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We apply advances in analysis of mixed frequency and sparse data methods to estimate ``unsmoothed'' private equity (PE) Net Asset Values (NAVs) at the weekly frequency for individual funds. Using simulations and a large sample of buyout and venture funds, we show that our method yields superior estimates of NAVs relative to a simple approach based on comparable public asset and as-reported NAVs. The market beta of an average buyout [venture] fund, around 1.05 [1.20], is notably lower than previous studies suggest. The overall risk of a median buyout [venture] fund is 34% [40%] per year if measured in terms of the standard deviation of total returns, an increase of 10 [13] percentage points relative to the series based on as-reported NAVs. However, we find significant variation in systematic and idiosyncratic risk within and across vintages, and the risk-return profile based on the samples from the 1990s is not representative of currently operating funds. Our method easily accommodates additional data, such as individual holdings details, and related M&A activity. As an example application, we show how the cross-section of appraisal biases and nowcast errors evolved around the 2008 Financial crisis.

Shari’ah mutual funds has its own charm than other types of mutual funds. Shari’ah mutual funds is not limited only to Muslims as the general public, who are already seeing the benefits of investment that is based on the choice of sector and company specific criteria more promising and minimize risk. Islamic mutual funds are able to contribute the confidence of investors amounted to 3.31% in 2011, 4.31% in 2012 and 3.79% in 2013. So the value of the confidence of investors on mutual fund products sharia to 2013 is still around 3-4% . As for growth on Islamic mutual funds into one of the capital market products showed an increase in value in 2012 amounted to 3.79% later in the year 2013 to 4.32%. Investment portfolio management works based framework (framework) for investment management which covers the planning, implementation, evaluation, and adjustment. In mutual funds, investment managers responsible for investment activities, which includes the analysis and selection of investment types, and perform the necessary actions for the benefit of investors. Form of mutual fund performance measurement Shari’ah assessed net asset value (NAV) of the sub weekly. Showed a good performance rekasadana Shari’ah when in a period of return obtained is more positive. Keywords ; Reksadana Syari’ah, Manajemen Portofolio, Nilai Aktiva Bersih (NAB)

This study aims to determine whether conventional money market mutual funds perform better than sharia money market mutual funds or vice versa during the COVID-19 pandemic in Indonesia. This research method is descriptive with a quantitative comparison approach. This study employed secondary data obtained from IDX, Indonesian Bank, and Pasar Dana website. The research employed the money market mutual funds data, Net Asset Value, BI 7 Days Repo rate during year 2020. Sharpe ratio utilized in this research to determine the money market mutual funds performance. Then, the result compared by using Independent sample T-test on SPSS. The result uncovers that in general the performance of conventional money market mutual funds performance superior the sharia money market mutual funds performance during covid-19 in Indonesia. However, both mutual funds average Sharpe ratio show the negative number during 2020. Moreover, there are no significant difference between conventional and sharia money market mutual funds returns during the period 2020. The high different return on the maximum return due to some conventional mutual fund perform exceptional during 2020.

Agricultural extension plays a crucial role in the Indonesian Agricultural Revitalization Program for the 2005-2025 periods, where sugarcane is one of the fourteen priority crops. The provision of an agricultural extension was aimed to increase the income and productivity of sugarcane farmers. This study aimed to evaluate the effect of agricultural extension access on smallholder sugarcane farmers' performance in Indonesia. This study used data from the 2014 Indonesian Sugarcane Farm Household Survey, consisting of 8,831 farmers. This study employed propensity score matching to estimate the effect of access to an agricultural extension on several outcome variables. These variables were gross value-added (GVA), net value added (NVA), labor productivity (LP), land productivity (LDP), net income (NI), and remuneration of family labor (ROFL). The result shows that having access to an agricultural extension increases GVA by 40.5%, NVA by 40.3%, labor productivity by 42.8%, and NI by 40.2%. However, access to agricultural extension insignificantly affects ROFL due to the differences in family working units. Also, farmers with Agricultural Extension access have 13.7% lower land productivity than non-Agricultural Extension farmers since the former has lower input use intensity than the latter. These results suggest that providing agricultural extension service is adequate to improve sugarcane farmers' economic performance.

PurposeThe purpose of this paper is to examine the impact of corporate environmental responsibility (CER) on corporate cash holdings. This paper also investigates the moderating effects of ownership type and institutional environment between CER and corporate cash holdings.Design/methodology/approachThis study uses the data of the most polluting listed companies on the Shanghai and Shenzhen stock exchange markets over the period 2010–2019. CER data from Hexun.com (a professional CSR evaluation system) are used to measure CER performance. Two proxies are used to measure the level of cash holdings simultaneously, where CASH1 is calculated as the ratio of cash and cash equivalents to total assets, and CASH2 is calculated as the ratio of cash and cash equivalents to net assets (total assets minus cash and cash equivalents). Finally, multiple regression analysis is applied to test the research hypotheses.FindingsThe results show that environmentally responsible companies hold substantially less cash, and the result is statistically significant and robust even after using firm fixed effects and applying alternative measures of cash holdings or alleviating potential endogeneity. In addition, the results of cross-sectional tests show that the negative relation between CER and corporate cash holdings is concentrated among non-state-owned enterprises, and firms in provinces with more developed institutions. Furthermore, the result of the analysis of the economic consequence shows CER significantly increases the value of cash holdings.Research limitations/implicationsThis study focuses on China's institutional context, which limits the generalizability of the findings to other countries. However, the objective of this research can be studied in other institutional settings, so the above limitations provide a springboard for further research. Furthermore, the environmental protection investment, green technology innovation, and even pollutant discharge of companies can also be important indicators to measure the performance of firms in fulfilling their environmental responsibilities, which can be considered in future research.Practical implicationsThe findings of this study may help company management in China to establish a correct view of environmental responsibility to achieve corporate value creation and corporate sustainability. And our research can also provide the policy reference value for the Chinese government to further improve environmental protection policies and systems, guide enterprises to conduct green production to realize the country's vision of an environmentally friendly society.Originality/valueBased on the current background that countries in the world advocate the development of a green economy, this is the first study to examine the impacts of the environmental responsibility of the most polluting companies on corporate cash holdings and the value of cash holdings in the context of China, an emerging market.

