To see the other types of publications on this topic, follow the link: Financial manipulation.
Dissertations / Theses on the topic 'Financial manipulation'
Create a spot-on reference in APA, MLA, Chicago, Harvard, and other styles
Consult the top 50 dissertations / theses for your research on the topic 'Financial manipulation.'
Next to every source in the list of references, there is an 'Add to bibliography' button. Press on it, and we will generate automatically the bibliographic reference to the chosen work in the citation style you need: APA, MLA, Harvard, Chicago, Vancouver, etc.
You can also download the full text of the academic publication as pdf and read online its abstract whenever available in the metadata.
Browse dissertations / theses on a wide variety of disciplines and organise your bibliography correctly.
1
Huang, Kan Ph D. Massachusetts Institute of Technology. "Dynamic trading and manipulation in financial markets." Thesis, Massachusetts Institute of Technology, 2011. http://hdl.handle.net/1721.1/68962.
Full textAbstract:
Thesis (Ph. D.)--Massachusetts Institute of Technology, Sloan School of Management, 2011.Cataloged from PDF version of thesis.
Includes bibliographical references.
Chapter 1 studies how asset managers, due to reputation concerns, manipulate performance through taking latent risk dynamically. It is found that both skilled and unskilled managers load on excessive level of latent risk to boost performance even if investors are fully rational. The equilibrium risk taking by managers has interesting implications on investors' evaluation of manager's skill under normal market conditions and upon crash. Excessive risk taking reduces welfare of investor as well as unskilled managers, which calls for the presence of diligent third-party monitoring. Time required by investors to discover a manager's ability is also significantly lengthened. Our model yields several unique predictions about crash losses, which are supported by empirical analysis using hedge fund data. Besides, it provides complementary explanations for declining returns of large funds and the high demand for structured mortgage securities before the subprime mortgage crisis. Chapter 2 investigates price manipulation in general equilibrium with the only market imperfection being the presence of a non-competitive large trader. We propose the notion of "pure manipulation", in which the large trader manipulates security prices to improve-her welfare but supported by no genuine trading motive. The existence of pure manipulation is equivalent to the failure of the Weak Axiom of Revealed Preference of aggregate security demand at the competitive equilibrium. We state conditions that prohibit pure manipulation. We also demonstrate that heterogeneity in preferences and endowments, large trading needs and remaining insurance demand in the competitive equilibrium could lead to a jointly upward-sloping portfolio demand, which gives rise to pure manipulation that requires arbitrarily small capital commitment. In addition, we establish a link between static and multi-period manipulation and show that dynamic trading reduces manipulation power. Different security structures that complete the markets lead to different equilibrium allocations in the presence of a non-competitive trader. Chapter 3 analyzes how a risk-averse large institutional investor with price impact trades dynamically in the presence of momentum traders. The larger investor engages in several interesting manipulative behaviors. She may conduct "round-trip" trades to profit from momentum sentiment. She may buy (sell) before planned large sale(purchase) to manipulate intertemporal demand. In addition, she takes profit less aggressively to let the momentum sentiment last longer. Besides, with endogenously generated price impact, we find that higher price volatility does not lead to faster execution.
by Kan Huang.
Ph.D.
2
Makarem, Naser. "Downward earnings management through real activities manipulation." Thesis, University of Aberdeen, 2015. http://digitool.abdn.ac.uk:80/webclient/DeliveryManager?pid=229726.
Full textAbstract:
This thesis investigates whether firms use real activities manipulation for income-decreasing earnings management purposes. Managers can use different tools to manage earnings. Given that managers have the authority to apply their own judgment in the preparation of financial reports and to make decision about business activities of their incumbent companies, the opportunity to manipulate earnings is twofold: the first is to manipulate financial reports using accounting techniques and the second is to manipulate underlying transactions. After the introduction of new regulations that were meant to restrict accounting choice as a response to high-profile accounting scandals at the turn of the century, there has been growing literature on the use of real activities manipulation for earnings management. While more control over financial reporting can potentially reduce earnings management through accounting choice, as real activities manipulation concerns non-accounting decisions of management, tighter accounting standards are not able to restrict manipulation of activities. This shift toward real activities manipulation is supported by empirical evidence. Whilst prior studies indicate that managers have incentives for both income-increasing and income-decreasing earnings management, the overwhelming majority of authors have concentrated on income-increasing attempts. However, one would expect that real activities manipulation would also be used for income-decreasing purposes. This study links two lines of research in the area of earnings management; downward earnings management and earnings management through real activities manipulation. Using a large sample of US firms for the period 2002-2011, the present thesis examines whether and how real activities manipulation is used for income-decreasing earnings management. To this end, firms that substantially outperformed their last year performance, or suspect firms, which are considered as more likely to exhibit income-decreasing earnings management are compared with the rest of the sample in terms of various measures of real activities manipulation. The results indicate that firms with extra earnings by the end of third quarter of fiscal year manage earnings downward by means of real activities including sales, production and discretionary expenses. The results are generally robust to a number of sensitivity tests.
3
Kolomazník, Michal. "Finanční podvody." Master's thesis, Vysoká škola ekonomická v Praze, 2015. http://www.nusl.cz/ntk/nusl-205315.
Full textAbstract:
The thesis aims at topic, which is one of the biggest challenge of modern world. The goal of this paper is covered Fraud techniques like manipulation with financial statements including different deceptions of personnel benefit. Among parts of these belong: examples of latest fraud cases, description of manipulation and Fraud techniques, prevention, representation of typical fraudster, etc. After reading the user should be able to have a great knowledge about the potential risk for the company and should know how to protect it.
4
Ruddy, Traceyann. "The manipulation of headline earnings by companies listed on the JSE Securities Exchange South Africa." Master's thesis, University of Cape Town, 2006. http://hdl.handle.net/11427/5624.
Full text
5
Mashoka, Tareq Zaki. "Earnings management and loss reversal." Thesis, Brunel University, 2010. http://bura.brunel.ac.uk/handle/2438/4619.
Full textAbstract:
This research aims to detect and measure earnings management using a newly modified version of the standard Jones model (Jones, 1991). The standard model is extended to include a measure of discretionary accruals as an additional regressor instead of using the residuals. The variable used to measure discretionary accruals is a composite variable that consists of two components, one that represents the incentive and the other represents the tool of manipulation. The model is applied to detect earnings management in loss reversal companies for listed companies in Jordan and examine the market reaction to the loss reversal. The model is also applied on loss reversal companies for listed companies in the UK and the US. In chapter three, the new model is applied on listed companies in Amman Stock Exchange (ASE). The ASE is structured into two markets: the first market and the second market. Companies are motivated to be listed or remain listed in the first market since it only lists profitable companies. Companies reporting losses more frequently are listed in the second market. Results provide evidence of earnings management for companies listed in the first market. Companies that report a loss in a previous period manipulate in the following period to report profits. As a result of loss reversal, they preserve their place in the first market and avoid dropping back to the second market. This research conducts statistical simulation tests to compare the extended Jones model with the standard model. Results show that the extended model detects earnings management better than the standard one. This new model also separates discretionary accruals from measurement error (i.e. residuals) and makes it possible to accurately measure the whole amount of manipulation. Chapter four examines the investor reaction to the manipulation taking place in the first market. Results show that the market is pricing the discretionary accruals (the manipulation) as a component of net income, although they result only from earnings management. In chapter five, the model is applied on loss reversal firms listed in the UK and in the US. Results show that the companies manipulate to reverse losses and the manipulation depends on to the presence of R&D activities and the changing level in these activities.
6
Axelsson, Viktor, and Ludvig Eriksson. "Swedish firms' untimely financial reporting : A study of goodwill impairment as a tool used to mislead financial users." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-386284.
Full textAbstract:
The transition to the IFRS framework has contributed to changes in the handling of goodwill. The yearly impairment test has contributed with subjectivity in the measurements resulting in fewer but larger impairments. The purpose of the study is to investigate how postponement of goodwill impairment is conducted and if managers thereby contribute to a distortion of the underlying qualitative characteristics in financial reporting. Proxies for earnings management activities, through cash flow manipulation, are computed cross-sectionally by sector-year with at least ten observations. Suspect firms are then matched with control firms within the same sector and operating year to control for these effects. The study consists of quantitative secondary data collected from Thomson Reuters Eikon. The data consists of 1090 observations covering seven years of Swedish listed firms with goodwill in their balance sheet. The study concludes that suspect firms experience abnormal current free cash flows compared to control firms, which indicate managers manipulating cash flows in order to postpone goodwill impairment. Also, growth opportunities and analysts' coverage have a significant impact on earnings management activities.
7
Fryer, Paul A. "Insider dealing and market manipulation : a comparative analysis of regulatory enforcement in the United Kingdom and United States." Thesis, University of Wolverhampton, 2000. http://hdl.handle.net/2436/88270.
Full text
8
Avgouleas, Emilios. "The regulation of fraud and manipulation in financial markets and its reform : a UK-EC perspective." Thesis, London School of Economics and Political Science (University of London), 1999. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.392920.
Full text
9
Haaf, Holger M. "Finanzmarktmanipulationen am Beispiel von Futures bei symmetrischer Information /." Hamburg : Kovač, 2007. http://www.verlagdrkovac.de/978-3-8300-2887-1.htm.
Full text
10
Kuijper, Ruben Daniël. "Earnings management and real activities manipulation in M&A." reponame:Repositório Institucional do FGV, 2016. http://hdl.handle.net/10438/17781.
