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Toronto Stock Exchange (toronto + stock_exchange)
Selected AbstractsAuditor Quality and the Accuracy of Management Earnings Forecasts,CONTEMPORARY ACCOUNTING RESEARCH, Issue 4 2000PETER M. CLARKSON Abstract In this study, we appeal to insights and results from Davidson and Neu 1993 and McConomy 1998 to motivate empirical analyses designed to gain a better understanding of the relationship between auditor quality and forecast accuracy. We extend and refine Davidson and Neu's analysis of this relationship by introducing additional controls for business risk and by considering data from two distinct time periods: one in which the audit firm's responsibility respecting the earnings forecast was to provide review-level assurance, and one in which its responsibility was to provide audit-level assurance. Our sample data consist of Toronto Stock Exchange (TSE) initial public offerings (IPOs). The earnings forecast we consider is the one-year-ahead management earnings forecast included in the IPO offering prospectus. The results suggest that after the additional controls for business risk are introduced, the relationship between forecast accuracy and auditor quality for the review-level assurance period is no longer significant. The results also indicate that the shift in regimes alters the fundamental nature of the relationship. Using data from the audit-level assurance regime, we find a negative and significant relationship between forecast accuracy and auditor quality (i.e., we find Big 6 auditors to be associated with smaller absolute forecast errors than non-Big 6 auditors), and further, that the difference in the relationship between the two regimes is statistically significant. [source] Limit Order Adjustment Mechanisms and Ex-Dividend Day Stock Price BehaviorFINANCIAL MANAGEMENT, Issue 3 2005Keith Jakob Unlike the NYSE, the Toronto Stock Exchange (TSX) does not adjust prices in the outstanding limit orders on ex-dividend days. We find that TSX ex-day stock price behavior differs from that on the NYSE in several key aspects. In each case, the TSX ex-day behavior is consistent with the lack of a limit order adjustment mechanism. Our findings confirm that market microstructure is an important factor that contributes to the observed Canadian ex-day price behavior. Our findings also resolve the puzzle of the relatively small ex-day price drop in Canada. [source] Determinants of Investor Demand for Cross-Listed FirmsFINANCIAL MARKETS, INSTITUTIONS & INSTRUMENTS, Issue 3 2010George Athanassakos G11; G12; G15 By focusing on the decisions of investors to invest in cross-listed stocks, this paper presents new evidence on why we observe striking differences in the percentage of trade in foreign markets for cross-listed stocks. With a large sample of Toronto Stock Exchange (TSX) stocks cross-listed in the U.S. and Canada, we document the effect of investor recognition and risk characteristics on the distribution of trading volume. Firms that are more visible to American investors are traded more heavily in the U.S. At the same time, firms that offer diverse risk characteristics are attractive to Americans. While investors understand the benefits of international diversification, as they are attracted to stocks that are different (e.g., the stock of small firms with few assets in the U.S.), they also seek stocks that provide them with high returns. [source] The Ontario Securities Commission on Accounting and Auditing from the 1960s to 2008,Part 2: The First Four Chief Accountants, 1986,1996,ACCOUNTING PERSPECTIVES, Issue 2 2010STEPHEN A. ZEFF audit; Commission des valeurs mobilières de l'Ontario; information financière; réglementation Abstract This article, Part 2 of a historical review and analysis of the Ontario Securities Commission (OSC), describes the role played by the first four Chief Accountants in the regulation of accounting and auditing from 1986 to 1996. Part 1 dealt with the period from the 1960s to 1985. Part 3 will treat the role played by the fifth Chief Accountant, from 1996 to 2008. As the principal Canadian stock exchange in recent times has been the Toronto Stock Exchange, the OSC has been the most important securities market regulator in Canada. Prior to this article, the academic and professional accounting literature has been largely barren on the OSC's evolving role on accounting and auditing issues. Le rôle de la Commission des valeurs mobilières de l'Ontario en matière de comptabilité et d'audit des années 1960 à 2008 , Partie 2 : Les quatre premiers Chefs comptables, 1986 à 1996 Résumé Dans la deuxième partie de leur revue historique et de leur analyse de la Commission des valeurs mobilières de l'Ontario (CVMO), les auteurs décrivent le rôle joué par les quatre premiers Chefs comptables de la CVMO dans la réglementation de la comptabilité et de l'audit, de 1986 à 1996. La première partie de leur étude portait sur la période s'échelonnant des années 1960 à 1985. La troisième partie portera sur le rôle joué par le cinquième Chef comptable, de 1996 à 2008. La Bourse de Toronto ayant été la principale bourse canadienne au cours des dernières années, la CVMO a aussi été première en importance parmi les autorités de réglementation du marché des valeurs mobilières au Canada. Jusqu'à maintenant, les écrits sur la théorie et la profession comptables étaient demeurés à peu près silencieux sur l'évolution du rôle de la CVMO au chapitre de la comptabilité et de