404 research outputs found
Internal control over financial reporting and managerial rent extraction: Evidence from the profitability of insider trading
__Abstract__
This paper examines the association between ineffective internal control over financial reporting and the profitability of insider trading. We predict and find that the profitability of insider trading is significantly greater in firms disclosing material weaknesses in internal control relative to firms with effective control. The positive association is present in the years leading up to the disclosure of material weaknesses, but disappears after remediation of the internal control problems. We find insider trading profitability is even greater when insiders are more likely to act in their own self-interest as indicated by auditorsâ weak âtone at the topâ adverse internal control opinions and this incremental profitability is driven by insider selling. Our research identifies a new setting where shareholders are most at risk for wealth transfers via insider trading and highlights market consequences of weak âtone at the topâ
Recente inzichten in het gebruik van alternatieve prestatiemaatstaven door beursgenoteerde ondernemingen
Recente inzichten in het gebruik van alternatieve prestatiemaatstaven door beursgenoteerde ondernemingen
Do Managers Trade on Public or Private Information?
Using accounting-based (residual income) valuations, this study examines the
extent to which abnormal returns after insider share trades are explained by private information
versus mispricing of public information. For a sample of insider trades in the Netherlands (1999-
2008), I find that managersâ share purchase decisions are associated with positive future
abnormal returns as well as equity undervaluation. Even though undervaluation results in
predictable price increases, positive abnormal returns following purchases persist after
controlling for fundamental valuations. Thus, this study provides evidence on the sources of
managersâ personal trading gains and suggests that positive abnormal returns after insider share
purchases reflect both private information and managersâ responses to market mispricing of
public information
Formative peer assessment in a CSCL environment
In this case study our aim was to gain more insight in the possibilities of qualitative formative peer assessment in a computer supported collaborative learning (CSCL) environment. An approach was chosen in which peer assessment was operationalised in assessment assignments and assessment tools that were embedded in the course material. The course concerned a higher education case-based virtual seminar, in which students were asked to conduct research and write a report in small multidisciplinary teams. The assessment assignments contained the discussion of assessment criteria, the assessment of a group report of a fellow group, and writing an assessment report. A list of feedback rules was one of the assessment tools. A qualitative oriented study was conducted, focussing on the attitude of students towards peer assessment and practical use of peer assessment assignments and tools. Results showed that studentsâ attitude towards peer assessment was positive and that assessment assignments had added value. However, not all students fulfilled all assessment assignments. Recommendations for implementation of peer assessment in CSCL environments as well as suggestions for future research are discussed
How Interethnic Marriages Affect the Educational Attainment of Children: Evidence from a Natural Experiment
Grouping practices in the primary school: what influences change?
During the 1990s, there was considerable emphasis on promoting particular kinds of pupil grouping as a means of raising educational standards. This survey of 2000 primary schools explored the extent to which schools had changed their grouping practices in responses to this, the nature of the changes made and the reasons for those changes. Forty eight percent of responding schools reported that they had made no change. Twenty two percent reported changes because of the literacy hour, 2% because of the numeracy hour, 7% because of a combination of these and 21% for other reasons. Important influences on decisions about the types of grouping adopted were related to pupil learning and differentiation, teaching, the implementation of the national literacy strategy, practical issues and school self-evaluation
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