Liquidity measures and cost of trading in an illiquid market

We provide the first in-depth study of trading on the Ukrainian stock exchange, using trade-by-trade data. Although Ukraine has some large listed companies, the market is quite illiquid. We study the efficiency of five liquidity measures in the market. The proportion of no-trading days is the most reliable of the five, while turnover, which is widely used in the literature, is a poor measure. On trading cost, trades in all size categories are executed within the quoted spread, as in other dealership markets, with medium-sized trades being the cheapest. The cost of sales is higher than the cost of purchases under all market conditions

Fundamental indexation revisited: new evidence on alpha

This study proposes indexing strategies representative of the equity market and based on readily available accounting information. In contrast to the previous literature, we discard balance sheet variables and instead develop two indices that revolve solely around income statement and dividend measures. We find that these indices outperformed the FTSE 100 by 3% on an annual basis over the last 25 years, whilst delivering similar or lower volatility. The constructed indices overlap by 90% with the FTSE 100, in terms of their total market capitalisation and constituent members. They have positive and significant alphas in 3- and 4-factor performance attribution models, showing that the performance cannot be explained by value, size, market beta or momentum tilts alone

Employability and higher education: contextualising female students' workplace experiences to enhance understanding of employability development

Current political and economic discourses position employability as a responsibility of higher education, which deploys mechanisms such as supervised work experience (SWE) to embed employability skills development into the undergraduate curriculum. However, workplaces are socially constructed complex arenas of embodied knowledge that are gendered. Understanding the usefulness of SWE therefore requires consideration of the contextualised experiences of it, within these complex environments. This study considers higher education's use of SWE as a mechanism of employability skills development through exploration of female students' experiences of accounting SWE, and its subsequent shaping of their views of employment. Findings suggest that women experience numerous, indirect gender-based inequalities within their accounting SWE about which higher education is silent, perpetuating the framing of employability as a set of individual skills and abilities. This may limit the potential of SWE to provide equality of employability development. The study concludes by briefly considering how insights provided by this research could better inform higher education's engagement with SWE within the employability discourse, and contribute to equality of employability development opportunity

Standardization as Institutional Work: The Regulatory Power of a Responsible Investment Standard

This paper conceptualizes standardization as institutional work to study the emergence of a standard and the deployment of its regulatory power. We rely on unique access to longitudinal archival data for exploring how the FTSE4Good index, a responsible investment index, emerged as a standard for socially responsible corporate behavior. Our results show how three types of standardization work - calculative framing, engaging and valorizing - support the design, legitimation and monitoring processes whereby a standard acquires its regulatory power. Our findings reveal new facets in the dynamics of standardization by approaching standardization as a product of institutional work and in showing how unintended consequences of that work can be recaptured to strengthen the regulatory power of the standard

Accounting for information: Information and knowledge in the annual reports of FTSE 100 companies

The purpose of this study was to assess the ways in which a sample group of companies discuss information and knowledge. Quantitative and qualitative content analyses were used to survey the way that companies present and value information and knowledge, based on the annual reports of the FTSE 100, the United Kingdom's largest publicly-listed companies. A novel content analysis approach is used, based on a set of categories proposed by Oppenheim, Stenson and Wilson. Many of the companies analysed made explicit the importance of information and knowledge, through either discussion in the text of the annual report or through an attempt to assign a monetary value to information assets. Where the importance of information and knowledge was not made explicit, the study revealed links between successful performance and effective use of information assets. Different categories of information assets were identified within the annual reports. Conclusions drawn from the analysis include that information and knowledge are demonstrably important to FTSE 100 companies, although the specific term “knowledge” does not appear to have a special significance in the companies’ lexicon; and that certain sectors, such as General Financial, General Retail, Travel & Leisure, Mining, Aerospace & Defence and Software & Computer Services, mention information and knowledge more than others

Transition to IFRS and compliance with mandatory disclosure requirements: What is the signal?

The present study examines 153 Greek listed companies' compliance with all IFRS mandatory disclosure requirements during 2005 and complements and extends prior literature in the following way. The unique setting i.e., measuring compliance with IFRS mandatory disclosure requirements during the first year of IFRS implementation, allows for examination of the possibility that the changes in the 2004 shareholders' equity and net income, as a result of the adoption of IFRS, constitute explanatory factors for compliance. Thus, this study hypothesises that, in addition to the financial measures and other corporate characteristics that prior literature identifies as proxies for explaining compliance, a significant change in fundamental financial measures, because of the change in the accounting regime, may also explain compliance based on the premises of the relevant disclosure theories. The findings confirm these hypotheses. This study also makes a methodological contribution on measuring compliance with all IFRS mandatory disclosure requirements by using two different disclosure index methods and pointing out the different conclusions may be drawn as a result

Improving climate change reporting

An ACCA/FTSE group discussion paperFollowing on from recent research this paper discusses opportunities and challenges for reporting on climate change in the future and its importance to different stakeholders.Publisher PD