Τμήμα Λογιστικής και Χρηματοοικονομικής

Μόνιμο URI για αυτήν την κοινότηταhttps://pyxida.aueb.gr/handle/123456789/31

Το Τμήμα Λογιστικής και Χρηματοοικονομικής ιδρύθηκε το ακαδημαϊκό έτος 1999-2000. Κύριος σκοπός του Τμήματος είναι η προαγωγή της γνώσης και της έρευνας στα γνωστικά αντικείμενα της Λογιστικής και της Χρηματοοικονομικής, η εξοικείωση των φοιτητών με τα εργαλεία της πληροφορικής για τη διαρκή ενημέρωση και παρακολούθηση των ταχύτατα μεταβαλλόμενων επιστημονικών αυτών πεδίων και η καλλιέργεια της σφαιρικής γνώσης του χώρου της εφαρμοσμένης λογιστικής και χρηματοοικονομικής ανάλυσης τόσο στην ελληνική όσο και στη διεθνή πραγματικότητα. Το Τμήμα προσφέροντας υψηλού επιπέδου σπουδές σε ένα επιστημονικό πεδίο με μεγάλη ζήτηση, έχει δημιουργήσει ένα σύγχρονο και καλά δομημένο Πρόγραμμα Σπουδών, εφάμιλλο των αντίστοιχων προγραμμάτων των καλύτερων πανεπιστημίων του εξωτερικού. Προσαρμοσμένο στην ελληνική πραγματικότητα, το Πρόγραμμα παρέχει άρτια κατάρτιση των φοιτητών σε θέματα σχετικά με τη χρηματοοικονομική λειτουργία, καθώς και την οργάνωση και λειτουργία των λογιστικών και ελεγκτικών υπηρεσιών των επιχειρήσεων του ιδιωτικού και δημόσιου Τομέα. Επιπλέον, οι φοιτητές του Τμήματος αποκτούν εξειδικευμένες γνώσεις σχετικές με τη λειτουργία των διαφόρων Πιστωτικών Ιδρυμάτων, καθώς και των Αγορών Χρήματος και Κεφαλαίου. Οι πτυχιούχοι του Τμήματος είναι ιδιαίτερα κατάλληλοι για τη στελέχωση των οικονομικών υπηρεσιών και των λογιστηρίων επιχειρήσεων του ιδιωτικού και του δημόσιου τομέα. URL: http://www.loxri.aueb.gr