Firms face a greater risk of lawsuits for overstated rather than understated earnings or net assets, suggesting conservatism can reduce firms' expected legal costs. Because managers with legal expertise are more likely than other managers to recognize the legal benefits of conservatism, this study examines whether legal expertise among members of senior management promotes greater conservatism. Consistent with this prediction, we find that firms with a general counsel (GC) in senior management (our proxy for legal expertise) report more conservatively. We also find that GC firms recalibrate their conservatism levels in response to changes in the legal environment—their conservatism choices are more responsive to litigation against peer firms and to two judicial rulings that affected the litigation risk for firms located in the Ninth Circuit. Overall, our findings suggest that populating senior management with legal experts affects the extent to which a firm's level of conservatism incorporates legal risks. Data Availability: Data are available from public sources identified in the text. JEL Classifications: K40; M41.

Efficient prediction of net asset value (NAV) of various investment fund is crucial for both investors and fund management organisations. But prediction of such type of complex financial series is difficult because of uncertainty and influence by political and economical factors. In this paper a novel hybrid adaptive ensemble is developed and its performance is assessed both during training and testing phases using six different NAV data. Further a robust hybrid prediction model is proposed using minimisation of a robust norm and its prediction performance is evaluated and compared with its corresponding conventional ensemble model. Simulation based experimental results demonstrate superior prediction performance of proposed ensemble hybrid model compared to that of three individual component models. Statistical paired t-test is carried out to ensure the superiority of the proposed model in comparison to other three models. Further, it is observed that the proposed robust ensemble model outperforms its hybrid counterpart for all NAVs and for all percentage of outliers up to 10% present in the training samples. The same ensemble and robust models can also applied for efficient prediction of various NAVs for different day’s ahead prediction.

The article discusses the mechanisms of distribution of funds within a group of companies and analyzes the risks that arise in various situations. It is shown that the risks depend on the type of interdependence of companies, the impact on subsidiaries, etc., the classification of holdings with the characteristics of key concepts is given. The classification criteria are considered: the type of interdependence of companies, the influence of the parent company, the nature of the relationship. Examples of the structure of a group of companies are presented. The processes of financing the operating activities of the holding company, in which the management company distributes the group’s funds to its subsidiaries in order to make the business profitable, are analyzed. The processes of financing investment projects of subsidiaries involving the provision of specific projects with resources are analyzed and the current options for reallocating funds in the group are shown, taking into account the risks. The methods of using business contracts, intra-group loans in the redistribution of money within the group are considered. The variants of their optimal use in various situations are shown. There are three main types of risks that you need to pay attention to first of all: a decrease in net assets, cash gaps and taxes. Taking into account these areas, the methods of reducing the risks of intra-group financing are described and recommendations are given on what to do in these situations. The formula for calculating net assets is presented, the calculation of which is carried out in order to compare the value of net assets with the value of the authorized capital. Methods of reducing the risk of cash gaps are considered. Tax risks are analyzed and measures to reduce them are proposed.

The move of the Financial Accounting Standards Board to expand the use of fair value instruments results in an increase in unverifiable assets and liabilities, which do not have actively traded market prices. Prior research suggests that managers may use discretion in estimating fair values of such assets and liabilities for their self-serving interests, leading to more agency conflicts. We examine the association between a firm’s corporate social responsibility (CSR) performance and the unverifiable net assets ratio, used to capture the level of unverifiable assets and liabilities. We find a significant negative relation between CSR and the unverifiable net assets ratio, suggesting that socially responsible firms use a low level of unverifiable assets and liabilities.

Mutual funds are investment facilities that are used to raise funds from the investor community for further investment in securities portfolios by investment managers, and subsequently invested in stocks, bonds, time deposits, money market, and so on. Mutual fund performance is influenced by the determining factors of whether a mutual fund performs well or poorly, the mutual fund performance factor, namely the first is the age / age of the mutual fund (Fund Age), the second is the comparison between operating costs in one year and the average net asset value in one year (Expense Ratio) and the third is Net Asset Value (NAV). The formulation of the problems in this research are (1) How is the development of the age of equity funds in Mandiri Investasi for the 2014-2019 period? (2) How is the development of the stock mutual fund expense ratio at the Mandiri Investasi period of 2014-2019? net assets (NAV) of equity mutual funds performance at Mandiri Investasi for the 2014-2019 period. This study aims to determine the development of mutual funds age, expense ratio and net asset value (NAV) of the performance of Mandiri Investa Attractive (MITRA) equity funds in Mandiri Investasi for the period 2014-2019. The objects examined in this study are variables in the form of mutual funds age, expense ratio, and mutual fund performance (NAV). Methods of data analysis in this study using descriptive analysis methods. The results of the research conducted were the age development of Mandiri Investa Attraktf (MITRA) equity funds at the Mandiri Investasi company, which experienced an increase in age in 2014-2019. Expense ratio development in 2014-2019 has decreased. And in the development of equity mutual funds performance, namely the net asset value (NAV) in 2014-2019 experienced fluctuations.

The necessity of developing information add-ins to the financial accounting system for the formation of additional strategic information is revealed. Additional types of information needed by stakeholders to make strategic decisions are highlighted. Historical aspects of the emergence of strategic accounting engineering are considered. The main ways of developing engineering principles for building a strategic financial accounting system are highlighted and analyzed. The sequence of formation of derivative strategic balance sheets is developed through the development of an engineering system of financial accounting of an enterprise, which includes the following stages: 1) aggregation of elements of financial statements; 2) implementation of corrective operations; 3) implementation of transformational (hedged) operations; 4) implementation of strategic operations; 5) implementation of hypothetical operations. The necessary sources of information for forming a derivative strategic balance sheet of an enterprise are disclosed. A model for generating a derivative strategic balance sheet of an enterprise has been developed, which allows calculating engineering indicators (net assets, net assets after adjustments, hedged net assets, strategic net assets, net liabilities) for analyzing the results of strategic enterprise management.

Nature provides many benefits for people, yet there are few data on how changes at individual sites impact the net value of ecosystem service provision. A 2002 review found only five analyses comparing the net economic benefits of conserving nature versus pursuing an alternative, more intensive human use. Here we revisit this crucial comparison, synthesizing recent data from 62 sites worldwide. In 24 cases with economic estimates of services, conservation or restoration benefits (for example, greenhouse gas regulation, flood protection) tend to outweigh those private benefits (for example, profits from agriculture or logging) driving change to the alternative state. Net benefits rise rapidly with increasing social cost of carbon. Qualitative data from all 62 sites suggest that monetization of additional services would further increase the difference. Although conservation and restoration did not universally provide greater net value than the alternative state, across a large, geographically and contextually diverse sample, our findings indicate that at current levels of habitat conversion, conserving and restoring sites typically benefits human prosperity.

