From Accounting to Firm Value

Accounting Discretion, Corporate Governance and Firm Performance

We investigate whether accounting discretion is (i) abused by opportunistic managers who exploit lax governance structures, or (ii) used by managers in a manner consistent with efficient contracting and shareholder value-maximization. Prior research documents an association between accounting discretion and poor governance quality and concludes that such evidence is consistent with abuse of the...

Accounting for Macroeconomic Influences on the Firm

Impact of Buyback of Shares on Firm Value: An Empirical Evidence from India

The present study examines the impact of capital employed in buyback of shares on firm value for 180 firms listed in the Bombay Stock Exchange of India. The issue of buyback of shares in the period from 2006 to 2016 was examined. The firm value is measured by a proxy, enterprise value, as a substitute of share price. The results suggest that the firm value differs from pre and post buyback of s...

Revisiting Growth Accounting from a Trade in Value-added Perspective

Global Manufacturing and International Supply Chains changed the way trade and international economics are understood today. The present essay builds on recent statistical advances to suggest new ways of looking at the demand and supply side approaches when Global Value Chains (GVCs) —articulating supply and demand chains from an international perspective— are taken into consideration. This pil...

Worker Matching and Firm Value

This paper studies the value of …rms and their hiring and …ring decisions in an environment where the productivity of the workers depends on how well they match with their co-workers and the …rm acts as a coordinating device. Match quality derives from a production technology whereby workers are randomly located on the Salop circle, and depends negatively on the distance between the workers. It...