Premium Essay

The Mystery of Disappearing Oil

In: Business and Management

Submitted By afscha
Words 20130
Pages 81
Journal of Empirical Finance 18 (2011) 36–55

Contents lists available at ScienceDirect

Journal of Empirical Finance j o u r n a l h o m e p a g e : w w w. e l s ev i e r. c o m / l o c a t e / j e m p f i n

Corporate governance and firm value: International evidence☆
Manuel Ammann a, David Oesch b, Markus M. Schmid c,⁎ a b c

Swiss Institute of Banking and Finance, University of St. Gallen, CH-9000 St. Gallen, Switzerland Department of Finance, Stern School of Business, New York University, New York, NY 10012, USA University of Mannheim, Finance Area, D-68131 Mannheim, Germany

a r t i c l e

i n f o

a b s t r a c t
In this paper, we investigate the relation between firm-level corporate governance and firm value based on a large and previously unused dataset from Governance Metrics International (GMI) comprising 6663 firm-year observations from 22 developed countries over the period from 2003 to 2007. Based on a set of 64 individual governance attributes we construct two alternative additive corporate governance indices with equal weights attributed to the governance attributes and one index derived from a principal component analysis. For all three indices we find a strong and positive relation between firm-level corporate governance and firm valuation. In addition, we investigate the value relevance of governance attributes that document the companies' social behavior. Regardless of whether these attributes are considered individually or aggregated into indices, and even when “standard” corporate governance attributes are controlled for, they exhibit a positive and significant effect on firm value. Our findings are robust to alternative calculation procedures for the corporate governance indices and to alternative estimation techniques. © 2010 Elsevier B.V. All rights reserved.

Article history: Received 16 March 2010 Received in revised form…...

Similar Documents

Premium Essay

Is Childhood Disappearing

...Is childhood disappearing? There have been many studies and research put into the question ‘is childhood disappearing’ but first lets define what childhood actually is... childhood is considered to be the time in which a person is a child or too young to be considered an adult, this time in most cultures is 0-12 years old. Many sociologists believe that childhood is rapidly disappearing, for example Phillip Aries was a historian who argued that in the middle ages childhood didn’t exist. In the middle ages things were a lot different, children were a lot different and besides from size there was little defining children from adults. There is many sources such as paintings which show children to not only be dressed as adults, but engaging in adult behaviour such as drinking and attending brothels. Aries discovered that children were sent to work, just like adults as soon as they were capable of doing so. Law also made very little distinction between children and adults, with children being allowed to participate in adult activities because they were just seen as ‘mini’ and then sharing the same burden as adults when it came to punishments. At this time Phillip Aries believe that childhood didn’t exist. In 1880 the compulsory education act came into procedure in England and Wales, this created a big turn over in the history of childhood. It became compulsory for children to go to school, meaning they couldn’t work. Before this law came into action children were seen to be...

Words: 2042 - Pages: 9

Premium Essay

‘the Mystery of the Disappearing Oil’

...The current issue and full text archive of this journal is available at JMD 31,10 PRACTITIONER CONTRIBUTION Toward applied Islamic business ethics: responsible halal business Muatasim Ismaeel UniKL Business School, University of Kuala Lumpur (UniKL), Kuala Lumpur, Malaysia, and 1090 Katharina Blaim Faculty of Business and Economics, University of Eichstaett/Ingolstadt, Ingolstadt, Germany Abstract Purpose – The purpose of this paper is to explore the opportunities of using halal regulation and certification as a mechanism for applying Islamic business ethics in contemporary world. Design/methodology/approach – The current practices of halal regulation and certification and literature on Islamic ethics were reviewed, to identify a practical approach for Islamic business ethics. Findings – Islam allows and accepts different levels of ethical commitment. A multi-level Islamic ethics framework and a multi-level halal certification approach are proposed to facilitate the implementation of Islamic business ethics in a relative context. Two major developments can enrich halal business practices: harmonization of global standards and governance structure, and integrating responsibility and ethical issues in halal standards. Practical implications – The proposed framework and developments can enrich halal regulation and certification practice. Originality/value – The paper emphasizes the importance of flexibility and......