The title of this research is Analysis Influence of Macroeconomic to Net Asset Value of Islamic Mutual Fund Equity period 2015-2019. The purpose of this study is to determine the effect of partially and simultaneously variables of BI Rate, Inflation, Composite Stock Price Index and Exchange Rate on Net Asset Value of Sharia Mutual Funds in Indonesia in the period January 2015 - December 2019. The dependent variable is Net Asset Value of Sharia Mutual Funds, while the independent variables are BI Rate, Inflation, Composite Stock Price Index and Exchange Rate.Types of data used in this study are secondary data sourced from OJK, IHSG-IDX and BI published between 2015-2019. All of the data will be processed panel data which is a combination of time series data and cross section data. The results of this research showed that in the partial just variables of the BI Rate, Inflation, Composite Stock Price Index and Exchange Rate influenced to Net Assets Value of Islamic Mutual Funds in Indonesia, and simultaneous from variables of the BI Rate, Inflation, Composite Stock Price Index and Exchange Rate influenced to Net Assets Value of Islamic Mutual Funds in Indonesia and the value of Adjusted R-square coefficient of determination is 0.311175 means in togetherness variables of the BI Rate, Inflation, Composite Stock Price Index and Exchange Rate have a contribution influenced NAV of Islamic Mutual Funds in the amount of 31%, while the rest is 69% influenced by other variables that are not included into this research.

This article provides the first large-sample analysis of buyout and venture capital fund values over their lifetimes. Specifically, the authors examine fund future investment multiples (TVPIs), internal rates of return (IRRs), and direct alphas based on the current reported net asset values (NAVs) at each year of a fund’s life. Using a sample of 1,400 mature buyout and VC funds, they find that the typical fund experiences a falloff in future returns after it is about seven to eight years old. However, the remaining performance is highly variable for funds of all ages, and the dispersion in returns also tends to increase after funds are about eight years old. They examine the cross-sectional determinants of the remaining fund value and find that several fund-specific and market-wide factors determine future performance and that these vary by type and age of fund. For example, young funds tend to be harmed by high market-wide dry powder levels, whereas older funds appear to benefit. TOPICS:Private equity, performance measurement Key Findings ▪ The typical fund experiences a falloff in returns after it is about seven to eight years old. This is true for both VC and buyout funds. ▪ Contrary to common wisdom, the cross-sectional dispersion of fund performance measured by future internal rate of return and direct alpha tends to increase, not decrease, for funds more than five years old. ▪ A wide variety of market-wide and fund-specific factors predict future fund performance. These include to-date distributions, dry powder, previous fund performance, fund size, general partner fundraising activity, previous public market stock returns, and credit spreads. Relevant factors are different for VC funds and buyout funds and can vary systematically over funds’ life cycles.

The article analyzed the added value received by the actors in the Thai Nguyen tea value chain based on the economic chain analysis method including calculation of input costs, added costs, added value, net added value, total profit and total income of each actor and of the entire chain. The results show that the distribution of value added and net added value among actors is uneven, in which farmers receive the largest net value and value added in the chain, but it is the largest effect in the chain. The farmer receives the lowest profit because the farmer’s investment cycle is the least. Based on the analysis results of the actual distribution of added value among the actors, the author proposes some solutions to improve the added value that each actor receives when participating in the Thai Nguyen tea value chain.

The aim of the paper is to consider and analyze the impact of subsidies levels and other economic and general factors on the farmers' decision to insure their crops. The paper applies the model of logistic regression in order to determine the statistically significant influence of certain factors on the decision of farms. The subject of the research is general and economic data from agricultural holdings in the FADN sample in Serbia for 2018. The sample includes farms that deal with specialist field crops, specialist grazing livestock and mixed crops-livestock production. The survey was conducted on a sample of 819 households, of which 99 households reported insurance costs (12.1%). The results of the research show that with higher subsidy level the probability that farms will insure their production reduces. On the other hand, with an increase of economic size and farm net value added per annual working unit the probability that farms will be insured also increases.

The current trend in the management of large companies is implementation of the gender diversity measures. The existence of women at the top management became one of the growing issues recently, especially in corporate governance. The prevailing opinion is still that men are better and more deserving to hold the power of leaders in the company. But authors believe that this statement needs to be verified. The purpose of this study is to assess the impact of female CEO and CFO on cash holdings of Indonesian food and beverages companies. The data used in this study are the data from annual report of food and beverage companies listed on the Indonesia Stock Exchange for the 2016-2020 period. The company's cash holdings in this study are assessed on the basis of two indicators: a) the ratio of the cash and cash equivalents to the company's total assets; b) the ratio of the cash and cash equivalents to the company's net assets. The sample of the study is presented by 25 companies with 125 observations. For data analysis authors use the panel data regression analysis and the fixed-effect model. Microsoft Excel 2013, Stata/MP 16.0 and Reviews 10 software were used for data processing. The analysis results show that the female CEOs have a significant positive effect on the company's cash holdings, while female CFOs have no significant positive effect on the company's cash holdings. These results have the practical significance because they will help the business owner to make the right decision when he selects candidates for the position of CEO/CFO.

