No abstract

This paper highlights the importance of treasury management in a corporate world. Treasury management is a dynamic phenomenon, and treasurers need to update treasury activities accordingly. This paper aims to provide a future roadmap for treasury management. In the near future, the most important aspects of treasury management will be new financial regulations, developments in information technology, and global approaches toward whole business operations. In this regard, the concept of business intelligence has become a need of the highest importance for every CFO. Treasury management needs to put aside the traditional practice of setting financial targets for one year and think of medium-term treasury planning as a source of significant motivation. Treasury management is a dynamic profession that evolves continuously, seeks maximum effectiveness, and aims for the highest productivity and simplification of all treasury activities.

The purpose of this study is to investigate the relative, incremental and the systematic changes in value relevance of the accounting information. This study also attempts to investigate the effect of earnings management on the value relevance of accounting information. It basically uses Ohlson’s (1995) valuation model to test the conceptual framework. The findings of this paper reveal that book value is more value relevant and incremental followed by earnings and, then, cash flow. Cash flow, however, performs a lesser valuation role. The results also show that combined book value and earnings are more value relevant than combined book value and cash flow. As a third contribution, the paper also finds that the value relevance of some accounting variables has increased over time, while others showed no evidence of their inclined or declined patterns in the value relevance of accounting information. Finally, the paper finds that earnings management has no effect on the value relevance of accounting information. Further analyses suggest that earnings management is opportunistic in the short run, but efficient in the long run, when firms are small or have high asset turnover

Abstract. The objective of this paper is to find short term momentum effect in stock markets of the Middle East and to examine whether short term momentum profits can be explained by risk based CAPM model. Seven major stock markets from the Middle East were selected. Short term momentum effect was found in all seven stock markets and CAPM does not adequately explain the short term momentum profits but momentum portfolio returns are statistically significant. This paper is first attempt to bring major stock markets of the Middle East together and examine them for the short term momentum effect phenomenon. Future research should include more stock markets in order to have a better understanding of Middle Eastern stock markets.