings predictability"> earnings predictability</a>, <a href="https://publications.waset.org/abstracts/search?q=earnings%20persistence" title=" earnings persistence"> earnings persistence</a>, <a href="https://publications.waset.org/abstracts/search?q=current%20profitability" title=" current profitability"> current profitability</a> </p> <a href="https://publications.waset.org/abstracts/23936/earnings-volatility-and-earnings-predictability" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/23936.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">433</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">7479</span> The Effect of Corporate Governance on Earnings Management: When Firms Report Increasing Earnings</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Su-Ping%20Liu">Su-Ping Liu</a>, <a href="https://publications.waset.org/abstracts/search?q=Yue%20Tian"> Yue Tian</a>, <a href="https://publications.waset.org/abstracts/search?q=Yifan%20Shen"> Yifan Shen </a> </p> <p class="card-text"><strong>Abstract:</strong></p> This study investigates the effect of corporate governance on earnings management when firms have reported a long stream of earnings increases (hereafter referred to as earnings beaters). We expect that good quality of corporate governance decreases the probability of income-increasing earnings management. We employ transparent tools to capture firms’ opportunistic management behavior, specifically, the repurchase of stock. In addition, we use corporate governance proxies to measure the degree of corporate governance, including board size, board independence, CEO duality, and the frequency of meeting. The results hold after the controlling of variables that suggested in prior literature. We expect that the simple technique, that is, firms’ degree of corporate governance, to be used as an inexpensive first step in detecting earnings management. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=corporate%20governance" title="corporate governance">corporate governance</a>, <a href="https://publications.waset.org/abstracts/search?q=earnings%20management" title=" earnings management"> earnings management</a>, <a href="https://publications.waset.org/abstracts/search?q=earnings%20patterns" title=" earnings patterns"> earnings patterns</a>, <a href="https://publications.waset.org/abstracts/search?q=stock%20repurchase" title=" stock repurchase"> stock repurchase</a> </p> <a href="https://publications.waset.org/abstracts/113537/the-effect-of-corporate-governance-on-earnings-management-when-firms-report-increasing-earnings" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/113537.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">176</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">7478</span> A Sector-Wise Study on Detecting Earnings Management in India</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Raghuveer%20Kaur">Raghuveer Kaur</a>, <a href="https://publications.waset.org/abstracts/search?q=Kartikay%20Sharma"> Kartikay Sharma</a>, <a href="https://publications.waset.org/abstracts/search?q=Ashu%20Khanna"> Ashu Khanna</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Earnings management has been present from times immemorial. The recent downfall of giant enterprises like Enron, Satyam and WorldCom has brought a lot of focus on the study and detection of earnings management. The present study is an attempt to study earnings management in one of the fastest emerging economy - India. The study makes an attempt to understand earnings management in different sectors of the economy. The paper first tests a hypothesis to check whether different sectors of India are engaged in earnings management or not. In the later section the paper aims to study the level of earnings management in 6 popular sectors of India: IT&BPO, Retail, Telecom, Biotech, Hotels and coffee. To measure earnings management two popular techniques of detecting earnings management has been employed: Modified Jones Model and Beniesh M Score. A total of 332 companies were studied. Publicly available data from Capitaline database has been used. The paper also classifies the top and bottom five performers on the basis of sales turnover in each sector and identifies whether they manage their earnings or not. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=earnings%20management" title="earnings management">earnings management</a>, <a href="https://publications.waset.org/abstracts/search?q=India" title=" India"> India</a>, <a href="https://publications.waset.org/abstracts/search?q=modified%20Jones%20model" title=" modified Jones model"> modified Jones model</a>, <a href="https://publications.waset.org/abstracts/search?q=Beneish%20M%20score" title=" Beneish M score"> Beneish M score</a> </p> <a href="https://publications.waset.org/abstracts/10154/a-sector-wise-study-on-detecting-earnings-management-in-india" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/10154.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">516</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">7477</span> Assessment of the Relationship between Energy Price Dynamics and Green Growth in the Sub-Sharan Africa</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Christopher%20I.%20Ifeacho">Christopher I. Ifeacho</a>, <a href="https://publications.waset.org/abstracts/search?q=Adeleke%20Omolade"> Adeleke Omolade</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The paper examines the relationship between energy price dynamics and green growth in Sub Sahara African Countries. The quest for adopting green energy in order to improve green growth that can engender sustainability and stability has received more attention from researchers in recent times. This study uses a panel autoregressive distributed lag approach to investigate this relationship. Findings from the result showed that energy price dynamics and exchange rates have more short-run significant impacts on green growth in individual countries rather than the pooled result. Furthermore, the long-run result confirmed that inflation and capital have a significant long-run relationship with green growth. The causality test result revealed the existence of a bi-directional relationship between green growth and energy price dynamics. The study recommends caution in a currency devaluation and improvement in renewable energy production in the Sub Sahara Africa in order to achieve sustainable green growth. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=green%20growth" title="green growth">green growth</a>, <a href="https://publications.waset.org/abstracts/search?q=energy%20price%20dynamics" title=" energy price dynamics"> energy price dynamics</a>, <a href="https://publications.waset.org/abstracts/search?q=Sub%20Saharan%20Africa" title=" Sub Saharan Africa"> Sub Saharan Africa</a>, <a href="https://publications.waset.org/abstracts/search?q=relationship" title=" relationship"> relationship</a> </p> <a href="https://publications.waset.org/abstracts/168303/assessment-of-the-relationship-between-energy-price-dynamics-and-green-growth-in-the-sub-sharan-africa" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/168303.