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Notice: The discussion topics for the Next Session (Friday, September 18, 2015).1. Financial Statement Analysis and Prediction of Future Returns 2. Cash Accounting versus Accrual Accounting: Reconciling Earnings, Dividends and Free Cash Flows Resource Person: Dr. Mizanur Rahman



 
 


Notifications


Date:
August 26, 2015
International Symposium on Accounting, Auditing and Governance in Asia.


Date:
August 12, 2015
Seminar on Non-Fundamentals and Stock Market: New Evidence


Date:
August 9, 2015
Notice:
Please note that next Saturday, August 15, 2015, is a public holiday and we will hold no training session on the date. Section-B participants are therefore requested to join Section-A and attend our Friday Session on August 14, 2015. Venue would be the Faculty Meeting Room.


Date:
August 8, 2015
Section-B List of Participants
in the Training Program on Capital Market Research (Saturday, 09:00-12:00);
Venue: Faculty Meeting Room (in front of Dean Office, FBS).
Date:
August 8, 2015
Section-A List of Participants
in the Training Program on Capital Market Research (Friday, 09:00-12:00);
Venue: Computer Lab (Room#7004, Level 6); MBA Building, FBS.
Date:
July 9, 2015

List of Selected Candidates for the Training Program on Capital Market Research

Each candidate shall receive an email from the program director with further instructions.


Capasity Building




The First Training Program on Capital Market Research
Department of Accounting & Information Systems (AIS)
University of Dhaka

Organized by:
Accounting for Capital Market Development in Bangladesh (ACMD)
(A Research Project Administered under the Academic Innovation Fund (AIF)
of the University Grants Commission (UGC) of Bangladesh and the World Bank)
Program Period: July 31~October 31, 2015


Background

Accounting for Capital Market Development in Bangladesh (ACMD) is a research project administered under the Academic Innovation Fund (AIF) of the University Grants Commission (UGC) of Bangladesh and the World Bank. ACMD has planned a training program on Capital Market Research in the University of Dhaka. The program will feature theoretical and empirical studies in areas of capital market research. A particular focus will be on capital market relevance of accounting information. A motivation is to present a coherent framework of financial statement analysis useful for fundamental analysis of stocks and securities and for making prudential investment decisions.

Program Description

The planned training program is comprised of a total fourteen (14) modules. Each module will represent a well-defined research problem and combine both concepts and their empirical relevance for investing in securities listed in Bangladesh stock exchanges. The modules will begin with a hierarchical presentation of financial statements data that are useful for investment and credit decisions.  A model for financial statement analysis will be introduced. The model will show how a set of financial ratios embodies a coherent meaning of the key financial statements generally published in corporate annual reports. A discussion will follow as to understand the fundamental determinants of price-to-book (P/B) and price-to-earnings (P/E) multiples for prudential investment decisions. An illustration will be made of interdependency between income statement and cash flow statement and of factors that reconcile accrual earnings with free cash flows (FCF).

A comparative analysis will be made of equity valuation models that are commonly used in the case of initial public offerings (IPOs) and repeat public offerings (RPOs). Practical relevance of the models will be highlighted keeping their technical details in the appendices for advanced participants. Fundamental analysis of stocks requires a special focus on understanding the effects of financial and operating leverages on earnings and free cash flows (FCF) and hence on stock market prices. An evaluation will also be made of dividend policies (stock versus cash) and taxes and their effects on equity valuation. Macroeconomic policies, particularly tax policy of the government and monetary policy of the central bank, have a direct bearing on stock market performance. While changes in corporate and personal taxes directly affect after-tax cash flows to stockholders, changes in monetary policy affect inflation expectation and interest rates and those will in turn influence investment decisions across bonds and stocks. An analytical framework will be presented highlighting interest rate risks and their effects on leverages and stock prices. An applied analysis will be made as to understand capital market relevance of macroeconomic policies. It will be particularly shown how corporate management of banks and NBFIs in times of excess liquidity and cheap money got overexposed to risky assets and ended up with mounting problem assets and falling earnings. Finally, the program will focus on the issue of earnings management in Bangladesh and methodologies that investors generally employ to assess quality of earnings over time.


