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Accounting and Finance
Members
Main topics The field of accountancy:

• Financial accounting: external reporting, international accounting, investor communication, imitation behaviour of companies, environmental reporting, narrative reporting, internet reporting, transition to IFRS and influence on reported financial position, quality of financial reporting;
• Management accounting and control: short term cost assignment systems, long term cost behavior analysis, planning and control;
• Audit: audit quality, auditor independence & expertise, public oversight, assurance services, assurance on sustainability & environmental reporting;
• Management information systems: implementation of accounting information systems, evolutions in the field of XBRL, influence of implementation of ERP-systems;
• Earnings management: profit control mechanisms, factors influencing profit control, IFRS earnings management vs. national accounting standards.


The field of finance:

• Financial management: evolution of the role of the CFO, financing policy of Belgian public companies, the use of financial techniques in capital budgeting, value-based management and creation of shareholders value, financial risk management;
• Financial economics: the functioning of financial markets, stock and bond returns, optimal portfolio selection, investment evaluation, reversion of extreme price drops in financial markets, statistical modelling of stock prices, credit default swap evaluation;
• Banking and insurance: profitability of banks, reporting assessment in the field of risk policy, the role of Belgian mixed banks;
• Personal finance: personal wealth risk, comparison of the right of usufruct and the right of building.


The field of accounting & finance:

• Corporate governance, accounting and finance in business groups and MNO''''s;
• SME-management: the use of financial bootstrapping techniques, management accounting and control systems for SME''''s;
• Family businesses: financial management, succession in family firms
• Tax-management: transfer pricing, fiscal rulings, international tax systems


The field of insurance:

• Stochastic models in financial and actuarial mathematics
• Distributions of financial and actuarial quantities with stochastic interest rates: analytical calculations and approximation methods in the case of incomplete information
• Dependent risks: dependence measures and copula modeling
Website http://www.ua.ac.be/main.aspx?c=*ACF&n=20934
Projects Show the projects of this research team
  • Estimating a real term structure (ERTS).  01/04/2013 - 15/10/2013
    AbstractThe objective of the project is to develop an estimation method voor the real term structure
    • to obtain an estimate of the zero-coupon real interest rates
    • build a real yield curve across the maturity spectrum
    • to compare it with the nominal term structure and derive the inflation compensation -
    often defined as the break-even inflation rate - requested by market participants to hold index-linked bonds, a proxy of their expectations of inflation.
    • this estimation procedure should be easy to update (on a monthly basis as a minimum)
    Duration01/04/2013 - 15/10/2013
    Researcher(s)
    Research Team(s)
  • Intra-industry benchmarking of discretionary disclosure content in corporate reporting.  01/01/2012 - 31/12/2015
    AbstractWe investigate intra-industry imitation in discretionary financial disclosure and management commentary. Imitation of discretionary reporting content and related reporting choices may be conceived as a rational response to discretion and related ambiguity in order to meet explicit and implicit industry norms. This issue is crucial in the current debate on a principles-based versus rules-based approach in the reporting standard-setting process. Neo-institutional theory suggests that more ambiguous reporting properties can be affected by mimetic, cognitive and normative pressures to conform to institutional templates of appropriate behavior. Benchmarking of reporting features on those of other firms within the industry is a basic mechanism underlying imitation. Mimetic and cognitive imitation will be more prominent in reporting issues characterized by uncertainty about instrumentality (means-ends relationships) or about consequences of reporting choices, whereas for other issues normative pressures (e.g., through auditors and external stakeholders) will prevail. We will address the following research questions: (1) What is the extent of intra-industry benchmarking in specific discretionary reporting choices and which imitation mechanisms drive reporting conformity, (2) What is the impact of professional intermediaries on imitation-driven reporting, (3) Which firm-specific factors affect the extent of benchmarked reporting, and (4) Whether and to what extent self-serving consequences of industrybased imitation in external reporting can be observed.