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">97</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">7476</span> Assessment of the Relationship Between Energy Price Dynamics and Green Growth in Sub-Saharan Africa</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Christopher%20Ikechukwu%20Ifeacho">Christopher Ikechukwu Ifeacho</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The paper examines the relationship between energy price dynamics and green growth in Sub Sahara African Countries. The quest for adopting green energy in order to improve the green growth that can engender sustainability, and stability has received more attention from researchers in recent times. This study uses a panel Autoregressive distributed lag approach to investigate this relationship. Findings from the result showed that energy price dynamics and exchange rate have more short-run significant impacts on green growth in individual countries rather than the pooled result. Furthermore, the long-run result confirmed that inflation and capital have a significant long-run relationship with green growth. The causality test result revealed the existence of a bi-directional relationship between green growth and energy price dynamics. The study recommends caution in a currency devaluation and improvement in renewable energy production in the Sub Sahara Africa in order to achieve sustainable green growth. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=green%20growth" title="green growth">green growth</a>, <a href="https://publications.waset.org/abstracts/search?q=energy%20price%20dynamics" title=" energy price dynamics"> energy price dynamics</a>, <a href="https://publications.waset.org/abstracts/search?q=Sub%20Sahara%20Africa." title=" Sub Sahara Africa."> Sub Sahara Africa.</a>, <a href="https://publications.waset.org/abstracts/search?q=sustainability" title=" sustainability"> sustainability</a> </p> <a href="https://publications.waset.org/abstracts/192159/assessment-of-the-relationship-between-energy-price-dynamics-and-green-growth-in-sub-saharan-africa" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/192159.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">21</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">7475</span> Modelling Structural Breaks in Stock Price Time Series Using Stochastic Differential Equations</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Daniil%20Karzanov">Daniil Karzanov</a> </p> <p class="card-text"><strong>Abstract:</strong></p> This paper studies the effect of quarterly earnings reports on the stock price. The profitability of the stock is modeled by geometric Brownian diffusion and the Constant Elasticity of Variance model. We fit several variations of stochastic differential equations to the pre-and after-report period using the Maximum Likelihood Estimation and Grid Search of parameters method. By examining the change in the model parameters after reports’ publication, the study reveals that the reports have enough evidence to be a structural breakpoint, meaning that all the forecast models exploited are not applicable for forecasting and should be refitted shortly. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=stock%20market" title="stock market">stock market</a>, <a href="https://publications.waset.org/abstracts/search?q=earnings%20reports" title=" earnings reports"> earnings reports</a>, <a href="https://publications.waset.org/abstracts/search?q=financial%20time%20series" title=" financial time series"> financial time series</a>, <a href="https://publications.waset.org/abstracts/search?q=structural%20breaks" title=" structural breaks"> structural breaks</a>, <a href="https://publications.waset.org/abstracts/search?q=stochastic%20differential%20equations" title=" stochastic differential equations"> stochastic differential equations</a> </p> <a href="https://publications.waset.org/abstracts/143167/modelling-structural-breaks-in-stock-price-time-series-using-stochastic-differential-equations" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/143167.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">205</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">7474</span> Oil-price Volatility and Economic Prosperity in Nigeria: Empirical Evidence</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Yohanna%20Panshak">Yohanna Panshak</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The impact of macroeconomic instability on economic growth and prosperity has been at forefront in many discourses among researchers and policy makers and has generated a lot of controversies over the years. This has generated series of research efforts towards understanding the remote causes of this phenomenon; its nature, determinants and how it can be targeted and mitigated. While others have opined that the root cause of macroeconomic flux in Nigeria is attributed to Oil-Price volatility, others viewed the issue as resulting from some constellation of structural constraints both within and outside the shores of the country. Research works of scholars such as [Akpan (2009), Aliyu (2009), Olomola (2006), etc] argue that oil volatility can determine economic growth or has the potential of doing so. On the contrary, [Darby (1982), Cerralo (2005) etc] share the opinion that it can slow down growth. The earlier argument rest on the understanding that for a net balance of oil exporting economies, price upbeat directly increases real national income through higher export earnings, whereas, the latter allude to the case of net-oil importing countries (which experience price rises, increased input costs, reduced non-oil demand, low investment, fall in tax revenues and ultimately an increase in budget deficit which will further reduce welfare level). Therefore, assessing the precise impact of oil price volatility on virtually any economy is a function of whether it is an oil-exporting or importing nation. Research on oil price volatility and its outcome on the growth of the Nigerian economy are evolving and in a march towards resolving Nigeria’s macroeconomic instability as long as oil revenue still remain the mainstay and driver of socio-economic engineering. Recently, a major importer of Nigeria’s oil- United States made a historic breakthrough in more efficient source of energy for her economy with the capacity of serving significant part of the world. This undoubtedly suggests a threat to the exchange earnings of the country. The need to understand fluctuation in its major export commodity is critical. This paper leans on the Renaissance growth theory with greater focus on theoretical work of Lee (1998); a leading proponent of this school who makes a clear cut of difference between oil price changes and oil price volatility. Based on the above background, the research seeks to empirically examine the impact oil-price volatility on government expenditure using quarterly time series data spanning 1986:1 to 2014:4. Vector Auto Regression (VAR) econometric approach shall be used. The structural properties of the model shall be tested using Augmented Dickey-Fuller and Phillips-Perron. Relevant diagnostics tests of heteroscedasticity, serial correlation and normality shall also be carried out. Policy recommendation shall be offered on the empirical findings and believes it assist policy makers not only in Nigeria but the world-over. