Searching for value relevance of book value and earnings: a case of premium vs. discount firms

We examine the premium/discount firm characteristic that fundamentally affects the value relevance of two key accounting line items, earnings and book values. We argue that from the perspective of both the residual income and option-style valuation models, the relative valuation roles of earnings and book values differ fundamentally between firms that trade at a premium vis-à-vis discount to book value. We find that book values play a significantly more important role in equity valuation than earnings when firms trade at a discount. We also find that other known influential conditions, such as the sign of earnings (Collins et al. 1999) or the relative levels of earnings and book value (Burgstahler and Dichev 1997), become inconsequential when the premium/discount condition of the firm is controlled for. The discovered relationships between the relative valuation roles of book values and earnings and the discount/premium characteristics of the firm are robust to the effect of time, information environment and the industry of the firm

Biotechnology and the African Farmer

Research and Development/Tech Change/Emerging Technologies,

Political News and Early Voter Alienation: Why Does Not Political Knowledge Lead Early Voters to Use Their Right to Vote?

Early voters whose backgrounds are senior high school level are believed to possess particular political knowledge. However, this group is suspected to be one of the nests of abstainers. Why does not political knowledge lead them to use their right to vote? To answer this question, a survey had been conducted toward 170 senior high school students in Kota Bandung and an intensive interview had been applied to 10 students. Statistical calculation shows that high correlation degree between political news influence and cognitive conception change of the students, but the degree is low to their political attitude. This discrepancy is caused by political news that is provided in newspaper which indirectly relates to the early voters\u27 need, besides more impressive news diminishing government image than ones discussing election

Peranan Eter dan Morfin dalam Anestesi

Eter dan' morlin merupakan senyawa organik yangmempunyai titik didih rendah sehingga mudah' menguap danmempunyai daya larut yang baik terhadap jaringan sel ;tubuh.Kedua senyawa ini digunakan dalam proses anestesi yang di- 'maksudkan untuk patirasa pasien yang akan menjalani pembedahan,anestesi ini dapat dilakukan secara lokal maupunkeseluruhan. tergantung pada pembedahan yang akan dilakukan.Kedua senyawa tersebut mempunyai kelemahan terhadappasien yang dianestesi, eter menimbulkan pusing danmua}, sedangkan mor{in menimbulkan kecanduan, oleh karenaitu, metoda anestesi selalu berkembang untuk mencari efeksamping sekecil mungkin yang ditimbulkan bleh penggunaansenyawa kimia tersebut

Kriteria Kebutuhan Hard dan Soft Skill pada Perusahaan Jasa di Makassar

Penelitian ini bertujuan untuk mengetahui karakteristik sumber daya manusia yang menjadikebutuhan bank dan non bank dalam merekrut karyawan. Penelitian dilakukan dengan caramengedarkan kuisioner pada Perusahaan jasa (bank dan non bank) sebanyak 15 Perusahaan jasayang terdiri dari 10 bank baik konvensional maupun syariah dan 5 Perusahaan non bank. Hasilkuisioner kemudian diolah dengan alat analisis Cochran Q test, untuk mengetahui kesamaanpendapat diantara responden. Hasil analisis menunjukkan bahwa untuk komponen hard skill, ratarataperusahaan menginginkan semua strata pendidikan mulai dari D3 hingga S2, jugamemperhatikan keterampilan yang dimiliki terutama bahasa asing dan komputer, kemampuanberkomunikasi lisan dan tulisan, serta pengalaman kerja. Untuk kebutuhan soft skill berupa:karakter fisik juga diutamakan, yaitu tinggi badan antara 156-160 untuk wanita dan 170 untuk pria,wajah yang menarik dan penampilan yang menarik. Sehat fisik dan mental, serta kemampuanbertanggungjawab dan memiliki jiwa kepemimpinan juga menjadi keinginan Perusahaan dalammenerima karyawa

Primordial Sebagai Basis Identifikasi Kepartaian: Kasus Partai Kebangkitan Bangsa Dalam Pemilihan Umum 1999 Dan 2004

Transformation of primordial loyalty into the political sphere rather than understanding of the substance of the party\u27s platform is a key factor for PKB\u27s (National Awakening Party) devotees to adhere to the party. The platform has not been effectively socialized. The practice of the party has not been believed as a requisite condition to create an order society. On the other hand, adhering to Nahdlatul Ulama (NU) and inclining to submit to orders or wishes of Kiai (Muslim Scholars) is believed among PKB\u27s voters as a means by which a good community is created(khoerul barriyah). Therefore, since the 2004 General Election, Kiai\u27s political communication and orientations have become the partisans\u27 primary roles among PKB\u27s constituents

Small-to-Medium Enterprises and Economic Growth: A Comparative Study of Clustering Techniques

Small-to-medium enterprises (SMEs) in regional (non-metropolitan) areas are considered when economic planning may require large data sets and sophisticated clustering techniques. The economic growth of regional areas was investigated using four clustering algorithms. Empirical analysis demonstrated that the modified global k-means algorithm outperformed other algorithms

Media Massa Dan “Political Literacy”: Pemanfaatan Berita Politik Di Kalangan Remaja

The role of mass media in creating cognitive response concerning input function, conversion process, and political system output is lower than political system capability. This difference is due to two reasons: (1) in teenager's thinking domain, input function, conversion process, and political output are more theoretical-abstract; (2) political news exposure in mass media is more highlighting demanded citizen characteristics as important attributes of political system capability. This means that though teenagers are considered to be important in political domain, political news exposure has not been considering teenagers' psycho-political aspect