| 1. |
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| 2. |
- Abad, C., et al.
(författare)
-
On the 'Disclosure Initiative - Principles of Disclosure': The EAA Financial Reporting Standards Committee's View
- 2020
-
Ingår i: Accounting in Europe. - : Informa UK Limited. - 1744-9480 .- 1744-9499. ; 17:1, s. 1-32
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Tidskriftsartikel (refereegranskat)abstract
- This paper summarises the contents of a comment letter produced by a working group of 12 academics in response to the International Accounting Standards Board (IASB) Discussion Paper on principles of disclosure. The comment letter was submitted by the Financial Reporting Standards Committee (FRSC) of the European Accounting Association (EAA). The work includes reviews of relevant academic literature of areas related to the various questions posed by the IASB in the Discussion Paper, including the 'disclosure problem' and the objective of the project, the suggested principles of effective communication, the roles of the primary financial statements and notes, the location of information and the use of performance measures. The paper also discusses the disclosure of accounting policies, the objectives of centralised disclosure, and the New Zealand Accounting Standards Board staff's approach to disclosure.
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| 3. |
- Andersson, Patric, et al.
(författare)
-
Analysts’ evaluations of acquisitions: Swedish survey evidence on IFRS knowledge and the use of accounting information for valuation purposes
- 2020
-
Ingår i: Journal of International Accounting, Auditing and Taxation. - : Elsevier: 24 months. - 1061-9518. ; 41
-
Tidskriftsartikel (refereegranskat)abstract
- The International Financial Reporting Standards (IFRS) Conceptual Framework emphasizes understandability, i.e. that users have a reasonable degree of relevant knowledge and an ability to study financial information diligently. This article reports results from an empirical study of Swedish financial analysts’ knowledge of IFRS Standards in an area of high complexity (acquisitions) and their use of such information for company valuation purposes. The study comprises financial analysts with experience analyzing acquisitions. Yet we find that the median analyst only knew the standards “to some extent,” which we interpret as a poorer knowledge level compared to the expected IFRS understandability level. We further find that IFRS knowledge varied considerably across the analysts. Higher IFRS knowledge was not associated with using more sophisticated valuation methods, even though such methods require inputs involving accounting complexities. Our results provide some support for higher IFRS knowledge being associated with higher use of acquisition-related IFRS information. This suggests that analysts’ incentives to invest in accounting knowledge may be driven by factors other than those related to fundamental analysis. Our empirical study considers various aspects of the analyst decision context and the findings are discussed in relation to this context and the research literature.
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| 4. |
- Andersson, Patric, et al.
(författare)
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Does Pro Forma Reporting Bias Analyst Forecasts?
- 2007
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Ingår i: European Accounting Review. - : Informa UK Limited. - 1468-4497 .- 0963-8180. ; 16:2, s. 277-298
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Tidskriftsartikel (refereegranskat)abstract
- Standard setters put much effort into the development of ‘better’ financial reporting standards, that is, standards that more accurately capture the economic substance of business activities. However, the more sophisticated accounting treatments caused by new standards, and the growing complexity of business activities as such, has made financial reports more difficult to understand. In response to this situation, some companies use pro forma reporting, which means that certain complex items required by financial reporting standards are excluded. This study adopts a user perspective and investigates how pro forma reporting affects analysts' judgments in an experimental setting. On the basis of psychological theory, our hypothesis suggests that analysts' judgments will be affected by differences in the way company performance is presented. Our results show that analysts who received both pro forma and Generally Accepted Accounting Principles (GAAP) information made significantly higher earnings per share (EPS) forecasts than those who received GAAP information only. It is argued that positive framing and higher levels of anchor explain this result, which suggests in turn that analysts' EPS forecasts can be manipulated by alternative ways of presenting company performance. Some possible implications of this finding for standard setters are discussed.
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| 5. |
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| 6. |
- Andersson, Patric, et al.
(författare)
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Proformaredovisningens inverkan på analytikerprognoser
- 2004
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Ingår i: Balans. - : FAR AB. - 2002-8490 .- 0346-8208. ; 2004:10, s. 37-41
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Tidskriftsartikel (övrigt vetenskapligt/konstnärligt)abstract
- Proformaredovisningens inverkan på analytikerprognoser Sedan några år tillbaka redovisar en del svenska företag proformaresultaträkningar enligt amerikanskt mönster. I de flesta fall blir proformaresultatet högre än resultatet enligt allmänt accepterade redovisningsprinciper. I denna artikel redogör Niclas Hellman och Patric Andersson för resultatet från ett experiment som undersökt huruvida erfarna finansanalytiker påverkas av proformainformation när de gör vinstprognoser. En trend bland amerikanska företag är att redovisa proformaresultaträkningar som visar resultatutvecklingen som om vissa händelser inte hade inträffat, till exempel nedskrivningar eller omstruktureringar. I de allra flesta fall innebär resultatjusteringarna att proformaresultatet blir högre än resultatet enligt allmänt accepterade redovisningsprinciper (GAAP). [1] Sedan några år tillbaka har denna trend också nått Sverige och vissa företag redovisar numera pro forma enligt amerikanskt mönster, till exempel i samband med större nedskrivningar. Det finns också en mer utbredd tendens i samma anda som innebär att företagen skapar egna resultatmått högt upp i resultaträkningen, som också ges en framträdande roll i företagens informationsgivning. [2] Stockholmsbörsen har reagerat på denna utveckling och infört nya regler avseende vilka resultatmått som måste anges i inledningen av bokslutskommunikéer och delårsrapporter. [3] En intressant fråga i sammanhanget är hur användare av redovisningsinformation reagerar på proformaresultaträkningar. I föreliggande artikel redogör vi för resultat från ett experiment som undersökte huruvida erfarna finansanalytiker påverkas av pro forma information när de ställer vinstprognoser. Pro forma i svensk praxis och amerikansk forskning I Sverige har proformaredovisning tidigare använts framförallt i prospekt för att beskriva effekter av till exempel företagsförvärv, avknoppningar eller nyemissioner. Proformaredovisning har också använts i årsredovisningar för att illustrera effekter av förändrade redovisningsprinciper. [4] I dessa sammanhang har proformaredovisningen varit ett komplement till den faktiska redovisningen i syfte att underlätta periodjämförelser. På senare år har dock begreppet " pro forma " börjat tillämpas i bokslutskommunikéer och delårsrapporter med en annan innebörd jämfört med tidigare praxis. Proformaresultat har i dessa sammanhang kommit att få samma innebörd som ett " justerat resultat " för den aktuella perioden. [5] Förändringen följer av den amerikanska utvecklingen inom området och det är denna nya typ av proformaredovisning som behandlas i denna artikel. Det finns några publicerade studier som beskriver olika aspekter på amerikanska företags proformaredovisning. Bhattacharya et al (2003) undersöker proformaredovisningen i kvartalsrapporteringen för perioden 1998–2000. Enligt deras studie ökar frekvensen av proformarapportering kraftigt under denna period samtidigt som fenomenet fortfarande är koncentrerat till service-och high-tech-branscher. I en tidigare studie pekar Bradshaw & Sloan (2002) på att proformaresultaten är signifikant högre än resultaten enligt US GAAP samt att resultatskillnaderna har ökat över tiden och är som störst i det fjärde kvartalet. Bradshaw & Sloan (2002) diskuterar två tänkbara förklaringar till varför företag väljer att rapportera proformaresultat. Den första förklaringen är att företagsledningar vill försköna resultatredovisningen. Detta argument har enligt Bradshaw & Sloan stöd i den amerikanska finanspressens beskrivningar av fenomenet, men de finner ganska litet stöd för denna uppfattning i forskningen avseende proformaredovisning. Den andra förklaringen är att investerare och analytiker efterfrågar proformaredovisningen för att få en bättre beskrivning av de uthålliga vinster som företaget genererar. Både Bradshaw & Sloan och Bhattacharya et al (2003) finner visst statistiskt stöd för att analytiker och investerare har större användning för proformaredovisningen jämfört med redovisningen som bygger på US GAAP.. Detta kommer framförallt till uttryck genom att proformaresultaten förklarar en större andel av aktiekursvariationerna samt att proformaresultaten har större inverkan på amerikanska Proformaredovisningens inverkan på analytikerprognoser.