Words: 5227 - Pages: 21

Premium Essay

Case the Mystery of the Disappearing Oil Mat Jon

...Weakness 1. Increases in costs of goods sold (85m) and inventories(18m) disproportionate with growth of sales 2. Current purchasing system contributed to redundant purchasing and high inventory holding costs 3. Siti Aminah (CFO) has no experience in system and technology 4. Internal control weaknesses: Purchasing system Current purchasing system contributed to redundant purchasing and high inventory holding costs and caused increases in costs of goods sold and inventories disproportionate with growth of sales a) The purchasing clerk, Cik Anne should not have received the invoice and DO. - In this case show that Cik Anne received the DO and SRN FROM En. Min and invoices from supplier, she batched, checked and coded the invoices. b) There is no copy of PO being sent to vendor, Receiving Department and AP. - In this case, En, Razi get the approveal from En.Ghani, a Managing Director, then he passes the PO to the Purchasing clerk, Cik Anne for sorting and disputing. En. Razi not mention any copy of PO being sent to vendor, Recieving Department and AP. c) The Materials Resource Planning, Cik Lim should not update AP. The liability should be recorded by another clerk from Finance Department. - In this case, all matters regarding finance will be done by En. Razi. In order to have a good flowchart of purchasing process, the company should have a good segregation of duties and not rely on En. Razi. d) The Finance Clerk, Encik Faris should not prepare......

Words: 343 - Pages: 2

Free Essay

Mysteries of the Trojans

...Week 4 Assignment 1: Mysteries of the Trojans Alicia Robinson HUM 110 – World Cultures I Strayer University Dr. Bull October 31, 2013 Mysteries of the Trojans In the following paper, I will attempt to explain the mysteries surrounding the lost city of Troy, the Trojan soldiers, the Trojan War and the famous story about the Trojan horse. This paper will show why I believe that sometimes myths may not be merely myths at all, but may actually have more validity to them than one may think. These so called myths should not be so easily dismissed and I will try to explain why I truly believe this. The mysteries concerning these stories are the basis of the Homeric tales, the Odysseus, and the Iliad, written by a man whom history calls Homer, but no one is even sure if this was his name or maybe even his profession. There are many theories surrounding this alone. Many claim that he was a blind man and may be a descendent of singer, story tellers. Before Homer, epic stories were memorized and then sung. These were in fact true accounts of history, not like songs that are sung today. The Homeric stories are some of the oldest written stories of all time, (dating back to around 800 B.C.E.). The Trojan War is believed, (by scholars), to have taken place between 1800 and 1300 B.C.E., but the first written accounts were not written until, some five centuries later, after the Greeks adopted the Phoenician writing system. Stories, until then, had been handed down...

Words: 1390 - Pages: 6

Premium Essay

Mystery of the Pyramids

...Mystery of the Pyramids Week 4, Assignment 1 Hum111 Professor Nancy Barlar 3 November 2013 Mystery of the Pyramids There have been many theories regarding how the pyramids at Giza and how they were constructed. Most experts agree that they were constructed as burial monuments for pharaohs, but “how” these ancient people constructed monuments of such great size without modern machinery is a mystery which is still being debated. In the next few paragraphs I will be taking you into a look into the mystery that surrounds this highly debated subject. The Aztecs, Mayans, and ancient Egyptians were three very different civilizations with a span of almost the other side of the world away from each other, but with very large similarities to the way that they built the pyramids. However, out of these three ancient cultures, the Egyptians stand out as the people recognized for the classic pyramid design. Massive monuments with a square base and four smooth-sided triangular sides, raising to a point. The Aztecs and Mayans built their pyramids with tiered steps and a flat top. The Egyptians probably chose the distinctive form of the design for their pharaohs’ tombs because of their solar religion, for the ever associated sun god Ra, which is considered the father of all pharaohs and was said to have created himself from a pyramid=shaped mound of earth before creating all other gods. The pyramid’s shape and standing (location) is thought to have symbolized the sun’s......

