Research

Research areas

             Sub-Areas

                         Examples of Accounting Statistical Data

Value Relevance of Accounting information

·   Financial Statement Reports

·   Income Statement items

·   Balance Sheet items

·   Cash flow statement items

·   Accounting ratios

·   Accounting anomaly

·   Accounting value investing

Working Capital Accounting

·   Cash holding

·   Liquidity

·   Inventory

·   Cash conversion cycle

·   Trade Receivable collection

·   Trade Payable deficiency 

·   Aggressive working capital

·   Balance Sheet Asset Structure

·   Current asset, Current liabilities, Cash, Inventory, Trade Receivables, Trade Payables, Short-Term Debt,

·   Working capital, Net current asset value, Net working capital, Current ratios, cash ratio and quick ratio.

·   Cash conversion cycle, Inventory days, Receivables days and payable days.

·   Current asset/Total asset, inventory/current asset, cash/current asset and trade receivables/current asset

·   Current liabilities/Total Liabilities, Current liabilities/Total asset, Short term debt/Current liabilities 

Cash Flow Accounting

·   Cash Flow Pattern & Firm Life Cycle

·   Free Cash Problem

·   Cash flow from operations, cash flow from financing and Cash flow from investing

·   Free cash flow

Leverage and Solvency  Accounting Ratios 

·   Capital structure

·   Capital adequacy

·   Debt- Equity Mix

·   Dynamic capital structure

·   Agency cost

·   Asymmetry information

·   Trade off Theory

·   Pecking Order Theory

·   Leverage

·   Long term borrowing

·   Short Term borrowing

·   Borrowing Constraints

·   Corporate Bonds

·   Off-balance Sheet Debt

·   Cost of capital (WACC)

·   Cost of Equity

·   Total Liabilities, Total Asset, Total Equity, Total Debt, Short Term Debt, Long term Debt, Fixed asset, Finance Cost

·   Long term debt/Total debt, Short term debt/Total debt, Long term debt/Equity, Long term debt/Total Asset, Total liabilities/Total asset, Total debt/equity, Total Debt/Total Asset, Short Term Debt/Total Asset, Equity/Total asset

·   Weighted average cost of capital (WACC)

Cost Accounting Ratios

·   Cost-income

·   Direct Cost/Supply Chain

·   Operating Expenses

·   Advertising expenditure

·   Training expenditure

·   Total Cost/Revenue

·   Direct Cost/Revenue

·   Operating Expenses/Revenue

·   Advertising expenditure/Revenue

·   Training expenditure/Revenue

Accounting for Compensation

·   CEO Compensation

·   Directors Compensation

·   Staff Compensation

·   Directors Compensation, CEO Compensation, Employee Compensation, and Auditors compensation

·   Directors Compensation/Revenue, Employee Compensation/Revenue, Auditors compensation/Revenue and Cost per employee

Accounting Based Performance Measurement

·   Top line Profitability

·   Bottom-Line Profitability

·   Annual Stock Price Change

·   Firm Value

·   Firm Value volatility

·   Revenue market share

·   Operating/Activity management

·   DEA scores

·   EBIT, EBITDA, Profit before tax, Profit after tax and EPS

·   Gross Margin, EBIT Margin, PBT Margin, PAT Margin, ROA, ROE,ROCE

·   Asset Turnover, Free cash turnover, inventory turnover, Trade receivable turnover and Payable turnover

·   Tobin Q

·   Annual Stock Price and Annual stock price change

·   52 week high price, 52 low stock price etc

Creative Accounting  & Earnings Management

·   Forensic accounting

·   Fraud detection

·   Earnings Quality 

·   False financial statement

·   Financial  statement fraud

·   Aggressive accounting choice

·   Agency cost & Tunneling

·   Quality of financial Reports

·   Balance Sheet Accrual Ratio and Cash flow accrual Ratio

·   Beneish M-score and Montier C-score

·   Jones and Modified Jones value.

Accounting Timeliness

·   Timeliness of Financial Reports

·   Accounting year end

·   Audit delay

·   Management delay

·   Total delay

·   AGM date

·   Change of accounting year

Accounting Ratios for Corporate Failure Prediction

·   Corporate failure

·   Bankruptcy 

·   Failure &Early warning signal

·   Delisting

·   Altman Z-score

Corporate Accounting Taxation

·   Corporate Effective Tax Rate

·   Debt tax Shield

·   Non-Debt tax Shield

·   Corporate Tax Avoidance 

·   Corporate Tax Payable

·   Income tax expenses and tax cash payment

·   Effective tax Rate and Effective cash tax rate

Dividend Accounting

·   Dividend Payout

·   Dividend Yield

·   Dividend Safety

·   Dividend Cut

·   Dividend Increase

·   Dividend Consistency

·   Cash dividend, Cash dividend per share and Bonus Shares, Dividend Payable

·   Cash Dividend Payout, Cash dividend Cover, Dividend Yields

·   Dividend Growth

Environmental & Social Accounting

·   Social Responsibility disclosure

·   Corporate Donation

·   Environmental Disclosure

·   Social donation

·   Social contribution scores

·   Social donation/Revenue

·   Environmental Disclosure Scores

·   Social Responsibility Disclosure Score

Accounting-based Credit Rating

·   Credit rating scoring

·   Accounting credit rating  ratios

·   Repayment Default Risk

·   Corporate credit rating

·   EBIT/Finance cost, FCF/Finance cost, debt/EBIT, debt/FCF, Long term debt/Working capital, Cash/Interest cost, CFO/Interest cost etc

