Dichev – Managing earnings – 2012
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Equity Market Reform, Investment, and New Firm Performance – (Eberhart)
Abstract – We examine how institutional changes that lower the barriers to successful exit influence the rate of IPO, and the initial capitalization and performance of subsequent ventures in Asian contexts. Such IPO market reforms are widespread, but their effectiveness in unclear, especially in Asia
Ongoing Net Decline in Parent Subsidiary (Mr. Nishiyama at Nomura)
Fewer than 300 listed subsidiaries with listed parents for first time since end-FY98 — Based on Toyo Keizai major shareholder data, we estimate that 298 companies were listed subsidiaries with listed parents as of end-FY12 H1 (end-September 2012). This represents a net decrease of eight from 304 as of end-FY11 (end-March 2012) (Figure 1). The number has fallen below 300 for the first time in the 13 and a half years since end-FY98, when there were 281.
Main reason for decline is delisting on conversion to wholly owned subsidiary.
Need for Japanese Companies to Step Up Social and Governance (Mr. Nishimura – Nomura)
Globally, utilities sector has high ESG scores….Our analysis using ESG (environment, social and corporate governance) scores from ECPI, an Italian independent research provider, shows that of the eight sectors used by
“Shining Light on Corporate Political Spending” – by Lucian A. Bebchuk and Robert J. Jackson, Jr.
Abstract: This Article puts forward the case for SEC rules requiring public companies to disclose their political spending. We present empirical evidence indicating that a substantial amount of corporate spending on politics occurs under investors’ radar screens and that shareholders have significant interest in receiving information about such spending. We argue that disclosure of corporate political spending is necessary to ensure that such spending is consistent with shareholder interests.
BDTI Has Moved! Please Note that Our Telephone Numbers Have Changed
BDTI has moved its office to the following location in Setagaya-ku. Please feel free to contact us here at any time.
Address:
1-30-20 Kaminoge, Setagaya-ku, Tokyo
Telephone:
81-3-6432-2337
Fax:
81-3-6432-2338
Audit Committee Financial Literacy: A Work in Progress
Article Abstract: We develop a classification to score the potential of corporate audit committees to he financially literate, as defined in this paper, based on listing requirements of the New York Stock Exchange (NYSE), as promulgated late in 1999. We score audit committees of approximately 300large companies in 2000 and 2004, and of a subsample in 1996 as well.
Testing the Financial Literacy and Expertise of Audit Committee Members
This article in the CPA Journal (see link below) covers a very worthy topic: how much financial literacy should audit committee members have, and how should you measure it. Can you answer all these questions correctly?
Award-Winning Paper “Failure is an Option: Failure Barriers and New Firm Performance”
Abstract: Do bankruptcy changes in the institutional environment affect the rate of founding by particular types of entrepreneurs and the performance of their ventures? We take advantage of a quasi-natural experiment in Japan where changes to bankruptcy laws reduced the consequences of closing a firm.