Table Of Content

1994 — Volume 21 CONTENTS INDEX Accounting for Financial and Managerial Causes December, No. 8, I. 1195 of Short Term Pressures in British Corporations by Istemi Demirag, Andrew Tylecote and Ben Morris Accounting Practice and Business Finance: Some December, No. 8, p. 1151 Case Studies from the Iron and Coal Industry 1865—1914 by John Richard Edwards and Trevor Boyns The Adoption of Partial Deferral in the UK, September, No. 6, p. 875 1977—78: Evidence on an Accounting Choice by A.J. Arnold Bank Lending Relationships and the Complex April, No. 3, p. 367 Nature of Bank-Corporate Relations by John Holland Bankruptcy Discrimination with Real Variables June No. 4, p. 491 by Harlan D. Platt, Marjorie B. Platt and Jon Gunnar Pedersen Conditional Heteroskedasticity and the Weekend June, No. 4, p. 603 Effect in S&P 500 Index Futures by Mohammad Najand and Kenneth Yung Corporate Takeover Barriers: Valuation and Firm June, No. 4, p. 589 Performance by Sharon Lee Bojanic and Dennis T. Officer A Cost Model of Building Societies as Producers of October, No. 7, p. 1031 Mortgages and Other Financial Products by Donal G. McKillop and Colin J. Glass The Day-of-the-Week Anomaly: The Toronto September, No. 6, p. 833 Stock Exchange Experience by George Athanasseikos and Michael J. Robinson The Determinants of Audit Fees: Some Empirical December, No. 8, p. 1071 Models by C. M. Pong and G. Whittington Dividends, Dividend Policy and Option October, No. 7, p. 945 Valuation: A New Perspective by Paul D. Adams, Steve B. Wyatt and Michael C. W2ilker Duration Moments and Yield Curve Movements March, No. 2, p. 175 by J.S.H. Kornbluth and G.R. Salkin Earnings Expectations, Firm Size, and the October, No. 7, p. 975 Informativeness of Stock Prices by John J. Wild and Sung S. Kwon Earnings Signals and Inter-Firm Information December, No. 8, p. 1127 Transfers by James W. Bannister The Effect of the Implementation of the April, No. 3, p. 349 Multidivisional Structure on Shareholder’s Wealth: The Contingency of Diversification Strategy by Philip Karpik and Ahmed Riahi-Belkaoui 1215 1216 CONTENTS INDEX The Effect of Trading in Eighths on Security April, No. 3, p. 409 Return Behavior by Robert W. Ingram, Mary S. Stone and Michael T. Dugan An Empirical Investigation of Beta Stability: September, No. 6, p. 909 Portfolios vs. Individual Securities by Russell Gregory-Alien, C. Michael Impson and Imre Karafiath An Empirical Model of Capital Structure: Some January, No. 1, p. 1 New Evidence by Ghassem Homaifar, Joachim Zietz and Omar Benkato An Empirical Study of the Incremental Predictive June, No. 4, p. 547 Ability of Beaver’s Naive Operating Flow Measure Using Four-State Ordinal Models of Financial Distress by Terry J. Ward Estimating Returns on Financial Instruments: July, No. 5, p. 729 Time Versus Money-Weighted Returns by Mark Tippett The European Perspective by Robert R. Johnson October, No. 7, p. 963 and Luc A. Soenen Evidence on Adjustments in Major National Stock July, No. 5, p. 643 Market Linkages Over the 1980s by Joe Brocato The Expectations Hypothesis of the Term March, No. 2, p. 255 Structure in Eurocurrency Markets by Mbodja Mougoue and Andrew C. Szakmary Expectations, Security Yields, and Inflation: Ex- March, No. 2, p. 155 ante Risk Premia on UK Shares, Corporate Bonds and Gilts, 1969—1987 by R.A. Yaansah and K.V. Peasnell External Capital Market Control, Corporate January, No. 1, p. 37 Restructuring, and Firm Performance During the 1980s by Zaher Zantout Extraordinary Items and Income Smoothing: A September, No. 6, p. 791 Positive Accounting Approach by Vivien Beattie, Stephen Brown, David Ewers, Brian John, Stuart Manson, Dylan Thomas and Michael Turner