摘要:

Abstract:This paper investigates empirically the impact on returns to equity of the disclosure of unexpected extraordinary accounting items, where unexpected extraordinary items are proxied by actual extraordinary items.The paper addresses some of the methodological limitations evident in previous studies. These limitations include the failure to identify the earliest information source, and the failure to identify the announcement month. The analysis in this study uses half‐yearly reports instead of annual reports as used in previous studies, and identifies the month in which the interim results (and therefore the extraordinary items) are announced. Controls are provided for the contemporaneous announcement of operating profit and dividends, while interim reports with contemporaneously announced rights issues, bonus issues, share splits, or takeover offers, are excluded. However, one limitation which remains is the use of monthly returns. The use of daily data would provide a more sensitive test.Using cross‐sectional regression analysis, no evidence was found of an association between announcements of unexpected extraordinary items and abnormal returns to equ

ISSN:0810-5391    

DOI:10.1111/j.1467-629X.1990.tb00240.x

出版商:Blackwell Publishing Ltd    

年代:1990

数据来源: WILEY

摘要:

Abstract:This paper reports the findings of an experiment designed to investigate the effects of an unqualified versus an “except for” qualified audit report on subjects' share price estimates and the moderating role of cognitive style in this relationship. Using ANOVA experimental design, 34 subjects were administered identical financial information on a hypothetical company except that 17 subjects received a qualified auditors' opinion and the other 17 received an unqualified auditors' opinion. In addition, the subjects in each group were classified as either field dependent or field independent on the basis of their scores in the Embedded Figures Test. Results showed that the “except for” audit qualification affected share price estimates and field dependence cognitive style interacted with qualified/unqualified audit opinion to also affect subjects' share price es

ISSN:0810-5391    

DOI:10.1111/j.1467-629X.1990.tb00241.x

出版商:Blackwell Publishing Ltd    

年代:1990

数据来源: WILEY

摘要:

Abstract:This paper investigates the impact of Australia's dividend imputation system on the financial decisions to be faced by an Australian resident company. It briefly outlines the dividend imputation system as enacted, and then analyzes its economic effects on companies' dividend, financing and investment decisions.

ISSN:0810-5391    

DOI:10.1111/j.1467-629X.1990.tb00242.x

出版商:Blackwell Publishing Ltd    

年代:1990

数据来源: WILEY

摘要:

Abstract:This paper examines anomalies in the accounting procedures for the treatment of seigniorage on the Australian note and coin issue. It explains how the substitution of coins for notes leads to the unexpected result of reducing the budget deficit

ISSN:0810-5391    

DOI:10.1111/j.1467-629X.1990.tb00243.x

出版商:Blackwell Publishing Ltd    

年代:1990

数据来源: WILEY

摘要:

Abstract:An inflation‐adjusted IRR model for the appraisal of levered projects is developed within the supply side studies framework by using the tax approach. An empirical test of the model on industrial projects has indicated that the general pattern of the project rankings was not significantly affected in the presence of inflation. However, the shifts in the ranks of the individual projects and over‐and‐under biases in the traditional accept decisions are observed. Further, all the projects have shown a magnified impact of financial leverage on the

ISSN:0810-5391    

DOI:10.1111/j.1467-629X.1990.tb00244.x

出版商:Blackwell Publishing Ltd    

年代:1990

数据来源: WILEY

摘要:

Abstract:The present paper addresses the problem of estimating returns on financial instruments when there is incomplete information about the instrument's cash flows. However unlike previous work in this area, it is assumed that the financial instrument's cash flows may be modelled as a stochastic function of time. This implies that the estimation error is a random variable and as a consequence, probability assessments can be made as to its likely magnitude. Using these procedures it is shown that traditional estimating methods considerably overstate actual returns. Further, it is also shown that returns are far from normally distributed. Given these results, it is doubtful whether any credibility can be attached to the standard two parameter methods of evaluating investment performance.

ISSN:0810-5391    

DOI:10.1111/j.1467-629X.1990.tb00245.x

出版商:Blackwell Publishing Ltd    

年代:1990

数据来源: WILEY

ISSN:0810-5391    

DOI:10.1111/j.1467-629X.1990.tb00246.x

出版商:Blackwell Publishing Ltd    

年代:1990

数据来源: WILEY

摘要:

Abstract:This study proposes and tests a causal model to explain variations in performance in the New Zealand University Bursaries Accounting examination. The model was based on specific abilities in cognate subjects. The influence of the specific ability was characterised by the semipartial correlation coefficient of performance in the cognate subject examination with performance in the accounting examination. Performance in the examination and the semipartial correlation coefficients were independent of gender, the year of the examination and the combination of courses taken. The effects of specific ability in statistics and calculus were greater than those for the subjects of economics and English.

ISSN:0810-5391    

DOI:10.1111/j.1467-629X.1990.tb00247.x

出版商:Blackwell Publishing Ltd    

年代:1990

数据来源: WILEY

摘要:

Book reviewed in this article:Roger G. Ibbotson and Rex A. Sinquefield,Stocks, Bonds, Bills and InflationScott Holmes and Desmond Nicholls,Small Business and Accounting: Building a Profitable Relationship Between Owner/Managers and AccountantsJ.B. Ryan,New Zealand Company Financial Reporting: 1989Harvey A. Poniachek,International Corporate FinanceB. Prodhan and F. Najjar,Accounting Research DatabaseP. Lipton and A. Herzberg,Understanding Company LawYorston Fortescue and Clive Turner,Australian Commercial LawChristopher C. Golis,Enterprise and Venture Capital — An Entrepreneurs' and Investors' HandbookIvan Woods,Measures of Investment Yield: A guide for the serious investorAccounting and Finan

ISSN:0810-5391    

DOI:10.1111/j.1467-629X.1990.tb00248.x

出版商:Blackwell Publishing Ltd    

年代:1990

数据来源: WILEY

ISSN:0810-5391    

DOI:10.1111/j.1467-629X.1990.tb00249.x

出版商:Blackwell Publishing Ltd    

年代:1990

数据来源: WILEY