Value-relevance of expensed and capitalized intangibles - a French survey

Significant difference exists between the market value and book value of firms. It could be attributed to the fact that intangible assets are not reflected in the financial statements. Our resuls indicate a statistical association between the "capitalized goodwill" and the market-to-book ratio, but do not indicate any statistical link with the "expensed intangible-intensity" nor the "capitalized intangible-intensity". These results support and contradict, for a part, the explanation on the loss of value relevance of financioal information, which could be due to the non-recognized intangibles in financial statements. However, the differing French and American accounting treatments of intangible expenditures may explain why these expenses are not taken into account by french capital markets when estimating the value of companies.Intangible intensity; Market-to-Book ratio; Value-relevance; Goodwill; Capital markets; Ohlson model

Levels of voluntary disclosure in IPO prospectuses : an empirical analysis

This paper focuses on how forecasts information is disclosed in IPO prospectuses. In France, managers report either detailed forecasts or only a brief summary. We investigate the determinants and consequences of the varying levels of detail provided in these forecasts. Based on a sample of 82 IPOs on the Euronext Paris market (2000-2002), we show that only two variables are associated with highly detailed forecast disclosures: forecast horizon and firm age. We also find that the forecast error decreases as the level of detail in the forecast disclosures increases. This finding is robust to our reverse causality test (Heckman two-stage self-selection procedure) and suggests that the level of detail in forecast disclosures enhances the reliability of earnings forecasts.IPO; forecast disclosure; forecast error

Existe-t-il une recherche comptable globale en Europe ? Une étude des communications présentées à l'EAA

Au milieu des années 1990, de nombreux articles ont montré que la recherche comptable était très locale (Lukka and Kasanen, 1996; Panozzo, 1997; Carmona et al. 1999). Ce constat contraste avec l'internationalisation croissante de la profession comptable (normes IFRS, convergence US GAAP /IFRS,...). Dans cet article, nous réexaminons la nature locale de la recherche comptable à l'heure de la mise en place des normes comptables internationales (IFRS) à partir de l'analyse des communications aux congrès de l'EAA. L'étude de communications (plutôt que des articles publiés) est intéressante dans la mesure où elle permet de donner une image fidèle de l'activité des chercheurs. En effet, de nombreux auteurs ont montré que les revues académiques sont largement dominées par les auteurs nord-Américains (Lukka et Kasanen, 1996 ; Raffournier et Schatt, 2006). Par ailleurs, de nombreux chercheurs de pays européens et non européens participent aux congrès de l'EAA qui nous semble dès lors être un forum ‘global' de la recherche comptable. A partir des congrès de 2000 et de 2005, nos résultats montrent qu'une part croissante des communications peut être qualifiée de globale. Deux facteurs semblent expliquer la globalisation de la recherche comptable. Tout d'abord, elle dépend du thème de recherche : la recherche en comptabilité financière est deux fois plus globale que la recherche en contrôle de gestion. Ensuite, la stratégie de collaboration de recherche (coauteurs) compte : les papiers qualifiés de globaux ont plus de coauteurs que les papiers locaux. Cette étude enrichit la compréhension de la dynamique de la recherche comptable et illustre la relation complexe qui existe entre la globalisation de la pratique comptable et celle de la communauté de recherche comptable.Recherche comptable; Association européenne de comptabilité

Supply and demand for European accounting research. Evidence from EAA congresses

We study the supply and demand for European accounting research, referring to author nationality and the country origin of the data to define research as ‘European’. We study both the supply (conference proceedings) and the demand (published papers) for European research. To assess the supply side, we study all papers presented at the 1998, 2000, 2002 and 2005 EAA congresses. Out of the total 1622 papers, 257 (16%) are European, with an increase after 2000. We find that European papers are more often co-authored than local papers. 50% of the European papers are in Financial Accounting (vs. 35% for local papers, 57% for other papers); 46% use the empirical archival methodology (vs. 33% for local papers and 48% for other papers). Out of the 158 European papers presented at the 1998, 2000 and 2002 EAA congresses, 55 (34%) have been published by 2006. As expected, the EAR is the major outlet for European papers, closely followed by British and US journals. The number of co-authors and their nationality are the only significant variables associated with the likelihood of publication. This study furthers understanding of the ongoing construction of the European accounting research community, by studying not only published papers, but also conference proceedings.Accounting research; Co-authorship; Bibliometry; European Research; EAA; Publication

Value Relevance of R&D Reporting : A Signaling Interpretation

Accounting for research and development (R&D) costs is an open issue. SFAS N°2 mandates that all R&D costs are immediately expensed. International standards prescribe a capitalization of R&D costs if they meet certain criteria (IAS 38). Recent research papers (Healy et al., 2002; Lev and Sougiannis, 1996, 1999; Aboody and Lev, 1998, Zhao, 2002) show that capitalization of R&D costs and software development costs is value relevant. However critics can be leveled at previous research because prior empirical tests are based on simulated or partial data. Our purpose is to test empically R&D accounting issues on a sample of 95 French firms on a three years period (1998-2000). French context provides an experimental field for studying the value relevance of R&D capitalization, because both accounting treatments of R&D costs (expensing and capitalization) are allowed. We find that capitalized R&D is positively associated with stock returns and stock prices, whereas expensed R&D is negatively related to stock prices and stock returns. R&D accounting reduces the information asymmetry on the successfulness of R&D projects: it acts as a signal to investors. This paper extends previous literature by using real data on capitalized R&D, instead of estimated data. Moreover, we show not only that capitalized R&D is value relevant but also that expensing of R&D projects conveys a negative signal.Value relevance; R&D; France; Financial reporting; Capital markets; Accounting choice