Full textAbstract:
Submitted by Ruben Kuijper (rubenkuijper@live.nl) on 2016-10-31T12:22:44Z
No. of bitstreams: 1
fgv_thesis_334875.pdf: 825817 bytes, checksum: b3a16060bbfc6e618b215abd550a5ed2 (MD5)Rejected by Joana Martorini (joana.martorini@fgv.br), reason: Ruben, seu trabalho foi rejeitado devido a correção porém "GETULIO" não tem acento. Favor retirar e postar o seu trabalho novamente. on 2016-11-07T18:29:22Z (GMT)
Submitted by Ruben Kuijper (rubenkuijper@live.nl) on 2017-01-19T07:17:50Z No. of bitstreams: 1 fgv_thesis_334875.pdf: 825817 bytes, checksum: b3a16060bbfc6e618b215abd550a5ed2 (MD5)
Rejected by Josineide da Silva Santos Locatelli (josineide.locatelli@fgv.br), reason: Dear Ruben, It’s necessary to do some corrections in your thesis, see: - Full name: RUBEN DANIËL KUIJPER; - At the page 2, must to be just your advisor name: PEDRO LUIZ VALLS PEREIRA; - Withdraw the little line above the professors name at the page 4; - It’s missing the third professor at the page 4: Xanthi Gkougkousi; Please, do the correction and post again. on 2017-01-19T10:50:32Z (GMT)
Submitted by Ruben Kuijper (rubenkuijper@live.nl) on 2017-01-19T11:13:30Z No. of bitstreams: 1 fgv_thesis_334875.pdf: 825994 bytes, checksum: 4014aed39b5f71d04db719c1d6c64394 (MD5)
Approved for entry into archive by Josineide da Silva Santos Locatelli (josineide.locatelli@fgv.br) on 2017-01-19T11:23:50Z (GMT) No. of bitstreams: 1 fgv_thesis_334875.pdf: 825994 bytes, checksum: 4014aed39b5f71d04db719c1d6c64394 (MD5)
Made available in DSpace on 2017-01-19T12:21:17Z (GMT). No. of bitstreams: 1 fgv_thesis_334875.pdf: 825994 bytes, checksum: 4014aed39b5f71d04db719c1d6c64394 (MD5) Previous issue date: 2016-09-30
This is a study on the share price effect of Sovereign Wealth Funds (SWFs) investment announcements. The study examines the short- and the long-term impact of SWF investments on publicly traded companies, performed with an event study methodology to estimate the abnormal returns of the stock prices of the acquired firms around the dates when the announcements become publicly available. The announcements included in this study were made between 1990 and 2015. First, the results are compared to the level of transparency, as measured by the LTMI Index, to examine how the changes in stock prices react to the event. Then, the study presents six extensions with portfolios for IFSWF membership, SWF funding source, open market transactions and privately negotiated deals, domestic and foreign targets, deal value and acquired target stake. The results of the study provide empirical evidence of short-term significant cumulative abnormal returns and that SWFs with high transparency tend to generate more and positive cumulative abnormal returns, while SWFs with low transparency generate negative cumulative abnormal returns. Moreover, the longterm results suggest negative cumulative abnormal returns, though mostly insignificant, and show a tendency to mean revert.
Esta dissertação centra-se na actividade de gestão de lucros por empresas anteriores aquisições. Esta pesquisa faz a distinção entre gerenciamento de resultados de exercício e actividades manipulação real. Usando dados dos Estados Unidos, esta dissertação compara os períodos antes e depois da implementação da Lei Sarbanes-Oxley (SOX). Antes da implementação do SOX, adquirentes baseados em estoque parecia ter acumulações discricionárias mais elevadas do que os adquirentes baseadas em dinheiro, enquanto esta diferença não persistiu após a implementação deste ato. As diferenças são menos claras para a gestão de lucro real. Eu não encontrar suporte para uma relação robusta entre gerenciamento de resultados e desempenho do mercado de ações.
11
Yang, Yijia. "Have the Chinese Financial Markets Been Manipulated Before the CPC National Congresses?" Scholarship @ Claremont, 2018. http://scholarship.claremont.edu/scripps_theses/1102.
Full textAbstract:
This paper examined the probability that the Chinese financial markets have been manipulated prior to the most recent three CPC National Congresses. Based on historical data, it used the Monte Carlo simulation to calculate the probability of the weekly and monthly percentage change of the SSE50 Index and the RMB to USD central parity rate one week and one month prior to the most recent 17th, 18th and 19th CPC National Congress. The results indicate that the weekly and monthly percentage change of both the SSE 50 Index and the RMB to USD central parity rate prior to all three Congresses would be extremely unlikely if both markets have moved in a manner consistent with their previous stochastic movements. It is highly likely that the Chinese financial markets have been manipulated prior to the most recent three CPC National Congress. This study also makes conjectures about manipulators’ motivations behind the market manipulation, assuming the existence of market manipulations.
12
Sardinha, Rui Filipe Ferreira Caldeirão. "Manipulação de resultados nas empresas não cotadas: aplicação prática ao sector do comércio por grosso." Master's thesis, Universidade de Évora, 2006. http://hdl.handle.net/10174/15923.
Full textAbstract:
Esta tese tem como principal objetivo demonstrar empiricamente que as empresas portuguesas não cotadas, do sector do comércio por grosso, efetuam a manipulação dos seus resultados com o objetivo de reduzir o montante de imposto sobre o rendimento a pagar. Inicialmente são definidos alguns conceitos importantes, tais como a manipulação de resultados ou os acréscimos e diferimentos discricionários e não discriminamos, bem como provisões para cobranças duvidosas ou resultados extraordinários Depois de uma breve revisão da literatura existente nesta área, na qual se descrevem os principais tipos, e os incentivos mais conhecidos para a manipulação de resultados, foi implementado um modelo de regressão linear múltipla, onde algumas rubricas contabilísticas foram consideradas como as mais utilizadas na realidade contabilística portuguesa. O período de estudo considerado situou-se entre 1997 e 2001, e os dados foram recolhidos na Central de Balancos do Banco de Portugal. Verificou-se pelo modelo desenvolvido, que o montante de imposto pago pelas empresas portuguesas não cotadas, do sector do comércio por grosso, esta correlacionado com as rubricas incluídas como variáveis independentes (margem bruta, provisões para clientes de cobrança duvidosa, acréscimos e diferimentos, endividamento total e resultados extraordinários). Este facto revela indícios de manipulação dos resultados contabilísticos no sentido da redução do imposto a pagar. Contudo, este estudo não pode concluir acerca da importância e qual a dimensão deste comportamento, nem pode afirmar se as empresas estudadas utilizam mecanismos que ultrapassam a lei fiscal, ou seja, se praticam fraude fiscal. /ABSTRACT - This thesis has the main purpose to present empirical evidence that Portuguese wholesaler not quoted companies practice earnings management, or earnings manipulation, in order to reduce their income taxation. Initially, some important concepts are elucidated, such as earnings management or discretionary accruals, as well as bad debts provisions or extraordinary items. After a literature review in this area, where the main kinds of earnings management and the most known incentives to earnings management were described, it was implemented a multiple regression model in which some accounts were considered as the most used in Portuguese accountant reality. The study period of empirical analysis was between 1997 and 2001, and the source of information was the “Banco de Portugal” financial reports central data. It was verified that Portuguese wholesaler not quoted companies’ taxes are closely related to items included as independent variables (gross margin, bad debt provisions, accruals, total debt, and extraordinary items). These results show us that the studied companies probably manage their results towards income decreasing. However, this study could not conclude which is the importance and extension of this behavior, as well as it could not say if these companies are using fraudulent mechanisms.
13
Renault, Thomas. "Three essays on the informational efficiency of financial markets through the use of Big Data Analytics." Thesis, Paris 1, 2017. http://www.theses.fr/2017PA01E009/document.
Full textAbstract:
L’augmentation massive du volume de données générées chaque jour par les individus sur Internet offre aux chercheurs la possibilité d’aborder la question de la prédictibilité des marchés financiers sous un nouvel angle. Sans prétendre apporter une réponse définitive au débat entre les partisans de l’efficience des marchés et les chercheurs en finance comportementale, cette thèse vise à améliorer notre compréhension du processus de formation des prix sur les marchés financiers grâce à une approche Big Data. Plus précisément, cette thèse porte sur (1) la mesure du sentiment des investisseurs à fréquence intra-journalière, et le lien entre le sentiment des investisseurs et les rendements agrégés du marché,(2) la mesure de l’attention des investisseurs aux informations économiques et financières en temps réel, et la relation entre l’attention des investisseurs et la dynamique des prix des actions des sociétés à forte capitalisation, et enfin, (3) la détection des comportements suspicieux pouvant amoindrir le rôle informationnel des marchés financiers, et le lien entre le volume d’activité sur les réseaux sociaux et le prix des actions des entreprises de petite capitalisation. Le premier essai propose une méthodologie permettant de construire un nouvel indicateur du sentiment des investisseurs en analysant le contenu des messages publiés sur le réseau social Stock-Twits. En examinant les caractéristiques propres à chaque utilisateur (niveau d’expérience, approche d’investissement, période de détention), cet essai fournit des preuves empiriques montrant que le comportement des investisseurs naïfs, sujets à des périodes d’excès d’optimisme ou de pessimisme, a un impact sur la valorisation du marché action, et ce en accord avec les théories de la finance comportementale. Le deuxième essai propose une méthodologie permettant de mesurer l’attention des investisseurs aux informations en temps réel, en combinant les données des médias traditionnels avec le contenu des messages envoyés par une liste d’experts sur la plateforme Twitter. Cet essai démontre que lorsqu’une information attire l’attention des investisseurs, les mouvements de marchés sont caractérisés par une forte hausse des volumes échangés, une hausse de la volatilité et des sauts de prix. Cet essai démontre également qu’il n’y a pas de fuite d’information significative lorsque les sources d’informations sont combinées pour corriger un potentiel problème d’horodatage. Le troisième essai étudie le risque de manipulation informationnelle en examinant un nouveau jeu de données de messages publiés sur Twitter à propos des entreprises de petite capitalisation. Cet essai propose une nouvelle méthodologie permettant d’identifier les comportements anormaux de manière automatisée en analysant les interactions entre les utilisateurs. Étant donné le grand nombre de recommandations suspicieuses d’achat envoyées par certains groupes d’utilisateurs, l’analyse empirique et les conclusions de cet essai soulignent la nécessité d’un plus grand contrôle par les régulateurs de l’information publiée sur les réseaux sociaux ainsi que l’utilité d’une meilleure éducation des investisseurs individuelsThe massive increase in the availability of data generated everyday by individuals on the Internet has made it possible to address the predictability of financial markets from a different perspective. Without making the claim of offering a definitive answer to a debate that has persisted for forty years between partisans of the efficient market hypothesis and behavioral finance academics, this dissertation aims to improve our understanding of the price formation process in financial markets through the use of Big Data analytics. More precisely, it analyzes: (1) how to measure intraday investor sentiment and determine the relation between investor sentiment and aggregate market returns, (2) how to measure investor attention to news in real time, and identify the relation between investor attention and the price dynamics of large capitalization stocks, and (3) how to detect suspicious behaviors that could undermine the in-formational role of financial markets, and determine the relation between the level of posting activity on social media and small-capitalization stock returns. The first essay proposes a methodology to construct a novel indicator of investor sentiment by analyzing an extensive dataset of user-generated content published on the social media platform Stock-Twits. Examining users’ self-reported trading characteristics, the essay provides empirical evidence of sentiment-driven noise trading at the intraday level, consistent with behavioral finance theories. The second essay proposes a methodology to measure investor attention to news in real-time by combining data from traditional newswires with the content published by experts on the social media platform Twitter. The essay demonstrates that news that garners high attention leads to large and persistent change in trading activity, volatility, and price jumps. It also demonstrates that the pre-announcement effect is reduced when corrected newswire timestamps are considered. The third essay provides new insights into the empirical literature on small capitalization stocks market manipulation by examining a novel dataset of messages published on the social media plat-form Twitter. The essay proposes a novel methodology to identify suspicious behaviors by analyzing interactions between users and provide empirical evidence of suspicious stock recommendations on social media that could be related to market manipulation. The conclusion of the essay should rein-force regulators’ efforts to better control social media and highlights the need for a better education of individual investors
14
Younis, Zaki Mohamed. "An ontological approach for monitoring and surveillance systems in unregulated markets." Thesis, University of Manchester, 2013. https://www.research.manchester.ac.uk/portal/en/theses/an-ontological-approach-for-monitoring-and-surveillance-systems-in-unregulated-markets(056f8010-08b2-4eb0-a75d-5301b899ec90).html.