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=oil-price" title="oil-price">oil-price</a>, <a href="https://publications.waset.org/abstracts/search?q=volatility" title=" volatility"> volatility</a>, <a href="https://publications.waset.org/abstracts/search?q=prosperity" title=" prosperity"> prosperity</a>, <a href="https://publications.waset.org/abstracts/search?q=budget" title=" budget"> budget</a>, <a href="https://publications.waset.org/abstracts/search?q=expenditure" title=" expenditure"> expenditure</a> </p> <a href="https://publications.waset.org/abstracts/34619/oil-price-volatility-and-economic-prosperity-in-nigeria-empirical-evidence" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/34619.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">270</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">7473</span> Stability Analysis of Green Coffee Export Markets of Ethiopia: Markov-Chain Analysis</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Gabriel%20Woldu">Gabriel Woldu</a>, <a href="https://publications.waset.org/abstracts/search?q=Maria%20Sassi"> Maria Sassi</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Coffee performs a pivotal role in Ethiopia's GDP, revenue, employment, domestic demand, and export earnings. Ethiopia's coffee production and exports show high variability in the amount of production and export earnings. Despite being the continent's fifth-largest coffee producer, Ethiopia has not developed its ability to shine as a major exporter in the globe's green coffee exports. Ethiopian coffee exports were not stable and had high volume and earnings fluctuations. The main aim of this study was to analyze the dynamics of the export of coffee variation to different importing nations using a first-order Markov Chain model. 14 years of time-series data has been used to examine the direction and structural change in the export of coffee. A compound annual growth rate (CAGR) was used to determine the annual growth rate in the coffee export quantity, value, and per-unit price over the study period. The major export markets for Ethiopian coffee were Germany, Japan, and the USA, which were more stable, while countries such as France, Italy, Belgium, and Saudi Arabia were less stable and had low retention rates for Ethiopian coffee. The study, therefore, recommends that Ethiopia should again revitalize its market to France, Italy, Belgium, and Saudi Arabia, as these countries are the major coffee-consuming countries in the world to boost its export stake to the global coffee markets in the future. In order to further enhance export stability, the Ethiopian Government and other stakeholders in the coffee sector should have to work on reducing the volatility of coffee output and exports in order to improve production and quality efficiency, so that stabilize markets as well as to make the product attractive and price competitive in the importing countries. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=coffee" title="coffee">coffee</a>, <a href="https://publications.waset.org/abstracts/search?q=CAGR" title=" CAGR"> CAGR</a>, <a href="https://publications.waset.org/abstracts/search?q=Markov%20chain" title=" Markov chain"> Markov chain</a>, <a href="https://publications.waset.org/abstracts/search?q=direction%20of%20trade" title=" direction of trade"> direction of trade</a>, <a href="https://publications.waset.org/abstracts/search?q=Ethiopia" title=" Ethiopia"> Ethiopia</a> </p> <a href="https://publications.waset.org/abstracts/130336/stability-analysis-of-green-coffee-export-markets-of-ethiopia-markov-chain-analysis" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/130336.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">138</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">7472</span> Environment-Specific Political Risk Discourse, Environmental Reputation, and Stock Price Crash Risk</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Sohanur%20Rahman">Sohanur Rahman</a>, <a href="https://publications.waset.org/abstracts/search?q=Elisabeth%20Sinnewe"> Elisabeth Sinnewe</a>, <a href="https://publications.waset.org/abstracts/search?q=Larelle%20%28Ellie%29%E2%80%AFChapple"> Larelle (Ellie) Chapple</a>, <a href="https://publications.waset.org/abstracts/search?q=Sarah%20Osborne"> Sarah Osborne</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Greater political attention to global climate change exposes firms to a higher level of political uncertainty, which can lead to adverse capital market consequences. However, a higher level of discourse on environment-specific political risk (EPR) between management and investors can mitigate information asymmetry, followed by less stock price crash risk. This study examines whether EPR discourse in discourse in the earnings conference calls (ECC) reduces firm-level stock price crash risk in the US market. This research also explores if adverse disclosures via media channels further moderates the association between EPR on crash risk. Employing a dataset of 28,933 firm-year observations from 2002 to 2020, the empirical analysis reveals that EPR discourse in ECC reduces future stock price crash risk. However, adverse disclosures via media channels can offset the favourable effect of EPR discourse on crash risk. The results are robust to the potential endogeneity concern in a quasi-natural experiment setting. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=earnings%20conference%20calls" title="earnings conference calls">earnings conference calls</a>, <a href="https://publications.waset.org/abstracts/search?q=environment" title=" environment"> environment</a>, <a href="https://publications.waset.org/abstracts/search?q=environment-specific%20political%20risk%20discourse" title=" environment-specific political risk discourse"> environment-specific political risk discourse</a>, <a href="https://publications.waset.org/abstracts/search?q=environmental%20disclosures" title=" environmental disclosures"> environmental disclosures</a>, <a href="https://publications.waset.org/abstracts/search?q=information%20asymmetry" title=" information asymmetry"> information asymmetry</a>, <a href="https://publications.waset.org/abstracts/search?q=reputation%20risk" title=" reputation risk"> reputation risk</a>, <a href="https://publications.waset.org/abstracts/search?q=stock%20price%20crash%20risk" title=" stock price crash risk"> stock price crash risk</a> </p> <a href="https://publications.waset.org/abstracts/152590/environment-specific-political-risk-discourse-environmental-reputation-and-stock-price-crash-risk" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/152590.