International Journal of Electrical and Computer Engineering (IJECE), 2021
Every day, the technologies are expanding and developed with extra things to them. A cloud comput... more Every day, the technologies are expanding and developed with extra things to them. A cloud computing (CC) and Internet of things (IoT) became deeply associated with technologies of the internet of future with one supply the other a way helping it for the successful. Arduino microcontroller is used to design robotic arm to pick and place the objects by the web page commands that can be used in many industrials. It can pick and place an object from source to destination and drive the screws in into its position safely. The robot arm is controlled using web page designed by (html) language which contain the dashboard that give the commands to move the servos in the desired angle to get the aimed direction accordingly. At the receiver end there are four servo motors which are made to be interfaced with the micro controller (Arduino) which is connected to the wireless network router. One of these is for the arm horizontally movement and two for arm knee, while the fourth is for catch tin...
Abstract We investigate the effects of foreign ownership on a key monitoring mechanism, the appoi... more Abstract We investigate the effects of foreign ownership on a key monitoring mechanism, the appointment of independent directors. We use a sample of Japanese firms after the Tokyo Stock Exchange passed rules requiring appointment of at least one independent director or an independent statutory auditor. We find that foreign ownership is significantly positively associated with the appointment of independent directors and firm value, respectively. We also find, using path analysis, that foreign ownership affects firm value via the appointment of independent directors. In robustness tests, we also examine whether foreign ownership affects a monitoring outcome (earnings management). We find that foreign ownership is significantly negatively related to benchmark beating using both accrual and real earnings management. Overall, our evidence suggests that despite their smaller shareholdings, foreign investors enhance firm value by improving the monitoring of managers.
This study provides evidence regarding the effects of online trading on stock market reactions to... more This study provides evidence regarding the effects of online trading on stock market reactions to quarterly earnings announcements. We test for differences in stock price and volume reactions to quarterly earnings announcements between a period with a significant amount of online trading (1996-1999) and a period without online trading (1992-1995). We conjecture that online trading has increased the proportion of naive investors in the market. Based on noisy rational expectations models of trade, we predict that this will result in larger stock price and trading volume reactions to earnings announcements. We find strong evidence in support of these predictions. The stock price results suggest that the advent of online trading has decreased average prior precision and the trading volume results suggest that online trading has increased differential belief revisions around earnings announcements. An analysis of the relation between volume reactions and price reactions in both periods suggests that the increase in differential belief revisions is primarily due to an increase in the differential interpretation of earnings announcements in the online trading period. Our findings are relevant for assessing the validity of concerns about online trading expressed by regulators and the validity of theoretical models of trade with asymmetrically informed investors.
ABSTRACT Earnings management is a corporate decision subject to costs. Both earnings management i... more ABSTRACT Earnings management is a corporate decision subject to costs. Both earnings management in the IPO process and the ex ante delisting risk of newly issued firms are related to firm fundamental. With a sample of IPOs between 1980 and 1999, we find that the degree of earnings management possesses significant predictive power on IPO failure. IPO firms associated with aggressive earnings management are more likely to delist for performance failure, and they tend to delist sooner. Furthermore, we find that IPO firms associated with conservative earnings management are more likely to be merged or acquired and they provide abnormal investment returns. Our results also show that IPO issuers manage earnings in response to market demand. Market-wide earnings management of IPO firms interacts with the IPO cycle documented by Lowry and Schwert (2002)., 585-275-3491); and Zhou (jzhou@binghamton.edu, 607-777-6067). The authors wish to thank Abstract Earnings management is a corporate decision subject to costs. Both earnings management in the IPO process and the ex ante delisting risk of newly issued firms are related to firm fundamental. With a sample of IPOs between 1980 and 1999, we find that the degree of earnings management possesses significant predictive power on IPO failure. IPO firms associated with aggressive earnings management are more likely to delist for performance failure, and they tend to delist sooner. Furthermore, we find that IPO firms associated with conservative earnings management are more likely to be merged or acquired and they provide abnormal investment returns. Our results also show that IPO issuers manage earnings in response to market demand. Market-wide earnings management of IPO firms interacts with the IPO cycle documented by Lowry and Schwert (2002).
We examine the effect of earnings precision, measured as the ability of past earnings to predict ... more We examine the effect of earnings precision, measured as the ability of past earnings to predict future earnings, on commonly used analyst forecast proxies for investor heterogeneity around earnings announcements. We find a negative relation between our measure of earnings precision and pre-announcement forecast dispersion, the change in forecast dispersion around earnings announcements, and differential interpretation reflected in analysts' forecast revisions. Our findings suggest that more precise earnings announcements are associated with, 1) less overall uncertainty at the time of the announcement, 2) more convergence in beliefs as a result of the announcement, and 3) more common interpretation of the announcement.
