摘要:

Abstract:This paper reports an empirical examination of independent expert reports in takeover bids using the 170 reports that were issued in the 364 cash‐based bids that occurred between January 1988 and December 1991. It was found that bid premia offered in takeover bids where an expert's report was issued were not significantly lower than bid premia in other bids. This may be attributable to independent experts acting as a countervailing influence on bidders holding a superior pre‐bid bargaining position. Next, some dimensions of the “fair and reasonable” criterion that experts are required to use are examined. These are the single‐test and dual‐test interpretations of the phrase, the relation between offer price, market price and the expert's valuation of the target, the cost and length of expert's reports and, finally, the influence an expert has on the outco

ISSN:0810-5391    

DOI:10.1111/j.1467-629X.1993.tb00190.x

出版商:Blackwell Publishing Ltd    

年代:1993

数据来源: WILEY

摘要:

Abstract:This paper provides empirical evidence on the stock return sensitivity of a sample of Australian companies, to changes in the trade weighted index value of the Australian dollar during the post float period January, 1984 ‐ December, 1989. Exposure is estimated using time series regression methods. While the evidence of exposure is generally weak, there is evidence that resource stocks and industrial stocks respond differentially to fluctuations in the Australian dolla

ISSN:0810-5391    

DOI:10.1111/j.1467-629X.1993.tb00191.x

出版商:Blackwell Publishing Ltd    

年代:1993

数据来源: WILEY

摘要:

Abstract:This paper reports an examination of economic incentives motivating listed diversified companies in Australia to voluntarily disclose segment information. The study is based on a sample of 65 listed diversified companies. Support is found for ownership diffusion, the level of minority interest in subsidiaries, firm size and industry membership as factors influencing the voluntary disclosure of segment information. No support is found for leverage or diversification into related versus unrelated industries.

ISSN:0810-5391    

DOI:10.1111/j.1467-629X.1993.tb00192.x

出版商:Blackwell Publishing Ltd    

年代:1993

数据来源: WILEY

ISSN:0810-5391    

DOI:10.1111/j.1467-629X.1993.tb00193.x

出版商:Blackwell Publishing Ltd    

年代:1993

数据来源: WILEY

摘要:

Abstract:A central paradigm in modern finance theory is the capital asset pricing model (CAPM). While the CAPM is invariably taught in introductory finance courses, a derivation is commonly reserved for postgraduate courses. This is primarily because the available CAPM derivations usually assume an advanced knowledge of pure mathematics. This note provides a simple derivation of the CAPM which requires only an understanding of very basic mathematical concepts. The derivation explicitly highlights the link between the capital market line and the security market line which students often fail to comprehend. Our simple derivation can easily be adopted by instructors at all levels.

ISSN:0810-5391    

DOI:10.1111/j.1467-629X.1993.tb00194.x

出版商:Blackwell Publishing Ltd    

年代:1993

数据来源: WILEY

摘要:

Abstract:This paper examines the effect of education on students' perceptions of the meaning of audit reports and the responsibilities and duties of auditors. A research instrument, utilising semantic differential scales designed to measure the messages communicated through audit reports, was administered to two groups of undergraduate students at the beginning and end of a semester and to auditors. The experimental group consisted of final year undergraduate accounting students enrolled in their first auditing unit. The control group consisted of final year undergraduate marketing students not enrolled in the auditing unit. The results of the study suggest that education may be an effective approach to narrowing or eliminating the audit expectation gap.

ISSN:0810-5391    

DOI:10.1111/j.1467-629X.1993.tb00195.x

出版商:Blackwell Publishing Ltd    

年代:1993

数据来源: WILEY

摘要:

Book reviewed in this article:G. Whittred and I. ZimmerFinancial Accounting: Incentive Effects and Economic ConsequencesR. FitzHerbertBlue Print for InvestmentR.B. WheelerAccounting For Profit Determination: A Conceptual ApproachD. NorthcottCapital Investment Decision MakingEditors: J. Ratnatunga, J. Miller, N. Mudalige, and A. SohalIssues in Strategic Management AccountingM. EzzamelBusiness Unit and Divisional Performance MeasurementS. A. Zeff, F. van der Wei and K. CamffermanCompany Financial Reporting: A Historical and Comparative Study of the Dutch Regulatory ProcessP. Jubb and S. HaswellCompany Accounting

ISSN:0810-5391    

DOI:10.1111/j.1467-629X.1993.tb00196.x

出版商:Blackwell Publishing Ltd    

年代:1993

数据来源: WILEY