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">140</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">7471</span> The Changes of the Relationship between Audit Quality and Earnings Management after Financial Crisis</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Chengxuan%20Geng">Chengxuan Geng</a>, <a href="https://publications.waset.org/abstracts/search?q=Yizhou%20E"> Yizhou E</a> </p> <p class="card-text"><strong>Abstract:</strong></p> This paper mainly examines the changes in the relationship between earnings management and audit quality before and after financial crisis in the context of American firms from 2005 to 2010. Based on a sample of 3584 firm year observations, we find that there are changes concerning the relation between accrual-based earnings management and audit quality during the pre-crisis and post-crisis periods. However, the results do not provide enough evidence with regard to the variances in the association between real activities earnings management and audit quality during these two periods. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=audit%20quality" title="audit quality">audit quality</a>, <a href="https://publications.waset.org/abstracts/search?q=earnings%20management" title=" earnings management"> earnings management</a>, <a href="https://publications.waset.org/abstracts/search?q=financial%20crisis" title=" financial crisis"> financial crisis</a>, <a href="https://publications.waset.org/abstracts/search?q=relationship" title=" relationship"> relationship</a> </p> <a href="https://publications.waset.org/abstracts/10159/the-changes-of-the-relationship-between-audit-quality-and-earnings-management-after-financial-crisis" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/10159.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">339</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">7470</span> The Impact of Corporate Social Responsibility Information Disclosure on the Accuracy of Analysts' Earnings Forecasts </h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Xin-Hua%20Zhao">Xin-Hua Zhao</a> </p> <p class="card-text"><strong>Abstract:</strong></p> In recent years, the growth rate of social responsibility reports disclosed by Chinese corporations has grown rapidly. The economic effects of the growing corporate social responsibility reports have become a hot topic. The article takes the chemical listed engineering corporations that disclose social responsibility reports in China as a sample, and based on the information asymmetry theory, examines the economic effect generated by corporate social responsibility disclosure with the method of ordinary least squares. The research is conducted from the perspective of analysts’ earnings forecasts and studies the impact of corporate social responsibility information disclosure on improving the accuracy of analysts' earnings forecasts. The results show that there is a statistically significant negative correlation between corporate social responsibility disclosure index and analysts’ earnings forecast error. The conclusions confirm that enterprises can reduce the asymmetry of social and environmental information by disclosing social responsibility reports, and thus improve the accuracy of analysts’ earnings forecasts. It can promote the effective allocation of resources in the market. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=analysts%27%20earnings%20forecasts" title="analysts' earnings forecasts">analysts' earnings forecasts</a>, <a href="https://publications.waset.org/abstracts/search?q=corporate%20social%20responsibility%20disclosure" title=" corporate social responsibility disclosure"> corporate social responsibility disclosure</a>, <a href="https://publications.waset.org/abstracts/search?q=economic%20effect" title=" economic effect"> economic effect</a>, <a href="https://publications.waset.org/abstracts/search?q=information%20asymmetry" title=" information asymmetry"> information asymmetry</a> </p> <a href="https://publications.waset.org/abstracts/114447/the-impact-of-corporate-social-responsibility-information-disclosure-on-the-accuracy-of-analysts-earnings-forecasts" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/114447.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">156</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">7469</span> Earnings-Related Information, Cognitive Bias, and the Disposition Effect</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Chih-Hsiang%20Chang">Chih-Hsiang Chang</a>, <a href="https://publications.waset.org/abstracts/search?q=Pei-Shan%20Kao"> Pei-Shan Kao</a> </p> <p class="card-text"><strong>Abstract:</strong></p> This paper discusses the reaction of investors in the Taiwan stock market to the most probable unknown earnings-related information and the most probable known earnings-related information. As compared with the previous literature regarding the effect of an official announcement of earnings forecast revision, this paper further analyzes investors’ cognitive bias toward the unknown and known earnings-related information, and the role of media during the investors' reactions to the foresaid information shocks. The empirical results show that both the unknown and known earnings-related information provides useful information content for a stock market. In addition, cognitive bias and disposition effect are the behavioral pitfalls that commonly occur in the process of the investors' reactions to the earnings-related information. Finally, media coverage has a remarkable influence upon the investors' trading decisions. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=cognitive%20bias" title="cognitive bias">cognitive bias</a>, <a href="https://publications.waset.org/abstracts/search?q=role%20of%20media" title=" role of media"> role of media</a>, <a href="https://publications.waset.org/abstracts/search?q=disposition%20effect" title=" disposition effect"> disposition effect</a>, <a href="https://publications.waset.org/abstracts/search?q=earnings-related%20information" title=" earnings-related information"> earnings-related information</a>, <a href="https://publications.waset.org/abstracts/search?q=behavioral%20pitfall" title=" behavioral pitfall"> behavioral pitfall</a> </p> <a href="https://publications.waset.org/abstracts/78083/earnings-related-information-cognitive-bias-and-the-disposition-effect" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/78083.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">224</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">7468</span> Earnings Management and Firm’s Creditworthiness </h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Maria%20A.%20Murtiati">Maria A. Murtiati</a>, <a href="https://publications.waset.org/abstracts/search?q=Ancella%20A.