ORCID Profile
0000-0002-9934-8490
Current Organisation
Monash University - Caulfield Campus
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Publisher: Elsevier BV
Date: 03-2021
Publisher: Springer Science and Business Media LLC
Date: 09-06-2023
DOI: 10.1007/S11142-023-09770-Z
Abstract: Research suggests that the standard model used to detect opportunistic shifting of core expenses to special items is potentially biased. Such bias has been attributed to the use of accruals, including special item related accruals, as a control for the impact of performance on core earnings in this model. This paper provides an improved classification shifting model which both tests for such accruals-related bias and controls for other sources of error in the measurement of shifting. The paper also modifies conventional market rationality tests in accounting research to examine new dimensions of rationality in relation to measurement and valuation of shifting. The main empirical findings are as follows. First, the improved classification shifting model provides strong evidence of shifting and rejects the hypothesis that inclusion of accruals in the model causes bias. Second, estimates of shifted core expenses generated by the improved model exhibit forecasting properties of shifted earnings. Third, rationality test results are broadly consistent with rationality in relation to shifted core expenses but indicate possible partial (ir)rationality in relation to adjusted special items (i.e., special items excluding shifted core expenses). Further analysis of the latter findings, however, suggests they are more likely related to risk than irrationality. Overall, the paper contributes to improved measurement of shifting and highlights the importance of considering rational expectations when examining stock returns associated with shifting.
Publisher: EDP Sciences
Date: 24-03-2023
DOI: 10.1051/0004-6361/202245542
Abstract: Context. The project called INvestigating Stellar Population In RElics ( INSPIRE ) is based on VLT/X-shooter data from the homonymous on-going ESO Large Program. It targets 52 ultra-compact massive galaxies at 0.1 z 0.5 with the goal of constraining their kinematics and stellar population properties in great detail and of analysing their relic nature. Aims. This is the second INSPIRE data release (DR2), comprising 21 new systems with observations completed before March 2022. For each system, we release four one-dimensional (1D) spectra to the ESO Science Archive, one spectrum for each arm of the X-Shooter spectrograph. They are at their original resolution. We also release a combined and smoothed spectrum with a full width at half maximum resolution of 2.51 Å. In this paper, we focus on the line-of-sight velocity distribution, measuring integrated stellar velocity dispersions from the spectra, and assessing their robustness and the associated uncertainties. Methods. For each of the 21 new systems, we systematically investigated the effect of the parameters and set-ups of the full spectral fitting on the stellar velocity dispersion ( σ ) measurements. In particular, we tested how σ changes when several parameters of the fit as well as the resolution and spectral coverage of the input spectra are varied. Results. We found that the effect that causes the largest systematic uncertainties on σ is the wavelength range used for the fit, especially for spectra with a lower signal-to-noise ratio ( S/N ≤ 30). When using blue wavelengths (UVB arm) one generally underestimates the velocity dispersion (by ~15 km s −1 ). The values obtained from the near-IR (NIR) arm present a larger scatter because the quality of the spectra is lower. We finally compared our results with those in literature, finding a very good agreement overall. Conclusions. Joining results obtained in DR1 with those presented here, INSPIRE contains 40 ultra-compact massive galaxies, corresponding to 75% of the whole survey. By plotting these systems in a stellar mass-velocity dispersion diagram, we identify at least four highly reliable relic candidates among the new systems. Their velocity dispersion is larger than that of normal-sized galaxies of similar stellar mass.
Publisher: American Accounting Association
Date: 17-03-2022
Abstract: We propose and find that aggregate special items conveys more information about future real GDP growth than aggregate earnings before special items because the former contains advance news about future economic outcomes. A two-stage rational expectations test reveals that professional forecasters fully understand the information content of aggregate earnings before special items, but underestimate that of aggregate special items when revising their GDP forecasts. Using vector autoregressions, we show that aggregate earnings before special items has predictive ability for GDP because, as suggested by previous literature, it acts as a proxy for corporate profits included in national income. In contrast, aggregate special items captures changes in the behavior of economic agents on a timely basis, which, in turn, have real effects on firms' investment and hiring, as well as consumers' wealth and spending. Consistent with news-driven business cycles, we find that aggregate special items produces synchronized movements across macroeconomic aggregates. JEL Classifications: E01 E32 E60 M41.
No related grants have been discovered for Ahmed M. Abdalla.