Çalışmanın amacı, Çanakkale İli, Kumkale Ovasında buğday yetiştiren tarım işletmelerinin Çiftlik Muhasebe Veri Ağı (ÇMVA) sistemine göre ekonomik büyüklüklerini ve standart sonuçlarını tespit etmektir. Bu sebeple, buğday üretiminin yoğun olarak yapıldığı Kumkale Ovası‘nda basit tesadüfi örnekleme yöntemine göre yapılan örneklemede 59 işletmeye anket yapılarak verilerin elde edilmesi sağlanmıştır. İşletmelerin ekonomik büyüklüklere göre sınıflandırılması 5 gruba göre yapılmıştır. Tarımsal işletmelerin %32,20‘si I. ekonomik büyüklük işletme grubunda, %15,25‘i II. ekonomik büyüklük işletme grubunda, %18,64‘ü III. ekonomik büyüklük işletme grubunda, %16,95‘i IV. ekonomik büyüklük işletme grubunda ve %16,96‘sı V. ekonomik büyüklük işletme grubunda bulunduğu tespit edilmiştir. Araştırma kapsamında bulunan işletmelerden elde edilen sonuçlara göre, ekonomik büyüklükleri 2,14 ve 98,86 ESU değeri arasında değişmektedir. İşletmeler ortalaması 24,03 ESU‘dur. Tarımsal işletmelerin ekonomik büyüklük gruplarına göre toplam gelir 32.669,96 TL ile 1.008.939,30 TL, brüt işletme karı 7.953,32 TL ile 754.769,83 TL, işletme net katma değeri 4.184,66 TL ile 736.240,61 TL, net işletme aile geliri -13.049,82TL ile 631.720,36 TL arasında değişmektedir. I. ve II. ekonomik büyüklük grubundaki işletmelerde net işletme aile değeri negatif olarak bulunmuştur. Analiz edilen işletmelerde ekonomik büyüklük gruplarına göre karlılığın arttığı tespit edilmiştir.

A partir del 2019 se ha implementado en muchas empresas la NIIF 16 Arrendamientos, y con ello se ha dado lugar al reconocimiento de un activo derecho de uso y una correspondiente depreciación en el Estado de Situación Financiera del arrendatario. Una de las preguntas que se aborda en el presente trabajo es si este activo debería de incorporarse como base imponible del Impuesto Temporal a los Activos Netos (ITAN). De acuerdo con la normativa del ITAN, se debe tomar como base el valor histórico de los activos netos consignados en el Balance General (hoy Estado de Situación Financiera). Sin embargo, queda la duda de si la base debe tomar en cuenta un “Activo Contable” o un “Activo Tributario”, sin considerar las deducciones que regula la propia norma. Nos referimos a un “Activo neto contable”, cuando se debe partir de los activos definidos como tal en el Marco Conceptual y las NIIFs, por ejemplo, la aplicación de la NIIF 16. En el caso de los arrendamientos operativos, antes se reconocía directamente en los resultados y no se contabilizaba un activo ni sus efectos por estos conceptos. Por ello, será importante que el legislador establezca reglas claras para la aplicación de los tributos. En el caso del ITAN se podría dar a partir de la línea del Tribunal Constitucional y el impuesto patrimonial; y en el del Impuesto a la Renta Empresarial, cuando se encuentran involucrados conceptos contables. No obstante, la faltade claridad en las normas origina contingencias a los contribuyentes y procesos innecesarios.

Purpose Over 15 years ago Goodwin created the first open-ended, non-traded real estate investment trust (REIT) with regular sales and redemptions at net asset value (“NAV REIT”). While NAV REITs are now well established, there is still room for improvement. Design/methodology/approach We traced the evolution of the NAV REIT’s innovative, investor-friendly features – transparent valuation to strike NAV, liquidity via redemption at NAV per share, indefinite life, lower/simpler selling and management fees, share classes with different upfront loads and trailing distribution fees. Findings To improve the liquidity feature of NAV REITs, share classes could be used to lower the drag on performance and match available liquid assets with expected redemption requests. The goal: balance inflows and outflows, optimize portfolio construction, and better safeguard liquidity. Practical implications One need not look far for the dark side of liquidity in open-ended real estate funds. The UK experience with regulated property funds is a painful object lesson. There is a better way: while traditional non-traded REITs were designed and marketed for investment by retail investors, NAV REITs appeal to a diverse range of investors, and share classes could be enhanced to offer both a menu of selling loads and a menu of liquidity and dividend-rate options to produce a smooth curve blending cost and time. Originality/value Innovation in structuring real estate investment vehicles has broadened choices for all and the NAV REIT is flexible, scalable, open-ended and cost-efficient. Fund sponsors, fund managers, financial advisors, investors and even regulators could find food for thought in our analysis.

This paper demonstrates a technique to empirically estimate the financial costs (or savings) of employing people with disabilities, in order to provide a mechanism for organizations to develop a “business case” for hiring these employees. We conducted a utility analysis, a technique common in Human Resources Management (HRM), to illustrate how the financial net value can be calculated based on the difference between service costs and service value. Employment costs include those related to wages, health benefits, pensions, life insurance, vacation pay, training, safety, absences, lateness, turnover, and disability accommodations. Service value estimates are based on wages and are adjusted for performance levels. The data used for our example is drawn from a food services company in Canada. Employees with disabilities in this example provided higher net value to the organization because of their average to above-average performance and lower turnover costs. More importantly, we demonstrate a process that can be used to assess the financial value of hiring workers with disabilities. Given the negative preconceptions often associated with hiring workers with disabilities, this method and example can provide evidence that will be useful for managers and disability advocates for assisting people who wish to join the workforce.

The CEM database contains private equity true-time weighted portfolio returns net of investment costs, along with self-reported benchmark returns for some of the largest institutional investors in the world. To quantify performance, the article uses a consistent benchmarking methodology, employing geographic blends of small-cap equity indexes and showing that the method yields a better benchmark. From 1996–2018, private equity slightly underperforms the benchmark, indicating that the returns for private equity are comparable to those of listed equity. TOPICS:Private equity, performance measurement, equity portfolio management, style investing, statistical methods, pension funds Key Findings • Of the private equity benchmarks currently used by investors, most are flawed. A benchmarking method using listed small-cap equity, with a lag of between three and five months, is sufficient to benchmark most private equity portfolios. • The average private equity portfolio historically underperforms this simple investible benchmark. The average net value added from 1996–2018 is −0.67%. • Costs strongly affect relative performance; low-cost internal direct or co-investment private equity outperforms high-cost fund-of-funds private equity.

The fundamental purpose of the study is to examine the impact of corporate social responsibility (CSR) on the financial performance (FP) of Private Commercial Banks (PCBs) in Bangladesh. The study uses a simple random sampling technique. Ten (10) PCBs are selected as samples for the study from the Dhaka Stock Exchange (DSE) listed companies. Statistical analysis tools such as regression, analysis of variance (ANOVA), and correlation are applied to collected data to examine CSR's impact on selected banks' financial performance. In the study, net profit after tax (NPAT), earnings per share (EPS), net asset value per share (NAVPS), return on assets (ROA), return on equity (ROE), and market value per share (MVPS) are considered as dependent variables and the independent variable, corporate social responsibility (CSR). The findings reveal that the EPS, NAVPS and MVPS of the selected banks are significantly influenced by CSR 56.4, 62.0, and 59.8 percent, respectively. In contrast, CSR has an insignificant relationship with NPAT, ROA, and ROE. The study also indicates a high degree positive and statistically significant correlation between CSR and financial performance (EPS, NAVPS, and MVPS). CSR influences financial performance essentially, so considering social benefits, the banks should perform CSR activities emphasizing educational, environmental, and health issues.