%20Hermawan"> Ancella A. Hermawan</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The objective of this study is to examine whether the firm’s eligibility to get a bank loan is influenced by earnings management. The earnings management is distinguished between accruals and real earnings management. Hypothesis testing is carried out with logistic regression model using sample of 285 companies listed at Indonesian Stock Exchange in 2010. The result provides evidence that a greater magnitude in accruals earnings management increases the firm’s probability to be eligible to get bank loan. In contrast, real earnings management through abnormal cash flow and abnormal discretionary expenses decrease firm’s probability to be eligible to get bank loan, while real management through abnormal production cost increases such probability. The result of this study suggests that if the earnings management is assumed to be opportunistic purpose, the accruals based earnings management can distort the banks credit analysis using financial statements. Real earnings management has more impact on the cash flows, and banks are very concerned on the firm’s cash flow ability. Therefore, this study indicates that banks are more able to detect real earnings management, except abnormal production cost in real earning management. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=discretionary%20accruals" title="discretionary accruals">discretionary accruals</a>, <a href="https://publications.waset.org/abstracts/search?q=real%20earning%20management" title=" real earning management"> real earning management</a>, <a href="https://publications.waset.org/abstracts/search?q=bank%20loan" title=" bank loan"> bank loan</a>, <a href="https://publications.waset.org/abstracts/search?q=credit%20worthiness" title=" credit worthiness"> credit worthiness</a> </p> <a href="https://publications.waset.org/abstracts/5629/earnings-management-and-firms-creditworthiness" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/5629.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">346</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">7467</span> A Mathematical Equation to Calculate Stock Price of Different Growth Model</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Weiping%20Liu">Weiping Liu</a> </p> <p class="card-text"><strong>Abstract:</strong></p> This paper presents an equation to calculate stock prices of different growth model. This equation is mathematically derived by using discounted cash flow method. It has the advantages of being very easy to use and very accurate. It can still be used even when the first stage is lengthy. This equation is more generalized because it can be used for all the three popular stock price models. It can be programmed into financial calculator or electronic spreadsheets. In addition, it can be extended to a multistage model. It is more versatile and efficient than the traditional methods. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=stock%20price" title="stock price">stock price</a>, <a href="https://publications.waset.org/abstracts/search?q=multistage%20model" title=" multistage model"> multistage model</a>, <a href="https://publications.waset.org/abstracts/search?q=different%20growth%20model" title=" different growth model"> different growth model</a>, <a href="https://publications.waset.org/abstracts/search?q=discounted%20cash%20flow%20method" title=" discounted cash flow method"> discounted cash flow method</a> </p> <a href="https://publications.waset.org/abstracts/12664/a-mathematical-equation-to-calculate-stock-price-of-different-growth-model" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/12664.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">406</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">7466</span> The Impact of other Comprehensive Income Disclosure and Corporate Governance on Earnings Management and Firm Performance</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Yan%20Wang">Yan Wang</a>, <a href="https://publications.waset.org/abstracts/search?q=Yuan%20George%20Shan"> Yuan George Shan</a> </p> <p class="card-text"><strong>Abstract:</strong></p> This study examines whether earnings management reduces firm performance and how other comprehensive income (OCI) disclosure and strong corporate governance restrain earnings management. Using a data set comprising 6,260 firm-year observations from listed companies on the Shanghai and Shenzhen Stock Exchanges during 2009–2015, the results indicate that OCI disclosure generally improves firm performance, but earnings management lowers firm performance. The study also finds that OCI disclosure and corporate governance are complementary in restraining earnings manipulation and promote firm performance. The implications of the findings are relevant policy-makers and regulators in assisting them evaluate the consequences of convergence of Chinese Accounting Standards with the International Financial Reporting Standards. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=other%20comprehensive%20income" title="other comprehensive income">other comprehensive income</a>, <a href="https://publications.waset.org/abstracts/search?q=corporate%20governance" title=" corporate governance"> corporate governance</a>, <a href="https://publications.waset.org/abstracts/search?q=earnings%20management" title=" earnings management"> earnings management</a>, <a href="https://publications.waset.org/abstracts/search?q=firm%20performance" title=" firm performance"> firm performance</a>, <a href="https://publications.waset.org/abstracts/search?q=China" title=" China"> China</a> </p> <a href="https://publications.waset.org/abstracts/106120/the-impact-of-other-comprehensive-income-disclosure-and-corporate-governance-on-earnings-management-and-firm-performance" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/106120.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">229</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">7465</span> The Effect of Oil Price Uncertainty on Food Price in South Africa</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Goodness%20C.%20Aye">Goodness C. Aye</a> </p> <p class="card-text"><strong>Abstract:</strong></p> This paper examines the effect of the volatility of oil prices on food price in South Africa using monthly data covering the period 2002:01 to 2014:09. Food price is measured by the South African consumer price index for food while oil price is proxied by the Brent crude oil. The study employs the GARCH-in-mean VAR model, which allows the investigation of the effect of a negative and positive shock in oil price volatility on food price. The model also allows the oil price uncertainty to be measured as the conditional standard deviation of a one-step-ahead forecast error of the change in oil price. The results show that oil price uncertainty has a positive and significant effect on food price in South Africa. The responses of food price to a positive and negative oil price shocks is asymmetric. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=oil%20price%20volatility" title="oil price volatility">oil price volatility</a>, <a href="https://publications.waset.org/abstracts/search?q=food%20price" title=" food price"> food price</a>, <a href="https://publications.waset.org/abstracts/search?q=bivariate" title=" bivariate"> bivariate</a>, <a href="https://publications.waset.org/abstracts/search?q=GARCH-in-mean%20VAR" title=" GARCH-in-mean VAR"> GARCH-in-mean VAR</a>, <a href="https://publications.waset.org/abstracts/search?q=asymmetric" title=" asymmetric"> asymmetric</a> </p> <a href="https://publications.waset.org/abstracts/28399/the-effect-of-oil-price-uncertainty-on-food-price-in-south-africa" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/28399.