摘要:

This paper examines the true and fair view doctrine as currently employed by British accountants. It argues that the doctrine lacks a satisfactory explication; that the use of ‘professional judgement’ cannot provide an acceptable substitute for explication; that the unexplicated doctrine does not serve the interests of the public or the profession; and that the profession should consider using compliance with generally accepted accounting principles as its test for the quality of financial reporting, either instead of or as an explication for the true and fair view doctr

ISSN:0306-686X    

DOI:10.1111/j.1468-5957.1985.tb00788.x

出版商:Blackwell Publishing Ltd    

年代:1985

数据来源: WILEY

摘要:

The most general extension of the traditional one product C‐V‐P model incor‐ porates a multiproduct setting under uncertainty. This study utilizes LP to address both components (product mix and uncertainty of resource prices) to obtain the best product mix available in an ex ante sense. The results provide a benchmark for the evaluation of future operations and enable one to calculate the probability of any level of contribution margin. The study also serves as a useful educational tool by providing a mathematical and graphical depiction of the complexity of the problem, and by explicitly demonstrating the role of uncertain resource costs and uncertain selling prices in a simple LP formul

ISSN:0306-686X    

DOI:10.1111/j.1468-5957.1985.tb00789.x

出版商:Blackwell Publishing Ltd    

年代:1985

数据来源: WILEY

摘要:

This paper considers two articles which have appeared in this journal on the subject of shareholder unanimity. It argues that their differing conclusions arise in part from errors in the analysis and in part from radically different assumptions about the structure of the economies in which shareholder decisions are made.

ISSN:0306-686X    

DOI:10.1111/j.1468-5957.1985.tb00790.x

出版商:Blackwell Publishing Ltd    

年代:1985

数据来源: WILEY

摘要:

Recent empirical studies have found evidence that supports the tax loss selling explanation of seasonal effects in stock returns. Using other test procedures, the present authors conclude that the support found in other studies is likely to be the result of spurious correlation between returns of stocks selected as tax‐loss selling candidates and the January returns of these stock

ISSN:0306-686X    

DOI:10.1111/j.1468-5957.1985.tb00791.x

出版商:Blackwell Publishing Ltd    

年代:1985

数据来源: WILEY

摘要:

In this paper it is argued that dividend policy is not determined as a residual, but rather that firms adopt independent dividend and investment policies. Empirical evidence, based on a questionnaire survey, supports this view. Independent dividend and investment policies are possible because debt finance is usually raised in sufficient quantities to accommodate the financial demands created by dividend and investment decisions.

ISSN:0306-686X    

DOI:10.1111/j.1468-5957.1985.tb00792.x

出版商:Blackwell Publishing Ltd    

年代:1985

数据来源: WILEY

摘要:

Several studies have made inquiries of corporate managers concerning their motivations for undertaking stock splits and stock dividends. This paper investigates whether the factors identified by these studies are in fact associated with the actual stock distribution decisions of managers. The results are consistent with the view that managements issue large stock distributions (25 per cent or greater) in order to keep the per share price in an optimal range and to signal optimistic expectations to the market. Firms with relatively low per share prices were inclined to issue small stock distributions (less than 25 per cent); the signaling motivation also played a role here.

ISSN:0306-686X    

DOI:10.1111/j.1468-5957.1985.tb00793.x

出版商:Blackwell Publishing Ltd    

年代:1985

数据来源: WILEY

摘要:

This paper examines the impact of the deregulation of stock brokerage commis‐ sions in the United States. The advent of negotiated commissions has led to dramatic structural shifts in commission pricing, particularly for institutional traders, This research examines these structural shifts and their implications for portfolio diversification. The results, based on a sample of over 28,000 institutional trades indicate that diversification of institutional portfolios became costless with respect to commissions following deregulatio

ISSN:0306-686X    

DOI:10.1111/j.1468-5957.1985.tb00794.x

出版商:Blackwell Publishing Ltd    

年代:1985

数据来源: WILEY

摘要:

It is shown that share returns series constructed from averaged data lead to biased estimates of the mean, variance and covariances of the underlying returns series. The computed variances and covariances will be only 2/3rds of their true values, whilst the mean will be reduced by 1/6th of the true variance. It is shown that this leads to distortions in the mean‐variance efficient frontier and the implied investment proportions. A number of studies of international portfolio diversification have used averaged data and, therefore, an empirical study of IPD is reported which investigates the magnitude of the biases and the extent to which they can be correcte

ISSN:0306-686X    

DOI:10.1111/j.1468-5957.1985.tb00795.x

出版商:Blackwell Publishing Ltd    

年代:1985

数据来源: WILEY

摘要:

Various researchers have decomposed the firm's beta (or systematic risk) into components that are reflective of the firm's corporate characteristics, for example, leverage position, product mix, etc. In this paper, the theoretical beta decompositions of Hamada (1969 and 1972) and Rubinstein (1973) are sub‐ jected to empirical examination for a sample of diversified (or multi‐activity) firms. The results of the analysis evidence highly significant empirical support for the Hamada‐ Rubinstein model and for the viability of operationalizing that model with available accounting and market

ISSN:0306-686X    

DOI:10.1111/j.1468-5957.1985.tb00796.x

出版商:Blackwell Publishing Ltd    

年代:1985

数据来源: WILEY

摘要:

Recent evidence indicates that while random diversification can lead to the elimination of the majority of systematic risk, the systematic selection of securities can result in significant group effects blocking this dissipation of unsystematic risk. The group effects associated with investment in growth, cyclical, stable and oil stocks found by Farrell and Martin and Klemkosky were reexamined while allowing for beta nonstationarity. It was found that the beta nonstationarity effect, while quite large for individual stocks and small portfolios tended diversify away quite quickly. It was further found that much of what has in the past been termed a group effect is actually the result of beta nonstationarity.

ISSN:0306-686X    

DOI:10.1111/j.1468-5957.1985.tb00797.x

出版商:Blackwell Publishing Ltd    

年代:1985

数据来源: WILEY