Wealth effects in emerging market economies

Peltonen, Tuomas A.; Sousa, Ricardo M.; Vansteenkiste, Isabel

doi:10.1016/j.iref.2012.01.006

Cited by 67 publications

(50 citation statements)

References 64 publications

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“…September 2010 Our results are generally in line with those of Peltonen, Sousa and Vansteenkiste (2008). The biggest difference is that they did not find a link from residential prices to household consumption in China whereas our results suggest that a link exists, albeit this is only borderline significant and is realised only after a two-year lag.…”

Section: Ecb Working Paper Series No 1240supporting

confidence: 83%

Monetary policy, asset prices and consumption in China

Koivu

2012

Economic Systems

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in WO R K I N G PA PE R S E R I E S N O 124 0 / S E P T E M B E R 2010In 2010 all ECB publications feature a motif taken from the €500 banknote. MONETARY POLICY, ASSET PRICES

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Section: Ecb Working Paper Series No 1240supporting

confidence: 83%

Monetary policy, asset prices and consumption in China

Koivu

2012

Economic Systems

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“…This study contributes to the limited body of literature on the avoidance of earnings decreases and losses in developing economies (Leuz et al, 2003;Shen & Chih, 2005;Ebaid, 2012), which play an important role in the resolution of global economic imbalances (Peltonen, Sousa & Vansteenkiste, 2012). First, Shen and Chih (2005) focused on financial services companies, while our study provides an analysis of all the JSE companies, as well as a separate analysis of nonfinancial companies.…”

Section: Figurementioning

confidence: 99%

Earnings management through loss Avoidance: Does South Africa have a good story to tell?

Pududu

Villiers

2016

S. Afr. j. econ. manag. sci. (Online)

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The purpose of this study is to determine whether South African managers manage earnings to avoid reporting small losses (small earnings decreases). The study covers all the companies listed on the Johannesburg Stock Exchange (JSE) from 2003 to 2011. In line with Burgstahler and Dichev (1997), the cross-sectional distributions of earnings and changes in earnings are examined and the distributions are shown in histograms. Previous research (using data from the United States) has shown that the distribution curve for both the earnings and the change in earnings variable had noticeably fewer observations just below zero than would normally be expected, and a significantly higher number of observations just above zero. This pattern in the distributions suggests that managers manage reported earnings to ensure that earnings do not fall below a specific threshold, this being zero or the previous year's performance. Interestingly, and in contrast with the previous literature, using the Burgstahler and Dichev (1997) research model of analysis, our results show no evidence of managers in South Africa managing earnings to avoid reporting small losses or small decreases in earnings. A possible reason for this could be the relatively smaller size of the JSE (compared with stock exchanges in the United States). In addition, and more important, is the possibility that investors and analysts in South Africa may be fixated on other performance indicators, such as revenue and headline earnings per share, rather than on earnings (profits). This study adds to the limited research on earnings management in South Africa, which is a developing economy. Furthermore, previous research shows an inverse relationship between earnings management and earnings quality. The results of this study may therefore be useful to the users and the regulators of financial reports, both are concerned with earnings for the purposes of assessing the cost of capital and how companies utilise their resources.

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“…This result suggests that house property income has positive effect on stock prices whereas negative impact of stock returns is visualized in the results using which show the evidence of stock wealth has no effect on house property. It can be derived that surplus earned by equity investors are invested in housing market (Hui & Ng, 2012;Peltonen et al, 2012). In fiscal policy block, government expenditures are used as a fiscal variable because recently, every economy focuses on fiscal package to promote the economic growth to redress the evils of financial panic.…”

Section: Results For Contemporaneous Restrictionsmentioning

confidence: 99%