PurposeThis study aims to examine whether socially responsible firms have well-funded employee pension programs and whether corporate social responsibility (CSR) performance is associated with management discretionary choice of pension accounting assumptions.Design/methodology/approachThe current study examines the impact of CSR performance on two measures of pension funding and two pension accounting assumptions using regression analysis. This study uses a panel data of 13,099 firms-years across 1,428 US firms from 1992 to 2015.FindingsFirms with higher CSR scores report higher pension net assets and are less likely to have underfunded pension than their counterparts. These firms also adopt more responsible (conservative) pension accounting assumptions (i.e. lower discount rate and a higher rate of compensation increase) to estimate pension benefit obligations. Results are stronger for firms that operate in the materials and industrial sectors and for the post-2000 period when underfunded pension has become more prevalent. Firms with higher CSR scores are also less likely to have a pension freeze.Originality/valueThis study examines the signaling role of CSR by using the signaling theory to explain how senders view the signaling process as a channel to build their reputation and the correspondent inference theory to explain how receivers process and assess the signal. It provides evidence that the signal provided by CSR score is reliable in assessing firms’ commitment to non-investing stakeholders, such as employees, providing valuable information for potential employees making career decisions and for managers considering employee pension as part of corporate strategies to attract high quality workforce. This study provides inputs for public accountants providing assurance services that CSR performance has a significant impact on management reporting choices. This study also provides evidence that CSR could be considered a private provision of public goods that internalize the negative externality of the prevalent underfunded pension phenomenon.

This paper analyses the main components and distribution of household net assets in Croatia on the basis of the data from the Household Finance and Consumption Survey (HFCS) by taking into account different socio-demographic characteris¬tics of households. The main results indicate that real assets are widely distributed among households, whereby 85% of households own the household main resi¬dence. Financial assets and liabilities account for larger share among wealthier households. The analysis of the main determinants establishing the position of an individual household in distribution of assets has additionally highlighted the importance of the household main residence (HMR). Households with inherited HMR are less likely to be positioned in the lowest net asset quintile. In addition, households with HMR in the city of Zagreb or on the Adriatic Coast are more likely to be in higher asset quintile groups. The survey has also found that the level of household income, educational attainment, labour market status and age of the household reference person affect the probability of positioning a household in a certain net asset quintile.

Previous work shows large differences in fees for S&P 500 index funds and other funds and suggests that investors suffer wealth losses investing in high-fee funds when similar low-fee funds are available. In contrast, the neoclassical model of mutual funds (Berk and van Binsbergen, 2015, J. Financ. Econ., 118, 1–20) argues that percentage fees are irrelevant, as fund size will adjust in equilibrium such that net alphas are equal to zero. We show that fees matter from an investor perspective. We document (i) a strong negative association between net-of-fee fund performance and fees in a sample of all US and international equity funds, (ii) economically large, robust, persistent, and pervasive fee dispersion in the mutual fund industry, and (iii) important economic effects for investors. During the sample period, the mutual fund industry has generated a total value lost (i.e., a negative net value added) of 125 billion USD, coming predominantly from high-fee funds.

We develop a model of the feedback between mutual fund outflows and asset illiquidity. Following a market shock, alert investors anticipate the impact on a fund’s net asset value (NAV) of other investors’ redemptions and exit first at favorable prices. This first-mover advantage may lead to fund failure through a cycle of falling prices and increasing redemptions. Our analysis shows that (i) the first-mover advantage introduces a nonlinear dependence between a market shock and the aggregate impact of redemptions on the fund’s NAV; (ii) as a consequence, there is a critical magnitude of the shock beyond which redemptions brings down the fund; (iii) properly designed swing pricing transfers liquidation costs from the fund to redeeming investors and, by removing the nonlinearity stemming from the first-mover advantage, it reduces these costs and prevents fund failure. Achieving these objectives requires a larger swing factor at larger levels of outflows. The swing factor for one fund may also depend on policies followed by other funds. This paper was accepted by David Simchi-Levi, finance.

Statement of Financial Accounting Standards nos. 141 and 142 eliminated the pooling method of accounting for acquisitions and altered the accounting for intangible assets, respectively. The Financial Accounting Standards Board (FASB) asserts that as a result of these changes financial statement users (i.e., market participants) will be “better able to understand the investments” made and have an improved “ability to assess the future profitability and cash flows” derived from these assets. In this paper, we address whether the FASB accomplished its goals with these new standards. We utilize an OLS regression to assess investors’ ability to forecast a firms’ future performance and to determine whether the information related to these accounting changes are impounded into market prices. The overall evidence partially supports FASB’s assertion of providing better information. While there is a significant improvement in market participants’ ability to assess the future economic benefits associated with goodwill, there does not appear to be any improvement in the market’s ability to understand the future implications of other intangible assets or net assets in general.

The objective of the research to analyze taxpayers who have received tax amnesty and accounting treatment of the tax amnesty assets and liabilities in the financial statements. Tax amnesty assets and liabilities are presented separately from the other assets and liabilities in the financial statements. The PSAK 70 is also applicable by non-publicily accountable entities that choose to adopt the SAK ETAP (Standar entity without accountability public). The implementation of PSAK 70 by PT. Z related to the recognition, measurement, presentation, and disclosures in accordance with SAK (financial accounting standar). The difference of tax amnesty assets and liabilities is PT. Z recognizes in addition to the retained earnings in the balance sheet. As we know PSAK 70 paragraph 12 which reads concerning net assets that should have from tax amnesty must be recognized in equity as additional paid in capital. That is what makes the difference between accounting and tax presentation Keywords : tax amnesty, tax amnesty assets and liabilities, retained earning, additional paid in capital