Managing accounting earnings refers to the purposeful manipulation that results in the altering o... more Managing accounting earnings refers to the purposeful manipulation that results in the altering of reported accounting numbers. Keywords: managing accounting earnings; incentives for earnings management; methods of earnings management
International Journal of Electrical and Computer Engineering (IJECE), 2021
Every day, the technologies are expanding and developed with extra things to them. A cloud comput... more Every day, the technologies are expanding and developed with extra things to them. A cloud computing (CC) and Internet of things (IoT) became deeply associated with technologies of the internet of future with one supply the other a way helping it for the successful. Arduino microcontroller is used to design robotic arm to pick and place the objects by the web page commands that can be used in many industrials. It can pick and place an object from source to destination and drive the screws in into its position safely. The robot arm is controlled using web page designed by (html) language which contain the dashboard that give the commands to move the servos in the desired angle to get the aimed direction accordingly. At the receiver end there are four servo motors which are made to be interfaced with the micro controller (Arduino) which is connected to the wireless network router. One of these is for the arm horizontally movement and two for arm knee, while the fourth is for catch tin...
Abstract We investigate the effects of foreign ownership on a key monitoring mechanism, the appoi... more Abstract We investigate the effects of foreign ownership on a key monitoring mechanism, the appointment of independent directors. We use a sample of Japanese firms after the Tokyo Stock Exchange passed rules requiring appointment of at least one independent director or an independent statutory auditor. We find that foreign ownership is significantly positively associated with the appointment of independent directors and firm value, respectively. We also find, using path analysis, that foreign ownership affects firm value via the appointment of independent directors. In robustness tests, we also examine whether foreign ownership affects a monitoring outcome (earnings management). We find that foreign ownership is significantly negatively related to benchmark beating using both accrual and real earnings management. Overall, our evidence suggests that despite their smaller shareholdings, foreign investors enhance firm value by improving the monitoring of managers.
This study provides evidence regarding the effects of online trading on stock market reactions to... more This study provides evidence regarding the effects of online trading on stock market reactions to quarterly earnings announcements. We test for differences in stock price and volume reactions to quarterly earnings announcements between a period with a significant amount of online trading (1996-1999) and a period without online trading (1992-1995). We conjecture that online trading has increased the proportion of naive investors in the market. Based on noisy rational expectations models of trade, we predict that this will result in larger stock price and trading volume reactions to earnings announcements. We find strong evidence in support of these predictions. The stock price results suggest that the advent of online trading has decreased average prior precision and the trading volume results suggest that online trading has increased differential belief revisions around earnings announcements. An analysis of the relation between volume reactions and price reactions in both periods suggests that the increase in differential belief revisions is primarily due to an increase in the differential interpretation of earnings announcements in the online trading period. Our findings are relevant for assessing the validity of concerns about online trading expressed by regulators and the validity of theoretical models of trade with asymmetrically informed investors.
ABSTRACT Earnings management is a corporate decision subject to costs. Both earnings management i... more ABSTRACT Earnings management is a corporate decision subject to costs. Both earnings management in the IPO process and the ex ante delisting risk of newly issued firms are related to firm fundamental. With a sample of IPOs between 1980 and 1999, we find that the degree of earnings management possesses significant predictive power on IPO failure. IPO firms associated with aggressive earnings management are more likely to delist for performance failure, and they tend to delist sooner. Furthermore, we find that IPO firms associated with conservative earnings management are more likely to be merged or acquired and they provide abnormal investment returns. Our results also show that IPO issuers manage earnings in response to market demand. Market-wide earnings management of IPO firms interacts with the IPO cycle documented by Lowry and Schwert (2002)., 585-275-3491); and Zhou (jzhou@binghamton.edu, 607-777-6067). The authors wish to thank Abstract Earnings management is a corporate decision subject to costs. Both earnings management in the IPO process and the ex ante delisting risk of newly issued firms are related to firm fundamental. With a sample of IPOs between 1980 and 1999, we find that the degree of earnings management possesses significant predictive power on IPO failure. IPO firms associated with aggressive earnings management are more likely to delist for performance failure, and they tend to delist sooner. Furthermore, we find that IPO firms associated with conservative earnings management are more likely to be merged or acquired and they provide abnormal investment returns. Our results also show that IPO issuers manage earnings in response to market demand. Market-wide earnings management of IPO firms interacts with the IPO cycle documented by Lowry and Schwert (2002).
We examine the effect of earnings precision, measured as the ability of past earnings to predict ... more We examine the effect of earnings precision, measured as the ability of past earnings to predict future earnings, on commonly used analyst forecast proxies for investor heterogeneity around earnings announcements. We find a negative relation between our measure of earnings precision and pre-announcement forecast dispersion, the change in forecast dispersion around earnings announcements, and differential interpretation reflected in analysts' forecast revisions. Our findings suggest that more precise earnings announcements are associated with, 1) less overall uncertainty at the time of the announcement, 2) more convergence in beliefs as a result of the announcement, and 3) more common interpretation of the announcement.
Managing accounting earnings refers to the purposeful manipulation that results in the altering o... more Managing accounting earnings refers to the purposeful manipulation that results in the altering of reported accounting numbers. Keywords: managing accounting earnings; incentives for earnings management; methods of earnings management
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