Financial Ratio Adjustment Dynamics and Interest December, No. 8, p. nil Rate Expectations by Carl R. Chen and Fall Ainina Financial Reporting by Four UK Clearing Banks: October, No. 7, p. 917 A Cash Flow Exit Price (CaFE) Approach by R.T. Wearing On the Functional Form of Earnings and Stock April, No. 3, p. 395 Prices: International Evidence and Implications for the E/P Anomaly by G. Geoffrey Booth, Teppo Martikainen, Jukka Perttunen and Paavo Yli-Olli Information Asymmetry and the Underpricing of July, No. 5, p. 739 Initial Public Offerings: Further Empirical Evidence by Sherman Cheung and Itzhak Krinsky Information Content of Financial Leverage: A January, No. 1, p. 151 Comment by Manyong Park CONTENTS INDEX 1217 Information Content of Qualified Audit Opinions October, No. 7, p. 997 for Over-the-Counter Firms by Elsie C. Ameen, Kam Chan and Daryl M. Guffey Interests and the Profession-State Dynamic: Jt>ly> P- h69 Explaining the Emergence of the Australian Public Sector Accounting Standards Board by Wai Fong Chua and Andrew Sinclair Interim Earnings Management and the Fourth September, No. 6, p. 889 Quarter Good News Effect by Stephen J. Dempsey Investment Trust Discounts and Abnormal September, No. 6, p. 813 Returns: UK Evidence by A. Cheng, L. Copeland and J. O’Hanlon Leasing and the US 1986 Tax Reform Act by Eyal July, No. 5, p. 749 Gutman and Joseph Yagil Macroeconomic Factors, the APT and the UK April, No. 3, p. 309 Stockmarket by Andrew D. Clare and Stephen H. Thomas Market Efficiency in Developing Countries: A January, No. 1, p. 133 Case-Study of the Nairobi Stock Exchange by John P. Dickinson and Kinandu Muragu The Market Reaction to the 1986 Tax Overhaul: December, No. 8, p. 1179 A Study of the Capital Gain Tax Change by Hwee-Yong J. jemg Measurement/Valuation-Related Interpretations of December, No. 8, p. 1097 Fundamental Accounting Concepts by Don W. Vickrey A Modified Method for Inferring the Effective March, No. 2, p. 243 Bid-Ask Spread from Security Returns by Chi- Cheng Hsia, Beverly R. Fuller and G. Wenchi Kao A Note on Firm Size, Information Availability April, No. 3, p. 445 and Market Reactions to US Stock Ownership Reporting Announcements by James Patrick Reburn A Note on the Relationship Between Systematic March, No. 2, p. 293 Risk and Growth in Earnings by Shahid Hamid, Arun J. Prakash and Gary A. Anderson A Possible Reconciliation of Some of the October, No. 7, p. 1047 Conflicting Findings on Closed-End Fund Discounts: A Note by Richard Deaves and Itzhak Krinsky The Pre-Accouncement Share Price Behaviour of June, No. 4, p. 467 UK Takeover Targets by K.M. Holland and L. Hodgkinson Pricing Currency Futures Options with September, No. 6, p. 857 Lognormally Distributed Jumps by Alan L. Tucker, Jeff Madura and John F. Marshall Production Loans by Jacques A. Schnabel April, No. 3, p. 457 Project Holding-Period Rate of Return and the June, No. 4, p. 613 MIRR by Gary A. Anderson and Joel R. Barber 1218 CONTENTS INDEX Quantitative Non-Financial Information and April, No. 3, p. 331 Income Measures: The Case of Long Term Contracts by William Rees and Charles Sutcliffe Rational Investors’ Reaction to Uncertainty: June, No. 4, p. 533 Evidence from the World’s Major Markets by Richard A. Ajayi and Seyed Mehdian Regime Changes in Stock Returns by Nan-Ting January, No. 1, p. 93 Chou and Ramon P. DeGennaro The Regulation Effect of Credit Ratings on Bond June, No. 4, p. 511 Interest Yield: The Case of Junk Bonds by Bill M. Brister, Robert E. Kennedy and Pu Liu The Relationship Between Dividend Changes and June, No. 4, p. 577 Cash Flow: An Empirical Analysis by Kathleen Simons The Relationship Between Securities Yields, Firm January, No. 1, p. 109 