In the current paper, the authors investigate empirically the relationship between the share price volatility and the amount of voluntary information disclosed in the corporate annual report. The authors use the data ...In the current paper, the authors investigate empirically the relationship between the share price volatility and the amount of voluntary information disclosed in the corporate annual report. The authors use the data envelopment analysis （DEA） and the stochastic frontier analysis （SFA） models on a sample of 50 listed French firms belonging to the Soci6t6s des Bourses Fran^aises （SBF250） index from 2004 to 2008. The authors focus on the extent of voluntary disclosure in the annual reports that have been measure by using a composite disclosure index. Then, the authors study the relevance of disclosure policies through the ability of the voluntary disclosure level to effectively reduce the share price volatility. The findings of DEA and SFA provide, in average, highly efficient scores of the sample, reveal the several dispositions taken by the French Exchange Market authorities and the initiative of French firms to improve the market stability. In addition, the findings highlight, in average, stability of the firms＇ efficiency scores over the studied period. The authors explain these findings by the stability of corporate disclosure policy as suggested in previous literature （e.g., Botosan, 1997）. However, there are some differences between the findings of SFA and DEA models.展开更多
“A limited company is more than a mere judicial entity, with a personality in law of its own： Behind it, or amongst it, there are individuals, with rights, expectations and obligations inter se”. The competitive at...“A limited company is more than a mere judicial entity, with a personality in law of its own： Behind it, or amongst it, there are individuals, with rights, expectations and obligations inter se”. The competitive attitude of the member states of the EU （European Union）, to become the most attractive for companies results in law reforms aiming at more flexible conflict between shareholders. Besides, the economic objective of avoiding a company＇s dissolution, the English, Dutch, and Belgian exit proceedings for the settlement of disputes between shareholders set up a social objective： protecting the interests of the minority shareholder of a private limited company. The paper consists of four chapters. The introduction lays out the necessity of buy-outs for shareholders of a private limited company. The first chapter describes the different facts justifying the buy-out of a shareholder on the basis of serious grounds. The second chapter presents the findings of a comparative research of the valuation of the shares transferred in an English, Dutch, and Belgian procedure. Finally, the conclusion summarises in which way the English, Dutch, and Belgian legal system protect the interests of the minority shareholder of a private limited company.展开更多
This research work determined the impact of value relevance of accounting information on the stock price of manufacturing companies in Nigeria.More specifically,the study determines the impact of earnings per share an...This research work determined the impact of value relevance of accounting information on the stock price of manufacturing companies in Nigeria.More specifically,the study determines the impact of earnings per share and dividends on the stock price of Nigerian manufacturing companies.Ex post facto research and data were obtained from twenty audited annual reports and financial statements.This study used the ordinary least squares(OLS)estimation from 2012 to 2021 and covered ten years with the help of E-view 9.0 data analysis revealed that there is a positive insignificant relationship between stock dividends,earnings per share and stock price in the manufacturing sector in Nigeria.展开更多
Market power is known as the ability of units and generation companies(GenCos)to change electricity price profitably.As cleared in the definition,locational marginal price(LMP)is the most important key in market power...Market power is known as the ability of units and generation companies(GenCos)to change electricity price profitably.As cleared in the definition,locational marginal price(LMP)is the most important key in market power evaluation.Therefore,the main objective of the paper is to analyze market power of units and GenCos based on their abilities to change electricity price.At the first step,using Karush-Kuhn-Tucker(KKT)conditions of Lagrangian method,LMP is decomposed into four main components.These components indicate the share of each unit at the LMP of each bus.These values are calculated by the proposed analytical method,and cannot be obtained using simulation methods.At the second step,"unit-based LMP share(LMP_S)"index,which indicates the contribution factor of each unit at LMP of each bus,is proposed as a new structural market power index.This index is also used as an effective tool to determine the most profitable coalition between two units.Using that,the market operator can predict highly potential collusions.Moreover,"GenCosbased LMP_S"index is proposed.Using this effective tool,the contribution of each GenCo,which owns multiple units at various buses,at the LMP of each bus is discovered.The proposed market power indices are calculated on the IEEE24-bus test system and compared with some conventional structural market power indices.Incremental profits of units due to change of unit’s strategies verify the accuracy of the proposed method.展开更多