·   Machame credit rating score

IFRS and NGAAP

·   IFRS and Local Standards

·   IFRS and NGAAP Compliance

·   IFRS and Accounting ratios

·   IFRS comparability

·   Compliance score

Internet Accounting Reporting

·   Internet reporting

·   Internet Disclosure scores

Accounting for Intellectual capital/ asset

·   Intangible asset disclosure

·   Intellectual capital

Auditing

·   Audit fee

·   Auditors reports

·   Audit Delay

·   Audit litigation risk/Opinion

·   Audit rotation/Switching

·   Audit independence

·   Audit quality

·   Big 4 and non-big 4 auditors

·   Auditors Industry specialization

·   Abnormal Audit Fee

·   Audit fee/Revenue

·   Audit fee/Industry

Accounting for Long Term Asset Investment

·   Fixed Asset Investment

·   Capital expenditure

·   Investment in subsidiaries

·   Intangible asset investment

·   Fixed Asset, Intangible asset, Non-current asset, Capital Expenditure (CAPEX)

·   Fixed Asset/Total asset, Non-current asset/Total asset, Intangible asset/Total asset

Disclosure of Ownership in annual reports

·   Ownership Concentration

·   Institutional ownership

·   Foreign Institutional Ownership

·   Family Ownership/Private control

·   State ownership

·   Inside ownership

·   Directors ownership 

·   CEO ownership

·   Founder ownership

·   Ownership Concentration, dummy Foreign Institutional Ownership, dummy Family Ownership/Private control, dummy State ownership

·   Strategic ownership percentage, Directors ownership  Percentage, CEO ownership percentage, Managerial (executive) ownership percentage, Non-executive directors ownership percentage 

Accounting based Market Valuation

·   Equity Price Multiples

·   Enterprise Value

·   Market Capitalization

·   Value and Growth Companies

·   Quality companies

·   Margin of Safety

·   Graham Deep Value

·   DCF

·   Outstanding shares, Revenue Per Share, EBIT per share, Earnings per share, Book value per share etc

·   Piostroski F-score, Greenblat Magic Formula, Graham Defensive Number, Graham Serenity Enterprise Number.

·   Market Capitalization, Current asset/Market Capitalization, Revenue/Market capitalization, Net current value/Market capitalization

·   Enterprise Value (EV), EV/B, EV/FCF, EV/EBIT, EV/Revenue

·   P/NNWC, P/NCAV, P/EPV, P/E, P/E5Avg, P/B, P/S, P/FCF, P/EBIT, PEG ratio, Earnings Yields and Graham Margin of Safety.

Accounting Ratios pre and post Equity Offering

·   Initial Public Offerings (IPOs)

·   Seasonal Equity Offerings (SEOs)

·   Cross-Bolder listing

·   IPO dummy date

·   IPO size (amount)

·   SEOs Type dummy

·   SEOs dummy date

·   Cross Border issue dummy date

·   Cross Bolder Country dummy

Accounting Ratios Pre & Post Merger & Acquisition

·   M&A Pre & Post Performance

·   M&A candidate

·   Anti-takeover

·   Leverage Buy-out(LBO)

·   M& A Scores

·   M&A dummy date

·   M&A type dummy

·   Anti-takeover Score

·   LBO scores

Corporate Governance Accounting

·   Corporate Governance Disclosure

·   Board Characteristics

·   Board Independence

·   Board Diversity

·   Board Gender

·   Board Diligence

·   Board Stability

·   Board Audit committee  

·   Corporate Governance Score

·   CEO Characteristics

·   Chairman Characteristics

·   Board Size

·   Number of Executive Directors

·   Number of Non-Executive directors

·   Board Independence

·   Number of female in the Board

·   Audit committee size

·   Number of Board Meetings held

·   Corporate Governance Rating/Scores

·   Tenure  dummy

·   Gender dummy

·   Turnover dummy

Accounting earnings Beta /Risk

·   CAPM accounting

·   CAPM Extensions

·   APT accounting

·   Oil price/commodities price

·   Exchange rate

·   Inflation rate

·   Interest rate

·   Standard deviations of earnings

·   Annual CAPM Beta

·   Annual APT Beta

·   Macro Beta

Behavioral Finance

·   Overconfidence bias

·   Heuristic bias

·   Loss Aversion

·   Regress Aversion

·   Financial Risk Tolerance

·   Mental Accounting