Program Schedule




Sl. No. Time Topics

1

31 July, 2015

Opening Program
Introduction to the Training Program

2

7 August, 2015

Understanding Financial Statements for Investment Decisions
Resource Person: Dr. Mizanur Rahman, Professor of Accounting & Public Policy, University of Dhaka
Download Link

3

14 August, 2015

Distinguished Lectures:
Non-fundamentals and Stock Market: New Evidence
Resource Person: Dr. Muhammad Moshfique Uddin
Senior Lecturer, Leeds University Business School, UK.
Download Link


4

21 August, 2015

Determinants of P/E and P/B Multiples and their Relevance for Investment Decisions (Deferred)

Distinguished Lectures
1. Corporate Governance and Corporate Social Responsibility Disclosures: Evidence from an Emerging Market Economy
Audit Fees, Auditor Choice and Stakeholder Influence: Evidence from a Family-firm Dominated Economy
Resource Person: Dr. Javed Siddiqui
Associate Professor of Accounting in the Manchester Business School, University of Manchester, UK
Download Link

5

28 August, 2015

International Symposium on "Accounting, Auditing and Governance in Asia"


1. Family Ownership, Corporate Governance and Transparency: Evidences from an Emerging Economy
Dr. Mizanur Rahman, Professor, University of Dhaka
Download Link

2. Development of Accounting Standards in Japan
Dr. Toshifumi Takada, Professor, Tohoku University
Download Link

3. Auditing in Japan
Mr. Masatoshi Sakaki, Senior Partner, Ernst & Young ShinNihon LLC
Download Link

4. Accounting and Auditing in China

Dr. Liang Liang, Tohoku University

Download Link

5. Transparency in Financial Reporting of Central Banks: A Comparative Study
Dr. Jamal Uddin Ahmed, FCA , Director, Emerging Credit Rating Ltd.
Former President, ICAB

6. Intellectual Capital Reporting: Case of an Ethical Bank
Dr. M. Mohobbot Ali, Professor, University of Dhaka
Download Link

7. Social Audit within the Garments Industry of Bangladesh: Does it Work in the Developing Country?
Dr. Yousuf Kamal, Associate Professor, University of Dhaka

8. Protecting Minority Shareholders in Developing Asian Countries by Cooperative Governance
Dr. Mohammad Tareq, Assistant Professor, University of Dhaka
Download Link

6

4 September, 2015

Equity Valuation Models A Comparative Review of Literature
Resource Person: Dr. Mahmuda Akter
Prfoessor, University of Dhaka
Mahmuda, 2015a. Equity Valuation Download Link
Mahmuda, 2015b. Equity Valuation Download Link

7

11 September, 2015

Equity Valuation Models Applications for IPOs and Listed Equities

Resource Person: Dr. Mohammad Musa
Professor of Finance, School of Business
United International University (UIU)
Download Link

8

18 September, 2015

Debt, Taxes, Dividend Policies and their Implications for Stock Prices (Deferred)

1. Financial Statement Analysis and Prediction of Future Returns
2. Cash Accounting versus Accrual Accounting: Reconciling Earnings, Dividends and Free Cash Flows
Resource Person: Dr. Mizanur Rahman
Professor of Accounting & Public Policy
University of Dhaka

9

25 September, 2015


Capital Structure, Interest Rate Risks and their Implications for Firm Value and Yield-on-equity (YOE) (Deferred)

10

2 October, 2015

Fundamental Valuation and Financial Statement Analysis
Resource Person: Dr. Mizanur Rahman
Professor of Accounting & Public Policy
University of Dhaka
Download Link

11

9 October, 2015


Assessing Earnings Quality and the Issue of Earnings Management
(Postponed and Deferred to October 31, 2015)

12

10 October 2015
(Sat, 2:00pm ~ 5:00pm)
(1) Debt, Taxes, Dividend Policies and their Implications for Stock Prices
(ii) Capital Structure, Interest Rate Risks and their Implications for Firm Value and Yield-on-equity (YOE)
Resource Person: Dr. Mizanur Rahman
Professor of Accounting & Public Policy
University of Dhaka.