    Duration01/01/2012 - 31/12/2015
    Researcher(s)
    Research Team(s)
  • The relation between entrepreneurial orientation and the performance of family firms taking into account the moderating role of family involvement and the mediating role of family essence.  01/01/2012 - 31/12/2014
    AbstractThe research objective of this project is to examine the variables which influence the performance of family firms. Using data from a written survey as well as financial data from published financial statements different relationships between variables will be studied. The research results will provide additional insights into the heterogeneity within family firms and into the intention to transfer the company to the next generation.
    Duration01/01/2012 - 31/12/2014
    Researcher(s)
    Research Team(s)
  • Setting up and customizing a database on historical financial data of French fairs since the 18th century.  01/10/2011 - 31/12/2011
    AbstractThis project represents a formal research agreement between UA and on the other hand l''Ecole d''Economie de Paris. UA provides l''Ecole d''Economie de Paris research results mentioned in the title of the project under the conditions as stipulated in this contract.
    Duration01/10/2011 - 31/12/2011
    Researcher(s)
    Research Team(s)
  • Research by the "Studiecentrum voor Onderneming en Beurs" in the field of accounting.  06/07/2011 - 31/12/2011
    AbstractThis project represents a formal research agreement between UA and on the other hand a private institution. UA provides the private institution research results mentioned in the title of the project under the conditions as stipulated in this contract.
    Duration06/07/2011 - 31/12/2011
    Researcher(s)
    Research Team(s)
  • KBC-Scientific Chair in Risk Management.  19/01/2011 - 31/12/2014
    AbstractThis project represents research between the UA and a private institution. UA provides the private institution the research results named in the title of the project.
    Duration19/01/2011 - 31/12/2014
    Researcher(s)
    Research Team(s)
  • Stochastic modeling with applications in financial markets.  01/01/2011 - 31/12/2015
    AbstractThis is a fundamental research project financed by the Research Foundation - Flanders (FWO). The project was subsidized after selection by the FWO-expert panel.
    Duration01/01/2011 - 31/12/2015
    Researcher(s)
    Research Team(s)
  • Investment Returns in the Long Run: Evidence from Belgium 1838-2010.  01/01/2011 - 31/12/2013
    AbstractWe investigate long run investment returns for stocks, government bonds and cash. Our analysis is based on a (worldwide) unique database which covers all securities ever listed on the Brussels Exchange / Euronext Brussels in the period 1838-2010. We construct new, value weighted return indices for government bonds and analyze the equity risk premium and term premium.
    Duration01/01/2011 - 31/12/2013
    Researcher(s)
    Research Team(s)
  • Investment returns and risk premia for Belgian corporate bonds (1832-2010)  01/01/2011 - 31/12/2012
    AbstractThe Brussels stock exchange was one of the top ten most important stock exchanges in the world in the 19th and early 20th centuries. Companies from all sectors (railways, coal mines, zinc companies, metal, glass, banks, electricity companies etc.) were listed on it. Moreover, the Brussels Stock Exchange was very internationally oriented before the First World War with many shares, government bonds and corporate bonds from goverments and companies all over the world (or Belgian companies operating abroad).
    We examine the returns of all the Brussels Stock Exchange listed Belgian corporate bonds for the period 1832-2010 using quotes, numbers and all the characteristics of these corporate bonds (interest, valuation, the duration, the issuing price, the IPO price on the stock exchange, additional conditions (call / put), and reimbursement conditions (amount, repayment facilities). At the same time we calculate the risk premium and compare it to the equity premium. Our sample includes 1270 corporate bonds.

    Because we have such a unique and very long time series it will allow us to make valid econometric conclusions (given the volatility).