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">477</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">7464</span> Fair Value Accounting and Evolution of the Ohlson Model</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Mohamed%20Zaher%20Bouaziz">Mohamed Zaher Bouaziz</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Our study examines the Ohlson Model, which links a company's market value to its equity and net earnings, in the context of the evolution of the Canadian accounting model, characterized by more extensive use of fair value and a broader measure of performance after IFRS adoption. Our hypothesis is that if equity is reported at its fair value, this valuation is closely linked to market capitalization, so the weight of earnings weakens or even disappears in the Ohlson Model. Drawing on Canada's adoption of the International Financial Reporting Standards (IFRS), our results support our hypothesis that equity appears to include most of the relevant information for investors, while earnings have become less important. However, the predictive power of earnings does not disappear. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=fair%20value%20accounting" title="fair value accounting">fair value accounting</a>, <a href="https://publications.waset.org/abstracts/search?q=Ohlson%20model" title=" Ohlson model"> Ohlson model</a>, <a href="https://publications.waset.org/abstracts/search?q=IFRS%20adoption" title=" IFRS adoption"> IFRS adoption</a>, <a href="https://publications.waset.org/abstracts/search?q=value-relevance%20of%20equity%20and%20earnings" title=" value-relevance of equity and earnings"> value-relevance of equity and earnings</a> </p> <a href="https://publications.waset.org/abstracts/106775/fair-value-accounting-and-evolution-of-the-ohlson-model" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/106775.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">189</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">7463</span> Real Activities Manipulation vs. Accrual Earnings Management: The Effect of Political Risk</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Heba%20Abdelmotaal">Heba Abdelmotaal</a>, <a href="https://publications.waset.org/abstracts/search?q=Magdy%20Abdel-Kader"> Magdy Abdel-Kader</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Purpose: This study explores whether a firm’s effective political risk management is preventing real and accrual earnings management . Design/methodology/approach: Based on a sample of 130 firms operating in Egypt during the period 2008-2013, two hypotheses are tested using the panel data regression models. Findings: The empirical findings indicate a significant relation between real and accrual earnings management and political risk. Originality/value: This paper provides a statistically evidence on the effects of the political risk management failure on the mangers’ engagement in the real and accrual earnings management practices, and its impact on the firm’s performance. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=political%20risk" title="political risk">political risk</a>, <a href="https://publications.waset.org/abstracts/search?q=risk%20management%20failure" title=" risk management failure"> risk management failure</a>, <a href="https://publications.waset.org/abstracts/search?q=real%20activities%20manipulation" title=" real activities manipulation"> real activities manipulation</a>, <a href="https://publications.waset.org/abstracts/search?q=accrual%20earnings%20management" title=" accrual earnings management"> accrual earnings management</a> </p> <a href="https://publications.waset.org/abstracts/32461/real-activities-manipulation-vs-accrual-earnings-management-the-effect-of-political-risk" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/32461.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">438</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">7462</span> The Reliability of Management Earnings Forecasts in IPO Prospectuses: A Study of Managers’ Forecasting Preferences</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Maha%20Hammami">Maha Hammami</a>, <a href="https://publications.waset.org/abstracts/search?q=Olfa%20Benouda%20Sioud"> Olfa Benouda Sioud </a> </p> <p class="card-text"><strong>Abstract:</strong></p> This study investigates the reliability of management earnings forecasts with reference to these two ingredients: verifiability and neutrality. Specifically, we examine the biasedness (or accuracy) of management earnings forecasts and company specific characteristics that can be associated with accuracy. Based on sample of 102 IPO prospectuses published for admission on NYSE Euronext Paris from 2002 to 2010, we found that these forecasts are on average optimistic and two of the five test variables, earnings variability and financial leverage are significant in explaining ex post bias. Acknowledging the possibility that the bias is the result of the managers’ forecasting behavior, we then examine whether managers decide to under-predict, over-predict or forecast accurately for self-serving purposes. Explicitly, we examine the role of financial distress, operating performance, ownership by insiders and the economy state in influencing managers’ forecasting preferences. We find that managers of distressed firms seem to over-predict future earnings. We also find that when managers are given more stock options, they tend to under-predict future earnings. Finally, we conclude that the management earnings forecasts are affected by an intentional bias due to managers’ forecasting preferences. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=intentional%20bias" title="intentional bias">intentional bias</a>, <a href="https://publications.waset.org/abstracts/search?q=management%20earnings%20forecasts" title=" management earnings forecasts"> management earnings forecasts</a>, <a href="https://publications.waset.org/abstracts/search?q=neutrality" title=" neutrality"> neutrality</a>, <a href="https://publications.waset.org/abstracts/search?q=verifiability" title=" verifiability"> verifiability</a> </p> <a href="https://publications.waset.org/abstracts/6243/the-reliability-of-management-earnings-forecasts-in-ipo-prospectuses-a-study-of-managers-forecasting-preferences" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/6243.