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| 7. |
- Andersson, Patric, et al.
(författare)
-
The impact of IFRS goodwill reporting on financial analysts' equity valuation judgements
- 2016
-
Ingår i: Accounting and Finance. - : Wiley: 24 months. - 0810-5391. ; 56:1, s. 113-157
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Tidskriftsartikel (refereegranskat)abstract
- This article uses an experiment to investigate how professional financial analysts evaluate a corporate acquisition announced by an IFRS preparer. The findings suggest that professional analysts are affected by preparers' acquisition premium allocations in a potentially misleading way as the participants considered the acquisition to be value-enhancing when the premium was allocated to goodwill, but value-reducing when allocated to identifiable intangible assets. These effects were mitigated at the aggregate level when additional discounted cash flow analysis information was provided; however, there were significant differences in information search behaviour as quite many participants focused primarily on the exploitation of earnings information.
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| 8. |
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| 9. |
- Beck, Alexander, et al.
(författare)
-
Akut brist på lärare i ekonomi på universiteten
- 2016
-
Ingår i: Svenska Dagbladet.
-
Recension (populärvet., debatt m.m.)abstract
- Redovisningen spelar en central roll i samhället genom att skapa transparens i näringsliv och offentlig sektor. Kraven på transparens ökar och redovisningen vidareutvecklas och anpassas till en global marknad. Bland studenter i företagsekonomi är det populärt att läsa redovisning. Men det råder stor brist på kompetenta universitetslärare i redovisning i Sverige
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| 10. |
- Cederblad, Lars, et al.
(författare)
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Classification of Hypoglycemic Events in Type 1 Diabetes Using Machine Learning Algorithms
- 2023
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Ingår i: Diabetes Therapy. - : Springer Nature. - 1869-6953 .- 1869-6961. ; 14:6, s. 953-965
-
Tidskriftsartikel (refereegranskat)abstract
- IntroductionTo improve the utilization of continuous- and flash glucose monitoring (CGM/FGM) data we have tested the hypothesis that a machine learning (ML) model can be trained to identify the most likely root causes for hypoglycemic events.MethodsCGM/FGM data were collected from 449 patients with type 1 diabetes. Of the 42,120 identified hypoglycemic events, 5041 were randomly selected for classification by two clinicians. Three causes of hypoglycemia were deemed possible to interpret and later validate by insulin and carbohydrate recordings: (1) overestimated bolus (27%), (2) overcorrection of hyperglycemia (29%) and (3) excessive basal insulin presure (44%). The dataset was split into a training (n = 4026 events, 304 patients) and an internal validation dataset (n = 1015 events, 145 patients). A number of ML model architectures were applied and evaluated. A separate dataset was generated from 22 patients (13 ‘known’ and 9 ‘unknown’) with insulin and carbohydrate recordings. Hypoglycemic events from this dataset were also interpreted by five clinicians independently.ResultsOf the evaluated ML models, a purpose-built convolutional neural network (HypoCNN) performed best. Masking the time series, adding time features and using class weights improved the performance of this model, resulting in an average area under the curve (AUC) of 0.921 in the original train/test split. In the dataset validated by insulin and carbohydrate recordings (n = 435 events), i.e. ‘ground truth,’ our HypoCNN model achieved an AUC of 0.917.ConclusionsThe findings support the notion that ML models can be trained to interpret CGM/FGM data. Our HypoCNN model provides a robust and accurate method to identify root causes of hypoglycemic events.
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| 11. |
- Graaf, Johan, et al.
(författare)
-
Sell-side analysts and corporate acquisitions: case study findings
- 2020
-
Ingår i: Qualitative Research in Financial Markets. - 1755-4179. ; 12:4, s. 437-464
-
Tidskriftsartikel (refereegranskat)abstract
- Purpose - This paper aims to investigate how sell-side analysts form expectations on, analyse, and communicate the effects of corporate acquisitions.Design/methodology/approach - The paper reports on case studies of three listed firms who are frequent acquirers. The case data comprise semi-structured interviews and content analysis of analyst reports and corporate reports.Findings - The paper reports three sets of findings. First, the analysts viewed acquisitions as heterogeneous events and, therefore, also treated acquisitions differently depending on factors such as size and acquisition strategy and the perceived "authenticity" of the acquisition (i.e. whether parts of the acquisition would he more accurately described as organic growth and regular capital expenditure (CAPEX) investments). Second, the authors find that analysts struggle with analysing the effects of acquisitions at the announcement date because of a mismatch between the analysts' need of and the analysts' access to relevant information. Although clients demand evaluations of announced acquisitions, relevant accounting information is not published until much later and the information at hand only allows for cursory analyses. Finally, the authors find that the analysts' valuation models were too inflexible to fully incorporate the effects of the acquisition. In sum, the analysts, therefore, developed acquisition-driven investment cases without supporting accounting information and without converting expected acquisitions into forecasts.Originality/value - By adopting a qualitative case study research design, the paper contributes to the ongoing efforts to open the "black-box" of sell-side analyst behaviour. In particular, the unique research design focuses on effects related to specific corporate events (acquisitions) rather than analysts everyday work.