Size, Earnings/Price Ratios and Tobin’s q by S.G. Badrinath and Omesh Kini Risk Management Techniques Employed Within January, No. 1, p. 15 the US Credit Union Industry by Alan K. Reichert and Jack H. Rubens Seasoned Equity Offerings: The Case of All-Equity April, No. 3, p. 429 Firms by Rajiv Sant and Stephen P. Ferris Securities Offerings and Capital Structure Theory January, No. 1, p. 77 by Mark E. Bayless and J. David Diltz Security Analyst Forecasts and the Earnings Yield March, No. 2, p. 283 Anomaly by W. Scott Bauman and Richard J. Dowen The Shareholder Wealth Effects of Monpolies and September, No. 6, p. 763 Mergers Commission Decisions by William Forbes Some Analytics of Why Conditional IRRs Can March, No. 2, p. 219 Contain Growth Rate Related Measurement Error by Andrew W. Stark Statistical Properties of Daily Returns: Evidence March, No. 2, p. 271 from European Stock Markets by A. Corhay and A. Tourani Rad Stock Price Dynamics in Overlapped Market October, No. 7, p. 1059 Segments: Intra and Inter-Industry Contagion Effects by Kasim Alii, Samantha Thapa and Kenneth Yung Stock Prices and Excessive Volatility: Some January, No. 1, p. 65 Evidence for the FT Ordinary Share Index by Ronald MacDonald Structural Changes in Return-Generating Models March, No. 2, p. 299 Around Tender Offers: A Note by David P. Ely and Moon H. Song Traditional Versus Operating Cash Flow in March, No. 2, p. 195 Failure Prediction by Erkki K. Laitinen The Underpricing of IPOs of Financial October, No. 7, p. 1013 Institutions by Kasim Alii, Jot Yau and Kenneth Yung CONTENTS INDEX 1219 Unit Management Buyouts, Stockholder Wealth, June, No. 4, p. 563 and Selling Firms’ Characteristics by Wallace N. Davidson III and Louis T.W. Cheng The Use of Multiple Instruments for Measurement July. No. 5, p. 707 of Earnings Forecast Errors, Firm Size Effect and the Quality of Analysts’ Forecast Errors by Hay Y. Chung and Jeong-Bon Kim On Variance and Lower Partial Moment Betas: March, No. 2, p. 231 The Equivalence of Systematic Risk Measures by K. Victor Chow and Karen C. Denning V'oluntary Audits in New York Markets in 1927: July, No. 5, p. 619 A Case Study by Barbara D. Merino, Alan G. Mayper and Ram S. Sriram AUTHOR INDEX Adams, P.D., S.B. Wyatt and M.C. Walker October, No. 7, p. 945 Dividends, Dividend Policy and Option Valuataion: A New Perspective Ajayi, R.A. and S. Mehdian June, No. 4, p. 533 Rational Investors’ Reaction to Uncertainty: Evidence from the World’s Major Markets Alii, K., S. Thapa and K. Yung October, No. 7, p. 1059 Stock Price Dynamics in Overlapped Market Segments: Intra and Inter-Industry Contagion Effects Alii, K., J. Yau and K. Yung October, No. 7, p. 1013 The Underpricing of IPOs of Financial Institutions Ameen, E.C., K. Chan and D.M. Guffey October, No. 7, p. 997 Information Content of Qualified Audit Opinions for Over-the-Counter Firms Anderson, G.A. andJ.R. Barber June, No. 4, p. 613 Project Holding-Period Rate of Return and the MIRR Arnold, A.J. September, No. 6, p. 875 The Adoption of Partial Deferral in the UK, 1977—78: Evidence on an Accounting Choice Athanassakos, G. and M.J. Robinson September, No. 6, p. 833 The Day-of-the-Week Anomaly: The Toronto Stock Exchange Experience Badrinath, S.G. and O. Kini January, No. 1, p. 109 The Relationship Between Securities Yields, Firm Size, Earnings/Price Ratios and Tobin’s q Bannister, J.W. December, No. 8, p. 1127 Earnings Signals and Inter-Firm Information Transfers Bauman, W.S. and R.J. Dowen March, No. 2, p. 283 Security Analyst Forecasts and the Earnings Yield Anomaly Bayless, M.E. andJ.D. Diltz January, No. 1, p. 77 Securities Offerings and Capital Structure Theory Beattie, V., S. Brown, D. Ewers, B. John, September, No. 