Words: 1021 - Pages: 5

Free Essay

The Mystery Pavilion

...The mystery pavilion The mystery pavilion, which is now located at Tandi Park in Shulin District,was registered as a historic building in April 2002. Earlier,the city government had just fininshed the restoration project in 2010. Residents are also encouraged to visit this precious cultural heritage. The set up of the civil mystery pavilions was originally used to revere the Chinese inventer-Cangjie.People later developed the meaning into a form--- something religious like paper made to resemble money and burned as an offering to the dead. In ancient times,people set the pavilions near the city walls,schools,and streets,they collected the paper in the furnace and burnt it into dust,and then called it “the mystery”. After a while,they then spread the dust,which was called “send the mystery”. All the series of motions were used to pray for better academic performance or fame like a social stand. If you want to take a stroll in the evening,there is lighting equipment around the pavilion; also, it provides five languages of audio tour service which allow the public more easily to get to know the historic value and the backgrounds of the heritage. Besides, there’s a “painted mandarin jacket ” in the pavilion ,people can write down their wishes in the cards and hang them on the jacket. All in all, the pavilion is a combination of cultural heritage as well as the art of architecture. Next time when you come to Shulin, don’t forget there’s a 138 years heritage waiting for you to...

Words: 264 - Pages: 2

Premium Essay

Mystery Shopper

...fourth ring & answered in a usual tone by a woman. The tone was neither inviting nor indifferent. She asked specific details about reservation like date, time & no. of people. The overall reservation experience was average. The restaurant is easy to locate because of the logo board on the main street. It has a clean exterior & the parking lot is average in size & is shared with the marketplace. It does not have a valet service. Overall this category was good & had no scope of improvement because of exterior space constraint. Overall experience in terms of customer service was very good. The waitress was polite, courteous & explained the specials very well. We were well attended all the time with some delay in delivery. [ ] Mystery Shopping Report:...

Words: 792 - Pages: 4

Free Essay

Mystery Shopping

...I arrived home to find a message from Judy of the mystery shopper service I had applied to a couple months ago. "We have a mystery shopping assignment in your area and we would like you to participate". My first thought was hey this is cool -- I'll get some free merchandise and get paid for just shopping The first thing I discovered is that these people are always in a hurry. They wanted to get the paperwork to me, have me sign and return a confidentiality agreement do the shopping, fill out the paper work and have it back to them in less than a week. Next I found that I wouldn't be getting any free merchandise with this assignment. I was to go shopping for tires and get estimates then return my findings to the research firm. They told me I would be paid $20 for each location and they had three locations in my area. That didn't sound too bad. I'd be paid $60 for visiting three tire stores. I then found out that what was described as "my area" was a little farther than I would have defined. The first one was a 20 minute drive the second one a 45 minute drive and the third one was an hour and a half away. I told the representative that the third one was too far for me. She pleaded a while and then finally offered to pay me an extra $20 to do it. I'm a nice guy so I reluctantly agreed. All went smoothly and I earned my cool $80 for the assignment. Let's see how much I made per hour. I had about five hours of driving time, one hour dealing with the sales people (20......

Words: 407 - Pages: 2

Free Essay


...Introduction Mystery is defined as something that is a secret, something where there is no clear explanation, something difficult to understand or explain or something unexplainable or unsolvable. Some of the example of mysteries are the location of your Christmas presents,  whether there is proof that God exists., how exactly people came to be., a situation where it is unclear who committed a crime. And so on. In the content will explain the importance of mystery, how to write good mystery story and Crisp Information about the content: The following paragraph contains information about how to write a good mystery stories: Write out the plot of the story. If you have more than one plot at first, don't worry about it. Choose one like the best and go with it and put the others aside for later. Include a red herring. This is when you make it appear that one of your suspects is the criminal when it was actually somebody else. You must also make your readers believe it was the red herring who did it, until it has been made clear who the real criminal was. (Note: Many people think a red herring is a misleading clue. This might not be right.). Secret codes and languages can provide an interesting addition to your tale, especially if you develop a special language for some of the characters. Think of some good main characters. You don't need a lot of characters--sometimes just two or three works well. Try to develop distinct personalities. Write the first draft and it is just to......