Full textAbstract:
Ontologies are a key factor of Information management as they provide a common representation to any domain. Historically, finance domain has suffered from a lack of efficiency in managing vast amounts of financial data, a lack of communication and knowledge sharing between analysts. Particularly, with the growth of fraud in financial markets, cases are challenging, complex, and involve a huge volume of information. Gathering facts and evidence is often complex. Thus, the impetus for building a financial fraud ontology arises from the continuous improvement and development of financial market surveillance systems with high analytical capabilities to capture frauds which is essential to guarantee and preserve an efficient market.This thesis proposes an ontology-based approach for financial market surveillance systems. The proposed ontology acts as a semantic representation of mining concepts from unstructured resources and other internet sources (corpus). The ontology contains a comprehensive concept system that can act as a semantically rich knowledge base for a market monitoring system. This could help fraud analysts to understand financial fraud practices, assist open investigation by managing relevant facts gathered for case investigations, providing early detection techniques of fraudulent activities, developing prevention practices, and sharing manipulation patterns from prosecuted cases with investigators and relevant users. The usefulness of the ontology will be evaluated through three case studies, which not only help to explain how manipulation in markets works, but will also demonstrate how the ontology can be used as a framework for the extraction process and capturing information related to financial fraud, to improve the performance of surveillance systems in fraud monitoring. Given that most manipulation cases occur in the unregulated markets, this thesis uses a sample of fraud cases from the unregulated markets. On the empirical side, the thesis presents examples of novel applications of text-mining tools and data-processing components, developing off-line surveillance systems that are fully working prototypes which could train the ontology in the most recent manipulation techniques.
15
Darmon, Kestenberg Géraldine. "La refonte de l'abus de marché en droit financier européen." Thesis, Paris 1, 2014. http://www.theses.fr/2014PA010323.
Full textAbstract:
À la suite de scandales financiers notoires, et au vu de l’évolution des marchés financiers et des nouvelles technologies, l’Union européenne vient renforcer le cadre législatif européen des abus de marché, au nom de l’intégrité des marchés. Loin de constituer un simple regroupement d’infractions boursières, le concept d’abus de marché pourrait être analysé comme une véritable notion juridique. Dès lors, l’essai d’une définition générique de l’abus de marché permettrait d’en clarifier le domaine et d’en guider sa mise en œuvre. L’étude du sens de la notion d’abus de marché permettrait d’éviter les révisions successives de la norme nationale et européenne afin de conférer à l’abus de marché des règles propices à l’intégrité et à l’efficience du marché. Une fois la notion d’abus de marché définie avec précision, sa lutte préventive ou répressive ne pourra être que renforcée. Pour autant, la nouvelle coexistence de la répression administrative et de la répression criminelle de l’abus de marché en droit financier européen conduit à s’interroger sur l’application du principe non bis in idem en la matière. Afin de rendre effective cette refonte, il est ainsi primordial que le droit de la responsabilité civile vienne soutenir le droit de la répression de l’abus de marché. Finalement, pour maintenir la place financière européenne comme une place concurrentielle, il est essentiel que la refonte de l’abus de marché ne se fasse pas de manière déséquilibrée en faveur de l’impératif d’intégrité et au détriment de l’efficience du marché. On ne doit pas omettre que le droit des abus de marché est un droit économique au service de l’efficience du marchéFollowing notorious financial scandals, and looking at the evolution of the financial markets and the new technologies, the European Union has reinforced the market abuse's European legal framework in the name of markets integrity. Far from being a mere grouping of financial offenses, the concept of market abuse could be analyzed as a real legal construct. Henceforth, testing a generic definition of the market abuse would allow clarifying its scope and guiding its implementation. Studying the meaning of the market abuse notion would avoid the successive revision of the national and European norm in order to provide the market abuse rules suitable to the market integrity and efficiency. Once the market abuse notion precisely defined, its preventive or repressive fighting could only be reinforced. However, the new coexistence of the administrative and criminal repressions of the market abuse in European financial law leads to some interrogations regarding the non bis idem principle application. In order to make the recast efficient, it is mandatory for the civil responsibility law to sustain the market abuse repressive law. Eventually, in order to maintain the European financial market competitiveness, it is essential that the market abuse recast is not unbalanced in favor of the integrity requirement and against the market efficiency. We shall not forget that the market abuse law is an economic law serving the market efficiency
16
Diaz, Solis David Alejandro. "Financial market monitoring and surveillance systems framework : a service systems and business intelligence approach." Thesis, University of Manchester, 2012. https://www.research.manchester.ac.uk/portal/en/theses/financial-market-monitoring-and-surveillance-systems-frameworka-service-systems-and-business-intelligence-approach(47e568f8-3024-4ca3-8114-5d183be3edb8).html.
Full textAbstract:
The thesis introduces a framework for analysing market monitoring and surveillance systems in order to provide a common foundation for researchers and practitioners to specify, design, implement, compare and evaluate such systems. The proposed framework serves as a reference map for researchers and practitioners to position their work in the context of market monitoring and surveillance, resulting in a useful instrument for the analysis, testing and management of such systems. More specifically, the thesis examines the new requirements for the operation of financial markets, the role of technologies, the recent consultations on the structure and governance of EU and US markets, as well as, future usage scenarios and emerging technologies. It examines the context in which market monitoring and market surveillance systems are currently been used. It reports on their processes, performance, and on the organisational and regulatory environments in which they exist. Furthermore, it develops a set of taxonomies which cover the majority of the concepts of market manipulation, market monitoring, market surveillance, entities, technologies and actors that are relevant for the work in this thesis. Building on the gaps and limitations of the current systems, it proposes a new framework following the Design Science methodology. The usefulness of the framework is evaluated through four critical case studies, which not only help to understand with practical exercises the way how markets monitoring and surveillance systems work, but also to investigate their weaknesses, potential evolution and ways to improve them. For each case study, the thesis develops a fully working prototype tested using a sample prosecution case and evaluated in terms of the appropriateness and suitability of the proposed framework. Finally, implications relating to policies, procedures and future market structures are discussed followed by suggestions for future research.
17
Packies, Hilton. "The market abuse control legislative regime of South Africa, Nigeria and the United Kingdom - an approach to regulation and monitoring in relation to certain aspects of the financial markets of South Africa." Thesis, University of the Western Cape, 2015. http://hdl.handle.net/11394/5174.
Full textAbstract:
Magister Legum - LLMThe regulation of market abuse is currently an ever evolving subject, to such an extent that it has been placed as a high priority for regulators worldwide.¹ The Financial Markets Act 19 of 2012 (FMA) of South Africa² prohibits improper practices and is aimed at ensuring that market participants operate in a market that is free, safe and fair. In light of the above and as per example, all members of the stock exchange ensure that they accordingly adhere to the aims of the FMA by exercising functions such as due diligence and having a shared goal in embedding the values entrenched in the FMA.³ The purpose of this dissertation is aimed at assessing the key elements of the transformation process that the South African financial markets have embarked on, since the introduction of the FMA. More specifically, the paper aims to focus on the elements in relation to market abuse practices.⁴ The paper seeks to: 1. provide an overview analysis of the current market abuse control enforcement framework in relation to some selected aspects of the financial markets in South Africa. 2. look at the regulation employed in one of the biggest trading products namely, equities and current lacuna, the legislation that governs high frequency trading under these trading products and in general. 3. review whether regulation in South Africa on market abuse practices are robust enough to deal with key market abuse practices such as insider trading and market manipulation that manifested during the recent global financial crisis. 4. provide a comparative review of the current market leaders regulatory mechanisms on market abuse.
18
Viták, Marek. "Nelegální obchody a praktiky na finančních trzích." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-114254.
Full textAbstract:
The thesis is focused on problems of illegal trades and practices in financial markets. First chapter focuses on the role of financial markets in developed economies, regulation and supervision of these markets and international cooperation in this area. Second chapter is devoted to money laundering, especially to its characteristics and phases of the laundering process and relevant regulations in the Czech Republic. Special attention is devoted to the activities of the Czech Financial Analysis Department and banking institutions in the fight against money laundering. The last part of the thesis is focused on insider trading and market manipulation.