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| 12. |
- Gray, Sid, et al.
(författare)
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Extractive Industries Reporting: A Review of Accounting Challenges and the Research Literature
- 2019
-
Ingår i: Abacus. - : Wiley. - 1467-6281 .- 0001-3072. ; 55:1, s. 42-91
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Tidskriftsartikel (refereegranskat)abstract
- While the extractive industries (EI) are of major significance economically, the reporting of their activities has been the subject of contentious debate posing dilemmas for regulators and standard setters over many decades. In order to ensure alignment with the International Accounting Standards Board (IASB) research project on EI, we first identify some important economic characteristics of EI and associated accounting challenges together with an overview of how current accounting standards deal with these challenges using International Financial Reporting Standards as the focus. Second, we conduct a review of extant research on EI reporting analyzed around the key areas of: (a) international diversity of accounting practices and the challenges facing information users; (b) standard-setting processes and lobbying behaviour that deals with why the IASB (and other standard setters) have not succeeded in developing rigorous standards for extractive activities; (c) the reporting of oil, gas, and mineral reserves, given that large proportions of the assets of EI firms (the reserves) are off-balance sheet; (d) environmental, social, and governance (ESG) reporting dealing with how EI firms have increased their reporting of ESG information in response to regulatory demands and pressure for voluntary disclosures; and (e) other EI related topics such as earnings management, risk disclosures, and voluntary disclosure behaviour. Finally, we present some conclusions together with suggestions relating to key areas for future research on EI reporting.
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| 13. |
- Hamberg, Anna-Karin, et al.
(författare)
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A Bayesian decision support tool for efficient dose individualization of warfarin in adults and children
- 2015
-
Ingår i: BMC Medical Informatics and Decision Making. - : Springer Science and Business Media LLC. - 1472-6947. ; 15:7
-
Tidskriftsartikel (refereegranskat)abstract
- Warfarin is the most widely prescribed anticoagulant for prevention and treatment of thromboembolic events. Although highly effective, the use of warfarin is limited by a narrow therapeutic range combined with a more than ten-fold difference in the dose required for adequate anticoagulation in adults. For each patient, an optimal dose that leads to a favourable balance between the wanted antithrombotic effect and the risk of bleeding, measured as the prothrombin time International Normalised Ratio (INR), must be found. A model capable of describing the time-course of the INR response to warfarin therapy can be used to aid dose selection, both before starting therapy (a priori dose prediction) and after therapy has been initiated (a posteriori dose revision). In this paper we describe the transfer of a population PKPD-model for warfarin developed in NONMEM to a platform independent decision support tool written in Java. The tool proved capable of solving a system of differential equations representing the pharmacokinetics and pharmacodynamics of warfarin, with a performance comparable to NONMEM. To estimate an a priori dose the user provides information on body weight, age, CYP2C9 and VKORC1 genotype, baseline and target INR. With addition of information about previous doses and INR observations, the tool will use a Bayesian forecasting method to suggest an a posteriori dose, i.e. the dose with the highest probability to result in the desired INR. Results are displayed as the predicted dose per day and per week, and graphically as the predicted INR curve. The tool can also be used to predict INR following any given dose regimen, e.g. a loading-dose regimen. We believe it will provide a clinically useful tool for initiating and maintaining warfarin therapy in the clinic. It will ensure consistent dose adjustment practices between prescribers, and provide more efficient individualization of warfarin dosing in both children and adults.
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| 14. |
- Hellman, Niclas
(författare)
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A comparative analysis of the impact of accounting differences on profits and return on equity : Differences between Swedish practice and US GAAP
- 1993
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Ingår i: The European Accounting Review. - : European Accounting Association. - 1468-4497 .- 0963-8180. ; 2:3, s. 495-530
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Tidskriftsartikel (refereegranskat)abstract
- The purpose of this paper is to make a quantitative comparative analysis of differences between Swedish accounting practice and US GAAP. The empirical data consisted of eighty-four US GAAP reconciliations of income statements and shareholders' equity, disclosed in Swedish annual reports during 1981-90. Prior qualitative research has suggested that Swedish accounting practice is conservative compared with that in the USA. However, the empirical analysis of profits and return on equity provided little support for this hypothesis. Instead, there were indications of a less conservative accounting treatment in the Swedish accounts compared with US GAAP. The most material differences between Swedish profits and those calculated using US GAAP were caused by differences in treatment of foreign currency translation, income taxes, sale and leaseback transactions and business combinations.
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| 15. |
- Hellman, Niclas
(författare)
-
Accounting conservatism under IFRS
- 2008
-
Ingår i: Accounting in Europe. - : Taylor & Francis (Routledge): SSH Titles. - 1744-9480 .- 1744-9499. ; 5:2, s. 71-100
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Tidskriftsartikel (refereegranskat)abstract
- In a recent discussion paper on an improved conceptual framework (IASB, 2006a), the IASB and the FASB argue that prudence and conservatism are not desirable qualities of financial reporting information (IASB, 2006a, BC2.22). One interpretation of this proposal is that the consistent undervaluation of net assets (consistent conservatism), which used to be common under Continental European GAAPs and to some extent under US GAAP, is not considered to be an adequate way of dealing with uncertainty. Instead, the changes in the business conditions of a firm should be, to a greater extent, reflected in the financial reporting via changes in future-oriented estimates and probabilities. In turn, this should increase the decision relevance to users. However, although the boards suggest that the improved framework will not include prudence or conservatism as desirable qualities, this paper suggests that a more valid description is that consistently conservative accounting treatments will be replaced by accounting methods that leave more opportunities for temporary conservatism (changes in accounting estimates that temporarily understate net assets via the creation of hidden reserves which later may be reversed). From a user perspective, temporary conservatism is demanding because of the increased income-shifting between periods. This is illustrated in the paper by examining three cases concerning loss carryforwards, development costs and construction contracts, related to three different standards (IAS 12, IAS 38 and IAS 11, respectively). Furthermore, the paper illustrates how the mixing of consistent and temporary conservatism may lead to counter-intuitive interpretations of the underlying business activities that, in turn, make the information less relevant to users.