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">235</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">7461</span> The Impact of Diversification Strategy on Leverage and Accrual-Based Earnings Management</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Safa%20Lazzem">Safa Lazzem</a>, <a href="https://publications.waset.org/abstracts/search?q=Faouzi%20Jilani"> Faouzi Jilani</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The aim of this research is to investigate the impact of diversification strategy on the nature of the relationship between leverage and accrual-based earnings management through panel-estimation techniques based on a sample of 162 nonfinancial French firms indexed in CAC All-Tradable during the period from 2006 to 2012. The empirical results show that leverage increases encourage managers to manipulate earnings management. Our findings prove that the diversification strategy provides the needed context for this accounting practice to be possible in highly diversified firms. In addition, the results indicate that diversification moderates the relationship between leverage and accrual-based earnings management by changing the nature and the sign of this relationship. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=diversification" title="diversification">diversification</a>, <a href="https://publications.waset.org/abstracts/search?q=earnings%20management" title=" earnings management"> earnings management</a>, <a href="https://publications.waset.org/abstracts/search?q=leverage" title=" leverage"> leverage</a>, <a href="https://publications.waset.org/abstracts/search?q=panel-estimation%20techniques" title=" panel-estimation techniques"> panel-estimation techniques</a> </p> <a href="https://publications.waset.org/abstracts/102339/the-impact-of-diversification-strategy-on-leverage-and-accrual-based-earnings-management" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/102339.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">150</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">7460</span> Earnings Management and Tone Management: Evidence from the UK</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Salah%20Kayed%20Kayed">Salah Kayed Kayed</a>, <a href="https://publications.waset.org/abstracts/search?q=Jessica%20Hong%20Yang"> Jessica Hong Yang</a> </p> <p class="card-text"><strong>Abstract:</strong></p> This study investigates, whether earnings management in the audited financial statements is associated with tone management in the narrative sections of the annual report in the UK. Earnings management and narrative disclosure are communication strategies used from managers to communicate with investors or other users. Because earnings management and narrative disclosure stem from managers, they can exploit this by doing manipulation in their earnings, and simultaneously disclosing qualitative text (narrative information) in their reports as a tone of words, which will affect users’ perception, and hence users will be misinformed. The association between earnings and tone management can be explained by the self-serving, through cognitive reference points, theory. The sample period lasts from 2010 to 2015, and the sample comprises all non-financial firms that consider under FTSE 350 in any year during the sample period. A list of words from previous research is used to measure the tone in the narrative sections of the annual report. Because this study focuses on the managerial strategic choice and the subjective issues that come from management, it uses the abnormal tone to capture the managerial discretion on tone, and a number of different discretionary accruals proxies to measure earnings management, where accruals management is considered as a manipulation tool from managers to change the users' perception. This research is motivated to fulfil the literature gap by examining the association between earnings and tone management. Moreover, if firms that apply earnings management use tone management to mislead investors, it is beneficial for investors, policy makers, standard setters, or other users to know whether there is an association between earnings management and tone management. Clearly, we believe that this study is fundamental in the accounting context, where it evaluates the communication strategies that are used in firms' financial reports. Consistent with prior research, it is expected that tone management is positively associated with earnings management. This means that firms that use earnings management have incentives to manipulate in their narrative disclosure through tone of words, to reflect a good perception for users, which will conceal the earnings management techniques used in their reporting. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=earnings%20management" title="earnings management">earnings management</a>, <a href="https://publications.waset.org/abstracts/search?q=FTSE%20350" title=" FTSE 350"> FTSE 350</a>, <a href="https://publications.waset.org/abstracts/search?q=narrative%20disclosure" title=" narrative disclosure"> narrative disclosure</a>, <a href="https://publications.waset.org/abstracts/search?q=tone%20management" title=" tone management"> tone management</a> </p> <a href="https://publications.waset.org/abstracts/89311/earnings-management-and-tone-management-evidence-from-the-uk" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/89311.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">277</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">7459</span> Analysis of Spatial Heterogeneity of Residential Prices in Guangzhou: An Actual Study Based on Point of Interest Geographically Weighted Regression Model</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Zichun%20Guo">Zichun Guo</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Guangzhou's house price has long been lower than the other three major cities; with the gradual increase in Guangzhou's house price, the influencing factors of house price have gradually been paid attention to; this paper tries to use house price data and POI (Point of Interest) data, and explores the distribution of house price and influencing factors by applying the Kriging spatial interpolation method and geographically weighted regression model in ArcGIS. The results show that the interpolation result of house price has a significant relationship with the economic development and development potential of the region and that different POI types have different impacts on the growth of house prices in different regions. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=POI" title="POI">POI</a>, <a href="https://publications.waset.org/abstracts/search?q=house%20price" title=" house price"> house price</a>, <a href="https://publications.waset.org/abstracts/search?q=spatial%20heterogeneity" title=" spatial heterogeneity"> spatial heterogeneity</a>, <a href="https://publications.waset.org/abstracts/search?q=Guangzhou" title=" Guangzhou"> Guangzhou</a> </p> <a href="https://publications.waset.org/abstracts/185907/analysis-of-spatial-heterogeneity-of-residential-prices-in-guangzhou-an-actual-study-based-on-point-of-interest-geographically-weighted-regression-model" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/185907.