    This research is important both for investors and companies. Investors have many opportunities for investments. A wide range of alternatives is available with perhaps the most famous among them investments in equities, government bonds or holding cash. In the international literature, these three are traditionally the subject of many inquiries. But there is another investment opportunity, viz. corporate bonds. Our research will inform investors exactly on the difference between such investments. The question can also be viewed from a different perspective, particularly from the financial policy of a company. Is it without importance for a company to finance her activities with share capital or bonds or is one of them more attractive? This seems to be an important question for financial management. Lacking international studies, our research can help in providing a detailed account on the risk premium.
    Duration01/01/2011 - 31/12/2012
    Researcher(s)
    Research Team(s)
  • The impact of presentational qualities of corporate narrative disclosure on risks and performances on the properties of financial analyst behavior in an international setting.  01/10/2010 - 30/09/2014
    AbstractThe research will assess how companies model the presentational qualities of narrative disclosure in their annual reports and how such disclosures affect and are affected by financial analyst behavior. Narratives are portrayed as an integrated component of a company''s investor relations program and as interdependent (as complement or substitute) with other reporting modes. Institutionalization effects will be studied by comparing disclosure behaviour of continental-European, Asian and Anglo-Saxon companies.
    Duration01/10/2010 - 30/09/2014
    Researcher(s)
    Research Team(s)
  • Presentational qualities of corporate narrative disclosures and financial analyst behavior in an international setting.  01/09/2010 - 30/06/2013
    AbstractThe research will assess how companies model the presentational qualities of accounting narratives and related narrative impression management tactics in an IPO prospectus an how this in economic consequences (short-term IPO valuation).
    Duration01/09/2010 - 30/06/2013
    Researcher(s)
    Research Team(s)
  • Tunneling and private investments in public equity in China.  20/08/2010 - 19/06/2011
    AbstractThis project represents a formal research agreement between UA and on the other hand EU. UA provides EU research results mentioned in the title of the project under the conditions as stipulated in this contract.
    Duration20/08/2010 - 19/06/2011
    Researcher(s)
    Research Team(s)
  • Annual questionnaire of Belgian enterprises dealing with financing of small and medium-sized enterprises.  04/06/2010 - 03/06/2013
    AbstractThis project represents a formal research agreement between UA and on the other hand KeFiK. UA provides KeFiK research results mentioned in the title of the project under the conditions as stipulated in this contract.
    Duration04/06/2010 - 03/06/2013
    Researcher(s)
    Research Team(s)
  • Qualitative analysis of the management commentary disclosure process  01/01/2010 - 31/12/2011
    AbstractThe aim of the project is to identify key factors which affect the preparation of management discussion and analysis reports. We investigate how firms'' institutional setting and capital market context affect managers'' ability to provide informative disclosures.We use a qualitative approach and investigate differences in institutional setting using an international sample.
    Duration01/01/2010 - 31/12/2011
    Researcher(s)
    Research Team(s)
  • Effective Governance in private organisations: the influence of multiple stakeholders' incentives on organizational outcome and the mediating role of governance.  01/10/2009 - 30/09/2013
    AbstractThe aim of this research project is to study governance practices from a holistic perspective, in contrast to the piecemeal approach of the extant literature and to develop a contingency model of governance. Taking into account that universal remedies are counterproductive (Ostrom, 2007), we develop a contingency perspective that diagnoses the specific conditions needed to make specific governance practices contribute to organizational outcome (e.g. success or failure measured by multi-attributes). The specific conditions relate to actor characteristics (owners, directors, managers and employees), to the institutional environment, to the organizational form and to other intervening variables (e.g. life cycle of the company, industry antecedents, etcetera). Besides the development of the contingency model for governance, individual research themes in the individual workpackages will be addressed too. (e.g. changes in governance practices over the life cycle of an organization, the introduction of family heterogeneity in family governance research, the impact of works council''s demographic variables on organizational outcome).
    Duration01/10/2009 - 30/09/2013
    Researcher(s)
    Research Team(s)
  • The 'value' of bank relationships during a financial crisis: Evidence from Belgium in the 1930s.  01/02/2009 - 31/12/2010
    AbstractWe investigate the impact of bank affiliations on the performance of Belgian listed companies in the first half of the 1930s. This period was characterized by a large economic crisis and major problems in the financial sector which led to profound institutional reforms. We consider different dimensions of company performance.
