The impact of Islamic accounting standards on information asymmetry: The case of Gulf Cooperation Council (GCC) member countries

© 2017, © Emerald Publishing Limited. Purpose: The purpose of this paper is to investigate whether disclosure as required by Islamic Financial Service Board Standard No. 4 (IFSB-4) influences information asymmetry among investors in the Gulf Cooperation Council (GCC) member countries. In addition, the paper investigates whether the influence of IFSB-4 on information asymmetry varies between Islamic and conventional financial institutions. Design/methodology/approach: The paper tests the hypotheses using a sample of firms listed in the GCC over a period of 2000-2013. Ordinary least square regression and fixed-effects estimation techniques are applied to test the hypotheses. Findings: The findings reveal that information asymmetry among investors is lower after the implementation of IFSB-4 than before, indicating that the standard has increased transparency. The results also reveal that information asymmetry after the implementation of IFSB-4 is lower for Islamic than for conventional financial institutions. This suggests that IFAB-4 promotes more transparency for Islamic than conventional institutions. Research limitations/implications: Owing to data availability, we were unable to use other proxies of information asymmetry, e.g. bid-ask spreads, and the level of disclosure, e.g. self-constructed disclosure index. Practical implications: The paper concludes that disclosures under IFAB-4 reduce information asymmetry among investors. In this context, this study increases the awareness of standard setters academics investors regulators and many other stakeholders about the economic consequences of disclosure standards in the region. Originality/value: This study takes a first step to fill evident gaps in the literature by investigating the influences of disclosure standard on information asymmetry in a unique setting that is often ignored by accounting researchers, which helps to widen our knowledge on accounting practices across the globe

Aprovechamiento de materiales locales en la estructura de pavimentos urbanos económicos

Se estudiaron las propiedades de un suelo representativo del partido de 25 de Mayo (Prov. de Buenos Aires) y su zona de influencia, con el objeto de conocer la posibilidad de utilizarlo como base y sub-base de pavimentos urbanos. Se analizó el comportamiento del suelo, realizando mezclas con emulsión bituminosa superestable EBL2, como así también mezclas de suelo-cemento. De la comparación de ambos casos surgen consideraciones técnico-económicas, en base a las cuales se dan posibles soluciones de pavimento.In this paper were studied the properties of a representative soil of 25 de Mayo district, in the Buenos Aires Province, with the object to establish the possibility of its use as a base and sub-base in urban pavements. The soil behaviour vms analyzed making mixtures with su- perstnble EBL2 bituminous emulsions and also with soil-cement mixtures. The results obtained with both mixtures were compared and technical and economical considerations were given

Anoctamin 1 is Apically Expressed on Thyroid Follicular Cells and Contributes to ATP- and Calcium-Activated Iodide Efflux

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Mitigation of Urban Runoff Impacts on Atlanta Streams

Proceedings of the 1999 Georgia Water Resources Conference, March 30 and 31, Athens, Georgia.An interdisciplinary scientific panel was convened to assess the condition of Atlanta's streams and to identify those watershed management actions with the greatest potential to improve water quality and riparian and stream habitat in the Atlanta region. Broad recommendations included a description of elements to incorporate into a watershed management program for Atlanta, and specific suggestions for demonstration projects in four small, headwater watersheds. The four chosen demonstration sub-watersheds collectively reflect the gradient of impervious cover and stream quality present in Atlanta, and individually represent conditions comm.only observed throughout the area. Therefore, the general recommendations for these demonstration areas should be broadly applicable to the rest of the region.Sponsored and Organized by: U.S. Geological Survey, Georgia Department of Natural Resources, The University of Georgia, Georgia State University, Georgia Institute of TechnologyThis book was published by the Institute of Ecology, The University of Georgia, Athens, Georgia 30602-2202 with partial funding provided by the U.S. Department of Interior, geological Survey, through the Georgia Water Research Insttitute as authorized by the Water Research Institutes Authorization Act of 1990 (P.L. 101-397). The views and statements advanced in this publication are solely those of the authors and do not represent official views or policies of the University of Georgia or the U.S. Geological Survey or the conference sponsors

CCPs and network stability in OTC derivatives markets

Among the reforms to OTC derivative markets since the global financial crisis is a commitment to collateralize counterparty exposures and to clear standardized contracts via central counterparties (CCPs). The reforms aim to reduce interconnectedness and improve counterparty risk management in these important markets. At the same time, however, the reforms necessarily concentrate risk in one or a few nodes in the financial network and also increase institutions’ demand for high-quality assets to meet collateral requirements. This paper looks more closely at the implications of increased CCP clearing for both the topology and stability of the financial network. Building on Heath et al. (2013) and Markose (2012), the analysis supports the view that the concentration of risk in CCPs could generate instability if not appropriately managed. Nevertheless, maintaining CCP prefunded financial resources in accordance with international standards and dispersing any unfunded losses widely through the system can limit the potential for a CCP to transmit stress even in very extreme market conditions. The analysis uses the Bank for International Settlements Macroeconomic Assessment Group on Derivatives (MAGD) data set on the derivatives positions of the 41 largest bank participants in global OTC derivative markets in 2012

Stock price manipulation:Prevalence and determinants

We empirically analyze the prevalence and economic underpinnings of closing price manipulation and its detection. We estimate that ∼1% of closing prices are manipulated, of which only a small fraction is detected and prosecuted. We find that stocks with high levels of information asymmetry and mid to low levels of liquidity are most likely to be manipulated. A significant proportion of manipulation occurs on month/quarter-end days. Manipulation on these days is more likely in stocks with high levels of institutional ownership. Government regulatory budget has a strong effect on both manipulation and detection