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">55</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">7458</span> The Relation between Earnings Management with the Financial Reporting</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Anocha%20Rojanapanich">Anocha Rojanapanich</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The objective of this research is to investigate the effects of earnings management on corporate transparency of the company in Dusit area workplace via financial reporting reliability and stakeholder acceptance as independent variable. And the company in Dusit are are taken as the population and sample. The questionnaire is used to collect data. Exploratory Factor Analysis is implemented to ensure construct validity, and correlation statistic is selected to test the relationship among all variable and the ordinary least squares regression is used to explore the hypothesized. The results show that earnings management has a significant and negative impact on financial reporting reliability, stakeholder acceptance, and corporate transparency. Both financial reporting reliability and stakeholder acceptance have an important and positive effect on corporate transparency, and they are then mediators of the earnings management-corporate transparency relationships. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=dusit%20area%20workplace" title="dusit area workplace">dusit area workplace</a>, <a href="https://publications.waset.org/abstracts/search?q=earnings%20management" title=" earnings management"> earnings management</a>, <a href="https://publications.waset.org/abstracts/search?q=financial%20report" title=" financial report"> financial report</a>, <a href="https://publications.waset.org/abstracts/search?q=business%20and%20marketing%20management" title=" business and marketing management"> business and marketing management</a> </p> <a href="https://publications.waset.org/abstracts/17780/the-relation-between-earnings-management-with-the-financial-reporting" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/17780.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">406</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">7457</span> International Financial Reporting Standard Adoption and Value Relevance of Earnings in Listed Consumer Goods Companies in Nigerian</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Muktar%20Haruna">Muktar Haruna</a> </p> <p class="card-text"><strong>Abstract:</strong></p> This research work examines the International Financial Reporting Standard (IFRS) adoption and value relevance of earnings of listed consumer goods companies in the Nigerian. The population of the study comprises 22 listed consumer goods companies, out of which 15 were selected as sample size of the study. The scope of the study is a 12-year period covering from 2006 to 2018. Secondary data from the annual report of sampled companies were used, which consists of earnings per share (EPS), the book value of equity per share (BVE) as independent variables; firm size (FSZ) as a control variable, and market share price of sampled companies from Nigerian stock exchange as dependent variable. Multiple regressions were used to analyze the data. The results of the study showed that IFRS did not improve the value relevance of earnings after the adoption, which translates to a decrease in value relevance of accounting numbers in the post-adoption period. The major recommendation is that the Nigerian Reporting Council should ensure full compliance to all provisions of IFRS and provide uniformity in the presentation of non-current assets in the statement of financial position, where some present only net current assets leaving individual figures for current assets and liabilities invisible. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=IFRS" title="IFRS">IFRS</a>, <a href="https://publications.waset.org/abstracts/search?q=adoption" title=" adoption"> adoption</a>, <a href="https://publications.waset.org/abstracts/search?q=value%20relevance" title=" value relevance"> value relevance</a>, <a href="https://publications.waset.org/abstracts/search?q=earning%20per%20share" title=" earning per share"> earning per share</a>, <a href="https://publications.waset.org/abstracts/search?q=book%20value%20of%20equity%20per%20share" title=" book value of equity per share"> book value of equity per share</a> </p> <a href="https://publications.waset.org/abstracts/130388/international-financial-reporting-standard-adoption-and-value-relevance-of-earnings-in-listed-consumer-goods-companies-in-nigerian" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/130388.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">148</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">7456</span> Accounting Quality and The Adoption of IFRS: Evidence from China</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Khaldoon%20G.%20Albitar">Khaldoon G. Albitar</a>, <a href="https://publications.waset.org/abstracts/search?q=Hassan%20Y.%20Kikhia"> Hassan Y. Kikhia</a>, <a href="https://publications.waset.org/abstracts/search?q=Jin%20P.%20Zhang"> Jin P. Zhang</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Since 2007, all companies listed on both Shanghai Stock Exchange and Shenzhen Stock Exchange are required to prepare their consolidated financial statements in accordance with International Financial Reporting Standards (IFRS). This study investigates the impact of adopting IFRS on accounting quality for a sample of listed on Chinese companies during the period 2003-2013 with sample of 10846 observations over a four-year period before and a five-year period after the adoption of IFRS. This study tests whether the level of earnings management is significantly lower after the adoption of IFRS, and reported earnings is more value relevant during the IFRS period by using the Ohlson model and Jones model, as modified by Dechow. The empirical results show that accounting quality improved with lower earnings management and higher value relevant after the adoption of IFRS in China. The current study contributes to the literature on IFRS adoption and earning quality in two ways. First, As most of the existing studies on earnings quality and IFRS have been conducted on data from the U.S and European countries, this study fills a gap in the existing literature by studying the effect of adoption of IFRS on earnings quality in an emerging market. Second, the findings of our study have important implications for policymakers, auditors, multinational firms, and users of financial reports. As the rapid growth of China's economy gains global recognition, the Chinese stock market is capturing the attention of international investor. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=international%20financial%20reporting%20standards%20%28ifrs%29" title="international financial reporting standards (ifrs)">international financial reporting standards (ifrs)</a>, <a href="https://publications.waset.org/abstracts/search?q=accounting%20quality" title=" accounting quality"> accounting quality</a>, <a href="https://publications.waset.org/abstracts/search?q=earnings%20management" title=" earnings management"> earnings management</a>, <a href="https://publications.waset.org/abstracts/search?q=value%20relevance" title=" value relevance"> value relevance</a>, <a href="https://publications.waset.org/abstracts/search?q=china" title=" china"> china</a> </p> <a 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