文摘In the current paper, the authors investigate empirically the relationship between the share price volatility and the amount of voluntary information disclosed in the corporate annual report. The authors use the data envelopment analysis （DEA） and the stochastic frontier analysis （SFA） models on a sample of 50 listed French firms belonging to the Soci6t6s des Bourses Fran^aises （SBF250） index from 2004 to 2008. The authors focus on the extent of voluntary disclosure in the annual reports that have been measure by using a composite disclosure index. Then, the authors study the relevance of disclosure policies through the ability of the voluntary disclosure level to effectively reduce the share price volatility. The findings of DEA and SFA provide, in average, highly efficient scores of the sample, reveal the several dispositions taken by the French Exchange Market authorities and the initiative of French firms to improve the market stability. In addition, the findings highlight, in average, stability of the firms＇ efficiency scores over the studied period. The authors explain these findings by the stability of corporate disclosure policy as suggested in previous literature （e.g., Botosan, 1997）. However, there are some differences between the findings of SFA and DEA models.
文摘“A limited company is more than a mere judicial entity, with a personality in law of its own： Behind it, or amongst it, there are individuals, with rights, expectations and obligations inter se”. The competitive attitude of the member states of the EU （European Union）, to become the most attractive for companies results in law reforms aiming at more flexible conflict between shareholders. Besides, the economic objective of avoiding a company＇s dissolution, the English, Dutch, and Belgian exit proceedings for the settlement of disputes between shareholders set up a social objective： protecting the interests of the minority shareholder of a private limited company. The paper consists of four chapters. The introduction lays out the necessity of buy-outs for shareholders of a private limited company. The first chapter describes the different facts justifying the buy-out of a shareholder on the basis of serious grounds. The second chapter presents the findings of a comparative research of the valuation of the shares transferred in an English, Dutch, and Belgian procedure. Finally, the conclusion summarises in which way the English, Dutch, and Belgian legal system protect the interests of the minority shareholder of a private limited company.
文摘This research work determined the impact of value relevance of accounting information on the stock price of manufacturing companies in Nigeria.More specifically,the study determines the impact of earnings per share and dividends on the stock price of Nigerian manufacturing companies.Ex post facto research and data were obtained from twenty audited annual reports and financial statements.This study used the ordinary least squares(OLS)estimation from 2012 to 2021 and covered ten years with the help of E-view 9.0 data analysis revealed that there is a positive insignificant relationship between stock dividends,earnings per share and stock price in the manufacturing sector in Nigeria.
文摘Market power is known as the ability of units and generation companies(GenCos)to change electricity price profitably.As cleared in the definition,locational marginal price(LMP)is the most important key in market power evaluation.Therefore,the main objective of the paper is to analyze market power of units and GenCos based on their abilities to change electricity price.At the first step,using Karush-Kuhn-Tucker(KKT)conditions of Lagrangian method,LMP is decomposed into four main components.These components indicate the share of each unit at the LMP of each bus.These values are calculated by the proposed analytical method,and cannot be obtained using simulation methods.At the second step,"unit-based LMP share(LMP_S)"index,which indicates the contribution factor of each unit at LMP of each bus,is proposed as a new structural market power index.This index is also used as an effective tool to determine the most profitable coalition between two units.Using that,the market operator can predict highly potential collusions.Moreover,"GenCosbased LMP_S"index is proposed.Using this effective tool,the contribution of each GenCo,which owns multiple units at various buses,at the LMP of each bus is discovered.The proposed market power indices are calculated on the IEEE24-bus test system and compared with some conventional structural market power indices.Incremental profits of units due to change of unit’s strategies verify the accuracy of the proposed method.
