Advanced Search
MyIDEAS: Login

Equity fund raising and “creative” accounting practices: Indications from Athens Stock Exchange for the 1999-2000 period

Contents:

Author Info

  • Panayiotis Curtis
  • Jonh Thalassinos

Abstract

Management sometimes exploits the quest of shareholders for higher return on equity capital, by taking advantage of accounting rules gaps or violating them. The Beneish earnings detection manipulation model, is an attempt to reveal such illegal or at least unethical practices. Evidence regarding the use of “creative” accounting practices, based on that model, during the massive equity fund raising in Athens Stock Exchange for the period 1999-2000, are examined. The results of Beneish model are further invigorated towards that aim, when it is accompanied by the Return on Equity (ROE) decomposition ratios and Altman’s Z score of bankruptcy prediction. The model contributes to more efficient allocation of scarce resources.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://www.ersj.eu/repec/ers/papers/05_12_p7.pdf
Download Restriction: no

Bibliographic Info

Article provided by European Research Studies Journal in its journal European Research Studies Journal.

Volume (Year): VIII (2005)
Issue (Month): 1-2 ()
Pages: 127-

as in new window
Handle: RePEc:ers:journl:v:viii:y:2005:i:1-2:p:127-

Contact details of provider:
Web page: http://www.ersj.eu/

Related research

Keywords: Athens Stock Exchange; Earnings manipulation; Beneish Model; RNOA ratio; Z score;

Find related papers by JEL classification:

References

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
as in new window
  1. Panayiotis Courtis, 2003. "DU PONT Ratio: A comprehensive measure of business performance," European Research Studies Journal, European Research Studies Journal, vol. 0(1-2), pages 21-34, January -.
  2. Beneish, Messod D., 1997. "Detecting GAAP violation: implications for assessing earnings management among firms with extreme financial performance," Journal of Accounting and Public Policy, Elsevier, vol. 16(3), pages 271-309.
  3. Edward I. Altman, 1968. "Financial Ratios, Discriminant Analysis And The Prediction Of Corporate Bankruptcy," Journal of Finance, American Finance Association, vol. 23(4), pages 589-609, 09.
Full references (including those not matched with items on IDEAS)

Citations

Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
as in new window

Cited by:
  1. Konstantinos J. Liapis, 2010. "The Residual Value Models: A Framework for Business Administration," European Research Studies Journal, European Research Studies Journal, vol. 0(1), pages 83-102.
  2. Athanasios P. Bellas & Christos Tzovas, 2008. "The Effects of Dependency on Debt Financing On Financial Reporting Policy: The Case of Greece," European Research Studies Journal, European Research Studies Journal, vol. 0(1-2), pages 13-30.
  3. Szilveszter FEKETE & Yau M. DAMAGUM & Razvan MUSTATA & Dumitru MATIS & Ioan POPA, 2010. "Explaining Accounting Policy Choices of SME’s: An Empirical Research on the Evaluation Methods," European Research Studies Journal, European Research Studies Journal, vol. 0(1), pages 33-48.
  4. John Thalassinos & Konstantinos Liapis, 2011. "Measuring a Bank’s Financial Health: A Case Study for the Greek Banking Sector," European Research Studies Journal, European Research Studies Journal, vol. 0(3), pages 135-172.
  5. Cem Baslevent & Hasan Kirmanoglu, 2010. "Accounting for the Heterogeneity in Inter-generational Links in Educational Attainment Across Europe," European Research Studies Journal, European Research Studies Journal, vol. 0(3), pages 63-82.
  6. Nikolaos G. Theriou & Vassilis Aggelidis & Georgios N. Theriou, 2009. "A Theoretical Framework Contrasting the Resource-Based Perspective and the Knowledge-Based View," European Research Studies Journal, European Research Studies Journal, vol. 0(3), pages 177-190.
  7. Irena Jindrichovska, 2013. "Financial Management in SMEs," European Research Studies Journal, European Research Studies Journal, vol. 0(Special I), pages 79-96.
  8. George M. Korres & Stylianos Drakopoulos, 2009. "Economics of Innovation: A Review in Theory and Models," European Research Studies Journal, European Research Studies Journal, vol. 0(3), pages 25-38.
  9. Gheorghe V. Lepadatu & Mironela Pirnau, 2009. "Transparency in Financial Statements (IAS/IFRS)," European Research Studies Journal, European Research Studies Journal, vol. 0(1), pages 101-108.

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:ers:journl:v:viii:y:2005:i:1-2:p:127-. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Eleni Giannakopoulou).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.