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| 16. |
- Hellman, Niclas, et al.
(författare)
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Aktieägarvärde och koncernstyrning -en studie av interna och externa aspekter på koncernstyrning
- 2004
-
Ingår i: Redovisningens teori, praktik och pedagogik. - Stockholm : EFI. - 9172586664 ; , s. 339-370
-
Bokkapitel (övrigt vetenskapligt/konstnärligt)abstract
- Koncernstyrningen har sedan lång tid tillbaka baserats på traditionella redovisningsmått. Redan i början av 1900-talet utvecklade DuPont och GM en ekonomistyrningsmodell som grundade sig på en uppdelning av koncernen i divisioner som sedan styrdes med hjälp av redo-visningsbaserade räntabilitetsmått (Johnson, 1975; 1978). Den grundläggande idén bakom GM: s styrmodell sammanfattades av Alfred P. Sloan (1963) som ”centralized control with decentralized responsibility”. Efter andra världskriget har koncernstyrningsmodellen som utvecklades i de stora amerikanska företagen även spridit sig till stora svenska företag (Edgren et al, 1983). Koncernstyrningen i Sverige såväl som i de anglosaxiska länderna har därigenom dominerats av redovisningsbaserade räntabilitetsmått (Mauriel & Anthony, 1966; Östman, 1977; Vancil, 1979; Arwidi & Samuelson, 1991; Sjöholm, 1994).
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| 17. |
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| 18. |
- Hellman, Niclas, et al.
(författare)
-
Analysis of changing regulatory conditions, new accounting policies, and the global financial crisis: the case of Swedish banks
- 2019. - 1
-
Ingår i: Institutions and Accounting Practices after the Financial Crisis: International Perspective. - New York : Routledge. - 2155-7365. - 9781315468655 - 9781138204805 ; , s. 154-179
-
Bokkapitel (refereegranskat)abstract
- This chapter examines the effects of the global financial crisis (GFC) in Sweden. The chapter starts out by describing the developments that led up to the positioning of Swedish banks at the outset of the crisis, for example, how the experiences from a domestic financial crisis in the 1990s contributed to having capital adequacy levels well above the Basel I minimum requirements. In parallel, the chapter also describes the development of the Swedish accounting regime over time, and the low level of prior experience with fair value accounting at the outset of the GFC. The chapter points at three main effects on the banks during the GFC: (1) the support Swedish banks received from Swedish authorities, and what role the banks’ high capital levels played in this context; (2) the accounting for credit losses during the GFC, applying the incurred loss model, in comparison with how credit losses were accounted for during 1990s crisis when an expected loss approach was used; and (3) failed application of fair value accounting in two smaller Swedish banks with trading portfolios and what we can learn from these two cases. The chapter closes with some observations regarding effects of the GFC in Sweden after the crisis.
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| 19. |
- Hellman, Niclas
(författare)
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Auditor–client Interaction and Client Usefulness – A Swedish Case Study
- 2006
-
Ingår i: International Journal of Auditing. - : Wiley. - 1099-1123 .- 1090-6738. ; 10:2, s. 99-124
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Tidskriftsartikel (refereegranskat)abstract
- This paper investigates the usefulness of the external audit to a listed client company. The research questions focus on what the auditors discovered, the subsequent auditor–client interaction, and the ways in which this was useful to the client company. The study proceeds from the management letters produced by the auditors in the period 1999–2001. On the basis of these reports, interviews were conducted with financial managers at different organisational levels. The data collection and analysis of the data follows a grounded theory approach. The results suggest that the usefulness of the audit to the client company was primarily linked to the way the management letters, and the auditor–client interaction related to the management letters, supported the client’s management control system. Improved management control was achieved as a result of co-operation between the audit firm and the client company’s central accounting and finance department, that put pressure on the subordinate units. The reported benefits for the client company must be weighed against potential threats to auditor independence, and the paper also includes empirical results that indicate risks of auditor dependency on the client’s accounting and finance department.
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| 20. |
- Hellman, Niclas
(författare)
-
Can we expect institutional investors to improve corporate governance?
- 2005
-
Ingår i: Scandinavian Journal of Management. - : Elsevier. - 0956-5221. ; 21:3, s. 293-327
-
Tidskriftsartikel (refereegranskat)abstract
- The purpose of this paper is to investigate the way institutional investors use information for equity-investment purposes, and to discuss the implications that this may have for the role of these investors as owners of public companies. On the basis of an empirical study, the paper reports that institutional investors tend to use very little of the available information regarding listed companies, and to simplify their forming of expectations. They managed this by setting a priori limitations on the investment alternatives, by relying on highly trusted external advisors, and by over-emphasising the quarterly updating of the spreadsheet model. It is argued in the paper that if institutional investors are assigned a leading role in corporate governance, their heavy dependence on external advisors and their over-emphasis on quarterly financial information, may have negative implications for the management of listed companies.
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| 21. |
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| 22. |
- Hellman, Niclas, et al.
(författare)
-
Discretionary Accounting Choices and Financial Statement Comparability : Evidence from Extractive Industries Pre- and Post-IFRS Adoption
-
Annan publikation (övrigt vetenskapligt/konstnärligt)abstract
- Extant literature suggests that IFRS adoption is associated with higher comparability. However, theoretical ambiguity surrounds how principles-based IFRS accounting standards improve comparability, especially when offering a larger set of accounting choices. This study investigates how introducing more accounting discretion affects financial statement comparability by examining the adoption of IFRS in extractive industries (EI), which increases discretion for accounting for exploration and evaluation (E&E) costs. Using a set of alternative comparability measures and model specifications, our results indicate that overall comparability decreases under IFRS 6 (Exploration for and Evaluation of Mineral Resources). Hand-collected data from annual reports show that a significant number of firms change their E&E accounting policies, contributing to increased diversity in firms’ accounting policies after the adoption of IFRS 6. We find that capital market incentives and other firm characteristics, such as small positive earnings and higher leverage, predict a firm’s decision to change E&E policy. Lastly, we document that while comparability is positively associated with information benefits for financial statement users, the changes in E&E accounting policies negatively affect the market’s assessment of accounting information. Our findings support the theoretical argument that increasing discretion in accounting standards introduces managerial opportunism. Overall, this study contributes to the ongoing debate on the role of accounting discretion and its impact on information quality.
