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Messod D. Beneish, Charles M.C. Lee, D. Craig Nichols August 15, 2011 Abstract: An earnings manipulation detection model based on forensic accounting principles (Beneish 1999) has substantial out-of-sample ability to predict crosssectional returns. We show that the model correctly identified, ahead of time, 12 of the 17 highest profile fraud cases in the period 1998-2002.
ByMessod D. Beneish, Charles M.C. Lee, D. Craig Nichols; January 31, 2012 Abstract: An accounting-based model has strong out-of-sample power not only to detectfraud, but also to predict cross-sectional returns.
February 2013, ABSTRACT We estimate what percentage of firms engage in fraud and the economic cost of fraud. Our estimates are based on detected frauds, and frauds that we infer are started but are not caught.
Main items from the Summary: Eighty-two percent of TOPIX 100 companies have appointedexternal directors. The trend is more pronounced in companieswith a high ratio of foreign investors. In this regard, whencompanies do not have any external directors on their boards,they can still meet the Tokyo Stock Exchange requirement thatcompanies appoint independent directors by ensuring thattheir audit & supervisory board members2 are independent.
Abstract; April 2011; revised, June 2012 –
Over the past ten years there has been much discussion about whether corporate governance in Japan has improved and, if so, whether this results in improved corporate performance. We investigate whether observed changes in Japanese firms’ cash holdings and payout policy are consistent with improved governance.
Nisshimura & Asahi have created this useful presentation on Lessons Learned from Recent JapaneseM&A Contract Interpretation Cases, which covers recent legal history in this area and the following topics:
Emancipation of Japanese M&A Contract Drafting
Buyer’s Knowledge
Liquidated Damages
Entire Agreement Clause
Indemnification Claims
Some of our past Director Boot Campparticipants have asked if we could provide an English-language course on “reading financial statements as a board member” as a follow-up to their “Boot Camp” experience.
David F. Larcker and Brian Tayan have written an excellent article on the extreme importance of quality of governance processesand contextual aspects that affect them. Here's the introduction; you can download the entire article at the link below.
New Japan Paper on Kansayaku Boards and Audit Committees -ACGA recently completed a paper titled, “The Roles and Functions of Kansayaku Boards Compared to Audit Committees”. The paper compares the Kansayaku (statutory auditor) Board in Japan with the Audit Committee in other developed markets.