Productivity, wages, and the returns to firm-provided training: fair shared capitalism?

In this study, we develop an alternative modelling that examines a) the determinants of firm productivity and wages and b) the internal rate of return (IRR) to firm training for both firms and workers. Using a six-year linked employer-employee dataset, our estimates indicate that an additional hour of training per worker results in an increase of 0.12% in productivity and 0.04% in wages, or an increase of 0.16% and 0.08%, respectively, if one uses firm training as a stock variable. We then find that 82% of the gains in productivity are captured by firms and 18% by workers. Given the training costs, we finally obtain an IRR of 13% for firms and 33% for workers at sample means. Firms are heterogeneous, and we do find that dispersion in the rates of return across firms is high.info:eu-repo/semantics/publishedVersio

Accounting for Financial Instruments: An Analysis of the Determinants of Disclosure in the Portuguese Stock Exchange

This paper analyzes the determinants of disclosure level in the accounting for financial instruments of Portuguese listed companies. We have constructed an index of disclosure based on IAS 32 and 39 disclosure requirements and computed the index score for each company. Consequently, this study also analyzes the characteristics of companies that are closest to IAS before 2005. The analysis includes variables that capture intrinsic features of Portuguese companies and institutional regulatory context, such as capital structure and characteristics of the corporate governance structure, within contingency theory. We could not find significant influence of corporate governance structure and of financing structure. We conclude that disclosure degree is significantly related to size, type of auditor, listing status and to the economic sector. This research reveals areas for improvement of the Portuguese companies’ reporting practices and suggests areas for intervention of the Portuguese capital markets regulator in the context of mandatory IAS after 2005.Financial instruments accounting, Disclosure indices, Firm-specific characteristics, International Accounting, IAS, Portugal

Accounting for financial instruments: A comparison of European companies’ practices with IAS 32 and IAS 39

This paper analyses accounting for financial instruments of STOXX 50 companies and compare them to the requirements of IAS 32 and IAS 39, before IFRS are mandatory in the European Union. We use a list of 120 categories of inquiry and 370 possible responses and analyse companies’ annual reports. The results show that the majority of companies disclose the fair value amounts and methods of calculation but the information is neither clear nor objective, preventing the fair value information from being relevant and useful. We conclude that companies have a long way to go in terms of accounting and disclosure of financial instruments, namely derivatives. The mandatory adoption of more stringent standards such as the IAS 32 and IAS 39 may improve the information disclosed by companies. Doubts about the compliance degree and the usefulness of the information still remain. This paper brings new perspectives to the challenges of IAS/IFRS adoption, namely to what relates to fair value measurement.Accounting for financial instruments, Fair value accounting, International Accounting, Accounting harmonisation, IAS/IFRS, STOXX 50

Accounting practices for financial instruments. How far are Portuguese companies from IAS?

The purpose of this study is to analyse the current accounting practices for financial instruments by Portuguese companies and compare them to the measurement, recognition and disclosure requirements stipulated in IAS 32 and 39. In order to attain our objective, we drew up a list of 120 categories of inquiry and 370 possible responses that we were interested in analysing. We applied content analysis technique to 2001 listed companies’ annual reports. Our results suggest that the accounting practices for financial instruments by companies listed on the Portuguese stock exchange are very far from what IAS 32 and 39 require. This is especially observed in the measurement and recognition criteria applied to the categories of financial instruments for which the adoption of fair value is required (that is, held-for-trading and available-for-sale financial assets). In what derivative instruments are concerned, we found that the fair value measurement criterion is being adopted by a large number of derivative users. However, with respect to hedging transactions, the gap between accounting practices and the relevant accounting Standards is quite wide. A big improvement in reporting practices regarding this type of instruments will be needed. These findings throw light on the challenges of adopting IAS, particularly with respect to fair value measurement, now that 2005 is near.Financial instruments accounting, Fair Value, International Accounting, IAS, Portugal

The transition to IFRS: disclosures by Portuguese listed companies

In the context of the CESR and of the Portuguese market regulator recommendations regarding the disclosure of the impacts of the transition to IFRS, this paper analyses the content of those disclosures by Portuguese listed companies. We found a high degree of variability among the disclosure either regarding the qualitative (narrative explanations of transition) or quantitative (reconciliations) disclosures. The results show that the objective of comparability, relevance and understandability stated in CESR’s recommendation were not achieved. Regarding accounting changes, the analysis shows that the reported impacts by companies confirmed expectations based on prior de jure studies on major impacts of changing from Portuguese GAAP to IFRS; these major impacts regard the recognition of intangibles, the accounting treatment of goodwill and financial instruments. Finally, Gray’s (1980) “conservatism” index was computed using the reconciliated profits to IFRS reported by companies. This analysis shows that Portuguese standards are more conservative than IFRS. This study is relevant to several parties: to the market regulators and policy makers in predicting the level of compliance with IFRS and calling attention for the importance of enforcement mechanisms; to the preparers, auditors and users in identifying the most problematic areas of implementation of IFRS.International Accounting, Disclosure, IAS/IFRS, Portugal

Andante, andante : tempo para andar e descobrir o espaço público

View on the quality of urban public spaces trough walking methodology which enable politic and citizen sense to form «urban people competences» as well as it facilitates the multiplication of plural and unexpected space uses by the incorporation of interaccional dispositions. Concise analysis of field work in São Paul

Do politeísmo cultural contemporâneo ao trabalho escolar de eliminação da dissonância

Study on the plurality of hierarchies and legitimacies in contemporaries societies, through the dissemination of the omnivore cultural model, proper of plural agents. Analysis of school institution reaction to this model, through the processes of intensification of school work and elimination of the cultural dissonance. Questioning the Bourdieu and Passeron proposal on the analysis of school field and the transmission/inheritance of cultural capital, in the relation between family and schoo

A Contabilização de instrumentos financeiros: um estudo comparativo POC / Sistema de Normalização Contabilística

Jornadas de Contabilidade e Fiscalidade promovidas pelo Instituto Superior de Contabilidade e Administração do Porto, em Abril de 2009,O ambiente em que os agentes económicos, em geral, e as empresas, em particular, tomam as suas decisões tem sofrido, no passado recente, profundas alterações. O fenómeno da inovação fi nanceira, caracterizado, designadamente, pela criação acelerada de instrumentos fi nanceiros complexos, o desenvolvimento das tecnologias de informação, a globalização e integração dos mercados de capitais são fenómenos e processos irreversíveis, criando novas exigências em termos de novas formas de pensar, de estar e de tomar decisões. Neste contexto, a procura por informação mais útil é uma consequência a esperar. À contabilidade cumpre procurar as respostas às novas necessidades de informação, a fi m de garantir a utilidade da informação que produz.Instituto Politécnico do Porto. Instituto Superior de Contabilidade e Administração do Port