Words: 651 - Pages: 3

Free Essay

The Mysteries of Miscarriage

...THE MYSTERIES OF MISCARRIAGE The first thing women ask themselves after they’ve had a miscarriage is “what did I do wrong?” Clinical studies show that there are many causes and effects that result in miscarriage. Miscarriage is very common and there is not usually much you can do to prevent it. In my opinion, if women had more knowledge on the controllable causes of miscarriage, the uncontrollable causes of miscarriage, and the likelihood of it happening again, it would help them cope with grief and depression after experiencing miscarriage. Knowledge of controllable causes is important when preparing for a healthy pregnancy. There are many things within a woman’s control and can easily be avoided. Common controllable risk factors include obesity, previous fertility treatments, the woman’s age over 35, an active infection in pregnancy, smoking during pregnancy, consuming alcohol on a daily basis, cocaine or amphetamine use during pregnancy, and malnutrition or severe anorexia (Young and Zavatto, 2008). Stressful life events and working night shift have been shown to be environmental factors that may induce miscarriage. Sleeping less than 8 hours a day and standing for more than 3 hours a day are also shown to be controllable risk factors in miscarriage (Samaraweera and Abeysena, 2010). Exposure to various teratogenic agents such as high dose radiation, chemical, second hand smoke, and moderate to heave caffeine consumption can cause vascular compromise and embryonic......

Words: 1509 - Pages: 7

Premium Essay

Disappearing Oill

...MYSTERY OF DISAPPEARING OIL In our opinion we think that the possibility of Jamel short-changinng is high. We have indentified the fraud symptoms as below: 1. Unusual behaviour - Jamel’s body language Unusual behaviour is seen through an individual's recognizable behaviour pattern to attempt to cope with the stress. The guilty leads to fear; fear leads to stress; and stress leads to behaviour changes. Research in psychology reveals that when a person, especially a first-time offender, commits a crime, he or she becomes engulfed by emotions of fear and guilt. Those emotions cause the individual to experience a significant amount of stress, and in order to cope with the stress, the individual will exhibit unusual and recognizable behaviour patterns. In this case, Jamel’s behaviour is very suspicious. First, body language such as the facial expressions and body posture can show people emotion and thinking especially when someone is trying to lying to another. In the meeting between Jamel and Mat Jon, Jamel’s reaction and expressions make him to be suspicious that he is doing something wrong and trying intentionally to cover it up from others knowing, especially his Pak Long, Mat Jon. We can see that Jamel looked very worry and nervous. He even trying hard to look confident, in order to not want his uncle to be monitoring the business closely and do not want his uncle to know what exactly happen in the business. Moreover, when Mat Jon question to Jamel the problem......

Words: 3662 - Pages: 15

Free Essay

Is Childhood Disappearing?

...Is Childhood Disappearing? 2012 Brendan Dolman Sociology, Unit 3 5/1/2012 Abstract This is a report to look at the social construct of Childhood and whether it is disappearing. This report explores the history of childhood and current socio cultural influences on modern day childhood. Is Childhood disappearing? Introduction I am interested in this subject area because childhood is a social construct which seems to be diminishing from society. This is of particular interest to me because childhood as we know it has only been about for the last century but now it seems that it is once again diminishing from society. I say this because when looking at childhood from 50 years ago and comparing it to childhood today there is a huge difference. Today toys seem to be targeted at children of ages 1-10 years old but not for children above that age (Manhattan Institute for Policy Research). Children seem to be pushed into the spotlight of adult activities such as the fashion and glamour world in the case of beauty pageants (Daily Mail Online 2011). There also seems to be more of a focus on older children playing on computer consoles with violent games which depict realistic and gruesome actions. These computer games also depict real life situations such as the war in Afghanistan and give these older children the opportunity to play as a soldier in this scenario. Content What is childhood? Childhood is not to be confused with being a child, it is a completely......

