Transnational Equity Analysis

- Acknowledgements

1 Introduction
1.1 Aims and scope of the book
1.2 Outline of the book
1.3 References

2 The Internationalisation of Equity Markets and Growth in Institutional Investment
2.1 Introduction
2.2 The growth in trade of foreign securities
2.3 Determinants of the internationalization of equity markets
2.4 The growth in institutional investment
2.5 Summary
2.6 References

3 International Accounting Diversity and the Harmonisation of International Accounting
3.1 Introduction
3.2 Causes of international accounting differences
3.3 The effects of international accounting diversity on reported figures
3.4 The effects of international accounting differences on stock markets
3.5 The international harmonisation of accounting
3.6 Summary
3.7 References

4 Equity Analysis Techniques: Theory and Evidence
4.1 Introduction
4.2 The theory of equity valuation
4.3 Equity analysis techniques used by analysts and fund managers
4.4 The Efficient Markets Hypothesis and equity analysis techniques
4.5 Existing empirical evidence on transnational equity analysis
4.6 Summary
4.7 References

5 Information Sources Used in Equity Analysis
5.1 Introduction
5.2 The usefulness of annual reports and accounting information
5.3 Direct company contact as an information source
5.4 International evidence on information sources used in domestic equity analysis
5.5 Existing empirical evidence on transnational information sources
5.6 Summary
5.7 References

6 Methodology
6.1 Introduction
6.2 Data collection
6.3 Analysis of the data
6.4 Summary
6.5 References

7 Transnational Equity Appraisal Techniques
7.1 Introduction
7.2 Background of respondents
7.3 Equity analysis techniques used
7.4 Comparison of domestic and transnational analysis techniques
7.5 Differences between transnational analysts and fund managers
7.6 Transnational analysis techniques: a focus on fundamental analysis
7.7 Discussion and conclusions
7.8 References

8

DR MARK CLATWORTHY is a lecturer in accounting and finance at Cardiff Business School, Cardiff University. His research interests are financial reporting and the use of accounting information by capital markets. He has taught international finance and financial accounting at advanced undergraduate and postgraduate levels.