Consolidated Financial Reports Seminar

Financial Accounting - Doron Kliger

Announcements

• Welcome.
• My office hours are right after the classes.
• You may reach me by email at This email address is being protected from spambots. You need JavaScript enabled to view it. (click here or at the bottom of my pages).
• Please keep track on updates by frequently entering this website.
• The seminar is conducted in 5 meetings.
• The concluding meeting is scheduled at Meeting #5.
  In this concluding class, each student will present his/her work-in-progress in a short presentation, of about 10 minutes. The presentation is an integral part of the seminar, so your attendance is compulsory.
• The exercise submission is due at Meeting #5.
• Please note the submission guidelines for your seminar works. Make sure you follow them precisely, for your grades to be properly recorded at the University.
  1. Make sure you do not miss the due date.
  2. In addition to your official submission, please send me an electronic copy of your work (Word and Excel files). PLEASE NOTE THIS ELECTRONIC SUBMISSION DOES NOT REPLACE YOUR DUTY TO SUBMIT ACCORDING TO THE UNIVERSITY REQUIREMENTS.
  3. Inter alia, you are required to provide the University with a signed 'work originality declaration'. 
  5. Good luck, Doron.

  On Nobel 2013 in Economics: CLICK HERE TO VIEW

Course Syllabus
Download as a PDF file (FinAcct_Seminar_Syllabus_OpenU.pdf)

Download syllabus partial info as slided seen at class

Slides and other class material

• Meeting #1: Financial Accounting Information and Market Efficiency (I)
  Market Efficiency: Download Slides.
  {Students begin contemplating Seminar Work topics}
  {Reminder: Please email me your details}
• Meeting #2: Financial Accounting Information and Market Efficiency (II)
  Market Efficiency (cont'd).
• Meeting #3: Event Studies: Measuring Investor Reaction to Accounting Information
  The Information Value of Bond Rating (Kliger & Sarig), Journal of Finance, LV(6), 2000: Slides; Paper.
  Merger Announcements and Insider Trading Activity: An Empirical Investigation (Keown & Pinkerton), Journal of Finance, 36(4), 1981: Paper.
  Empirical anomalies Based on Unexpected Earnings and the Importance of Risk Adjustments (Rendleman, Jones, & Latane), Journal of Financial Economics, 10, 1982: Paper.
  Slides of the above.
  {Event Study exercise distributed}
  Event Study Instructions; Template.
  {Setting Seminar Work topics EARLY due date}
• Meeting #4: Event Studies: from Design to Execution
  Priming the Risk Attitudes of Professionals in Financial Decision Making (Gilad & Kliger), Review of Finance: Paper.
  {Technical reference for the Work}
  {Setting Seminar Work topics LAST due date}
• Meeting #5: Work in Progress
  Short student presentations of the Seminar Works
  {Technical reference for the Work}
  {Exercise submission due date}

Related Links and References for the curious reader

• Sample Event Study Applications
  The Association between Non-professional Investors' Information Choices and Their Portfolio Returns, The Importance of Investing Experience (Elliott, Hodge, & Jackson), Contemporary Accounting Research, 25(2), 2008: Abstract; Executive Summary; Full Paper of web downloaded preliminary version.
  Stock Price Response to Accounting Information (Joh & Lee), Journal of Business, 65(3), 1992: Paper.
  The Information Content of Dividends, Journal of Business, 46(2), 1973: Paper.
  Information content of Accounting Goodwill Numbers (Hirschey & Richardson), Journal of Accounting and Public Policy, 21, 2002: Paper.
  Perceived Auditor Quality and the ERC (Teoh and Wong), Accounting Review, 68(2), 1993: Paper.
• On the Event Study Approach
  Measuring Security Price Performance (Brown & Warner), Journal of Financial Economics, 8(3), 1980: PDF.
  Using Daily Stock Returns: The Case of Event Studies (Brown & Warner), Journal of Financial Economics, 14, 1985: PDF.
  Event Studies in Economics and Finance (MacKinlay), Journal of Economic Literature, 35(1), 1997: PDF.
  The Event Study Methodology since 1969 (Binder), Review of Quantitative Finance and Accounting, 11, 1998: PDF.
• Related Issues / Background
  Robert A. Haugen, Modern Investment Theory, 4th Edition, Prentice Hall, 1997, Chapter 7: The Capital Asset Pricing Model.
  Efficient Capital Markets: A Review of Theory and Empirical Work (Fama), Journal of Finance, 25(2), 1969: PDF.
• More stuff (per our class discussion)
  Gaining from Loss: Property-Liability Insurer Stock Value in the Aftermath of 1989 California Earthquake, Journal of Risk and Insurance, LIX(3), 1992: PDF.
  Insider Trading: SEC Rule 10b5-1 at WikipediA.
  Estimating Betas from Nonsynchronous Data (Scholes & Williams), Journal of Financial Economics, 5, 1977.
  Instruction for regressions with Excel: IBM_and_sp500.xls.

Good luck!