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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.
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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