ISSN:0306-686X    

DOI:10.1111/j.1468-5957.1982.tb01006.x

出版商:Blackwell Publishing Ltd    

年代:1982

数据来源: WILEY

摘要:

This paper focuses on the effects of unanticipated inflation on the market value of equity in a system with corporation tax and historic cost depreciation. It is shown that there exists a unique combination of debt and equity under which inflation neutrality is obtained, Whether or not unanticipated inflation hurts or benefits the stockholders in a particular firm depends upon a number of conditions. These include the depreciation rate of its assets relative to the amortization rate of its debt. Finally, the present tax system is contrasted with a fully indexed system involving replacement cost depreciation and indexation

ISSN:0306-686X    

DOI:10.1111/j.1468-5957.1982.tb01007.x

出版商:Blackwell Publishing Ltd    

年代:1982

数据来源: WILEY

摘要:

This paper reexamines the methods of stochastic dominance and mean‐variance analysis for the selection of risky investments. It takes as its starting point the paper by Gandhi and Saunders in the Spring 1981 issue of this journal in which they argued for the superiority of stochastic dominance analysis. In this paper the countercase is put forward for the use of mean‐variance analysis. It is argued that while naive application of mean‐variance criteria to the ranking of projects in isolation might lead to erroneous decisions, in the presence of reasonably sized capital markets rules based on mean‐variance analysis still remain a more practic

ISSN:0306-686X    

DOI:10.1111/j.1468-5957.1982.tb01008.x

出版商:Blackwell Publishing Ltd    

年代:1982

数据来源: WILEY

摘要:

This paper attempts to present an integrated valuation analysis of investment options involving margin trading. The analysis is based on valuation theories such as Modigliani and Miller's capital structure model, the capital asset pricing model and the option pricing model. It is shown (i) that in margin trading, the return on equity is given by the return on investment plus a risk premium which increases proportionally with the margin‐trading rate; (ii) that both the total risk (variance) and systematic risk (beta) of the return on equity increases proportionally with those associated with the return on investment; and (iii) that, when the option pricing model is applied to the case of margin trading, a more precise valuation formula can be employe

ISSN:0306-686X    

DOI:10.1111/j.1468-5957.1982.tb01009.x

出版商:Blackwell Publishing Ltd    

年代:1982

数据来源: WILEY

摘要:

Performance evaluation of individuals, processes and activities in management accounting involves mostly a clinical judgment on whether or not to investigate a variance between actual performance and standard performance. Two judgment‐related issues are examined in relation to the lack of validity of performance evaluation, namely: a) the difficulty in the determination of the base rate advocated by the normative accounting control models, and b) the evidence on the judgment fallibility and its effect on performance evaluatio

ISSN:0306-686X    

DOI:10.1111/j.1468-5957.1982.tb01010.x

出版商:Blackwell Publishing Ltd    

年代:1982

数据来源: WILEY

摘要:

This paper examines the behaviour of UK investment trust discounts for a sample of funds over the ten‐year period 1968 to 1977. The cross section variability of fund discounts is considered using fundamental analysis and a large number of potentially important factors are isolated and measured. Using multiple regression analysis, the optimal set of explanatory factors is ascertained, and it is found that the best fitting linear model changes substantially from year to year. The results indicate that fundamental analysis using cross section data may not be useful in the analysis and forecasting of UK closed end fund discount

ISSN:0306-686X    

DOI:10.1111/j.1468-5957.1982.tb01011.x

出版商:Blackwell Publishing Ltd    

年代:1982

数据来源: WILEY

摘要:

The payback period has been a widely used capital budgeting tool in the analysis of capital projects. It has come under criticism for its inablility to consider all the project's flows in a present valued context. The purpose of this article is to present the duration measure in a capital budgeting framework and show how it is related to the payback period. The relationship is shown analytically and empirically. As a result, the payback period assumes a new identity which goes far to overcome the objections historically levied against it.

ISSN:0306-686X    

DOI:10.1111/j.1468-5957.1982.tb01012.x

出版商:Blackwell Publishing Ltd    

年代:1982

数据来源: WILEY

摘要:

There is a lack of consensus about the utility and validity of information provided through firms participating in an Interfirm Comparison (IFC). The disagreement is a result of different notions about the purpose served by IFC schemes. The unresolved question is how to use the same information for two purposes ‐ the appraisal of operating efficiency and the guidance of longer‐term planning decisions. The application of analysis of variance to the results of an IFC helps to clarify the nature, and improve the utility, of the comparative data by identifying factors accounting for variation in performance among firms grouped by multiple characterist

ISSN:0306-686X    

DOI:10.1111/j.1468-5957.1982.tb01013.x

出版商:Blackwell Publishing Ltd    

年代:1982

数据来源: WILEY

摘要:

This paper addresses the question of policy‐making by such bodies as the UK Accounting Standards Committee (ASC) and suggests that an understanding of the nature of power is a necessary prerequisite to rigorous analysis of the political process. Using the example of SSAP 13, the paper investigates the applicability of political methodologies to attempt to understand and analyse ASC behaviour. The paper attempts to provide: (a) a deeper understanding of the issues which determined the outcome of the R&D standard; (b) support for the importance of the political science experience in this field; and (c) suggestions on how future research may be formulated and develope

ISSN:0306-686X    

DOI:10.1111/j.1468-5957.1982.tb01014.x

出版商:Blackwell Publishing Ltd    

年代:1982

数据来源: WILEY

摘要:

This comment addresses some econometric issues raised by Theobald's model of capital market equilibrium in the presence of variable transactions costs. Theil's results on specification error analysis in the absence of relevant explanatory variables are invoked. It is shown that for Theobald's model to be consistent with the empirical findings of Black, Jensen, and Scholes, more stringent requirements must be satisfied.

ISSN:0306-686X    

DOI:10.1111/j.1468-5957.1982.tb01015.x

出版商:Blackwell Publishing Ltd    

年代:1982

数据来源: WILEY