19
Bourveau, Thomas. "Essays on Empirical Financial Accounting." Thesis, Jouy-en Josas, HEC, 2015. http://www.theses.fr/2015EHEC0003/document.
Full textAbstract:
Cette thèse est composée de trois chapitres distincts qui visent à analyser empiriquement la prise de décisions des entreprises et/ou des dirigeants dans le champ de la comptabilité financière. Le premier chapitre, co-écrit avec Francois Brochet et Sven Michael Spira, analyse comment le risque d’action collective sur les marchés financiers pour des raisons liées à des investissement discipline le comportement des dirigeants et réduit les coûts d’agence. Le deuxième chapitre étudie comment des changements de règlementation sur le marché du travail crée des incitations pour les dirigeants à manipuler leurs comptes autrement, ce qui est néfaste pour l’entreprise. Le troisième chapitre, co-écrit avec Renaud Coulomb et Marc Sangnier, étudie comment les connections politiques conduisent les dirigeants des entreprises à commettre des délits d’initiés présumésThis dissertation is composed of three distinct chapters that empirically investigate various forms of decision-making by firms and/or managers in the field of empirical financial accounting. The first chapter presents a work joint with Francois Brochet and Sven Michael Spira, analyzing how the risk of securities lawsuit for investment-related reasons disciplines managers and reduce agency concerns with respect to investment. The second chapter examines how changes in labor regulation affect managers’ incentives to manipulate earnings using other tools that are ultimately detrimental to firms. The third chapter, joint with Renaud Coulomb and Marc Sangnier, explores how political connections lead directors to engage in plausibly fraudulent insider trading in financial markets
20
Zimmermann, Claus D. "A contemporary concept of monetary sovereignty." Thesis, University of Oxford, 2011. http://ora.ox.ac.uk/objects/uuid:6ee49e71-ba23-4fe5-999c-ec0db325aaf4.
Full textAbstract:
This thesis analyses whether the concept of monetary sovereignty evolves under the impact of globalization and financial integration, and provides a framework for assessing what this implies. Thereby, this thesis contributes to a better understanding of both the contemporary exercise of sovereign powers in monetary and financial matters and of the driving forces behind the evolution of international law in this field. As elaborated in chapter 1, the contemporary concept of monetary sovereignty proposed by this thesis is not static but dynamic in nature. Due to the dual nature of sovereignty as a concept having not only positive but also important normative components, monetary sovereignty cannot become eroded under the impact of legal and economic constraints. Chapter 2 examines the ongoing hybridization of international monetary law arising from changes in the sources of this complex body of law, from the unsuitability of the categories of ‘hard’ and ‘soft’ law for characterizing all normative evolutions in this field, and from the rise of private and transnational monetary law. Chapter 3 scrutinizes the phenomenon of exchange rate misalignment under monetary and trade law. Intrinsically related, it assesses which aspects of the IMF’s legal framework should be reformed in order to tackle contemporary challenges to the stability of the international monetary system, such as global current account imbalances. Chapter 4 analyses the increasing regionalization of monetary sovereignty. It argues that, to the extent that transferring sovereign powers to a monetary union is what provides a state’s population with maximum monetary and financial stability, the underlying transfers are not a surrender of monetary sovereignty, but its effective exercise under the form of cooperative sovereignty. Finally, chapter 5 assesses the implications of the contemporary concept of monetary sovereignty proposed herein for the reorganization of the international financial architecture in the wake of the Great Recession.
21
Gonçalves, Alexandre Manoel. "A tipificação penal como forma de regulação do mercado de capitais." Universidade Presbiteriana Mackenzie, 2012. http://tede.mackenzie.br/jspui/handle/tede/1052.
Full textAbstract:
Made available in DSpace on 2016-03-15T19:33:53Z (GMT). No. of bitstreams: 1
Alexandre Manoel Goncalves.pdf: 1317030 bytes, checksum: 5b611f48911913eb10863f83d5bfb44b (MD5)
Previous issue date: 2012-08-09Capital Market is comprised of the most important companies in activity in a given country. It is a means to obtain resources to finance productive activity in the long term, being consistent with the size of the business and its economic capacity. Also, Capital Market is widely used for savings both through funds or direct investments. The Federal Constitution ensures economic order based upon free enterprise. However, regardless of the business sector, that cannot be considered as unlimited freedom in terms of economic activity, exempt of monitoring or accountability. Therefore, over the past two decades the Movable Assets Commission has become a steady and accurate institution establishing administrative rules, conducting assessments in case of suspicion of irregularities, in addition to establishing penalties. On the other hand, Bovespa Market Supervision is taking over self-regulation among traders and brokers. Nonetheless, in some cases administrative supervision alone is insufficient to prevent irregular practices or punish those responsible. For specific cases, measures such as suspension of the exercise of professional activity and fines have proven ineffective to discourage the unlawful conduct of certain persons. Under such circumstances, criminal law becomes the State s last resort to regulate the matter. Law 6.485/76, with wording amended by Law 10.303/01, typifies the crimes of market manipulation, misuse of insider information and irregular exercise of office, profession, activity or function in the capital market. It is society s role to reflect and define what conducts shall be regarded as crimes.
O Mercado de Capitais representa a reunião das mais relevantes empresas em atividades de determinado país. Trata-se de um meio para a obtenção de recursos de modo a financiar a atividade produtiva, em longo prazo, de forma compatível com o porte do negócio e sua capacidade econômica. Noutro aspecto, serve como destino para a poupança popular, quer por meio de fundos, ou investimentos diretos. A Constituição Federal assegura a ordem econômica fundada na livre iniciativa. Não significa, entretanto, liberdade absoluta da atividade econômica e isso vale para qualquer setor empresarial sem que exista alguma espécie de acompanhamento ou responsabilidade. No caso do mercado de capitais, a Comissão de Valores Mobiliários se firmou, ao longo das duas últimas décadas, como instituição serena e precisa, para estabelecer normas administrativas, realizar apurações quanto à suspeita de irregularidades e até estabelecer sanções. A Bovespa Supervisão de Mercados, por sua vez, começa a ocupar o espaço de autorregulação entre os operadores e corretoras. Há casos, contudo, em que a tutela administrativa é insuficiente para, isoladamente, evitar práticas irregulares ou punir os responsáveis. Suspensão do exercício da atividade profissional e multa, em determinados casos, mostram-se fracos a desestimular a conduta ilícita de determinadas pessoas. Normas penais, por vezes, representam o último recurso do Estado para disciplinar o assunto. A Lei 6.485/76, com a redação alterada pela Lei 10.303/01, tipifica os crimes de manipulação de mercado, uso indevido de informação privilegiada e o exercício irregular de cargo, profissão, atividade ou função no mercado de capitais. A sociedade deve refletir e definir quais as condutas que deseja ver previstas como crime.
22
Mejri, Tarek. "Le rôle des manipulations comptables dans la valorisation de la firme." Thesis, Paris 13, 2013. http://www.theses.fr/2013PA131026.
Full textAbstract:
ALes indicateurs comptables publiés par les firmes demeurent une source d’information privilégiée pour le marché financier. Cependant, l’espace de liberté accordé par les règles comptables permet aux managers d’exercer leur jugement afin de publier des états financiers en fonction d’objectifs discrétionnaires. Or, même si l’on considère que les investisseurs sont rationnels dans leurs prises de décisions économiques, il n’est pas évident de distinguer les manipulations comptables opportunistes des manipulations comptables qui représentent un mécanisme par lequel les managers révèlent leurs informations privées en ce qui concerne les perspectives économiques de la firme. Ce constat est à la base de notre question de recherche: étant donné l’importance des pratiques de manipulations des chiffres comptables, quel serait le rôle de ces manipulations dans la valorisation de l’entreprise ? Nous examinerons dans le contexte américain le rôle de la composante discrétionnaire de résultat (les accruals discrétionnaires mesurés par le modèle Dechow, Richardson et Tuna (2003)) sur les rentabilités boursières en se basant sur la méthodologie des études d’association entre les composantes des résultats comptables (le cash-flow d’exploitation, les accruals totaux, les accruals discrétionnaires, les accruals non discrétionnaires et les résultats discrétionnaires) et le rendement boursier. En outre, nous examinerons la nature de la gestion de résultat. Notre échantillon est composé de 480 firmes sur la période [2000-2011]. Les résultats montrent que les accruals discrétionnaires sont valorisés par le marché financier et que cette valorisation est expliquée par des motivations informatives des dirigeants ; la gestion de résultat identifiée dans notre échantillon est informativeAThe accounting indicators remain a privileged information source for the financial market. However, accounting rules give opportunities to managers to exercise judgment in financial reporting. Despite the rationality of investors, it is not easy to distinguish between the different incentives of accounts manipulations. Managers can use their knowledge about the business to improve the informativeness of financial statement. Manager can have also incentives to mislead their financial statement users by exercising discretions in financial reporting. This report is on the basis of our research question: given the importance of the accounting manipulations practices, what is their role on firm valuation? We will examine in the American context the role of the discretionary accruals measured by Dechow, Richardson and Tuna (2003) on the stock-returns building on the methodology of association studies between the components of the accounting results (The cash-flow, the total accruals, the discretionary accruals, the not discretionary accruals and the discretionary results) and the stock-returns. In addition, we will examine the nature of the earning management. Our sample consists of 480 firms over the period [2000-2011]. The results show that discretionary accruals are valued by the financial market and this valuation is explained by managers’ informative motivations
23
Sajnovits, Alexander [Verfasser]. "Financial-Benchmarks. : Manipulationen von Referenzwerten wie LIBOR und EURIBOR und deren aufsichts- und privatrechtliche Folgen. / Alexander Sajnovits." Berlin : Duncker & Humblot, 2018. http://d-nb.info/1238444318/34.
