Sara Reiter

Several hypotheses concerning pension funding strategy are tested in a cross-sectional regression model on a sample of 255 firms. Results are consistent with the following explanations: (1) finance incentives (tax benefits and financial slack) for high-level funding, (2) labor incentives for ...

The purpose of this study is to examine the implications of pension accounting principle changes in the 1980s for conflicts involving ownership of pension surpluses and distribution of wealth between shareholders and employees. Pension accounting measurement and disclosure ...

This paper explores the processes of economic imperialism to provide insight into the resilience of the positive accounting research program. In the late 1980s, after 20 years, the US financial accounting research program suffered a crisis of confidence due to the lack of strong ...

A6stract: This paper analyzes the rhetoric surrounding the profession's presentations of auditor independence. We trace the evolution of the character of the auditor from Professional Man in the early years of the twentieth century to the more public and abstract figures of ludicial ...

Examination of financial economic stories told at a conference on hostile takeovers demonstrates the power of stories to frame thinking about issues and to compel and convince listeners. Assumptions of financial economic stories include ethical properties ascribed to market forces, primacy ...

... The dualism between man and woman can be seen to underlie dualisms between nature and ... terms, asserting that questions of independence “are above all issues of service value” (p. 124) and pointing out that if regulatory impediments (like rules against auditing your own ...

... flow to construc-tion expenditures, the debt-equity ratio, the property funding ratio (long-term ... During the 1980s, factors that were not reflected in the financial ratios of utilities ... An indicator variable REG is coded one when Creditweek indicated that regulatory cooperation was vital ...

Abstract. The role of accounting information in investment decision making and capital markets has been investigated by exploring fundamental connections between accounting numbers and market-based phenomena of interest. Studies of bond rating predictions have described how bond raters make their judgments as a function of accounting and other data. This study expands our knowledge of these fundamental connections by investigating whether bond ratings have a direct impact on bond yields and how accounting information impacts the bond yields—directly, or indirectly through the bond ratings. A simultaneous equation system is constructed using firm-specific financial information, bond ratings by two major rating agencies, and initial offering yields. The sample used in this study consists of 189 new issue industrial bonds rated by both Standard & Poor's and Moody's that were issued from 1981 through 1985. Tests of alternative structural model configurations provide evidence regarding the interrelations between bond ratings, financial information, and bond yields. The improvements in the statistical methodology lead to a better understanding and assessment of the relative roles of bond ratings and financial information in setting bond prices. The use of simultaneous equation modeling allows the interrelations among yields, ratings, and financial information to be assessed and allows the direct and indirect effect of financial information on yields to be estimated. This results in the ability to conclude that financial information affects bond ratings, that bond ratings directly affect bond yields, that financial information also directly affects bond yields, and that financial information indirectly affects bond yields through its effect on ratings. The role of accounting information in setting bond market prices is clarified using this approach.Résumé. On a étudié le rôle de l'information comptable dans la prise de décisions d'investissement et sur les marchés financiers en explorant les liens fondamentaux entre les données comptables et les phénomènes d'intérêt fondés sur le marché. Les études portant sur les prédictions relatives à la notation des obligations ont décrit de quelle façon les services d'information financière jugeaient de la valeur des obligations à partir de données, comptables et autres. Les auteurs de la présente étude élargissent la connaissance de ces liens fondamentaux en analysant la possibilité que la notation des obligations ait une incidence directe sur leur rendement et la façon dont l'information comptable agit sur le rendement des obligations, que ce soit directement, ou indirectement par l'intermédiaire de leur notation. Les auteurs constuisent un système d'équations simultanées à l'aide de l'information financière propre à l'entreprise, des cotes accordées aux obligations par deux services majeurs d'informations financières et du rendement des émissions initiales. l'échantillon qui a servi à l'étude compte 189 nouvelles émissions d'obligations dans le secteur industriel, cotées à la fois par Standard & Poor's et Moody's, qui ont été émises entre 1981 et 1985. Les tests appliqués aux configurations de rechange du modèle structurel établissent clairement les relations entre la notation des obligations, l'information financière et le rendement des obligations. Les progrès de la méthodologie statistique ont mené à une meilleure compréhension et une meilleure évaluation des rôles relatifs de la notation des obligations et de l'information financière dans l'établissement du prix des obligations. La modélisation d'équations simultanées permet, d'une part, l'évaluation des relations entre rendement, notation et information financière et, d'autre part, l'estimation des conséquences directes et indirectes de l'information financière sur le rendement qui doit être estimé, ce qui amène à conclure que l'information financière a une incidence sur la notation des obligations, que la notation des obligations exerce une influence directe sur le rendement des obligations, que l'information financière touche également de manière directe le rendement des obligations et qu'elle a une incidence indirecte sur le rendement des obligations, par le truchement de son incidence sur la notation. Le rôle de l'information comptable dans l'établissement de la valeur marchande des obligations est éclairci grâce à cette méthode.

Investigates two issues raised by DC Moore: the apparent failure of critical accounting theory to launch and sustain a critical programme and relative lack of critical accounting activity in the USA. These concerns are related in that radicalization and change of one′s own ...

This paper explores the differences between Kohlberg's ethics of justice and Gilligan's ethics of care theories of moral development. Kohlberg models ideal adult moral development as a process of increasing abstraction and autonomy while Gilligan 's ideal moral adults are ...