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| 23. |
- Hellman, Niclas
(författare)
-
Discussion of 'Accounting for intangible assets: suggested solutions'
- 2022
-
Ingår i: Accounting and Business Research. - : Taylor & Francis (Routledge): SSH Titles. - 2159-4260 .- 0001-4788. ; 52:6, s. 631-640
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Tidskriftsartikel (övrigt vetenskapligt/konstnärligt)abstract
- Accounting researchers are sometimes criticised for focusing too much on empirical research of limited relevance to preparers, capital providers or standard setters; however, making conceptual progress is hard–both practitioners and academics will then question whether your contributions are genuinely new. I find the approach adopted by Barker, Lennard, Penman and Teixeira (Barker et al.2021, referred to as BLPT in this commentary) commendable in that they address core accounting issues in a way that is directly relevant to standard setters. I agree with BLPT that normative accounting research is relatively underdeveloped, and that empirical research is con-strained by accounting practice. In my discussion below, I focus on three areas: (1) single project vs. portfolios, (2) internally generated vs. purchased assets and (3) measurement after recognition.
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| 24. |
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| 25. |
- Hellman, Niclas
(författare)
-
Earnings manipulation: cost of capital versus tax. A commentary
- 1999
-
Ingår i: The European Accounting Review. - : Taylor & Francis Group. - 1468-4497 .- 0963-8180. ; 8:3, s. 493-497
-
Tidskriftsartikel (refereegranskat)abstract
- The paper by Eilifsen, Knivsfla and Saettem, in this issue of the journal, provides some interesting research results in the field of accounting and taxation. Contrary to most European research in this area, Eilifsen, Knivsflå and Saettem apply a theoretical, deductive, model-based approach in the positive accounting tradition, and reach the somewhat provocative conclusion that linking taxable income to accounting income reduces managers' incentives to manipulate (overstate) earnings. Their theoretical results, supporting a view of the link between taxable income and accounting income as an automatic safeguard against overstatements of earnings, is a meritorious contribution to the current debate. For example, their results should be of interest for legislators and other authorities who consider a change to less dependence between accounting and taxation. However, from my perspective, the paper by Eilifsen, Knivsflå and Saettem also gives rise to some criticism related to (i) the use of a model-based approach, and (ii) the applicability of the earnings manipulation approach.
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| 26. |
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| 27. |
- Hellman, Niclas, et al.
(författare)
-
Förbättrad redovisning med komponentansats : nyttan överstiger kostnaderna
- 2011
-
Ingår i: Balans. - Stockholm : FAR AB. - 2002-8490 .- 0346-8208. ; , s. 49-53
-
Tidskriftsartikel (övrigt vetenskapligt/konstnärligt)abstract
- Remissversionen av K3:s kapitel om materiella anläggningstillgångar ledde till många kritiska remissvar avseende den så kallade komponentansatsen. I den här artikeln illustrerar Niclas Hellman, Bo Nordlund och Catharina Pramhäll varför de anser att komponentansatsen ger en bättre redovisning jämfört med nuvarande praxis.
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| 28. |
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| 29. |
- Hellman, Niclas, et al.
(författare)
-
Hur styr företagen mot ökat aktieägarvärde?
- 2005
-
Ingår i: Balans. - : FAR AB. - 2002-8490 .- 0346-8208. ; 2005:2, s. 37-42
-
Tidskriftsartikel (övrigt vetenskapligt/konstnärligt)abstract
- Hur styr företagen mot ökat aktieägarvärde? Många företag visar endast ett verbalt engagemang för aktieägarfokuseringen. Det visar en studie gjord vid Handelshögskolan i Stockholm. Resultaten, skriver Niclas Hellman och Johnny Lind, visar på vikten av samordning av de mått som kommuniceras externt och de mått som används för den interna styrningen. Aktieägarvärde och bolagsstyrning är begrepp som under det senaste decenniet fått allt större betydelse. Flera företrädare för en ökad betoning av aktieägarvärde har kritiserat den traditionella koncernstyrningen (Rappaport, 1986; Stern Stewart, 1995; Landelius & Treffner, 1998). De menar att en koncernstyrning med redovisningsbaserade resultat-och räntabilitetsmått leder till att företagen kommer att agera dysfunktionellt gentemot ägarna. Företagens finansiella styrning måste därför förändras så att cheferna endast genomför beslut som ger ett positivt bidrag till företagets värdering. Företrädarna för en ökad betoning av aktieägarvärdet har också utvecklat nya normativa ekonomistyrningsmodeller. Beteckningen Value-based management (VBM) har kommit att användas som samlingsnamn för de interna styrmodeller som baseras på finansiell teori och är inriktade mot maximering av aktieägarvärdet. Dessa teoretiska utgångspunkter har också fått en mer framträdande roll i praktiken genom utvecklingen av " nya " mått som EVA (Economic value added) och CFROI (Cashflow return on investment). Utvecklingen av " nya " prestationsmått kan sägas vara kärnan i VBM, men det finns en oenighet bland såväl praktiker som forskare om vad VBM omfattar utöver prestationsmåtten. Konsultföretagen har hävdat att VBM-tänkandet ska genomsyra hela organisationen genom att återkoppling hela tiden sker till det övergripande nyckeltalet. Annorlunda uttryckt är det ett mål och ett nyckeltal som ska vara styrande för det operativa beslutsfattandet. En följd av detta blir också att det nyckeltal som står i fokus kommer att användas i samband med den strategiska planeringen, för den interna resursallokeringen och i företagets belöningssystem. Under våren 2002 genomfördes en studie vid Handelshögskolan i Stockholm av hur framväxten av nya normativa ekonomistyrningsmodeller baserade på finansiell teori har påverkat företagens koncernstyrning. I uppsatsen redovisas en studie av hur sjutton stora svenska företag kommunicerar centrala mål externt till kapitalmarknaden och vilka mått som betonas samt belönas i den interna styrningen. Fjorton av företagen finns på listan för de mest omsatta aktierna på Stockholmsbörsens A-lista. Resterande tre företag inkluderar ytterligare ett företag noterat på A-listan, ett av Sveriges största onoterade publika företag samt ett relativt fristående svenskt dotterföretag i en utländsk börsnoterad koncern. Sammantaget genomfördes semistrukturerade intervjuer med 22 personer i de sjutton företagen. De primära intervjupersonerna är ledande befattningshavare på koncernnivå med ansvar och inflytande över bolagets ekonomistyrning. I den efterföljande resultatredovisningen har företagen anonymiserats men tilldelats var sin bokstav (A-Q) för att läsaren ska kunna skilja företagen åt. Externt kommunicerade mål, interna mått och belöningssystem De empiriska resultaten avser prestationsmätning och belöningssystem och sammanfattas i tabell 1 (se nästa sida). Extern kommunikation till kapitalmarknaden Det ökade intresset för ägarna och aktiemarknaden var ett återkommande tema under samtliga intervjuer. Skapande av aktieägarvärde framstod som centralt för samtliga företag. Av tabell 1 framgår målen som företagen kommunicerade externt. Det vanligaste målet som kommunicerades externt var omsättningstillväxt. Redovisningsbaserade räntabilitetsmått användes av närmare hälften av företagen. Rörelsemarginal var ett vanligare mål än resultat i kronor. Två av företagen arbetade med mål avseende vinst per aktie.
