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Journal of Finance and Accounting
Number of Followers: 8

This is an Open Access Journal

Open Access journal
ISSN (Print) 2333-8849 - ISSN (Online) 2333-8857
Published by Science and Education Publishing

[75 journals]

Evolution of the CAPM: From “Premium for Risk” to
“Sharp-Linter-Black Model”
- Authors: Huseyin Yilmaz
  Pages: 1 - 6
  Abstract: The evolution of the Capital Assets Pricing Model (CAPM) started with the Williams [1] with the formula of “Premium for Risk”. Then, Hicks [2] and Markowitz [3] gave some opinions about risk premium and the value of an individual financial asset, respectively. Then, Treynor [4] and [5] brought some contributions to the model such as risk premium for equity and present price of a share. Sharp [6] added to the model the expected rate of return and he also transferred the standard deviation from statistics to the CAPM evolution. Linther [7] gave another risk premium approach with a different formula. Mossin [8] continued to improve the CAPM with his contributions of expected rate of return on a unit of a risky asset, return of a unit of a riskless asset, and the risk margin formulas. Black [9] completed the CAPM evolution with his model called “Sharp Linther Black Model”.
  PubDate: 2022-02-07
  DOI: 10.12691/jfa-10-1-1
  Issue No: Vol. 10, No. 1 (2022)
The Determinants of Audit Fees: The Context of Cameroon
- Authors: Samuel Tanjeh Mukah; Michael Forzeh Fossung, Kueda Wamba Berthelo, Samka Marion Nyuykighan
  Pages: 7 - 14
  Abstract: This study is crystallised on examining the determinants of the amount of audit fees paid in the context of Cameroon using a causal research design. Data was collected through a structured questionnaire administered to companies subject to statutory audit in Cameroon's three regions: Littoral, North-West, and Centre. The model is tested by running a multilinear regression of the audit fees on the auditor characteristics, the auditee characteristics and auditor/Auditee relationship characteristics by using a sample of 171 companies. The size of the auditee, the auditor's expertise, the corporate complexity, the duration of the mandate, the reporting time lag, and the auditor's experience were found to be the most critical drivers of audit fees. While the analysis shows that industry is not a key factor of audit fees, it also indicates that audit fees are not affected by auditor rotation. The current study strongly reinforces that most prior studies are also appropriate to the Cameroonian audit market. This research is unique since it's the first to empirically determine factors affecting the level of audit fee paid by auditee in the context of Cameroon.
  PubDate: 2022-02-11
  DOI: 10.12691/jfa-10-1-2
  Issue No: Vol. 10, No. 1 (2022)
Herfindahl Index Methods and Special Analysis for Regional Competitiveness
Inequality Evaluation
- Authors: Han Wang; Weicheng Guo, Xueying Zou
  Pages: 15 - 22
  Abstract: In this study, based on Herfindahl Index and special analysis, a deep exploration on competitiveness regional inequality has been performed geographically and statistically. The tool of Geoda is utilized in this paper. Findings indicated that the comprehensive competitiveness of this area exhibits a growing trend with an eastward developing tendency over time. Cities of Hong Kong, Shenzhen, Guangzhou are defined as the first-tier cities of competitiveness, with great advantages in the aspects of science and technology, economic capacity and international competition. Considering its partial advantages and regional influence, this study regards Macau as the second-tier city, Dongguan and Huizhou as the third-tier cities, Zhaoqing as the fourth-tier cities, and Zhuhai, Foshan, Jiangmen and Zhongshan as the fifth-tier cities. First-tier and second-tier cities are in a line dividing the rest cities into two group, the right group of cities show a higher competitiveness level than the left ones. Besides, a low-low local autocorrelation of comprehensive competitiveness is discovered between Guangzhou, Foshan and their adjacent cities. Due to the unevenness of the cities’ development at multiple determining factors, regional inequalities of this area will possibly exist for a long period of time.
  PubDate: 2022-03-11
  DOI: 10.12691/jfa-10-1-3
  Issue No: Vol. 10, No. 1 (2022)

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