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22 results on '"Huijgen, Carel"'

4. Earnings conservatism, litigation and contracting: the case of cross-listed firms

Author

Huijgen, Carel and Lubberink, Martien

Subjects
Profit -- Analysis, Stock-exchange -- Listings, Stock-exchange -- Analysis, Banking, finance and accounting industries, Business
Abstract

A study is conducted to analyze the difference in earnings conservatism of UK companies, which have United States cross-listing and which don't have US cross-listing.

Published
2005

5. A Wealth-Based Explanation for Earnings Conservatism

Author

Lubberink, Martien and Huijgen, Carel

Subjects
Capital market -- Analysis, Conservatism -- Analysis, Financial statements -- Analysis, Profit -- Analysis, Banking, finance and accounting industries
Abstract

Byline: Martien Lubberink (1), Carel Huijgen (2) Keywords: capital markets; earnings conservatism; financial reporting Abstract: This study extends research on earnings conservatism -- the degree to which the accounting system recognizes bad news regarding future cash flows in a more timely manner than good news -- by arguing that heterogeneous executives' risk attitudes will influence the degree of conservatism. Prior research has demonstrated that differences in earnings conservatism are mainly the result of differences in institutional factors (Basu (1997) and Ball et al. (2000a)). We hypothesize that more risk-averse managers, who demand a risk premium that offsets the effects of the variance in their compensation, will report more conservative earnings. Earnings conservatism will temper expectations among stakeholders about the future cash flows to be distributed thereby diminishing the likelihood of disappointing outcomes and potential litigation or threats for executives of being fired. The more risk-averse manager would be more inclined to reduce such conflicts, since they will have a destabilizing effect on his future compensation. The empirical results for a sample of Dutch companies over the period of 1983 to 1995 confirm our hypothesis: more risk-averse managers report earnings more conservatively than do less risk-averse managers. Author Affiliation: (1) The Management School, Lancaster University, Lancaster, UK (2) Faculty of Economics, University of Groningen, Groningen, The Netherlands Article History: Registration Date: 12/10/2004

Published
2001

6. Using analysts' earnings forecasts for country/industry-based asset allocation

Author

Forbes, William, Huijgen, Carel, and Plantinga, Auke

Subjects
Asset management accounts -- Research, Financial research, Banking, finance and accounting industries, Business
Abstract

Purpose--This paper seeks to investigate the usefulness of analysts' earnings forecast revisions in the allocation of funds to different industries and countries. In particular, it asks whether a post analyst revision announcement drift in prices can be exploited to guide an asset allocation strategy based on industry, or country, selection. Design/methodology/approach--The methodolgy is to use monthly consensus I/B/E/S--First Call analysts' earnings forecasts for companies listed on the main European stock markets over the period January 1987 to December 2001. Findings--It is found that a significant post revision announcement effect for individual companies. However, the abnormal returns evaporate away as the research moves from an individual company level to an industry or country level. The paper provides two kinds of evidence which seem to cast doubt on the analysts' ability to fully incorporate industry and country specific information into their forecasts: returns are driven more by common components than earnings forecast revisions, and company specific news reflected by the revision signal dominates industry or country news. Originality/value--Locates the origin of stock price momentum strategies in news about earnings reflected in analysts' forecasts revisions. Keywords Assets management, Financial forecasting Paper type Research paper

Published
2006

8. Why do firms go public? The role of the product market

Author

de Jong, Abe, Huijgen, Carel A., Marra, Teye A., Roosenboom, Peter, Department of Finance, Research programme EEF, and Faculty of Economics and Business

Subjects
IPOS, DISCLOSURE, INVESTMENT, ComputingMilieux_THECOMPUTINGPROFESSION, INNOVATION, PRIVATE, Product market competition, DECISION, EARNINGS QUALITY, Initial public offering, OFFERINGS, COSTS, Confidential information, Going public
Abstract

This paper investigates the effect of product market characteristics on the decision to go public. When firms decide to go public or remain private, they trade off product market related costs and benefits. Costs arise from the loss of confidential information to competitors, e.g., in the IPO prospectus and subsequent mandated public disclosures, while benefits emerge from raising capital allowing the firm to strengthen its position in the product market. Our results show that UK firms are more likely to go public when they operate in a more profitable industry and in an industry with lower barriers to entry. These firms are more likely to go public in order to improve their position in the product market and to deter new entrants into the industry. However, firms from more competitive industries and firms with smaller market share are less likely to go public. For these firms the loss of confidential information to rivals outweighs the benefits of going public.

Published
2012

10. An evaluation of the accounting rate of return : evidence for Dutch quoted firms

Author

Feenstra, Dick W., Huijgen, Carel A., and Wang, Hua

Abstract

Although the accounting rate of return (ARR) is traditionally regarded as an important profitability measure in ratio analysis, there has been relatively little theoretical and empirical analysis on its statistical properties and its intrinsic ability to explain market returns. This paper provides an empirical examination of the distributional properties and a time-series analysis of the ARR’s of listed Dutch companies for the years from 1978 to 1997. Furthermore we examine how the ARR is related to market return and risk. We investigate the distributional properties of the accounting rate of return. Our study confirms prior international research which concludes that ARR follows a non-normal distribution. Previous US and UK studies suggest that time series earnings or ARR can be characterized by a random walk or a mean-reverting process. The time series results of our sample are characterized by mean reversion. This paper extends the empirical research on ARR by deriving a panel data analysis that yields more reliable estimates. Researchers using US data found that the ARR was deficient as a representation of market returns and was not related to systematic risk. We find the opposite.

Published
2000

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