Full text
24
Georgescu, Irène. "La Pression Financière Interne, ses déterminants et ses effets sur les attitudes et comportements: le cas de l'hôpital public français." Phd thesis, Université Montpellier I, 2010. http://tel.archives-ouvertes.fr/tel-00560745.
Full textAbstract:
L'introduction de la tarification à l'activité couplée à la réorganisation en pôles d'activités, orientent l'hôpital public français vers de nouvelles logiques financières. L'obligation de moyen fait place à une obligation d'activité, les ressources de l'institution hospitalière sont désormais directement dépendantes du niveau de l'activité produite. Aussi, la mise en oeuvre d'un contrôle par les résultats émerge dans une organisation déjà dominée par un contrôle professionnel. L'objet de cette étude est d'étudier les effets du contrôle par les résultats dans l'hôpital public français. Basé sur une recherche exploratoire auprès de 31 praticiens hospitaliers dans 2 CHU et sur une étude confirmatoire auprès de 578 praticiens hospitaliers répartis dans 14 CHU, ce travail révèle l'existence de pressions financières internes. Par ailleurs, il met en lumière les conséquences concernant les conflits de rôle, l'ambigüité de rôle, l'implication des médecins et la manipulation de données en fonction de la nature et de la source des pressions financières internes.
25
Prorok, Johan. "La responsabilité civile sur les marchés financiers." Thesis, Paris 2, 2016. http://www.theses.fr/2016PA020011/document.
Full textAbstract:
L'objectif de notre recherche consiste à déterminer si le particularisme des marchés financiers nécessite un aménagement de la responsabilité civile. C'est sur le marché boursier proprement dit et pour des faits générateurs spécifiques-l'information publique défectueuse et les abus de marché-que le problème se pose dans toute son acuité, dès lors que ces faits générateurs portent atteinte au marché lui-même et peuvent donc léser l'ensemble des investisseurs. La logique multilatérale des marchés boursiers s'oppose alors frontalement à celle, individuelle, de la responsabilité civile, qui en ressort profondément affectée. Le préjudice est diffus, incertain et délicat à évaluer, et la responsabilité civile est soumise à un dilemme: faut-il réparer un préjudice classique d'altération de la décision ou bien un préjudice, plus spécifique, d'altération du marché? Pour répondre à la question posée, nous avons eu recours au droit comparé. "De lege lata", c'est dans tous les États l'information publique défectueuse qui suscite l'essentiel de l'intérêt: elle fait l'objet d'aménagements variés autour de la réparation de la décision ou du cours, soit par le juge (Etats-Unis, France), soit par le législateur (Allemagne, Royaume-Uni). "De lege ferenda", nous avons opéré un choix de politique juridique restrictif consistant à n'indemniser que les investisseurs s'étant fondés sur l'information, et ce tant pour l'information publique défectueuse que pour l'intervention frauduleuse sur le marché (manipulation de cours et opération d'initié). Cette conception restrictive ne nécessite aucun aménagement de la responsabilité civile délictuelle, de sorte que le droit commun doit continuer de s'y appliquer. Le particularisme du marché boursier est finalement trop important pour espérer que la responsabilité civile, même au prix d'un aménagement, puisse y jouer un véritable rôle. Il faut accepter qu'elle n'ait en la matière qu'une place résiduelle et qu'il revienne plutôt aux responsabilités pénale et administrative de jouer pleinement leur rôle afin de dissuader et d'éviter la survenance de préjudices au détriment des investisseursThe aim for our research is to determine whether the specificity of financial markets requires to adapt tort law. Our study is limited to multilateral trade markets and specific faults - defective public information and market abuses. In effect, it is in this context that the problem is most acute as these faults affect the market itself and can injure all investors. The multilateral aspect of financial markets then stands in sharp contrast with the individual dimension of civil liability. There, the damage is fragmented, uncertain and difficult to assess, and liability is subject to a dilemma : should you compensate for the alteration of the decision or of the market ? To answer the question, we used comparative law. De lege lata, in all States defective public information arouses most interest: various solutions have been adopted to compensate either an alteration of the decision or of the market price, by the judge (USA, France) or by Parliament (Germany, UK). De lege ferenda, we opt for compensating only investors who relied on the information for both defective public information or fraudulent market intervention (price manipulation and insider trading). This restrictive approach does not require any adaptation for tort law, so the common law should continue to apply. The specificity of financial markets is finally too strong for civil liability to play a real role there. We must accept that it plays only a residual part on the market and insteat rely on criminal and adminitrative enforcement to deter and prevent the occurence of damage to investors
26
Eyraud-Loisel, Anne. "EDSR et EDSPR avec grossissement de filtration, problèmes d'asymétrie d'information et de couverture sur les marchés financiers." Phd thesis, Université Paul Sabatier - Toulouse III, 2005. http://tel.archives-ouvertes.fr/tel-00450944.
Full textAbstract:
L'objectif de cette thèse est d'étudier l'existence et l'unicité de solution d'équations différentielles stochastiques rétrogrades avec grossissement de filtration. La motivation de ce problème mathématique provient de la résolution d'un problème financier de couverture par un agent possédant une information supplémentaire inconnue sur le marché. Dans une première partie, nous résolvons ce problème, successivement dans un cadre continu puis avec sauts, et montrons que sous l'hypothèse (H3) du grossissement de filtration, grâce à un théorème de représentation des martingales, l'EDSR dans l'espace grossie sous des hypothèses standard a une unique solution. L'une des conséquences principales est que, dans un marché complet, la détention d'une information supplémentaire par l'agent initié ne lui confère pas de stratégie de couverture différente. Dans une seconde partie, nous développons un modèle d'agent informé et influent, ce qui nous amène à résoudre une équation différentielle stochastique progressive rétrograde avec grossissement de filtration, et nous obtenons également un théorème d'existence et d'unicité de solution. Nous sommes également amenés à étudier le problème de couverture en marché incomplet, puisque du fait de l'influence, le marché sans information devient incomplet. Enfin, dans la dernière partie, nous généralisons les résultats d'existence et d'unicité de solution d'EDSR avec grossissement de filtration à des EDSR à horizon aléatoire.
27
Yang, Eric, and 楊浚泓. "Incorporating Financial Manipulation and Consolidated FinancialStatements into the Financial Distress Model." Thesis, 2001. http://ndltd.ncl.edu.tw/handle/95233930189775539693.
Full textAbstract:
碩士國立中央大學
財務管理研究所
89
Researches on the prediction of financial distress companies focus on traditional financial indicators. Common financial indicators have provided good predicting ability over firms whose core businesses are operated inefficiently, or having extremely high leverage. For those whose core businesses remain profitable, but craving for financial manipulation, the predictability is insufficient. Besides, many under-performed companies varnish their financial statements by selling inventories to subsidiaries; this phenomenon will not be discovered through the conventional model. To improve the predictability of the financial distress model, we include the pledge ratio of major shareholders, the percentage of subsidiaries purchasing parent companies’ shares, and the ratio of short-term investment as explanatory variables, and examine the differences between consolidated statement and ordinary statement. Based on our empirical results, we find that incorporating financial manipulation indicators helps to increase predictability (90.625%-93.75%). In addition, consulting consolidated statements instead of unconsolidated statements boosts the predictability from 68% to 76%.
28
Chou, Pei-I., and 周佩儀. "Two Essays on Financial Information and Earnings Manipulation." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/51170144566668859465.
Full textAbstract:
博士國立中興大學
財務金融系所
99
Financial information plays an important role in investment strategies. By analyzing financial performances which are related to earnings, investors can realize the firms’ profitability and potential, or perceive the probability of bankruptcy, and then appropriately allocate their funds. However, managers may artificially manipulate accounting numbers to increase their personal wealth at the expense of shareholders. The passage of the Sarbanes-Oxley Act restrains accrual-based earnings management but induces the utilization of real activities management. This phenomenon results in investor inability to separate earnings into consequences reflecting real business operation and earnings manipulation. Therefore, the purpose of the first study in this dissertation is to examine whether large magnitude of real earnings manipulation activities as a noise impounded in earnings and earnings components results in investors inability to rationally estimate earnings and evaluate stock price. The goal of the second study is to investigate whether combining financial information and corporate governance signals can effectively enhance investment performance. We expect that the findings of these two studies can provide new insight for investors to make better investment strategies and for policymakers to strengthen effectiveness of corporate governance.
29
Chen, Yi-Chieh, and 陳怡潔. "How Board Structure Affects Financial Manipulation of Medical Foundations." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/376cu2.
Full textAbstract:
碩士中原大學
會計研究所
105
The study is to examine the effect of board governance structure on financial manipulation of Medical Foundation （not-for-profit hospital）in Taiwan by using samples from 2006 to 2015. The empirical result shows that there is a positively significant relationship between board size and financial manipulation on general type of Medical Foundation. In terms of the religion type and the business type , board size to the degree of financial manipulation were significantly lower than the general type. In board re-election, the board re-election has no direct relevance to financial manipulation on general types; but for the religion type and the business type, board re-election to the degree of financial manipulation is significantly higher than the general type. In board expense, there is a negatively significant relationship between board expense and financial manipulation on the general type; but for the religion type, board expense to the degree of financial manipulation is significantly higher than the general type; and there is no differences between the business type and the general type. And we also find, There is a negatively significant relationship between setting up supervisors and financial manipulation on the general type; but for the religion type, setting up supervisers to the degree of financial manipulation is significantly higher than the general type; and there is no differences between the business type and the general type. The contributions of this study are as follows: First, the current medical law stipulates that the board size should be set at 9 to 15, but for the general type of Medical Foundation may not be the most appropriate size, it is recommended that setting different size for different types in future. Second, the rules of the board re-election is still defective, may can forward set the terms and define successor''s identity. Third, the board expense encourages the degree of financial manipulation on the religion type, it may be possible to further ask to disclose how the compensation paid. Finally, we find that setting up the supervisor instead encourage the degree of financial manipulation on the religious type, therefore may further sure the independence of supervisors.
