摘要:

AbstractThis research uses the empirical framework developed by Easton, Harris and Ohlson (1992) to examine the relative ability of the accrual and cash flow accounting models to capture value relevant events. In particular, components of clean surplus accrual earnings are compared with components of total cash flows to determine their relative abilities to recognise value relevant events in a timely manner. The results indicate that the association between stock returns and earnings is higher than that with total cash flows for return intervals of between one and ten years. Cash flows from operations and current accruals are able to recognise value relevant events in a timely manner, while non‐current and non‐operating accruals only become consistently value relevant when longer return intervals are considered. Cash flows from investing and financing activities are less value relevant than the other components considered, especially over longer return interv

ISSN:0810-5391    

DOI:10.1111/j.1467-629X.1996.tb00303.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

AbstractThis study examines the impact of a proposal to issue shares to the public and the competence of the independent valuer on auditor judgments concerning asset revaluations. A 2 times 2 between‐subjects design was used. Four classes of assets were revalued by a hypothetical port company and subjects were asked to assess the planned audit hours and the likelihood that they would accept the valuations as reasonable. Results indicated that auditors would plan to spend longer on the audit of revalued assets when the client proposed to make a share issue and also when the competence of the valuer was lower. They were also less likely to accept the valuations as reasonable in these cases. However, the results suggested that concern with some aspects of the valuation can override sensitivity to the competence of the value

ISSN:0810-5391    

DOI:10.1111/j.1467-629X.1996.tb00304.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

AbstractThis study examines the judgement processes of New Zealand financial controllers when determining whether an investor is capable of exercising significant influence over an investee. The results of this study provide evidence that the “20% interest” threshold is the most important factor in these judgement processes. Further, the results indicate a high degree of inter‐subject consensus and intra‐subject consistency and self‐insight which could be attributed to the high weight given to the “20% interest” threshold. Although the “20% interest” threshold is often criticised for being arbitrary, the results of this study suggest that the use of this cut‐off as a judgement cue may help achieve greater consistency and comparability in

ISSN:0810-5391    

DOI:10.1111/j.1467-629X.1996.tb00305.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

AbstractThis paper proves that a modified weighted average cost of capital (“WACC”) valuation methodology is a rigorous and practicable method of valuing projects and companies under the Australian dividend imputation tax system. This methodology uses an effective tax rate in calculating both the discount rate and the ungeared after tax cash flow. A cash flow after effective corporate tax is shown to be equivalent to a cash plus value of imputation credit stream. Importantly, this valuation methodology is applicable to returns that are non‐uniform and of finite duration. Also examined is the discounting of equity returns at the company's cost of equity capital. A worked example is presented to clarify and quantify the effects disc

ISSN:0810-5391    

DOI:10.1111/j.1467-629X.1996.tb00306.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

AbstractConverting preference shares (prefs) are a hybrid security involving mandatory conversion into a fixed value of ordinary shares (although some issues have an option‐like conversion value payoff). This paper explains how prefs can be viewed as equivalent to an ordinary share issue plus a swap contract between “old” and “new” shareholders. This perspective is used to illustrate why prefs financing may be chosen when significant information asymmetries exist between management and outside investors. Other factors motivating the use of prefs are examined and their relevance for particular issuers and for the specific design of prefs securities

ISSN:0810-5391    

DOI:10.1111/j.1467-629X.1996.tb00307.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

AbstractPrevious research has identified overnight public information as the cause of higher opening returns and mean reversion in security markets. This paper tests this hypothesis by using an intervention and transfer function time series model to filter out the dynamic effects of an overnight information set on the opening, and subsequent, intraday AOI stock and SPI futures intraday price returns. A further research objective was to analyse the process by which information is transferred into prices and whether there is a differential impact across stock and futures markets. It was determined that the information contained in the overnight US stock market had: (i) a differential impact on the Australian stock and futures market, and (ii) after filtering out the impact of overnight information, a significant reversal tendency remained in both markets after opening. Further analysis supported the conclusion that price spikes at opening were not wholly related to overnight information. Other possible explanations, such as different trading mechanisms, did not provide a satisfactory explanation. Overall, it appears that the uncertainty participants face at the beginning of a trading session may induce a number of subtle market reactions (both rational and irrational), in markets with different microstmctures and trading clientele.

ISSN:0810-5391    

DOI:10.1111/j.1467-629X.1996.tb00308.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

ISSN:0810-5391    

DOI:10.1111/j.1467-629X.1996.tb00309.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

AbstractThis paper examines how individualism‐collectivism, the core dimension of cultural variability, is reflected in the learning styles of accounting students in Australia, Hong Kong and Taiwan. Australia represents the Western individualistic culture, and Hong Kong and Taiwan represent the Chinese collectivistic culture. Using Kolb's model this study shows that the learning styles of accounting students from Hong Kong and Taiwan are more abstract and reflective, as well as less concrete and active. Their Australian counterparts are more concrete and active, as well as less abstract and reflective. While the former exhibit the assimilation style, the latter represent the accommodation styl

ISSN:0810-5391    

DOI:10.1111/j.1467-629X.1996.tb00310.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

AbstractConsiderable research has been conducted into the relation between students' level of previous accounting knowledge and their subsequent performance in first year university‐level accounting. This study considers variables for academic performance and previous accounting knowledge in an attempt to quantify the advantage that high school accounting gives students entering tertiary business courses. The results indicate that for students entering tertiary courses with similar academic ability, i.e., obtained the same entrance score, the first year tertiary accounting result obtained by a student who studied accounting previously is between one and two grades higher than that of a student who did not study accounting at high schoo

ISSN:0810-5391    

DOI:10.1111/j.1467-629X.1996.tb00311.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY