摘要:

This paper examines the question of mutual fund performance within an equilibrium asset pricing framework, and in particular gives attention to the reinterpretation of tests of fund performance provided by Peasnell, Skerratt and Taylor (JBFA1979). The paper concludes that the reinterpretation provided by Peasnell et. al is flawed, and moreover, that prospects for some new interpretation are bleak.

ISSN:0306-686X    

DOI:10.1111/j.1468-5957.1982.tb00994.x

出版商:Blackwell Publishing Ltd    

年代:1982

数据来源: WILEY

摘要:

This paper investigates the effect of a firm's lease commitment disclosure under Accounting Series Release 147 on its systematic risk. The three hypotheses are: (1) there will be no change in the lessee's systematic risk; (2) the lessee's systematic risk will increase because the disclosure increases the debt ratio; and (3) the lessee's systematic risk decreases because the disclosure reduces the uncertainty related to risk‐assessment. A hedge portfolio approach is used to test these hypotheses. The results indicate that the null hypothesis is to be rejected in favor of the third hypothesi

ISSN:0306-686X    

DOI:10.1111/j.1468-5957.1982.tb00995.x

出版商:Blackwell Publishing Ltd    

年代:1982

数据来源: WILEY

摘要:

The widely used risk‐adjusted discount rate technique of investment evaluation has long been believed to be strictly appropriate only for projects whose risk increased with time. The “certainty equivalent proof” of that belief has recently been refuted. This paper attempts to demonstrate that the other proof of that belief, called the “compounding the risk premium” approach, is also flawed since it confuses the level of investment and the rate earned on i

ISSN:0306-686X    

DOI:10.1111/j.1468-5957.1982.tb00996.x

出版商:Blackwell Publishing Ltd    

年代:1982

数据来源: WILEY

摘要:

This research addresses (1) whether firms with lower (hgher) than expected earnings fgures released those figures to the public later (earlier) than expected and (2) whether there is a reaction by the capital market to the timing of the earnings announcement. The results indicate that later than expected earnings announcements are likely to contain worse news than early announcements. Also the stock returns of late reporting firms appear to be lower than that of early reporting firms in the days surrounding the earnings announcement date.

ISSN:0306-686X    

DOI:10.1111/j.1468-5957.1982.tb00997.x

出版商:Blackwell Publishing Ltd    

年代:1982

数据来源: WILEY

摘要:

The cash management problem considered here is the management of a liquid assets portfolio, composed of cash and marketable securities. The policies of US corporations towards investing surplus cash as reported in published surveys are summarised and models for the management of cash and marketable securities as proposed in the literature are outlined. The optimal solution is then presented for a particular cash management problem, first introduced by Mao and Sarndal. The problem is how to manage a portfolio of cash and marketable securities in order to service a given debt schedule, where the amounts are known but the timing of the payments is uncertain.

ISSN:0306-686X    

DOI:10.1111/j.1468-5957.1982.tb00998.x

出版商:Blackwell Publishing Ltd    

年代:1982

数据来源: WILEY

摘要:

Cash flow accounting (CFA) proposals typically have included firm statements that CFA data are allocation‐free. This is not entirely true if the term allocation is interpreted in a wide sense. However, it can be argued that most allocations can be avoided in CFA systems, and this paper is an attempt to present this argument. In particular, it aims to strengthen the case for CFA in practic

ISSN:0306-686X    

DOI:10.1111/j.1468-5957.1982.tb00999.x

出版商:Blackwell Publishing Ltd    

年代:1982

数据来源: WILEY

摘要:

This study examines some time series properties of earnings and returns on shareholders' equity for a sample of 110 New Zealand firms. The results show that successive changes in these time series are independent and that they can be modelled by a random walk process.

ISSN:0306-686X    

DOI:10.1111/j.1468-5957.1982.tb01000.x

出版商:Blackwell Publishing Ltd    

年代:1982

数据来源: WILEY

摘要:

This paper reports a number of results concerning the relationship between accounting numbers and economic values and yields. Some of the results have appeared previously in the literature and some are new. They have been collected together in a common analytical framework in order to demonstrate their formal, mathematical character. It is shown that present value can be obtained by discounting almost any profit numbers; that accounting rates of return define a discount function directly analagous to the term structure and the internal rate of return; and that the internal rate of return can be expressed as a linear weighted sum of accounting rates of return.

ISSN:0306-686X    

DOI:10.1111/j.1468-5957.1982.tb01001.x

出版商:Blackwell Publishing Ltd    

年代:1982

数据来源: WILEY

摘要:

This study empirically investigates the recent SFAS No. 33 requirements to determine if the inflation disclosures, or information similar to it, are impounded in security returns. An attempt is also made to determine which of the two diverse disclosures best represent the information impomded by the market. The investigation utilizes a methodological framework arising out of currently accepted asset pricing theory. The results suggest that the current cost data parallels the information impounded in security returns and that it provides risk information not included in the commonly employed systematic risk factor, beta.

ISSN:0306-686X    

DOI:10.1111/j.1468-5957.1982.tb01002.x

出版商:Blackwell Publishing Ltd    

年代:1982

数据来源: WILEY

摘要:

Despite its importance for financial information disclosures, accounting materiality remains relatively unexplored within an analytical framework. The present study analytically explores certain conceptual issues of materiality within the framework of decision theory. Based on the analysis, it is concluded here that even in a highly simplified situation where there is only one financial information user who has given tastes and beliefs, materiality judgment consistent with the judgment by information producers, and homogenous decision problems, the derivation of a unique, fvred materiality standard for an accounting information item is, in general, infeasible if the standard is set at the item's particular magnitude.

ISSN:0306-686X    

DOI:10.1111/j.1468-5957.1982.tb01003.x

出版商:Blackwell Publishing Ltd    

年代:1982

数据来源: WILEY