30
HSIEH, YUN-JU, and 謝韻茹. "A Study of Influential Determinants of Financial Manipulation of Medical Foundations." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/xt3j56.
Full textAbstract:
碩士中原大學
會計研究所
102
This paper is a study of influential determinants of financial manipulation of medical foundations, focus on financial manipulation impact of board size, religion type, community benefit service expenditure. The empirical results show that board size, religion type, community benefit service expenditure are negative associated with financial manipulation. These results also indicate accordance with Medical Care Act establishment of boards are effective restraint financial manipulation, religions medical foundations concentrate on charity expenditure and medical service of vulnerable group, and higher community benefit service expenditure of medical foundations pay attention to social mission and reputation.
31
Wang, Jui-Chih, and 汪瑞芝. "The Association between Financial Accounting Standards No.18 and Earnings Manipulation." Thesis, 1996. http://ndltd.ncl.edu.tw/handle/19901336985846237518.
Full textAbstract:
碩士國立臺灣大學
商學系
84
The purpose of this study is to examine whether or not managers manipulate earnings through actuarial assumption by rate of increase in compensation. Four hypotheses were tested by statistic methods in order to find supporting evidence. Those findings supply some suggestions to related authorities and companies. I use funded status, company''s age, the degree of labor intensity and income status as proxies for testing the above four hypotheses. Both grouped mean test (t test) and multi- variate test (OLS) were performed. The empirical results of this study are consistent with funded status, company''s age and income status hypotheses. That is, when companies had long built years, bad income perfor- mance and a under-funded pension plan, they suffer more impact by the new pension accounting. To sum up, I find that companies use lower rate of increase in compensation to cut down the cost of pension, in order to increase book income to achieve the goal of earnings manipulation.
32
CHENG, YOU MING, and 鄭又銘. "The Association between Governance Mechanism and Financial Manipulation of Private High School." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/zk83at.
Full textAbstract:
碩士國立中正大學
會計與資訊科技研究所
102
Because the past study almost emphasized on the private universities and other non-profit organizations, this paper emphasizes on Taiwan’s private high school and collects the financial information of 209 private high schools in 2011 and 2012 to examine the association between governance mechanism and financial manipulation of private high school. Furthermore, governance mechanism divided into two parts. One is external governance mechanism, and the other is internal governance mechanism. External governance mechanism is comprised of education department of the government of Taiwan and public accounting firms. Internal governance mechanism is comprised of board of director and president of school. Then, this paper uses the financial information which announced by each private high school to understand how governance mechanism affects the extent of financial manipulation. The meaning of the extent of financial manipulation is discretionary accrual expense. Finally, utilizing the analysis of regression to variable and analyzing the results. The results of external governance mechanism show those public accounting firms indeed affect the financial manipulation. Moreover, BIG 4 and corporate accounting firm restrained the extent of financial manipulation. Discretionary accrual expense is lower when school is examined by BIG 4 and corporate accounting. The results of internal governance mechanism show the president of school affect financial manipulation. When the term and average term of president is longer, the discretionary accrual expense is higher. While the pre-president quit involuntary, the extent of discretionary accrual is not obvious.
33
Huang, Ya-Chi, and 黃雅琪. "Financial Manipulation in Non-profit Hospital: Evidence from Large-scale Medical Foundations." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/682y8k.
Full textAbstract:
碩士淡江大學
會計學系碩士班
104
Medical foundations (often called non-profit hospitals) which medical market share approaching public hospital, are commonly known as a non-profit organization, but it also has the incentive to manipulate financial reports. Hoping to improve efficient allocation of National Health Insurance, this paper investigates the financial structure, financial manipulation behavior, and earnings information quality of different types of large-scale Non-profit hospitals by using financial statements published by the Department of Health from 2005 to 2014 in Taiwan. This research analyzes 250 data of 25 Medical foundations'' 10 years operation. The results indicate that religious type of hospitals are more likely to choose the Big Four Accountants, and tend to conduct financial manipulation via negative discretionary accruals in order to minimize tax burdens. The tax burden of religious type is generally near zero. Hospitals with poor profitability tend to reduce discretionary accruals of the cost of research and education; hospitals with high debt ratios tend to reduce discretionary accruals of the cost of social services. Finally, all types of the hospital conduct different kind of related party transactions, and which is already concern by administration or media. This research could be used by authorities and involved parties.
34
Liao, Chung-hsieh, and 廖仲協. "A Research of Required Financial Forcast、Earning Manipulation and Factors Affecting Its Stock Return." Thesis, 1995. http://ndltd.ncl.edu.tw/handle/59911840464561547575.
Full text
35
Han, Dong Joon. "Earnings Manipulation and Asset Substitution: Real Effects of Financial Reporting Scrutiny on Debt Contracting." Thesis, 2016. https://doi.org/10.7916/D8H13257.
Full textAbstract:
This paper studies the impact of financial reporting scrutiny on (private) debt contracting in the presence of two capital market frictions: a cash-diversion problem and an asset-substitution problem. When cash flow realizations are not verifiable, firms have an incentive to divert cash by manipulating their accounting reports. When firms' project choices are not verifiable, post financing, they may have an incentive to choose riskier projects than desired by their financiers. While earlier work has mostly examined these two frictions independently, they are intricately linked: to address the cash-diversion problem, an optimal contract resembles a debt contract, which in turn causes the asset-substitution problem. Holding the scrutiny of financial reporting fixed, I show that the emergence of the asset-substitution problem, instead of compounding the existing inefficiencies from the cash-diversion problem, may lead to improved investment efficiency and more socially efficient risk-taking. On the other hand, increased reporting scrutiny may undermine investment efficiency (i.e., decrease banks' lending) and adversely affect firms' risk shifting from a social welfare perspective.
36
Chi, Mu-Lung, and 紀慕龍. "The Impact of the Enforcement of the Revised SFAS No. 7 for Consolidated Financial Statements on Earnings Manipulation." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/28990337933930084897.
Full textAbstract:
碩士國立高雄應用科技大學
商務經營研究所
97
The Statement of Financial Accounting Standards (SFAS) No. 7 has been amended to include all subsidiaries, the investee companies, under “real economic” control of the parent company in the preparation of consolidated financial statements. The amendment eliminates intragroup transactions to increase the transparency of financial disclosure. This paper discusses the impact of the amendment on the managerial behavior of earnings manipulation. Companies listed on Taiwan Stock Exchange are studied in this paper for the period of 2004~2007. Descriptive statistics, correlation and multiple regression analyses are used to verify the relationship between independent variables in order to understand the effect of the revised SFAS No. 7 on earnings management. The study examines whether the revision has restricted the behavior of earnings management through improved transparency of the disclosed accounting and financial information that better presents the overall group performance. The findings of the study are summarized as follows. Results of the study indicate that the enforcement of the revised SFAS No. 7 has a negative impact on the Beta coefficient for the fiscal year prior to the revision, showing signs of reduced earnings management activities. This proves that the revision does have influence over the behavior of earnings manipulation. However, the P-value is found greater than 0.05, giving no statistical significance. Over all, this suggests that the revised SFAS No. 7 has discouraged earnings management but only to firms conducted such activities. To firms not engaged in earnings management, there is no significant influence.
37
YU, DAI-WEI, and 余岱薇. "The Possibility on Accounting Manipulation of Private Universities in Taiwan - Study of the Financial Impact From Low Fertility." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/06215893148064481333.
Full textAbstract:
碩士銘傳大學
會計學系碩士在職專班
105
Low fertility is the biggest challenge facing Taiwanese private universities in recent years because the tuition revenue is reducing given fewer students. To cope with the challenge, many private universities are urging government subsidies or raising tuition to maintain the operation. One critical factor to win the government subsidies or apply for tuition hikes is the financial condition of the universities. We use discretionary accrual to study whether private universities will take the action of accounting manipulation in response to the reduction in tuition revenues. The test period is the academic year of 2010-2015. Empirical results show that the average of discretionary accrual is different in the academic year of 2013-2015 when registered students significantly decreased, compared to that of 2010-2012. The impact from either financial conditions, supervisory characteristics or organization scale to the possibility of accounting manipulation of private universities are more significant in the academic year of 2013-2015, compared to that of prior period.
38
Ho, Yung-Chih, and 何永智. "The effects of the Information Transparency and Financial Manipulation on Donations : Empirical Evidence of Taiwanese Not-for-profit Organizations." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/61333153484741245619.
Full textAbstract:
碩士中原大學
會計研究所
97
This paper uses the members of Taiwan Not-for-profit (NPO) Self-Regulation Alliance as samples, to estimate the responsiveness of revenue characteristics, expense characteristics, and organization characteristics to donations, while estimating information transparency and financial manipulation to donations. The results indicate that revenue characteristics, expense characteristics, organization characteristics, information transparency, and financial manipulation degree exist significantly association with donations. In specific variables, the results show that internet information disclosure levels (IDL), personnel expense, office expense, and business expense have significant positive association with donations, while financial manipulation degree, business revenue, grant revenue, set up years, and service price has significant negative association with donations. The results show that the more resources employed and the more information disclosure levels or the less financial manipulation involved to increase accountability, the more donations that organizations can obtain. If organizations employ more resources in personnel expense, office expense, and business expense which mean that the more resources the organizations can use to collect, the more donations that organizations can obtain. But when business revenue and grant revenue increase which reveal that the organizations can obtain resources from other revenues besides donations, the less donations that organizations can obtain.
39
莊凱如. "The Litigation Strategy for Financial Crime —Focus on The Cases of Market Manipulation of Securities Exchange Act in Taiwan." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/5zgyux.
Full textAbstract:
碩士國立政治大學
法律學系
106
Financial crimes are increasingly valued by academics and practitioners in recent years. Securities and Exchange Act in Taiwan is securities market operate freely in accordance with the law of natural supply and demand without undermining the mechanism of price determination by human manipulation so important. Securities and Exchange Act in Taiwan expressly prohibited for market manipulation and penalize who breach of regulation. They must bear civil liability for damages and seriously criminal penalties. Although market manipulation may be very abstract sometimes, court practice has accumulated a large number of judgments. However, it’s still a big challenge for attorneys due to the different opinions in practice. The relevant provisions of this order the United States, England and China on different types of legislation about manipulation, in order to find the difference of among the Securities and Exchange Law of Taiwan, as a reference to amend acts of manipulation. By studying cases selected our Court and trying to analyze how the various defenses affect the court decision.