    Duration01/02/2009 - 31/12/2010
    Researcher(s)
    Research Team(s)
  • Institutional conformity in financial reporting.  01/01/2009 - 31/12/2011
    AbstractThe study will identify and analyze institutional conformity in properties of corporate financial reporting characterized by normative ambiguity, such as risk reporting, MD&A and cost allocation decisions. Reporting conformity is theorized as institutional imitation behaviour driven by social, cognitive and competitive forces. The study will integrate the role and functioning of external auditors in reporting conformity.²
    Duration01/01/2009 - 31/12/2011
    Researcher(s)
    Research Team(s)
  • Effective Governance in private organizations: the influence of multiple stakeholders' incentives on organizational success and the mediating role of governance.  01/10/2008 - 30/09/2009
    AbstractNo abstract found
    Duration01/10/2008 - 30/09/2009
    Researcher(s)
    Research Team(s)
  • Study regarding macroprudential analysis.  15/04/2008 - 14/10/2008
    AbstractThis project studies CDS spreads of internationally active credit institutions. It investigates their determinants and how they can be used as input to the prudential authorities.
    Duration15/04/2008 - 14/10/2008
    Researcher(s)
    Research Team(s)
  • Financing of start-ups in Flanders: determinants of the start-up capital and the use of bootstrap financing.  01/01/2008 - 31/12/2009
    AbstractNew start-ups lack prior history or lack reputation and are associated with a high failure risk. Nevertheless, a future entrepeneur needs to find a sufficient amout of capital in order to be able to start a new venture. The aim of this study is to identify the determinants of both the initial start-up capital as well as the use of bootstrap financing in newly founded ventures. Moreover, this study will investigate the impact of bootstrap financing on the new venture''s performance.
    Duration01/01/2008 - 31/12/2009
    Researcher(s)
    Research Team(s)
  • Media legitimacy, news exposure and corporate environmental communication.  01/01/2008 - 31/12/2009
    AbstractWe explore the association between environmental media legitimacy and the quality of corporate environmental communication efforts. Using a media measure of legitimacy, we study the interrelationships among (1) environmental legitimacy, (2) environmental news exposure, and (3) corporate environmental communication. In addition, we explore the substitutional versus complementary role of different corporate environmental communication channels.
    Duration01/01/2008 - 31/12/2009
    Researcher(s)
    Research Team(s)
  • Business groups, political connections and institutions: a long-term analysis.  01/01/2007 - 31/12/2010
    AbstractThis project takes a long-term perspective on the role of business groups. Using a unique database of Belgium listed companies over the 19th and 20th century, and taking into account the evolution of institutions, we study how business groups affect company performance, and how business groups use political connections to pursue the interests of their owners.
    Duration01/01/2007 - 31/12/2010
    Researcher(s)
    Research Team(s)
  • Long-term return predictability: robustness tests and impact of institutional developments.  01/01/2007 - 31/12/2010
    AbstractNo abstract found
    Duration01/01/2007 - 31/12/2010
    Researcher(s)
    Research Team(s)
  • Impact of the regulatory and endorsement system on content and consequences of selfpresentational behavior in management commentary of annual reports.  01/01/2007 - 31/12/2009
    AbstractThis research investigates the impact of characteristics of the regulatory and endorsement system regarding narrative disclosures on form, content and effect of explanatory behavior in the annual management commentary. Contrasting different institutional environments (US, Australia, Canada, Europe), we will assess the relative impact of differences in regulatory regime on the content and value relevance of argumentation patterns and self-presentational narrative content.