This article presents a performance update for the equity long–short mutual funds that were first described and analyzed in McCarthy (2014), extending that analysis to the period from July 2013–December 2019. The analyses confirm that the equity long–short mutual funds provide investment exposure similar to leading equity long–short hedge fund indexes. However, in this later time period, they underperformed the S&P 500 Index and traditional hedge fund indexes. In addition, none of the indexes (i.e., the Index of Equity Long–short Mutual Funds, the HFRI Equity Hedge Fund Index, the DJ-CS L/S Equity Hedge Fund Index, or the CISDM Equity Long–Short Index [as modified]) had positive risk-adjusted returns, as measured by alpha over this later period, and none of the 24 equity long–short mutual funds with full data for the period from July 2013–December 2019 had positive alpha. This article also presents data on the lack of performance persistence across the equity long–short mutual funds, analyzes the considerable change in asset sizes of some of these funds, reports on the closure rate of equity long–short mutual funds over this time period, and notes the positive relationship between excess performance over the S&P 500 Index and equity long–short mutual fund net asset flows. Finally, the appendix broadens the analysis to include equity long–short mutual funds started after July 2013. The performance results from this expanded universe of funds is materially the same as the original sample of mutual funds from 2013. TOPIC:Mutual fund performance Key Findings This article examines equity long-short mutual funds over the period from July 2013–December 2019. It extends an earlier analysis of these same mutual funds through June 2013 (McCarthy 2014) and finds the following: a) Equity long–short mutual funds continue to provide investment exposure similar to equity long–short hedge funds. b) Equity long–short mutual funds have substantially underperformed the S&P 500 Index in absolute return terms over the analysis period (3.4% p.a. vs. 13.7% for the S&P 500). Moreover, as a group, they generated negative alpha over this period (−4.0% p.a.). Further, no individual equity long–short mutual fund included in the analysis earned a positive alpha over this six-and-a-half-year period. c) Equity long–short mutual funds performed similarly to, although slightly behind, leading equity long-short indexes over the analysis period. d) Over the analysis period, no persistence in individual equity long–short mutual fund manager performance was identified. Additionally, as a group and individually, equity long–short mutual funds had difficulties maintaining their asset levels. Only one of the largest five funds in 2013 was still among the five largest at the end of 2019. The article also includes performance data for equity long–short mutual funds begun after June 2013. The results are largely indistinguishable from the funds begun before that date. That is, this expanded universe of funds also substantially underperformed the S&P 500 Index, as a group did not earn positive alpha, and underperformed leading hedge fund indexes.

This study investigates China's convergence towards International Financial Reporting Standards (IFRS) using generally accepted accounting principles (GAAP) differences data disclosed in AH-share companies? annual reports from 2006 to 2017. We firstly find that 92% of AH-share companies disclosed GAAP differences in 2006, immediately prior to implementation of converged Chinese accounting standards (CAS). This ratio decreased to 88% in 2007, 58% in 2010, and 38% in 2011, respectively. After 2011, less than one third of AH companies disclosed GAAP differences. Secondly, an increasing number of AH companies (35%) have published CAS-based financial statements in Hong Kong from 2014. Thirdly, except for the first few years after 2007, the disclosed GAAP differences have dropped to a very low level; since 2010 the net profit and net assets GAAP differences ratios have been below 0.5%. Fourthly, reduction of the disclosed GAAP differences appears to be the result of efforts by Chinese standard setters and regulators, work related to the International Accounting Standards Board, or changes in China's special socio-economic environment. Distinct from word-by-word comparison between CAS and IFRS, this research shows that China has achieved its original goal, namely an enterprise applying CAS should produce financial statements that are the same as those of an enterprise that applies IFRS. Our findings provide insights regarding China's institutional evolution in terms of the country's IFRS convergence effort, which are useful for further empirical study.

Net asset value (NAV) is a crucial measure that reveals the financial condition of a mutual fund and its prediction becomes important in decision making especially for fund managers. For this purpose, several works have been done using FLANN for NAV prediction. However, when it comes to FLANN model, the choice of various parameters and expansion functions has huge impact on the performance of the prediction must be considered. This study focuses on the objective of finding the optimal parameters for each model built with one type of functional expansion and compare them to find the most suitable for NAV prediction. Comparisons made on the learning rate, the sliding widow’s size, the number of expansions, reveal that these parameters must be found by heuristic tests for each expansion. The analysis on the number of days ahead of prediction shows that Legendre expansion is more appropriate for short term prediction whereas Power series expansion gives good results for both short and long-term prediction. In case of Convergence, Power series followed by Chebyshev expansion converge faster than the other models.

The purpose of this chapter is to trace the evolution of the concept of measurement in financial reporting and to address the question of whether measurement in financial reporting is a process of “measurement” or whether it constitutes something else, which should not be called measurement, but rather characterized a practice which assigns numbers to elements in financial statements as opposed to the process of measuring. The chapter begins with an examination of the concepts of measurement put forth in recent years by the United States Financial Accounting Standards Board and the International Accounting Standards Board, followed by a summary of the general theory of measurement in the natural sciences, and finally a review of the arguments raised by accounting theorists such as Edwards and Bell (1961), Chambers (1966), and Sterling (1970) with respect to the measurement of business income. We agree with Sterling’s argument that business income should be “measured” by the difference between net equity (i.e., assets − liabilities) at two points in time, adjusted for investments and disinvestments by owners, and also the argument that the difference in equity should be determined by the change in exit prices of net assets at the beginning and the end of the accounting period. However, we are less convinced by his argument that the determination of exit prices constitutes a “measurement” process. This leads to the principle argument of this chapter, which is that “measurement” in financial accounting may not constitute a measurement process at all.

This article investigates the accounting standards changes related to business acquisitions and the impact of those changes on the reported goodwill in the past 50 years. We observe that the amount of goodwill on companies’ balance sheets steadily increased before 2001 but has risen to new levels with the adoption of SFAS 141. Goodwill is now equal to about 30 percent of companies’ net assets compared to only about 7 percent in the 1980s. We examine whether the increased levels of goodwill could have resulted from changes in accounting standards. Specifically, we investigate the impacts of accounting regulations on goodwill reporting under three different regimes: APB 16 and 17, SFAS 141 and 142, and SFAS 141(R). We find that the increase in the reported value of goodwill is not a result of an increase in public companies’ acquisitions, as those have actually decreased over time. Further, the increase overlaps with the changes to the accounting for goodwill and the switch from goodwill amortization to impairment. Our findings are timely and important because the Financial Accounting Standards Board (FASB) has a concurrent project revisiting Identifiable Intangible Assets and Subsequent Accounting for Goodwill (FASB 2020). Our evidence urges caution in the reintroduction of goodwill amortization proposed by FASB, as the level of goodwill has increased dramatically despite FASB’s intentions to improve the quality of goodwill accounting and curtail management’s goodwill manipulation.