40
Chen, Miao-Ju, and 陳妙如. "An Empirical Investigation of Relationship Between Financial Conditions, Operating Performance and Earnigns Manipulation of Newly Listed Firms in Taiwan." Thesis, 1996. http://ndltd.ncl.edu.tw/handle/87029251979118633633.
Full textAbstract:
碩士國立臺灣大學
會計學研究所
84
The purpose of this thesis is to investigate whether or not firms manipulate earnings through individual discretionary accruals or overseas affiliated sales before listed in Taiwan Stock Exchange. This study further examines the change of financial conditions and operating performance through the years before and after listed, and also the relationship between operating performance and earnings manipulation. Research data includes 82 firms newly listed in Taiwan from 1990 to 1993. Observation period is six years - from the third year before listed to the second year after listed. Random walk model is performed to estimate the components of variables - acc- ount receivable, inventory, account payable and affiliated sale. The conclusions of this thesis are as follows﹕ A. Account receivable and inventory do not increase before listed, but both increase significantly after listed. Inventory and account payable decrease significantly in the year before listed and reverse after listed. Firms might control inventory and account payable in a very low level before listed to show better financial conditions. B. The overseas affiliated sale rate increases significantly from the second year before listed. The evidence suggests that managers manipulate earnings through overseas affiliated sales. C. With four performance indicators, the operating performance of sample firms grows stable before listed, but fall significantly since the year that was listed. It is shown that newly listed firms actually performed worse after listed. D. Empirical result shows no obvious relationship between earnings performance and individual discretionary accruals. So there is no evidence supporting firms manipulate earnings through individual discretionary accruals before listed in Taiwan.
41
Lai, Yi-Wen, and 黎怡雯. "The Effect of CPA’s Characteristics on Financial Manipulation for Medical Foundation in Taiwan - An Empirical Studies of Gender and Industry Specialization Difference." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/62501917928713630741.
Full textAbstract:
碩士中原大學
會計研究所
100
In this paper, we examine the effect of CPA’s gender and industry specialization on financial manipulation for Medical Foundation（not-for-profit hospital）in Taiwan. The empirical results show that the not-for-profit hospitals which audited by female accountants, the degrees of financial manipulation are significantly lower than which audited by male accountants. Auditing by industry specialist helps to improve audit quality, also moderates the financial manipulation of managers. Therefore, industry specialist reduces the degrees of financial manipulation of the not-for-profit hospital. We find that the direction of the large accounting firm（BIG）is positive, although it has not yet reached the level of significance, but the direction is still in line with expectations. Furthermore, the percentage of not-for-profit hospital audit by the large accounting firms is less than 40%. This implies that not-for-profit organizations may not be the main client of the large accounting firms and lead to the professional competence of large accounting firms is not as good as small accounting firms. Therefore, the audit quality of large accounting firms is poorer than small accounting firms. The result above is as the same as Lim and Chan（2009）, however, the study did not give more effective suggestion. In our study, we find that whether the not-for-profit hospitals are audit by the large accounting firms or not is not the key to reduce the degrees of financial manipulation. Yet, audit by female accountants and industry specialist is the key point to reduce the degrees of financial manipulation of the not-for-profit hospitals.
42
Alic, Irina. "Decision Support Systems for Financial Market Surveillance." Doctoral thesis, 2016. http://hdl.handle.net/11858/00-1735-0000-002B-7D04-4.
Full textAbstract:
Entscheidungsunterstützungssysteme in der Finanzwirtschaft sind nicht nur für die Wis-senschaft, sondern auch für die Praxis von großem Interesse. Um die Finanzmarktüber-wachung zu gewährleisten, sehen sich die Finanzaufsichtsbehörden auf der einen Seite, mit der steigenden Anzahl von onlineverfügbaren Informationen, wie z.B. den Finanz-Blogs und -Nachrichten konfrontiert. Auf der anderen Seite stellen schnell aufkommen-de Trends, wie z.B. die stetig wachsende Menge an online verfügbaren Daten sowie die Entwicklung von Data-Mining-Methoden, Herausforderungen für die Wissenschaft dar. Entscheidungsunterstützungssysteme in der Finanzwirtschaft bieten die Möglichkeit rechtzeitig relevante Informationen für Finanzaufsichtsbehörden und Compliance-Beauftragte von Finanzinstituten zur Verfügung zu stellen. In dieser Arbeit werden IT-Artefakte vorgestellt, welche die Entscheidungsfindung der Finanzmarktüberwachung unterstützen. Darüber hinaus wird eine erklärende Designtheorie vorgestellt, welche die Anforderungen der Regulierungsbehörden und der Compliance-Beauftragten in Finan-zinstituten aufgreift.
43
Mao, Chuan-Hsien, and 茆顓顯. "A study on financial crisis forecasting using a mixed model of neural network and digital logic manipulation— A case study of public electronic companies." Thesis, 2002. http://ndltd.ncl.edu.tw/handle/09554842147997278410.
Full textAbstract:
碩士樹德科技大學
資訊管理研究所
90
Recently, due to the global economic depression and Taiwan’s joining the World Trade Organization (WTO), domestic companies are faced with not only the decrease of international orders but also the challenge of the opened domestic market to the international enterprises. Some companies encounter financial crisis and even bankrupt. This leads the investors of the companies to lose their money and consequently results in financial disorder. In this study, we propose a financial crisis forecasting algorithm using a modified back-propagation neural network model consisting of two neural networks and a logical processor. We divide the model into three parts: the first one is a traditional back-propagation neural network handling the company’s internal factors (financial ratios), the second one is also a traditional back-propagation neural network manipulating the outer factors(macroeconomic Indices) and the third one is a logical processor integrating the first two parts using logical manipulations. The main idea of this study is to use the first part to perform the major mapping from the inputs to the outputs of the model. The combination of the second and third parts functions as a post-filter dealing with ambiguous classification results of the first part. The internal factors are selected from five categories: financial structure, management capability, debt paying ability, earn profit capability, and capital structure. The outer factors consist of the macroeconomic Indices such as interested rate, gross domestic product, unemployment rate, rediscount rate, money market rate, and foreign currency exchange rate. This study uses quarterly financial reports of 45 domestic public electronic companies during the period between the third quarter of 2000 and the third quarter of 2001. The experimental results show that the proposed model is better than the traditional back-propagation neural network in recognition rate.
44
Cravo, Eulália Maria Dias. "A Manipulação de Mercado no Contexto dos Mercados de Derivados de Energia Europeus." Master's thesis, 2020. http://hdl.handle.net/10316/92712.
Full textAbstract:
Dissertação de Mestrado em Direito apresentada à Faculdade de DireitoO objectivo desta dissertação será abordar a manipulação de mercado da perspectiva dos mercados de derivados de energia. A questão central é a seguinte: que consequências acarreta uma manipulação de mercado no contexto da energia, especialmente no caso dos problemáticos instrumentos financeiros que os derivados já revelaram ser para os mercados financeiros? No sentido de se compreender um tipo de instrumentos financeiros cuja influência na vida do cidadão comum é usualmente desconhecida, esta dissertação procura alertar para os malefícios de uma manipulação no seio dos mercados que procedem à transacção de contratos de derivados relacionados com a energia. Desta forma, perceber-se-á os contratos de derivados, quer de um modo geral quer de um modo mais direccionado para a energia, voltando o pensamento para a legislação aplicável aos mesmos, a definição dos variados aspectos que constituem o contrato, modalidades existentes, funções associadas, e ainda a nomeação dos principais interessados nestes instrumentos financeiros. Assim como se procederá ao conhecimento de mercados de energia europeus próximos, nomeadamente o britânico e o norueguês, que serviram de exemplo à criação do MIBEL, o Mercado Ibérico de Energia Eléctrica, que une Portugal e Espanha em várias vertentes. De seguida, entrar-se-á no tema central da manipulação de mercado, explorando as características, tipos, consequências e prevenção da mesma a nível europeu, com exemplos de situações já ocorridas, questionando-se ainda o desempenho dos vários reguladores que aqui se inserem.
The aim of this thesis is to approach market manipulation from the perspective of energy derivatives markets. The main question is: what consequences brings market manipulation in the energy context, especially in the case of the problematic financial instruments which derivatives revealed to be for financial markets? Aiming to comprehend a type of financial instruments which such influence in the life of the common citizen is usually unknown, this dissertation wants to raise awareness for the harm of a manipulation within the markets that proceed to transact derivatives contracts related to energy. Therefore, we will understand the derivatives contracts, in a general way and in a more directed way to energy, turning some thought to the applicable legislation, the definition of the various aspects that constitute the contract, existent modalities, associated functions, and also nominate the key stakeholders of these financial instruments. As well as we will proceed to know the proximate European energy markets, in particular the British and Nordic ones, which were an example to create MIBEL, the Iberian Market of Electric Energy, which unites Portugal and Spain in various dimensions. Following that, we will enter the main theme of market manipulation, exploring the characteristics, types, consequences and prevention of it at an European level, with examples of situations that had already taken place, questioning the performance of the regulatory authorities which belong here.
45
ŠIROKÁ, Nikola. "Možnosti identifikace rizika účetních podvodů a nesprávností ve finančních výkazech." Master's thesis, 2017. http://www.nusl.cz/ntk/nusl-381527.
Full textAbstract:
The main aim diploma thesis was the evaluation possibilities of detection accounting fraud and misstatements in financial reports for the managing business corporations. Diploma thesis is divided into two main chapters on literature search and practical. Part of this work was the analysis of techniques and models of of detection performed on a case study of a selected accounting unit. For of individual models calculations were used accounting data from financial statements that were provided by AB, s. r. o. An entity shall compile both financial statements comprehensibly, to give a true and fair view of accounting and financial situation. Risk analysis for of detection manipulation of financial statements, I chose Beneish model, model CFEBT and Jones Nondiscretionary Accruals.