    Duration01/01/2007 - 31/12/2009
    Researcher(s)
    Research Team(s)
  • The business transfer within family firms and the impact on the financial structure.  01/01/2007 - 31/12/2008
    AbstractThe transfer of a business can be considered as one of most important and most difficult phases in the life cycle of a company. Particularly the financing of the entire operation often leads to considerable problems. Current research aims at increasing our knowledge of this field by studying the use of different financing techniques in transferring a business. In that way the impact of a business transfer on the financial structure and the future growth of the company can be studied.
    Duration01/01/2007 - 31/12/2008
    Researcher(s)
    Research Team(s)
  • Risk management and pricing with incomplete information about the underlying distributions.  01/10/2010 - 31/12/2010
    AbstractA key problem in the financial and actuarial research is the choice of models, so as to avoid syste¬matic biases in prices et al. An alternative consists of fixing only a number of parameters instead of a complete distribution, resulting in bounds instead of unique results. The aim of this project is to develop this research theme into three directions: a direct application to new research questions, extensions to more complex situations, and testing in combination with sensitivity analysis by means of simulations.
    Duration01/10/2010 - 31/12/2010
    Researcher(s)
    Research Team(s)
  • Processing of the KeFiK-survey SME-financing.  08/06/2006 - 27/10/2008
    AbstractNo abstract found
    Duration08/06/2006 - 27/10/2008
    Researcher(s)
    Research Team(s)
  • Narrative communication on venture risks and performances in the field of sound governing.  01/03/2006 - 31/12/2007
    AbstractThe research project aims at exploring the role and effectiveness of corporate narrative reporting on risks and performances within a corporate governance framework. The interaction of narrative disclosure patterns and corporate governance processes is analysed as contingent on stakeholder management concerns and institutional forces. Institutionalisation effects are studied within an international setting
    Duration01/03/2006 - 31/12/2007
    Researcher(s)
    Research Team(s)
  • Taxes and income shifting in multinational corporations.  01/03/2006 - 31/12/2007
    AbstractIn this project we investigate to what extent and how multinational corporations (MNCs) shift income between subsidiaries in different countries, in order to minimize global tax payments. For a sample of European, Japanese and US MNCs, we examine how tax differences between parent country and host country affect income reporting and financing- and dividend policies.
    Duration01/03/2006 - 31/12/2007
    Researcher(s)
    Research Team(s)
  • Study into irregularities in the accounting systems of the Sabena Group and the SWISSAIR/SAIRgroup.  18/01/2006 - 30/09/2009
    AbstractNo abstract found
    Duration18/01/2006 - 30/09/2009
    Researcher(s)
    Research Team(s)
  • Quality of financial reporting within the EU : impact of accounting standards, audit quality, corporate governance and regulation.  01/01/2006 - 31/12/2009
    AbstractConsistent with the title of the research proposal, the objectives of the research are to study the impact on quality of financial reproting within the EU of the new EU regulations on :
    (a) accounting standards;
    (b) corporate governance;
    (c) audit quality.
    Duration01/01/2006 - 31/12/2009
    Researcher(s)
    Research Team(s)
  • Budgetary impact of the granting of an interest for companies that suffer the accessibility disturbed as a result of interference by public works  29/06/2005 - 15/03/2006
    AbstractNo abstract found
    Duration29/06/2005 - 15/03/2006
    Researcher(s)
    Research Team(s)
  • Transparency in performance disclosure as a corporate governance mechanism. Strategic dynamics and institutional pressures.  01/10/2004 - 31/12/2005
    AbstractThe research project focuses on the interaction of performance disclosure transparency and other corporate governance mechanisms (stock options, board committees, independent review, etc.) within the setting of strategic management of trust relationships with external shareholders. Three lines of inquiry are followed: qualifying the relative impact of performance disclosure transparency as a corporate governance mechanism, transparency as a stakeholders relations management tool and transparency as an institutionalized process. Institutionalisation effects are studied within an international setting.