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| 30. |
- Hellman, Niclas
(författare)
-
Information use in institutional investor organizations
- 2002
-
Annan publikation (övrigt vetenskapligt/konstnärligt)abstract
- This paper describes the results of an empirical study of information use in eight institutional investor organizations during their equity investment decision processes. The study differs from prior studies in that it is based on real-world investment decisions and uses an inductive analysis approach. The paper reports empirical results concerning institutional investors’ information collection behaviour and their forming of expectations. The paper also reports empirical results regarding the impact of different types of information (financial reports, public management information, press releases, macro-economic and industry-specific information, information about competitors, customers and suppliers) on institutional investor expectations.
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| 31. |
- Hellman, Niclas, et al.
(författare)
-
Införandet av K3 i koncernredovisningen - vilka blev effekterna?
- 2023
-
Ingår i: Balans. - : FAR AB. - 2002-8490 .- 0346-8208. ; , s. 1-4
-
Tidskriftsartikel (övrigt vetenskapligt/konstnärligt)abstract
- För cirka tio år sedan fick Sverige för första gången ett heltäckande regelverk för koncernredovisning i icke-noterade företag. I denna artikel redovisar Niclas Hellman, Henrik Nilsson, Milda Tylaite och Derya Vural vilka effekter införandet av K3 i koncernredovisningen haft.
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| 32. |
- Hellman, Niclas, et al.
(författare)
-
Introducing More IFRS Principles of Disclosure – Will the Poor Disclosers Improve?
- 2018
-
Ingår i: Accounting in Europe. - : Taylor & Francis (Routledge): SSH Titles. - 1744-9499 .- 1744-9480. ; 15:2, s. 242-321
-
Tidskriftsartikel (refereegranskat)abstract
- The current paper was prepared for the International Accounting Standards Board (IASB) Research Forum 2017 and evaluates the effects of introducing more principles of disclosure as part of the IASB Disclosure Initiative. We perform a literature review of academic research on how entities have complied with disclosure requirements in the past. The review shows high levels of non-compliance and high volatility across entities, including poor disclosers being far below the average. We find no clear pattern of higher compliance for International Financial Reporting Standards (IFRS) with more reliance on disclosure principles as compared to specific requirements (i.e. IFRS 7, IFRS 8), but note the methodological problem of measuring compliance with disclosure principles. Academic research suggests that the degree of compliance depends on entities’ incentives for providing or withholding information in combination with local conditions for primary users, auditors and regulators. Based on our review, we argue that increased reliance on entities to act in ‘good faith’ when complying with disclosure requirements, in capital-market contexts where entities may be in high-incentive situations and have low costs of non-compliance, is potentially risky in terms of how well the Standards protect primary users from poor disclosers. More emphasis is needed on ensuring that the disclosure requirements are enforceable and auditable in order to secure a certain minimum level of disclosure.
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| 33. |
- Hellman, Niclas
(författare)
-
Investor behaviour : an empirical study of how large Swedish institutional investors make equity investment decisions
- 2000
-
Doktorsavhandling (övrigt vetenskapligt/konstnärligt)abstract
- By describing investors' decision-making processes and actions, this thesis provides a background to the share prices that millions of people follow closely everyday. It focuses on the reasons for institutional investors' investment actions on the stock market, and in particular the role of financial information about the quoted companies. Interviews and document studies linked to a large number of actual investment actions in eight large Swedish institutional investor organisations constitute the empirical basis of the thesis. Important empirical results concern how action based on fundamental opinions about investment objects is restricted or reinforced by investor contexts and market premises, the role of valuation models and quantitative analysis in comparison with qualitative judgements, and how uncertainty is dealt with during investment decision-making processes. Non-public information played an essential role in forming the fundamental opinions about companies/equities. In addition, this information could help trigger equity investment actions. Several factors, some of them organisational, contributed to time lags between the first impulse and the completed investment transaction.The results also suggest that the institutional investors in this study did not take action independently of other investors. Furthermore, they did not develop their fundamental opinions about investment objects independently of other market participants - to varying extents they adjusted to other market participants' expectations, equity valuation methods and ways of using accounting figures.
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| 34. |
- Hellman, Niclas
(författare)
-
Needs and Interaction: How Auditing Firm Services are Purchased
- 2005. - 1
-
Ingår i: Dealing with Confidence – The Construction of Need and Trust in Management Advisory Services. - Copenhagen : Copenhagen Business School Press. - 9788763001465 ; , s. 132-148
-
Bokkapitel (övrigt vetenskapligt/konstnärligt)abstract
- Auditors represent what may be called a "traditional" profession in the sense that specifically authorized bodies tightly control their knowledge base as well as the quality of their services. Clear criteria stipulate the educational and experiential background of an auditor, and only those that have become certified in this way may engage in the auditing of organizations. Auditors thus have the kind of well-defined knowledge base that other services discussed previously, such as management consultants, financial advisors and providers of interactive media solutions, are lacking, and which complicated the purchasing process for the buyer, creating uncertainty concerning both the need for advisory services as well as the selection of providers. This chapter focuses on the purchase of advisory services from auditing firms and devotes special interest to the question of whether the more solid knowledge base of auditors creates different patterns in the purchase of these services as opposed to the other, previously discussed services.
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| 35. |
- Hellman, Niclas, et al.