PENGARUH FASILITAS DAN KUALITAS PELAYANAN TERHADAP KEPUASAN KONSUMEN MELALUI KEPUTUSAN PEMBELIAN PADA PERUMAHAN MANALI HILL MALANG

This research aims to determine the influence of facilities and service quality on consumer satisfaction through purchasing decisions at Manali Hill Malang housing. The sample in this study was 103 consumers who bought houses in Manali Hill. The data collection technique in this research uses surveys or questionnaires. The data analysis technique uses path analysis with the help of SmartPLS software. The results of this research show that facilities have a positive and significant effect on consumer satisfaction, service quality has a positive and significant effect on consumer satisfaction, facilities have a positive and significant effect on purchasing decisions, service quality has no effect on purchasing decisions, facilities have a positive and significant effect on consumer satisfaction through purchasing decisions, service quality has no significant effect on consumer satisfaction through purchasing decisions, purchasing decisions have a positive and significant effect on consumer satisfactio

Tinjauan Hukum Islam Terhadap Tradisi Uang Jambar Dalam Pesta Perkawinan Adat Lembak (Studi Kasus Di Desa Kembang Seri Kecamatan Talang Empat Kabupaten Bengkulu Tengah)

Abstrak : Rumusan masalah dalam penelitian ini yang meliputi 1). Bagaimana Pelestarian Jambar Uang dalam pesta perkawinan Adat Lembak yang ada di desa Kembang Seri Kecamatan Talang Empat Kabupaten Bengkulu Tengah 2). Bagaimana Tinjauan Hukum Islam Terhadap Tradisi Jambar Uang dalam pesta perkawinan Adat Lembak yang ada di desa Kembang Seri Kecamatan Talang Empat Kabupaten Bengkulu Tengah. Jenis Penelitan ini adalah penelitan lapangan (Field Research) dengan pendekatan deskriptif kualitatif, data dikumpulkan dengan metode observasi, wawancara dan dokumentasi. Penelitian ini menyimpulkan bahwa: 1) masyarakat Adat Lembak yang ada di desa Kembang Seri Kecamatan Talang Empat Kabupaten Bengkulu Tengah sebgian masoh melakukan tradisi Jambar uang, Sebagian yang lainnnya banyak yang belum mengetahui makna yang ada pada Tradisis Jambar uang (2) Menurut hukum Islam Tradisi Jambar Uang yang ada di Desa Kembang Seri Kecamatan Talang Empat Kabupaten Bengkulu Tengah adalah Mubbah.Kata Kunci : Hukum Islam, Jambar Uang, Pesta Perkawinan. Abstract : The formulations of this research are: 1) How is the preservation of Jambar Uang in the traditional Lembak wedding in the village of Kembang Seri, Talang Bengkulu Tengah 3) How is the Review of Islamic Law on the Tradition of Jambar Money in the traditional Lembak wedding in the village of Kembang Seri, Talang Empat , Bengkulu Tengah This type of research is a field research (Field Research) with a qualitative descriptive approach, the data collected by the methods of observation, interviews and documentation. This study concludes that: 1) the Lembak Indigenous people in the village of Kembang Seri, Talang Empat Bengkulu Tengah, some still practice the Jambar Uang tradition, most of the others do not know the meaning of the Jambar Uang tradition (2) According to Islamic law Tradition Money Jambar in Kembang Seri Village, Talang Empat District, Central Bengkulu Regency is Mubbah.Key Word : Islamic Law, Jambar Uang, Weading Party

Análisis y reflexión de prácticas evaluativas asociadas a la resolución de problemas en Matemáticas. Una perspectiva constructivista

La evaluación del aprendizaje ha de permitir un diálogo constructivo con los estudiantes, el calificar un resultado exclusivamente final pierde credibilidad sobre el proceso llevado a cabo en el aula dado que no ha de ser posible tener un acercamiento a los avances y dificultades de los estudiantes y por tanto no se analiza el proceso en su totalidad. En este sentido, desde la resolución de problemas se deben llevar a cabo procesos de construcción conceptual en diferentes momentos, que fortalezcan el trabajo cooperativo y donde se permita a los estudiantes estar en posibilidad de equivocarse, como medio para llevar a cabo un proceso dinamizador y reflexivo, a partir del cual se facilite la consecución de logros dentro de un proceso que busca la calidad. Y es a tal sentido, que apunta el presente estudio, en el cual mediante el trabajo colaborativo de estudiante-investigador y profesor se diseña una propuesta de evaluación para ser aplicada al desarrollo de un espacio de formación mediado por la resolución de problemas, teniendo en cuenta que se hace necesario reconocer un proceso en el que todos los entes que allí participan, son protagonistas del mismo