摘要:

A decade of discussion regarding deferred tax liabilities has been narrowed to the question of whether pre‐ or post‐tax discount rates should be employed. A recent article has once again presented the case for pre‐tax rates. This note raises problems with that argument and presents an alternative case for the use of post‐tax rates of d

ISSN:0306-686X    

DOI:10.1111/j.1468-5957.1985.tb00778.x

出版商:Blackwell Publishing Ltd    

年代:1985

数据来源: WILEY

摘要:

The literature currently proposes several capital structure theories whose predictions are generally mutually exclusive. Empirical testing to date has been subject to serious conceptual and econometric problems. The present study, which is carried out on a cross‐section of industrial firms, attempts to overcome several deficiencies in earlier studies. Although the results are more consistent with Miller's 1977 hypothesis that the value of the firm is independent of leverage in the absence of leverage‐related costs than they are with those theories which predict a value‐maximizing optimum debt level, there is significant evidence that the value of the firm may be negatively related to leverage over a broad range of debt

ISSN:0306-686X    

DOI:10.1111/j.1468-5957.1985.tb00779.x

出版商:Blackwell Publishing Ltd    

年代:1985

数据来源: WILEY

摘要:

Policymakers have been concerned with the problem of accounting for investments in associated companies. A field experiment was conducted to investigate the effects of alternative methods of recognising revenue from investments in associated companies on creditors' evaluations and decisions. Results indicate that most creditors do not adjust financial statements based on alternative methods of accounting and that different methods of accounting affect credit assessments and decisions. The implications of these findings for policymakers and creditors are discussed.

ISSN:0306-686X    

DOI:10.1111/j.1468-5957.1985.tb00780.x

出版商:Blackwell Publishing Ltd    

年代:1985

数据来源: WILEY

摘要:

Trade Credit is an important source of finance for firms and with increasing emphasis being placed on monetary policy in recent years in many western countries it is important to examine thk relationship between trade credit and monetary policy. This study uses a large firm‐based data series to examine various hypotheses concerning the impact and determination of trade credit flows. The study demonstrates significant differences in the exogenous variables across industries and casts considerable doubt on the validity of earlier aggregated studies of the issue. It is also found that whilst there are dif‐ ferences between industries, tight monetary policy does not seem to be offset by an extension of net trade cre

ISSN:0306-686X    

DOI:10.1111/j.1468-5957.1985.tb00781.x

出版商:Blackwell Publishing Ltd    

年代:1985

数据来源: WILEY

摘要:

This paper seeks to examine whether current cost accounting information provides additional useful information to users of accounts by examining the impact of such information on stockmarket activity. The statistical tests compare the share price movement of companies reporting current cost informa‐ tion with a control group of matched companies reporting only historic cost information. Wherever possible allowance is made for the impact of other information released at the same time as accounting information. The results seem to indicate that the release of current cost information had no traceable effects on the share market prices of the companies concerne

ISSN:0306-686X    

DOI:10.1111/j.1468-5957.1985.tb00782.x

出版商:Blackwell Publishing Ltd    

年代:1985

数据来源: WILEY

摘要:

This paper presents the results of empirical tests on a necessary condition for the diversification service hypothesis: market recognition of the multinationality of a firm and the existence of international factors. Employing both a two‐ factor international market model and residual analyses, this study examines whether the US stock market considers the multinationality of a firm and inter‐ national events which are expected to affect the price of MNCs' stock. The residual analysis is conducted over a period which includes both fixed and floating exchange rates. Results from both analyses support the hypothesis that the US stock market does recognize the multinationality of a f

ISSN:0306-686X    

DOI:10.1111/j.1468-5957.1985.tb00783.x

出版商:Blackwell Publishing Ltd    

年代:1985

数据来源: WILEY

摘要:

This paper estimates the effect of corporate diversification on market valuation and leverage. Using a data base which allows one to determine the product lines of companies on the 3‐digit S.I.C. code level, a set of multi‐industry firms was chosen. For each of these diversified firms, a portfolio of single industry firms was constructed which matched the component parts of the multi‐ industry firm. Tests showed that although diversified firms employ significantly greater financial leverage, their relative market value is significantly less than that of the matching portfolios of single industry firms with which they com‐ pete. This study does not support the view that corporate diversification creates synergistic benefits which can be translated into increased market value of the firm's sec

ISSN:0306-686X    

DOI:10.1111/j.1468-5957.1985.tb00784.x

出版商:Blackwell Publishing Ltd    

年代:1985

数据来源: WILEY

摘要:

The profitability of mergers in Britain has not received the same attention as in the USA. This study examines mergers for the UK industrial sector as a whole for a period (1974–76) when merger activity was relatively slack. A standard methodology is used, but the size effects and the activeness of acquirors as well as the financing of the acquisition are examined. The conclusions contradict to some extent those found by other researchers in that the evidence was inconsis‐ tent with the Efficient Markets Hypothesis. The effect of taking firm size into account was found to reduce the standard deviations of the sample and it would appear that the cash mergers were viewed as less desirable by the market com‐ pared to equity exchange. For the separation of merger activehon active firms it was found that there was less dispersion of the residuals for non‐merger activ

ISSN:0306-686X    

DOI:10.1111/j.1468-5957.1985.tb00785.x

出版商:Blackwell Publishing Ltd    

年代:1985

数据来源: WILEY

摘要:

The relationship between common stock returns and actual, expected and unexpected inflation has been subject to considerable scrutiny recently. The objectives of this paper are threefold. First, it is suggested that the Fisherian hypothesis of anticipated stock market returns has been subjected to inappropriate tests in some previous work. Second, the Fisherian hypothesis is developed into anex postform which is suitable for estimation and which will avoid the difficulties in previous work. Thirdly, estimates of the model are reported using UK data which give some support to the hypothesis.

ISSN:0306-686X    

DOI:10.1111/j.1468-5957.1985.tb00786.x

出版商:Blackwell Publishing Ltd    

年代:1985

数据来源: WILEY

摘要:

This study examines how size interacts with the ownership factor in determin‐ ing which intermediary is more efficient in terms of loan default risk and return on equity when Mutual and Stock Savings and Loan Associations in the USA are compared. Economies of scale in the Savings and Loan Industry in the USA are suggested. Stock associations are found to be more efficient in utiliz‐ ing those economies and outperform mutuals at each size category except for the smallest associations. These findings have important policy implications for conversions from mutual stock ownership and for chartering new associati

ISSN:0306-686X    

DOI:10.1111/j.1468-5957.1985.tb00787.x

出版商:Blackwell Publishing Ltd    

年代:1985

数据来源: WILEY