In recent years, managerial ownership has begun to be used as an incentive mechanism in China. Managerial ownership is one of the ways to realize the mixed ownership reform of state owned enterprises. Taking the mixed ownership reform of Chinese state-owned enterprises as the research object, this paper analyzes the impact of management ownership on the performance of mixed ownership enterprises. The conclusions are as follows: management ownership and corporate performance have a positive correlation in state-owned listed companies. The financial performance of the company increases with the proportion of management shareholding, ownership concentration and equity balance. There is a significant negative correlation between the proportion of independent directors and the rate of return on net assets, which shows that the independent directors of state-owned enterprises in China have not played their due role in the governance of state-owned enterprises.

Mutual funds are a powerful investment tool for investors looking to invest their money in the money market or capital markets with the goal of producing the best possible returns to investing in an acceptable risk. The biggest problem ofinvestors is insufficient data on mutual fund returns, which can result in investing in high-risk or low-profit funds. This research proposes a model for predicting the net asset value of Thai equity mutual funds. The important process in the prediction model is data preprocessing and feature selection. Five groups offactors that have a high impact on the Net Asset Value (NAV)are investigated. Collection and preparation of equity mutual fund factors are proposed. We investigated the different learning techniques such as Random Forests, XGboost and Decision Trees for constructing the prediction models. By combining equity mutual fund factors in conjunction with the different algorithms, high accuracies ofmore than 80% have been obtained. The Random Forests Algorithm with a Group offactors within the type of average of Equity General is the moving average provided the best approach when compared with the other factors in terms of accuracy. Thus, the proposed model can be applied, increasing the opportunity to achieve the results of investment goals for investors.

This study aims to determine the effect of SBI interest rates, Rupiah Exchange Rates, and inflation on the net asset value of equity funds in Indonesia for the 2015-2018 period. This study uses a quantitative approach with analysis tests using multiple linear regression tests, where there are three independent variables and one dependent variable. The type of data in this study uses secondary data, in the form of data taken from the official website of Bank Indonesia. The research sample was determined by purposive sampling method with sample criteria so that it obttained 9 samples of mutual fund products over four years from 2015-2018 so as many as 36 samples of Mutual Fund Products. Based on the results of analysis technique that have been done, the results of 3 independent variables show that the exchange rate of the rupiah and inflation have no effect the net asset value of mutual fund shares, while the value of SBI interest rates effect the net asset value of stock mutual funds.

Purpose The purpose of this paper is to analyze the variables that significantly affect dividend policy. Design/methodology/approach This research uses a type of comparative causal research (causal-comparative research), where the fact or event is identified as an influenced variable (dependent variable) and the variables that influence (independent variable) are investigated. In this study, the authors want to examine the effect of collateralizable assets, growth in net assets, liquidity, leverage and profitability of dividend policy by using quantitative approach. The data used are secondary data obtained from Indonesia Stock Exchange website with website address: www.idx.co.id. Findings The results showed that collateralizable assets have a negative, but not significant, effect on dividend policy. This shows that the high collateralizable assets do not affect the policy of the dividend of manufacturing companies. The second variable, growth in net assets, has a negative and significant effect on dividend policy. This shows that the higher growth in net assets will lower the dividend policy of manufacturing companies. Furthermore, the results show that liquidity has a negative and significant effect on dividend policy. This indicates that higher liquidity will lower the dividend policy of manufacturing companies. Furthermore, result that leverage has a negative and significant effect on dividend policy is obtained. This suggests that the higher leverage will lower the dividend policy of the manufacturing company. And lastly, profitability has a negative, but not significant, effect on dividend policy. This shows that high profitability does not affect dividend policy of manufacturing companies. Originality/value The authors contribute to prior research by providing the empirical evidence on the impact of collateralizable assets, growth in net assets, liquidity, leverage and profitability on dividend policy in Indonesia market as an emerging market.

The article describes the methods of financial and economic examinations to determine the insolvency of a company in the Baltic countries, Republic of Armenia, Ukraine, Republic of Belarus, the Russian Federation and Republic of Kazakhstan. The signs of insolvency regulated in legislation of the countries, and international requirements for the validation of expert methods are presented in the article. The authors present the results of a comparative analysis of the considered methods for assessing insolvency and results of testing methods based on data of annual reports of focus group of five Latvian bankrupt companies. The research has shown that the expert methods of all eight countries are based on a normative approach — comparing the calculated financial ratios with their normative value. In Ukraine, Republic of Belarus, the Russian Federation and Republic of Kazakhstan, the financial ratios and their normative values are approved in the legislation of the countries. In the Baltic countries and Republic of Armenia, these ratios and their values are developed in approved expert methodologies. The method of «net assets» is also used to assess the solvency of large companies. The test results showed that the methods of the countries reviewed are applicable in practice and give a similar assessment of the solvency of companies as a whole. More similar results present the methods of the Baltic countries, Ukraine and Republic of Belarus. The results of the methods of Republic of Armenia, Kazakhstan and the Russian Federation are more similar to each other, but slightly differ from the previously listed group of countries. The authors demonstrated the ability to validate the expert methods, which is necessary to use an expert conclusion on the assessment of insolvency as an evidence base in another country.

The new adoption of healthcare information technology is costly, and effects on healthcare performance can be questionable. This nationwide study in China investigated the efficient performance of healthcare information technology and examined its spatial correlation. Panel data were extracted from the Annual Investigation Report on Hospital Information in China and the China Health Statistics Yearbook for 2007 through 2015 (279 observations). Stochastic frontier analysis was employed to estimate the technical efficiency of healthcare information technology performance and related factors at the regional level. Healthcare information technology performance was positively associated with electronic medical records, total input, and cost of inpatient stay, while picture archiving and communication systems and net assets were negatively related. Local Indicators of Spatial Association showed that there existed significant spatial autocorrelation. Governmental policies would best make distinctions among different forms of healthcare information technology, especially between electronic medical records and picture archiving and communication systems. Policies should be formulated to improve healthcare information technology adoption and reduce regional differences.