6, p. 791 S. Manson, D. Thomas and M. Turner Extraordinary Items and Income Smoothing: A Positive Accounting Approach Bojanic, S.L. and D.T. Officer June, No. 4, p. 589 Corporate Takeover Barrier’s: Valuation and Firm Performance Booth, G.G., T. Martikainen, J. Perttunen and April, No. 3, p. 395 P. Yli-Olli On the Functional Form of Earnings and Stock Prices: International Evidence and Implications for the E/P Anomaly Brister, B.M., R.E. Kennedy and P. Liu June, No. 4, p. 511 The Regulation Effect of Credit Ratings on Bond Interest Yield: The Case of Junk Bonds 1220 AUTHOR INDEX 1221 Brocato, J. July, No. 5, p. 643 Evidence on Adjustments in Major National Stock Market Linkages Over the 1980s Chen C.R. and F. Ainina December, No. 8, p. nil Financial Ratio Adjustment Dynamics and Interest Rate Expectations Cheng, A., L. Copeland and J. O’Hanlon September, No. 6, p. 813 Investment Trust Discounts and Abnormal Returns: UK Evidence Cheung, C.S. and I. Krinsky July. No. 5, p. 739 Information Asymmetry and the Underpricing of Initial Public Offerings: Further Empirical Evidence Chou, N-T. and R. DeGennaro January, No. 1, p. 93 Regime Changes in Stock Returns Chow, K.V. and K.C. Denning March, No. 2, p. 231 On Variance and Lower Partial Moment Betas: The Equivalence of Systematic Risk Measures Chua, W.F. and A. Sinclair July, No. 5, p. 669 Interests and the Profession-State Dynamic: Explaining the Emergence of the Australian Public Sector Accounting Standards Board Chung, H.Y. and J.-B. Kim July. No. 5, p. 707 The Use of Multiple Instruments for Measurement of Earnings Forecast Errors, Firm Size Effect and the Quality of Analysts’ Forecast Errors Clare, A.D. and S.H. Thomas April, No. 3, p. 309 Macroeconomic Factors, the APT and the UK Stockmarket Corhay, A. and A.T. Rad March, No. 2, p. 271 Statistical Properties of Daily Returns: Evidence from European Stock Markets Davidson III, W.N. and L.T.W. Cheng June, No. 4, p. 563 Unit Management Buyouts, Stockholder Wealth, and Selling Firms’ Characteristics Deaves, R. and I. Krinsky October, No. 7, p. 1047 A Possible Reconciliation of Some of the Conflicting Findings on Closed-End Fund Discounts: A Note Demirag, I., A. Tylecote and B. Morris December, No. 8, p. 1195 Accounting for Financitil and Managerial Causes of Short-Term Pressures in British Corporations Dempsey, S.J. September, No. 6, p. 889 Interim Earnings Management and the Fourth Quarter Good News Effect Dickinson, J.P. and K. Muragu January, No. 1, p. 133 Market Efficiency in Developing Countries: A Case-Study of the Nairboi Stock Exchange Edwards, J.R. and T. Boyns December, No. 8, p. 1151 Accounting Practice and Business Finance: Some Case Studies from the Iron and Coal Industry 1865-1914 1222 AUTHOR INDEX Ely, D.P. and M.H. Song March, No. 2, p. 299 Structural Changes in Return-Generating Models Around Tender Offers: A Note Forbes, W. September, No. 6, p. 763 The Shareholder Wealth Effects of Monopolies and Mergers Commission Decisions Gregory-Alien, R., C.M. Impson and I. Karafiath September, No. 6, p. 909 An Empirical Investigation of Beta Stability: Portfolios vs. Individual Securities Gutman, E. and J. Yagil July, No. 5, p. 749 Leasing and the US 1986 Tax Reform Act Hamid, S., A.J. Prakash and G.A. Anderson March, No. 2, p. 293 A Note on the Relationship Between Systematic Risk and Growth in Earnings Holland, J. April, No. 3, p. 367 Bank Lending Relationships and the Complex Nature of Bank-Corporate Relations Holland, K.M. and L. Hodgkinson June, No. 4, p. 467 The Pre-Announcement Share Price Behaviour of UK Takeover Targets Homaifar, G., J. Zietz and O. Benkato January, No. 2, p. 1 An Empirical Model of Capital Structure: Some New Evidence