l'audit. [source] The Ontario Securities Commission on Accounting and Auditing from the 1960s to 2008 , Part 1: 1960s to 1985,ACCOUNTING PERSPECTIVES, Issue 1 2010STEPHEN A. ZEFF Audit; Commission des valeurs mobilières de l'Ontario; information financière; réglementation Abstract We present Part 1 of a historical review and analysis of the role played by the Ontario Securities Commission (OSC) in accounting and auditing from the 1960s onwards. Part 1 deals with the period from the 1960s to 1985. Parts 2 and 3 will treat the roles played by the first five Chief Accountants, from 1986 to 2008. As the principal Canadian stock exchange in recent times has been the Toronto Stock Exchange, the OSC has been the most important securities market regulator in Canada. Prior to this article, the academic and professional accounting literature has been largely barren on the OSC's evolving role on accounting and auditing issues. Le rôle de la Commission des valeurs mobilières de l'Ontario en matière de comptabilité et d'audit des années 1960 à 2008 , Partie 1 : Années 1960 à 1985 Résumé Les auteurs présentent la première partie de leur revue historique et de leur analyse du rôle joué par la Commission des valeurs mobilières de l'Ontario (CVMO) en comptabilité et en audit, à compter des années 1960. Cette première partie de leur étude porte sur la période s'échelonnant des années 1960 à 1985. Les deuxième et troisième parties porteront sur les rôles joués par les cinq premiers Chefs comptables, de 1986 à 2008. La Bourse de Toronto ayant été la principale bourse canadienne au cours des dernières années, la CVMO a aussi été première en importance parmi les autorités de réglementation du marché des valeurs mobilières au Canada. Jusqu'à maintenant, les écrits sur la théorie et la profession comptables étaient demeurés à peu près silencieux sur l'évolution du rôle de la CVMO au chapitre de la comptabilité et de l'audit. [source] Sampling Practices of Internal Auditors at Corporations on the Standard & Poor's Toronto Stock Exchange Composite Index,ACCOUNTING PERSPECTIVES, Issue 3 2009Michael Maingot ABSTRACT The purpose of this study is to find out how often statistical and nonstatistical audit sampling practices are used by internal auditors in companies listed on the Standard and Poor's (S&P) Toronto Stock Exchange (TSX) Composite Index and how such practices are related to the training and background of the respondents. We adapted the questionnaire used by Hall, Hunton, and Pierce (2002) in their survey of U.S. auditors in public accounting, industry, and government. Although 20 percent of companies responding do not have an internal audit department, the other 80 percent use statistical methods to plan sample sizes 15 percent (+5 percent) of the time, random sample selection methods 23 percent (+5 percent) of the time, but statistical evaluation methods only 10% (+4%) of the time. Despite the low percentage use, almost half of the respondents reported substantial training in statistical sampling and evaluation methods. Moreover, we found statistically significantly higher proportions of respondents with substantial training in audit sampling methods among companies cross-listed on U.S. exchanges compared with companies listed only on the TSX. Finally, respondents with a chartered accountant designation tend to have a negative impact on the use of statistical methods in audit sampling, and companies cross-listed on U.S. exchanges tend to have larger internal audit departments than companies listed only on the TSX. [source] Canadian Manager Perceptions of the US Exchange Listings: Recent EvidenceJOURNAL OF INTERNATIONAL FINANCIAL MANAGEMENT & ACCOUNTING, Issue 3 2002Carol Olson Houston This study reports recent evidence of Canadian manager perceptions of the benefits and costs of listing in US markets, their attitudes toward listing in the US market, and their opinions regarding the importance of using alternative reporting and disclosure requirements, such as Canadian GAAP or international standards, in lieu of US GAAP for US listings. Manager perceptions of firms listing in the US ("listers") are compared to those of firms that have not listed in the US ("nonlisters") as well as to listers' perceptions collected prior to the implementation of the Multijurisdictional Disclosure System (MJDS). Our results do not unambiguously support expectations that implementation of the MJDS would result in cost savings for Canadian listers. We find strong similarities in the perceived benefits of listing as previously reported, but in a significantly higher proportion of our post,MJDS sample. Responses from listers and nonlisters reflect differences between the two populations. Listers appeared concerned with US GAAP reconciliations and disclosure requirements while non,listers are more concerned with the overall difficulty of listing, the costs of listing, and US litigation. Most strongly, however, nonlisters perceive it as unnecessary to list in the US market. Contrary to expectations, we find that US accounting disclosure and reporting requirements are not perceived to be barriers to US market entry for Canadian firms, but instead appear to be post,entry irritants. Finally, we also find evidence that perceptions of nonlisters differ between those firms that list on the Vancouver Stock Exchange and those that list on the Toronto Stock exchange. This suggests that future studies may require finer partitions than on a national basis. [source] | ||||||||||||||||||||||