46
ŠVAMBERK, David. "Techniky kreativního účetnictví - aspekty vypovídací schopnosti účetních výkazů sestavených dle mezinárodních standardů účetního výkaznictví." Master's thesis, 2017. http://www.nusl.cz/ntk/nusl-367449.
Full textAbstract:
The topic of this diploma thesis is "Creative Accounting Techniques - Aspects of the Presentation of Financial Statements Prepared in Accordance with International Financial Reporting Standards". The aim of this thesis is to assess whether the selected entity has shown indicators of possible creative accounting in the context of publicly available financial statements compiled according to IFRS in comparison with Czech Accounting Standards and the subsequent assessment of acquired differences of both accounting approaches. For such assessment, selected detection models are used the Beneish model, the CFEBT model, and Jones Nondiscretionary Accruals. Moreover, there were calculated other two models Altman's Z-score and the Bonity Index. The diploma thesis is focused on the explanatory power of financial statements for stakeholders (or other external users) which has significant influence on their economic decision making. This work analyses issued and audited financial statements from the user's perspective who does not have any access to more detailed supporting documentation. The diploma thesis is divided into three main parts. The first part is the theoretical over-view of creative accounting. This part describes definitions, history, causes, effects, and techniques of creative accounting, as well as there are mentioned detection models which may help to identify manipulated financial statements. There are also presented bankruptcy and solvency models used for a financial analysis of the selected entity. The second part, methodological, contains the procedures and calculations of selected models used for the further analysis of creative accounting. The third part is devoted to evaluate the results of creative accounting analyses. In conclusion, there is commented the possible occurrence of creative accounting in the entity's financial statements and the explanatory power of both accounting systems.
47
Tchebete, Eusébio Mirko Manuel Cuna. "O alisamento artificial dos resultados no setor bancário moçambicano. Uma análise através das provisões para perdas de crédito." Master's thesis, 2017. http://hdl.handle.net/10316/81814.
Full textAbstract:
Dissertação de Mestrado em Contabilidade e Finanças apresentada à Faculdade de EconomiaDiversos estudos empíricos suportam a hipótese de que os gestores bancários se têm engajado em práticas de alisamento de resultados, usando as provisões para perdas de crédito (LLPs) como instrumento para o alcance desse objetivo. O presente estudo analisa o alisamento artificial de resultados no setor bancário moçambicano e, se os gestores bancários usam as provisões para perdas de crédito como instrumento de alisamento. Analisamos também o uso das provisões para perdas de crédito para efeitos de gestão de capital e sinalização de perspectivas futuras em relação aos resultados do banco por parte dos gestores.A amostra selecionada para o efeito é composta por 12 bancos que operam em Moçambique e o horizonte temporal é de 10 anos, e compreende os exercícios económicos que vão de 31 de Dezembro de 2006 a 31 de Dezembro de 2015.Foram recolhidos os relatórios e contas publicados pelos bancos nesse período para efeitos de obtenção dos dados. O estudo foi executado obedecendo duas abordagens. Numa primeira fase foram identificados os bancos alisadores e não alisadores de resultados com recurso ao coeficiente de variabilidade dos resultados definido por Eckel (1981). Com base no coeficiente de Eckel (1981) foi possível constatar que dos 12 bancos selecionados para o estudo, nove evidenciam indícios de comportamentos de alisamento artificial de resultados.Após a identificação dos bancos alisadores de resultados, com base num modelo estatístico, analisamos a correlação existente entre as provisões para perdas de crédito e as variáveis independentes do modelo. Com base no nosso modelo empírico constatamos que: a hipótese de alisamento de resultados recorrendo à manipulação das provisões para perdas de crédito é rejeitada; a hipótese de gestão de capital, embora com um nível de significância de 10% é confirmada; e não há evidências estatísticas que suportam a hipótese de que os bancos em Moçambique usam as provisões para perdas de crédito para sinalização.
Several empirical studies support the hypothesis that bank managers have engaged in income smoothing practices using loan loss provisions (LLPs) as a tool to achieve this goal. This study analyse artificial income smoothing in the Mozambican banking sector and whether bank managers use the loan loss provisions as a smoothing instrument. We also analyse the use of loan loss provisions for the purposes of capital management and signalling future prospects in relation to the profitability of the bank by the managers.The selected sample for this purpose is composed of 12 banks operating in Mozambique and the time horizon is 10 years, and comprises the fiscal years ended December 31st, 2006 to December 31st, 2015.The financial reports and financial statements published by banks during this period were collected for the purpose of obtaining the data. The study was performed obeying two approaches. In the first stage, smoothing and non-smoothing banks were identified using the coefficient of variability of incomes defined by Eckel (1981). Based on Eckel (1981) coefficient, it was possible to verify that of the 12 selected banks for the study, nine evidences sign of artificial income smoothing behavior.After identifying the income smoothing banks, based on a statistical model, the existing correlation between the loan loss provisions and the model independent variables is analysed. Based on our empirical model we found that: the income smoothing hypothesis through loan loss provisions manipulation is rejected; the capital management hypothesis, although with a significance level of 10%, is confirmed; and there is no statistical evidence to support the hypothesis that banks in Mozambique use loan loss provisions for signalling.
48
NOVÁKOVÁ, Monika. "Hodnocení finančního zdraví podniku v kontextu vypovídací schopnosti účetních výkazů dle ČÚP." Master's thesis, 2015. http://www.nusl.cz/ntk/nusl-188636.
Full textAbstract:
This diploma thesis is focused on evaluation of financial health of a company. The aim of this thesis was implementation of financial analysis - indexes of profitability, indebtedness, liquidity and activity and calculation of bankruptcy and solvency models, which are used for prediction of financial depression of company, f.e.: Altman ZETA score, Tafler bankruptcy model, IN99 and Grünwald solvency index. The thesis was focused on information capability of accounting statements and the important fact of this thesis was using Beneish M - Score model, which helps to reveal potential manipulation with accounting statements.
49
Brandão, Sara Fontes Coutinho Mesquita. "How is goodwill impairment driven by relative firm performance? : evidence from Germany." Master's thesis, 2014. http://hdl.handle.net/10400.14/16633.
Full textAbstract:
Goodwill treatment has been facing considerable changes in terms of regulation. More
recently, IAS 36 (2004) develops the subject of impairment of assets, stating that goodwill
should be subject to impairment tests on an annual basis. In the IFRS context, the present
research study aims at investigating how goodwill impairment is driven by relative firm
performance in Europe, using Germany evidence. More precisely, the paper focuses on two
distinct analyses: comparing differences between impairment and non-impairments firms
(cross-sectional analysis) and impairment and non-impairment years (longitudinal analysis).
Using both t-tests and Wilcoxon Rank Sum statistical tests, findings partially support the
hypothesis that impairment firms are significantly less efficient when compared to nonimpairment
firms in the period of goodwill impairment recognition. However, results of the
longitudinal analysis do not support the hypothesis that Germany firms are relatively less
efficient in the year of goodwill impairment comparing to the year of no impairment. These
results are in line with similar studies applied to the United States and US GAAP. Finally,
based on the longitudinal analysis’ findings, the earnings management topic is briefly
discussed.Le traitement du goodwill a été confronté à des changements considérables en termes de réglementation. Plus récemment, la norme IAS 36 (2004) développe le sujet de la dépréciation des actifs, indiquant que le goodwill doit faire l'objet de tests de dépréciation sur une base annuelle. Dans le cadre des normes internationales d’information financière (IFRS), l’étude présente vise étudier la façon dont la dépréciation du goodwill est entraînée par la performance relative de l'entreprise en Europe, en utilisant évidences d’Allemagne. Plus précisément, le document met l'accent sur deux analyses distinctes: comparer les différences entre les entreprises avec ou sans dépréciation (analyse transversale) et comparer les années successives avec ou sans dépréciation pour chaque entreprise (analyse longitudinale). En utilisant les tests statistiques t et Wilcoxon Rank Sum, les résultats confirment partiellement l'hypothèse que les entreprises avec dépréciation sont beaucoup moins efficaces lorsque l'on compare à des entreprises sans dépréciation dans la période de reconnaissance de dépréciation du goodwill. Cependant, les résultats de l'analyse longitudinale ne supportent pas l'hypothèse selon laquelle les entreprises d’Allemagne sont relativement moins efficaces dans l'année de l'écart d'acquisition en comparant à l'année sans perte de valeur. Ces résultats sont en ligne avec les études similaires appliquées aux États-Unis et aux principes comptables généralement acceptés aux États Unis (US GAAP). Tenant, en compte les conclusions de l’analyse longitudinale, le sujet de la manipulation des résultats est brièvement discuté.
50
Плетнев, К. В., and K. V. Pletnev. "Выявление манипулятивных сделок на российском фондовом рынке : магистерская диссертация." Master's thesis, 2018. http://hdl.handle.net/10995/66166.
Full textAbstract:
Final qualifying work (master's thesis) is devoted to the reserching of the methods of identifying the manipulations that undermine the effectiveness of the stock market. The subject of the research is the way of identifying manipulative transactions in the stock market of Russia. The main purpose of the research is the development of specific proposals and the selection of statistical methods relevant for the Russian stock market to improve the existing system of state control aimed at identifying various types and methods of manipulative trading in the stock market. In conclusion, practical steps for the strengthen of the stock market of the Russian Federation are formulated.Выпускная квалификационная работа (магистерская диссертация) посвящена изучению методов выявления манипуляций, подрывающих эффективность фондового рынка. Предметом исследования выступают методы выявления манипулятивных сделок на российском фондовом рынке. Основной целью исследования выступает разработка конкретных предложений и выбор статистических методов, релевантных для российского фондового рынка, для совершенствования существующей системы государственного контроля, направленной на выявление различных видов и способов манипулятивной торговли на фондовом рынке. В заключении сформулированы практические шаги по укреплению фондового рынка Российской Федерации.