13

17 October 2015
(Sat, 2:00pm ~ 5:00pm)

The Effects of Macroeconomic and Monetary Policies on Capital Market Performance.

Resource Person: Dr. Ahsan H Mansur, Executive Director, PRI

To be Chaired: Dr. AB Mirza Azizul Islam
Former Advisor (Cabinet Minister), Ministry of Finance, Government of Bangladesh
Download Link

14

24 October 2015
(Sat, 2:00pm ~ 5:00pm)

Issue Management of New Securities

Resource Person: Mr. Akhtar Hossain Sannamat, FCA
former Managing Director, Union Capital Ltd. & Prime Finance & investment Ltd.
Download Link

15

31 October 2015
(Sat, 2:00pm~5:00pm)

Assessing Earnings Quality and the Issue of Earnings Management
Resource Person: Dr. Mehadi Masud Mazumdar
Assistant Professor of Accounting, University of Dhaka


16 November 6 2015
(Fri, TBD)
Family Control, Corporate Disclosure and Performance of Listed Equities

Resource Person: Dr. Mizanur Rahman
Professor of Accounting & Public Policy
University of Dhaka.

17 November 13 2015
(Fri, 7:00PM ~ 09:00PM)

Closing Ceremony, Certificate Distribution and Dinner


All the training sessions will be held on Fridays and from 9:00 am to 12:00 am in the Meeting Room of the Faculty of Business Studies, University of Dhaka.

Resource Persons:
Prominent academics and practitioners who bear proven track record in capital market research will constitute a panel of resource persons.

Method of Instructions:
Each module will be of three-hour (03) duration. Instructors will make presentation on selected topics explaining concepts, underlying methodologies, findings and their implications for investors and policy makers. A two-way communication is planned whereby participants will actively engage in discussions. Though English will be the medium of instructions, discussions will follow in both Bangla and English. Handouts and readings will be provided to the participants reasonably ahead of the scheduled event.


Target Audience and Eligibility Criteria:
The training program is planned to attract capital market journalists, corporate executives, financial analysts and academics. Particularly those who are either pursuing capital market research or planning a profession in the financial sector are encouraged to apply. Interested applicants are expected to have graduate degrees from any recognized university in any discipline and with a minimum CGPA of 3.00 in a scale of 4.00 or a second class in all public examinations. A working experience in corporate business, capital market journalism and academic/research institutions is desirable.

Call for Admission:
Candidates meeting the above conditions should apply in prescribed form available online at http://acmd.com.bd.


Training Application Form available here.


Filled-in applications together with attested copies of academic certificates and a copy of work experience are required to be submitted to the program office by July 2, 2015. A list of successful applicants will be published in the ACMD website by July 9, 2015.

Fees:
A successful candidate shall pay Tk. 10,000 through A/C payee cheque or pay order in favor of “Accounting for Capital Market Development.”Deadline of payment is July 15, 2015.

Program Evaluation:
A program evaluation will be done. Each participant will evaluate the program in terms of a number of criteria.

Certification:

Successful participants shall receive a course completion certificate from the University of Dhaka in a ceremony at the end of the program.



Partnerships and Collaborations:




  




Please contact Ms. Samira Siddika at 01957-199198 or visit http://acmd.com.bd and http://www.facebook.com/AccCMD for further information about the training program.

Project Office:
Room # 107
Academic Building, Faculty of Business Studies (FBS)
University of Dhaka, Dhaka-1000



Program Director:

 

Mizanur Rahman, Ph.D.
Professor of Accounting & Public Policy
(Recipient of the GDN Medal for Research on Development-2009)
Project Director, Accounting for Capital Market Development (ACMD)
Department of Accounting & Information Systems (AIS)
University of Dhaka, Dhaka-1000, Bangladesh
Tel: +88029661900-73, Ext. 7896; +8801817684202; Fax: +88028615583
Email: mzr.rahman@gmail.commizan@du.ac.bd
Website: http://acmd.com.bd/
Twitter: mizanur2253

 


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