Purpose This paper aims to develop a corporate financial distress model for Indian listed companies using financial and non-financial parameters by using a conditional logit regression technique. Design/methodology/approach This study used a sample of 96 companies, of which 48 were declared sick between 2014 and 2016. The sample was divided into a training sample and a testing sample. The variables for the study included nine financial variables and four non-financial variables. The models were developed using financial variables alone as well as combining financial and non-financial variables. The performance of the test sample was measured with confusion matrix, sensitivity, specificity, precision, F-measure, Types 1 and 2 error. Findings The results show that models with financial variables had a prediction accuracy of 85.19 and 86.11 per cent, whereas models with a combination of financial and non-financial variables predict with comparatively better accuracy of 89.81 and 91.67 per cent. Net asset value, long-term debt–equity ratio, return on investment, retention ratio, age, promoters holdings pledged and institutional holdings are the critical financial and non-financial predictors of financial distress. Originality/value This study contributes to the financial distress prediction literature in different ways. First, there have been, until now, few studies in the area of financial distress prediction in the Indian context. Second, business failure studies in the past have used only financial variables. The authors have combined financial and non-financial variables in their model to increase predictive ability. Thirdly, in most earlier studies, variable institutional holdings were found to affect financial distress negatively. In contrast, the authors found this parameter to be positively significant to the financial distress of the company. Finally, there have hitherto been few studies that have used promoter holdings pledged (PHP) or pledge ratio. The authors found this variable to influence business failure positively.

This research study show performance comparison of the Net Asset Values (NAVs) return of Open-ended and Close-ended mutual funds in Pakistan. The aim of the study to analyze the dissimilarity between the “net asset values” (NAVs) returns of the open-ended and close-ended mutual funds. The monthly data of Net Asset Value return of both open-ended funds and close-ended funds were taken over the period from 2006 till 2011 (inclusive). The NAVs return was computed through (LN) natural log function. The normality test was conducted initially and then the Kolmogorov-Smirnov and Shapiro-Wilk test were applied, their result showed that the data is not normally distributed. The Mann- Whitney U test and then further the Kruskal Wallis was conducted to check for the differences between these two groups of independent variables. It showed dissimilarity between the net asset value returns of the open-ended and close-ended mutual funds. Further Kruskal Wallis test results indicated significant differences between the open-ended and close-ended funds. It is concluded that the performance of open-ended and close-ended mutual funds is not the same. Also, growth is witnessed in the mutual fund industry and many close-ended funds have been converted to open-ended funds.

The offerings of financial products to investors have evolved considerably over the last decades. This study was undertaken to understand the importance of financial products in Portugal for banks and private clients. Different financial products can provide to banks an important role on their revenues and liquidity. For clients allows to invest their savings according the risk, complexity and potential return they pretend be exposed. Financial products can be divided into four groups: deposits, investment funds, securities, and insurance banking. The six largest banks with Portuguese headquarters were identified based on an analysis of net asset value, and the products offered were analyzed. It was found that on an overall basis, the offerings of financial products available in banks are rather diverse and, at the same time, uniform. It was also noted that investment decisions are dependent on investors and that there are financial innovations that attract differentiated savings.

Islamic real estate investment trusts (iREITs) is a fund or a trust that owns and manages income producing commercial real-estate which complied with Shariah. The aim of the paper is to study the recent performance of four iREITs in Malaysia, namely Al-'Aqar Healthcare REIT, Axis REIT, Al-Salam REIT and KLCC REIT, from 2012 until 2016. Trend analysis is adopted to analyse the performance focusing on dividend distribution per unit (DPU) and net asset value (NAV). Based on the findings, both DPU and NAV performance show a good track record and this is evident in the case of Al-A«Aqar Healthcare REIT, KLCC REIT and Al-Salam REIT. Generally, it can be concluded that iREITs provide an attractive investment tool as it generates steady income in the form of dividend to the shareholders, while at the same time backed by quality underlying assets.

Mutual funds syariah are other investment opportunities with measurable risk and return is high enough with enough capital affordable to the community. Mutual funds syariah have an Investment Manager with the ability and knowledge of the market it is or will happen. Therefore, mutual funds syariah selected by investors because it is cheap, easy and "managed by the experts". This research analysted do stock selection skill, market timing ability, Turnover ratio and Cashflow can influence the performance of equity mutual funds syariah in Indonesia. The data used in this research are data on financial statements , Net Asset Value (NAV), SBI, IHSG, yearly data and prospectus of 10 equity mutual fund syariah that were sampled during this research report from 2011-2014. As a research methodology, we used F test and t test to examine research’s hypothesis, also used assumption classic test there are normality test, autocorrelation test, heteroscedasticity test and multicolinearity test. These results can be viewed on multiple regression analysis and the coefficient of determination, the R value of 0.513 means the relation between the stock selection skill, market timing ability, Turnover ratio and Cashflow to profitability by 51.3%, meaning that the relationship between variables was most closely. Adjusted R Square value of 0.545 which means 54,5% achievement of profitability can be explained by the stock selection skill, market timing ability, Turnover ratio and Cashflow. The remaining 45,5% can be explained by other factors not examined in this research..

Given only the historic net asset value of a large-cap mutual fund, which members of some universe of stocks are held by the fund? Discovering an exact solution is combinatorially intractable because there are, for example, C(500, 30) or 1.4 × 1048 possible portfolios of 30 stocks drawn from the S&P 500. The authors extend an existing linear clones approach and introduce a new sequential oscillating selection method to produce a computationally efficient inference. Such techniques could inform efforts to detect fund window dressing of disclosure statements or to adjust market positions in advance of major fund disclosure dates. The authors test the approach by tasking the algorithm with inferring the constituents of exchange-traded funds for which the components can be later examined. Depending on the details of the specific problem, the algorithm runs on consumer hardware in 8 to 15 seconds and identifies target portfolio constituents with an accuracy of 88.2% to 98.6%. TOPICS:Big data/machine learning, statistical methods, portfolio management/multi-asset allocation

This paper uses proprietary data from a leading intermediary to explain the magnitude and determinants of transaction costs in the secondary market for private equity stakes. Most transactions occur at a discount to net asset value. Buyers average an annualized public market equivalent of 1.023 compared with 0.976 for sellers, implying that buyers outperform sellers by a market-adjusted 5 percentage points annually. Both the cross-sectional pattern of transaction costs and the identity of sellers and buyers suggest that the market is one in which relatively flexible buyers earn returns by supplying liquidity to investors wishing to exit.