Words: 10061 - Pages: 41

Premium Essay

Mystery Shop

...This was my first ever participating in a mystery shop. In fact I really did not know people actually spends time doing it. At first I was very skeptical and I kept telling myself that this was a waste of my time but made an effort to do it anyways since my grade depended on it. I signed up with secret shoppers and was assigned a charter shop to do in Alton Illinois. After reading the instructions I looked up and address in the Alton area and memorized it for when I entered the shop. I was nervous about the whole ordeal before it was even time to get the assignment done. The instructions where very specific, they wanted me to pretend that I was interested in getting the service without being suspicious and take pictures without be caught. I thought for sure I would have fail. On the day of the assignment I drove to Alton, sat in the parking lot and went over the scenario in my head (I have decided to go with I am going to move to the area in a couple of weeks with my with my family of three kids; two of which would be step kids, and my husband. Side note am happy I grew in a big family so I knew what girls at s certain age act like.) I entered the shop and to my surprise a the nervousness I was experiencing earlier was gone. This fake family I had create was so natural to speak about; and it just so happen that the lady that assist me had a step son so we bond over that. Then we started talking about the services and the bundle packages charter offers. Personally I am a...

Words: 421 - Pages: 2

Free Essay

The Mystery of the Anasazi

...Mystery of the Anasazi Who were the Anasazi? Why did they live on the side of cliff faces? Where did they go? And what drove them to leave? These are the questions asked on “Mystery of the Anasazi” by the history channel. I will answer these questions as best as they can be answered with the information that is available to us today, as the Anasazi left absolutely no written documents other than some drawings on their cliff faces. Discovered in the late 19th century, the Anasazi lived in what we now know as the “Four corners” of Utah, Colorado, Arizona, New Mexico, and surrounding areas and believed to have been in this area from as early as 1 A.D. until around 1150 A.D... Approximately 40-50 thousand people lived in this area. They grew corn, squash, and beans. At the center of this large area lies the great city of Chaco. Over 1,000 people were believed to have lived inside the city walls in the greatest prehistoric apartment complex. Crops did not grow well in this area so to feed the people smaller villages would travel many miles to trade crops for Turquoise, or shell jewelry, pottery, and other small prizes. These items were believed to have Godly powers to help their crop grow or to make it rain. They were very highly regarded and desired throughout the Anasazi Territory. The Anasazi lived like this in peace for hundreds of years to just one day vanish from the cities and smaller surrounding Kivas. The cities are carved from the rock of the canyons on the......

Words: 752 - Pages: 4

Premium Essay

Mystery Organism

...The mystery organism was inserted onto the petri dish on February 10, 2015 and took approximately 2 months to development and become visible without the use of a microscope. In the first observation, striations were visible on the brown, rounded seed/spore like organism under 10x magnification. In the second observation, green pigments were visible on the organism and clear, root/hair like structures were visible under 10x magnification. The spores have germinated and has begun to develop into a young gametophytes. After water was inserted onto the petri dish, tiny particles appeared to be “swimming”. These particles are sperm, indicating that water was needed to facilitate the fertilization of the eggs. This indicates that the organism could be part of either the Bryophyta or the Pterophyta division. The root like structures, rhizomes, which indicates that this organism has vascular tissue, were sticking out of the gametophytes. All these characteristics correspond to plants in the Pterophyta and Bryophyta division. In the thirds observation, heart shaped gametophytes are visible, verifying the conclusion that this organism is a fern, which is part of the Pterophyta division. The fern gametophyte has circular and the occasional heart shaped leaf. This is a clear indication that this gametophyte is a fern, since the moss gametophyte has long, skinny leaves. Under 10x magnification, scale like cells are visible on the gametophytes. Under the microscope, multiple leaves are......

Words: 371 - Pages: 2

Laxative | Thám Tử Lừng Danh Conan chap 827 | Traditional Waterstons Wick Sealing Wax Sticks + Free UK pp - red, gold etc