(författare)
-
Principbaserad redovisning : övningsbok
- 2019. - 6
-
Bok (övrigt vetenskapligt/konstnärligt)abstract
- Principbaserad redovisning är ett komplett och grundläggande läromedel i redovisning som baseras på nationell och internationell normgivning. Det innehåller lärobok och övningsbok samt webbplats. Författarnas konsekventa tillämpning av erfarenhetsbaserad pedagogik ger förståelse för redovisning i sitt sammanhang.Läsaren får följa ett fiktivt, men verklighetstroget, företag och se hur dess verksamhet återspeglas i redovisningen. I läroboken återges ett antal affärshändelser i episodform, samt förklaringar av de principer, teorier och begrepp som omfattas av episoden. Episoderna visar företagets bokföring och utgör grunden för ett bokslut, en årsredovisning och en räkenskapsanalys.Övningsboken följer lärobokens struktur och innehåller övningar med successivt ökande svårighetsgrad. Till övningsuppgifterna finns svar med fullständiga lösningsförslag. Webbplatsen erbjuder olika former av interaktiva uppgifter.
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| 36. |
- Hellman, Niclas, et al.
(författare)
-
Principbaserad redovisning
- 2019. - 6
-
Bok (övrigt vetenskapligt/konstnärligt)abstract
- Principbaserad redovisning är ett komplett och grundläggande läromedel i redovisning som baseras på nationell och internationell normgivning. Det innehåller lärobok och övningsbok samt webbplats. Författarnas konsekventa tillämpning av erfarenhetsbaserad pedagogik ger förståelse för redovisning i sitt sammanhang.Läsaren får följa ett fiktivt, men verklighetstroget, företag och se hur dess verksamhet återspeglas i redovisningen. I läroboken återges ett antal affärshändelser i episodform, samt förklaringar av de principer, teorier och begrepp som omfattas av episoden. Episoderna visar företagets bokföring och utgör grunden för ett bokslut, en årsredovisning och en räkenskapsanalys.Övningsboken följer lärobokens struktur och innehåller övningar med successivt ökande svårighetsgrad. Till övningsuppgifterna finns svar med fullständiga lösningsförslag. Webbplatsen erbjuder olika former av interaktiva uppgifter.
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| 37. |
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| 38. |
|
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| 39. |
- Hellman, Niclas, et al.
(författare)
-
Principle-based accounting : with exercises
- 2020. - 1
-
Bok (övrigt vetenskapligt/konstnärligt)abstract
- Principle-based Accounting is a complete introductory textbook based on Swedish GAAP and international regulation. The book adopts an experience-based approach in order to comprehend and learn accounting in a real-world context.The reader is exposed to various business events and transactions in a fictitious company (based on a real-life company) and learns how to account for these events. The story of the company and its business events is presented as episodes during a financial year and are discussed in practical and theoretical terms. The episodes are first dealt with from a book-keeping point of view, which in turn forms the foundation for the closing of the books, and, finally, preparation of the financial statements and the annual report. The book includes exercises and solutions.
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| 40. |
|
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| 41. |
- Hellman, Niclas
(författare)
-
Redovisning av kreditförluster i svenska banker – vilka effekter får vi under coronakrisen jämfört med tidigare finansiella kriser?
- 2020
-
Ingår i: Balans. - : FAR AB. - 2002-8490 .- 0346-8208. ; 2020:Fördjupningsdel 2, s. 41-50
-
Tidskriftsartikel (övrigt vetenskapligt/konstnärligt)abstract
- För första gången testas den nya IFRS-standarden för redovisning av kreditförluster i en ekonomisk kris. I denna artikel beskriver Niclas Hellman ECL-modellen (Expected Credit Loss) ur två perspektiv. Han jämför modellen med de som tillämpats under tidigare kriser. Mot denna bakgrund ställer han frågan vad man som informationsanvändare kan utläsa ur de större bankernas delårsrapporter för första kvartalet 2020. Intressanta skillnader mellan bankerna finns att upptäcka menar Niclas Hellman.
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| 42. |
- Hellman, Niclas, et al.
(författare)
-
Revisionens roll i bolagsstyrningen
- 2013
-
Bok (övrigt vetenskapligt/konstnärligt)abstract
- Revisionen är en bärande del av bolagsstyrningen och central för förtroendet på kapitalmarknaden. EU:s krav på ökad reglering, strävan mot internationell harmonisering och införandet av IFRS på redovisnings området bidrar till att revisorns roll är under omvandling. Tre ledande redovisnings- och revisionsforskare belyser här de utmaningar som revisorerna står inför och som på olika sätt har en koppling till bolagsstyrning. De utgår i sin analys från internationell forskning och aktuella svenska exempel: Vilka innovationer behövs för att höja revisionskvaliteten? Vilka drivkrafter dominerar utvecklingen av revisorsprofessionen? Hur kan revisorernas externa rapportering förbättras? Vilka krav ställer en principbaserad redovisning på revisorerna? Hur har införandet av revisionsutskott påverkat revisorernas ställning och arbete?
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| 43. |
- Hellman, Niclas
(författare)
-
Soft adoption and reporting incentives: A study of the impact of ifrs on financial statements in sweden
- 2011
-
Ingår i: Journal of International Accounting Research. - : American Accounting Association. - 1542-6297 .- 1558-8025. ; 10:1, s. 61-83
-
Tidskriftsartikel (refereegranskat)abstract
- This paper is based on the research opportunity created by the Swedish voluntary adoption of IFRS during 1991-2004. In connection with the mandatory EU adoption of IFRS in 2005, the preceding voluntary adoption made it possible to observe income statement and balance sheet numbers under two different accounting regimes for the same standards and the same firms during the same time period. The Swedish pre-2005 adoption was, arguably, soft, involving national deviations from IFRS and weak enforcement institutions. For a sample of the 132 largest Swedish-listed companies, the hard (EU-regulated) adoption caused material increases of both net profit and balance sheet numbers, but these increases were caused by standards not previously adopted via the Swedish standard setter. The increase in the valuation of net assets was attributed to the forces at the national level which, pre-2005, had worked in order to preserve the Swedish accounting tradition of balance sheet conservatism. With regard to the international standards voluntarily adopted before 2005, the results indicated that firms, on average, used the flexibility offered by the soft adoption regime to manage earnings and shareholders' equity upwards. Sweden's ambition to voluntarily move toward more capital market-oriented financial reporting was delayed and hindered by forces defending the conservative accounting tradition and, accordingly, a soft IFRS adoption policy was chosen. However, in line with recent research on standards and incentives, the empirical results of the current paper indicate that this gave firms discretion that was used for earnings management purposes.
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| 44. |
- Hellman, Niclas, et al.