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Τώρα δείχνει 1 - 5 από 5

Earnings management determinants: the role of macroeconomic effects and economic crises
(2022) Mitrakos, Dimitrios; Μητράκος, Δημήτριος; Athens University of Economics and Business, Department of Accounting and Finance; Siougle, Georgia; Doukakis, Leonidas; Demirakos, Efthymios
The topic of this dissertation is the determinants of earnings management and especially the role of macroeconomic factors and economic crises. More particularly, it will be investigated whether earnings management is affected, given firm-specific factors according to the relevant literature and prior empirical evidence, from several macroeconomic evolutions. Several past studies have provided evidence that in bad economic times, based either on financial crises and /or on economic cycles, earnings management practices are either decreased or increased, under two contrary theories.
The effects of M&As on acquirer's pre and post company performance
(25-02-2022) Antonopoulos, Nikolaos; Αντωνόπουλος, Νικόλαος; Athens University of Economics and Business, Department of Accounting and Finance; Siougle, Georgia; Demirakos, Efthymios; Spyrou, Spyros
Mergers and acquisitions (M&As) are a global business strategy allowing organizations to enter new potential markets or new business sectors. M&As can have a significant effect on the performance of both the participating companies. In this work, we focus on full acquisitions, and we study how the acquisition affects the performance of the acquiror company. We constraint our study to the sector of Oil &Gas and in the geographical region of North America (i.e., USA, Canada). Towards that goal, we investigated the acquirors’ performance utilizing a number of financial indices such as return on assets (ROA), return on equity (ROE), earnings per share,net profit margin, etc. We employed statistical analysis methods (i.e., test hypothesis) and regression techniques to assess the impact of these indices on the companies’ performance. Through our analysis, we found that both ROA and ROE increased, on average, after the acquisition took place, thus supporting the hypothesis that acquisition have a positive impact on the companies’ performance.Our results are in line with existing research on the subject. The thesis concludes with a discussion of advantages and potential limitations of our findings.
Financial press coverage of sell-side equity research reports
(2021) Aretopoulou, Dimitra; Αρετοπούλου, Δήμητρα; Athens University of Economics and Business, Department of Accounting and Finance; Ballas, Apostolos; Karampinis, Nikolaos; Demirakos, Efthymios
The main purpose of this paper is to demonstrate the significance of content analysis as a new approach which should be integrated in the decision-making process and investment analysis, in parallel with the financial measures and accounting metrics that are presented on sell-side equity research reports. This paper constitutes a nouvelle survey which examines how the financial press covers the results of equity reports and provides substantial contribution to subordinate studies in the content analysis field. After we read thoroughly and extensively more than 40.000 words, we collected all the important keywords involved in a sample of 277 summary reports that had been published on “Barron’s” magazine for the year 2020 and we created manually a unique database. It is worth mentioning that although Barron’s magazine includes a wide variety of major publications, there are few studies which make reference to it. Concerning to the creation of our database, we implemented content analysis on the summary of sell-side equity research reports in order to find out if evidence provided on their texts are correlated with analysts’ forecasts or whether there are words/themes that are mostly mentioned by analysts. Indeed, considering some descriptive statistics, interesting results arose from our research.
The valuation practices of sell-side financial analysts and the usefulness of accounting information for the issuance of stock price recommendations and the derivation of target prices in equity research reports
(04/14/2022) Chlomou, Grigoria; Χλωμού, Γρηγορία; Athens University of Economics and Business, Department of Accounting and Finance; Ballas, Apostolos; Papadaki, Afroditi; Siougle, Georgia; Doukakis, Leonidas; Xevas, Dimosthenis; Tzovas, Christos; Demirakos, Efthymios
The primary research objectives of my Ph.D. thesis are: i) to explore the valuation practices of sell-side equity research analysts; and ii) to examine the usefulness of accounting information for the implementation of valuation models, derivation of target prices, and issuance of stock recommendations. My Ph.D. thesis comprises the following three main parts: i) the first part examines the Sum-of-the-Parts (SOTP) valuation framework and the usefulness of IFRS 8 in identifying the operating segments within a SOTP-based valuation exercise; ii) the second part examines the valuation properties and the implementation issues of HSBC’s Rating-to Economic-Profit (REP) as well as its ability to justify financial analysts’ target prices; and iii) the last part examines the valuation methods that financial analysts use to value firms with a going-concern audit opinion and the impact of Covid-19 on the ongoing operations of the firms. Chapter I investigates how financial analysts implement the Sum-of-the-Parts (SOTP) valuation framework. Although SOTP constitutes a popular valuation approach among sophisticated practitioners and investors, it is mostly ignored by researchers and academics. We adopt a structured content analysis of 265 equity research reports written by 33 investment brokerage houses for 140 UK-based firms. We find that analysts typically use EBITDA multiples to implement SOTP. Furthermore, financial analysts are more likely to consider SOTP the dominant or preferred valuation model in their report. We show that managers disclose a greater quantity of segmental information if their firms are considered difficult to analyze and value by investors and creditors, decreasing in this way the information asymmetry with their capital providers. In specific circumstances, we document that financial analysts identify more segments in their SOTP analysis compared to the reportable segments in the firms’ annual reports based on IFRS 8. We argue that the financial analysts’ choice to employ a greater number of segments in their SOTP models might be primarily driven by their effort to support their reports’ optimistic target prices. Finally, although SOTP seems theoretically ideal to estimate the value of a multi-segment firm, we do not find empirical evidence to support the hypothesis that SOTP significantly outperforms a full-blown Discounted Cash Flow (DCF) model, when the latter is used separately to value the company as a whole. The primary objectives of Chapter II are to critically analyze and extend a fundamentals-based investment criterion (HSBC’s Rating to Economic Profit, REP) and to examine its ability to justify analysts’ target prices. This study justifies the use of REP as an investment appraisal technique, provides significant extensions of the basic formula, and discusses implementation issues. It also conducts a content analysis of selected analysts’ reports, which may serve as insightful cases facilitating the work of valuation educators and practitioners. We provide some descriptive evidence of the usefulness of accrual accounting numbers over dividends for valuation purposes. We also demonstrate that analysts may use REP to justify their target prices and explain concurrent stock market valuations. Finally, we offer estimates of the implied growth rates and the implied cost of equity by reverse-engineering the alternative formulas of REP. To the best of our knowledge, this is the first academic study that offers a comprehensive analysis of REP. Chapter III focus on UK-listed firms with a going-concern audit opinion to identify the valuation methods that financial analysts use to value distressed companies. The argument that financially distressed firms are difficult to value motivates our work and highlights the importance of our findings and the implications of our study. In this context, we also examine the effects of contemporary macroeconomic environment, Covid-19 pandemic, and accounting issues on firms’ liquidity and solvency as depicted in their expanded audit reports. The Covid-19 pandemic has put a significant number of firms, especially in the Travel & Leisure sector, under pressure potentially affecting the auditors’ decision to raise a going-concern flag. To accomplish our research objectives, we analyze the content of equity research reports for this sample of financially distressed firms to find the most popular valuation methodologies that financial analysts adopt to base their target prices and stock recommendations. Moreover, we investigate the extent of financial analysts’ optimism in firms that are considered distressed. Hence, our research sheds light on both auditors’ and financial analysts’ frameworks of analysis.Finally, Chapter IV offers a synopsis of the main findings of the Ph.D. thesis and highlights the contribution of this study to the field of market-based accounting research and its implications for valuation practitioners.
What are the issues that concern auditors in the shipping sector? Evidence from the critical audit matters
(01/15/2022) Σταματελόπουλος, Χρίστος; Καρακλής, Ευάγγελος; Stamatelopoulos, Christos; Karaklis, Evangelos; Athens University of Economics and Business, Department of Accounting and Finance; Kavussanos, Emmanuel G.; Rompolis, Leonidas; Demirakos, Efthymios
The primary research purpose of the current study is to examine the main issues that concern auditors, when conducting audit engagements of publicly traded shipping companies. We use a sample of all the listed maritime firms on the NYSE and NASDAQ stock exchanges and conduct a thorough and comprehensive content analysis of the Critical Audit Matters (CAMs) section of the auditor’s report for the fiscal year 2020. We find that auditors are primarily focusing on issues related to the impairment testing of non-current tangible assets. Following this rationale, we demonstrate that the impairment of vessels is considered a CAM in 88% of all our sample firms that operate in the major commercial shipping segments. We also provide interesting descriptive evidence on the frequency of keywords related to accounting, market and audit issues that appear in the discussions of the impairment-related CAMs. Given the fact that the requirement of AS 3101 on CAMs has become effective recently, we believe that the current study’s empirical results constitute a substantial contribution to this emerging academic literature. To the best of our knowledge, this is the first study that examines the information content of CAMs in the global shipping industry.

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Πλοήγηση Τμήμα Λογιστικής και Χρηματοοικονομικής ανά Επιβλέπων "Demirakos, Efthymios"