Πλοήγηση ανά Συγγραφέα "Vazakidis, Athanasios"
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Τεκμήριο Detecting asset impairment earnings management on ifrs context: some evidence from greek listed companies(2014) Laskaridou, Ekaterini C.; Vazakidis, Athanasios; Athianos, StergiosThe purpose of this study is two fold: (a) to bring on issues of asset impairment manipulation in the IFRS context (b) to examine, any statistical inference validating impairment discretionary charges and firms’ earning experience. The Impairment Accounting Standard (IAS 36), enters new requirements for asset impairment provided to satisfying accrued loss amounts. Earning Management through the use of asset impairments within constrains of taking accounting process results to income manipulation representing (a) an external demand to meet earnings forecasts (b) internal demand for communicating board’ level performance. We expect to present a critical view of the earnings discretion and provide an answer on the prevailing content of asset impairment. The sample constituted of 236 firms, listed in the Greek Stock Exchange Market on the basis of impairment observations. We analyze the earnings levels for impairer companies, for 2004-2012 years. Findings suggest (a) firms recording impairment charges possess lower earnings than do their counterparts not recording write downs and (b) the impairment losses are likely reported as timely opportunity to taking “big bath” and increasing future earnings. However we estimate that Greek firms’ operating performance is engaged to earning adjustments on (a) taxable environment and (b) new accounting rules liable to income strategies.Τεκμήριο Dividend announcements affect the stock prices in the greek stock market?(2010-09-12) Vazakidis, Athanasios; Athianos, StergiosThis paper examines the reaction of the Athens Stock Exchange (ASE) to dividend announcements by a sample of firms listed at the FTSE/ATHEX 20 and FTSE/ATHEX Mid 40 for a fixed period 2004-2008. It also provides analytical information about the Greek Stock Market and the regulations underlying it, which have been taken into account in the present thesis. Moreover, previous studies of important academic scholars are presented and discussed, in order for the reader to attain the appropriate theoretical knowledge about the examined issue. Finally, significant abnormal activity is documented throughout the multiple event-windows that are employed and therefore, the null hypothesis, which supports the irrelevance theory as introduced by Miller and Modigliani (1961), is rejected.Τεκμήριο Financial statement effects of adopting International Accounting Standards: the case of Greece(2010) Athianos, Stergios; Vazakidis, Athanasios; Dritsakis, NikolaosThis paper investigates the effects of adopting International Accounting Standards (IAS) on financial statements and their value relevance for a sample of Greek firms during 2003-2004. By implementing an innovative research design, we make a comparison between accounting results reported under Greek accounting rules (Greek GAAP) with those under IAS for the same set of years and document how IAS adoption changes key financial measures and the value relevance of financial statement information. Greek accounting system is stakeholder–oriented and usually viewed as a historical cost accounting model that gives emphasis in income smoothing while IAS is shareholder-oriented and generally viewed as fair value accounting model that gives emphasis in balance sheet valuation. According to these realizations, we find that total assets and book value of equity as well as variability of book value and net income are significantly higher under IAS than Greek GAAP. In addition, we find that book value (net income) plays a greater (lesser) valuation role under IAS than under Greek GAAP. Finally, we find that while the IAS adjustments to book value are generally value relevant, the adjustments to net income are generally value irrelevant.Τεκμήριο The importance of information through accounting practice in agricultural sector-European data network(2010) Vazakidis, Athanasios; Athianos, Stergios; Laskaridou, EkateriniPresent study investigated the gap between accounting practices and the magnitude role of accounting information in the agricultural sector. Problem statement: Factors for this gap are: Current general accounting rules do not reflect the particularities of farming, the need of farm management, rural development and sustainability. The introduction of International Accounting Standard 41 (IAS 41) by International Accounting Standard Committee, Approach: With the Farm Accounting Data Network (FADN) in Europe, could be key elements to improve the use of agriculture accounting. Results: After mandatory and optional adoption for listed and non-listed small size companies, of IAS’s respectively, by EU at 2005, we conclude that the main contribution of IAS 41 is to provide a strong conceptual framework in agricultural accounting practice. Conclusion: FADN is an experienced data network, which could be a guide for implementing of IAS 41. Finally, we unfold IAS 41 statutory and FADN procedures grounding an informative frame for farm development policy.Τεκμήριο Measuring investors’ reaction to the adoption of International Financial Reporting Standards in Greece, using a market-based model(2010) Vazakidis, Athanasios; Athianos, StergiosProblem statement: The aim of this study is to highlight the main differences between International Accounting Standards and Greek accounting, The sample constituted by 90 randomly selected Greek companies which are listed in Athens Stock Exchange were scrutinized concerning the differences in financial figures which have been appeared due to the adoption of IFRS. Approach: The use of capital asset pricing model has been inserted in a single regression model in order to depict the association of risk and the actual price return. The first model has been changed in order to exclude variables that were not statistically significant for the analysis. Finally, a revised model has been constructed and its statistically predictive power has been reexamined. Results: The outcome of the study postulates that when investors take into consideration the risk profile of each company, the differences in the valuation, current assets, current liabilities and sales can predict the share prices within a period of six months. Finally, there is evidence that the differences in valuation of the above companies, along with the classic CAPM can explain the fluctuations in share prices concerning the examined period. Conclusion: Since the field of Investigation is Greece, the research provided key differences between the old Greek conservative accounting and the fair value accounting of IFRS using a mixture of studies, the current paper has proved that the switch of the accounting regime from Greek accounting to IFRS has affected the valuation of companies. The above difference in the valuation has been taken into consideration by investors to readjust their portfolios.