Hsia, C-C., B.R. Fuller and G.W. Kao March, No. 2, p. 243 A Modified Method for Inferring the Effective Bid- Ask Spread from Security Returns Ingram, R.W., M.S. Stone and M.T. Dugan April, No. 3, p. 409 The Effect of Trading in Eighths on Security Return Behavior Jang, H-Y.J. December, No. 8, p. 1179 The Market Reaction to the 1986 Tax Overhaul: A Study of the Capital Gain Tax Change Johnson, R.R. and and L.A. Soenen October, No. 7, p. 963 The European Perspective Karpik, P. and A. Riahi-Belkaoui April, No. 3, p. 349 The Effect of the Implementation of the Multidivisional Structure on Shareholder’s Wealth: The Contingency of Diversification Strategy Kornbluth, J.S.H. and G.R. Salkin March, No. 2, p. 175 Duration Moments and Yield Curve Movements Laitinen, E.K. March, No. 2, p. 195 Traditional Versus Operating Cash Flow in Failure Prediction MacDonald, R. January, No. 1, p. 65 Stock Prices and Excessive Volatility: Some Evidence for the FT Ordinary Share Index McKillop, D.G. and C.J. Glass October, No. 7, p. 1031 A Cost Model of Building Societies as Producers of Mortgages and Other Financial Products Merino, B.D., A.G. Mayper and R.S. Sriram July, No. 5, p. 619 Voluntary Audits in New York Markets in 1927: A Case Study AUTHOR INDEX 1223 Mougoue, M. and A.C. Szakmary March, No. 2, p. 255 The Expectations Hypothesis of the Term Structure in Eurocurrency Markets Najand, M. and K. Yung June, No. 4, p. 603 Conditional Heteroskedasticity and the Weekend Effect in S&P 500 Index Futures Park, M. January, No. 1, p. 151 Information Content of Financial Leverage; A Comment Platt, H.D., M.B. Platt and J.G. Pedersen June, No. 4, p. 491 Bankruptcy Discrimination with Real Variables Pong, C.M. and G. Whittington December, No. 8, p. 1071 The Determinants of Audit Fees: Some Empirical Models Reburn, J.P. April, No. 3, p. 445 A Note on Firm Size, Information Availability and Market Reactions to US Stock Ownership Reporting Announcements Rees, W. and C. Sutcliffe April, No. 3, p. 331 Quantitative Non-Financial Information and Income Measures: The Case of Long Term Contracts Reichert, A.K. andJ.H. Rubens January, No. 1, p. 15 Risk Management Techniques Employed Within the US Credit Union Industry Sant, R. and S.P. Ferris April, No. 3, p. 429 Seasoned Equity Offerings: The Case of All-Equity Firms Schnabel, J.A. April, No. 3, p. 457 Production Loans Simons, K, June, No. 4, p. 577 The Relationship Between Dividend Changes and Cash Flow: An Empirical Analysis Stark, A.W. March, No. 2, p. 219 Some Analytics of Why Conditional IRRs Can Contain Growth Rate Related Measurement Error Tippett, M. July. No. 5, p. 729 Estimating Returns on Financial Instruments: Time Versus Money-Weighted Returns Tucker, A.L., J. Madura andJ.F. Marshall September, No. 6, p. 857 Pricing Currency Futures Options with Lognormally Distributed Jumps Vickrey, D.W. December, No. 8, p. 1097 Measurement/Valuation-Related Interpretations of Fundamental Accounting Concepts Ward, T.J. June, No. 4, p 547 An Empirical Study of the Incremental Predictive Ability of Beaver’s Naive Operating Flow Measure Using Four-State Ordinal Models of Financial Distress Wearing, R.T. October, No. 7, p. 917 Financial Reporting by Four UK Clearing Banks: A Cash Flow Exit Price (CaFE) Approach ‘Mi 1224 AUTHOR INDEX Wild, J.J. and S.S. Kwon October, No. 7, p. 975 Earnings Expectations, Firm Size, and the Informativeness of Stock Prices Yaansah, R.A. and K.V. Peasnell March, No. 2, p. 155 Expectations, Security Yields, and Inflation: Ex- ante Risk Premia on UK Shares, Corporate Bonds and Gilts, 1969-1987 Zantout, Z. January, No. 1, p. 37 External Capital Market Control, Corporate Restructuring, and Firm Performance During the 1980s