Market reaction to valuation adjustments for financial instruments: Evidence from Greece

Ballas, Apostolos; Chalevas, Constantinos; Tzovas, Christos

doi:10.1016/j.intaccaudtax.2012.01.004

Cited by 13 publications

(11 citation statements)

References 19 publications

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“…During the past few years, there have been tremendous efforts on learning more about different factors influencing the performance of firms listed on various stock exchanges (Ballas et al 2012;Chau & Leung, 2006;Chi & Wang, 2010;Solomon & Solomon, 2004). Intellectual capital is an intangible asset taken into account as a competitive advantage for different firms and it can extend the market share through the necessary knowledge and resources (Lu et al, 2010).…”

Section: Introductionmentioning

confidence: 99%

Corporate governance and intellectual capital

Alizadeh¹,

Chashmi²,

Bahnamiri³

2014

10.5267/j.msl

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The purpose of this paper is to examine the association between corporate governance and Intellectual capital in the pharmaceutical companies accepted in Tehran Stock Exchange over the period 2004-2009 using a regression based model. The study investigates the impacts of three some independent variables of the corporate governance (i.e. the number of board members, the relative extent of nonexecutive to executive directors, the auditing committee). The results suggest that corporate governance had no special effect on intellectual capital in the pharmaceutical companies. Furthermore among corporate governance's variables, the first one (i.e. board size) had negative impact on firms' intellectual capital and the second and the third variables had no effects on intellectual capital.

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Section: Introductionmentioning

confidence: 99%

Corporate governance and intellectual capital

Alizadeh¹,

Chashmi²,

Bahnamiri³

2014

10.5267/j.msl

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“…Although there were many improvements in the field of Corporate Governance in the last two decades, empirical studies have shown that these are mainly apparent in a limited number of large capitalization listed on ASE firms (Spanos et al, 2008;Chalevas andTzovas, 2010 andDimitropoulos andAsteriou, 2010).…”

Section: Hellenic Audit Framework and Corporate Governance Qualitymentioning

confidence: 99%

Synopsis of the Accounting Research in Hellas

Yiannoulis¹

2021

AFR

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The scope of this paper is to provide a synopsis of the accounting research in the Hellenic corporate environment. In addition, we will examine the quality of audit in publicly listed companies, as prescribed by the term “audit gap”; this term specifies and characterizes the growing public concern regarding the audit report credibility and efficiency.These two topics (Hellenic accounting and auditing environment) have been isolated and examined from the previous researchers in depth; however, the novel think of this study is that it examines this “audit gap”, which is the gap between the expectations the public has from the auditors and what auditors actually do in their reports (Caramanis, 2008). This research is useful for capital market and audit authorities as they should focus more on improving audit work and preparing accounting and auditing standards that prevent earnings management. However, our study has the limitation that it examined the capital market, audit and accounting environment of a single country, i.e. Hellas/Greece.

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“…A study by Ballas et al, (2012) examined the accounting treatment regarding unrealized results (gains or losses) and the capital market reaction to mark to market accounting policy choice of equity investments of Hellenic firms during the period 2002-2004 (before the adoption of IFRS). In order to reduce losses from the decline of ASE General Index of that period most firms choose to adopt different policy for gains and losses.…”

Section: Hellenic Corporate Environmentmentioning

confidence: 99%

“…A study of Ballas et al, (2012) examined, for a sample of Hellenic listed in ASE companies for the years 2002 to 2004, the market reaction to investment valuation adjustments; stock prices do not follow firm's decision to charge investments' valuation adjustments to equity instead of the income statement 13 . This means that ASE is an efficient stock market and "investors in the Athens Stock Exchange react negatively to the valuation adjustment that has no cash flow implications and they react negatively to opaqueness in the financial statements, at least with regard to share valuation adjustment" (Ballas et al, 2012, p. 60, Conclusion).…”

Section: Earnings Management Research 10 -Ifrs Adoption Effectmentioning

confidence: 99%

“…For that reason, is very important to increase the credibility of audited financial statements especially during this crisis period. Ballas et al (2012) concluded "finally despite the reforms of the audit profession in the early 1990s, the quality of audits in Greece is debatable while quality control 9 , legislated in 2004, was never implemented" (Ballas et al, 2012, p. 53).…”

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confidence: 99%

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Literature Review on the Hellenic Auditing and Accounting Environment before, during and after the Crisis Period

Yiannoulis¹

2019

ujaf

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The purpose of this paper is to examine the literature regarding the accounting and auditing environment in Hellas; Hellas is a natural experiment in the sense that has characteristics that substantially differ from the major European countries. "For example, the mandatory adoption of International Financial Reporting Standards (IFRS) on January 1, 2005 aimed to improve the quality of financial reporting in Greece, which had been regularly criticized for earnings management and the ineffectiveness of external auditing" (Tsipouridou and Spathis, 2012, Abstract). In addition, Hellas faced a 10-year economic crisis (2008-2018) which affected/changed the Hellenic corporate and capital market environment. For the years before the crisis and the implementation of IFRS, empirical studies showed that Hellas had the one of the highest levels of earnings management (Bhattacharya et al., 2003 andLeuz et al., 2003). All these features are examined in this article in order to gain insight regarding the quality of Hellenic financial reporting and to investigate the changes that crisis had on financial statements quality. The conclusion is that crisis exaggerated problems that already existed in Hellenic corporate environment.

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Market reaction to valuation adjustments for financial instruments: Evidence from Greece

Cited by 13 publications

References 19 publications

Corporate governance and intellectual capital

Corporate governance and intellectual capital

Synopsis of the Accounting Research in Hellas

Literature Review on the Hellenic Auditing and Accounting Environment before, during and after the Crisis Period

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