    Duration01/10/2004 - 31/12/2005
    Researcher(s)
    Research Team(s)
  • No title found  01/06/2004 - 30/10/2004
    AbstractNo abstract found
    Duration01/06/2004 - 30/10/2004
    Researcher(s)
    Research Team(s)
  • Causes and Consequences of Interlocking Directorships and Seat Accumulation in Belgian Companies.  01/01/2004 - 31/12/2007
    AbstractIn this research project we investigate the causes and consequences of interlocking directorships and seat accumulation in Belgian companies. First, we investigate the determinants of interlocking directorships. Second, we investigate how interlocking directorships on firm value. To what extent do interlocking directorships destroy or create value? We analyze the impact on both stock market value and accounting profitability, taking into account other firm characteristics. In a first part of the study, we investigate interlocking directorships of listed Belgian companies in the period 1893-1935.
    Duration01/01/2004 - 31/12/2007
    Researcher(s)
    Research Team(s)
  • No title found  01/12/2003 - 31/01/2004
    AbstractNo abstract found
    Duration01/12/2003 - 31/01/2004
    Researcher(s)
    Research Team(s)
  • A study of the financial reporting quality of the financial reporting system of Sabena and The Sairgroup.  01/10/2003 - 28/02/2006
    AbstractNo abstract found
    Duration01/10/2003 - 28/02/2006
    Researcher(s)
    Research Team(s)
  • Earnings Management Induced by Cognitive Reference Points. An International Perspective.  01/10/2003 - 30/04/2005
    AbstractThe current study attempts to examine earnings management induced by cognitive reference points. The international sample is composed of a large set of both listed and private companies. The study aims at, among other things, determining whether investors are really misled by this type of earnings management and whether independent audits are able to restrict these practices.
    Duration01/10/2003 - 30/04/2005
    Researcher(s)
    Research Team(s)
  • Interlocking directorships and seat accumulation in Belgian companies.  01/10/2003 - 31/12/2005
    AbstractIn this project research is done into the causes and consequences of interlocking directorships and seat accumulation in Belgian companies during the 20th century. First, I will investigate the determinants of interlocking directorships. Second, I will analyse the impact of interlocking directorships on firm value. To what extent do interlocking directorships destroy or create value. I investigate the impact on both stock market value and accounting profitability, taking into account other firm characteristics. The empirical analysis will be based on appropriate and up-to-date econometric techniques.
    Duration01/10/2003 - 31/12/2005
    Researcher(s)
    Research Team(s)
  • Econopic aspects of transfer pricing in an international context.  01/10/2003 - 30/09/2004
    AbstractUsing case study research, M. Cools focuses on transfer pricing practices of multinational companies. The global research question is whether regulatory pricing changes influence managerial decision making. The emphasis is on the influence of international transfer pricing regulations on performance measurement and evaluation within large multinational companies. Other relevant considerations are taken into account, such as the reaction of multinationals to the documentation requirements, the need for comparables and functional analyses, transfer pricing audits as well as heavy penalties.
    Duration01/10/2003 - 30/09/2004
    Researcher(s)
      Research Team(s)
    • No title found  01/10/2003 - 30/09/2004
      AbstractNo abstract found
      Duration01/10/2003 - 30/09/2004
      Researcher(s)
      Research Team(s)
    • No title found  01/10/2003 - 30/09/2004
      AbstractNo abstract found
      Duration01/10/2003 - 30/09/2004
      Researcher(s)
      Research Team(s)
    • The financing policies of belgian listed companies: a long term perspective.  01/10/2003 - 31/12/2005
      AbstractWhat determines the financing and dividend policies of firms? To what extent do these policies affect firm value? Over de past decaded, these research questions have been studied intensively. Studies so far, howevr, have largely analyzed corporate financing and dividend policies over very short time periods, and in a single country context, mainly focussing on the United States.
      Duration01/10/2003 - 31/12/2005
      Researcher(s)
      Research Team(s)
    Expertise Show the team expertise
     
    Inhoudsverantwoordelijke(n): eCampus