(författare)
-
Sweden
- 2024
-
Ingår i: The European Harmonization of National Accounting Rules. - Cham : Springer International Publishing. - 2662-9879. - 3031429311 - 9783031429316 - 3031429303 - 9783031429309 ; , s. 157-180
-
Bokkapitel (övrigt vetenskapligt/konstnärligt)abstract
- Different factors have contributed to the development of financial accounting in Sweden over time. The decades around the mid-1900s were characterized by creditor protection and accounting prudence, low transparency, and political influence through tax and corporate governance systems. This phase culminated in the 1970s, as illustrated by the Nobes (1983, p. 7) classification where Sweden was assigned to a class of its own at one of the extreme positions (characterized by prudence, tax and government influence, flexibility in use of provisions, etc.). A differentiation gradually took place from the 1980s and onward, where different accounting systems emerged for different entities. Swedish multinationals began to cross-list in the United States, and US GAAP reconciliations pointed at the need for consolidated financial statements prepared in accordance with high-quality standards. Accordingly, the International Accounting Standards (IASs) were gradually translated in 1990–2002 and adopted into Swedish GAAP for listed groups, followed by mandatory IFRS adoption in 2005 as Sweden had become a member of the European Union in 1995. However, legal-entity accounting developed differently; major efforts were made to develop a Swedish version of IFRS for SMEs, and the resulting standard (K3) has been in force since 2014. In addition to requiring IFRS to be applied by listed companies, Sweden today (2022) has one accounting system for consolidated financial statements in privately held groups (K3-consolidated), one system for large limited-liability legal entities (K3-legal entity), one system for small limited-liability legal entities (K2), and one system for sole proprietorships (K1). There are links between financial accounting and tax in the legal entities, where smaller firms are expected to benefit from more tax-aligned financial accounting systems (K1 and K2).
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| 45. |
- Hellman, Niclas, et al.
(författare)
-
The Goodwill Impairment Test under IFRS: Objective, Effectiveness and Alternative Approaches
- 2024
-
Ingår i: SSRN Electronic Journal. - : Elsevier BV. - 1556-5068.
-
Annan publikation (övrigt vetenskapligt/konstnärligt)abstract
- Stakeholders have questioned the effectiveness of the impairment-only approach, which was widely adopted in the early 2000s. Much empirical work has been conducted on the matter, but there is a need for more conceptual work. This paper applies goodwill-components theory to derive the theoretical objective of the goodwill impairment test and to define impairment effectiveness – a concept previously undefined but often referenced in the debate. Goodwill-components theory allows us to address the various components of goodwill instead of viewing accounting goodwill as homogeneous. Adopting this framework, we compare the current IFRS model to two alternative impairment-only models, the pre-acquisition headroom (PH) model and the fair value (FV) model. We conclude that the PH model results in more effective impairment testing than the current IFRS model. Compared to the FV model, the PH model is more effective in the short run and less effective in the long run. Our analysis further identifies situations where the PH model is “over-effective”. The framework is also used to illustrate the effectiveness of the current IFRS model compared to a goodwill amortization model.
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| 46. |
- Hellman, Niclas, et al.
(författare)
-
The Impact of an IFRS for SMEs-Based Standard on Financial Reporting Properties and Cost of Debt Financing: Evidence from Swedish Private Firms
- 2022
-
Ingår i: The European Accounting Review. - : Taylor & Francis. - 0963-8180 .- 1468-4497. ; , s. 1-31
-
Tidskriftsartikel (refereegranskat)abstract
- In 2014, all larger Swedish private firms were required, at short notice, to adopt a new reporting standard (K3) based on IFRS for SMEs (2009 version). Using this shock to the reporting environment, we study the effects of the new reporting standard on groups' financial reporting properties and cost of debt financing. We find that, following the introduction of K3, private groups exhibit reporting changes consistent with improved accounting quality; their financial statement comparability increases; and their cost of debt declines. Our results suggest that the cost-of-debt decline is related to changes in accounting numbers that are imputed to lending models. Our findings add to the literature on factors shaping private firms' financial reporting and inform the ongoing discussion on accounting regulation for private firms.
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| 47. |
|
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| 48. |
- Hellman, Niclas, et al.
(författare)
-
The persistence of international accounting differences as measured on transition to IFRS
- 2015
-
Ingår i: Accounting and Business Research. - : Taylor & Francis (Routledge): SSH Titles. - 0001-4788 .- 2159-4260. ; 45:2, s. 166-195
-
Tidskriftsartikel (refereegranskat)abstract
- The international accounting classification literature emphasises the importance of understanding how institutional factors shape accounting regulations and practices. With the mandatory adoption of International Financial Reporting Standards (IFRS) in the European Union and Australia in 2005, our empirical study examines whether three international accounting classification systems relating to equity financing, law and culture still had merit as measured on transition to IFRS and explore whether they are effective in grouping accounting systems. Using IFRS as the yardstick, we find statistically significant differences in the measurement of shareholders equity as between strong (Class A) versus weak (Class B) equity financing systems, common law versus code law systems and cultural systems based on Anglo, Nordic and More Developed Latin cultural groups. With regard to the measurement of net income, however, we find statistically significant differences only in respect of strong (Class A) versus weak (Class B) equity financing systems. Our findings demonstrate that traditional international accounting system differences still persisted at the time of IFRS adoption even after long periods of harmonisation and growing international accounting convergence.
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| 49. |
|
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| 50. |
- Hellman, Niclas
(författare)
-
What causes investor action?
- 1996
-
Ingår i: The European Accounting Review. - : European Accounting Association. - 1468-4497 .- 0963-8180. ; 5:4, s. 671-691
-
Tidskriftsartikel (refereegranskat)abstract
- The relationship between news and investor actions, manifested in stock price changes and changes in trading volume, has been intensely studied within the area of market-based accounting research (MBAR). This paper discusses the causes of investor actions on the basis of a case study of a large Swedish institutional investor. The findings of the case study indicate that when one disaggregates from the market level to the investor level, there is no mechanical relationship between financial information and investment action, as suggested in MBAR. In fact, none of the studied investment actions could be directly linked to the release of a financial report. The findings of the study also demonstrate that decisions regarding equity trades are continuous processes, rather than single points in time, where the main use of accounting information seems to be when there is already some idea of action that needs to be quantitatively evaluated. The factors that seemed to affect the initiation of these decision processes were mainly macro-economic information, private information and different investor conditions. Finally, there were time lags of considerable length, in all of the three main trades studied, between information events and the decision to act.
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